Tamron Co., Ltd. · TSE:7740
Tamron — Q3 FY2026 Earnings Presentation
37 slides from Tamron's earnings presentation, Nov 5, 2026
Slide 1: Financial Results for the 3rd Quarter FY2026
Financial Results for the 3rd Quarter FY2026 November 5, 2026 Tamron Co., Ltd. (Code: 7740)
Slide 2: Table of Contents
Table of Contents Ⅰ. Financial Results for the 3rd Quarter FY2026 P 03～ Ⅱ. Financial Forecast for FY2026 P 13～ Ⅲ. Long-Term Vision & P 19～ Next Medium-Term Management Plan "Value Up29“ (Announced on June 16) Ⅳ. Reference Data P 31～ 2 ─ Copyright © Tamron Co., Ltd. All rights reserved.
Slide 3: Ⅰ. Financial Results for the 3rd Quarter FY2026
Ⅰ. Financial Results for the 3rd Quarter FY2026
Slide 4: Ⅰ-1. Summary
Ⅰ-1. Summary Operating Environment Market Conditions ◆ Interchangeable-Lens Camera/ Interchangeable Lens Markets: Economic Trend Volume decreased; value grew via shift to high-value mirrorless & FX tailwinds ◆ Persistent geopolitical risks and U.S. trade policies slowed global growth. ◆ Surveillance
Slide 5: Ⅰ-2. Consolidated Results
Ⅰ-2. Consolidated Results ◆ Q3 : Double-digit growth in both sales and operating profit, with OP margin remaining high at ~20% ◆ Q3 YTD : Net sales up, OP down; gross profit turned to growth Net Sales (Up): Despite continued soft orders for Photo OEM products, overall Group revenue increased, suppor
Slide 6: Ⅰ-3. Factors Affecting Operating Profit Variability
Ⅰ-3. Factors Affecting Operating Profit Variability ◆ Operating Profit (Down): Significantly impacted by lower gross profit due to unfavorable product mix, alongside higher SG&A expenses driven by expanded R&D and labor cost increases. (¥ million) Q3 YTD FY 2026 FX Impact on Net Sales: +4,150 millio
Slide 7: Ⅰ-4. Segment Results ①Photographic Products
Ⅰ-4. Segment Results ①Photographic Products While Q3 rebounded to double-digit growth in both sales and operating profit, it was insufficient to offset the 1H decline. ◆ Own Brand (Up): Overall revenue grew, as a sharp sales decline in China caused by market inventory overhang was offset by double-d
Slide 8: Ⅰ-4. Segment Results ①Q3 YTD Own-Brand Sales Composition by Region
Ⅰ-4. Segment Results ①Q3 YTD Own-Brand Sales Composition by Region Sales Composition by Region（Value Basis） Sales Growth Rate (YoY, Yen Basis) Others +43% 7% Euro 19% +32% 5% Other Asia 17% +21% 18% 17% +3% +7% +5% +4% +2% Outside: FY26 19% Euro North America Japan China Other Asia Others Total Insi
Slide 9: Ⅰ-4. Segment Results ②Surveillance & FA Lenses
Ⅰ-4. Segment Results ②Surveillance & FA Lenses Continued double-digit growth in both sales and operating profit in Q3, following the strong momentum in 1H. ◆ Surveillance: Sales grew solidly, led by advanced markets, capturing rising demand for high-definition/high-resolution specs and diversifying
Slide 10: Ⅰ-4. Segment Results ② Surveillance & FA Lenses Sales Composition by Branch
Ⅰ-4. Segment Results ② Q3 YTD Surveillance & FA Lenses Sales Composition by Branch Sales Composition by Branch (Value Basis) Sales Growth Rate By Branch (YoY, Yen Basis) Others 1% Euro 6% China +58% U.S. 3% +39% 7% 6% +36% 4% +31% +30% 1% +17% -1% -4% -4% Euro U.S. Japan China Others Total 82% -21%
Slide 11: Ⅰ-4. Segment Results ③ Mobility, Healthcare Products and Others
Ⅰ-4. Segment Results ③ Mobility, Healthcare Products and Others Continued double-digit sales and OP growth in Q3; sales in the priority Healthcare field doubled YoY. ◆ Automotive: Maintained steady revenue growth on sustained strong demand for advanced sensing cameras, driven by increasing ADAS adop
Slide 12: Ⅰ-5. Quarterly Segment Performance Trends
Ⅰ-5. Quarterly Segment Performance Trends Q1 YoY Q2 YoY Q3 YoY Q4 YoY Q1 YoY Q2 YoY Q3 YoY Q4 YoY Q1 YoY Q2 YoY Q3 YoY QoQ （¥ million） FY24 (%) FY24 (%) FY24 (%) FY24 (%) FY25 (%) FY25 (%) FY25 (%) FY25 (%) FY26 (%) FY26 (%) FY26 (%) (%) Photographic Sales 13,944 +45.0 19,152 +38.7 17,228 +21.3 14,5
Slide 13: Ⅱ. Financial Forecast for FY2026
Ⅱ. Financial Forecast for FY2026
