Slide 1: Financial Results for the Fiscal Year Ended March 31, 2026 (FY2025)
Financial Results for the Fiscal Year Ended March 31, 2026 (FY2025) Terumo Corporation Jin Hagimoto Chief Financial Officer May 15, 2026
Slide 2: Forward-Looking Statements and Use of Document
Forward-Looking Statements and Use of Document Among the information that Terumo discloses, the forward-looking statements including financial projections are based upon our assumptions using information available to us at the time and are not intended to be guarantees of future events or performanc
Slide 3: Highlights
Highlights FY25 Results Revenue reached record highs for both the quarter and the full year Strong sales led by North America, with 9% growth excluding FX impact Operating profit reached a record high despite the recognition of one-time expenses FY26 Guidance Revenue, operating profit, and profit fo
Slide 4: P&L, FCF
P&L, FCF Revenue: Driven by TIS and Global Blood Solutions, particularly in North America Operating profit: While tariff impacts were fully realized from Q3, profit margins were maintained at the same level as the previous year Change 100M JPY FY24 Q4 YTD FY25 Q4 YTD Change excluding FY24 Q4 FY25 Q4
Slide 5: One-time Expenses / Adjustments
One-time Expenses / Adjustments FY25: One-time expenses of 48.8 billion yen were recorded, mainly related to acquisition-related costs and expenses associated with the optimization of the business portfolio. Due to the recognition of litigation-related costs in Q4, these expenses increased by approx
Slide 6: OP Variance Analysis (Q4): Growth due to strong sales
OP Variance Analysis (Q4): Growth due to strong sales Gross G/P increment by sales increase: margin/ (100M JPY) TIS and GBS led the overall growth 77 Price Gross margin/Price: 2 Positive effects from pricing measures were 39 459 441 -45 offset by tariff impacts and impairment losses SG&A G/P increme
Slide 7: OP Variance Analysis (Q4 YTD): Contribution from pricing measures and strong sales
OP Variance Analysis (Q4 YTD): Contribution from pricing measures and strong sales (100M JPY) G/P increment by sales increase: 362 TIS and GBS led the overall growth -28 Gross 2 2,194 Gross margin/Price: margin -139 -18 -20 Pricing measures, particularly in C&V, 2,034 /Price contributed significantl
Slide 8: C&V: TIS led the way, driven mainly by North America, TN also delivered growth
C&V: TIS led the way, driven mainly by North America, TN also delivered growth (C&V: Cardiac and Vascular) (100M JPY) Q4 YTD Q4 Q4 YTD Comments YoY ( ) FX Neutral TIS : Achieved double-digit growth in US +372 6,764 Terumo excluding FX impact, driven by volume 6,244 Interventional increases and prici
Slide 9: TMCS: Increased sales in PS contributed to revenue and profit growth
TMCS: Increased sales in PS contributed to revenue and profit growth* (TMCS: Medical Care Solutions) (100M JPY) Q4 YTD Q4 Q4 YTD Comments YoY ( ) FX Neutral HCS : In Japan, pricing measures +9 Hospital Care progressed smoothly, but revenue 2,112 2,161 1,976 Solutions declined due to business transfe
Slide 10: TBCT: GBS, including Plasma Innovation, drove revenue growth
TBCT: GBS, including Plasma Innovation, drove revenue growth (TBCT: Blood and Cell Technologies) (100M JPY) Q4 YTD Q4 Q4 YTD Comments YoY ( ) FX Neutral 2,310 GBS : Rika (source plasma collection system) +265 2,003 Global increased significantly in addition to Blood strong sales of Reveos (automated
Slide 11: Terumo Organ Technologies: Rapid revenue growth by increasing liver transplants and market share
Terumo Organ Technologies: Rapid revenue growth by increasing liver transplants and market share (100M JPY) Q4 Q4 YTD Comments 181 Revenue: Revenue: +48%* growth year-on-year 21% • Growth supported by an increase in 5.1 B JPY 127 liver transplant volumes and customer base expansion *Excluding FX imp
Slide 12: Revenue by Region: Americas strongly drove overall growth
Revenue by Region: Americas strongly drove overall growth FY25 Q4 YTD Revenue (100M JPY) Comments FY25 Q4 YTD YoY change Regional ( ) FX Neutral breakdown Q4 YTD Q4 All companies continued to see robust demand, FY23 3,280 12% with TIS, PS, and GBS driving double-digit growth Americas 898 FY24 3,957
Slide 13: FY26 Guidance
FY26 Guidance ©TERUMO CORPORATION 13
Slide 14: FY26 Guidance
FY26 Guidance Record-high revenue and profit are expected, with the financial targets of GS26 to be achieved Assumptions • Cost Increases due to the Middle East situation：Assumed based on currently available information • US tariffs (Section 122 of the Trade Act)：Assumed at 10% through the end of Ju
