Fujifilm Holdings Corp TSE:4901

FUJIFILM : 3rd Quarter ended December 31, 2025 Earnings Presentation

Published

Source: MarketScreener

Earnings PresentationFinancial Results for Q3 FY2025

February 5, 2026

FUJIFILM Holdings Corporation

Forwa rd- looking s ta tements , s uch a s thos e rela ting to ea rnings foreca s ts a nd other projections conta ined in this ma teria l, a re m anagement’s current

FUJIFILM Holdings Corporation

a s s umptions a nd beliefs ba s ed on currently a va ila ble informa tion. Such forwa rd -looking s ta tements a re s ubject to a number of ris ks , uncerta inties , a nd other fa ctors . Accordingly, a ctua l res ults ma y differ ma teria lly from thos e projected due to va rious fa ctors .

Agenda

Consolidated Financial Results for Q3 FY2025 (October to December 2025)

1

Earnings Highlights

Teiichi Goto, President, Representative Director & CEO

FUJIFILM Holdings Corporation

2

Financial Results and Business Summary by Operating Segment

Masayuki Higuchi, Director & Corporate Vice President, CFO FUJIFILM Holdings Corporation

FY2025 (Fis cal Year Ending March 2026)

3

Financial Forecast for FY2025

Masayuki Higuchi, Director & Corporate Vice President, CFO FUJIFILM Holdings Corporation

01

Q3 FY2025

Earnings Highlights

Consolidated Performance for Q3 FY2025

(Exchange rates: ¥154/US$ | +¥2 YoY; ¥179/Euro | +¥16 YoY)

Revenue Operating income Net income

Record high

Record high

Record high

attributable to FUJIFILM Holdings

¥ 857.4 billion ¥ 90.0 billion ¥ 73.1 billion

➡

➡

➡

Change from previous year ( +5.5%) ( +2.6%) ( +2.7%)

〉 Revenue, operating income and net income attributable to FUJIFILM Holdings all posted record highs for the third quarter

〉 Revenue increased, driven by the Healthcare segment, in which the launch of new Danish facilities in the Bio CDMO business was a contributing factor, as well as Electronics, which had a strong sales of semiconductor materials driven by such procuts as CMP slurries, and Imaging, in which digital cameras and other products posted robust sales results

〉 Despite additional U.S. tariffs and a spike in raw material costs, operating income increased mainly due to the impact of exchange rates and improved gross margin from revenue growth

Consolidated Performance for Q1-Q3 FY2025 (April to December 2025)

(Exchange rates: ¥149/US$ | -¥3 YoY; ¥172/Euro | +¥7 YoY)

Revenue Operating income Net income

attributable to FUJIFILM Holdings

Record high

Record high

Record high

¥ 2,429.7 billion ¥ 248.5 billion ¥ 193.4 billion

➡

➡

➡

Change from previous year ( +4.4%) （ +11.3%） （ +6.5%）

〉 Revenue, operating income and net income attributable to FUJIFILM Holdings all posted record highs for the nine-month period

Full-year Consolidated Forecast for FY2025

(Exchange rates: Q4 ¥155/US$; ¥175/Euro / Full year ¥150/US$; ¥173/Euro)

Revenue Operating income

Net income

attributable to FUJIFILM Holdings

Record high

Record high

Record high

¥ 3,300.0 billion ¥ 335.0 billion ¥ 264.5 billion

➡

➡

Change from previous forecast ( unchanged ) ( +1.2% ) ( +1.0% )

(November 6, 2025)

〉Profit forecast revised upward based on the strong performance of Electronics and Imaging

〉Aiming to achieve record highs in revenue, operating income and net income attributable to FUJIFILM Holdings

〉Annual dividend is planned to be ¥70 per share, marking the 16th consecutive annual increase

02

Q3 FY2025

Financial Results and Business Summary by Operating Segment

* From Q2 FY2024, the amounts shown for each item in this document have been rounded off to the nearest ¥100 million. As a result, there may be some discrepancies with figures published in the past, and in some cases there may

be differences between the breakdown and the total. Percentages are based on the actual amount.

FUJIFILM Holdings Corporation 6

Financial Results for Q3 FY2025

Q3

9months

FY2024

FY2025

FY2024

FY2025

Change

Impact of exchange rate

Constant-currency basis

Change

Impact of exchange rate

Constant-currency basis

Revenue

812.8

100.0%

Record high 857.4

100.0%

44.6

+5.5%

16.9

27.7

+3.4%

2,327.5

100.0%

Record high 2,429.7

100.0%

102.2

+4.4%

(15.3)

117.5

+5.0%

Operating Income

87.7

10.8%

Record high 90.0

10.5%

2.3

+2.6%

4.2

(1.9)

(2.1%)

223.3

9.6%

Record high 248.5

10.2%

25.2

+11.3%

(5.3)

30.5

+13.7%

Income before Income Taxes

96.8

11.9%

Record high 100.3

11.7%

3.5

+3.6%

2.4

1.1

+1.1%

237.1

10.2%

Record high 262.2

10.8%

25.0

+10.6%

(11.4)

36.4

+15.4%

Net Income Attributable to FUJIFILM Holdings

71.2

8.8%

Record high 73.1

8.5%

1.9

+2.7%

1.7

0.2

+0.3%

181.5

7.8%

Record high 193.4

8.0%

11.8

+6.5%

(7.9)

19.7

+10.9%

EPS

¥59.14

¥60.69

¥1.55

¥150.75

¥160.48

¥9.73

Exchange ￥/US$

Rates ￥/€

¥152

¥163

¥154

¥179

¥2

¥16

¥152

¥165

¥149

¥172

(¥3)

