Slide 1: FY2025 Financial Results
FY2025 Financial Results February 6, 2025 Tamron Co., Ltd. (Stock Code : 7740)
Slide 2: Contents
Contents I. FY2025 Financial Results III. Renewal of the Long-Term Vision 1. Summary 1. Long-Term Vision 2. Results 2. Positioning of “Value Creation26 ver.2.0” 3. Factors Affecting Operating Income 3. “Value Creation 26 ver. 2.0”: Outline and Basic Policy 4. Segment Results 4. “Value Creation 26 Ve
Slide 3: I. FY2025 Financial Results
Ⅰ. FY2025 Financial Results
Slide 4: I-1. Summary
Ⅰ-１. Summary Environment Economy Market Conditions Continued geopolitical risks and growing uncertainty from U.S. tariff policies Interchangeable-Lens Camera / Interchangeable Lens Markets: Exchange Rate (YoY) Continued decline in DSLR cameras, while mirrorless cameras remain strong Q4: JPY do
Slide 5: I-2. Results
Ⅰ-2. Results Full-Year Results Net Sales: Down 4% YoY overall - Photographic Products : Own-brand sales broadly flat despite delayed recovery in Europe; OEM revenue declined sharply due to order reductions - Surveillance & FA Lenses: Slightly down YoY due to inventory adjustments and delays in new
Slide 6: I-3. Factors Affecting Operating Income
Ⅰ-３. Factors Affecting Operating Income FY2025 (Millions of JPY) FX Impact on Net Sales: 19,201 -450million yen -1,320 -400 -360 16,638 -230 -130 -120 -3 FY24 Lower GP SG&A Increase U.S. Tariff Impact R&D Expenses Product Mix FX Impact Others FY25 from sales decline (Excl. R&D) Increase 6 ─ Copyrigh
Slide 7: I-4. Segment Results: Photographic Products
Ⅰ-4. Segment Results ①Photographic Products Own-brand products: Declined in H1, turned to growth from Q3; exceeded ¥10.0 billion in Q4; broadly flat year on year - Japan / India: Sales growth outpaced the market - China: Down in H1 due to last year’s strong growth; flat in H2; down for the full ye
Slide 8: I-4. Segment Results: Photographic Products (Q4 by region)
Ⅰ-4. Segment Results ①Photographic Products Q4 Own-Brand Sales by Region Sales Mix (Value Basis) Sales Growth Rate (YoY, Yen Basis) Others 5% Europe Other Asia +46% 19% 14% 4% 21% +24% +23% 17% +22% +4% +2% +9% +5% Sales Mix -1% China 21% America Europe America Japan China Other Asia Others Total 20
Slide 9: I-4. Segment Results: Photographic Products (full year by region)
Ⅰ-4. Segment Results ①Photographic Products Full-Year Own-Brand Sales by Region Sales Mix (Value Basis) Sales Growth Rate (YoY, Yen Basis) Others 5% Other Asia Europe 17% +32% 16% 4% 19% +24% +20% 17% +10% +12% +9% +10% +4% Sales Mix 19% America 21% Europe America Japan China Other Asia Others Total
Slide 10: Products – Own-Brand New Models
Products – Own-Brand New Models Before FY23: Approx. 5 new models per year ⇒ Initial Medium-Term Management Plan: Target of 6-7 launches per year ⇒ FY24: 7 launches achieved; FY25: 6 launches achieved ⇒ New Medium-Term Management Plan: Targeting 10 new model launches per year by FY26 FY23（5 models）
Slide 11: I-4. Segment Results: Surveillance & FA Lenses
Ⅰ-4. Segment Results ②Surveillance & FA Lenses Surveillance: Market remained solid driven by demand for higher resolution, higher definition, and diversified applications, sustaining revenue growth FA: Revenue declined due to inventory adjustments at customers Video Conferencing: Revenue remai
Slide 12: I-4. Segment Results: Surveillance & FA Lenses (by branch)
Ⅰ-4. Segment Results ②Surveillance & FA Lenses Q4 Sales Mix by Branch (Value Basis) Q4 Sales Growth Rate By Branch (YoY, Yen Basis) Others 2% Europe America 5% 3% +149% China 10% 6% 6% +99% 1% 4% +67% +42% Sales Mix +5% +1% Europe America Japan China Others Total -8% -31% -18% 83% -41% -43% Inside:
Slide 13: I-4. Segment Results: Mobility & Healthcare Products, Other
