Sysmex : Presentation( PDF format / 5.5MB )

v=svsmex

Business Results

First Nine Months of the

Fiscal Vear Ending March 31, 2d26

Sysmex Corporation

February 12, 2026

Together for a better healthcare journey

Index

1. Executive Summary

2.

Business Results, First Nine Months of the Fiscal Vear Ending March 31, 2026

3. Growth Strategy Progress

4, Financial Forecast for the Fiscal Vear Ending March 31, 2026

5. Looking Ahead to the Next Mid-Term Management Plan

(Appendix)

3

Executive Summary

Executive Summary m*s^v"smex

• Despite favorable results in the Americas and EMEA, sales and profits were down, due to on going changes in the Chinese market environment.

  Year on year, net sales were down 1.6°xé, operating profit was down 27.7°xé, and profit attributable to owners of the parent was down 20.9°xé.

  Net sales

  • Sales grew in the Americas and EMEA, mainly on the hematology and urinalysis fields.

  • In China, the effects of government-driven healthcare cost control policies persisted. Sales in China declined 19.0% year on year on a local currency basis due to the principle of minimal necessity (restrictions on set tests) and Inventory adjustments by distributors.

    Operating profit

  • Although SG&A expenses optimized, operating profit declined, affected, additional U.S. tariffs, and a decrease in gross profit on lower sales.

    Profit attributable to owners of the parent

  • In line with expectations (progress rate: 74.9%), reflecting foreign exchange impacts and tax effects associated with the liquidation of an affiliated company according to the Life science Business-Pivot.

5

Executive Summary m*s^v"smex

Note : Figures in parentheses indicate the difference from the forecast disclosed in November.

• We have revised downwards our forecast for net sales to V5OO.0 billion (-V1O.0 billion), and for operating profit to V62.0 billion (- V14.0 billion).

  Net sales

  • Revised downward, reflecting the greater-than-expected impact of market environment changes in China, the revision of the medical robotics business plan in Japan, and conditions in other regions.

    Operating profit

  • Revised downward, reflecting lower gross profit resulting from reduced sales, as well as a deterioration in the cost ratio driven by factors such as product mix.

  6

  2.

  Business Results, First Nine Months of the Fiscal Vear Ending March 31, 2026

  Financial Highlights (Vear on Vear)

  First nine months of First nine months of fiscal year ending March fiscal year ended March

  yoy (Previous

  period =

  •g*s^v"smex

  (Billions of yen)

  326.5

  298.7

  
  
  

  366.8 361.1

  (Billions of yen)

  31, 2026 31, 2025

  100%)

  Results

  et sales 361.1 100% 366.8 100% 98.4% 258.9
  Cost of sales	173.5	48.0%	168.0	45.8%	103.3%
  SG&A expenses	120.2	33.3%	109.9	30.0%	109.3%
  R&D expenses	20.4	5.7%	22.5	6.1%	90.7%

  N

  Ratio

  Results Ratio

  1.6	o.s%	1.0 0.3% 159.8%
  48.6	13.5%	67.3	18.4%	72.3%
  33.6	g.3%	42.6	11.6%	79.1%

  Other income (expenses)

  Operating profit

  Profit attributable to owners of the parent

• Net sales: Sales decreased, mainly due to the impact of changes in the market environment in China.

• Operating profit: Profit declined, reflecting lower gross profit resulting from the decrease in sales, as well as the impact of additional U.S. tariffs.

  • Forex impact: Sales: -¥0.09 billion, SG&A expenses: +¥0.50 billion, operating profit: -¥2.68 billion

  • At the rates prevailing one year earlier: Sales down 1.5%, SG&A expenses up 8.9%, operating profit down 23.8%

• Profit attributable to owners of the parent: Despite profit fell 20.9%, results were generally in line with

  2022 2023 2024 2025 2026

  (First nine months of years to March 31)

  Net sales Operating profit

  Profit attributable to owners of the parent

  First nine months of First nine months of fiscal year ending fiscal year ended

  the plan (progress rate: 74.9%)

  • Foreign exchange gain (loss): ¥2.01 billion (+¥4.41 billion year on year)

    1USD

    March 31, 2026 March 31, 2025

    V148.7 ¥152.6

  • Tax adjustment effects related to the liquidation of affiliated company according to the Life science Business-Pivot: +¥2.58 billion

1EUR V171.8 ¥164.8

1CNY V20.8 ¥21.2

8

Breakdown of Net Sales (by Business and Field)

•g*s^v"smex

(Billions of yen)

(Billions of yen)

