Ricoh Company, Ltd. TSE:7752

Ricoh : FY2025 Q3 Financial Announcement (February 5, 2026) Consolidated Results

Published

Source: MarketScreener



Consolidated Results for Nine Months Ended December 31, 2025 February 5, 2026 Ricoh Company, Ltd. Overview of FY2025 Nine Months Results

  • Boosted revenues and earnings

  • Operating profit doubled on another solid Office Services performance, expense controls, and foreign exchange gains

  • RICOH Digital Services Office Printing

    • Hardware: European and Americas performances again weak on adverse U.S. tariff policies and economic conditions but were within expectations, and experienced price competition and other challenges in Asia

    • Non-hardware: Performed generally on track in Japan and Americas, while performances remained weak in Europe and Asia

      Office Services

    • Growth in Japan offset persistently lackluster economic conditions and demand in Europe

    • In Japan, experienced double-digit Q3 growth in IT services and application services

  • RICOH Digital Products

    Surpassed targets from such factors as ETRIA contributions, structural reinforcements, cost controls

  • RICOH Graphic Communications

    U.S. commercial printing investing was again cautious owing to tariff policies, although non-hardware demand remained robust

  • Corporate Value Improvement Project

    Corporate Value Improvement Project delivered ¥25.7 billion in gains, as planned

  • Tariff impacts

Estimated downside earnings impact of higher tariffs, price pass-throughs, and lower demand was ¥8.9billion

Results

Progress with FY2025 initiatives

  • Accelerate recurring revenue growth (Office Services)

    Japan: Lifted recurring revenues by 12% by adding service and support contracts tied to PC replacements and expanded application services Europe: Acquired companies attained targeted orders ahead of schedule on synergy initiatives

    Proprietary software: Secured orders from major European and American retailers, service providers, and government agencies by offering business process automation packages integrating DocuWare and natif.ai linked with Axon Ivy products and launched compact, high-performance large language and multimodal model AI solutions suitable for on-premises deployment in Japan

  • Control impact of lower Office Printing earnings

    • Captured and safeguarded gains from Corporate Value Improvement Project

    • Increased large account orders by strengthening A4 MFP portfolio, which contributed to A3 MFP sales

    • Improved hardware profitability by managing pricing

    • Reinforced use of distributors as sales channels in Europe, with initiatives driving Q3 unit sales gains

  • Advance measures needed to become digital services company ahead of next management strategy

    • Accelerated development and site strategy measures to generate gains from ETRIA

    • Brought forward booking of impairment charges for European Office Services enterprise systems integration

    • In North America, divested Managed IT Services business in the U.S. and continued to reinforce Workplace Experience organization

  • Prepare for and respond flexibly to impact of U.S. tariff policies

    • Deployed necessary production, sales, pricing, and channel measures to mitigate impacts

FY2025

outlook

  • Benefit from business progress and favorable exchange rates and push forward with additional structural reforms to deliver full-year operating profit of ¥90 billion

(Billions of yen)

FY2024 9M

FY2025 9M

Change

Sales

1,835.4

1,882.3

+46.9

+2.6%

Gross profit

640.9

649.6

+8.6

+1.4%

(34.9%)

(34.5%)

Selling, general and

606.4

579.6

-26.7

-4.4%

administrative expenses

(33.0%)

(30.8%)

Operating profit

34.5

70.0

+35.4

+102.6%

Operating margin

1.9%

3.7%

+1.8pt

Profit attributable to owners of the parent

27.8

46.8

+18.9

+68.2%

EPS (Yen)

47.17

82.30

+35.13

Yen/US$

152.63

148.77

-3.86

Average exchange rates

Yen/euro

164.90

171.92

+7.02

Capital expenditures

33.7

-1.3

32.3

Depreciation

34.4

33.3

-1.1

R&D expenditures

71.3

56.8

-14.5

  • Office Services revenue growth contributions to sales and product mix and Corporate Value Improvement Project gains offset Office Printing non-hardware and Commercial Printing hardware revenue drops

  • Absorbed higher inflation-driven expenses through Corporate Value Improvement project savings and cost controls

  • Impacts of U.S. tariff policies expanded from Q2, mitigated by price pass transfers

【YoY changes】

(Billions of yen)

[ ]：Initial full-year forecast

Ricoh Digital Services +9.3

Ricoh Digital Products -4.1 Ricoh Graphic Communications -2.8 Ricoh Industrial Solutions +2.3

Others +8.7

[+9.0]

[-4.0]

[+2.0]

[+2.0]

[+2.1]

Structural

Expenses Forex One-time factors

One-time factors

+19.1

Sales and product mix

+13.4

reinforcements

+4.1

+7.1

+2.5

-1.7

Tariff Impact

-8.9

78.1 70.0

FY2024 9M FY2024 9M

[+11.1]

