Yamaha Motor raises full-year forecast after strong first half
Outboard motor sales rose in Asia during the first half
Yamaha Motor has reported consolidated revenue of ¥1,498bn (US$9.41bn) for the first half of fiscal 2026, up ¥220.2bn or 17.2 per cent from the same period last year. Operating profit increased by ¥74.4bn to ¥158.5bn, while profit attributable to owners of the parent rose by ¥60.8bn to ¥113.9bn.
The increases were primarily driven by higher sales, particularly in the motorcycle business. Higher unit sales, lower expenses and favourable foreign exchange rates also contributed to the increase in profit.
Yamaha Motor president, CEO and representative director Motofumi Shitara says the company “recorded its highest numbers ever for revenue, operating profit, and net profit for a six-month period.”
Based on the first-half results and its outlook for the remainder of the fiscal year, Yamaha Motor has raised its full-year forecast. The revised outlook takes into account higher raw material costs linked to the conflict in the Middle East and one-time expenses associated with the OLV reforms.
Marine segment results
The Marine Products business recorded revenue of ¥300.7bn, up ¥20.7bn or 7.4 per cent, while operating profit increased by ¥7.1bn or 18.3 per cent to ¥46.0bn.
Demand for outboard motors fell slightly in the US and remained broadly unchanged in Europe, while demand increased in emerging markets in Asia and Latin America. Yamaha’s outboard motor sales were flat in North America and Europe but increased in Asia, resulting in higher revenue for the business.
Demand for personal watercraft in the US showed some recovery, although unit sales remained below the previous year’s level. Higher outboard motor sales, lower selling, general and administrative expenses and favourable foreign exchange effects contributed to higher operating profit, partly offset by the impact of US tariffs.
Financial performance and revised outlook
The Financial Services business reported revenue of ¥63.6bn, up ¥9.8bn or 18.1 per cent, while operating profit increased by ¥4.1bn or 50.6 per cent to ¥12.1bn. Higher financial receivables contributed to revenue growth. Improved interest margins and the absence of appraisal losses related to interest rate swaps recorded in the previous year contributed to higher operating profit.
The Other Products business recorded revenue of ¥8.7bn, down ¥1.1bn or 11.6 per cent. Its operating loss narrowed from ¥7.1bn to ¥4.1bn.
Yamaha Motor says second-quarter revenue and operating profit exceeded its original forecast, citing higher motorcycle unit sales, particularly in emerging markets, a refund of US IEEPA tariffs and the continued depreciation of the yen.
For the full fiscal year ending 31 December 2026, the company now forecasts revenue of ¥2,900bn, compared with its previous forecast of ¥2,700bn. Operating profit is forecast at ¥260bn, up from ¥180bn, while profit attributable to owners of the parent is forecast at ¥170bn, compared with ¥100bn previously.
The revised figures represent increases of 7.4 per cent for revenue, 44.4 per cent for operating profit and 70 per cent for profit attributable to owners of the parent.
Yamaha Motor says it expects the impact of additional US tariffs during the year to be lower than previously anticipated, alongside contributions from cost-cutting measures.
The forecast assumes an exchange rate of ¥159 to the US dollar and ¥182 to the euro. The company has not changed its annual dividend forecast of ¥50 per share, which was announced on 13 February 2026.
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