Interim report
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YAMAHA CORPORATION Flash Report Consolidated Basis (IFRS) Results for the First Quarter of the Fiscal Year Ending March 31, 2027 (April 1, 2026－June 30, 2026) August 4, 2026 Company name: YAMAHA CORPORATION (URL https://www.yamaha.com/en/) Code number: 7951 Stock listing: TSE Prime Market Address of headquarters: 10-1, Nakazawa -cho, Chuo-ku, Hamamatsu, Shizuoka 430-8650, Japan Representative: Atsushi Yamaura, President and Representative Executive Officer For further information, please contact: Yukitsugu Yaguchi, General Manager, Corporate Finance Division Telephone: +81-53-460-2156 Scheduled date to begin dividend payments: ― Supplementary materials to the financial statements have been prepared: Yes Presentation will be held to explain the financial results: Yes (for securities analysts and institutional investors) 1. Consolidated Financial Results for the First Quarter of FY20 27.3 (April 1, 20 26－June 30, 2026) Figures of less than ¥1 million have been omitted. (1) Consolidated Operating Results (Accumulation) (Percentage figures are changes from the same period of the previous fiscal year.) Revenue Core operating profit Operating profit Profit before income taxes Millions of yen % Millions of yen % Millions of yen % Millions of yen % For the first quarter of FY2027.3 116,335 12.0 9,288 97.8 13,791 200.5 14,780 290.2 For the first quarter of FY2026.3 103,888 (7.4) 4,697 (49.2) 4,589 (50.1) 3,788 (71.8) Notes: 1. Quarterly comprehensive income: First quarter of FY2027.3 ¥20,551 million ―% First quarter of FY2026.3 ¥1,432 million (94.8)% 2. Core operating profit corresponds to operating profit under Japanese Generally Accepted Accounting Principles (GAAP) and is calculated by subtracting selling, general and administrative expenses from gross profit. Profit for the period Profit for the period attributable to owners of parent Basic earnings per share Diluted earnings per share Millions of yen % Millions of yen % Yen Yen For the first quarter of FY2027.3 10,729 347.2 10,690 348.8 24.30 ― For the first quarter of FY2026.3 2,399 (74.6) 2,382 (74.7) 5.26 ―
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(2) Consolidated Financial Position Total assets Total equity Equity attributable to owners of parent Equity ratio attributable to owners of parent Equity attributable to owners of parent per share Millions of yen Millions of yen Millions of yen % Yen First quarter of FY2027.3 (As of June 30, 2026) 638,949 494,531 493,129 77.2 1,121.01 FY2026.3 (As of March 31, 2026) 617,568 479,730 478,347 77.5 1,087.41 (3) Consolidated Cash Flows Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at end of period Millions of yen Millions of yen Millions of yen Millions of yen For the first quarter of FY2027.3 16,259 (5,908) (394) 120,913 For the first quarter of FY2026.3 5,092 (2,091) 1,759 103,166 2. Dividends Annual dividends End of first quarter End of second quarter End of third quarter End of fiscal year Full fiscal year Yen Yen Yen Yen Yen FY2026.3 ― 13.00 ― 13.00 26.00 FY2027.3 ― FY2027.3 (Forecast) 13.00 ― 13.00 26.00 Note: Revisions from recently announced dividend forecast: None 3. Consolidated Financial Forecasts for FY2027.3 (April 1, 2026–March 31, 2027) (Percentage figures are changes from the previous fiscal year.) Revenue Core operating profit Operating profit Millions of yen % Millions of yen % Millions of yen % FY2027.3 490,000 5.3 38,000 19.2 42,500 45.2 Profit before income taxes Profit for the period attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Yen FY2027.3 43,500 23.3 31,000 30.7 70.47 Note: Revisions from recently announced financial forecasts: Yes
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Footnote Items (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies and changes in accounting estimates (a) Changes in accounting policies required by IFRS: None (b) Changes other than those in (a) above: None (c) Changes in accounting estimates: None (3) Number of shares outstanding (common shares) * Review of the attached Quarterly Consolidated Financial Statements by a certified public accountant or audit firm: None *Explanation of the Appropriate Use of Performance Forecasts and Other Related Items Consolidated financial forecasts were prepared based on information available at the time of the announcement and do not represent promises by the Company or its management that these performance figures will be attained. Actual consolidated results may differ from forecasts owing to a wide range of factors. For commentary information regarding the closing of accounts for the first quarter of FY2027.3, please refer to the “Yamaha Reports First Quarter (Three Months) Results for the Fiscal Year Ending March 20 27 and Full Year Outlook [IFRS],” which was released today (August 4, 2026). (Revisions of Financial Forecasts) Regarding the consolidated financial forecasts, the Company has made revisions to the full -fiscal year forecast announced on May 11, 2026, based on the performance for the first quarter of the current fiscal year and the future outlook. For details, please refer to the “1. Overview of Management Performance for the Period under Review (4) Explanation of Consolidated Performance Forecasts and Other Future Outlook” on page 3 of the attached supplementary materials. The materials distributed at the earnings presentation and other materials will be posted on the Company’s website immediately after the presentation is concluded. (a) Number of shares outstanding at the end of the period (including treasury shares) First quarter of FY2027.3 463,000,000 shares FY2026.3 463,000,000 shares (b) Number of treasury shares at the end of the period First quarter of FY2027.3 23,103,456 shares FY2026.3 23,103,044 shares (c) Average number of shares outstanding during the period (cumulative period) First quarter of FY2027.3 439,896,768 shares First quarter of FY2026.3 453,160,894 shares
