Fujifilm Holdings Corp TSE:4901

FUJIFILM : Financial Results (Consolidated) for the Nine Months Ended December 31, 2025

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Financial Results (Consolidated) for Nine Months Ended December 31, 2025 FUJIFILM Holdings Corporation February 5, 2026

Teiichi Goto URL: https://holdings.fujifilm.com/en

President and Chief Executive Officer

Projected date of the beginning of cash dividends: -

Reference materials regarding operating results of the current quarter to be prepared: Yes Meeting to explain operating results of the current quarter to be held: Yes

(Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.)

  1. Results of the Nine Months Ended December 31, 2025 (From April 1, 2025 to December 31, 2025)

    1. OPERATING RESULTS Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

      %: Changes from the corresponding period of the previous fiscal year

      Revenue

      Operating

      income

      Income before income taxes

      Net income attributable to FUJIFILM Holdings

      %

      %

      %

      %

      Nine months ended Dec. 31, 2025

      2,429,717

      4.4

      248,451

      11.3

      262,190

      10.6

      193,375

      6.5

      Nine months ended Dec. 31, 2024

      2,327,519

      8.0

      223,279

      9.0

      237,147

      3.3

      181,539

      4.5

      Note: Comprehensive income

      Nine months ended December 31, 2025 ¥419,533 million (+61.7%) Nine months ended December 31, 2024 ¥259,440 million (-10.2%)

      Net income attributable to FUJIFILM Holdings per share

      Net income attributable to FUJIFILM Holdings per share (Assuming full dilution)

      Yen

      Yen

      Nine months ended Dec. 31, 2025

      160.48

      160.34

      Nine months ended Dec. 31, 2024

      150.75

      150.59

    2. FINANCIAL POSITION Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

    Total assets

    Total equity (Net asset)

    FUJIFILM Holdings shareholders' equity

    FUJIFILM Holdings shareholders' equity ratio to total assets

    %

    As of Dec. 31, 2025

    5,883,086

    3,724,974

    3,720,296

    63.2

    As of March 31, 2025

    5,249,908

    3,352,682

    3,348,480

    63.8

  2. Cash Dividends

    Cash dividends per share

    1st Quarter

    2nd Quarter

    3rd Quarter

    Year End

    Year Total

    Year ended March 31, 2025

    Year ending March 31, 2026

    Yen

    -

    -

    Yen 30.00

    35.00

    Yen

    -

    -

    Yen

    35.00

    Yen

    65.00

    Year ending March 31, 2026

    (Forecast)

    35.00

    70.00

    Note: Changes in dividends forecast during the quarter under review: None

  3. Forecast for the Fiscal Year Ending March 31, 2026 (From April 1, 2025 to March 31, 2026)

Amount Unit: Millions of yen unless otherwise specified / Figures are rounded off to the nearest million yen

%: Changes from the corresponding period of the previous fiscal year

Revenue

Operating income

Income before income taxes

Net income attributable to FUJIFILM Holdings

Net income attributable to FUJIFILM Holdings per share

%

%

%

%

Yen

For the Year ending March 31, 2026

3,300,000

3.3

335,000

1.5

347,000

1.9

264,500

1.4

219.45

Note: Changes in forecast which was recently announced: Yes

Note: Net income attributable to FUJIFILM Holdings per share is calculated using the number of shares issued as of December 31, 2025 excluding treasury shares for the average number of shares for the relevant period.

Notes

  1. Significant changes in scope of consolidation during the period: None

  2. Adoption of simplified method of accounting or specific accounting treatments: None

  3. Changes in accounting principles

    1. Changes in accounting policies accompanied by revisions of accounting standards: None

    2. Changes in accounting policies other than 1. above: None

  4. Number of shares outstanding

    As of Dec. 31, 2025

    1,243,877,184

    As of March 31, 2025

    1,243,877,184

    As of Dec. 31, 2025

    38,580,618

    As of March 31, 2025

    39,043,399

    Nine months ended Dec. 31, 2025

    1,203,627,989

    Nine months ended Dec. 31, 2024

    1,203,238,177

    1. Issued (including treasury stock):

    2. Treasury stock:

    3. Average number of shares:

* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

Explanation of Appropriate Use of Forecast and Other Special Items

Statements regarding future events including forecasts of operating results are based on limited available information and reasonable assumptions as of today. The Company does not have an intention of guaranteeing the realization of the forecasts. Actual operating results are always subject to change significantly due to various matters. Assumptions for the forecasts and warnings for users of the forecasts are mentioned in the page 6, (3) Explanation on Projected Information on Forecasts of the Consolidated Operating Results in 1. QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER.

[INDEX]

  1. QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER

    … P.2

    1. Explanation on Consolidated Operating Results ………………………………………………... P.2

    2. Explanation on the Consolidated Financial Position ……………………………………………. P.5

    3. Explanation on Projected Information on Forecasts of the Consolidated Operating Results …… P.6

  2. MATTERS RELATING TO SUMMARY (OTHER) INFORMATION ……………………………….. P.7

    1. Significant Changes in Scope of Consolidation During the Period…………………….……… P.7

    2. Adoption of Simplified Method of Accounting or Specific Accounting Treatments …………… P.7

    3. Changes in Accounting Principles ………………………………………………………………. P.7

  3. OVERVIEW OF MATERIAL EVENTS REGARDING THE GOING CONCERN ASSUMPTION ... P.7

  4. CONSOLIDATED FINANCIAL STATEMENTS ……………………………………………………... P.8

    1. Consolidated Balance Sheets ……………………………………………………………………. P.8

    2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ... P.10 (Consolidated Statements of Income) ………………………………………………………….... P.10 Nine months ended December 31 ……………………………………………………………….. P.10 Three month ended December 31……………………………………………………………….. P.11 (Consolidated Statements of Comprehensive Income) ………………………………………...... P.12 Nine months ended December 31 ……………………………………………………………….. P.12 Three month ended December 31……………………………………………………………….. P.12