First nine months of fiscal year ending March 31, 2026

Results Ratio

YoY

(Previous period = 100%)

impact

Yen basis Excluding FX

Hematology

366.8

Urinalysis

Medical robotics

1.68

-3.31

0 60

-2.19

Immunochemistry

Others -0.97

FX

impact 361.1

-0 09

- V5.6 billion

2025 (First nine months of years to March 31)

2026

Medical robotics business

2.3 0.6%

70.3% 70.3%

Breakdown of Net Sales (by Destination and Product Type) "ssmex First nine months of fiscal YoY

year ending March 31, 2026 (Previous period = 100%)

Major Reasons for Changes by Destination Note: On a local currency basis

(Billions of yen)

Results Ratio Yen basis

Local currency

basis

"year-on-year change on a yen basis, excluding the impact of exchange rate fluctuations

(Billions of yen)

8.44

Americas

EMEA

China

AP

Japan

• Favorable performance in North America continued following 1H, strong growth in Central and Latin America continued from Q2 onward, resulting in higher sales overall. In Q3 alone, sales grew 9.4% year on year.

• Strong performance in hematology and urinalysis across major countries and Eastern Europe offset sales declines in the Middle East, resulting in higher sales overall. In Q3 alone, sales increased significantly by 12.6% year on year.

• Sales declined due to the expanding impact of healthcare cost control policies (including the principle of minimal necessity), as well as expanded inventory adjustments driven by deteriorating distributor finances and cautious purchasing behavior.

• Despite the delay of large-scale tender projects in India, sales increased, supported by growth in other regions.

• Sales decreased due to a reaction to strong hematology instrument sales in the previous fiscal year, as well as the continued impact of special factors.

  
  
  

  (Billions of yen)

  366.8

  
  
  

  654

  -15.47

  -6.68

  
  
  

  361.1

  
  
  

  -0.09

  366.8

  
  
  

  -1.03

  - 299

  -2.27

  
  
  

  .0.09

  
  
  

  2025 Americas EMEA China AP Japan FX impact 2026 (First nine months of years to March 31)

  2025 Instruments Reagents Services Others FX impact 2026

  (First nine months of years to March 31)

  10

  Information by Destination (Americas) "ssmex

  (Million USD)

  First nine months

  of fiscal year

  First nine yo*

  Favorable performance in North America continued following 1H, strong growth in Central and Latin America continued from Q2 onward, resulting in higher sales overall. In Q3 alone, sales grew 9.4% year on year.

months of (Previous period = 100°»)

fiscal year

ending March 31, 2026

ended March 31,

2025

632.3

Local currenc basis

677.2

Yen basis

2022

2023 2024 2025

(First nine months of years to March 31)

2026

11

Information by Destination (EMEA) "ssmex

(

539.6

88.8

560.1

92.1

586.8 624 1

97.2

92.9

667.9

1 0.9 Services, others

Instruments

Reagents

• Instruments

  • Supported by the effects of the direct sales structure, the hematology and urinalysis fields performed strongly in Italy.

  • XRTM-Series sales grew in countries such as the Czech Republic and Germany.

  • In the hemostasis field, we won major tenders not only in Germany but also in Hungary and the Czech Republic, which are expected to contribute to future sales.

• Reagents

  • Despite sales declines in Turkey and Saudi Arabia, performance in key countries remained solid, resulting in growth across all Business fields.

  • In the hemostasis field, reagent sales increased in countries such as Germany and Egypt, in line with the expansion of the

    2022 2023 2024 2025

    (First nine months of years to March 31)

    2026

    installed instrument base.

    Note: Sales in Russia have been excluded, including for past years. 12

    Information by Destination (China) svsmex

    (Million CNY)

    First nine months of fiscal year

    ending

    First nine now

    Sales declined due to the expanding impact of government-driven policies to control healthcare costs (principle of minimal necessity), as well as inventory adjustments associated with changes to primary distributors.

y

months of (Previous period = 100%) fiscal year

March 31, 2026

ended March 31, 2025

Local currenc basis

Yen basis

Net sales

3,150.7 3,888.6 81.0% 7s.cx

entory adjustments and other factors.

Reagents

• Hematology test volume trends in China (Sysmex estimate)

50%

0%

* Average number of tests per unit compared to the April 2019 - March 2020 average

Apr.

2022

2023 2024 2025

(First six months of years to March 31)

2026

-100% 2023

2024

2025 2025

Dec

Outlook for China

•g*s^v"smex

-

I

Current situation

Illustration of the Impact of Changes in the China Market Environment on YoY Performance by Quarter

• The impact of the principle of minimal necessity

  - The reduction range has increased, particularly in the field of hemostasis. (e.g., D-Dimer)

  On a local currency basis, down 25-30%

  (Percentage points)

• The impact of the inventory adjustment driven by distributors

- The impact is ongoing.

