Human Capital Management

Basic Approach to Human Capital

As we develop our businesses globally, in addition to creating an organizational structure that can respond promptly to changing and evolving market needs, we believe that we are continually creating Kando* by having individuals and companies share lofty ambitions and cooperate to develop the business and help individuals grow. We define our vision for human resources as follows.

1. Human resources who strive independently and autonomously to increase their personal value.
2. Human resources who are able to act with a focus on teamwork.
3. Human resources who will increase the value of the Yamaha brand.

We implement human resources strategies linked to business strategies in order to effectively recruit, develop, evaluate, compensate, and assign personnel with the above qualities.

Governance

To further strengthen governance and optimize strategy in human capital management, we established the Human Capital Management Committee, which is chaired by the Chief General Manager of the Human Resources & General Affairs Center. This committee, composed of executive officers and overseas location leaders, actively discusses major global human capital issues such as human resource investment strategies, enhancing engagement, and promoting diversity. We have set up a Talent Management Committee (also chaired by the Chief General Manager of the Human Resources & General Affairs Center) to hold deliberations on human resource development plans, assignments and development statuses when it comes to candidates for management positions in the Yamaha Motor Group. Through these means, we will increase employees’ autonomy over their careers while increasing the transparency of future career paths.

Creating Work-Friendly Environments for Individuals Where Diversity is Accepted

We established the Yamaha Motor Group Diversity, Equity, and Inclusion (DE&I) Policy in September 2023 and shared this policy at our workplaces and subsidiaries, in order to foster an organizational culture where diverse human resources gather and utilize new realizations and discoveries to create value while respecting different viewpoints and values. The focus of the statement is “creating Kando via diversity” as stated in the policy, and its guiding principle is “RESPECT.” (respect, period). “RESPECT.” means that everyone at the Yamaha Motor Group is responsible for interacting with colleagues, customers, suppliers, and other stakeholders with a recognition that the opinions and rights of others have value. Based on that, we have defined focus areas and the Yamaha Motor Group’s position on those areas as we strive to create a workplace where all employees and executives are free to demonstrate their individualities (strengths, experiences, and ideas) to the fullest, regardless of age, gender, sexual orientation, sexual identification, disability, nationality, race, religion/belief, values, or experience.

In particular, with respect to gender-related initiatives, the Group has positioned the promotion of women’s active participation as one of its materialities and has set a target of achieving a 13% ratio of female managers across the Group by 2027. As a step toward achieving this target, the Japan headquarters newly introduced career training programs for female managers, managerial candidates, and their supervisors. Through these programs, participants articulate their strengths and values and develop concrete future career plans through dialogue with supervisors, enhancing their recognition of expected roles and willingness to take on challenges.

In the cross-company mentoring program, executive officers serve as mentors and female department managers serve as mentees. This promotes learning from different positions and external corporate perspectives. Through these initiatives, we support the creation of growth opportunities and the formation of ongoing networks, promoting the development and active participation of female leaders. The Group will continue steadily implementing initiatives toward achievement of its targets.

Utilizing Global Human Resources

To globalize our human resources, we are promoting the early identification, career planning, development, and appointment of excellent personnel regardless of their gender, age, nationality, place of birth, or other factor. Specifically, in addition to the ongoing management of successors for global core positions, we have begun expanding a global human resources database aimed at strengthening the identification and development of next-generation global executive talent and enhancing the visibility of human resources.

Furthermore, since 2020, we have introduced the GAP (Global Assignment Policy, formerly the Yamaha Assignment Policy) to promote global personnel transfers, and we have achieved 27 cases to date. We will continue working to expand this initiative.

Human Resource Development

We offer stratified training, selective training for high-potential talents, training to refine specialized functional skills, overseas training systems that develop human resources who are able to succeed at the global level, coaching to enhance performance as an organization with cohesive teamwork, and diversity training. Additionally, to foster a culture of self-learning, we are expanding support for self-development and expanding options for learning along with providing on-demand education.