[+4.5]

[+3.0]

[-5.0]

[-3.0]

[-15.0]

[80.0]

34.5

53.6

[103.0]

Q1

+5.4

+1.6

+2.3

FY2025 9M

-1.2

-5.0

-0.8

Q2

+3.2

+1.7

+2.1

exchange, one-time,

+0.9

-0.8

-3.6

Q3

+4.8

+0.8

+2.7

and tariff impacts)

+2.8

+4.1

-4.5

FY2025 9M

(excluding transient factors)

(excluding foreign

Office Printing performance remained weak, with earnings rising on Office Services growth and gains from business divestments in North America

Sales

YoY

+2.7%

(Billions of yen)

1,399.3

+38.3

1,437.7

654.8

OS

74.6 OP

720.7

669.8

646.8

Other*1

70.1

Overview

Office Services

  • Recurring revenues increased 4% (on gains of 12% in Japan and 7% in Europe offsetting 6% decline in Americas)

  • In Japan, IT services and applications continued to perform solidly

  • In Europe, synergy efforts progressed steadily despite economic conditions and

    demand remaining weak

  • In Americas, strengthened Workplace Experience capabilities to drive growth

Office Printing (Sales)

FY2024 9M FY2025 9M

Operating profit

Hardware: Weak overseas performance reflected Asian price competition and other factors

Non-hardware: Performances in Japan and Americas largely as expected, remaining weak in Europe and Asia

(Billions of yen)

12.8

+13.5

26.4

Change breakdown (see *2)

Office Services recurring sales

(Billions of yen)

96.6

94.4

98.2

103.5

101.4

107.5

103.3

397.5

Operating profit excluding one-time factors

FY2024 9M FY2025 9M

FY2024

FY2025

(Billions of yen)

Q1

Q2

Q3

Q4

Toal

Q1

Q2

Q3

Changes in profits -8.1

-7.8

+0.2

+7.1

-8.5

+0.1

+8.5

+4.7

OS +2.8

+1.9

+1.8

+5.2

+11.6

+2.2

+4.1

+2.2

OP etc. -7.8

-3.1

-1.1

+2.3

-9.8

-0.0

-2.1

-4.8

(Tariffs)

(-0.5)

(-1.8)

(-2.2)

One-time -3.0

-6.6

-0.4

-0.3

-10.3

-2.0*3

+6.6

+6.5*4

＋2.4

22.9

25.3

*1 Including environmental and industrial solutions *2 Estimated value based on internally managed earnings

*3 Difference in one-time expenses of ¥5.0 billion in Q1 FY2025 and ¥3.0 billion

in Q1 FY2024

Q4 Q3 Q2 Q1

+5% (+4%*5)

307.7

*4 Difference in one-time gains of ¥6.9 billion and expenses of ¥0.8 billion in Q3 FY2025 and one-time expenses of ¥0.4 billion in Q3 FY2024

FY2024 FY2025

*5 Excluding forex impact

Maintained revenue growth, delivering double-digit IT services and applications growth despite PC replacement demand tapering in Q3

Sales

YoY

+20.4%

(Billions of yen)

312.9

+ 63.9

Q3

Q1

89.4

104.3

115.1

147.6

108.3

124.8

Q2

376.9

  • IT services

    • While PC replacement demand tapered, service and support contracts remained strong

    • Security and workstyle demand were solid

    • Demand rose for post-implementation operation outsourcing and other high-margin work

      FY2024 9M FY2025 9M

      Sales by Category

      (Billions of yen)

      137.1

      83.5 91.0

      75.0 87.3

      2.7

      2.8

      14.4 16.6

      178.9

      FY2024 9M FY2025 9M

  • Application Services

    • Secured large projects for information systems applications

    • Generated growth in payroll and attendance management solutions on strength

      of legal revisions for childcare and caregiver leave

      Highlights

    • Developed Japanese large language model optimized for on-premises

      deployment based on Gemma 3 27B, Google's open-weight, multimodal model

      IT

      infrastructure

      IT

      services

      Application services

      Business Process Services

      Workplace Experience

      YoY

      +30% +9% +16% +3% +15%

      IT service and application services demand remained solid

      Sales

      YoY

+2.4%

(-1.8%)

(Billions of yen)

66.8

Q3

Q2 Q1

75.9

60.7

61.4

65.3

60.1

192.8

+4.6

197.5

  • IT services

    • Synergy building progressed between acquired and existing Group companies

      and among acquired entities

      • Attained annual order target ahead of schedule

      • Contributed to recurring revenue growth by strengthening managed IT services

    • Secured large deal in Italy

      FY2024 9M FY2025 9M

      • Application Services

Sales by Category

(Billions of yen)