-4.9%

-24.9%

-21.1%

0 Outlook

Q4

• The impact of the principle of minimal necessity

  • The reduction range has increased, particularly in the field of hemostasis.

• The impact of the inventory adjustment driven by distributors

  • The reduction of instrument sales is within the expected range.

  • The sales of reagents and consumables decreased more than anticipated

Next fiscal year

2026.3 2026.3 2026.3 2026.3 2027.3 2027.3

• 1H : continue to be negatively impacted Changes in the number of hospitals

  Q1 Q2 Q3 Q4

  上1H期

  2下H期

  year-on-year basis. and patients in 2024

  	H°S 'tags		Outpatients
  	Number	Change (VS. 2023)	Patients (100 million people)	GFOWth rate Avs. 2023)
  Tier3	4,111	+256	28.7	9.1%
  Tier2	12,294	＋348	12.2	0%
  Tier1	13,287	＋35	2.5	0%

  2H: expected to remain at broadly flat level

  代Di理stri店but在or i庫nve調nto整ry adjustments 必Pr要inci最ple小of m限inのimu原m 則necessity

  そOtのher他(V（BP,VcoBmPpe、titi競on,合etcな.) ど）

  全Ov体eraのll im影pa響ct
  
  
  
  

  Organic growth + portfolio expansion, etc.

  14

  
  
  

  Information by Destination (AP)

  •g*s^v"smex

  First nine months First nine months ( (Billions of yen) of fiscal year of fiscal year ended March 31, 2026 Net sales 39•3 38.3			eriod ) men basis 102.60» (104.1%)
  Diagnosticsbusiness	39.2	38.3	102.4%
  Instruments	7.4	8.1	91.1%
  Reagents	27.8	25.9	107.6%
  Services,others	3.9	4.2	92.5%
  Medical robotics business	0.1	0.03	336.1%

  ending

  March 31, 2025

  Despite the delay of large-scale tenders in India, sales increased, supported by growth in other countries.

Diagnostics business

Note: Figures in parentheses exclude the impact of exchange rate fluctuations)

• Sales declined due to lower sales in Indonesia, as well as the deferral of large tenders in India and other countries.

• A significant growth is expected driven by acquisition of large-scale tenders scheduled for Q4.

33.2

38.3

39.3

(3.3)

*( ) indicate sales in Russia

Services, others

• Reagents

  • In addition to significant growth in the hemostasis field in

    27.0

    21.3 7.3

    
    
    

    5.9

    
    
    

    4.9

    8.1

    1. Instruments

       Reagents

       Malaysia, sales increased supported by favorable performance in the hematology, urinalysis, and immunochemistry fields.

       Medical robotics business

       • Total cumulative installations: four units.

         
         
         

         I I

         2022* 2023* 2024 2025 2026

         (First nine months of years to March 31)

       • The number of surgeries continues to increase steadily, with more than 150 procedures performed in Singapore and Malaysia.

         ＊Sales in Russia excluded Sales in Russia included 15

         Information by Destination (Japan) "ssmex

         (Billions of yen)

         First nine months of fiscal year ending

         First nine months

         of fiscal year ended

         yov (Previous period

         Sales decreased due to a reaction to strong hematology

         )Dstrument sales in the previous fiscal year, as well as the

         continued impact of special factors.

         100°«)

         Net sales

         Diagnostics business

         March 31, 2026

         March 31, 2025 y

         eFI basis

         40.5	47.1	85.8%
         38.3	43.9	87.2%	Diagnostics business

         Instruments	5.5	8.5	65.6%
         Reagents	25.6	28.1	91.1%
         Services, others	7.0	7.2	97.70,
         Medical robotics business	2.1	3.2	67.4%

         Instruments

         • Instrument sales declined in reaction to strong performance in the hematology field in the previous fiscal year.

         • We launched new products, including the CNTM-700 in the hemostasis field and the HISCLTM-5000 mid-scale change in the immunochemistry field

    
    
    

    47.1

    • Reagents

39.2

0.7

6.3

43.7 43.3

1.7 2.0

6.9 7.0

7.2

40.5

Medical robotics business

7.0 Services, others

Instruments

• Sales declined due to special factors in Q1, as well as to a decrease in COVID-19 testing.

• We launched multiple immunochemistry reagents, which we expect to contribute to future sales.