¥7

(Billions of yen)

Consolidated Revenue and Operating Income by Operating Segment

Revenue

Q3

9months

FY2024

FY2025

FY2024

FY2025

Change

Constant-currency basis

Change

Constant-currency basis

Healthcare

247.1

266.1

19.1

+7.7%

11.8

+4.8%

731.3

765.3

34.0

+4.7%

36.2

+5.0%

Electronics

101.9

119.2

17.3

+17.0%

15.6

+15.3%

307.5

328.7

21.2

+6.9%

24.4

+7.9%

Business Innovation

294.4

277.8

(16.5)

(5.6%)

(19.8)

(6.7%)

862.0

850.0

(12.0)

(1.4%)

(5.8)

(0.7%)

Imaging

169.5

194.2

24.7

+14.6%

20.0

+11.8%

426.7

485.7

59.0

+13.8%

62.6

+14.7%

Total

812.8

857.4

44.6

+5.5%

27.7

+3.4%

2,327.5

2,429.7

102.2

+4.4%

117.5

+5.0%

(Billions of yen)

*

*

Operating Income

Q3

9months

FY2024

FY2025

FY2024

FY2025

Change

Constant-currency basis

Change

Constant-currency basis

Healthcare

11.4

10.3

(1.2)

(10.1%)

(2.1)

(17.9%)

34.5

34.0

(0.5)

(1.5%)

2.0

+5.7%

Electronics

18.7

28.2

9.6

+51.3%

9.6

+51.4%

57.4

70.2

12.8

+22.2%

15.6

+27.2%

Business Innovation

17.5

5.4

(12.1)

(69.2%)

(12.8)

(73.3%)

42.8

36.8

(6.0)

(14.0%)

(5.4)

(12.6%)

Imaging

48.8

55.1

6.3

+12.9%

3.8

+7.7%

115.0

135.5

20.5

+17.8%

19.9

+17.3%

Corporate Expenses & Eliminations

(8.7)

(9.1)

(0.4)

(0.4)

(26.4)

(28.0)

(1.6)

(1.6)

Total

87.7

90.0

2.3

+2.6%

(1.9)

(2.1%)

223.3

248.5

25.2

+11.3%

30.5

+13.7%

*

*

* The Chemical Reagent business has been reclassified from the Electronics (AF Materials) segment to the Healthcare (LS Solutions) segment. The information for FY2024 has been restated in line with the above change in the segmentation.

Earnings Highlights

FY2025 Forecast

Q3 FY2025

Appendices

Q3 FY2025 (October to December 2025)

Business Summary: Healthcare

Revenue and income

FY2024

FY2025

Change

Constant-

currency basis

Revenue

247.1

266.1

19.1

+7.7%

+4.8%

Medical Systems

162.6

170.2

7.6

+4.7%

+2.6%

Bio CDMO

51.3

60.8

9.5

+18.5%

+11.8%

LS Solutions

33.2

35.2

1.9

+5.8%

+4.8%

Operating Income

11.4

10.3

(1.2)

(10.1%)

(17.9%)

Operating Margin

4.6%

3.9%

-0.7pt

（Billions of yen）

Factors affecting revenue

  • Medical Systems

    + Strong sales of endoscopes, medical IT, IVD, etc.

    • Lower demand for medical consumables in China

  • Bio CDMO *Profitability: refer to p27

    + Operation of new Danish facilities

    • Delays in securing early-stage projects for small- to medium-scale facilities

  • LS Solutions

    + Rebound in culture media market

    + Strong sales of reagents

    Operating income analysis

    10.3

    Main factors affecting income

  • One-time factor (Q3 FY24)

    Bio CDMO Reinforcing the commercial production in Texas site, etc.

  • Operations

    + Medical Systems / LS Solutions Increased gross margin due to revenue growth

    – Bio CDMO Delays in securing early-stage projects for small- to medium-scale facilities, etc.

  • Raw materials prices

    Medical Systems Soaring silver prices, etc.

  • One-time factor (Q3 FY25)

Bio CDMO Optimization of production structure to small- to medium-

Business Summary: Electronics

Revenue and income

Semiconductor Materials

61.9

77.7

15.8

+25.5%

+23.2%

AF Materials

40.0

41.5

1.6

+3.9%

+3.1%

Operating Income

18.7

28.2

9.6

+51.3%

+51.4%

Operating Margin

18.3%

23.7%

+5.4pt

Revenue

FY2024

101.9

FY2025

119.2

Change

17.3 +17.0%

（Billions of yen）

Constant-currency basis

+15.3%

Factors affecting revenue

  • Semiconductor Materials

    + Strong sales of materials for advanced nodes, including CMP slurries

    + Strong sales of polyimides for advanced packaging

  • AF Materials

    + Data tape: Higher sales to major IT companies

    + Display Materials: Strong sales of TAC film and other materials

    Operating income analysis

    28.2

Main factors affecting income

    • One-time factor (Q3 FY24)

      Semiconductor Materials Newly acquired business

    • Operations

Higher gross margin driven by higher Semiconductor Materials sales

Business Summary: Business Innovation

Revenue and income

FY2024

FY2025

Change

Constant-

currency basis

Revenue

294.4

277.8

(16.5)

(5.6%)

(6.7%)

Business Solutions

77.9

80.8

2.8

+3.7%

+2.9%

Office Solutions

130.5

115.7

(14.9)

(11.4%)

(12.2%)

Graphic Communications

85.9

81.4

(4.5)

(5.3%)

(7.2%)

Operating Income

17.5

5.4

(12.1)

(69.2%)

(73.3%)

Operating Margin

5.9%

1.9%

(4.0pt)

Operating income analysis

-12.5

（Billions of yen）

5.4

Factors affecting revenue

  • Business Solutions (BS)

    + Strong sales of DX solutions

    • Reaction to last fiscal year’s special demand for services from municipalities in Japan

  • Office Solutions (OS)

    • Sluggish market conditions in the AP region and reduction of low-margin models

    • Decrease in exports to Europe and the U.S.