Slide 15: FY26 Guidance by Company
FY26 Guidance by Company Revenue: High single-digit growth across all companies, with additional contributions from OT Operating profit: Profit growth exceeding revenue growth across all companies, driven by operational improvements and the introduction of new products FY26 Guidance Revenue Adjusted
Slide 16: Profit Variance Analysis (FY26 Guidance)
Profit Variance Analysis (FY26 Guidance) (100M JPY) 141 G/P increment by sales increase: 430 120 2,615 Continued growth across all companies, with Gross additional contributions from Terumo Organ Margin/ -220 -50 Price Technologies 2,194 2,245 SG&A R&D FX Gross margin/Price : Despite tariff impact a
Slide 17: Product and Regional Development
Product and Regional Development Continue to generate growth opportunities by focusing in growth areas and expanding sales of new products from FY26 onward C&V Glidewire GT-R (US) Fenestrated TREO (US) TR Band Distal (JP, EU) Next-gen IVR guidewire Abdominal aortic stent graft Hemostasis device desi
Slide 18: Dividend Proposal: Continuous increase per shareholder return policy
Dividend Proposal: Continuous increase per shareholder return policy Shareholder return policy: Continue stable increase in dividend, with a steadily expanding increase amount Annual dividend (JPY) 40.0 100% 80% 30.0 60% 20.0 36.0 30.0 40% 26.0 22.0 10.0 17.0 20.0 20% 0.0 0% FY21 FY22 FY23 FY24 FY25
Slide 19: References
References ©TERUMO CORPORATION 19
Slide 20: P&L (QoQ)
P&L (QoQ) (100M JPY) FY24 Q4 FY25 Q1 Q2 Q3 Q4 (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) Revenue 2,639 2,600 2,750 2,966 3,003 Gross Profit 1,385 (52.5%) 1,455 (56.0%) 1,470 (53.5%) 1,532 (51.6%) 1,490 (49.6%) SG&A Expenses 818 (31.0%) 755 (29.1%) 808 (29.4%) 869 (29.3%) 898 (29.9%) R&D Expen
Slide 21: SG&A (QoQ)
SG&A (QoQ) (100M JPY) FY24 Q4 FY25 Q1 Q2 Q3 Q4 (Jan-Mar) (Apr-Jun) (Jul-Sep) (Oct-Dec) (Jan-Mar) Salaries & Wages 430 406 421 447 468 Sales Promotion 60 55 53 61 62 Logistics Costs 57 57 59 58 58 Depreciation and Amortization 71 68 70 76 76 Others 200 169 205 228 233 SG&A Expenses Total 818 755 808
Slide 22: SG&A (YoY)
SG&A (YoY) (100M JPY) YoY% FY24 Q4 FY25 Q4 YoY YoY% excluding FX FY24 Q4 FY25 Q4 YoY YoY% YTD YTD impact Salaries & Wages 1,618 1,742 124 8% 7% 430 468 38 9% Sales Promotion 213 231 19 9% 8% 60 62 3 5% Logistics Costs 223 231 8 4% 3% 57 58 0 1% Depreciation and 279 291 12 4% 5% 71 76 5 7% Amortizati
Slide 23: Adjusted Operating Profit: Adjustments
Adjusted Operating Profit: Adjustments (100M JPY) FY24 Q4 YTD FY25 Q4 YTD FY24 Q4 FY25 Q4 Adjusted Operating Profit 2,034 2,194 441 459 Adjustment 1. Amortization of -215 -242 -54 -71 acquired intangible assets Adjustment 2. Non-recurring profit or loss -242 -188 -146 -73 Operating Profit 1,577 1,76
Slide 24: CAPEX, Depreciation and Amortization, R&D Expenses
CAPEX, Depreciation and Amortization, R&D Expenses (100M JPY) FY26 FY22 FY23 FY24 FY25 Guidance CAPEX 758 784 825 971 920 Depreciation and Amortization 635 702 781 867 990 Amortization of acquired intangible assets 188 200 210 242 290 Others 447 502 571 625 700 CAPEX = Construction in progress reco
Slide 25: Free Cash Flow
Free Cash Flow (100M JPY) 954 CAPEX 360 2,309 -416 1,783 M&A, Income -372 Other others Depreciation taxes, operating and Working etc. capital CF -1,016 amortization FCF Operating CF FY25 Q4 YTD Profit before tax -2,425 -1,132 YoY +237 +99 +97 -228 -4 +200 -218 -2,398 -2,416 ©TERUMO CORPORATION 25
Slide 26: Cash Flow (Q4)
Cash Flow（Q4） Operating CF Investing and Financing CF +889 -464 (100M JPY) 334 264 -25 2,805 Working -403 317 Income capital, -61 taxes, etc. CAPEX Depreciation Others and etc. 2,380 amortization Profit before tax Cash at the end * Aligned with period-end account balance "Cash and cash equivalents"
Slide 27: Cash Flow (Q4 YTD)
Cash Flow (Q4 YTD) (100M JPY) Operating CF Investing and Financing CF + 2,309 -1,722 954 -416 -12 Expenditures 1,783 related to the Income from Income Working acquisition borrowings Depreciation taxes, capital, Dividends and etc. etc. -1,016 2,398 amortization 141 2,805 CAPEX 2,219 -413 Others Profi
Slide 28: Foreign Exchange Sensitivity
Foreign Exchange Sensitivity Annual impact of 1 JPY depreciation (Flow) (100M JPY) USD EUR CNY Revenue 33 13 46 +20% Adjusted Operating Profit (+8%) 5 7 24 1,349 Impact of 1 JPY depreciation (Stock) (100M JPY) 1,198 2,049 USD EUR CNY 38% Adjusted Operating Profit (+13%) -3.0 -1.0 -2.5 ©TERUMO CORPOR
Slide 29: Terumo
~“TERUMO