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1 Table of Contents of Supplementary Materials 1. Overview of Management Performance for the Period under Review ······························································· 2 2. Condensed Quarterly Consolidated Financial Statements and Major Notes ······················································ 4 (1) Condensed Quarterly Consolidated Statement of Financial Position ···························································· 4 (2) Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated Statement of Comprehensive Income ···················································· 6 (3) Condensed Quarterly Consolidated Statement of Changes in Equity ···························································· 8 (4) Condensed Quarterly Consolidated Statement of Cash Flows ··································································· 10 (5) Notes to the Condensed Quarterly Consolidated Financial Statements ························································ 11 Notes Regarding Assumptions as a Going Concern ··················································································· 11 Other Income ······································································································································ 11 Segment Information ··························································································································· 11 Contingent Liabilities ·························································································································· 13 Subsequent Events ······························································································································ 13
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2 1. Overview of Management Performance for the Period under Review (1) Analysis of Management Performance For segment results, outlook for the current fiscal year and key management indicators, please refer to the “Yamaha Reports First Quarter (Three Months) Results for the Fiscal Year Ending March 20 27 and Full Year Outlook [IFRS]” which was released today (August 4, 2026). (2) Financial Position Total assets at the end of the first quarter of FY2027.3 amounted to ¥ 638,949 million, an increase of ¥ 21,381 million (+3.5%) from ¥617,568 million at the end of the previous fiscal year. Current assets increased by ¥13,715 million (+3.8%) from the end of the previous fiscal year to ¥ 378,660 million, and non-current assets increased by ¥7,666 million (+3.0%) to ¥260,289 million. In current assets, cash and cash equivalents and inventories increased. In non-current assets, financial assets increased due to the higher market value of securities held. Total liabilities at the end of the first quarter of FY2027.3 amounted to ¥144,418 million, an increase of ¥6,580 million (+4.8%) from ¥137,837 million at the end of the previous fiscal year. Current liabilities increased by ¥4,837 million (+4.9%) from the end of the previous fiscal year to ¥102,846 million, and non-current liabilities increased by ¥1,743 million (+4.4%) to ¥41,572 million. Total equity at the end of the first quarter of FY2027.3 amounted to ¥494,531 million, an increase of ¥14,800 million (+3.1%) from ¥ 479,730 million at the end of the previous fiscal year. In addition to an increase in retained earnings resulting from profit for the period , other components of equity increased due to the impact of foreign exchange fluctuations. (3) Cash Flows Cash and cash equivalents (hereinafter “cash”) for the first quarter of FY2027.3 increased by ¥11,961 million (compared to an increase of ¥3,347 million in the same period of the previous fiscal year) and stood at ¥120,913 million at the end of the period. 1) Cash Flows from Operating Activities Cash flow from operating activities for the first quarter of FY2027.3 was an inflow of ¥16,259 million mainly due to profit before income taxes (compared to a cash inflow of ¥5,092 million in the same period of the previous fiscal year primarily due to decrease in trade and other receivables). 2) Cash Flows from Investing Activities Cash flow from investing activities for the first quarter of FY2027.3 was an outflow of ¥5,908 million mainly due to purchase of property, plant and equipment (compared to a cash out flow of ¥2,091 million in the same period of the previous fiscal year primarily due to purchase of property, plant and equipment). 3) Cash Flows from Financing Activities Cash flow from financing activities for the first quarter of FY2027.3 was an outflow of ¥394 million mainly due to increase in short-term borrowings and payments of cash dividends (compared to a cash inflow of ¥1,759 million in the same period of the previous fiscal year primarily due to increase in short-term borrowings).