  • Graphic Communications (GC)

    • Lower demand for printing plates and related products amid the sluggish European market

      Main factors affecting income

  • One-time factor (Q3 FY24)

    GC Disputed cost / others

  • Operations

    BS Decrease in gross margin due to the reaction to last fiscal year’s special demand for services from municipalities in Japan

    OS Decrease in gross margin due to reduced revenue from a weaker

    market environment in the AP region

    Common Initial and related costs incurred due to ERP system renewal

  • One-time factor (Q3 FY25)

Common Expenses for strengthening business structure in the AP region

Business Summary: Imaging

Revenue and income

FY2024

FY2025 Change

（Billions of yen）

Constant-currency basis

Factors affecting revenue

  • Consumer Imaging

    + Strong sales of instax instant photo systems

    • Strong sales of mini12, mini Evo, etc. as well as new mini41

    • Strong sales of instax WIDE 400 and instax WIDE Evo

      + Increase in supply due to enhancements in instax film production facilities

  • Professional Imaging

    Operating Margin

    Operating income analysis

    28.8% 28.4% (0.4pt)

    ＋ Strong sales of FUJIFILM X and GFX series digital cameras

    Revenue 169.5

    194.2

    24.7

    +14.6%

    +11.8%

    Consumer Imaging

    110.6

    123.0

    12.4

    +11.3%

    +8.6%

    Professional Imaging

    58.9

    71.2

    12.3

    +20.8%

    +17.9%

    Operating Income

    48.8

    55.1

    6.3

    +12.9%

    +7.7%

    • Strong sales of new products GFX100RF, X half, X-E5 and X-T30 III

Main factors affecting income

  • One-time factor (Q3 FY24)

    Sale of unutilized assets and others

  • Operations

    Higher gross margin driven by higher revenue from instant photo systems and digital cameras

  • Raw materials

Soaring silver prices, etc.

Q3 FY2025 (April to December 2025)

Consolidated Cash Flow

Cash in Cash out

Adjusted free cash flow excluding business acquisitions

(Billions of yen)

(Billions of yen)

305.0 314.2 266.1

(47.1)

(142.1)

(164.8)

(526.0)

(460.0) (434.5)

Adjusted free cash flows excluding business acquisitions*

(47.1)

(142.1)

(164.8)

FY2023

9months

FY2024

9months

FY2025

9months

Net income

173.0

182.2

193.8

Depreciation & amortization

110.1

117.9

124.2

Change in notes and accounts receivable / others Change in inventories

Change in notes and accounts payable - trade / others

31.7

(6.6)

(6.3)

85.1

(56.6)

40.5

17.4

(66.7)

(10.3)

Change in working capital

18.8

69.0

(59.6)

Others

3.1

(54.8)

7.7

Cash-In

305.0

314.2

266.1

Capital expenditure

(306.1)

(400.6)

(379.0)

Purchases of software / rental assets

(46.0)

(55.7)

(52.0)

Acquisitions of businesses

(173.9)

(3.7)

(3.6)

Cash-Out

(526.0)

(460.0)

(434.5)

Adjusted free cash flows (FCF)

(221.0)

(145.8)

(168.4)

*Business acquisitions are deducted from adjusted free cash flow.

FY2023 FY2024 FY2025

9months 9months 9months

FY2023

9 months

FY2024

9 months

FY2025

9 months

Financial Forecast for FY2025 03

* From Q2 FY2024, the amounts shown for each item in this document have been rounded off to the nearest ¥100million. As a result, there may be some discrepancies from figures published in the past, and in some cases there may be differences between the breakdown and the total. Percentages are based on the actual amount.

FUJIFILM Holdings Corporation 14

Full-year Forecast for FY2025

Operating income and net income attributable to FUJIFILM Holdings revised upward from previous forecast (Nov. 6)

FY2024

Actual

FY2025

Previous forecast (as of Nov. 6, 2025)

FY2025

Revised forecast (as of Feb. 5, 2026)

Change from FY2024

Change from previous forecast

Revenue

3,195.8

3,300.0

Record high 3,300.0

104.2 -

100.0%

100.0%

100.0%

+3.3% -

Operating Income

330.2

331.0

Record high 335.0

4.8

4.0

10.3%

10.0%

10.2%

+1.5%

+1.2%

Income before Income Taxes

340.6

343.0

Record high 347.0

6.4

4.0

10.7%

10.4%

10.5%

+1.9%

+1.2%

Net Income Attributable to FUJIFILM Holdings

261.0

262.0

Record high 264.5

3.5

2.5

8.2%

7.9%

8.0%

+1.4%

+1.0%

EPS

¥216.67

¥217.38

¥219.45

¥2.78

¥2.07

ROE

8.0%

7.7%

7.7%

(0.3 pt)

-

ROIC

5.9%

5.5%

5.5%

(0.4 pt)

-

CCC

95 days

99 days

99 days

4 days

-

Exchange Rates ￥/US$

￥/€

¥152

¥164

¥145

¥162

¥150

¥173

(¥2)

¥9

¥5

¥11

Silver Price (/kg)

¥148,000

¥210,000

¥257,000

¥109,000

¥47,000

                                      (Billions of yen)

*

  • EPS (net income attributable to FUJIFILM Holdings per share) is calculated by using the number of shares issued as of December 31, 2025 (excluding treasury shares) as the average number of shares for the relevant period.

