Yamaha Motor Co. Reports Fiscal Year 2024 Financial Results

Yamaha Motor Co. has released its consolidated financial results for the fiscal year ending December 31, 2024.

Overall, for fiscal 2024, Yamaha posted 6.7 per cent revenue growth and 25.6 per cent operating profit growth. However, the marine products segment experienced a decline in both revenue and operating profit due to weakening demand for outboard motors and personal watercraft in key markets such as the U.S.

Yamaha Motor operates in four main segments: land mobility, marine products, robotics, and financial services, grouping businesses by product type and target market.

The marine products segment saw a 1.8 per cent decrease in revenue to ¥537.7bn (£2.8bn), with operating profit falling by 15.7 per cent to ¥87.8bn (£456.5m).

“Demand for outboard motors decreased in the U.S., which is the major market, due to the continuing high level of interest rates and rising prices, despite the interest rate cut in September,” the firm says in a statement. “Among our sales, sales of new models were strong, but overall sales of outboard motors decreased. Demand for personal watercraft declined because buyers held off on their purchases due to the concern over the rising interest rates.

“On the other hand, our unit sales of personal watercraft increased as supply constraints caused by last year’s parts shortages and supply chain disruptions improved. As a result, both revenue and profit decreased in the marine products business as a whole.”

The results for the period include the performance of Torqeedo GmbH, a German manufacturer of marine electric propulsion units, from April to December 2024. Yamaha Motor acquired Torqeedo in April as part of its strategy to expand its presence in the electric marine sector. The firm’s CEO, Fabian Bez, stepped down on 1 January 2025.

For the fiscal year ending December 31, 2025, Yamaha Motor says it anticipates a gradual recovery in demand for outboard motors. The company continues to monitor economic conditions and implement cost-control measures to address market fluctuations.

“The future outlook [remains] unclear due to factors such as the geopolitical risks including the situation in the Middle East, China’s economic slump, soaring resource prices, fluctuations in financial capital markets and impacts of new U.S. administration,” the company says in a statement.

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