Yamaha Motor (7272) Q2 2026 earnings summary

Executive summary

• Achieved record first-half revenue of ¥1,498.0 billion (117% YoY) and operating profit of ¥158.5 billion (189% YoY), driven by strong motorcycle shipments, cost reductions, and favorable foreign exchange rates.

• Net profit reached ¥113.9 billion (215% YoY), with EPS at ¥117.37.

• Major structural reforms in the OLV business are underway, including discontinuation of in-house ROV production, shift to collaborative/OEM models, and profitability targeted by 2028.

• Full-year forecast has been revised upward, with expectations for record-high revenue, operating profit, and EPS.

Financial highlights

• First half revenue reached ¥1,498.0 billion (117% YoY), operating profit ¥158.5 billion (189% YoY), and net income ¥113.9 billion (215% YoY); EPS for the first half was ¥117.37.

• Full-year revenue forecast is ¥2,900.0 billion (114% YoY), operating profit ¥260.0 billion (206% YoY), and EPS ¥175.16.

• Operating profit margin improved by 4 percentage points to 10.6% in the first half.

• Free cash flow for H1 FY2026: ¥102.6 billion; cash and cash equivalents at end of June 2026: ¥401.5 billion.

Outlook and guidance

• Full-year guidance raised due to strong sales across all businesses, despite higher raw material costs and one-time restructuring expenses of ¥12.0 billion.

• Record highs expected for revenue, operating profit, and EPS.

• Interim dividend of ¥25 per share and annual dividend of ¥50 per share planned, with a total payout ratio target of 40% or more.