    Financial Forecast by Operating Segment

    Operating income has been revised upward, driven by strong sales in Electronics and Imaging, despite downward revisions in both Healthcare and Business Innovation to reflect expenses for strengthening the business structure in response to the business environment.

    Revenue

    FY2024

    Actual

    FY2025

    Previous forecast (as of Nov. 6, 2025)

    FY2025

    Revised forecast (as of Feb. 5, 2026)

    Change from previous

    forecast

    Constant-currency

    basis

    Healthcare

    1,047.8

    1,100.0

    1,090.0

    (10.0)

    (0.9%)

    (38.0)

    (3.5%)

    Electronics

    407.6

    420.0

    445.0

    25.0

    +6.0%

    15.0

    +3.6%

    Business Innovation

    1,198.5

    1,210.0

    1,175.0

    (35.0)

    (2.9%)

    (47.0)

    (3.9%)

    Imaging

    542.0

    570.0

    590.0

    20.0

    +3.5%

    3.0

    +0.5%

    Total

    3,195.8

    3,300.0

    3,300.0

    -

    -

    (67.0)

    (2.0%)

    (Billions of yen)

    *

    *

    Operating Income

    FY2024

    Actual

    FY2025

    Previous forecast (as of Nov. 6, 2025)

    FY2025

    Revised forecast (as of Feb. 5, 2026)

    Change from previous

    forecast

    Excluding foreign exchange, raw material,tariff

    and one-time cost effects

    Healthcare

    79.9

    81.0

    67.0

    (14.0)

    (17.3%)

    (8.0)

    (9.9%)

    Electronics

    75.1

    78.0

    95.0

    17.0

    +21.8%

    14.5

    +18.6%

    Business Innovation

    74.6

    74.0

    64.0

    (10.0)

    (13.5%)

    (5.5)

    (7.4%)

    Imaging

    139.2

    137.0

    147.0

    10.0

    +7.3%

    5.5

    +4.0%

    Corporate Expenses & Eliminations

    (38.6)

    (39.0)

    (38.0)

    1.0 -

    1.0 -

    Total

    330.2

    331.0

    335.0

    4.0

    +1.2%

    7.5

    +2.3%

    *

    *

  • The Chemical Reagent business has been reclassified from the Electronics (AF Materials) segment to the Healthcare (LS Solutions) segment. The information for FY2024 has been restated in line with the above change in the segmentation.

Bio CDMO Business: FY2025 Financial Forecast and FY2026 Financial Outlook

FY2025

Forecast

While the launch of new large-scale facilities is progressing, we anticipate impacts on small- to medium-scale facilities due to delays in securing early-stage projects and production losses. Accordingly, profit forecast has been revised to incorporate the optimization of production structure in response to the current business environment of small- to medium-scale facilities.

FY2026

Outlook

EBITDA is expected to improve despite the fixed costs for the early ramp-up of new large-scale facilities are being incurred ahead of schedule to meet strong demand in the U.S. Along with the growing market, we expect to enter a phase of accelerating profit growth from FY2027 when these large-scale facilities in the U.S. are ramped up to full-scale operations.

FY2025

Previous Forecast

Operating Income

Operation delays in early-stage projects for small- to

medium-scale

Optimization

of the production structure

EBITDA

Operating Income

FY2025

Revised

Forecast

Depreciation

Operating

Income

Operation and others

EBITDA

Upfront costs for early ramp-up of U.S. site

FY2026

Outlook

Depreciation

FY2027

onwards

Improved profitability through ramp-up of large-scale facilities

The new U.S. site is expected to contribute to earnings earlier than initially anticipated due to the signing of a major contract

Impact of the U.S. Tariff Policy

Forecast impact of the U.S. tariff policy is unchanged from previous forecast

Based on information announced by the U.S. government as of February 1, Japan time.

Reciprocal tariffs agreed upon or applied as of February 1

(China: 20%; Japan: 15％; Vietnam: 20%; Philippines: 19%; Thailand: 19%, etc.)

Assumptions

Measures to minimize the impact include price revisions, supply chain adjustments, additional expense reductions and other measures

3Q

(3 months)

3Q

(9 months)

Full-year forecast

(unchanged)

Main products affected

Total

-1.9 billion yen

-3.9 billion yen

-6.0 billion yen

(approx. -$40M)

Healthcare

-1.6 billion yen

-3.1 billion yen

-4.0 billion yen

Medical equipment

Electronics

-0.3 billion yen

-0.5 billion yen

-1.0 billion yen

Semiconductor materials

Business Innovation

-

-0.3 billion yen

-1.0 billion yen

Printing plates materials, inkjet printheads

Imaging

-

-

-

Instant photo systems, digital cameras

04

Appendices:

Financial Results for Q3 FY2025

* From Q2 FY2024, the amounts shown for each item in this document have been rounded off to the nearest ¥100million. As a result, there may be some discrepancies from figures published in the past, and in some cases there may be differences between the breakdown and the total. Percentages are based on the actual amount.

