| Yamaha Corporation |
| Third Quarter Results for the Fiscal Year Ending March 31, 2025 (FY2025.3) Additional Piano Restructuring Costs Recorded |
| For the period through the third quarter of FY2025.3 (April 1, 2024, to December 31, 2024), revenue increased by ¥8.9 billion (+2.6%) year on year to ¥350.7 billion. In addition to continued strong sales of audio equipment for business use, this increase was mainly due to a recovery in sales of digital pianos and the impact of the yen depreciation, despite continued sluggish sales of musical instruments due to the market slump in China. Core operating profit increased by ¥4.1 billion (+14.9%) year on year to ¥31.9 billion, mainly due to the impact of the yen depreciation. Profit for the period attributable to owners of the parent decreased by ¥6.4 billion (-31.0%) to ¥14.3 billion, mainly due to the recognition of impairment losses of ¥3.0 billion about production facilities, following the decision to close the Indonesian piano factories as part of structural reforms of acoustic piano production. |
| Revenue and Profit/Loss by Reportable Segment |
| Figures in parentheses are percentage changes from the same period of the previous fiscal year unless indicated otherwise. |
| Musical Instruments |
| Revenue of ¥224.9 billion (-1.4%) and core operating profit of ¥18.3 billion (-14.1%) Revenue of acoustic pianos declined significantly due to the continued market slump in China. Revenue of digital musical instruments increased due to a recovery in sales of digital pianos. The revenue of wind, string, and percussion instruments decreased due to the end of financial assistance in the U.S. |
| Revenue of guitars was at the same level as in the previous fiscal year. Revenue of the musical instruments segment overall declined by ¥3.1 billion year on year. Core operating profit decreased by ¥3.0 billion. |
| Audio Equipment |
| Revenue of ¥98.0 billion (+13.6%) and core operating profit of ¥11.5 billion (+181.1%) In the business for consumer use, revenue declined due to the contraction of home audio products. In the business for business use, demand for professional audio equipment continued to increase, resulting in a significant increase in revenue. |
| Revenue of the audio equipment segment overall increased significantly by ¥11.8 billion year on year. Core operating profit increased by ¥7.4 billion year on year. |
| Industrial Machinery/Components and Others |
| Revenue of ¥27.7 billion (+1.0%) and core operating profit of ¥2.1 billion (-11.6%) Revenue of electronic devices increased significantly due to strong shipments of in-vehicle audio equipment. While revenue from automobile interior wood components, factory automation (FA) equipment, and golf products decreased. |
| Revenue of the industrial machinery/components and others segment overall increased by ¥0.3 billion year on year. Core operating profit declined by ¥0.3 billion. |
| Outlook for Performance in FY2025.3 |
| Revenue Unchanged, Profit Revised Downwards For the fiscal year ending March 31, 2025, the Company maintains its full-year revenue forecast of ¥460.0 billion (-0.6% year on year) as announced on November 1, 2024. However, core operating profit has been revised downward from ¥37.0 billion (+9.9% year on year) to ¥33.0 billion (-1.9% year on year), reflecting the recognition of one-time processing costs in the audio equipment business during the fourth quarter. Furthermore, in addition to the impairment loss recorded in the third quarter related to production facilities of the Indonesian piano factories, due to expected special retirement expenses and other related costs of ¥3.5 billion for the factories in the fourth quarter, profit for the period attributable to the owners of the parent has been revised downward from ¥18.0 billion (-39.3% year on year) to ¥13.5 billion (-54.5% year on year). With this, the Company has completed the recognition of all restructuring costs for the piano business. |
| Of note, the foreign currency exchange rates used in computing these forecasts are ¥150 to US$1 and ¥160 to €1. |
| 1. Core operating profit corresponds to operating profit under Japanese GAAP and is calculated by subtracting selling, general and administrative expenses from gross profit. |
| 2. Figures for revenue and profit or loss in the text of this release have, in principle, been rounded to the nearest ¥100 million. |
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| Yamaha Corporation |
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