Dialogue with Shareholders and Investors

• Policies Regarding Dialogue with Shareholders and Other Investors
• IR Activities
• ESG Investment Initiatives
• Shareholder Returns

Policies Regarding Dialogue with Shareholders and Other Investors

The Yamaha Group conducts appropriate disclosure and constructive dialogue with shareholders and other investors in accordance with the following policies and codes of conduct. The input gathered from capital markets through these activities is reported to the Board of Directors via the respective officer as appropriate to reflect this input into business activities in order to drive ongoing growth and medium- to long-term improvements in corporate value.

IR Activities

The Yamaha Group strives to disclose information in a fair and timely manner for the benefit of institutional and private investors around the world.

Rules for disclosure are set forth in the Disclosure Policy, which is available on the Company’s corporate website.

Initiatives for Engagement with Shareholders and Other Investors

In order to have constructive dialogue with shareholders and other investors, the Board of Directors appoints a director in charge of these initiatives. If necessary, this director, other internal and outside directors, executive officers, operating officers, or investor relations (IR) representatives will meet with shareholders or other investors to explain matters such as the capital policy, the medium-term management plan, and related progress in a clear and easy-to-understand manner. The Legal Division, IR Department, and Corporate Finance Division cooperate and assist the director in charge of engagement activities to ensure that dialogue with shareholders and other investors is conducted in a reasonable and orderly manner. Topics for which shareholders and other investors have expressed interest during engagement activities have included performance, business portfolio-related policies, progress of the medium-term management plan, capital allocation policies, shareholder returns policies, and environmental, social, and governance (ESG) and other sustainability initiatives.

In addition to the meetings with individual shareholders and other investors, the Company gives presentations on its medium-term management plan and quarterly earnings, as well as business briefings, facilities tours, and presentations for private investors. Presentation materials from these briefings are always made available on our corporate website. The input gained through engagement with shareholders and other investors is reported to the Board of Directors by the director in charge of engagement activities, executive officers, or operating officers on a timely basis, and this input is appropriately reflected in the management of the Company to drive the Group’s sustainable growth and enhance corporate value over the medium to long term. Additionally, the voting is analyzed for each resolution at the Ordinary General Shareholders’ Meeting, and the findings of these analyses are reported to the Board of Directors. Regarding measures to control insider information, pursuant to the Company’s Disclosure Policy, due consideration is given to controlling insider information, and we endeavor to disclose information in a fair, prompt, and timely manner. When meeting with shareholders and other investors, information is provided after verifying that said information does not constitute insider information.

Enhancement of Information Disclosure

Information disclosed as part of IR activities is made available on the Investor Relations section of Yamaha’s corporate website (available in English and Japanese), which provides newsletters as well as up-to-date information on our business, including information on management policies, medium-term management plans, earnings reports, IR events, financial data, and annual reports. We also provide concise explanations designed to make our activities easier to understand via videos of explanatory meetings for private investors and videos contained in our video library. In fiscal 2025, the Investor Relations section of our website received a number of honors, namely a 2024 Internet IR Commendation Award (Daiwa Investor Relations Co. Ltd.), recognition as a AAA website in the overall category of the 2024 homepage ranking of all listed companies (Nikko Investor Relations Co., Ltd.), and a silver award in the ranking of companies with superior IR websites (Gomez). These honors reflected the evaluation of the website’s extensive selection of financial and management information.

Major IR Activities

Yamaha is bolstering engagement with shareholders and other investors in both Japan and overseas through various activities such as quarterly results briefings and other regular events as well as business briefings for securities analysts and institutional investors, factory and facility tours, and explanatory meetings for private investors, which are held as needed. We have also been increasingly utilizing online communication tools for IR activities in recent years.

ESG Investment Initiatives

We are aggressively promoting engagement based on ESG considerations through means such as communication with shareholders and other ESG-conscious investors as well as efforts to meet the requirements of ESG investigation and ratings institutions. Yamaha Corporation has been included in domestic and overseas ESG indices and ESG funds based on the consideration it exercises for the environment and for society.

• ESG indexes compile companies evaluated as exhibiting excellence in terms of both profitability and sustainability and track the movements of their stock prices.

Shareholder Returns

With consideration paid to the improvement of its consolidated return on equity, Yamaha Corporation undertakes investments for growth—including research and development, investments in marketing capabilities, and other capital investments—based on its medium-term consolidated profit level, while proactively returning profits to shareholders. With continuous and steady cash dividends as the basic policy for its shareholder returns, Yamaha will conduct flexible shareholder returns as it sees fit with the aim of improving its capital efficiency, while giving due consideration to the maintaining of a balance between adequate internal reserves of investment for future growth.