Slide 1: Q3 FY2025 Financial Results
Q3 FY2025 Financial Results November 6, 2025 Tamron Co., Ltd. (Stock Code : 7740)
Slide 2: Contents
Contents I. Q3 FY2025 Financial Results III. Reference Data 1. Summary 1. Financial Position 2. Results 2. Cap Expenditures, Depreciation, and R&D Expenses 3. Factors Affecting Operating Income 3. Cash Flows 4. Segment Results 4. Dividends and KPIs ① Photographic Products 5. FX Impacts ② Surveillanc
Slide 3: Ⅰ. Q3 FY2025 YTD Financial Results
Ⅰ. Q3 FY2025 YTD Financial Results
Slide 4: Ⅰ-1. Summary
Ⅰ-１. Summary Environment Economy Market ◆ Continued geopolitical risks and growing uncertainty from U.S. tariff policies ◆ Interchangeable-Lens Camera Market: ◆ Exchange Rate (YoY) Q3: Mirrorless turned to negative growth, leading to decline in both units and value Q3: JPY up ¥2 vs. USD, down ¥8 vs.
Slide 5: Ⅰ-2. Results
Ⅰ-2. Results Q1–Q3 Cumulative Results ◆ Net Sales: Down 8% YoY overall - Photographic Products : Lower sales due to delayed recovery in the European market for own-brand products and significant order declines in OEM business - Surveillance & FA Lenses: Sales declined due to inventory adjustments in
Slide 6: Ⅰ-3. Factors Affecting Operating Income
Ⅰ-３. Factors Affecting Operating Income Q1-Q3 FY2025 (Millions of JPY) 16,732 FX Impact on Net Sales: -2,535 -930million yen -305 -305 13,386 -165 -30 -6 Q3 FY24 YTD Lower GP R&D Expenses SG&A Increase U.S. Tariff Impact FX Impact Others Q3 FY25 YTD from sales decline Increase (Excl. R&D) 6 ─ Copyri
Slide 7: Ⅰ-4. Segment Results ①Photographic Products
Ⅰ-4. Segment Results ①Photographic Products ◆ Own-brand products: Turned to revenue growth in Q3; slightly down YTD (Q1-Q3) - Japan / India: Revenue growth, outpacing the market - China: Returned to growth in Q3, but down YTD (Q1-Q3) due to high - U.S.: Turned to revenue growth from Q2; also, up YTD
Slide 8: Ⅰ-4. Segment Results ①Photographic Products
Ⅰ-4. Segment Results ①Photographic Products Own-Brand Sales by Region (Q3 FY25) Sales Mix (Value Basis) Sales Growth Rate (YoY, Yen Basis) Others 5% Europe Other Asia 16% 5% 18% +49% 16% 18% +30% +33% Sales Mix 18% America +10% +15% +14% +3% +6% +7% 23% +3% China 24% 24% 17% Europe America Japan Chi
Slide 9: Ⅰ-4. Segment Results ①Photographic Products
Ⅰ-4. Segment Results ①Photographic Products Own-Brand Sales by Region (Q1-Q3 FY25) Sales Mix (Value Basis) Sales Growth Rate (YoY, Yen Basis) Others 5% Other Asia Europe 17% +36% +32% 17% 5% 18% +27% 17% +14% +9% +5% Sales Mix 17% America +4% +3% 19% Europe America Japan China Other Asia Others Tota
Slide 10: Ⅰ-4. Segment Results ②Surveillance & FA Lenses
Ⅰ-4. Segment Results ②Surveillance & FA Lenses ◆ Surveillance: Maintained revenue growth with steady market demand driven by high-resolution needs and diversified applications ◆ FA: Sales declined due to inventory adjustments at customers ◆ Video Conference: Higher orders for existing models led to
Slide 11: Ⅰ-4. Segment Results ②Surveillance & FA Lenses
Ⅰ-4. Segment Results ②Surveillance & FA Lenses Q3 Sales Mix by Branch (Value Basis) Q3 Sales Growth Rate By Branch (YoY, Yen Basis) Others 1% Europe America China 7% 5% 4% +87% +85% +81% 9% 4% 2% 1% +47% +14% +20% Sales Mix Europe America Japan China Others Total -12% -10% -34% -32% 84% -43% Inside:
Slide 12: Ⅰ-4. Segment Results ③ Mobility & Healthcare Products, Other
Ⅰ-4. Segment Results ③ Mobility ＆Healthcare Products, Other ◆ Automotive: Revenue increased, exceeding last year’s high growth phase, driven by growing demand from ADAS expansion ◆ Healthcare: Revenue up about 1.2x YoY for Q1–Q3, driven by expanded product lineup ◆ Operating Income: Slight decreased
Slide 13: Ⅱ. FY2025 Full-Year Revised Forecast
Ⅱ. FY2025 Full-Year Revised Forecast
Slide 14: Ⅱ-1. Impact of U.S. Tariffs
Ⅱ-1. Impact of U.S. Tariffs Production Strategy: Strengthening the Global Three-Base Production System (Japan, China, Vietnam) with the Start- up of the Second Vietnam Plant ◆ Expand Production Capacity ◆ Strengthen Risk Management and Stable Supply system (Risks: Geopolitical, Tariff, etc.) ◆ Enhan
