Tamron Co., Ltd. · TSE:7740
Tamron — Q1 2025 Earnings Presentation
26 slides from Tamron's earnings presentation, May 2, 2025
Slide 1: 1st Quarter FY2025 Financial Results
1st Quarter FY2025 Financial Results May 2, 2025 Tamron Co., Ltd. (Code: 7740)
Slide 2: Contents
Contents I. 1st Quarter FY2025 Financial Results III. Reference Data 1. 1st Quarter FY2025 Summary 1. Financial Summary 2. 1st Quarter FY2025 Financial Results 2. Capital Investment, Depreciation, and 3. Factors Affecting Operating Income Variability R&D Expenses 4. 1st Quarter FY2025 Results by Seg
Slide 3: I. 1st Quarter FY2025 Financial Results
Ⅰ. 1st Quarter FY2025 Financial Results
Slide 4: I-1. 1st Quarter FY2025 Summary
Ⅰ-１. 1st Quarter FY2025 Summary Environment Economy Market Continuing geopolitical risks and uncertainty over the policies of the new U.S. The market for interchangeable lens cameras and interchangeable lenses grew administration have led to a widespread slowdown in overseas economies in both qu
Slide 5: I-2. 1st Quarter FY2025 Financial Results
Ⅰ-２. 1st Quarter FY2025 Financial Results Slight sales decline YoY Although sales increased in Mobility & Healthcare Products, Others Segment, there was a slight decrease in overall revenue due to the slump in own-brand models sales under Photographic Products Segment and the impact of reactionary
Slide 6: I-3. Factors Affecting Operating Income Variability
Ⅰ-３. Factors Affecting Operating Income Variability Although cost reduction offset the lower gross profit because of the sales decline, operating income decreased because of higher SG&A expenses. (Millions of JPY) 1st Quarter FY2025 Impact of exchange rate on Net Sales: 4,547 +520 million yen (190)
Slide 7: I-4. Results by Segment: Photographic Products
Ⅰ-４. 1st Quarter FY2025 Results by Segment ①Photographic Products Sales of Own-Brand products declined although sales in Japan and Europe were positive, sluggish sales in the U.S. and a reactionary decline in the Chinese market from high growth in 1Q, 2024 led to sales fall. While market-growth
Slide 8: Photographic Products (Own-Brand)
Ⅰ-４. 1st Quarter FY2025 Results by Segment ①Photographic Products (Own-Brand) Sales Composition by Base Sales Growth Rate by Base (Value Basis・from Jan. to Mar. YoY) (JPY Rate Basis・from Jan. to Mar. YoY) Others 6%Europe 13% 63% Other Asia 5% 12% 20% 21% 16% America 21% 27% 14% 16% 15% 17% Own-Brand
Slide 9: I-4. Results by Segment: Surveillance & FA Lenses
Ⅰ-４. 1st Quarter FY2025 Results by Segment ②Surveillance & FA Lenses Sales of Surveillance lenses, FA lenses and Camera module performed well. In particular, sales of Surveillances lenses increased by about 1.3 times as elimination of inventory adjustment at customers. Sales of TV conference len
Slide 10: Surveillance & FA Lenses sales composition and growth
Ⅰ-４. 1st Quarter FY2025 Results by Segment ②Surveillance & FA Lenses Sales Composition by Base Sales Growth Rate by Base (Value Basis・from Jan. to Mar. YoY) (JPY Rate Basis・from Jan. to Mar. YoY) Others 1% 62% America 3% China 7%Europe 6% 8% 2%8% 5% 2% 5% Europe America Japan China Others Total Surv
Slide 11: Mobility & Healthcare, Others
Ⅰ-４. 1st Quarter FY2025 Results by Segment ③ Mobility ＆ Healthcare, Others Sales of Automotive lenses mainly for sensing applications increased continually because of the strong demand according to the popularization of Advanced Driving Assistance System (ADAS). Sales of Healthcare components in
Slide 12: Summary of revenue and operating income by segment
Ⅰ-４. 1st Quarter FY2025 Results by Segment Summary of revenue and operating income by segment （Millions of JPY） 1Q FY24 YoY (%) 2024 2Q YoY (%) 2024 3Q YoY (%) 2024 4Q YoY (%) 1Q FY25 YoY (%) QoQ(%) Photographic Net Sales 13,944 45.0 19,152 38.7 17,228 21.3 14,510 (5.8) 13,569 (2.7) (6.5) Products O
Slide 13: II. Full-Year Financial Forecast FY2025
Ⅱ. Full-Year Financial Forecast FY2025
Slide 14: II-1. Impact of US tariffs