FY2024 9M FY2025 9M

  • DocuWare cloud services drove growth

  • Proposed business process automation integrating DocuWare, natif.ai*, and Axon Ivy*, securing orders from leading retail and service companies and government agencies

    28.0 30.0

    18.6 18.2

    23.1 19.1

    66.3

    65.8

    56.6

    64.3

    • Workplace Experience

      • Revenues declined because of ongoing investment caution amid uncertainty

        IT

        infrastructure

        IT

        services

        Application services

        Business Process

        Workplace Experience

      • Secured global Ricoh Spaces deal

YoY

(excluding

-1% +14% +7%

Services

-2%

-18%

forex impact)

February 5, 2026

(-5%)

(+9%) (+3%) (-6%) (-21%)

© Ricoh

* See slide 25 showing categorizations of acquired companies 9

Continued to reinforce Workplace Experience framework and invest in growth

Sales

YoY

-1.7%

(+0.9%)

(Billions of yen)

128.2

-2.1

43.2

Q3 Q2

Q1

42.5

43.1

43.2

41.7

40.2

126.0

  • IT services

    • Revenues declined after divesting U.S. Managed IT Services business

  • Application Services

    • Generated growth in proprietary software linked to MFPs

      FY2024 9M FY2025 9M

      • Business Process Services

        • New orders again slowed amid uncertainty about future

          Sales by Category

          (Billions of yen)

          FY2024 9M FY2025 9M

        • Maintained profitability by streamlining operations and controlling price

          78.1

          74.8

          • Workplace Experience

            7.3 8.9

            10.4

            8.3

            17.9 18.4

            14.2 15.4

            • Double-digit sales growth was lower than targeted because customers held back on investments

            • Reinforced organization and rolled out incentives to build sales with existing customers to some effect in Q3

              YoY

              (excluding

              IT

              infrastructure

              IT

              services

              Application services

              Business Process Services

              Workplace Experience

              Highlights

            • Acquired two audiovisual integrators to strengthen workplace services capabilities

+21%

-21%

+3%

-4%

+8%

(+24%)

(-19%)

(+6%)

(-2%)

(+11%)

forex impact)



RICOH Digital Products

Surpassed targets from such factors as ETRIA contributions, structural reinforcements, cost controls

Sales

YoY

-1.8%

(Billions of yen)

433.2

-7.8

425.4

Overview

  • Coordinated production and sales and continued to reinforce structure and control expenses

  • Took steps to counter semiconductor memory component shortages and rising procurement costs

  • ETRIA steadily implemented measures

    • Oki Electric Industry joined, contributing to performance from Q3

    • Built production structure that can resiliently accommodate various risks and flexibly adapted to U.S. tariff policies and other changes in operating climate

    • Integrated purchasing organizations and took steps to cut costs of common and

      FY2024 9M FY2025 9M

      Operating profit

      (Billions of yen)

      similar parts

      1. Harness existing assets

Deploy existing assets across brands

ETRIA

3. Develop new engines from scratch

Ricoh's environmental, image process,

security, and other capabilities

Ricoh's diverse peripherals range

Oki Electric's LED technology

Toshiba Tec's high-efficiency development and imaging technology

2. Combine robust modules

Leverage mutual strengths to introduce eco-friendly products compatible with digital services

22.6

+6.4

29.1

FY2024 9M FY2025 9M

Brand owner

OEM

Ricoh, Toshiba Tec, and Oki Electric

Examples from each company



RICOH Graphic Communications

Further cost hikes and investment restraints owing to U.S. tariff policies reduced revenues and earnings

Sales

YoY

-5.5%

(Billions of yen)

215.6

-11.7

203.9

184.5

Comm Printin

Indust Printin

174.5

31.1

29.3

ercial g

rial g

Overview

Commercial Printing

  • Hardware:

    • With investments remaining constrained in United States owing to tariff policies and other factors, implemented additional initiatives across global regional to expand hardware sales

    • Steadily built machine-in-field levels with high-end color cutsheet model

  • Non-hardware:

    • Performed solidly

      Sales

      FY2024

      FY2025

      FY2024

      FY2025

      YoY

      Q1

      Q2

      Q3

      Q4

      Q1

      Q2

      Q3

      9M

      9M

      Hardware

      +32%

      +18%

      +31%

      +9%

      -9%

      -10%

      -21%

      +27%

      -14%

      (Excluding forex impact)

      +18%

      +13%

      +27%

      +7%

      -4%

      -11%

      -24%

      +19%

      -13%

      Non-

      hardware

      +16%

      +6%

      +5%

      +2%

      -4%

      +1%

      +6%

      +9%

      +1%

      (Excluding forex impact)

      +4%

      +2%

      +2%

      +0%

      +2%

      +0%

      +2%

      +3%

      +1%

      FY2024 9M FY2025 9M

      Operating profit

      (Billions of yen)

