Slide 1: 2nd Quarter FY2026 Financial Results
2nd Quarter FY2026 Financial Results August 7, 2026 Tamron Co., Ltd. (Code: 7740)
Slide 2: Table of Contents
Table of Contents Ⅰ. Long-Term Vision & P 03～ Next Medium-Term Management Plan "Value Up29" Ⅱ. 1st Half FY2026 Financial Result P 14～ Ⅲ. Financial Forecast FY2026 P 24～ Ⅳ. Reference Data P 30～ 2 ─ Copyright © Tamron Co., Ltd. All rights reserved.
Slide 3: Ⅰ. Long-Term Vision & Next Medium-Term Management Plan "Value Up29"
Ⅰ. Long-Term Vision & Next Medium-Term Management Plan "Value Up29"
Slide 4: Ⅰ-1. Revised Long-Term Quantitative Targets & Strategic Position of the Next MTMP
Ⅰ-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 5: Ⅰ-2. Major Targets under the Next Medium-term Management Plan (MTMP)
Ⅰ-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 6: Ⅰ-3. Roadmap for Achieving the ROE Target
Ⅰ-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 25.0 250 20.5 billion 億円以上 205 billion • Profitable Growth: Increase net sales while maintai
Slide 7: Ⅰ-4. Business Strategy
Ⅰ-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 8: Ⅰ-5. Financial Strategy (1): Cash Allocation
Ⅰ-5. Financial Strategy (1): Cash Allocation Cash allocation in the period of the next (billion yen) Medium-term plan (2027 to 2029) Accelerating growth investments Cash Optimization Reduce cash and deposits to around 3 months of 16.0 Vs. current MTMP: Investing at least 1.2 times more Cash Optimi
Slide 9: Ⅰ-5. Financial Strategy (2): Shareholder Returns
Ⅰ-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 10: Ⅰ-6. Sustainability
Ⅰ-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 11: Ⅰ-7. To Increase TSR: PBR Logic Tree
Ⅰ-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 12: Ⅰ-8. Long-Term Vision: Capture, Measure, Connect
Ⅰ-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 13: Ⅰ-9. A Comprehensive Optical and Sensing Solutions Company
Ⅰ-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 14: Ⅱ. 1st Half FY2026 Financial Result
Ⅱ. 1st Half FY2026 Financial Result
Slide 15: Ⅱ-1. Summary
Ⅱ-1. Summary Operating Environment Economic Trend Market Conditions Persistent geopolitical risks and U.S. trade policies slowed global growth. Interchangeable-Lens Camera/ Interchangeable Lens Markets: Business Weaker JPY than assumed; tailwind for both sales and profits. Units decreased; val
Slide 16: Ⅱ-2. Consolidated Results
Ⅱ-2. Consolidated Results Net Sales (Up): Despite continued weak OEM orders in Photo, overall revenue increased as performance in the other two segments significantly beat plan. Gross Profit & Margin (Squeezed): Margins declined due to lower high-margin Photo sales and inflation in material, uti
Slide 17: Ⅱ-3. Factors Affecting Operating Income Variability
Ⅱ-3. Factors Affecting Operating Income Variability Operating Profit (Down): Significantly impacted by lower gross profit due to decreased sales and unfavorable product mix, alongside higher SG&A expenses driven by expanded R&D and labor cost increases. （¥ million） 1st Half FY 2026 FX Impact on Ne
Slide 18: Ⅱ-4. Segment Results ①Photographic Products
Ⅱ-4. Segment Results ①Photographic Products Own Brand (Up):Overall revenue grew, as a sharp sales decline in China caused by market inventory adjustments was offset by double-digit growth in the US, Europe, and India, alongside sustained strong performance in Japan. OEM (Down): Continued weak or
Slide 19: Ⅱ-4. Segment Results ①1H Own-Brand Sales by Region
Ⅱ-4. Segment Results ①1H Own-Brand Sales by Region Sales Mix by Region（Value Vasis） Sales Growth Rate (YoY, Yen Basis) Others +64% 5% Europe Other Asia 5% 19% 17% 18% 18% +23% +4% +12% Outside: FY26 +3% +6% +4% 16% Inside : FY25 China North Europe North America Japan China Other Asia Others Total -2
Slide 20: Ⅱ-4. Segment Results ②Surveillance & FA Lenses
Ⅱ-4. Segment Results ②Surveillance & FA Lenses Surveillance: Sales grew solidly, led by advanced markets, capturing rising demand for high-definition/high-resolution specs and diversifying applications.. FA: Revenue surged ~1.4x YoY as customer inventory adjustments ran their course and demand r
Slide 21: Ⅱ-4. Segment Results ② Surveillance & FA Lenses Sales Mix by Branch
