Terumo Corporation · TSE:4543

Terumo — Q2 2026 Earnings Presentation

29 slides from Terumo's earnings presentation, Nov 12, 2025

  1. Slide 1: Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2026 (FY2025)

    Financial Results for the Second Quarter of Fiscal Year Ending March 31, 2026 (FY2025) Jin Hagimoto Chief Financial Officer Terumo Corporation Nov. 12, 2025

  2. 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

  3. Slide 3: Highlights

    Highlights Revenue Highest ever result for the first half Strong sales led by the Americas, with 8% growth excluding FX impact Profit Operating profit, adjusted operating profit, and profit for the period all reached record highs for the first half Growth outpaced sales due to pricing measures and a

  4. Slide 4: P&L, FCF

    P&L, FCF Revenue: Driven by TIS and Global Blood Solutions, particularly in North America Operating Profit: Increased gross profit due to higher sales and pricing measures; Improved profit margins through appropriate cost control despite tariff impacts starting in Q2 Change 100M JPY FY24 Q2 YTD FY25

  5. Slide 5: OP Variance Analysis (Q2): Growth due to strong sales

    OP Variance Analysis (Q2): Growth due to strong sales 118 (100M JPY) -1 Gross 19 G/P increment by sales increase: Margin/ TIS and GBS led the overall growth Price -66 R&D 553 529 Gross margin/Price: SG&A -45 G/P increment C&V pricing measures contributed; FX by however, tariff impact started in Q2 o

  6. Slide 6: OP Variance Analysis (Q2 YTD): Contribution from pricing measures and strong sales

    OP Variance Analysis (Q2 YTD): Contribution from pricing measures and strong sales (100M JPY) 42 182 20 G/P increment by sales increase: Gross 1,144 TIS and GBS led the overall growth Margin -108 R&D -31 1,040 /Price 1,010 Gross margin/Price: SG&A FX G/P increment C&V pricing measures contributed mo

  7. Slide 7: C&V: TIS led the way, continued expansion mainly in North America

    C&V: TIS led the way, continued expansion mainly in North America (C&V: Cardiac and Vascular) (100M JPY) Q2 YTD Q2 Q2 YTD Comments YoY ( ) FX Neutral 3,221 TIS : Double-digit growth across all product +107 3,063 Terumo areas in US excluding FX impact, 2,657 Interventional driven by volume increases

  8. Slide 8: 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) Q2 YTD Q2 Q2 YTD Comments YoY ( ) FX Neutral HCS : In Japan, pricing measures -15 1,043 1,056 Hospital Care progressed smoothly, but revenue 940 Solutions declined due to business transfer

  9. Slide 9: TBCT: Plasma innovation drove revenue, profit progressed as planned

    TBCT: Plasma innovation drove revenue, profit progressed as planned (TBCT: Blood and Cell Technologies) (100M JPY) Q2 YTD Q2 Q2 YTD Comments YoY ( ) FX Neutral 1,071 GBS : Rika (source plasma collection system) +89 980 Global increased significantly in addition to 841 Blood strong sales of whole blo

  10. Slide 10: Revenue by Region: Americas strongly drove overall growth

    Revenue by Region: Americas strongly drove overall growth FY25 Q2 YTD FY25Q2 YTD Revenue (100M JPY) Comments YoY change Regional breakdown ( ) FX Neutral Q2YTD Q2 All Companies continued to see robust demand. Americas FY23 1,537 797 TIS, PS, and GBS each drove double-digit growth 9% excluding FX imp

  11. Slide 11: Revision of FY25 Guidance

    Revision of FY25 Guidance ©TERUMO CORPORATION 11

  12. Slide 12: Assumptions for Guidance Revision

    Assumptions for Guidance Revision Upward revision of revenue and adjusted operating profit (AOP) reflecting strong fundamentals and revised FX assumptions Downward revision of operating profit reflecting acquisition-related and one-time costs due to continuous portfolio review Steady AOP growth in e

  13. Slide 13: Revision of FY25 Guidance

    Revision of FY25 Guidance ( ) FX Neutral FY24 Results FY25 Previous FY25 Revised Revision Change 100M JPY (A) guidance (B) guidance (C) (C)-(B) (C)/(A) Revenue 10,362 10,500 11,080 +580 +7% (+8%) 210 182 Operating Profit (%) 1,577 (15.2%) 1,940 (18.5%) 1,815 (16.4%) -125 +15% 127 Adjusted Operating

  14. Slide 14: Revision of FY25 Guidance (by Company)

    Revision of FY25 Guidance (by Company) ( ) FX Neutral 2,049 Revenue Adjusted Operating Profit 1,949 FY25 FY25 FY25 FY25 FY25 100M JPY FY24 FY24 Previous Revised Revision Change Previous Revised Revision Change Revised Results Results guidance 210 guidance 182 (C)-(B) (C)/(A) guidance guidance (C)-(B

  15. Slide 15: Key Points of the Revision of Adjusted Operating Profit

    Key Points of the Revision of Adjusted Operating Profit メッセージ××× 110 (100M JPY) 55 13 2,215 200 2,140 17 30 -50 OrganOx Profit Gross FX Leverkusen G/P increment Margin/ -100 Plant by SG&A and Price R&D Profit sales increase Tariff 1,940 impact Amortization of acquired intangible assets 1,815 -400 Am