      12.0

      17.9

      -5.8

      FY2024 9M FY2025 9M

      Industrial Printing

      • Inkjet heads:

        • Demand remained sluggish in key Chinese market owing to impact of U.S. tariff policies and other factors

          Thermal business performed steadily in Japan and Europe, with increased enhanced profitability of Industrial Products and other factors improving earnings

          Sales

          YoY

-7.9%

(Billions of yen)

84.2

-6.6

Industrial

Products

15.5

21.7

62.0

62.5

77.6

Thermal

Overview

Thermal

  • In Americas, experienced ongoing impact of reduced logistics demand owing to tariff policies and other factors

  • European operations again benefited from contributions of strategically prices product launches

  • Japan performed solidly in linerless labels

FY2024 9M FY2025 9M

Operating profit

(Billions of yen)

Industrial Products

  • Business environment remained solid, with sales on track with previous

    year's levels after excluding impact of optical business transfer

  • Process improvements enhanced profitability

2.0

+4.0

-1.9

FY2024 9M

FY2025 9M

Excluding one-time factors from

the previous fiscal year

＋1.4

Total assets basically unchanged from previous fiscal year-end after excluding impacts of foreign exchange and Oki Electric Industry joining ETRIA Inventories up on buildup for year-end sales and revaluation related to U.S. tariffs and production transfer measures

Assets

（Billions of yen）

As of

Dec 31,

2025

Change

from Mar 31, 2025

Liabilities and Equity

（Billions of yen）

As of Dec 31,

2025

Change from

Mar 31, 2025

Cash & time deposits

182.8

-9.4

Trade and other receivables

556.0

+14.9

Other financial assets

122.5

+12.5

Inventories

362.1

+63.2

Other current assets

82.3

+11.1

Current Assets 1,305.9 +92.4

Bonds and borrowings

153.3

+7.6

Trade and other payables

331.7

-0.9

Lease liabilities

25.8

+1.1

Other current liabilities

381.0

+24.1

Current Liabilities 891.8 +32.0

Non-current assets 1,212.1 +68.4

Inventory buildup for Q4, revaluation owing to U.S. tariffs, and production transfer measures

Bonds and borrowings

298.1

+3.2

Lease liabilities

58.3

+7.4

Non-current Liabilities 454.3 +11.7

Property, plant and equipment

211.6 +7.6

Accrued pension & retirement 32.5 +0.5

benefits

Right-of-use assets 78.5 +8.9

Other non-current liabilities 65.2 +0.5

Goodwill and intangible

453.6 +20.8

-¥4.8 after stripping

Total Liabilities 1,346.2 +43.8

assets

out forex Increase in foreign

Other financial assets 198.0 +14.5

Total equity attributable to

owners of the parent

1,139.4 +109.3

currency translation adjustments

Other non-current assets 270.2 +16.4

Total Assets 2,518.0 +160.9

+¥22.5 after

Exchange rate as of Dec 31, 2025:

(change from Mar 31, 2025, rate)

US$ 1 = ¥ 156.56 (+7.04)

EURO 1 = ¥ 184.33 (+22.25)

stripping out forex

Noncontrolling Interest 32.3 +7.7

Total Equity 1,171.8 +117.1

Total Liabilities and Equity 2,518.0 +160.9

Total Debt* 451.5 +10.8

February 5, 2026

© Ricoh

*Total for bonds and borrowings 14



Statement of Cash Flows

Higher earnings and proceeds from business divestments boosted free cash flow

（Billions of yen）

FY2024 9M FY2025 9M

Free Cash Flow

（Billions of yen）

35.1

16.4

Profit

28.5

48.7

Depreciation and amortization

86.1

86.9

Other operating activities

-42.9

-53.3

Net cash provided by (used in) operating activities

71.7

82.3

Plant and equipment

-33.5

-30.9

Purchase of business, net of cash acquired

-5.6

-4.7

Other investing activities

-16.1

-11.5

Net cash provided by (used in) investing activities

-55.2

-47.2

Net increase of debt and bonds

84.8

-6.1

Dividends paid

-22.0

-22.1

Payments for purchase of treasury stock

-52.4

-0.0

Other financing activities

-25.7

-27.6

Net cash provided by (used in) financing activities

-15.3

-56.0

Effect of exchange rate changes on cash and cash equivalents

5.1 8.1

-8.6

FY2023 9M FY2024 9M FY2025 9M

Net increase (decrease) in cash and cash equivalents 6.2 -12.8

Cash and cash equivalents at end of period 175.9 169.0

Free cash flow* 16.4 35.1

*Free cash flow: net cash used in operating activities plus net cash used in investing activities