Slide 14: Ⅱ-1. Financial Forecast FY2026
Ⅱ-1. Financial Forecast FY2026 ◆ 1H Actual: While net sales increased, operating profit declined due to lower revenue in the Photographic Products business. ◆ 2H Outlook: Projecting a turnaround to double-digit growth in both sales and operating profit, driven by revenue and profit expansion across
Slide 15: Ⅱ-2. Segment Forecast FY2026 ①Photographic Products
Ⅱ-2. Segment Forecast FY2026 ①Photographic Products ◆ 1H Actual: Sales and operating profit declined due to delayed inventory clearance in the Chinese market and continued sales sluggishness for certain OEM models persisting since 2H of the previous year. ◆ 2H Outlook: While aiming for full-year rev
Slide 16: Ⅱ-2. Photographic Products Own-Brand New Models
Ⅱ-2. Photographic Products Own-Brand New Models ◆ Before FY23: Approx. 5 models/year ⇒ Initial 2026 MTMP: 6-7 models/year ⇒ 2026 MTMP ver. 2.0 : Targeting 10+ models/year achieved with 11 new models FY24: 7 models FY25: 6 models FY26: 11 models Jun. Aug. Oct. Jul. Nov. Mar. Aug. Oct. SONY E-mount To
Slide 17: Ⅱ-2. Segment Forecast FY2026 ②Surveillance & FA Lenses
Ⅱ-2. Segment Forecast FY2026 ②Surveillance & FA Lenses ◆ 1H Actual: Achieved double-digit growth in both sales and operating profit driven by revenue growth across all product categories, tracking ahead of plan. ◆ 2H Outlook: Expecting double-digit sales and OP growth, despite shipment delays from c
Slide 18: Ⅱ-2. Segment Forecast FY2026 ③ Mobility, Healthcare Products and Others
Ⅱ-2. Segment Forecast FY2026 ③ Mobility, Healthcare Products and Others ◆ 1H Actual: Delivered double-digit growth in both sales and operating profit, tracking ahead of plan, driven by strong performances in both core Automotive and priority Healthcare domains. ◆ 2H Outlook: Projecting double-digit
Slide 19: Ⅲ. Long-Term Vision & Next Medium-Term Management Plan "Value Up29"
Ⅲ. Long-Term Vision & Next Medium-Term Management Plan "Value Up29“ (Announced on June 16)
Slide 20: Ⅲ-1. Revised Long-Term Quantitative Targets & Strategic Position of the Next MTMP
Ⅲ-1. Revised Long-Term Quantitative Targets & Strategic Position of the Next MTMP Future Vision Announced in Move toward the sustainable enhancement and Commercialization of “Capture, Measure, and Connect” Feb. 2026 technologies, solidifying the foundations for growth to maximization of corporate va
Slide 21: Ⅲ-2. Major Targets under the Next Medium-term Management Plan
Ⅲ-2. Major Targets under the Next Medium-term Management Plan (MTMP) ◼ To sustainably achieve an ROE of 20% or more by 2029, we will resolutely manage the balance sheet through continuous profit growth, aggressive growth investments, and enhanced shareholder returns. If ROE of 20% or more is achieve
Slide 22: Ⅲ-3. Roadmap for Achieving the ROE Target
Ⅲ-3. Roadmap for Achieving the ROE Target Current Medium-term 2025 Results Management Plan Targets 2029 Targets Maintaining a sustainable ROE 14.0 % 16% or more ROE of 20% or more Strengthening Earning Power 250 25.0 20.5 billion 億円以上 205 billion • Profitable Growth: Increase net sales while maintai
Slide 23: Ⅲ-4. Business Strategy
Ⅲ-4. Business Strategy ◼ Profitable Growth: Increase net sales while maintaining high profitability (by transforming the photo business into a cash cow and driving breakthrough growth in industrial markets) ◼ Strategic Allocation: Build a sustainable growth foundation by optimizing resource allocati
Slide 24: Ⅲ-5. Financial Strategy (1): Cash Allocation
Ⅲ-5. Financial Strategy (1): Cash Allocation Cash allocation in the period of the next Medium-term plan (2027 to 2029) Accelerating growth investments (billion yen) ◼ Cash Optimization Vs. current MTMP: Investing at least 1.2 times more Reduce cash and deposits to around 3 months of 16.0 Cash Optimi
Slide 25: Ⅲ-5. Financial Strategy (2): Shareholder Returns
Ⅲ-5. Financial Strategy (2): Shareholder Returns ◼ Dividend Upgrade: Increase dividends to ensure more stable and long-term profit returns. ◼ Additional Returns: Execute approx. 18.0 billion yen in additional returns by the end of 2029, targeting a shareholders' equity ratio of around 75%. Change in