As an element of human resource development, in order to establish a mechanism where anyone interested in growing is given the opportunity to do so, we have introduced the Yamaha Motor Learning System (YLS) - an online and on-demand learning platform, and additionally promoted self-development courses. The number of YLS users has reached approximately 20,000. For self-development courses, to provide a wide range of options that meet employees’ diverse learning needs, the scope of the cafeteria plan* has been expanded to cover external self-development courses, seminars, online language courses, online learning services, and the purchase of self-development textbooks and books. We have also been running a Regianal Development Program - training aimed at developing global management talent since 2015, which has had a total of 179 participants to date.

* The cafeteria plan is a “selective welfare benefit system” that allows employees to choose from a menu of benefits defined by the company according to their individual lifestyles and receive financial support.

*1 Global Executive Program and Yamaha Business School Global are held every other year.

*

1. Excludes compliance education, and training on legal matters such as occupational health and safety. In addition, due to the expansion of self-development course opportunities starting in 2024 (changing from a company-designated course system to one where individuals can freely choose), it became difficult to track hours for self-development courses. Therefore, hours related to self-development have been excluded, and the figures recalculated retroactively.
2. Personnel expenses have been added to training costs from 2025 onward. Also, the scope of aggregation for training expenses has been expanded.
3. Includes only locations of Group companies in Japan that submitted data.

Employee Engagement

Under the human resource mission statement “Challenge & Growth,” we position employee engagement as a key indicator for enhancing corporate value. Based on the results of the annual survey, we reflect on the condition of each company and organization and are promoting company-wide efforts to create an environment that increases the wide variety of challenges that are unique to Yamaha Motor.

Under the new Medium-Term Management Plan starting in fiscal 2025, we have set a global target of maintaining a positive engagement score of 80% or higher. In fiscal 2025, the global engagement score was 82%, and the non-consolidated score was 65%, so we are enhancing initiatives at the non-consolidated level.

On a non-consolidated basis, engagement scores have steadily improved through continuous initiatives since 2020, and we have firmly established company-wide and workplace-level activities. To achieve further improvement, the Group has revised certain survey questions to enable strengths and issues to be more clearly identified. It has also created the My Workplace Diagnostic Map, which presents an overall picture for internal uses. Building on the Group’s strengths of a “comfortable working environment” and “high psychological safety within the workplace and with supervisors,” we are advancing initiatives based on the following three key drivers.

* Calculated by dividing the total of each company’s engagement score by the number of companies. Until 2024, the scope included only the headquarters on a non-consolidated basis plus 12 major overseas subsidiaries, but in 2025 the scope was expanded to companies with 500 or more employees (34 companies).

Key Driver① Promote understanding of the company’s direction and future vision

Since 2022, the Group has continuously held REVS Meeting in which management and employees engage in direct dialogue. In 2025, approximately 1,400 employees and 11 members of management participated in interactive discussions transcending businesses and positions. By understanding management’s thinking and the background behind its challenges, the Group aims to enable employees to internalize each company’s direction and connect this understanding to proactive action. At the same time, management incorporates unfiltered workplace feedback into management decisions, strengthening the management cycle through policy sharing to execution.

Key Driver② Create an environment in which employees can experience growth and fulfillment through work

The Group is advancing the development of personnel systems that encourage proactive employee challenges through evaluations and treatment based on roles and achievements. Under the new personnel system for core employees introduced in 2024, the Group shifted to a role-based evaluation and treatment framework, clearly distinguishing between “line management,” which is responsible for organizational management, and “strategy lead,” which leads projects in alignment with business strategy. Under the new personnel system for general employees introduced in 2025, job-category distinctions and years-of-service requirements for promotion were abolished, enabling treatment based on performance. Through these initiatives, employees gain a clearer understanding of their roles and experience personal growth and fulfillment through the outcomes of proactive challenges, helping to strengthen the human resource foundation that supports business execution capabilities.

