Consolidated Business Results Summary　- First Three Quarters of Fiscal Year Ending December 31, 2020 -

IWATA, November 9, 2020 - Yamaha Motor Co., Ltd. (Tokyo: 7272) announces its consolidated
business results for the first nine months.

Net sales for Yamaha Motor Co., Ltd.'s consolidated accounting period for the first nine months of
the fiscal year ending December 31, 2020 were 1,067.1 billion yen (a decrease of 200.1 billion yen
or 15.8% compared with the same period of the previous fiscal year). Operating income was 56.4
billion yen (a decrease of 43.6 billion yen or 43.6%), ordinary income was 59.7 billion yen (a
decrease of 42.7 billion yen or 41.7%), and net income for the period attributable to owners of
parent was 40.1 billion yen (a decrease of 35.6 billion yen or 47.0%).

However, the results for the third quarter (July–September) were net sales of 381.6 billion yen (a
decrease of 29.7 billion yen or 7.2%) and an operating income of 37.3 billion yen (an increase of
6.3 billion yen or 20.4%), showing our shift to a stage of recovery from the adverse effects of the
COVID-19 pandemic seen in the first half of the fiscal year.

For the third quarter of this consolidated accounting period, the U.S. dollar traded at 108 yen (an
appreciation of 1 yen from the same period the previous fiscal year), and the euro at 121 yen (an
appreciation of 2 yen).

For net sales, although sales increased in the Robotics and Financial Services businesses, the
impact of the COVID-19 pandemic saw a decrease in unit sales in the Land Mobility and Marine
Products businesses, resulting in a decline in sales overall. Operating income declined overall due
to factors such as the impact of foreign exchange rates and decreases in utilization rates from
factory closures in the Land Mobility and Marine Products businesses.

Results by Business Segment:
Land Mobility Business
Net sales were 682.4 billion yen (a decrease of 163.1 billion yen or 19.3% compared with the same
period of the previous fiscal year) and operating income was 8.9 billion yen (a decrease of 26.4
billion yen or 74.9%).

With motorcycles, although immediate total demand is currently recovering mainly in developed
countries, the impacts of the COVID-19 pandemic have been significant and unit sales have fallen.
In addition, temporary factory closures in several countries lowered our factory utilization rate,
which led to overall decrease in sales and profits.
In Indonesia, total demand fell drastically due to stricter scrutiny of sales financing prompted by
the country’s economic downturn. In India and the Philippines, although immediate total demand
is recovering, the effects of the lockdowns imposed in the first half of the year could not be wholly
mitigated and unit sales decreased. In Vietnam, the economic slowdown caused by the COVID-19
pandemic led to restructurings and reduced incomes, bringing a decrease in overall demand.
Taiwan, on the other hand, has seen aggregate demand recover to levels surpassing the previous
year.

With recreational vehicles (all-terrain vehicles, recreational off-highway vehicles (ROVs) and
snowmobiles), immediate demand for outdoor recreation products has recently spiked and retail
sales in North America—the world’s largest market in this product category—and other main
markets have recovered. However, sales and profits fell due to supply shortages brought on by the
drop in our factory utilization rate triggered by the effects of the COVID-19 pandemic.

For electrically power-assisted bicycles, the impacts of the COVID-19 pandemic brought about
production delays and the ceasing of sales work, and the subsequent decrease in sales of E-kits for
Europe and complete bicycle unit sales in Japan resulted in lower sales and profits.

Marine Products Business
Net sales were 247.4 billion yen (a decrease of 30.3 billion yen or 10.9% compared with the same
period of the previous fiscal year), and operating income was 40.7 billion yen (a decrease of 11.1
billion yen or 21.5%). Unit sales declined due to temporary closing of operations at boatbuilders
and dealerships in North America due to COVID-19. In addition, temporary closures at the Iwata
Main Factory in Japan and factories in the U.S. led to supply not keeping pace with the rapid
recovery in overall demand, resulting in lower sales and profits.

Robotics Business
Net sales were 54.7 billion yen (an increase of 1.3 billion yen or 2.5% compared with the same
period of the previous fiscal year) and operating income was 1.0 billion yen (a decrease of 5.4
billion yen or 84.6%). Although unit sales of surface mounters increased in Asia (including China,
South Korea and Taiwan), curbing of investments in the automotive sector saw the model mix
suffer as a result. In addition, making Yamaha Motor Robotics Holdings Co., Ltd. (YMRH) a
subsidiary at the end of the second quarter of the previous fiscal year led to an increase in sales
and a decrease in profits.

Financial Services Business
Net sales in the Financial Services segment were 34.3 billion yen (an increase of 3.5 billion yen or
11.4% compared with the same period of the previous fiscal year) and operating income was 5.8
billion yen (a decrease of 0.4 billion yen or 6.3%). Through the development of our own financing
programs in the U.S. targeting “Prime” customer segments, we saw an increase in the outstanding
receivables balance that drove greater income. However, the increase in the allowance for doubtful
accounts in anticipation of the impacts brought by the COVID-19 pandemic led to a decrease in
profits.

Other Products Business
Net sales were 48.4 billion yen (a decrease of 11.6 billion yen or 19.3% compared with the same
period of the previous fiscal year) and operating income was 20.0 million yen (a decrease of 0.3
billion yen or 93.4%). Unit sales of golf cars and generators fell and led to a decrease in sales and
profits.

Forecast of Consolidated Business Results:
In terms of the consolidated financial forecast for the full fiscal year ending December 31, 2020,
demand is recovering more than expected in each market and as such, we will revise our net sales
and income forecast as follows:

Basic Policy Concerning Profit Distribution and End-of-Period Dividends
The Company positions shareholder profits as one of its highest management priorities and is
striving raise its corporate value. With regards to dividends, the Company is focusing on achieving
a balance of growth investment and shareholder returns within the scope of cash flow while
maintaining earning power, and aiming toward a payout ratio of 30% of net income attributable to
owners of parent.
Based on the revisions to the consolidated earnings forecast for the full fiscal year ending
December 31, 2020 announced today, we have revised the annual dividend forecast for the current
fiscal year to 45 yen with a payout ratio of 35.7% (a 30 yen increase from the previous forecast
and 45 yen decrease from the previous fiscal year). As a result, we plan to pay an annual dividend
of 45 yen per share, which includes the interim dividend of 0 yen.