Slide 26: Ⅲ-6. Sustainability
Ⅲ-6. Sustainability ◼ Sustainability Drive: Advance sustainability initiatives to enhance long-term corporate value and ensure the effectiveness of the next Medium-term Management Plan. ◼ Strategy & Framework: Strengthen our sustainability strategy and implementation framework, including a comprehen
Slide 27: Ⅲ-7. To Increase TSR: PBR Logic Tree
Ⅲ-7. To Increase TSR: PBR Logic Tree Element Direction of actions Policy on specific initiatives ✓ Sustainably maintaining an ROE of 20% or more Higher TSR ✓ Growth in net sales and profits with high profitability maintained Outperform relative TSR Net sales target under the Long-term Vision: 200.0
Slide 28: Ⅲ-8. Long-Term Vision: Capture, Measure, Connect
Ⅲ-8. Long-Term Vision : Announced in February 2026 Capture, Measure, Connect —Creating a Healthier Future for People and Nature Having refined light-capturing technologies while delivering emotion and reassurance to society for more than 75 years, TAMRON will steer that legacy and those technologies
Slide 29: Ⅲ-9. A Comprehensive Optical and Sensing Solutions Company
Ⅲ-9. A Comprehensive Optical and Sensing Solutions Company clarification Transforming from an optical manufacturer specializing in lenses into a company that creates the very systems that make it possible to solve social issues using the power of light and that proposes them directly to customers Op
Slide 30: Ⅲ-10. Promising Domains for an Integrated Optical and Sensing Solution Company
Ⅲ-10. Promising Domains for an Integrated Optical and Sensing Solution Company ◼ Leverage core strengths in high-growth, high-value domains to expand businesses, explore new opportunities, and achieve our Long-term Vision. Domain Market Potential*5 Growing Needs Our Strengths & Advantages FA / Machi
Slide 31: Ⅳ. Reference Data
IV. Reference Data
Slide 32: Ⅳ-1. Financial Position
Ⅳ-1. Financial Position Assets Liabilities / Net Assets （¥ million） （¥ million） 120,000 106,046 110,598 120,000 106,046 110,598 98,433 98,433 100,000 100,000 15,499 16,872 32,185 13,432 35,371 4,634 4,624 80,000 31,751 80,000 3,668 19,968 60,000 15,924 17,090 60,000 16,768 18,845 40,000 16,691 40,00
Slide 33: Ⅳ-2. Cap Expenditures, Depreciation, and R&D Expenses
Ⅳ-2. Cap Expenditures, Depreciation, and R&D Expenses Capital Expenditures R&D Expenses (¥ million) (¥ million) 8,000 10,000 10.0% 5,956 6,300 6,000 5,299 8.5% 8.6% 8.6% 8.6% 4,828 8.0% 4,000 3,218 8,000 8.0% 2,000 0 FY22 FY23 FY24 FY25 FY26(Fcst.) 6,000 6.0% Depreciation (¥ million) 4,000 8,000 4.0
Slide 34: Ⅳ-3. Cash Flows
Ⅳ-3. Cash Flows (¥ million) 20,000 Operating CF Investing CF Free CF Financing CF 15,096 15,000 10,574 10,000 8,541 7,757 4,648 5,000 2,903 0 -5,000 -5,925 -5,637 -7,339 -7,431 -10,000 -10,926 -11,129 -15,000 End-Sep. 2025 End-Dec. 2025 End-Sep. 2026 Operating CF 10,574 15,096 8,541 Investing CF -5,
Slide 35: Ⅳ-4. Dividends and Key Performance Indicators
Ⅳ-4. Dividends and Key Performance Indicators Dividends Key Performance Indicators （JPY） Repurchase of （JPY） 60 treasury stock 100% (4.0Bill.) 200 25% 84.1% 50 Repurchase of 80% treasury stock 20.4% (2.0Bill.) 20% 40 60.1% 54.0% 150 17.2% 60% 19.0% 17.0% 49.8% 16.1% 16.0% 30 31.00 39.8% 16.5% 15% 40
Slide 36: Ⅳ-5. FX Impacts
Ⅳ-5. FX Impacts FX Impact in Q3 YTD FY26 Impact (¥ million) Q3 YTD FY25 Q3 YTD FY26 Net Sales Operating Profit USD/JPY 148.10 158.68 +2,630 +320 EUR/JPY 165.75 184.23 +710 +590 Others ー ー +810 +550 Total ー ー +4 ,150 +1,460 （Foreign exchange impact on previous year results） FX sensitivity in 2H FY26
Slide 37: Disclaimer
Disclaimer 1. This material is intended to provide information regarding the actual results for 3rd Quarter FY2026 and future management strategies; it does not constitute, and should not be construed as, an offer or solicitation to buy or sell securities. 2. The information herein is based on data