Key Driver③ Support autonomous career development

For both individuals and the company to continue growing together, it is important that each employee proactively envisions their own career, understands the direction of their company, and takes action toward realizing that vision. Accordingly, the Group conducts career design interviews between employees and supervisors while also expanding training programs tailored to career status and stage of employees. In internal surveys, 72% of respondents across the Group stated that “through interviews, I was able to align my career direction with the expectations of my supervisor.” Furthermore, the Group is promoting the use of internal recruitment programs (Self-Career Challenge) and internal side-job programs as examples of means for realizing envisioned careers. In 2025, 110 employees took on internal transfers or internal side-job opportunities.

The Group believes that promoting improvements based on engagement indicators will enhance business execution capabilities and adaptability to change by increasing the number of employees who proactively take on challenges, leading to the sustained creation of Kando and the medium- to long-term enhancement of corporate value.

Preventing Harassment

In light of the rapidly growing need to address and adapt to human rights risks throughout the supply chain, the Yamaha Motor Group has stipulated in its Code of Ethics that it forbids slander against employees concerning matters pertaining to their race, nationality, philosophy of life, bodies, personality, families, etc., forbids words and actions that deny an individual’s personhood, and also forbids sexual harassment and all other actions that constitute harassment. However, anyone can become a perpetrator of harassment without intending to, and once serious incidents of harassment occur, they have the potential to affect not only the victims but also the Company, the organization and even our business activities themselves.

To this end, through initiatives such as the promotion of diversity, equity, and inclusion (DE&I) and the enhancement of employee engagement across the Group, we are fostering an organizational culture in which harassment is less likely to occur. In the event that incidents occur, the Group responds promptly and appropriately, including preventing recurrence, while also establishing regulations regarding the prevention of workplace harassment, clarifying the roles expected of each employee, and continuously conducting awareness-raising and educational activities aimed at preventing harassment before it occurs.

Moreover, in addition to the existing compliance incident reporting contact points for Japan, we have established dedicated consultation points for harassment and labor issues, and we created a reporting line that allow people who suffered or heard or saw harassment to consult someone promptly on the issue.

Promoting Employment and Raising Motivation for People with Disabilities

The Group promotes the employment of persons with disabilities with the aim of respecting the individuality of each employee and enabling the creation of new value and opportunities for active participation for all. To expand these initiatives, it established Yamaha Motor MIRAI Co., Ltd. in October 2015. Through the establishment of this company, opportunities for active participation have expanded into diverse areas such as cleaning and office support services, making it possible to welcome a wider range of individuals. Initiatives are also being advanced to help employees experience a sense of fulfillment through participation in events held by Group companies. Going forward, the Group will continue promoting the creation of environments in which persons with disabilities can thrive as their true selves in collaboration with local communities.

Ratio of Employees with Disabilities at Yamaha Motor

Supporting Work-Life Balance

We support career planning that is based on the assumption of mutual confirmation by both the employee and the Company, and aim to create workplaces that promote a healthy work-life balance.

We are enhancing our systems so that employees can work in ways that suit their individual circumstances, by providing childcare leave, nursing care leave, and family illness leave, as well as systems such as flexible work time, short working hours, and the rehiring of employees who resigned to accompany their spouse on overseas postings. For childcare leave in particular, we actively share examples of taking the leave and our efforts to create an environment where it is easy to take it, and we are working to increase the percentage of male employees who take it. (The rate of men taking childcare leave in 2025, including postnatal paternity leave, was 80.2％). We are also working to support employees raising children through “Wai-Wai Land,” an in-house childcare facility providing broad-based support for both “work and family.” In 2016, we expanded the size of this facility and increased the number of children who can be accepted.

Since 2021, under “Work in my style, work in Yamaha style.”, we have incorporated teleworking to accommodate diversity and introduced special leave in hourly units and a shortened working hour system for injury or illness. Furthermore, since 2023, we have introduced a hybrid work system that combines commuting to the office and remote work, as well as a coreless flextime system, expanding work style options so that employees can continue to work with vitality and passion at any stage of life.