FUJIFILM Holdings Corporation 19

3Q | 9 Months Earnings

Revenue

Q3

9months

FY2024

FY2025

FY2024

FY2025

Change

Constant-currency basis

Change

Constant-currency basis

Healthcare

247.1

266.1

19.1 +7.7%

11.8 +4.8%

731.3

765.3

34.0 +4.7%

36.2 +5.0%

Medical Systems

162.6

170.2

7.6

+4.7%

4.2

+2.6%

487.2

484.4

(2.7)

(0.6%)

0.5

+0.1%

Bio CDMO

51.3

60.8

9.5

+18.5%

6.0

+11.8%

146.5

180.2

33.8

+23.0%

32.0

+21.9%

LS Solutions

33.2

35.2

1.9

+5.8%

1.6

+4.8%

97.6

100.6

3.0

+3.1%

3.7

+3.7%

Electronics

101.9

119.2

17.3 +17.0%

15.6 +15.3%

307.5

328.7

21.2 +6.9%

24.4 +7.9%

Semiconductor Materials

61.9

77.7

15.8

+25.5%

14.4

+23.2%

187.3

212.9

25.7

+13.7%

28.3

+15.1%

AF Materials

40.0

41.5

1.6

+3.9%

1.2

+3.1%

120.3

115.8

(4.5)

(3.7%)

(3.9)

(3.2%)

Business Innovation

294.4

277.8

(16.5)

(5.6%)

(19.8)

(6.7%)

862.0

850.0

(12.0)

(1.4%)

(5.8)

(0.7%)

Business Solutions

77.9

80.8

2.8

+3.7%

2.2

+2.9%

229.8

248.8

19.0

+8.3%

20.9

+9.1%

Office Solutions

130.5

115.7

(14.9)

(11.4%)

(15.9)

(12.2%)

379.1

356.8

(22.3)

(5.9%)

(19.8)

(5.2%)

Graphic Communications

85.9

81.4

(4.5)

(5.3%)

(6.1)

(7.2%)

253.1

244.3

(8.8)

(3.5%)

(6.9)

(2.7%)

Imaging

169.5

194.2

24.7 +14.6%

20.0 +11.8%

426.7

485.7

59.0 +13.8%

62.6 +14.7%

Consumer Imaging

110.6

123.0

12.4

+11.3%

9.5

+8.6%

262.8

285.7

22.9

+8.7%

24.3

+9.2%

Professional Imaging

58.9

71.2

12.3

+20.8%

10.5

+17.9%

163.9

200.0

36.2

+22.1%

38.3

+23.4%

Total

812.8

857.4

44.6

+5.5%

27.7

+3.4%

2,327.5

2,429.7

102.2

+4.4%

117.5

+5.0%

(Billions of yen)

*

*

Operating Income [Operating Margin]

Q3

                                                        9months                              

FY2024

FY2025

FY2024

FY2025

Change

Constant-currency basis

Change

Constant-currency basis

Healthcare

11.4

10.3

(1.2)

(10.1%)

(2.1)

(17.9%)

34.5

34.0

(0.5)

(1.5%)

2.0

+5.7%

[4.6%]

[3.9%]

[4.7%]

[4.4%]

Electronics

18.7

28.2

9.6

+51.3%

9.6

+51.4%

57.4

70.2

12.8

+22.2%

15.6

+27.2%

[18.3%]

[23.7%]

[18.7%]

[21.4%]

Business Innovation

17.5

5.4

(12.1)

(69.2%)

(12.8)

(73.3%)

42.8

36.8

(6.0)

(14.0%)

(5.4)

(12.6%)

[5.9%]

[1.9%]

[5.0%]

[4.3%]

Imaging

48.8

55.1

6.3

+12.9%

3.8

+7.7%

115.0

135.5

20.5

+17.8%

19.9

+17.3%

[28.8%]

[28.4%]

[27.0%]

[27.9%]

Corporate Expenses & Eliminations

(8.7)

(9.1)

(0.4)

(0.4)

(26.4)

(28.0)

(1.6)

(1.6)

Total

87.7

90.0

2.3

+2.6%

(1.9)

(2.1%)

223.3

248.5

25.2

+11.3%

30.5

+13.7%

[10.8%]

[10.5%]

[9.6%]

[10.2%]

(Billions of yen)

*

*

Quarterly Earnings

Revenue

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Healthcare

235.2

249.0

247.1

316.5

228.5

270.7

266.1

Medical Systems

157.7

166.9

162.6

206.1

144.0

170.3

170.2

Bio CDMO

47.1

48.1

51.3

73.0

53.2

66.3

60.8

LS Solutions

30.4

34.1

33.2

37.4

31.3

34.1

35.2

Electronics

103.1

102.5

101.9

100.1

102.1

107.3

119.2

Semiconductor Materials

62.3

63.0

61.9

63.2

64.7

70.6

77.7

AF Materials

40.8

39.5

40.0

36.9

37.5

36.8

41.5

Business Innovation

280.0

287.7

294.4

336.4

273.6

298.6

277.8

Business Solutions

70.8

81.1

77.9

101.1

75.8

92.3

80.8

Office Solutions

126.8

121.8

130.5

143.8

120.0

121.2

115.7

Graphic Communications

82.5

84.8

85.9

91.6

77.8

85.2

81.4

Imaging

130.7

126.5

169.5

115.3

145.3

146.2

194.2

Consumer Imaging

74.6

77.6

110.6

65.2

77.3

85.3

123.0

Professional Imaging

56.1

48.9

58.9

50.1

68.0

60.9

71.2

Total

749.0

765.7

812.8

868.3

749.5

822.9

857.4

*

*

Operating Income

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Healthcare

3.5

19.5

11.4

45.4

4.3

19.4

10.3

Electronics

19.9

18.8

18.7

17.6

22.5

19.4

28.2

Business Innovation

14.4

10.8

17.5

31.9

15.6

15.8

5.4

Imaging

32.5

33.7

48.8

24.2

41.8

38.6

55.1

Corporate Expenses & Eliminations

(8.2)

