Value Creation Story

The Yamaha Group focuses on its “six unique types of capital”—brand, customers, technology, people, finance, and social capital (comprising environment, society, and culture). By strengthening our capital, we aim to improve the corporate value of the Group.

Furthermore, we are utilizing the four distinctive strengths that have been honed by the Yamaha Group in order to maximize these forms of capital by creating value through our business activities, based on defined material issues. This undertaking is anticipated to contribute to improvements in Yamaha’s brand and corporate value. Through this cycle of value creation, we seek to realize Yamaha’s management vision and accomplish our mission.

INPUT
BUSINESS ACTIVITIES
OUTPUT
OUTCOME

INPUT

Yamaha’s Capital

Brand	Long-standing brand recognition and loyalty No.1 share in global musical instrument market^1 Rank of 27^2 in Best Japan Brands 2025 ranking announced by Interbrand Japan 1. Estimates by Yamaha Corporation 2 Figure represents the total value of the Yamaha brand developed by Yamaha Corporation and Yamaha Motor Co., Ltd.
Customers	Unique sales networks and connections with customers worldwide Capacity to supply products to more than 160 countries and regions Total of 8 million registered Yamaha Music ID accounts
Technology	Diverse portfolio of unique technologies arising from sound and music business Deep understanding of and vast insight related to sensibilities for determining a good sound and a good sound environment • Intellectual property portfolio consisting of 4,647 patents, 1,639 design rights, and 10,779 trademarks^3 3. Global total
People	Diverse people supporting value creation Global employee base consisting of 18,949 individuals Employees highly knowledgeable about sound and music
Finance	Robust and healthy financial base Credit ratings of A+ from Rating and Investment Information, Inc. and AA- from Japan Credit Rating Agency, Ltd Equity ratio attributable to owners of parent of 75.9%
Environment, Society and Culture	Healthy natural environment and society and music cultures around the world Ratio of sustainably sourced timber of 69% Aggregate total of 4.25 million students in 10 countries provided music education opportunities through the School Project

BUSINESS ACTIVITIES

Yamaha promotes sustainability in all of the aforementioned phases.
Our business activities are supported by the following four strengths.

Four Strengths Supporting Yamaha’s Value Creation

Combination of Technologies with Sensibilities Combination of Craftsmanship and Technologies Connections with Customers Worldwide No. 1 Share in Global Musical Instrument Market — * Estimates by
Yamaha Corporation

Yamaha’s four strengths

OUTPUT

Yamaha seeks to accomplish its management targets through its supply of products and services centered on sound and music.

Products and Services Centered on Sound and Music

Musical Instruments Business

Musical Instruments Business

Revenue ¥296.1 billion
Core Operating
Profit ¥22.1 billion (Fiscal 2025)

Yamaha supplies acoustic instruments, such as traditional pianos and wind, string, and percussion instruments, and digital musical instruments that leverage electronic technologies. We also offer hybrid instruments that meld both acoustic and digital technologies. In addition, we are developing a diverse range of other business that include lesson, repair and other service businesses as well as music software production and sales businesses.

With our robust product lineup and global sales and service structure, we have secured a position as the world’s leading comprehensive musical instruments manufacturer.^*

* Estimates by Yamaha Corporation

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Audio Equipment Business

Audio Equipment Business

Revenue ¥147.8 billion
Core Operating
Profit ¥14.3 billion (Fiscal 2025)

With sound and music at its core, and drawing on its accumulated know-how in digital and acoustic technologies, Yamaha’s audio equipment business delivers a diverse spectrum of solutions, encompassing best-in-class audio equipment for commercial, consumer, and mobility uses.

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Other Business

Other Business

Revenue ¥18.2 billion
Core Operating
Profit ¥0.3 billion (Fiscal 2025)

Our businesses also encompass interior decorative panels for luxury automobiles that are born from our integrated wood processing and coating technologies. In addition, we operate an industrial machinery business that deploys factory automation (FA) equipment (industrial equipment) forged from our musical instrument manufacturing expertise.

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Management Targets

Rebuild & Evolve medium-term management plan 2025/4〜2028/3

Financial targets

3-year CAGR 5 %

ROE 10 %

Core operating profit ratio 13.5 %

Total return ratio 50 % or more

Key performance indicators (KPIs) for gauging progress of key strategies

Rebuilding a strong business foundation

Indicator for Expansion of Existing Business Scale
Indicator for Profit Improvement

Evolving to create the future

Indicators for Domain Expansion
Indicator for New Value Creation

Strengthening the management foundation

Indicator for Capital and Asset Efficiency
Indicators for Strengthening of Human Capital

Setting sustainability as a source of value

Environmental Indicators
Social Indicators
Cultural Indicators

* Information on the quantitative targets for various indicators can be found in the medium-term management plan.

Discover More about Medium-Term Management Plan

OUTCOME

Yamaha will continue its quest to provide more enjoyable, creative, and convenient experiential value while refining the fundamental value of products using the technologies and sensibilities it has fostered in relation to sound and music. We will also seek to develop operations in fields that lay adjacent to our existing business domain.