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3 (4) Explanation of Consolidated Performance Forecasts and Other Future Outlook Regarding the consolidated financial forecasts, the Company has made revisions to the full-fiscal year forecast announced on May 11, 2026, based on the performance for the first quarter of the current fiscal year and the future outlook. For details, please refer to the “Yamaha Reports First Quarter (Three Months) Results for the Fiscal Year Ending March 2027 and Full Year Outlook [IFRS]” released today. Revision of Consolidated Performance Forecasts for FY2027.3 (April 1, 2026 - March 31, 2027) Revenue Core operating profit Operating profit Profit before income taxes Profit for the period attributable to owners of parent Basic earnings per share Millions of yen Millions of yen Millions of yen Millions of yen Millions of yen Yen Previous forecast (A) 490,000 38,000 38,000 39,000 28,000 63.65 Revised forecast (B) 490,000 38,000 42,500 43,500 31,000 70.47 Change (B-A) 0 0 4,500 4,500 3,000 ― Percentage change (%) 0.0 0.0 11.8 11.5 10.7 ― (Reference) Results for the previous period (Year ended March 31, 2026) 465,330 31,879 29,274 35,287 23,720 52.70
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4 2. Condensed Quarterly Consolidated Financial Statements and Major Notes (1) Condensed Quarterly Consolidated Statement of Financial Position (Millions of yen) FY2026.3 (as of March 31, 2026) First quarter of FY2027.3 (as of June 30, 2026) Assets Current assets Cash and cash equivalents 108,952 120,913 Trade and other receivables 87,727 78,917 Other financial assets 4,207 5,984 Inventories 152,271 161,040 Other current assets 11,786 11,803 Total current assets 364,945 378,660 Non-current assets Property, plant and equipment 124,255 123,341 Right-of-use assets 21,873 21,995 Intangible assets 5,044 5,048 Financial assets 51,517 56,545 Retirement benefit assets 36,595 39,532 Deferred tax assets 10,943 11,241 Other non-current assets 2,393 2,584 Total non-current assets 252,623 260,289 Total assets 617,568 638,949
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5 (Millions of yen) FY2026.3 (as of March 31, 2026) First quarter of FY2027.3 (as of June 30, 2026) Liabilities and equity Liabilities Current liabilities Trade and other payables 62,635 56,909 Interest-bearing debt 491 7,391 Lease liabilities 5,698 5,361 Other financial liabilities 9,474 9,366 Income tax payables 4,112 6,076 Provisions 2,381 2,592 Other current liabilities 13,214 15,149 Total current liabilities 98,008 102,846 Non-current liabilities Lease liabilities 10,464 10,702 Financial liabilities 194 190 Retirement benefit liabilities 11,575 11,832 Provisions 4,249 3,963 Deferred tax liabilities 10,483 11,829 Other non-current liabilities 2,861 3,053 Total non-current liabilities 39,828 41,572 Total liabilities 137,837 144,418 Equity Capital stock 28,534 28,534 Capital surplus 1,574 1,575 Retained earnings 373,364 380,138 Treasury shares (29,118) (29,082) Other components of equity 103,992 111,964 Equity attributable to owners of parent 478,347 493,129 Non-controlling interests 1,383 1,401 Total equity 479,730 494,531 Total liabilities and equity 617,568 638,949
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6 (2) Condensed Quarterly Consolidated Statement of Income and Condensed Quarterly Consolidated Statement of Comprehensive Income Condensed Quarterly Consolidated Statement of Income First quarter (Three months) ended June 30, 2025 and 2026 (Millions of yen) First quarter of FY2026.3 (April 1, 2025－June 30, 2025) First quarter of FY2027.3 (April 1, 2026－June 30, 2026) Revenue 103,888 116,335 Cost of sales (65,167) (69,452) Gross profit 38,720 46,883 Selling, general and administrative expenses (34,023) (37,594) Core operating profit 4,697 9,288 Other income 166 4,762 Other expenses (274) (260) Operating profit 4,589 13,791 Finance income 747 1,141 Finance expenses (1,548) (142) Share of profit (loss) of associates accounted for using the equity method － (10) Profit before income taxes 3,788 14,780 Income taxes (1,388) (4,050) Profit for the period 2,399 10,729 Profit for the period attributable to: Owners of parent 2,382 10,690 Non-controlling interests 16 38 Earnings per share Basic (Yen) 5.26 24.30 Diluted (Yen) － －