    3. Consolidated Statements of Cash Flows ……………………………………………………….... P.13

    4. Notes to Consolidated Financial Statements …………………………………………………….. P.14 (Notes Relating to the Going Concern Assumption) ……………………………………………. P.14 (Segment Information) …………………………………………………………………………... P.14

      1. Nine months ended December 31 …………………………………………………………..… P.14

      2. Three month ended December 31…………………………………………………………..... P.17 (Notes on Significant Changes to FUJIFILM Holdings Shareholders' Equity) ………………... P.17 (Significant Subsequent Events) ……………………………………………………………........ P.18

  1. QUALITATIVE INFORMATION ON OPERATING RESULTS DURING THE CURRENT QUARTER

    1. Explanation on Consolidated Operating Results

      Amount Unit: Billions of yen

      Nine months ended December 31, 2025

      Nine months ended December 31, 2024

      Change (Amount)

      Change (%)

      Domestic revenue

      Overseas revenue

      34.0%

      66.0%

      825.9

      1,603.8

      32.9%

      67.1%

      765.6

      1,561.9

      60.3

      41.9

      7.9%

      2.7%

      Revenue

      100.0%

      2,429.7

      100.0%

      2,327.5

      102.2

      4.4%

      Operating income

      10.2%

      248.5

      9.6%

      223.3

      25.2

      11.3%

      Income before income taxes

      10.8%

      262.2

      10.2%

      237.1

      25.0

      10.6%

      Net income attributable to FUJIFILM Holdings

      8.0%

      193.4

      7.8%

      181.5

      11.8

      6.5%

      Exchange rates (Yen / US$)

      Exchange rates (Yen / Euro)

      ¥149

      ¥172

      ¥152

      ¥165

      (¥3)

      ¥7

      In the nine months ended December 31, 2025, the Fujifilm Group recorded ¥2,429.7 billion in consolidated revenue (up 4.4% year-over-year), reflecting sales increases mainly in the bio CDMO, semiconductor materials and imaging businesses.

      Operating income increased to ¥248.5 billion (up 11.3% year-over-year). Consolidated income before income taxes amounted to ¥262.2 billion (up 10.6% year-over-year), and consolidated net income attributable to FUJIFILM Holdings amounted to ¥193.4 billion (up 6.5% year-over-year). The effective currency exchange rates for the U.S. dollar and the euro against the yen during the nine months were ¥149 and ¥172, respectively.

      Revenue by Operating Segment Amount Unit: Billions of yen

      Segment

      Nine months ended December 31, 2025

      Nine months ended December 31, 2024

      Change (Amount)

      Change (%)

      Healthcare

      765.3

      731.3

      34.0

      4.7%

      Electronics

      328.7

      307.5

      21.2

      6.9%

      Business Innovation

      850.0

      862.0

      (12.0)

      (1.4%)

      Imaging

      485.7

      426.7

      59.0

      13.8%

      Consolidated Total

      2,429.7

      2,327.5

      102.2

      4.4%

      Operating Income by Operating Segment Amount Unit: Billions of yen

      Segment

      Nine months ended December 31, 2025

      Nine months ended December 31, 2024

      Change (Amount)

      Change (%)

      Healthcare

      34.0

      34.5

      (0.5)

      (1.5%)

      Electronics

      70.2

      57.4

      12.8

      22.2%

      Business Innovation

      36.8

      42.8

      (6.0)

      (14.0%)

      Imaging

      135.5

      115.0

      20.5

      17.8%

      Corporate Expenses etc.

      (28.0)

      (26.4)

      (1.6)

      -

      Consolidated Total

      248.5

      223.3

      25.2

      11.3%

      *From the consolidated first three months of the fiscal year, the chemical reagents business was reclassified from the Electronics segment, where it was included in the AF (Advanced Functional) Materials business, to the Healthcare segment. Figures for the year ago quarter are also based on the segment classification after the above change.

      Healthcare

      In the Healthcare segment, consolidated revenue amounted to ¥765.3 billion (up 4.7% year-over-year). Operating income amounted to ¥34.0 billion (down 1.5% year-over-year).

      In the medical systems business, sales of endoscopes continued to increase in key markets, including Japan, the

      U.S. and Europe. Medical IT sales also grew as system services sales were solid in Japan, the U.S., Europe, the Middle East and other markets, mainly for the SYNAPSE Picture Archiving and Communication System (PACS). In addition, sales of in-vitro diagnostics (IVD) increased, including strong sales for FUJI DRI-CHEM blood biochemical testing equipment and materials. However, medical systems business revenue declined year on year mainly due to lower demand for medical supplies in China and the impact of yen appreciation. In December 2025, we launched the EW10-US01 endoscopic ultrasound diagnostic support software to aid in the early detection of pancreatic cancer. Furthermore, we announced the development of a new intraoperative solution that employs AI technology to assist in understanding the internal structure of the liver, helping to improve the efficiency of surgical workflows. Going forward, we will continue to contribute to streamlining examinations, advancing the quality of healthcare, and maintaining and promoting people's health through the provision of AI solutions.