  16. Slide 16: Main Breakdown of Adjustment Items of Adjusted Operating Profit

    Main Breakdown of Adjustment Items of Adjusted Operating Profit Main breakdowns FY25 1H FY25 2H expected M&A-related expenses ✓ Costs associated with OrganOx acquisition 1.0 B JPY 4.0 B JPY 9.0 billion yen ✓ Amortization of intangible assets ー 4.0 B JPY from OrganOx acquisition (provisional) Portfol

  17. Slide 17: Toward Achieving GS26 and Beyond

    Toward Achieving GS26 and Beyond Revenue growth, operating profit %, and ROIC remain solid 22.0% OP%* based on existing businesses 20.0% 20.0% OP OP% (100M JPY) 1,577 18.6% 18.0% 17.5% 1,160 16.0% 16.5% 16.4% 15.2% 15.2% 14.0% Assumptions: 14.3% ‒ Impact of new M&A is not included for operating prof

  18. Slide 18: References

    References ©TERUMO CORPORATION 18

  19. Slide 19: P&L (QoQ)

    P&L (QoQ) (100M JPY) FY24 Q2 Q3 Q4 FY25 Q1 Q2 (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) Revenue 2,505 2,636 2,639 2,600 2,750 Gross Profit 1,395 (55.7%) 1,451 (55.1%) 1,385 (52.5%) 1,455 (56.0%) 1,470 (53.5%) SG&A Expenses 732 (29.2%) 777 (29.5%) 818 (31.0%) 755 (29.1%) 808 (29.4%) R&D Expen

  20. Slide 20: SG&A (QoQ)

    SG&A (QoQ) (100M JPY) FY24 Q2 Q3 Q4 FY25 Q1 Q2 (Jul-Sep) (Oct-Dec) (Jan-Mar) (Apr-Jun) (Jul-Sep) Salaries & Wages 384 406 430 406 421 Sales Promotion 47 54 60 55 53 Logistics Costs 59 56 57 57 59 Depreciation and Amortization 68 70 71 68 70 Others 175 190 200 169 205 SG&A Expenses Total 732 777 818

  21. Slide 21: SG&A (YoY)

    SG&A (YoY) (100M JPY) YoY% FY24 Q2 FY25 Q2 YoY YoY％ excluding FX FY24 Q2 FY25 Q2 YoY YoY％ YTD YTD impact Salaries & Wages 782 827 45 6% 9% 384 421 38 10% Sales Promotion 99 108 9 9% 11% 47 53 6 13% Logistics Costs 109 116 7 6% 9% 59 59 0 0% Depreciation and 137 139 2 1% 4% 68 70 3 4% Amortization Ot

  22. Slide 22: Adjusted Operating Profit: Adjustments

    Adjusted Operating Profit: Adjustments (100M JPY) FY24 Q2 YTD FY25 Q2 YTD FY24 Q2 FY25 Q2 Adjusted Operating Profit 1,040 1,144 529 553 Adjustment 1. Amortization of -109 -100 -53 -50 acquired intangible assets Adjustment 2. Non-recurring profit or loss -54 -34 ｰ45 ｰ53 Operating Profit 877 1,010 431

  23. Slide 23: Main Expenses Affecting AOP and OP (FY25 Guidance)

    Main Expenses Affecting AOP and OP (FY25 Guidance) AOP: Adjusted Operating Profit, OP: Operating Profit On-going One-time M&A-related • Leverkusen Plant profit -5.0 B JPY Affecting (6 months) M&A-related ー AOP • OrganOx profit +1.3 B JPY (5 months) • Revision of the contract M&A-related -9.0 B JPY f

  24. Slide 24: CAPEX, Depreciation and Amortization, R&D Expenses

    CAPEX, Depreciation and Amortization, R&D Expenses (100M JPY) FY25Q2 FY25 FY22 FY23 FY24 YTD Guidance CAPEX 758 784 825 540 950 Depreciation and Amortization 635 702 781 392 870 Amortization of 188 200 210 100 240 acquired intangible assets Others 447 502 571 292 630 CAPEX = Construction in progress

  25. Slide 25: Free Cash Flow

    Free Cash Flow 428 -223 (100M JPY) -246 Income taxes, 1,012 etc. 48 1,020 -418 Depreciation Working Other and capital operating Amortization gains and CF losses -292 CAPEX 310 Others FY25Q2 YTD Operating CF FCF Profit before tax YoY +161 +10 +37 -198 +1 +11 -57 -265 -311 ©TERUMO CORPORATION 25

  26. Slide 26: Cash Flow (Q2)

    Cash Flow (Q2) Operating CF Investing & Financing CF (100M JPY) +693 -565 217 -71 88 -216 460 Income taxes, Working -100 etc. capital -249 Depreciation gains and CAPEX and losses CP Amortization repayment 2,172 2,043 Others Profit before tax Cash * at the end * Aligned with period-end account balanc

  27. Slide 27: Cash Flow (Q2 YTD)

    Cash Flow (Q2 YTD) Operating CF Investing and financing CF +1,020 -1,067 (100M JPY) 428 -223 -197 1,012 Income taxes, -418 etc. Depreciation Working and capital -150 Amortization gains and -192 losses CAPEX Repayment -307 2,219 of Dividends 2,172 borrowings Profit Others before tax Cash at the * Ali

  28. Slide 28: Foreign Exchange Sensitivity

    Foreign Exchange Sensitivity Annual impact of 1 JPY depreciation (Flow) (100M JPY) USD EUR CNY Revenue 28 12 40 +20% Adjusted Operating Profit (+8%) 3 6 23 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

  29. Slide 29: TERUMO

    ~“TERUMO

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