February 5, 2026

© Ricoh 15



Fiscal 2025 Outlook

© Ricoh

FY2025

Initial forecast

FY2025

forecast

Change

Sales

2,560.0

2,600.0

+1.6%

Gross profit

904.0

920.0

+1.8%

Selling, general and administrative expenses

824.0

830.0

+0.7%

Operating profit

80.0

90.0

+12.5%

Operating margin

3.1 %

3.5%

+0.4pt

Profit attributable to owners of the parent

56.0

61.0

+8.9%

EPS (Yen)

98.39

107.16

+8.77

ROE

5.4%

5.7%

0.3pt

ROIC

4.1%

4.4%

0.3pt

Average exchange rates Yen/US$ Yen/euro

140.00

155.00

148.77*

171.92*

8.77

16.92

Capital expenditures

45.0

45.0

-

Depreciation

46.0

46.0

-

R&D expenditures

83.0

79.0

-4.0

FY2024

YoY

2,527.8

+2.9%

868.6

+5.9%

804.7

+3.1%

63.8

+41.0%

2.5%

+0.9pt

45.7

+33.5%

78.11

+29.05

4.4%

+1.3pt

3.2%

+1.2pt

152.65

163.86

-3.88

+8.06

（Billions of yen）

48.9

-3.9

44.8

+1.1

95.0

-16.0

* The FY2025 Q4 exchange rate assumptions are the same as the average exchange rates for the first nine months: USD 1 = JPY 148.77; EUR 1 = JPY 171.92

ETRIA post-merger integration

and production streamlining

-5.0

[-5.0]

RICOH Digital Services impairment charge

-5.0

[-5.0]

Partial sale of Americas IT Services

+6.9

[+7.0]

Additional structural reforms, etc.

-7.0

[0]

Benefit from business progress and favorable exchange rates and push forward with additional structural reforms to deliver full-year operating profit of ¥90 billion

YoY changes

Tariff Impact

[-7.5]

[-6.0]

Ricoh Graphic Communications -6.0

-7.5

Ricoh Digital Services

（Billions of yen）

Ricoh Digital Services +12.8 [+9.0]

Ricoh Digital Products -2.6 [-4.0]

Ricoh Graphic Communications -0.7 [+2.0]

Ricoh Industrial Solutions +1.7 [+2.0]

Others +3.7 [+2.1]

Sales and product mix

+15.0

Structural reinforcements

+4.5

Expenses Forex

+5.0

+6.0

One-time

factors

-10.0

-15.0

84.4

RICOH Digital Services assumptions YoY sales changes: Hardware +0％

Non-hardware -4％

63.8

+20.7

110.0

Reference:

90.0

Foreign exchange rate sensitivity*

US$

4.2

0.2

Euro

3.7

0.8

（Billions of yen） Sales Operating profit

FY2024

One-time factors in

FY2024

(excluding

[+11.1]

[+4.5]

[+3.0]

[103.0]

FY2025

Forecast

[-5.0] [-3.0] [-15.0]

[80.0]

FY2025

Forecast

*Annual impact per ¥1 change in

exchange rates

previous fiscaltransient factors)

year

(excluding foreign exchange, one-time, and tariff impacts)

[ ]：Initial full-year forecast



Segment Sales and Operating Profit

(Billions of yen)

FY2025

Previous Forecast

FY2025

Forecast

Change

Ricoh Digital Services

Sales

1,927.0

1,975.0

+48.0

Operating profit

45.5

42.5

-3.0

Ricoh Digital Products

Sales

570.0

570.0

0.0

Operating profit

21.5

26.5

+5.0

Ricoh Graphic Communications

Sales

280.0

284.0

+4.0

Operating profit

14.5

18.0

+3.5

Ricoh Industrial Solutions

Sales

116.0

107.0

-9.0

Operating profit

3.0

3.0

0.0

Other

(Camera, New business)

Sales

62.0

54.0

-8.0

Operating profit

0.0

0.0

0.0

Eliminations and corporate

Sales

-395.0

-390.0

+5.0

Operating profit

-4.5

0.0

+4.5

Total

Sales

2,560.0

2,600.0

+40.0

Operating profit

80.0

90.0

+10.0

FY2024

Results

YoY

change

1,930.1

+44.8

32.2

+10.2

584.6

-14.6

28.7

-2.2

292.6

-8.6

23.1

-5.1

113.2

-6.2

-1.8

+4.8

56.2

-2.2

-5.5

+5.5

-448.9

+58.9

-12.9

+12.9

2,527.8

+72.1

63.8

+26.1



Initial forecasts unchanged

Shareholder Returns

  • Maintain 50% total return target

  • Lift earnings per share by boosting dividends and repurchasing shares

    Dividends per share

    • Boost to ¥40 per share for FY2025 (¥20 interim and ¥20 year-end)

  • Keep reviewing cash flow allocations and flexibly execute capital policies in line with operating climate and based on business environment and progress with strategic investments

Dividends (billions of yen)

