Yamaha (7951) Q2 2026 earnings summary

Executive summary

• H1 FY2026 revenue was ¥216.364 billion, down 5.2% YoY, while core operating profit fell 37.4% to ¥12.797 billion amid weak China demand, slow European recovery, tariffs, and less favorable mix.

• Interim profit attributable to owners of parent rose 85.4% to ¥9.755 billion; comprehensive income was ¥17.027 billion versus a ¥12.914 billion loss a year earlier.

Financial highlights

• H1 core operating profit was ¥12.8 billion, with a 5.9% margin versus 9.0% a year earlier; lower sales, production, and mix reduced profit by ¥6.5 billion.

• U.S. tariffs reduced H1 core operating profit by ¥5.2 billion; price increases and other measures offset ¥2.7 billion, while piano manufacturing reforms added ¥1.2 billion.

• H1 gross profit was ¥80.746 billion, with a 37.3% margin; reported operating profit rose 4.4% to ¥12.473 billion, and profit before tax rose 56.6% to ¥14.210 billion.

• H1 basic EPS was ¥21.52 after the 3-for-1 stock split.

Outlook and guidance

• FY2026 revenue forecast was revised upward to ¥458.0 billion, down 0.9% YoY and ¥6.0 billion above the prior forecast; core operating profit is ¥33.0 billion, down 10.1% YoY and ¥1.0 billion above prior guidance.

• FY2026 net profit forecast is ¥23.0 billion, up 72.3% YoY and ¥0.5 billion versus prior guidance; basic EPS is ¥50.74.

• Forecast bridge versus prior guidance: FX adds ¥3.0 billion; lower sales, production, and mix subtract ¥3.7 billion, while lower SG&A adds ¥0.6 billion.

• Full-year U.S. tariff impact is forecast at ¥10.1 billion, with ¥6.2 billion of countermeasures.