Ricoh : FY2025 Q3 Financial Announcement (February 5, 2026) FY2026 Initiatives for the Mid-Term Strategy ‘26

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• We will continue evolving into a digital services company and become a leading global integrator, delivering competitive advantage and differentiation for customers by orchestrating our own and third-party products, services, and software across the workplace.

• ETRIA will strengthen its engine share by continuing to be the partner of choice for customers through

  environmentally superior technologies.

• Commercial and industrial printing will deliver stable profits while creating new growth businesses by applying inkjet technologies to help customers reduce costs and address environmental challenges (including low-cost production of perovskite solar cells)

• By accelerating asset-light transformation, expanding asset-light businesses, and growing recurring earnings, we will enhance ROIC and secure stable profitability.

• This will allow us to maintain a flexible capital structure (Debt/Equity) and deliver timely and appropriate returns to shareholders.

• By sustaining ROE above the cost of equity, we will drive enhancements in corporate value and total shareholder return (TSR).

May 12, 2026 © Ricoh 2

Enhance Corporate Value

Expand Total Shareholder Returns

Expand Equity Spread

Consistently deliver ROE exceeding 10％

ROE

Shareholder Returns

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Target 50% total return ratio

Grow Profitability

Cumulative operating cash flow of

¥650~¥700 billion

Net Income (Attributable to Owners of the Parent)

M

Enhance Asset Efficiency

ROIC exceeding 7%

Optimize Capital Costs

Net debt-to-equity ratio below 0.40

Equity attributable to owners of the parent

¥115 billions

• Expand customer value through integration

• Review services portfolio, expand common modules, and reinforce governance

• Strengthen sales structure and product competitiveness

• Strategic acquisitions

• Leverage inkjet technologies to enhance profitability

• Implement asset-light initiatives

  • Improve cash conversion cycle

  • Business selection and concentration

  • Drive cost structure transformation

• Optimize capital structure and reduce weighted average cost of capital

• Raise dividends in line with profit growth

• Repurchase and retire shares as needed

Key performance indicators tracking progress toward Mid-Term Strategy '26 targets

ROE

ROIC

Key Performance Indicators (KPIs)

FY2025 Results FY2026 FY2030

5.1% 5.4% Above 10%

4.0% 4.4% Above 7%

Further details on the next page

Regional recurring revenue growth

North America

YoY change

-3% +2% CAGR above +2%

Number of SIF (service in field) contracts

Global Major Accounts sales growth*2

Europe YoY change

Japan

YoY change

-2% +2% CAGR above +2%

2.24 million 2.64 million 4.67 million

+7% +5% CAGR above +10%

Software business sales growth YoY change

Human Capital ROI

Number of certified frontline employees

Number of employees with Digital Skills Level 2 or above rating*3

*1. Recurring earnings = Recurring Gross profit

+10% +19% CAGR above +18%

17% 18% 25%

15,251 15,500 16,500

12,000 13,200 17,000

*2. GMA = Global Major Accounts framework integrates value delivery across countries and business units for customers around the world

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*3. Digital Skills Level 2 = Employees can apply digital skills in workplaces, combine their domain knowledge with digital technologies, and envision business applications

Accelerate Workplace Services recurring earnings growth while minimizing Office Print decline

Recurring Gross Profit Trends

Steady accumulation

CAGR +3%

Priority Areas and Initiatives

Growth and improved profit margins

Expand Regional Integration Businesses

Recurring Revenue Growth

Recurring Earnings Growth

Total Recurring

Others

+1.8% +2.5%

Standardize Services Portfolio

Workplace Services

Commercial and Industrial

Printing

Office Printing

12%

60%

FY2024

＋8%

0%

＋

20%

＋1%

21%＋15%

12%

＋2%

60%

-2％

FY2025

24%＋15%

13%

＋6%

57%

-4％

FY2026

FY2030

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Accelerate Strategic Acquisitions

Deliver Competitive Products and Technologies

Drive Ongoing Global Cost Structure Transformation

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Key Strategies FY2026 Measures

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Key Strategies FY2026 Measures

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GMA market, where Ricoh has already established strong trust, continues to offer substantial growth potential.

Global Market which Ricoh can enter

Approx. 6,000 companies

• Ricoh currently serves more than 20% of the total market

  
  
  

• In the GMA market, Ricoh has a strong and achievable winning strategy (see details below).