Ⅰ-4. Segment Results ③ Mobility ＆Healthcare Products, Other Automotive: Revenue exceeded ¥10.0 billion, continuing growth beyond last year’s high-growth phase, driven by rising demand from ADAS expansion Healthcare Components: Revenue grew ~1.5x year on year, exceeding ¥1.0 billion, driven by an
Slide 14: II. FY2026 Forecast & Medium-Term Management Plan Progress Update
Ⅱ. FY2026 Forecast & Medium-Term Management Plan (MTMP) “Value Creation 26 ver. 2.0” Progress Update
Slide 15: II-1. Group Total: FY26 Financial Forecast
Ⅱ-1. Group Total ①FY26 Financial Forecast Environment Economy Market While the economy is on a moderate recovery trend, uncertainty Interchangeable-Lens Cameras & Lenses: remains high due to prolonged geopolitical risks, concerns over a Unit volumes remained flat, while revenue increased support
Slide 16: II-1. Group Total: MTMP Progress Update
Ⅱ-1. Group Total ②MTMP Progress Update Value Creation 26 ver. 2.0 Progress Following the achievement of all initial targets in the first year FY25: OEM order declines and delayed recovery in (FY24), the Company announced ver. 2.0, featuring a significant Europe weighed on the photographic busine
Slide 17: II-2. Photographic Products: FY26 Financial Forecast
Ⅱ-2. Photographic Products ①FY26 Financial Forecast Own-brand: Revenue expected to grow above market growth, driven by the launch of 10 new models and sales recovery in Europe and China OEM: Forecast reflects a required adjustment based on market conditions and recent order trends Operating In
Slide 18: II-2. Photographic Products: MTMP Progress Update
Ⅱ-2. Photographic Products ② MTMP Progress Update Value Creation 26 ver. 2.0 Progress Sales O.P. FY23 MTMP FY26 FY24 FY25 FY26 Actual Initially ver2.0 Actual Actual Fcst. 64.8 68.0 （¥ billion） 60.6 63.0 Own- 53.0 Brand 32.8 37.0 39.0 36.0 35.9 39.0 20.0 18.1 17.2 14.0 15.6 OEM 20.2 19.0 29.0 28.8 24
Slide 19: II-3. Surveillance & FA Lenses: FY26 Financial Forecast
Ⅱ-3. Surveillance & FA Lenses ①FY26 Financial Forecast Surveillance: Revenue increased on stable market conditions supported by solid security demand for urban and office surveillance FA: Revenue increased following the completion of inventory adjustments Camera Modules: Revenue increased due
Slide 20: II-3. Surveillance & FA Lenses: MTMP Progress Update
Ⅱ-3. Surveillance & FA Lenses ② MTMP Progress Update Value Creation 26 ver. 2.0 Progress FY23 MTMP FY26 FY24 FY25 FY26 Sales O.P. （¥ billion） Actual Initially ver2.0 Actual Actual Fcst. 14.5 Surv. 5.9 7.4 7.0 6.3 6.7 8.3 13.0 12.3 12.1 FA & Oth. 1.6 3.6 2.8 2.4 2.0 3.0 9.8 Cam. 1.9 0.8 3.5 3.2 2.4 2
Slide 21: II-4. Mobility & Healthcare Products, Others: FY26 Financial Forecast
Ⅱ-4. Mobility ＆ Healthcare Products, Others ①FY26 Financial Forecast Automotive: Approx. 10% revenue growth, supported by strong demand driven by ADAS expansion Healthcare components: Approx. 20% revenue growth, driven by lineup expansion and continued steady high growth Operating Income: Oper
Slide 22: II-4. Mobility & Healthcare Products, Others: MTMP Progress Update
Ⅱ-4. Mobility ＆ Healthcare Products, Others ② MTMP Progress Update Progress Value Creation 26 ver. 2.0 FY26 Sales FY23 MTMP FY26 FY24 FY25 O.P. （¥ billion） Actual Initially ver2.0 Actual Actual Fcst. 14.0 13.5 7.1 10.2 12.2 12.3 Auto 9.5 10.3 11.3 11.3 HC Comp. 0.4 1.4 1.1 0.67 1.0 1.2 8.6 2.7 2.5 2
Slide 23: III. Renewal of the Long-Term Vision
Ⅲ. Renewal of the Long-Term Vision
Slide 24: III-1. Long-Term Vision
Ⅲ-1. Long-Term Vision 24 ─ Copyright © Tamron Co., Ltd. All rights reserved.
Slide 25: III-2. Positioning of Value Creation26 ver.2.0
Ⅲ-2. Positioning of “Value Creation26 ver.2.0” 25 ─ Copyright © Tamron Co., Ltd. All rights reserved.