Ⅱ-4. Segment Results ② Surveillance & FA Lenses Sales Mix by Branch Sales Mix by Branch (Value Basis) Sales Growth Rate By Branch (YoY, Yen Basis) Others 1% +60% China Europe +55% 8% 7% US 3% 6% +40% 7% 4% +28% +29% 1% Outside: FY26 +6% Inside : FY25 Europe -2% US Japan China Others Total -1% -16% 8
Slide 22: Ⅱ-4. Segment Results ③ Mobility & Healthcare Products, Other
Ⅱ-4. Segment Results ③ Mobility ＆Healthcare Products, Other Automotive: Maintained steady revenue growth on sustained strong demand for advanced sensing cameras, driven by increasing ADAS adoption. Healthcare: Achieved massive growth of over 2x YoY, boosted by line expansion in products supporti
Slide 23: Ⅱ-5. Quarterly Segment Performance Trends
Ⅱ-5. Quarterly Segment Performance Trends Q1 YoY Q2 YoY Q3 YoY Q4 YoY Q1 YoY Q2 YoY Q3 YoY Q4 YoY Q1 Q1 Q2 YoY QoQ （¥ million） FY24 (%) FY24 (%) FY24 (%) FY24 (%) FY25 (%) FY25 (%) FY25 (%) FY25 (%) FY26 FY24 FY26 (%) (%) Photographic Sales 13,944 +45.0 19,152 +38.7 17,228 +21.3 14,510 -5.8 13,569 -
Slide 24: Ⅲ. Financial Forecast FY2026
Ⅲ. Financial Forecast FY2026
Slide 25: Ⅲ-1. Financial Forecast FY2026
Ⅲ-1. Financial Forecast FY2026 1H Performance:Photo missed 1H targets, while the other two segments outperformed forecast. Net Sales (¥ million） 2H Outlook & Revisions: • Photo: Aiming to recover the 1H shortfall during 2H. • Other Two Segments: Reflected risks based on recent market conditions
Slide 26: Ⅲ-2. Segment Forecast FY2026 ①Photographic Products
Ⅲ-2. Segment Forecast FY2026 ①Photographic Products Net Sales:Expected to meet full-year initial targets, driven by forex tailwinds (yen depreciation) and a 2H recovery offsetting the 1H shortfall. Net Sales（¥ million） Operating Income (¥ million） Profitability:Revised downward due to higher pro
Slide 27: Ⅲ-2. Photographic Products Own-Brand New Models
Ⅲ-2. Photographic Products Own-Brand New Models Before FY23: Approx. 5 new models launches per year ⇒ Initial MTMP: Target of 6-7 models launches per year ⇒ New MTMP: Targeting 10+ new model launches per year by FY26 FY24: 7 models FY25: 6 models FY26: 10+ New Models Jun. Aug. Oct. Jul. Nov. Mar.
Slide 28: Ⅲ-3. Segment Forecast FY2026 ②Surveillance & FA Lenses
Ⅲ-3. Segment Forecast FY2026 ②Surveillance & FA Lenses Net Sales: Expected to hit initial full-year targets overall. While performance varies by product line—such as sales declines in Camera Modules due to component shortages Net Sales（¥ million） Operating Income (¥ million） being offset by Video
Slide 29: Ⅲ-3. Segment Forecast FY2026 ③ Mobility & Healthcare Products, Other
Ⅲ-3. Segment Forecast FY2026 ③ Mobility ＆Healthcare Products, Other Net Sales:Revised upward, driven by strong 1H performance where Automotive exceeded forecast by 1.2x alongside steady Healthcare Components growth. Net Sales（¥ million） Operating Income (¥ million） Profitability:While 1H top-lin
Slide 30: Ⅳ. Reference Data
IV. Reference Data
Slide 31: Ⅳ-1. Financial Position
Ⅳ-1. Financial Position Assets Liabilities / Net Assets （¥ million） （¥ million） 120,000 106,046 109,240 120,000 106,046 109,240 96,535 96,535 100,000 100,000 15,499 15,491 35,371 34,633 14,309 4,634 80,000 4,350 33,155 80,000 3,419 17,090 18,346 60,000 60,000 16,908 16,768 17,725 89,398 40,000 14,96
Slide 32: 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 4,000 8,000 4.0% （¥ million
Slide 33: Ⅳ-3. Cash Flows
Ⅳ-3. Cash Flows （¥ million） 20,000 Operating CF Investing CF Free CF Financing CF 15,096 15,000 10,000 7,644 7,757 5,888 4,519 5,000 2,686 0 -3,124 -3,201 -5,000 -4,140 -7,339 -10,000 -8,989 -11,129 -15,000 End-June 2025 End-Dec. 2025 End-June 2026 Operating CF 7,644 15,096 5,888 Investing CF -3,124
Slide 34: 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 35: Ⅳ-5. FX Impacts
Ⅳ-5. FX Impacts FX Impact in 1H FY26 Impact (Millions of JPY) 1H FY25 1H FY26 Net Sales Operating Income USD/JPY 148.43 158.31 +1,400 +210 EUR/JPY 162.31 184.61 +570 +480 Others ー ー +510 +340 Total ー ー +2,480 +1,030 （Foreign exchange impact on previous year results） FX sensitivity in 2nd Half FY26 I
Slide 36: Disclaimer
Disclaimer 1. This material is intended to provide information regarding the actual results for 1st half 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 ava