Significant potential for Ricoh's Business Growth

Market with strong potential for value creation driven by customer needs

×

Approx. 3,500 companies

Total Customers Acquired

More than 700 companies

*The figures above are based on Ricoh's internal estimates

Ricoh's Value Proposition

• Highly standardized global Managed AV and Managed Print Services

• Centralized Design & Local Delivery of small, medium, large, complex meeting rooms. AV NOC integration / VIP & on-site support

• Enterprise-wide Governance over Standards and full Visibility of Global Expense.

• A strong focus on delivering productivity and a seamless end-user experience

Leverage standardized global operations and regional execution capabilities to progressively expand service domains, leading to long-term partnerships.

Customer* Challenges

• Decentralized Supplier Landscape

• Lack of globally capable, digitally enabled, resilience-driven global partners

• Lack of Enterprise-wide Standards and Governance for Global Collaboration

• End-user Experience & Inconsistent Service Quality

• Sustainability, Security and Compliance expectations

*Global industrial and manufacturing customers with a European footprint

Key Engagements

• Total sales over contract term: More than US$130 million

• Global Managed AV Services for more than 5,000 meeting rooms (recurring)

• Global Managed Print Services for more than 10,000 devices (recurring)

• Managed Production Print. On- & Off-site Services (recurring)

• Standardized Global IT Services

Organizational and system transformations to "strengthen the Management Capability Cycle".

Design compensation to begin accruing only once ROE exceeds the cost of capital, thereby directly linking shareholder value with executive incentives.

Envisioned Compensation Curve

• Performance evaluations and feedback

• Performance-based personnel decisions and compensation

• Organizational structure aligned with strategies and plans

  Strategies and planning

• Talent that can deliver organizational mission

  Evaluations & Compensation

Strengthen Management Capability Cycle

Stock-based compensation (longterm incentive)

Bonus (short-term incentive)

Base compensation

ROE%

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CEO compensation aligned with strong incentives for shareholder value creation

1. Base compensation: Compensation curve rising after ROE exceeds equity costs (see chart on previous slide)

   2. EBITDA target achievement rate

   (80%)

2. Compensation KPIs: Cash generation in terms of EBITDA (financial metric), recurring earnings growth rate (key strategic benchmark) plus total shareholder returns (share price indicator)

Single-year bonus (short term incentive)

＝

× ＋

1. Base Compensation

2. Recurring earnings target achievement rate

(20%)

FY2026 targets

*Operating Profit + Depreciation

Share-based compensation after three years (longterm incentive)

＝

× ×

1. Base Compensation

2. Total Shareholder Returns relative to

TOPIX

ESG coefficient

(100％) (0.9～1.1)

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‌Appendix

Targeting areas beyond reach of general-purpose AI, understanding and applying company-specific contexts to operations, using AI to unlock tacit knowledge in troves of internal documents and delivering tangible workplace outcomes to customers

Become core growth business by 2030

• AI market is expanding worldwide

• Combining documents and AI is a universal challenge that Ricoh is well positioned to resolve

• With 2025 marking the dawn of AI agents, Ricoh will drive broad AI adoption in business and help democratize AI through such no-code platforms as Dify

  Current and potential markets

• Large companies (manufacturing, services, finance, and healthcare) have yet to fully leverage AI to unlock years of tacit knowledge and improve business processes

• Mid-sized companies face a shortages of IT talent

  ⇒ With small and medium-sized enterprises still prioritizing digital transformation and limiting AI investments, we see significant potential to support better work practices through general-purpose AI adoption

  Rising recurring revenue ratio

• AI-powered software subscriptions for major and large accounts to become reliable revenue stream

• Recurring revenue from ongoing support and maintenance to meet customer needs

• Upsell additional services

The plans, prospects, strategies and other statements, except for historical events mentioned in these materials are forward-looking statements with respect to future events and business results. Those statements were based on the judgment of Ricoh's Directors from available information. Results may differ materially from those projected or implied in such forward-looking statements and from historical trends. Refrain from judgments based only on these statements with respect to future events and business results. The following important factors, without limiting the generality of the foregoing, could affect future results and cause those results to differ materially from those expressed in the forward-looking statements:

1. General economic conditions and business trends

2. Exchange rates and fluctuations

3. Rapid technological innovations

4. Uncertainty as to Ricoh's ability to continue to design, develop, produce and market products and services that achieve market acceptance in intensely competitive markets

No company's name and/or organization's name used, quoted and/or referenced in this material shall be interpreted as a recommendation and/or endorsement by Ricoh.

This material is not an offer or a solicitation to make investments. Do not rely solely on these materials for your investments, decisions on which are your responsibility.

This material has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated material and the Japanese original, the original shall prevail.

Note: These materials define fiscal years as:

FY2025 (or fiscal 2025) = Fiscal year ended on March 31, 2026, etc.

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