Slide 15: Ⅱ-2. Revised Forecast
Ⅱ-2. Revised Forecast ➢ Q1-Q3 : Slightly below the forecast announced on Aug. 7 ➢ Photographic: Continued decline in OEM shipments and lower own- - Photographic OEM: Orders declined more than expected brand sales for Q1-Q3 ⇒ Reflects in the revised forecast - Photographic Own-brand: Slower-than-expe
Slide 16: Ⅱ-3. Segment Forecast ①Photographic Products
Ⅱ-3. Segment Forecast ①Photographic Products ◆ Own-brand: Reflecting slower sales recovery in Europe → -3% vs. Aug. 7 forecast ◆ OEM: Reflecting greater-than-expected order reductions for some models → -7% vs. Aug. 7 forecast ◆ Operating income: Down 10% vs. Aug. 7 forecast, reflecting lower gross p
Slide 17: Products – Own-Brand New Models
Products – Own-Brand New Models Before FY23: Approx. 5 new models per year ⇒ Initial Medium-Term Management Plan: Targeting 6-7 launches per year ⇒ FY24: 7 launches achieved; FY25: 6 launches achieved ⇒ New Medium-Term Management Plan: Aiming for 10 new model launches per year by FY26 FY23（5 models）
Slide 18: Ⅱ-3. Segment Forecast ②Surveillance & FA Lenses
Ⅱ-3. Segment Forecast ②Surveillance & FA Lenses ◆ Q1–Q3 : Slightly below the Aug. 7 forecast ◆ Q4: Inventory adjustments in FA expected to continue; sales in Surveillance and Video Conference also expected to be slightly below the Aug. 7 forecast ◆ Operating Income: Slightly lower revenue and profit
Slide 19: Ⅱ-3. Segment Forecast ③Mobility & Healthcare Products, Other
Ⅱ-3. Segment Forecast ③Mobility & Healthcare Products, Other ◆ Mobility: Despite sluggish automobile sales in the Chinese market, revenue is expected to exceed the Aug. 7 forecast and continue growing; aiming for ¥10 billion in annual sales ◆ Healthcare: No change from the Aug. 7 forecast; steady hi
Slide 20: Ⅱ-4. Quarterly Result Trends
Ⅱ-4. Quarterly Result Trends Q1 YoY Q2 YoY Q3 YoY Q4 YoY Q1 YoY Q2 YoY Q3 YoY Q4 Fcst. 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 16,885 +16.4
Slide 21: Ⅲ. Reference Data
Il. Reference Data
Slide 22: Ⅲ-1. Financial Position
Ⅲ- １. Financial Position Assets Liabilities / Net Assets （¥ million） （¥ million） 120,000 120,000 102,184 102,184 98,433 96,412 98,433 96,412 100,000 100,000 16,607 13,432 16,042 38,384 3,243 3,668 80,000 31,751 80,000 2,830 34,013 60,000 60,000 16,331 15,924 18,834 16,691 40,000 77,539 82,333 81,332
Slide 23: Ⅲ-2. Cap Expenditures, Depreciation, and R&D Expenses
Ⅲ-2. Cap Expenditures, Depreciation, and R&D Expenses Capital Expenditures R&D Expenses （¥ million） （¥ million） 10,000 10% 8,000 8.7% 8.6% 5,956 8.5% 8.5% 6,000 5,299 5,100 8.0% 8,000 8% 4,000 3,218 1,890 2,000 0 6,000 6% FY21 FY22 FY23 FY24 FY25(Fcst.) Depreciation 4,000 4% 7,400 7,092 （¥ million)
Slide 24: Ⅲ-3. Cash Flows
Ⅲ- ３. Cash Flows （¥ million） 20,000 17,644 15,000 12,666 10,910 10,574 10,000 7,740 4,648 5,000 0 -5,000 -4,926 -6,414 -6,022 -5,925 -6,734 -10,000 -10,926 -15,000 End-Sep. 2024 End-Dec. 2024 End-Sep. 2025 Operating CF Investing CF Free CF Financing CF End-Sep. 2024 End-Dec. 2024 End-Sep. 2025 Opera
Slide 25: Ⅲ-4. Dividends and Key Management Indicators
Ⅲ-４. Dividends and Key Management Indicators Dividends Key Performance Indicators （JPY） Repurchase of treasury stock (4.0Bill.) （JPY） 200 25% 50 Repurchase of 80% 72.9% treasury stock 45 (2.0Bill.) 20.4% 40 54.0% 60% 20% 35 150 17.7% 17.2% 30 42.0% 16.1% 19.0% 39.8% 25 33.0% 40% 16.5% 15% 32.9% 16.2
Slide 26: Ⅲ-5. FX Impacts
Ⅲ- ５. FX Impacts FX Impact in Q1-Q3 FY25 Impact (¥ million) Q1-Q3 FY24 Q1-Q3 FY25 Net Sales Operating Income USD/JPY 151.45 148.10 -660 -60 EUR/JPY 164.59 165.75 +40 +30 Others - - -310 +0 Total - - -930 -30 （FX Impact vs. Previous FY Results） FX sensitivity in Q4 FY25 FX Assumption Impact of ￥1 App
Slide 27: Disclaimer
Disclaimer 1. The purpose of this material is to provide information on the actual results for Q3 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 dat