Our policy is to reduce excessive work hours with the aim of reducing overtime, and in consideration of maintaining mental and physical health. We have also established Rules Regarding Overtime Work, which are stricter than the legal requirements, based on labor-management consultations. In addition, the Labor-Management Committee on Working Hours, comprising participants from both the labor union and the Company, meets every month to confirm the present state of working hours.

We also participate in the Human Resources Committee of the Japan Automobile Manufacturers Association (a general incorporated association). We make use of the information obtained through the committee, exchanges of opinions, and other means to check the state at our company as well as to promote initiatives.

Regarding the use of paid leave, we comply with the Work Style Reform Act, set targets between employees and management based on the Act, and promote the taking of paid leave through initiatives including a system for taking consecutive days of paid leave. In particular, we are raising awareness and increasing the effectiveness of this system by sending special notices to those eligible for five consecutive days of paid leave.

The status of leave taken in 2025 is as follows. Childcare leave: 334 (men: 272 (including maternity leave), women: 62), nursing care leave: 6, nursing care leave: 17 (55 days taken), and life support leave: 3,124 (8,608 days taken).

In addition to measures for work style, we introduced a Cafeteria Plan in 2023. Employees can select from a menu of benefits set by the company to suit their individual lifestyle and receive subsidies. The system provides a variety of benefits for families; for example, child-raising and child care subsidies, family care subsidies, and travel expense subsidies.

Occupational Health and Safety

Stance and Policies

As stated in the Group’s Sustainability Basic Policy, we think that the health and safety of our employees is a foundation of the Company’s growth, and thus we work to improve working environments. To foster a culture of “Safety and Health First” and entrench initiatives aimed at reducing occupational accidents to zero throughout the entire Group, we have formulated the Yamaha Motor Group Basic Policy on Occupational Health and Safety, which further clarifies the contents of the Sustainability Basic Policy, as well as action guidelines, and targets for reducing occupational accidents. Along with endeavoring to ensure health and safety with the participation of all employees, we are pursuing the creation of comfortable working environments and trying to make the execution of duties smoother to lead to greater productivity.

Promotion Structure

At Yamaha Motor Co., Ltd., under this policy, the Central Safety and Health Committee (chaired by the chief general manager of the Human Resources & General Affairs Center and comprising occupational health physicians, representative supervisors of manufacturing, technology, and administrative divisions, and the labor union, among others), with authority delegated to it by the President and Chief Executive Officer, spearheads efforts to provide safe and healthy work environments that comply with standards, regulations and labor agreements concerning industrial safety and health. It also incorporates various activities aimed at achieving zero accidents into medium-term and annual plans. The supervising division for occupational health and safety is also expanding these initiatives to group companies in various countries.

Promoting the Occupational Health and Safety Management System

Yamaha Motor conducts thorough workplace risk assessments and based on that continuously eliminates and reduces occupational health and safety risks in a planned manner. As a part of these initiatives, in 2023, we acquired international standard certification ISO 45001. Furthermore, to raise safety awareness among all employees, we are working not only on regulatory education and training, but also on enhancing various educational programs such as risk assessments and practical hazard prediction training.

In May 2023, an occupational accident occurred at the Company’s Hamakita Factory (Hamakita-ku, Hamamatsu City) in which one employee working on the processing of engine components passed away. To prevent the recurrence of such serious occupational accidents, the Group is continuously implementing preventive measures, including strengthening the operation of its occupational safety and health management systems, enhancing safety measures for equipment and machinery, and promoting safety awareness through the establishment of a Safety Day.

In preparation just in case an emergency situation should occur, we have established reporting standards, methods, contact routes and emergency response procedures for the occurrence of workplace injuries, ill health, sickness and accidents, and we regularly conduct response drills to heighten their effectiveness. Moreover, when an occupational accident does occur, we place the highest priority on assisting the victims, and we investigate the accident scene, clarify procedures for identifying the cause, and strive to prevent a recurrence. We also conduct regular internal audits, verify the effectiveness of the management system and continuously improve the system.