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7 Condensed Quarterly Consolidated Statement of Comprehensive Income First quarter (Three months) ended June 30, 2025 and 2026 (Millions of yen) First quarter of FY2026.3 (April 1, 2025－June 30, 2025) First quarter of FY2027.3 (April 1, 2026－June 30, 2026) Profit for the period 2,399 10,729 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurements of defined benefit plans 778 1,805 Gains (losses) on financial assets measured at fair value through other comprehensive income (302) 3,039 Total items that will not be reclassified to profit or loss 475 4,844 Items that may be subsequently reclassified to profit or loss Exchange differences on translation of foreign operations (1,441) 4,977 Total items that may be subsequently reclassified to profit or loss (1,441) 4,977 Total other comprehensive income (966) 9,822 Comprehensive income 1,432 20,551 Comprehensive income attributable to: Owners of parent 1,436 20,467 Non-controlling interests (4) 84
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8 (3) Condensed Quarterly Consolidated Statement of Changes in Equity First quarter of FY2026.3 (April 1, 2025－June 30, 2025) (Millions of yen) Equity attributable to owners of parent Capital stock Capital surplus Retained earnings Treasury shares Other components of equity Remeasurements of defined benefit plans Gains (losses) on financial assets measured at fair value through other comprehensive income Balance at April 1, 2025 28,534 1,785 438,454 (101,642) ― 31,107 Profit for the period ― ― 2,382 ― ― ― Other comprehensive income ― ― ― ― 778 (302) Total comprehensive income for the period ― ― 2,382 ― 778 (302) Purchase of treasury shares ― ― ― (0) ― ― Cancellation of treasury shares ― ― (36,527) 36,527 ― ― Dividends ― ― (5,890) ― ― ― Share-based compensation ― (426) (131) 582 ― ― Reclassified to retained earnings ― ― 778 ― (778) ― Total transactions with owners ― (426) (41,770) 37,109 (778) ― Balance at June 30, 2025 28,534 1,359 399,066 (64,532) ― 30,804 (Millions of yen) Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Exchange differences on translation of foreign operations Total Balance at April 1, 2025 50,593 81,701 448,834 1,278 450,113 Profit for the period ― ― 2,382 16 2,399 Other comprehensive income (1,420) (945) (945) (20) (966) Total comprehensive income for the period (1,420) (945) 1,436 (4) 1,432 Purchase of treasury shares ― ― (0) ― (0) Cancellation of treasury shares ― ― ― ― ― Dividends ― ― (5,890) (36) (5,926) Share-based compensation ― ― 24 ― 24 Reclassified to retained earnings ― (778) ― ― ― Total transactions with owners ― (778) (5,865) (36) (5,902) Balance at June 30, 2025 49,173 79,977 444,405 1,237 445,643
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9 First quarter of FY2027.3 (April 1, 2026－June 30, 2026) (Millions of yen) Equity attributable to owners of parent Capital stock Capital surplus Retained earnings Treasury shares Other components of equity Remeasurements of defined benefit plans Gains (losses) on financial assets measured at fair value through other comprehensive income Balance at April 1, 2026 28,534 1,574 373,364 (29,118) ― 29,149 Profit for the period ― ― 10,690 ― ― ― Other comprehensive income ― ― ― ― 1,805 3,039 Total comprehensive income for the period ― ― 10,690 ― 1,805 3,039 Purchase of treasury shares ― ― ― (0) ― ― Cancellation of treasury shares ― ― ― ― ― ― Dividends ― ― (5,718) ― ― ― Share-based compensation ― 0 (3) 36 ― ― Reclassified to retained earnings ― ― 1,805 ― (1,805) ― Total transactions with owners ― 0 (3,916) 35 (1,805) ― Balance at June 30, 2026 28,534 1,575 380,138 (29,082) ― 32,188 (Millions of yen) Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Exchange differences on translation of foreign operations Total Balance at April 1, 2026 74,843 103,992 478,347 1,383 479,730 Profit for the period ― ― 10,690 38 10,729 Other comprehensive income 4,932 9,776 9,776 45 9,822 Total comprehensive income for the period 4,932 9,776 20,467 84 20,551 Purchase of treasury shares ― ― (0) ― (0) Cancellation of treasury shares ― ― ― ― ― Dividends ― ― (5,718) (65) (5,784) Share-based compensation ― ― 33 ― 33 Reclassified to retained earnings ― (1,805) ― ― ― Total transactions with owners ― (1,805) (5,685) (65) (5,750) Balance at June 30, 2026 79,775 111,964 493,129 1,401 494,531