22.0

22.8

21.8

20.7

17.0

38.0

40.0

34.0

36.0

7.5

30.0

52.5

92.7

26.0



Share of purchases (billions of yen) Dividends per share (yen)

Payout ratio

FY2021 FY2022 FY2023 FY2024 FY2025

(Forecast)

57.3% 38.6% 49.6% 48.6% 37.3%



February 5, 2026 © Ricoh 2121

Appendix

Key Performance Indicators for Priority Measures

ROIC



Key Performance Indicators FY2025 targets Q3 results

Operating

profit

Office services recurring revenue growth rate*1

+10%

+4%

Proprietary applications sales growth rate*1

+25%

+11%

Domestic IT services sales growth rate

+10%

+9%

Japan Scrum series sales growth rate

+0%

+24%

Variable cost reductions

¥3.5 billion

¥4.1 billion

Priority measures

RICOH Digital Services

Expand digital services in office domain

Expand sales of strategic products to drive offset to digital transition

Deliver operational excellence

Broaden customer base through new sales channels

Sales to Office Printing partners (outside Ricoh Brand)

Commercial Printing unit sales growth rate

¥90.0 billion ¥63.9 billion

RICOH Graphic

Communications

RICOH Digital Products

High-end color cutsheet printers +8% -5%

High-speed inkjet printers +55% -*2

Headquarters

Defines measures that we can execute and achieve profitably

Develop digital professionals

Employ diverse talent

Reinforce intellectual property capabilities for digital services

Shift investments to workplace domain

Number of employees with Ricoh Digital Skills Level 4 or above (Japan)

300 437*3

Clearly articulate objectives of headquarters initiatives that are hard to quantify financially

Employee Engagement score 3.91 -*2

Digital services patent application ratio 60% 66%*3

Below

Invested

capital

Companywide R&D expenditures

¥83 billion

¥56.8 billion

Business foundations

Upgrade key enterprise systems (human resources, sales, budgeting, accounting, maintenance *1 Annual revenue growth rates after factoring

February 5, 2026

services, and production) and digitize processes to standardize and streamline operations

CCC

Strengthen inventory and sales and credit management through headquarter supply chain

management, deploying measures for each business unit

© Ricoh

out foreign exchange

*2 Will disclose results with full-year earnings announcement

*3 Results as of the H1 earnings announcement; to be updated with the full-year earnings announcement 22

Business Segments

Key Businesses and Functions

Core Products and Services

Ricoh Digital Services

Office Services

IT services: IT infrastructure (including hardware) and IT services

Process Automation: Application services and Business process services Workplace Experience: Communication services (including hardware)

Office Printing (Sales)

Hardware: MFPs, printers

Non-hardware: Consumables, services, and support

Other

Businesses running independently in regions

(Including environmental energy and Ricoh Service Advantage)

Ricoh Digital Products

Office Printing (Development and manufacturing)

Hardware: MFPs, printers, and communication devices • In-house sales to Ricoh Digital

Services and original equipment

Non-hardware: Consumables • manufacturing

MFPs, printers and consumables

Other: Scanners and electrical units have been produced by ETRIA since FY2024 Q2.

Ricoh Graphic Communication

Commercial Printing

Hardware: Production printers

Non-hardware: Consumables, services, and support

Industrial Printing

Hardware: Inkjet heads and industrial printers

Non-hardware: Consumables, services, and support

Ricoh Industrial Solutions

Thermal

Thermal paper, thermal transfer ribbons, and label-less thermal

Industrial Products

Precision instrument components and industrial equipment

Digital Services Sales Ratio

Frontlines digitalization Office digital services

FY2024

49%

8% 41%

FY2025 9M

50%

8% 42%

FY2025 forecast

53%

9% 44%

  • In Office Printing, after services decline and external factors

    ⇕

  • Reinforced and reformed business structure, and overhauled

Established ETRIA Co., Ltd.

Oki Electric joined ETRIA in October 2025

  • Accelerated business selection and concentration



  • Evolved collaboration with other companies

    （including through joint venture with Toshiba Tec）

  • Reviewed production structure

    enterprise resource planning

    • Deployed production measures

    • Procured parts flexibly

    • Expanded collaborations with other companies and original equipment manufacturing