Slide 26: Value Creation26 ver.2.0: Outline and Basic Policy
Ⅲ-3. “Value Creation 26 ver. 2.0”: Outline and Basic Policy “Value Creation26 ver.2.0” We will address challenges and pursue new initiatives to achieve high- quality growth and maximize corporate value Reach the long-term vision of a “¥100 billion net sales company" in the next Medium-Term Managemen
Slide 27: Financial Strategy: Basic Policy
Ⅲ-4.“Value Creation 26 Ver. 2.0”: Financial Strategy ①Basic Policy Build efficient management while ensuring stability Optimize Capital Structure Enhance Shareholder Returns Maintain ROE at 16% or higher Provide stable shareholder returns & conduct flexible share repurchases Secure ROE at more than
Slide 28: Capital Allocation
Ⅲ-4. ②Capital allocation Compared to the previous Medium-Term Management plan period, we plan to more than double investment and double the shareholder return ratio. Cumulative Cumulative FY24-26 FY24-26 Cumulative Cumulative (¥ billion) FY21-23 FY24-26 8.0（12.0） R&D Inv. Approx.¥16.6B. Approx.¥22.5
Slide 29: Investments toward becoming a 100-Year Company (2030s)
Ⅲ-4. ③Investments toward becoming a 100-Year Company (2030s) New Factory: Vietnam Second Plant (Vinh Phuc) – Expansion of Capital Expenditures TOPICS Construction & Capacity Expansion ⇒Global three-pole production (Japan–China–Vietnam): Capacity to support ¥100bn sales and stronger resilience to geo
Slide 30: Strategic Investments – Technology Strategy ver. 2.0
Ⅲ-4.④ Strategic Investments – Technology Strategy ver. 2.0 30 ─ Copyright © Tamron Co., Ltd. All rights reserved.
Slide 31: Management Initiatives focused on Cost of Capital & Share Price
Ⅲ-4. ⑤ Management Initiatives focused on Cost of Capital ＆ Share Price By continuously promoting management focused on capital costs, we have set our ROE target at 16% or higher —more than twice our estimated cost of equity (approximately 7%)—to enhance and maximize corporate value. 2020 2023 Vison
Slide 32: ESG / Sustainability Strategy
Ⅲ-5. “Value Creation 26 Ver. 2.0”: ESG / Sustainability Strategy E nvironment S ocial G overnance Carbon Neutrality & Environmental Human capital, DE&I Impact Reduction Corporate Governance Reform & Employee engagement Advance & Evolve Advance human capital management Strengthen oversight& speed up
Slide 33: IV. Reference Data
IV. Reference Data
Slide 34: IV-1. Financial Position
Ⅳ-１. Financial Position Assets Liabilities / Net Assets （¥ million） （¥ million） 120,000 120,000 106,046 106,046 102,184 102,184 100,000 100,000 15,499 16,607 35,371 4,634 38,384 3,243 80,000 80,000 60,000 17,090 60,000 16,331 16,768 40,000 82,333 85,911 40,000 15,924 1,462 1,670 20,000 20,000 35,353
Slide 35: 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） 10,000 10% 8,000 9.1% 5,956 6,000 8.5% 8.6% 8.6% 6,000 5,299 4,828 8.0% 8,000 8% 4,000 3,218 2,000 0 6,000 6% FY22 FY23 FY24 FY25 FY26(Fcst.) Depreciation 4,000 8,300 4% 7,092 7,313 （¥ mil
Slide 36: IV-3. Cash Flows
Ⅳ-3. Cash Flows （¥ million） 20,000 17,644 15,096 15,000 10,910 10,000 7,757 5,000 0 -5,000 -6,734 -6,022 -7,339 -10,000 -11,129 -15,000 End-Dec. 2024 End-Dec. 2025 Operating CF Investing CF Free CF Financing CF End-Dec. 2024 End-Dec. 2025 Operating Activities CF 17,644 15,096 Investing Activities CF
Slide 37: IV-4. Quarterly Result Trends
Ⅳ-4. Quarterly Result Trends Q1 YoY Q2 YoY Q3 YoY Q4 YoY Q1 YoY Q2 YoY Q3 YoY Q4 YoY （¥ million） FY24 (%) FY24 (%) FY24 (%) FY24 (%) FY25 (%) FY25 (%) FY25 (%) FY25 (%) Photographic Net Sales 13,944 +45.0 19,152 +38.7 17,228 +21.3 14,510 -5.8 13,569 -2.7 16,413 -14.3 15,131 -12.2 15,529 +7.0 Product
Slide 38: IV-5. Dividends and Key Performance Indicators
Ⅳ-5. Dividends and Key Performance Indicators Dividends Key Performance Indicators （JPY） Repurchase of treasury stock （JPY） (4.0Bill.) 200 25% 50 100% 45 Repurchase of 84.1% treasury stock 20.4% 40 (2.0Bill.) 80% 20% 35 150 17.2% 17.1% 30 54.0% 60% 16.1% 19.0% 16.0% 49.8% 25 39.8% 26.50 26.25 26.25
Slide 39: IV-6. FX Impacts
Ⅳ-6. FX Impacts FX Impact in FY25 Impact (¥ million) FY24 FY25 Net Sales Operating Income USD/JPY 151.69 149.63 -450 -130 EUR/JPY 164.09 169.24 +240 +200 Others - - -240 -190 Total - - -450 -120 （FX Impact vs. Previous FY Results） FX sensitivity in FY26 FX Assumption Impact of ￥1 Appreciation (¥ mil
Slide 40: Disclaimer
Disclaimer 1. The purpose of this material is to provide information on the actual results for FY2025 and the company’s future business 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 a