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10 (4) Condensed Quarterly Consolidated Statement of Cash Flows (Millions of yen) First quarter of FY2026.3 (April 1, 2025－June 30, 2025) First quarter of FY2027.3 (April 1, 2026－June 30, 2026) Cash flows from operating activities: Profit before income taxes 3,788 14,780 Depreciation and amortization 4,937 5,365 (Increase) decrease in inventories (1,561) (6,607) (Increase) decrease in trade and other receivables 9,542 9,560 Increase (decrease) in trade and other payables (7,571) (4,793) Other, net 2,154 1,118 Subtotal 11,290 19,422 Interest and dividends income received 775 830 Interest expenses paid (167) (133) Income taxes refunded (paid) (6,805) (3,860) Cash flows from operating activities 5,092 16,259 Cash flows from investing activities: Purchase of property, plant and equipment and intangible assets (4,150) (3,666) Proceeds from sales of property, plant and equipment and intangible assets 112 81 Purchase of investment securities ― (818) Proceeds from sales and redemption of investment securities 16 15 Other, net 1,930 (1,519) Cash flows from investing activities (2,091) (5,908) Cash flows from financing activities: Net increase (decrease) in short-term borrowings 9,150 6,898 Repayment of lease liabilities (1,380) (1,430) Purchase of treasury shares (0) (0) Cash dividends paid (5,890) (5,718) Other, net (120) (144) Cash flows from financing activities 1,759 (394) Effect of exchange rate change on cash and cash equivalents (1,412) 2,005 Net increase (decrease) in cash and cash equivalents 3,347 11,961 Cash and cash equivalents at beginning of period 99,819 108,952 Cash and cash equivalents at end of period 103,166 120,913
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11 (5) Notes to the Condensed Quarterly Consolidated Financial Statements Notes Regarding Assumptions as a Going Concern Not applicable Other Income Tariff refunds in the United States Y amaha Corporation of America and Y amaha Guitar Group, Inc., consolidated subsidiaries of the Company , initiated refund claims in April 2026 for tariffs imposed in the United States under the International Emergency Economic Powers Act (IEEPA), following a ruling by the U.S. Supreme Court that invalidated such tariffs. Refunds received or confirmed during the first quarter of the current fiscal year totaled ¥4,266 million, the full amount of which was recognized as other income. Segment Information (1) Summary of reportable segments The Group’s reportable segments are composed of business units that separate financial information can be obtained and are regularly reviewed by the Board of Directors of the Company for the purpose of business performance evaluation and management resource allocation decisions. The Group’s reportable segments, based on its economic features and similarity of products and services, comprise its two principal reportable segments, which are the “musical instruments” and “audio equipment.” Other businesses are included in the “others” segment. The musical instruments segment includes the manufacture and sale of pianos ; digital musical instruments; wind, string and percussion instruments ; and other products; the operation of music schools and other services; and the production and sale of music and video content. The audio equipment segment includes the manufacture and sale of home audio equipment; music production and streaming equipment; professional audio equipment; network devices; mobility audio equipment; and other products. The others segment includes the automobile interior wood components business; factory automation (FA) equipment business; golf products business; resort business; and other businesses. As part of its efforts to optimize the allocation of management resources and review the business portfolio, the Company has decided to terminate the golf products business. (2) Reportable segment information The Group’s reportable segment information is as follows. The Group reports core operating profit as segment profit. Core operating profit corresponds to operating profit under Japanese Generally Accepted Accounting Principles (GAAP) and is calculated by subtracting selling, general and administrative expenses from gross profit.