(9.4)

(8.7)

(12.2)

(8.8)

(9.1)

(9.1)

Total

62.2

73.4

87.7

106.9

75.3

83.2

90.0

*

*

Exchange Rates

￥/US$

¥156

¥149

¥152

¥152

¥145

¥148

¥154

￥/€

¥168

¥164

¥163

¥161

¥164

¥172

¥179

Consolidated Revenue by Geographical Area

(Billions of yen)

FY2024 9months

FY2025 9months

Change

Ratio (%)

Ratio (%)

Japan

32.9%

765.6

34.0%

825.9

60.3

+7.9%

The Americas

20.9%

487.2

20.0%

486.0

(1.2)

(0.2%)

Europe

16.9%

392.2

17.6%

427.1

34.9

+8.9%

China

15.0%

349.2

15.2%

369.0

19.8

+5.7%

Asia and others

29.3%

682.4

28.4%

690.7

8.3

+1.2%

Overseas

67.1%

1,561.9

66.0%

1,603.8

41.9

+2.7%

Consolidated total

100.0%

2,327.5

100.0%

2,429.7

102.2

+4.4%

Operating Income Analysis (Q3 YoY)

Q3

FY2024

Actual

FY2025

Actual

Change

Operation and others

FX

Raw Material price

Tariff Impact

（b-a)

One-time cost

(a) FY2024 Q3

(b) FY2025 Q3

Business

Detail

Healthcare

11.4

10.3

(1.2)

1.1

0.9

(3.1)

(1.6)

1.5

(2.5)

(1.0)

2.0

(2.0)

-

CDMO

｜Reinforcing the commercial production in Texas

(1.0)

-

(1.0)

CDMO

｜Optimization of the production structure of small- to medium-scale facilities

0.5

(0.5)

-

Others

Electronics

18.7

28.2

9.6

9.3

-

(0.1)

(0.3)

0.7

(0.7)

-

-

0.7

(0.7)

Semiconductor

｜Acquisition

Business Innovation

17.5

5.4

(12.1)

(12.5)

0.7

(0.3)

-

-

(1.7)

(1.7)

0.8

(0.8)

-

Graphic

｜Structure strengthening expenses/ Others

0.4

(0.7)

(0.3)

Graphic

｜Disputed Cost / Others

(1.4)

-

(1.4)

Offfice Solutions and Others

｜Structure strengthening expenses/ Others

0.2

(0.2)

Others

｜Others

Imaging

48.8

55.1

6.3

6.7

2.5

(1.0)

-

(1.9)

1.9

-

0.1

(0.1)

-

Imaging

｜Structure strengthening expenses / Others

(2.0)

2.0

-

Others

｜Sale of unutilized assets/ Others

Corporate Expenses & Eliminations

(8.7)

(9.1)

(0.4)

(0.3)

-

-

-

-

-

-

Total

87.7

90.0

2.3

4.2

4.2

(4.5)

(1.9)

0.3

(3.0)

(2.7)

Exchange Rates

USD

¥152

¥154

¥2

Silver

(4.6)

EUR

¥163

¥179

¥16

Aluminum

(0.4)

Others (fuel etc)

0.5

(Billions of yen)

*

*

* The Chemical Reagent business has been reclassified from the Electronics (AF Materials) segment to the Healthcare (LS Solutions) segment. The information for FY2024 has been restated in line

Full-year Forecast for FY2025

Revenue by Business

(Billions of yen)

FY2024

Actual

FY2025

Previous forecast

FY2025

Revised forecast

Change from previous year

Change from previous forecast

(as of Nov. 6, 2025)

(as of Feb. 5, 2026)

*

Healthcare

1,047.8

1,100.0

1,090.0

42.2

+4.0%

(10.0)

(0.9%)

Medical Systems

693.2

700.0

700.0

6.8

+1.0%

-

-

Bio CDMO

219.5

260.0

250.0

30.5

+13.9%

(10.0)

(3.8%)

LS Solutions

135.0

140.0

140.0

5.0

+3.7%

-

-

*

Electronics

407.6

420.0

445.0

37.4

+9.2%

25.0

+6.0%

Semiconductor Materials

250.4

260.0

285.0

34.6

+13.8%

25.0

+9.6%

AF Materials

157.2

160.0

160.0

2.8

+1.8%

-

-

Business Innovation

1,198.5

1,210.0

1,175.0

(23.5)

(2.0%)

(35.0)

(2.9%)

Business Solutions

330.9

370.0

365.0

34.1

+10.3%

(5.0)

(1.4%)

Office Solutions

522.9

510.0

490.0

(32.9)

(6.3%)

(20.0)

(3.9%)

Graphic Communications

344.7

330.0

320.0

(24.7)

(7.2%)

(10.0)

(3.0%)

Imaging

542.0

570.0

590.0

48.0

+8.9%

20.0

+3.5%

Consumer Imaging

328.0

330.0

340.0

12.0

+3.7%

15.0

+4.5%

Professional Imaging

214.0

240.0

250.0

36.0

+16.8%

5.0

+2.1%

Total

3,195.8

3,300.0

3,300.0

104.2

+3.3%

-

-

Exchange Rates

￥/US$

¥152

¥145

¥150

(¥2)

¥5

￥/€

¥164

¥162

¥173

¥9

¥11

* The Chemical Reagent business has been reclassified from the Electronics (AF Materials) segment to the Healthcare (LS Solutions) segment. The information for FY2024 has been restated in line

(Billions of yen)

Previous forecast (Nov.6,2025)

Revised forecast (Feb.5,2026)