      In the bio CDMO business, revenue increased, driven mainly by contributions from the start of new large-scale manufacturing facilities in Denmark in the previous fiscal year, along with the resumption of operations of small- to medium-scale manufacturing facilities at the Texas site, which implemented operational adjustments during the same period a year ago. Additionally, in North Carolina, the United States, we launched a new large-scale manufacturing plant and commenced operations of eight 20,000-liter mammalian cell culture bioreactors, representing the first phase investment at the facility. By responding to rapidly growing demand for antibody drugs contract manufacturing, we will further accelerate our business growth.

      The LS (Life Sciences) solutions business*¹ posted higher revenue. Life sciences business grew on higher sales of culture media and reagents amid a recovery in market demand, while the pharmaceutical business saw growth in revenue mainly with an expansion in contract manufacturing of investigational drugs for domestic COVID-19 vaccines.

      *¹The LS solutions business comprises life sciences business, pharmaceutical business, consumer healthcare business and CRO (Contract Research Organization) business.

      Electronics

      In the Electronics segment, consolidated revenue amounted to ¥328.7 billion (up 6.9% year-over-year). Operating income amounted to ¥70.2 billion (up 22.2% year-over-year).

      In the semiconductor materials business, revenue grew driven by expanding demand for cutting-edge logic and advanced memory technology for AI servers. Regarding front-end semiconductor manufacturing materials, sales grew for advanced photoresists and for copper interconnect CMP slurries, where we lead in the global market share, primarily for advanced logic chips. This growth was fueled by increased manufacturing complexity due to miniaturization and the rising number of interconnect layers. With back-end materials, sales of polyimide used for interlayer insulation films connecting chips grew in conjunction with the expansion of advanced packaging for AI-related products. Moreover, in December 2025, we announced the launch of ZEMATES, a new brand of photosensitive insulating film materials that contain polyimide, which resulted in a significant market response and inquiries. In the image sensor field where we hold a dominant market share, we launched a new product-a color

      filter material for KrF exposure-compatible image sensors-under the Wave Control Mosaic*2series, earning high market acclaim. We will continue to address our clients' challenges by contributing to the development of the semiconductor industry. This will be achieved through our extensive product lineup that encompasses nearly the entire semiconductor manufacturing process, from cutting-edge to legacy nodes, combined with our stable supply system on account of having manufacturing sites in Japan, the U.S., Europe and Asia, and One-Stop Solutions leveraging our strong R&D capabilities.

      In the AF (Advanced Functional) materials business, while the adoption of new display materials among customers progressed, lower sales of data tape and other factors led to an overall decline in revenue.

      *2A collective term for our functional materials that control a wide range of electromagnetic waves (light). It also includes photosensitive color materials used to manufacture color filters for image sensors, such as CMOS sensors, included in digital cameras and smartphones.

      Business Innovation

      In the Business Innovation segment, consolidated revenue amounted to ¥850.0 billion (down 1.4% year-over-year).

      Operating income amounted to ¥36.8 billion (down 14.0% year-over-year).

      In the business solutions business, revenue increased primarily due to growth in sales of digital transformation (DX)-related solutions driven by replacement demand in Japan with the end of Windows 10 support, as well as growth in services provided to local governments.

      The office solutions business posted lower revenue, primarily due to a drop in sales caused primarily by the sluggish market conditions in the Asia-Pacific region and the discontinuation of low-profit products, as well as a decline in exports to Europe and the U.S. In December 2025, we achieved the goal of sourcing 100% of the electricity used at all production sites in the Asia-Pacific region from renewable energy.

      The graphic communications business posted lower revenue. Although digital printer sales increased in Europe and the U.S., revenue declined primarily due to lower sales of printing-plate materials in Europe and the U.S. and the discontinuation of unprofitable plate-making materials in the analog printing field. In December 2025, we launched the Revoria Press PC2120 production printer, which features new AI-powered functions that automate and streamline printing operations.

      Imaging

      In the Imaging segment, consolidated revenue amounted to ¥485.7 billion (up 13.8% year-over-year). Operating income amounted to ¥135.5 billion (up 17.8% year-over-year).

      The consumer imaging business posted higher revenue, as sales of the instax instant photo systems continued to expand, surpassing cumulative sales of 100 million units. A wide variety of models popular among a broad range of users continue to have a solid growth in sales, including the mainstay models instax mini 12 and instax mini Evo, along with models launched last fiscal year, such as instax WIDE 400, instax Link 3 and instax WIDE Evo. We are also continuing to acquire new users by launching the entry-level instax mini 41 with a classic design in April 2025, and instax mini LiPlay+, which comes with an advanced version of a feature that combines sound and still images in November 2025. Additionally, in December 2025, we announced our plan to expand the production facilities of instax films to meet growing global demand. We will continue to expand the world of instax, enabling people to enjoy instant photo printing and further enhancing the value and joy of photography.

      In the professional imaging business, expanded sales of digital cameras contributed to higher revenue. In addition to solid sales of models launched in the previous fiscal year, the growth was driven by new products, such as FUJIFILM GFX100RF, FUJIFILM X-HF1 ("X half") and FUJIFILM X-E5. In October 2025, we launched the FUJIFILM GFX ETERNA 55 cinema camera, and in November 2025, the FUJIFILM X-T30 III mirrorless digital camera. We will continue to provide attractive products for digital camera users and the film industry by expanding our range of offerings, from the outstanding image quality with large format sensors in the GFX series and the best balance of image quality and size in the X series, to such new concept cameras as the FUJIFILM GFX100RF and X half.

