Yamaha Motor (7272) 1Q results: Smooth progress; waiting to assess restructuring details

Research evidence excerpt

Yamaha Motor (7272) 1Q results: Smooth progress; waiting to assess restructuring details

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Yamaha Motor (7272) Neutral

7272.T, 7272 JP

1Q results: Smooth progress; waiting to assess Price (15 May 26):¥1,326

restructuring details Price Target (Dec-26):¥1,100

Positive: Yamaha Motor’s 1Q FY2026 operating profit of ¥62.6 billion beat our Japan Equity Research

forecast substantially, driven by buoyant motorcycle shipments in Southeast Asia

Autos & Auto Parts

and India, and outboard motor shipment recovery in Europe and the US.

Management expects the US tariff impact to ease including via IEEPA tariff Akira Kishimoto AC

revisions and amendments to Section 232, and left full-year operating profit (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

guidance unchanged at ¥180.0 billion despite possible effects from the Middle East

Wencong Zhang

situation from 2Q. We are waiting to assess uncertainties from 2Q and restructuring (81-3) 6736-8627

of the recreational off-highway vehicle (ROV) business, but our overall wencong.zhang@jpmorgan.com

impression is positive given the steady recovery in earnings. JPMorgan Securities Japan Co., Ltd.

• Large 1Q overshoot: 1Q operating profit soared 44% YoY to ¥62.6 billion,

due in part to unspent budgets, particularly for R&D, beating our ¥45.2 billion

forecast by 38% and the Bloomberg consensus estimate of ¥43.0 billion by

46%. Buoyant motorcycle shipments in Southeast Asia and India drove the

strong profit growth, and while outboard motor shipments rose 8% YoY to

72,000 units, profit at the marine products business fell YoY, partly due to the

¥7.8 billion tariff impact. Losses also continued at the two problematic

businesses, smart power vehicles (SPV) and ROVs. Management left full-year