Change

Operation and others

FX

Raw Material price

tariff

（b-a)

One-time cost

(a) Previous forecast

(b) Revised forecast

Business

Detail

Healthcare

81.0

67.0

(14.0)

(8.0)

3.5

(4.5)

-

(5.0)

(10.0)

(15.0)

-

(10.0)

(10.0)

CDMO

｜Scheduled maintenance at Danish facilities

(5.0)

-

(5.0)

CDMO

｜Optimization of the production structure of small- to medium-scale facilities

Electronics

78.0

95.0

17.0

14.5

3.0

(0.5)

-

-

-

-

Business Innovation

74.0

64.0

(10.0)

(5.5)

1.0

(1.5)

-

(4.0)

(7.5)

(11.5)

-

(3.0)

(3.0)

Graphic

｜Structure strengthening expenses/ Others

1.0

(3.5)

(2.5)

Graphic

｜Disputed Cost / Others

(5.0)

-

(5.0)

Office Solutions and Others

｜Structure strengthening expenses/ Others

-

(1.0)

(1.0)

Office Solutions and Others

｜Disposal of unutilized assets / Others

Imaging

137.0

147.0

10.0

5.5

7.0

(2.5)

-

-

(0.6)

(0.6)

-

(0.6)

(0.6)

Imaging

｜Structure strengthening expenses/ Others

-

-

-

-

Corporate Expenses & Eliminations

(39.0)

(38.0)

1.0

1.0

-

-

-

-

-

-

-

Total

331.0

335.0

4.0

7.5

14.5

(9.0)

-

(9.0)

(18.1)

(27.1)

Exchange Rates

USD

¥145

¥150

¥5

Silver

(7.7)

EUR

¥162

¥173

¥11

Aluminum

(1.3)

Others (fuel etc)

-

(Billions of yen)

Previous forecast (Nov.6,2025)

Revised forecast (Feb.5,2026)

Change

Operation and others

FX

Raw Material price

tariff

（b-a)

One-time cost

(a) Previous forecast

(b) Revised forecast

Business

Detail

Healthcare

79.9

67.0

(12.9)

9.7

(1.5)

(11.0)

(4.0)

(6.1)

(8.9)

(15.0)

-

(5.0)

(5.0)

CDMO

｜Optimization of the production structure of small- to medium-scale

13.0

(13.0)

-

CDMO

｜Reinforcing the commercial production in Texas

2.8

(2.8)

-

Medical

｜FHC*domestic sales division integration costs

1.0

(1.0)

-

LS solutions

｜Business divestiture costs

(10.0)

-

(10.0)

CDMO

｜Scheduled maintenance at Danish facilities

(12.9)

12.9

-

Others

｜Sale of unutilized assets/ Others

Electronics

75.1

95.0

19.9

24.4

(2.5)

(1.0)

(1.0)

-

-

-

3.0

(3.0)

-

Semiconductor

｜Acquisition

1.4

(1.4)

-

AF

｜Structure strengthening expenses/ Others

(4.4)

4.4

-

Others

｜Sale of unutilized assets/ Others

Business Innovation

74.6

64.0

(10.6)

0.6

-

(1.0)

(1.0)

(9.2)

(2.3)

(11.5)

(1.3)

(1.7)

(3.0)

Graphic

| Structure strengthening expenses/ Others

0.2

(2.7)

(2.5)

Graphic

| Disputed Cost / Others

0.5

(0.5)

-

Office Solutions

| Impact of Typhoon at Vietnam Factory

(5.0)

-

(5.0)

Office Solutions and Others

| Structure strengthening expenses/ Others

(1.0)

-

(1.0)

Office Solutions and Others

| Disposal of unutilized assets/ Others

(2.6)

2.6

-

Others

| Sale of unutilized assets/ Others

Imaging

139.2

147.0

7.8

16.9

2.0

(5.0)

-

(6.1)

5.5

(0.6)

0.5

(1.1)

(0.6)

Imaging

｜Structure strengthening expenses/ Others

(6.6)

6.6

-

Others

｜Sale of unutilized assets/ Others

Corporate Expenses & Eliminations

(38.6)

(38.0)

0.6

0.6

-

-

-

-

-

-

-

Total

330.2

335.0

4.8

52.2

(2.0)

(18.0)

(6.0)

(21.4)

(5.7)

(27.1)

Exchange Rates

USD

¥152

¥150

(¥2)

Silver

(18.0)

EUR

¥164

¥173

¥9

Aluminum

Others (fuel etc)

(1.0)

1.0

* FUJIFILM Healthcare Corporation

（Billions of yen)

Bio CDMO

Q3

Full Year

FY2024

FY2025

vs Previous

Year

FY2024

FY2025

(Previs us Forecast as of Nov.6, 2025)

FY2025

(Revised Forecast as of Feb.5,2026)

vs Previous

Year

Revenue

51.3

60.8

9.5

219.5

260.0

250.0

30.5

Scheduled maintenance at Danish facilities

0.0

(10.0)

(10.0)

(10.0)

Optimization of the production structure

(1.0)

(1.0)

(5.0)

(5.0)

0.0

Reinforcing the commercial production in Texas

(2.0)

2.0

(13.0)

13.0

Total one-time costs

(2.0)

(1.0)

1.0

(18.0)

(10.0)

(15.0)

3.0

EBITDA Margin (excludes one-time costs)