    2. Explanation on the Consolidated Financial Position

      At the end of the nine months ended December 31, 2025, total assets increased by ¥633.2 billion compared with the end of the previous fiscal year (March 31, 2025) to ¥5,883.1 billion, mainly due to increases in property, plant and equipment. Total liabilities increased by ¥260.9 billion to ¥2,158.1 billion. FUJIFILM Holdings shareholders' equity increased by ¥371.8 billion to ¥3,720.3 billion. As a result, while the current ratio increased by 2.9 percentage points to 143.4%, the debt-equity ratio increased by 1.3 percentage points to 58.0% and the equity ratio decreased by 0.6 percentage points to 63.2% compared with the end of the previous fiscal year. The Company is maintaining a stable level of asset liquidity and a sound capital structure.

      (Cash Flows)

      Amount Unit: Billions of yen

      Nine months ended December 31, 2025

      Nine months ended December 31, 2024

      Change

      Net cash provided by operating activities

      254.3

      282.8

      (28.5)

      Net cash used in investing activities

      (418.8)

      (427.9)

      9.1

      Net cash provided by (used in) financing activities

      167.0

      169.6

      (2.6)

      During the nine months ended December 31, 2024, net cash provided by operating activities totaled ¥254.3 billion, due to a decrease in notes and accounts receivables and other factors. Net cash used in investing activities amounted to ¥418.8 billion due to the acquisition of property, plants, equipment and other factors. As a result, free cash flow, or the sum of cash flow from operating and investing activities, was negative 164.5 billion. Net cash provided by financing activities amounted to ¥167.0 billion, due to an increase in long-term debts and other factors. As a result, cash and cash equivalents at the end of the quarter under review amounted to ¥188.1 billion, up ¥16.0 billion from the end of the previous fiscal year (March 31, 2025).

    3. Explanation on Projected Information on Forecasts of the Consolidated Operating Results (Consolidated financial forecast for the fiscal year ending March 31, 2026)

    Amount Unit: Billions of yen

    Previous Forecast (A)

    (announced on Nov. 6, 2025)

    Revised Forcast (B)

    Change (B-A)

    Change (%)

    (Reference) Actual Result for Fiscal Year ended March 31,2025

    Revenue

    3,300.0

    3,300.0

    -

    -

    3,195.8

    Operating income

    331.0

    335.0

    4.0

    1.2%

    330.2

    Income before income taxes

    343.0

    347.0

    4.0

    1.2%

    340.6

    Net income attributable

    to FUJIFILM Holdings

    262.0

    264.5

    2.5

    1.0%

    261.0

    Net income attributable to FUJIFILM Holdings

    per share

    ¥217.38

    ¥219.45

    ¥2.07

    1.0%

    ¥216.67

    ROE (%)

    7.7

    7.7

    -

    -

    8.0

    ROIC (%)

    5.5

    5.5

    -

    -

    5.9

    Exchange rates (Yen / US$) Exchange rates

    (Yen / Euro)

    ¥145

    ¥162

    ¥150

    ¥173

    ¥5

    ¥11

    -

    -

    ¥152

    ¥164

    For the fiscal year ending March 31, 2026, the Company has revised its consolidated financial results forecast, reflecting factors such as strong sales in the Electronics and Imaging. The Company projects ¥3,300.0 billion in consolidated revenue (no change from the previous forecast), ¥335.0 billion in operating income (up 1.2% from previous forecast), ¥347.0 billion in income before income taxes (up 1.2% from previous forecast) and ¥264.5 billion in net income attributable to FUJIFILM Holdings (up 1.0% from previous forecast).

    The projected currency exchange rates for the U.S. dollar and the euro against the yen during the fiscal year ending March 31, 2026 are ¥150 and ¥173, respectively.

  2. MATTERS RELATING TO SUMMARY (OTHER) INFORMATION

    1. Significant Changes in Scope of Consolidation During the Period: None.

    2. Adoption of Simplified Method of Accounting or Specific Accounting Treatments: None.

    3. Changes in Accounting Principles: None.

  3. OVERVIEW OF MATERIAL EVENTS REGARDING THE GOING CONCERN ASSUMPTION:

    None.

  4. CONSOLIDATED FINANCIAL STATEMENTS

  1. Consolidated Balance Sheets Amount Unit: Millions of yen

    As of

    December 31, 2025

    As of

    March 31, 2025

    Change

    ASSETS

    Current assets:

    Cash and cash equivalents

    188,135

    172,111

    16,024

    Notes and accounts receivable:

    Trade

    679,566

    680,635

    (1,069)

    Lease receivables

    31,729

    32,821

    (1,092)

    Affiliated companies

    2,085

    2,371

    (286)

    Allowance for credit losses

    (15,364)

    (15,841)

    477

    Inventories

    698,016

    640,330

    699,986

    543,976

    (1,970)

    96,354

    Prepaid expenses and Other

    194,753

    165,608

    29,145

    Total current assets

    1,721,234

    1,581,681

    139,553

    Investments and long-term receivables:

    Investments in and advances to affiliated

    companies

    37,643

    37,785

    (142)

    Investment securities

    43,748

    72,298

    (28,550)

    Long-term lease receivables

    48,182

    47,431

    751

    Other long-term receivables

    77,757

    53,176

    24,581

    Allowance for credit losses

    (1,312)

    (1,396)

    84

    Total investments and long-term

    206,018

    209,294

    (3,276)

    receivables

    Property, plant and equipment:

    Land

    113,140

    110,067

    3,073

    Buildings and structures

    1,017,352

    934,470

    82,882

    Machinery, equipment and others

    1,802,554

    1,717,518

    85,036

    Construction in progress

    1,216,390

    888,245

    328,145

    Less accumulated depreciation

    4,149,436

    (1,944,340)

    3,650,300

    (1,863,825)

    499,136

    (80,515)

    Total property, plant and equipment

    2,205,096

    1,786,475

    418,621

    Other assets:

    Operating lease right-of-use assets

    130,946

    113,476

    17,470

    Goodwill, net

    985,389

    947,924

    37,465

    Other intangible assets, net

    152,043

    157,547

    (5,504)

    Other

    482,360

    453,511

    28,849

    Total other assets

    1,750,738

    1,672,458

    78,280

    Total assets

    5,883,086

    5,249,908

    633,178

    Amount Unit: Millions of yen

    As of

    December 31, 2025

    As of

    March 31, 2025

    Change

    LIABILITIES

    Current liabilities:

    Short-term debt

    299,057

    215,103

    83,954

    Notes and accounts payable:

    Trade

    306,564

    279,362

    27,202

    Construction

    84,760

    109,543

    (24,783)

    Affiliated companies

    1,491

    1,672

    (181)

    Accrued income taxes

    392,815

    57,625

    390,577

    32,701

    2,238

    24,924

    Accrued liabilities

    240,839

    252,788

    (11,949)

    Short-term operating lease liabilities

    36,280

    31,582

    4,698

    Other current liabilities

    173,913

    203,189

    (29,276)

    Total current liabilities

    1,200,529

    1,125,940

    74,589

    Non-current liabilities:

    Long-term debt

    642,245

    470,805

    171,440

    Accrued pension and severance costs

    24,542

    25,368

    (826)

    Long-term operating lease liabilities

    96,398

    84,795

    11,603

    Other non-current liabilities

    194,398

    190,318

    4,080

    Total non-current liabilities

    957,583

    771,286

    186,297

    Total liabilities

    2,158,112

    1,897,226

    260,886

    EQUITY

    FUJIFILM Holdings shareholders' equity

    Capital

    40,363

    40,363

    -

    Common stock, without par value:

    Authorized: 2,400,000,000 shares

    Issued: 1,243,877,184 shares

    Retained earnings

    3,075,826

    2,930,151

    145,675

    Accumulated other comprehensive income

    658,540

    433,047

    225,493

    Treasury stock, at cost

    (54,433)

    (55,081)

    648

    Total FUJIFILM Holdings shareholders'

    3,720,296

    3,348,480

    371,816

    equity

    Noncontrolling interests

    4,678

    4,202

    476

    Total equity

    3,724,974

    3,352,682

    372,292

    Total liabilities and equity

    5,883,086

    5,249,908

    633,178

    Note: Details of accumulated other comprehensive income (loss)

    As of December 31, 2025

    As of March 31, 2025

    Change

    Foreign currency translation adjustments

    660,066

    433,944

    226,122

    Pension liability adjustments

    (1,526)

    (862)

    (664)

    Unrealized gains (losses) on derivatives

    -

    (35)

    35

  2. Consolidated Statements of Income and Consolidated Statements of Comprehensive Income (Consolidated Statements of Income)

    Nine months ended December 31 Amount Unit: Millions of yen

    Nine months ended December 31, 2025

    From April 1, 2025

    To December 31, 2025

    Nine months ended December 31, 2024

    From April 1, 2024

    To December 31, 2024

    Change

    Amount

    %

    %

    %

    Revenue

    100.0 2,429,717

    100.0 2,327,519

    102,198

    4.4

    Cost of sales

    59.1 1,436,875

    58.9 1,371,766

    65,109

    4.7

    Gross profit

    40.9 992,842

    41.1 955,753

    37,089

    3.9

    Operating expenses:

    Selling, general and administrative

    25.7 625,376

    26.3 611,012

    14,364

    2.4

    Research and development

    4.9 119,015

    5.2 121,462

    (2,447)

    (2.0)

    30.6 744,391

    31.5 732,474

    11,917

    1.6

    Operating income

    10.2 248,451

    9.6 223,279

    25,172

    11.3

    Other income (expenses):

    Interest and dividend income

    9,770

    10,305

    (535)

    Interest expense

    (4,130)

    (6,142)

    2,012

    Foreign exchange gains (losses), net

    (4,375)

    1,681

    (6,056)

    Gains (losses) on equity securities, net

    947

    (820)

    1,767

    Other, net

    11,527

    8,844

    2,683

    0.6 13,739

    0.6 13,868

    (129)

    (0.9)

    Income before income taxes

    10.8 262,190

    10.2 237,147

    25,043

    10.6

    Income taxes

    2.9 71,611

    2.4 54,818

    16,793

    30.6

    Equity in net earnings (losses) of affiliated companies

    0.1 3,213

    0.0 (148)

    3,361

    -

    Net income

    8.0 193,792

    7.8 182,181

    11,611

    6.4

    Less: Net (income) loss attributable to the noncontrolling interests

    0.0 (417)

    0.0 (642)

    225

    -

    Net income attributable to

    FUJIFILM Holdings

    8.0 193,375

    7.8 181,539

    11,836

    6.5

    Three months ended December 31 Amount Unit: Millions of yen

    Three months ended December 31, 2025

    From October 1, 2025

    To December 31, 2025

    Three months ended December 31, 2024

    From October 1, 2024

    To December 31, 2024

    Change

    Amount

    %

    %

    %

    Revenue

    100.0 857,354

    100.0 812,770

    44,584

    5.5

    Cost of sales

    59.5 509,847

    58.9 478,655

    31,192

    6.5

    Gross profit

    40.5 347,507

    41.1 334,115

    13,392

    4.0

    Operating expenses:

    Selling, general and administrative

    25.2 215,832

    25.3 205,617

    10,215

    5.0

    Research and development

    4.9 41,710

    5.0 40,823

    887

    2.2

    30.0 257,542

    30.3 246,440

    11,102

    4.5

    Operating income

    10.5 89,965

    10.8 87,675

    2,290

    2.6

    Other income (expenses):

    Interest and dividend income

    3,846

    3,280

    566

    Interest expense

    (1,292)

    (1,867)

    575

    Foreign exchange gains (losses), net

    987

    2,698

    (1,711)

    Gains (losses) on equity securities, net

    4,288

    3,206

    1,082

    Other, net

    2,482

    1,761

    721

    1.2 10,311

    1.1 9,078

    1,233

    13.6

    Income before income taxes

    11.7 100,276

    11.9 96,753

    3,523

    3.6

    Income taxes

    3.2 27,741

    3.1 24,897

    2,844

    11.4

    Equity in net earnings (losses) of affiliated companies

    0.1 795

    0.0 (475)

    1,270

    -

    Net income

    8.6 73,330

    8.8 71,381

    1,949

    2.7

    Less: Net (income) loss attributable to the noncontrolling interests

    0.0 (187)

    0.0 (142)

    (45)

    -

    Net income attributable to

    FUJIFILM Holdings

    8.5 73,143

    8.8 71,239

    1,904

    2.7

    (Consolidated Statements of Comprehensive Income)

    Nine months ended December 31 Amount Unit: Millions of yen

    Nine months ended December 31, 2025

    From April 1, 2025

    To December 31, 2025

    Nine months ended December 31, 2024

    From April 1, 2024

    To December 31, 2024

    Change

    Net income

    193,792

    182,181

    11,611

    Other comprehensive income (loss), net of tax:

    Foreign currency translation adjustments

    226,370

    77,828

    148,542

    Pension liability adjustments

    (664)

    (709)

    45

    Unrealized gains on derivatives

    35

    140

    (105)

    Total

    225,741

    77,259

    148,482

    Comprehensive income

    419,533

    259,440

    160,093

    Less: Comprehensive (income) loss attributable to noncontrolling interests

    (665)

    (662)

    (3)

    Comprehensive income attributable to

    FUJIFILM Holdings

    418,868

    258,778

    160,090

    Three months ended December 31 Amount Unit: Millions of yen

    Three months ended December 31, 2025

    From October 1, 2025

    To December 31, 2025

    Three months ended December 31, 2024

    From October 1, 2024

    To December 31, 2024

    Change

    Net income

    73,330

    71,381

    1,949

    Other comprehensive income (loss), net of tax:

    Foreign currency translation adjustments

    156,991

    164,780

    (7,789)

    Pension liability adjustments

    (261)

    (535)

    274

    Unrealized gains (losses) on derivatives

    (3)

    119

    (122)

    Total

    156,727

    164,364

    (7,637)

    Comprehensive income

    230,057

    235,745

    (5,688)

    Less: Comprehensive (income) loss attributable to noncontrolling interests

    (341)

    (417)

    76

    Comprehensive income attributable to

    FUJIFILM Holdings

    229,716

    235,328

    (5,612)

  3. Consolidated Statements of Cash Flows Amount Unit: Millions of yen

    Nine months ended December 31, 2025

    From April 1, 2025

    To December 31,

    2025

    Nine months ended December 31, 2024

    From April 1, 2024

    To December 31,

    2024

    Change

    Operating activities

    193,792

    124,216

    (947)

    (2,464)

    34,975

    (66,739)

    16,763

    (20,696)

    (7,422)

    (17,213)

    182,181

    117,867

    820

    535

    27,689

    (56,598)

    18,996

    (13,027)

    11,802

    (7,464)

    11,611

    6,349

    (1,767)

    (2,999)

    7,286

    (10,141)

    (2,233)

    (7,669)

    (19,224)

    (9,749)

    Net income

    Adjustments to reconcile net income to net cash

    provided by operating activities:

    Depreciation and amortization

    (Gains) losses on equity securities Equity in net (gains) losses of affiliated companies, net of dividends received

    Changes in operating assets and liabilities: Notes and accounts receivable Inventories

    Notes and accounts payable - trade Changes in other current assets

    Accrued income taxes and other liabilities Others

    Subtotal

    60,473

    100,620

    (40,147)

    Net cash provided by operating activities

    254,265

    (406,056)

    (35,495)

    29,889

    (595)

    (2,086)

    (169)

    (3,555)

    7,752

    (8,465)

    282,801

    (379,119)

    (41,244)

    8,314

    (430)

    407

    -(3,710)

    -

    (12,074)

    (28,536)

    (26,937)

    5,749

    21,575

    (165)

    (2,493)

    (169)

    155

    7,752

    3,609

    Investing activities

    Purchases of property, plant and equipment

    Purchases of software

    Proceeds from sales and maturities of

    marketable and investment securities

    Purchases of marketable and investment

    securities

    (Increase) decrease in time deposits, net

    Increase in investments in and advances to

    affiliated companies

    Acquisitions of businesses, net of cash

    acquired

    Proceeds from sale of businesses, net of

    cash and cash equivalents disposed of

    Others

    Net cash used in investing activities

    (418,780)

    (427,856)

    9,076

    Financing activities

    Proceeds from long-term debt

    170,000

    350,000

    (180,000)