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12 First quarter of FY2026.3 (April 1, 2025－June 30, 2025) (Millions of yen) Reportable segment Others Total Adjustments Consolidated Musical instruments Audio equipment Total Revenue Revenue from external customers 66,537 32,997 99,534 4,353 103,888 ― 103,888 Intersegment revenue ― 61 61 ― 61 (61) ― Total 66,537 33,059 99,596 4,353 103,949 (61) 103,888 Core operating profit [Segment profit] 2,095 2,317 4,412 284 4,697 ― 4,697 Other income 166 Other expenses (274) Operating profit 4,589 Finance income 747 Finance expenses (1,548) Share of profit (loss) of associates accounted for using the equity method ― Profit before income taxes 3,788 Note: Intersegment revenue is based on the prevailing market price. First quarter of FY2027.3 (April 1, 2026－June 30, 2026) (Millions of yen) Reportable segment Others Total Adjustments Consolidated Musical instruments Audio equipment Total Revenue Revenue from external customers 77,684 34,950 112,635 3,700 116,335 ― 116,335 Intersegment revenue ― 65 65 ― 65 (65) ― Total 77,684 35,016 112,701 3,700 116,401 (65) 116,335 Core operating profit [Segment profit] 6,451 2,820 9,271 17 9,288 ― 9,288 Other income 4,762 Other expenses (260) Operating profit 13,791 Finance income 1,141 Finance expenses (142) Share of profit (loss) of associates accounted for using the equity method (10) Profit before income taxes 14,780 Note: Intersegment revenue is based on the prevailing market price.
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13 Contingent Liabilities Y amaha Music Europe GmbH (hereinafter “YME”), a consolidated subsidiary of Y amaha Corporation, was served with a following collective proceedings competition law claim on December 29, 2022. No provision has been made for this lawsuit because the proceedings are not in progress and the financial impact cannot be reliably estimated at the end of the first quarter of the current fiscal year. (1) Cause of action and circumstances leading to the filing of the lawsuit YME was subject to a UK competition law decision finding that it engaged in resale price maintenance practices with one UK business partner in the online sale of Y amaha’s musical instrument products in the UK from March 2013 to March 2017. A collective proceedings claim has been filed by consumers alleging that the actions of the company resulted in consumers paying higher prices for products and seeking compensation for the result ing damages. (2) Outline of the litigants The group of plaintiffs represented by Elisabetta Sciallis of the consumer organization “Which?” (located in London, UK), and consumers in the United Kingdom of the relevant products are eligible to join the plaintiffs. (3) Description of the lawsuit and compensation for damages 1) Description of the lawsuit This lawsuit is against YME and YME’s parent company , the Company , claiming compensation for damages alleged to have been potentially incurred by consumers due to YME’s resale price maintenance. 2) Value of the purpose of the lawsuit The total amount of damages claimed by the plaintiffs against YME and the Company has not been disclosed. (4) Outlook Subsequent to the end of the first quarter of the current fiscal year, the plaintiffs’ application to withdraw the lawsuit was granted, thereby concluding the legal proceedings. As a result, the matter no longer constitutes a contingent liability . The impact of the conclusion of the lawsuit on the Company’s financial results for the current fiscal year is immaterial. Subsequent Events There are no significant subsequent events to be noted.