Breakeven

Negative single digit %

-

Low-teens %

Mid- teens %

Approx. 10%

-

Large scale facilities

Small- to medium-scale facilities

Mid-Teens % Negative 10 %

High 20s %

Negative double digit %

-

-

High 20s % Breakeven

Mid 20s % Breakeven

Mid 20s %

Negative single digit %

-

-

Q3 FY2025

Consolidated Balance Sheets

Mar. 2024

Mar. 2025

Dec. 2025

Change from Mar. 2025

Cash and cash equivalents

179.7

172.1

188.1

16.0

Notes and accounts receivable

696.6

700.0

698.0

(2.0)

Inventories

547.8

544.0

640.3

96.4

Other current assets

150.5

165.6

194.8

29.1

Total current assets

1,574.6

1,581.7

1,721.2

139.6

Property, plant and equipment

1,395.7

1,786.5

2,205.1

418.6

Goodwill, net

953.8

947.9

985.4

37.5

Other noncurrent assets

859.3

933.8

971.4

37.6

Total noncurrent assets

3,208.8

3,668.2

4,161.9

493.6

Total assets

4,783.5

5,249.9

5,883.1

633.2

(Billions of yen)

Mar. 2024

Mar. 2025

Dec. 2025

Change from Mar. 2025

Short-term and long-term debt

502.8

685.9

941.3

255.4

Notes and accounts payable

346.5

390.6

392.8

2.2

Other liabilities

760.8

820.7

824.0

3.3

Total liabilities

1,610.1

1,897.2

2,158.1

260.9

Total FUJIFILM Holdings shareholders' equity

3,169.2

3,348.5

3,720.3

371.8

Noncontrolling interests

4.1

4.2

4.7

0.5

Total equity

3,173.3

3,352.7

3,725.0

372.3

Total liabilities and equity

4,783.5

5,249.9

5,883.1

633.2

(yen)

Exchange Rates

Mar. 2024

Mar. 2025

Dec. 2025

Change from Mar. 2025

￥/US$

¥151

¥150

¥157

¥7

￥/€

¥163

¥162

¥184

¥22

Capital Expenditure and Depreciation & Amortization

(億円)

6,000

4,000

(Billions of yen)

Capital Expenditure and Depreciation & Amortization

600.0

(Billions o

f yen)

Q3

  9months

   Full Year

FY2024

FY2025

FY2024

FY2025

FY2024

FY2025

Forecast

Healthcare

112.7

105.8

347.9

327.3

449.2

364.0

Electronics

6.5

11.7

24.6

24.0

38.9

63.0

Business Innovation

5.7

5.5

17.1

16.7

25.9

40.0

Imaging

3.9

4.1

9.9

10.1

15.4

18.0

Corporate

0.4

0.2

1.1

0.9

2.6

2.0

Capex (Tangible fixed assets)

129.3

127.4

400.6

379.0

532.1

487.0

Healthcare

3.8

4.2

11.8

12.6

16.7

14.0

Electronics

0.3

0.1

0.9

1.3

1.3

2.0

Business Innovation

7.8

7.5

35.7

28.1

47.1

34.0

Imaging

1.3

2.3

4.5

7.3

6.2

12.0

Corporate

1.2

1.1

2.8

2.7

3.8

7.0

Capex (Software, rental equipment and others）

14.5

15.3

55.7

52.0

75.0

69.0

Healthcare

14.7

18.7

44.2

53.5

61.5

84.0

Electronics

7.3

7.5

21.4

22.3

29.9

33.0

Business Innovation

13.1

11.1

38.8

33.5

51.8

50.0

Imaging

3.8

4.4

11.3

11.8

17.4

17.0

Corporate

0.7

1.0

2.1

3.2

3.0

4.0

Depreciation & Amortization

39.6

42.8

117.9

124.2

163.6

188.0

532.1

487.0

422.1

400.0

188.0

200.0

150.0

163.6

66.3

75.0

69.0

0

FY2023 FY2024 FY2025

Actual Actual Forecast

FY2023 FY2024 FY2025

Actual Actual Forecast

FY2023 FY2024 FY2025

Actual Actual Forecast

*

*

*

*

*

*

24/3

実績

26/3

予想

24/3

実績

26/3

予想

24/3

実績

26/3

予想

25/3

実績

25/3

実績

25/3

実績

2,000

Capital expenditure (Property, plant and equipment)

Capital expenditure (Software, rental equipment, etc.)

Depreciation & Amortization

R&D Expenses and SG&A Expenses

Ratio to revenue

R&D Expenses and SG&A Expenses

9,000

(Billions of yen)

(Ratio to revenue)

900.0

40.0%

(Billions of yen)

6,000

Q3

9months

Full Year

FY2024

FY2025

FY2024

FY2025

FY2024

FY2025

Forecast

Healthcare

15.1

14.5

45.4

40.7

61.3

Electronics

6.4

7.4

18.9

21.2

25.2

Business Innovation

13.7

14.3

41.0

42.2

54.5

Imaging

3.4

3.6

9.1

9.1

13.3

Corporate

2.2

1.9

7.1

5.8

9.1

R&D Expenses

40.8

41.7

121.5

119.0

163.4

173.0

5.0%

4.9%

5.2%

4.9%

5.1%

5.2%

SG&A Expenses

205.6

215.8

611.0

625.4

806.5

25.3%

25.2%

26.3%

25.7%

25.2%

806.5

24/3

実績

25/3

実績

26/3

予想

24/3

実績

25/3

実績

3,000

R&D Expenses SG&A Expenses

30.0%

752.5

600.0

25.5% 25.2%

300.0

157.1

163.4

173.0

0

FY2023 FY2024 FY2025

Actual Actual Forecast

FY2023

Actual

FY2024

Actual

5.2％

5.1%

5.3%

*

*

20.0%

10.0%

0.0%

FUJIFILM Holdings Corporation