    Repayments of long-term debt

    (66,930)

    (31,675)

    (35,255)

    Increase (decrease) in short-term debt, net

    148,453

    (76,403)

    224,856

    Cash dividends paid to shareholders

    (84,354)

    (68,252)

    (16,102)

    Subsidiaries' cash dividends paid to noncontrolling interests

    (331)

    (292)

    (39)

    Sales (purchase) of stock for treasury

    (9)

    (15)

    6

    Capital transactions with noncontrolling interests

    141

    (671)

    812

    Others

    42

    (3,102)

    3,144

    Net cash provided by financing activities

    167,012

    169,590

    (2,578)

    Effect of exchange rate changes on cash and cash equivalents

    13,527

    11,997

    1,530

    Net increase (decrease) in cash and cash equivalents

    16,024

    36,532

    (20,508)

    Cash and cash equivalents at beginning of period

    172,111

    179,715

    (7,604)

    Cash and cash equivalents at end of period

    188,135

    216,247

    (28,112)

  4. Notes to Consolidated Financial Statements

    (Note Relating to the Going Concern Assumption) None.

    (Segment Information)

    1. Nine months ended December 31

      (A) Operating Segment Information

      1. Revenue Amount Unit: Millions of yen

        Nine months ended December 31, 2025

        From April 1, 2025

        To December 31, 2025

        Nine months ended December 31, 2024

        From April 1, 2024

        To December 31, 2024

        Change

        Amount

        %

        Revenue:

        Composition (%)

        Composition (%)

        Healthcare

        31.5

        765,319

        31.4

        731,300

        34,019

        4.7

        Electronics

        13.5

        328,675

        13.2

        307,508

        21,167

        6.9

        Business Innovation

        35.0

        850,017

        37.1

        862,048

        (12,031)

        (1.4)

        Imaging

        20.0

        485,706

        18.3

        426,663

        59,043

        13.8

        Consolidated total

        100.0

        2,429,717

        100.0

        2,327,519

        102,198

        4.4

      2. Expenses Amount Unit: Millions of yen

        Nine months ended December 31, 2025

        From April 1, 2025

        To December 31, 2025

        Nine months ended December 31, 2024

        From April 1, 2024

        To December 31, 2024

        Change

        Amount

        %

        R&D expenses

        40,705

        21,241

        42,215

        9,078

        45,396

        18,906

        40,952

        9,118

        (4,691)

        2,335

        1,263

        (40)

        (10.3)

        12.4

        3.1

        (0.4)

        Healthcare Electronics Business Innovation

        Imaging

        Subtotal

        Corporate

        113,239

        5,776

        114,372

        7,090

        (1,133)

        (1,314)

        (1.0)

        (18.5)

        Consolidated total

        119,015

        121,462

        (2,447)

        (2.0)

        Other operating expenses

        690,642

        237,226

        771,051

        341,100

        651,425

        231,167

        778,338

        302,536

        39,217

        6,059

        (7,287)

        38,564

        6.0

        2.6

        (0.9)

        12.7

        Healthcare Electronics Business Innovation

        Imaging

        Subtotal

        Corporate

        2,040,019

        22,232

        1,963,466

        19,312

        76,553

        2,920

        3.9

        15.1

        Consolidated total

        2,062,251

        1,982,778

        79,473

        4.0

      3. Operating Income Amount Unit: Millions of yen

        Nine months ended December 31, 2025

        From April 1, 2025

        To December 31, 2025

        Nine months ended December 31, 2024

        From April 1, 2024

        To December 31, 2024

        Change

        Amount

        %

        Operating Income (Loss):

        Margin (%)

        Margin (%)

        Healthcare

        4.4

        33,972

        4.7

        34,479

        (507)

        (1.5)

        Electronics

        21.4

        70,208

        18.7

        57,435

        12,773

        22.2

        Business Innovation

        4.3

        36,751

        5.0

        42,758

        (6,007)

        (14.0)

        Imaging

        27.9

        135,528

        27.0

        115,009

        20,519

        17.8

        Total

        276,459

        249,681

        26,778

        10.7

        Corporate expenses etc.

        (28,008)

        (26,402)

        (1,606)

        -

        Consolidated total

        10.2

        248,451

        9.6

        223,279

        25,172

        11.3

        Note: The major products and services of each operating segment are as follows: Healthcare: Equipment and materials for medical systems,

        contract development and manufacturing organization of biopharmaceuticals, drug discovery support such as iPS cells, cell culture media and reagents, pharmaceuticals, cosmetics and supplements, etc.

        Electronics: Semiconductor materials, display materials, industrial equipment, fine chemicals, etc.

        Business Innovation: Solutions and services, digital MFPs,

        equipment and materials for graphic communications, inks and industrial inkjet printheads, etc.

        Imaging: Instant photo systems, color films, services and equipment for photofinishing, digital cameras and optical devices, etc.