Optimized resources allocation

through Corporate Value Improvement Project

  • Pursued operational excellence

  • Reevaluated assets

  • Optimized development and headquarters expenses

    • Controlled pricing

・Bolstered investments in people

Started deploying thermal collaboration strategy

Restructured embedded

computing business

Frontlines digitalization

  • Provide digital transformation support for print sites

  • Engage in initiatives to implement inkjet technology

  • Undertake digital projects for thermal technology

    • Launched Ricoh Business Booster

    • Deployed strategic Commercial Printing models

      • Accelerated strategic model expansions

      Office digital

  • Leverage robust direct sales and services reach with customers

  • Head office leading core development to support regional

Commercialized labelless thermal technology

Acquired IT

Cumulative Scrum package sales reached 200,000 units

Strengthened and accelerated Scrum Assets and narrowed industry focuses

Scrum series: Focused away from unit sales toward profits

Acquired PFU

Expanded digital professional development program

services

strategies

  • Generally deploy acquired IT services and audiovisual technologies

  • Expand managed services

  • Expand in-house software assets and earnings

    services firm

    Acquired systems integrator

    Acquired IT services firm

    Acquired IT services firm

    Launched RICOH kintone plus

    Acquired software

    developer

    Acquired software

    developer(AI)

    Acquired WE firm

    Acquired WE firm

  • Further reinforce digital training

  • Uphold discontinuous growth and strategic investments and establish corporate venture capital unit

Acquired software

developer

Acquired software

developer

Acquired audiovisual

systems integrator

Acquired IT

services firm

Acquired WE firm

Acquired WE firm▪ Invest heavily in artificial intelligence area

FY21 FY22 FY23

FY24

FY25

Workplace Experience



Company name (Acquisition date)

Alliance and in-house apps

Company

acquired in FY2025

Organizational expansion progress

Countries and

regions

IT Services

Application Services

UK/Ireland

PFH

(FY2023)

Germany

ADA

(FY2013)

France

Corelia

(FY2022)

Italy

NPO

(FY2014)

Spain/

Portugal

IPM & TS

(FY2019)

MTI

(FY2020)

Mauden

(FY2019)

Pamafe

(FY2021)

Ridgian

(FY2015)

Aventia

(FY2013)

DocuWare

(FY2019)

natif.ai

(FY2024)

DocuScan

(FY2023)

Alliance and in-house apps

Pure AV

（FY2022）

DataVision

(FY2020)

TechnoTrends

(FY2015)

The

Netherlands

Switzerland

Belgium

UpFront

Avantage

(FY2021)

LAKE

(FY2019)

Orbid

Preparing to

expand globally

Axon Ivy

(FY2021)

Deploying

(FY2015) (FY2020)

Poland

SimplicITy

(FY2020)

Scandinavia

Japan

North

America

offerings across Europe

Deploying

offerings globally

RICOH kintone plus

(FY2022)

PFU

(FY2022)

Cenero

(FY22)

AVC (FY2022)

Presentation Products (FY25)

ET Group

(FY25)

Latin

America

Videocorp

(FY23)

Go2neXt

(FY25)

(Billions of Yen)

FY2024

FY2025

Q1

Q2

Q3

Q4

Total

Q1

Q2

Q3

RICOH Digital Services

Sales

450.0

473.6

475.6

530.7

1,930.1

443.3

496.5

497.8

Operating profit

0.8

2.1

9.8

19.4

32.2

1.0

10.7

14.6

Percentage of sales

0.2%

0.5%

2.1%

3.7%

1.7%

0.2%

2.2%

2.9%

RICOH Digital Products

Sales

122.0

153.4

157.8

151.3

584.6

136.6

135.5

153.2

Operating profit

4.6

9.3

8.5

6.1

28.7

12.1

5.2

11.7

Percentage of sales

3.8%

6.1%

5.4%

4.0%

4.9%

8.9%

3.9%

7.7%

RICOH Graphic Communications

Sales

69.1

71.0

75.4

76.9

292.6

65.1

67.2

71.5

Operating profit

5.0

5.7

7.0

5.2

23.1

3.5

2.3

6.2

Percentage of sales

7.3%

8.1%

9.4%

6.8%

7.9%

5.4%

3.5%

8.7%

RICOH Industrial Solutions

Sales

26.8

31.3

26.0

28.9

113.2

22.8

28.2

26.5

Operating profit

-0.3

-1.5

-0

0.1

-1.8

-0.3

1.5

0.8

Percentage of sales

-1.4%

-4.9%

-0.3%

0.5%

-1.6%

-1.4%

5.6%

3.1%

Other

Sales

11.9

13.4

13.9

16.9

56.2

11.6

14.6

15.7

Operating profit

-1.7

-1.2

-0.4

-2.2

-5.5

-0.2

-0

0

Percentage of sales

-14.3%

-9.2%

-3.2%

-13.0%

-10.0%

-1.8%

-0.4%

0.5%

Corporate and

eliminations

Sales

-105.5

-114.7

-116.1

-112.4

-448.9

-98.7

-100.5

-105

Operating profit

-2.1

-14.0

2.7

0.5

-12.9

-3.4

2.9

1.0

Total

Sales

574.3

628.2

632.8

692.4

2,527.8

580.7

641.6

659.8

Operating profit

6.3

0.4

27.7

29.2

63.8

12.6

22.8

34.5

Percentage of sales

1.1%

0.1%

4.4%

4.2%

2.5%

2.2%

3.6%

5.2%

Exchange rate Yen/US$

Yen/euro

155.93

149.54

152.46

152.72

152.65

144.54

147.59

154.13

167.89

164.16

162.70

160.66

163.86

163.87

172.36

179.43

Office Services

Sales

FY2024

FY2025

9M

9M

YoY

(Excluding forex impact)

