Strong Motorcycle Performance and Record Sales Target
Motorcycle unit sales through Q3 were 16.44 million (growth led by India, Pakistan and Brazil) and management reiterated a full-year motorcycle target of 21.3 million units — the highest on record. Motorcycle operating profit rose JPY 44.8 billion YoY to JPY 546.5 billion (≈+8.9% YoY).
Solid Cash Generation and Liquidity
Operating cash flow after R&D adjustment was JPY 1.8558 trillion; free cash flow excluding financial services was JPY 917.4 billion; and net cash at the end of Q3 was JPY 3.1707 trillion, supporting near-term investment and shareholder returns.
Maintained Full-Year Guidance and Dividend
Company maintained FY ending March 2026 forecasts: operating profit JPY 550 billion and profit attributable to owners JPY 300 billion. Full-year dividend guidance was unchanged at JPY 70 per share.
Tariff Impact Reduced Versus Initial Expectation
Tariff headwind initially forecast at JPY 450 billion at the start of the year has been reassessed and reduced to an incorporated impact of approximately JPY 310 billion (a reduction of about JPY 140 billion, ~31% lower than the initial estimate).
Operating Profit Excluding One-offs Would Be Strong
Management indicated that excluding one-time EV-related expenses and tariffs, consolidated operating profit would have been ~JPY 1.1485 trillion for the period, implying core business profitability absent those nonrecurring items.
Improved Semiconductor Supply Outlook
Semiconductor shortage recurrence risk is `good prospects for prevention` according to management; earlier disruption impacted production by roughly 110k units and was modeled as a JPY ~150 billion impact, but supply is recovering.
Shareholder Return Action — Treasury Share Cancellation
Board resolved cancellation of 747 million treasury shares, a capital action supportive of shareholder returns alongside the maintained dividend.