Among the Group, 19 companies (primarily manufacturing entities) had individually obtained ISO 45001 certification as of December 31, 2025. In addition, from 2025, the Company has begun operating Unified Certification (Global Certification), a framework in which the certifications of Yamaha Motor and its Group companies are managed under a single system. Going forward, by expanding the acquisition of certifications and the transition to unified certification across manufacturing sites, we aim to enhance occupational health and safety standards and strengthen governance across the Yamaha Motor Group as a whole.

We have drawn up work safety procedures for external contractors as well in an effort to prevent occupational accidents.

We monitor situations with regard to occupational illnesses (caused by exposure to chemical substances, organic solvents, dust, etc.) through workplace patrols, special health examinations, and we improve the workplace environment as necessary. We also endeavor to create safe and pleasant workplaces based on ergonomics.

Safety Education and Training

We are focused on developing human resources who can support workplace safety and a healthy environment through education and training to improve the skills of safety managers, supervisors, operations chiefs and others in similar roles. The main education and training programs on workplace safety held in 2025 are as follows. These were also carried out at Group companies and business partners in Japan, and we are actively implementing training and education on health and safety at overseas Group companies as well.

Number of Occupational Accidents

In 2025, there were no fatal accidents at Yamaha Motor Co., Ltd.^*1, 12 accidents resulting absence from work, and 24 accidents that did not result an absence (including occupational illnesses). Across the Yamaha Motor Group^*2 in 2025, there were no fatal accidents, 151 accidents resulting absence from work (including one accident resulting permanent disability), and 155 accidents that did not result in absence.

The number of fatalities from occupational accidents throughout the Yamaha Motor Group from 2023 onwards was two in 2023 and zero in both 2024 and 2025.External Assurance

We disseminate information about accidents that occur company-wide in an effort to prevent recurrence.

*1

The scope for 2023-2025 is regular as well as dispatch employees, including executive officers and part-time workers.

*2

The scope for 2023 covered 127 out of 130 consolidated subsidiaries. The scope for 2024 covered 136 out of 138 consolidated subsidiaries. The scope for 2025 covered 139 consolidated subsidiaries.

*3

From 2025, the scope of data aggregation for Yamaha Motor Co., Ltd. and its 139 consolidated subsidiarieshas been changed in line with the scope of the consolidated financial statements. To ensure comparability, the number of occupational accidents (resulting in lost workdays or more) and the occupational accident frequency rate for 2024 and earlier have been recalculated to reflect both the revised reporting boundary and the results of a review of the underlying data. As a result, the number of occupational accidents for 2023 has increased by one from the previously disclosed figure. For 2024, the figures have also been updated to reflect a lost-time accident that was recognized after the previous disclosure.

*4

Rate of occurrence of occupational accidents requiring absence from work for one or more days per 1 million total actual working hours.

*5

Third parties, excluding indirectly outsourced labor, carrying out certain types of contract-based work for the Company on the Company’s premises.

Addressing Overseas Labor Risks

Many of our production sites are located in ASEAN member states, India, and China, where the risk of labor disputes is high. Accordingly, situations in these countries must be watched closely as we carry on our business activities. For this reason, we incorporate "shutdown due to labor disputes (strike, etc.)" into a risk management ledger employed across the Group, so that we can use it to monitor self-inspections and development of countermeasures.

Manufacturing companies regularly collect information about the legislation in each country and regional labor issues, work to strengthen labor-management relations, and ensure people know where to report and discuss labor issues. At the headquarters, we are working on sharing the know-how within the Group and maintaining and strengthening the communication system for emergencies, leveraging the knowledge accumulated over the years on labor dispute cases.

In 2025, there was no noteworthy occurrence of any labor issues.