Office services business

654.8

720.7

+10%

+9%

IT infrastructure

217.8

258.8

+19%

+18%

IT services

154.3

167.5

+9%

+7%

Application services

125.3

139.9

+12%

+11%

Business process services

101.5

98.4

-3%

-2%

Workplace experience*

55.7

55.8

+0%

-0%

Sales by Category

(billions of yen)

Sales

FY2025 9M

YoY

Scrum Packages

57.6

+7%

Scrum Assets

94.3

+38%

Total

152.0

+24%

Scrum series performance

(billions of yen)

Unit

FY2025 9M

YoY

Scrum Packages

73,460

+13%

＊ Workplace Experience: Previously named Communication Services

Major business activities in each segment IT Services

IT Infrastructure: Selling hardware and software for building IT environments and providing security services. Mainly purchases IT Services: Installing, constructing, operating, and maintaining IT environment and security services

Process Automation

Application Services: Installing, constructing, operating, and maintaining in-house and purchased application software In-house software includes DocuWare, RICOH kintone plus, and document solutions products

Business Process Services: Commissioned business for customer output centers and new services tapping customer base

Workplace Experience (renamed from Communication Services)

Installing, constructing, operating, and maintaining communication environments, including managed services and selling in-house edge devices

Office Printing Commercial Printing

Hardware and non-hardware Hardware and non-hardware

Sales YoY

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Hardware

(Excluding forex impact)

-5%

+3%

-2%

+1%

-2%

-7%

-0%

-14%

-1%

-5%

-1%

+2%

-8%

-4%

Non-hardware

(Excluding forex impact)

+4%

-1%

-3%

-3%

-8%

-3%

-1%

-3%

-4%

-4%

-4%

-5%

-4%

-4%

FY2024

FY2025

9M

9M

-2%

-3%

-7%

-3%

+0%

-4%

-4%

-5%

Sales YoY

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Hardware

(Excluding forex impact)

+32%

+18%

+31%

+9%

-9%

-10%

-21%

+18%

+13%

+27%

+7%

-4%

-11%

-24%

Non-hardware

(Excluding forex impact)

+16%

+6%

+5%

+2%

-4%

+1%

+6%

+4%

+2%

+2%

+0%

+2%

+0%

+2%

FY2024

FY2025

9M

9M

+27%

-14%

+19%

-13%

+9%

+1%

+3%

+1%

By region By region

Sales YoY

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Japan

+1%

+1%

-2%

-6%

-1%

-3%

-1%

Americas

(Excluding forex impact)

-2%

-2%

-4%

+1%

-7%

-10%

-3%

-14%

-6%

-7%

-2%

-0%

-9%

-4%

EMEA

(Excluding forex impact)

+4%

-0%

-1%

-3%

-7%

+2%

+3%

-7%

-4%

-4%

-4%

-5%

-3%

-7%

FY2024

FY2025

9M

9M

+7%

-2%

+1%

-5%

-7%

-4%

+4%

-2%

-1%

-5%

Sales YoY

FY2024

FY2025

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Japan

+4%

-6%

-8%

-10%

+2%

+1%

-4%

Americas

(Excluding forex impact)

+24%

+10%

+19%

+7%

-9%

-8%

-14%

+9%

+6%

+15%

+3%

-2%

-6%

-15%

EMEA

(Excluding forex impact)

+20%

+14%

+14%

+6%

+2%

+4%

+3%

+7%

+9%

+11%

+6%

+4%

-1%

-6%

FY2024

FY2025

9M

9M

-4%

-0%

+17%

+10%

-10%

-8%

+16%

+9%

+3%

-1%



Other

Cost reductions through business selection and concentration and robust camera sales fueled return to profitability in Q3.

Sales

YoY

+6.8%

(Billions of yen)

+2.6

39.3 41.9

FY2024 9M FY2025 9M

Overview

Smart Vision

  • Stepped up B2B initiatives focusing on construction and civil engineering and expanded adoptions of cloud services contributing to recurring revenue stream

    Drug discovery support

    • Completed deliverables related to a clinical trial preparation project for mRNA contract development and manufacturing organization business、 supporting business scale expansion.

      Cameras

    • Continued to perform well, primarily on strength of RICOH GR series

Operating profit

(Billions of yen)

-0.1

-3.3

+3.2

FY2024 9M FY2025 9M

© Ricoh

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