Yamaha shares Q1 2025 results

Yamaha Motor Company has announced its consolidated business results for the first three months of fiscal 2025.

Revenues for the period were JPY$625.9 billion, a 2.5% decrease compared to the same period of the previous fiscal year. Operating income was JPY$43.6 billion, a 44.1% decrease.

“We experienced a decline in both revenue and profits in the first quarter of fiscal 2025, primarily due to lower unit sales of motorcycles, personal watercraft, and low-speed mobility products (golf cars), higher R&D expenses, and higher labor costs and other selling, general and administrative (SG&A) expenses,” said Motofumi Shitara, president, CEO and representative director of Yamaha Motor Company.

Marine

Revenues were JPY$140.2 billion, a 1.2% decrease compared to the same period of the previous fiscal year. Operating income was JPY$19.8 billion, a decrease of 22.3%.

Outboard motor unit sales fell below last year’s results due to decreased demand in the U.S., Asia, and other regions. Demand for personal watercraft in the main market of the U.S. was on par with last year, but unit sales were lower. As a result, the Marine Products business as a whole took in lower revenue. As for operating income, the lower unit sales of personal watercraft, higher R&D expenses, and an increase in labor costs and other SG&A expenses led to lower profits.

2025 forecast

Regarding the forecast consolidated business results for the fiscal year ending December 31, 2025, no changes have been made to the forecast made on February 12 when announcing the company’s fiscal 2024 results:

• Revenue: JPY$2,700 billion
• Operating Income: JPY$230.0 billion
• Net Income: JPY$140 billion yen

“As for the full-year forecast, there are many uncertainties in play, including the impact of tariffs, and we are carefully assessing the situation,” Shitara said. “Going forward, should any facts emerge that require us to make revisions, we will disclose them in a timely manner. In terms of the impact of tariffs, in the short term, all of us at Yamaha Motor are working together to minimize the effects of these tariffs through companywide cost controls, pricing strategies, and flexible production adjustments aligned with demand trends and inventory levels.

“At the same time, we continue to steadily move forward with our initiatives aimed at medium- to long-term growth,” he continued. “During this first quarter, we conducted M&As for the Marine Product and Smart Power Vehicle businesses. The external environment is now quite difficult to predict, but we will not change our strategic direction and instead clarify our priorities and carry on working toward achieving future growth.”