Ⅱ-１. Impact of US tariffs Production Strategy: Strengthen the global tripolar (Japan, China, Vietnam) production system with starting operation of Vietnam 2nd Factory Expand production capacity Strengthen risk management & stable supply system (risks: geopolitical risks, tariff risks, etc.) St
Slide 15: II-2. Financial Forecast FY2025 (Full Year)
Ⅱ-2. Financial Forecast FY2025 (Full Year) Although we anticipate growing future concerns and the impact of tariffs, we have remained our initial forecast unchanged in view of the progress in 1Q results that exceeded our plan. （Although progress and forecasts differ by segment and product category,
Slide 16: Forecast FY2025 by Segment: Photographic Products
Ⅱ-3. Financial Forecast FY2025 (Full Year) by Segment ① Photographic Products Sales of Own-Brand products is expected to grow further than the market growth, due to full-year contribution of new models launched in 2024 and the impact of new models to be launched in 2025 OEM products sales is exp
Slide 17: Photographic Products - New Models
Photographic Products - New Models Before 2023: Approximately 5 new models ⇒ Initial medium-term (2024-2026) management plan: 6 to 7 new models a year ⇒ achieved 7 new models in the first year (2024) of the plan ⇒ New medium-term (2024-2026) management plan: 10 new models a year from 2026 2022 2023
Slide 18: Forecast FY2025 by Segment: Surveillance & FA Lenses
Ⅱ-3. Financial Forecast FY2025 (Full Year) by Segment ② Surveillance & FA Lenses Sales of Surveillance is expected to increase due to elimination of the impact of inventory optimization at customers and stable growth of the market. Sales of Camera Module is expected to increase significantly by
Slide 19: Forecast FY2025 by Segment: Mobility & Healthcare, Others
Ⅱ-3. Financial Forecast FY2025 (Full Year) by Segment ③Mobility ＆ Healthcare, Others Automotive lenses is expected continually strong growth increase by double-digit in sales and expand the business to a 10-billion-yen sales scale through sustained high growth. Sales of Healthcare components in
Slide 20: III. Reference Data
Il. Reference Data
Slide 21: III-1. Financial Summary
Ⅲ-１. Financial Summary Assets Liabilities・Net Assets （Millions of JPY） （Millions of JPY） 120,000 120,000 102,184 102,184 100,000 91,255 100,000 91,255 86,255 86,255 16,607 3,243 12,786 80,000 38,384 80,000 12,494 30,669 3,408 28,315 2,589 60,000 60,000 16,331 14,002 16,339 40,000 82,333 40,000 15,92
Slide 22: III-2. Capital Investment, Depreciation, and R&D Expenses
Ⅲ-２. Capital Investment, Depreciation, and R&D Expenses Capital Investment R&D Expenses （Millions of JPY） （Millions of JPY） 10,000 10% 8,000 8.7% 8.6% 5,956 8.5% 8.3% 6,000 5,299 5,000 8.0% 8,000 8% 4,000 3,218 1,890 2,000 0 6,000 6% 2021 2022 2023 2024 2025(FC) Depreciation 4,000 4% 7,600 7,092 （Mi
Slide 23: III-3. Cash Flow
Ⅲ-３. Cash Flow （Millions of JPY） 20,000 17,644 15,000 10,910 10,000 5,000 2,584 1,376 1,102 0 (45) (1,422) (1,482) (5,000) (4,763) (6,022) (6,734) (10,000) (8,332) 24/3 24/12 25/3 Operating CF Investing CF Free CF Financing CF 24/3 24/12 25/3 Operating Activities CF 1,376 17,644 2,584 Investing Acti
Slide 24: III-4. Cash Dividends Outlook & Key Performance Indicators
Ⅲ-４. Cash Dividends Outlook & Key Performance Indicators Cash Dividends Key Performance Indicators （JPY） Repurchase of （JPY） treasury stock 250 (4 billion yen) 80% Repurchase of 400 40% treasury stock (2 billion yen) 67.9% 359.06 200 351.60 60% 54.0% 150 300 30% 39.8% 40.4% 40% 258.56 33.0% 32.9% 30
Slide 25: III-5. Impact of Foreign Exchange Rate Fluctuations
Ⅲ-５. Impact of Foreign Exchange Rate Fluctuations Foreign exchange impact on 1Q FY25 Impact (Millions of JPY) 1Q FY24 1Q FY25 Net Sales Operating Income USD/JPY 148.63 152.57 480 (40) EUR/JPY 161.38 160.61 (10) (10) Others - - 50 40 Total - - 520 (10) （Foreign exchange impact on previous year result
Slide 26: Disclaimer
Disclaimer 1. The purpose of this material is to provide information on the actual results for 1Q FY2025 and future business strategies. It is not an offer or a solicitation of an offer to buy or sell securities. 2. The information provided in this material is based on the data that is obtainable at