      4. Total Assets Amount Unit: Millions of yen

        As of December 31, 2025

        As of March 31, 2025

        Change

        Amount

        %

        Total assets:

        3,094,105

        808,068

        1,406,364

        454,906

        2,607,431

        761,391

        1,373,286

        364,437

        486,674

        46,677

        33,078

        90,469

        18.7

        6.1

        2.4

        24.8

        Healthcare Electronics Business Innovation

        Imaging

        Subtotal

        Corporate

        5,763,443

        119,643

        5,106,545

        143,363

        656,898

        (23,720)

        12.9

        (16.5)

        Consolidated total 5,883,086

        5,249,908

        633,178

        12.1

      5. Depreciation and amortization, and Capital expenditures Amount Unit: Millions of yen

        Nine months ended December 31, 2025

        From April 1, 2025

        To December 31, 2025

        Nine months ended December 31, 2024

        From April 1, 2024

        To December 31, 2024

        Change

        Amount

        %

        Depreciation and amortization:

        Healthcare

        53,468

        44,248

        9,220

        20.8

        Electronics

        22,282

        21,437

        845

        3.9

        Business Innovation

        33,478

        38,791

        (5,313)

        (13.7)

        Imaging

        11,787

        11,322

        465

        4.1

        Corporate

        3,201

        2,069

        1,132

        54.7

        Consolidated total

        124,216

        117,867

        6,349

        5.4

        Capital expenditures:

        Healthcare

        339,933

        359,702

        (19,769)

        (5.5)

        Electronics

        25,234

        25,485

        (251)

        (1.0)

        Business Innovation

        44,867

        52,839

        (7,972)

        (15.1)

        Imaging

        17,329

        14,344

        2,985

        20.8

        Corporate

        3,563

        3,914

        (351)

        (9.0)

        Consolidated total

        430,926

        456,284

        (25,358)

        (5.6)

        • The Company has adopted Accounting Standards Update 2023-07, Segment Reporting-Improvements to Reportable Segment Disclosures from the fiscal year ended March 31, 2025 and is disclosing segment expenses along with the inclusion of intangible assets and other items in capital expenditures. In conjunction with this change, the figures for the first nine months of the fiscal year ended March 31, 2025 have also been restated based on the same aggregation method as used for the first nine months of the fiscal year ending March 31, 2026.

        • From the consolidated first three months of the fiscal year, the chemical reagents business was reclassified from the Electronics segment, where it was included in the AF Materials business, to the Healthcare segment. Figures for the year-ago quarter are also based on the segment classification after the above change.

      6. Overseas Revenue (Destination Base) Amount Unit: Millions of yen

        Nine months ended December 31, 2025

        From April 1, 2025

        To December 31, 2025

        Nine months ended December 31, 2024

        From April 1, 2024

        To December 31, 2024

        Change

        Amount

        %

        Revenue:

        Domestic Overseas

        Composition (%)

        34.0

        20.0

        17.6

        28.4

        825,911

        486,017

        427,116

        690,673

        Composition (%)

        32.9

        20.9

        16.9

        29.3

        765,647

        487,212

        392,247

        682,413

        60,264

        (1,195)

        34,869

        8,260

        7.9

        (0.2)

        8.9

        1.2

        The Americas Europe

        Asia and others

        Subtotal

        66.0

        1,603,806

        67.1

        1,561,872

        41,934

        2.7

        Consolidated total 100.0

        2,429,717

        100.0

        2,327,519

        102,198

        4.4

        Note: The presentation of the overseas revenue (Destination Base) has been classified and disclosed based on the customer's location.

    2. Three months ended December 31

  1. Operating Segment Information

    Revenue Amount Unit: Millions of yen

    Three months ended December 31, 2025

    From October 1, 2025

    To December 31, 2025

    Three months ended December 31, 2024

    From October 1, 2024

    To December 31, 2024

    Change

    Amount

    %

    Revenue:

    Composition (%)

    Composition (%)

    Healthcare

    31.0

    266,134

    30.4

    247,056

    19,078

    7.7

    Electronics

    13.9

    119,209

    12.5

    101,878

    17,331

    17.0

    Business Innovation

    32.4

    277,830

    36.2

    294,371

    (16,541)

    (5.6)

    Imaging

    22.6

    194,181

    20.9

    169,465

    24,716

    14.6

    Consolidated total

    100.0

    857,354

    100.0

    812,770

    44,584

    5.5

    *From the consolidated first three months of the fiscal year, the chemical reagents business was reclassified from the Electronics segment, where it was included in the AF Materials business, to the Healthcare segment. Figures for the year-ago quarter are also based on the segment classification after the above change.

    Note: The major products and services of each operating segment are as follows: Healthcare: Equipment and materials for medical systems,

    contract development and manufacturing organization of biopharmaceuticals, drug discovery support such as iPS cells, cell culture media and reagents, pharmaceuticals, cosmetics and supplements, etc.

    Electronics: Semiconductor materials, display materials, industrial equipment, fine chemicals, etc.

    Business Innovation: Solutions and services, digital MFPs,

    equipment and materials for graphic communications, inks and industrial inkjet printheads, etc.

    Imaging: Instant photo systems, color films, services and equipment for photofinishing, digital cameras and optical devices, etc.

  2. Geographic Information
Overseas Revenue (Destination Base) Amount Unit: Millions of yen

Three months ended December 31, 2025

From October 1, 2025

To December 31, 2025

Three months ended December 31, 2024

From October 1, 2024

To December 31, 2024

Change

Amount

%

Revenue:

Composition (%)

Composition (%)

Domestic

32.2

275,958

32.1

260,849

15,109

5.8

Overseas

The Americas

20.5

175,411

21.9

177,910

(2,499)

(1.4)

Europe

17.9

153,459

17.1

138,660

14,799

10.7

Asia and others

29.5

252,526

29.0

235,351

17,175

7.3

Subtotal

67.8

581,396

67.9

551,921

29,475

5.3

Consolidated total

100.0

857,354

100.0

812,770

44,584

5.5

(Note on Significant Changes to FUJIFILM Holdings Shareholders' Equity) None.

(Significant Subsequent Events) None.