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    Yoko Yamaguchi

    Research Analyst at Toyo Keizai Inc.

    Yoko Yamaguchi is an Analyst at Toyo Keizai Inc., specializing in automotive sector research with a particular focus on companies such as Honda Motor Co Ltd. She has engaged directly with senior management on earnings calls and is noted for insightful questions regarding operational efficiency and profitability, such as highlighting Honda's industry-leading 19.9% operating profit margin in its motorcycle division. While detailed rankings or public performance metrics are limited, Yamaguchi's coverage has contributed to recognized business journalism and thought leadership within Toyo Keizai. She started her career in business journalism and joined Toyo Keizai prior to 2024; records of specific securities licenses or FINRA registration are not public.

    Yoko Yamaguchi's questions to HONDA MOTOR CO (HMC) leadership

    Yoko Yamaguchi's questions to HONDA MOTOR CO (HMC) leadership • Q1 2026

    Question

    Yoko Yamaguchi from Toyo Keizai Magazine questioned the drivers behind the motorcycle division's outstanding 19.9% operating profit margin and asked for clarification on whether the Q1 EV-related expenses were in line with expectations, given the full-year forecast was not raised more significantly.

    Answer

    Eiji Fujimura, CFO, attributed the strong motorcycle profitability to a balanced regional portfolio, with robust performance in high-margin markets like Brazil and Vietnam offsetting weakness elsewhere. He explained that Q1 EV-related expenses were actually higher than anticipated due to a JPY 50 billion provision for lost IRA subsidies and California credits. This raised the expected full-year EV impact from JPY 600 billion to JPY 650 billion, tempering the overall forecast.

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