  Medical robotics business

  2022

  2023 2024 2025

  (First nine months of years to March 31)

  2026

  Reagents

  • Although new installations declined year on year due to continued weak capital investment by hospitals, the cumulative installed base increased to 96 units in Japan (100 units globally).

  • A total of ten units have been installed year to date in Japan (11 units globally). 16

Breakdown of Operating Profit (Vear on Vear) "ssmex

Fluctuation in gross profit due to changes in net sales

Change in

(Billions of yen)

Note: Figures and comments below exclude the impact of exchange rates.

• Fluctuation in gross profit due to changes in net sales: - ¥3.03 billion

• Impact of change in the cost of sales ratio: - ¥5.95 billion (1.6pt deterioration)

  -3.03

  the cost of sales ratio

  -5.95

  Higher SG&A

  expense

  Change in other

  Lower R6D °perating expenses expenses Fx

  • Positive factor: Improved logistics costs, 0.1 pt

  • Negative factors: Impact of product mix, 0.5 pt; Q1 inventory revaluations, 0.5pt, deterioration of service costs, 0.5pt, tariff impact, 0.3 pt

    2.09 0.62 impact

    7 38

    -2.35 -2.68

    Increase in depreciation and amortization

    • Higher SG&A expenses: - ¥7.38 billion

      • Labor costs rose approx. ¥3.1 billion, due to personnel increases owing to expansion of the direct sales area, as well as higher unit costs.

      • Other costs rose approx. ¥2.5 billion in line with an increase in scale and sales promotion activities.

        • Higher depreciation and amortization: - ¥2.35 billion

        • Lower R&D expenses: + Y2.09 billion

- X18.6 billion

⚫

• While investment in product development continues, total R&D expenses declined due to prioritization and narrowing of research themes.

  Change in other operating expenses: Y0.62 billion

  2025

  (First nine months of years to March 31) 2026

  • FX impact: -¥2.68 billion

17

Reinforcement of Existing Businesses, Emerging Market Strategies, Expansion of New Businesses

✓

⚫

⚫

✓

✓

⚫

Three Growth Strategies: Reinforcement of Existing Businesses (Immunochemistry Field)

•g*s^v"smex

• Presentation of MTBR-tau243 at international conferences

  • World's first presentation of an immunoassay using blood samples

  • Strong expectations from drug discovery partners developing tau disease-modifying therapies

• Enhance market leadership through early market entry

  Began sales collaboration with Fujirebio HD

  • Fujirebio HD's extensive product lineup

  • Sysmex's global sales network

  • Stronger collaboration with KOLs and participation in development of guidelines

Limit of detection

B›omarK er leve!

Abnormal

Normal

Time

Target countries/areas: Begin with Brazil, Central and Latin America, the Middle East, and Asia

In addition to anti-amyloid disease-modifying drugs, we are advancing the development of blood tests in anticipation of the arrival of anti-tau disease therapeutics.

In addition to rolling out the HISCL series in advanced markets, we are pursuing global expansion.

20

✓

⚫

✓

⚫

⚫

✓

Three Growth Strategies: Expansion of New Businesses =S¥'smex

(Medical Robotics Business)

• Japan:

• AP:

  We are targeting further market penetration by introducing flexible sales schemes and benefiting from tailwinds, such as subsidies under programs aimed at enhancing functionality of university hospitals.

  Against the backdrop of increasing case volumes in the expanding Asian market, we are advancing the selection of future entry countries and the development of market introduction frameworks.

• Europe: Assuming we receive regulatory approval, we will move forward with efforts to develop optimal market entry models.

  hinotoriTM units installed to date globally

  Total 10a units

  hinotori'" surgeries performed to date globally

  Total of approx.

  15d 0 surgeries

  • Japan

    86

9,400

300

2024

2025

(Years to March 31)

Q3 2026

2024

2025

(Years to March 31)

Q3 2026

22

Fiscal Vear Ending March 31, 2d26

Financial Forecast for the

Rev•ised F•inanc•ial Forecast for the F•iscal Vear End•ing March 31, 2026

w*s"v"smex

Green indicates changes from previous forecast (announced in November 2025)

(Billions of yen)

Q3 of Fiscal year ending March 31, 2026

Ratio

(April-December)

Fiscal year ending March 31, 2026 (April-March)

Fiscal year ending March 31, 2026 (April-March)

Results

Vs. November Revised forecas

November forecast

Revised

Ratio February

Forecast

Ratio yo*

Vs.

November

forecast

Other income (expenses)

Operating profit

profit attributable to owners of the parent

Capital expenditure: Depreciation and amortization: 50 0 b o 45 0 b o

8.5%

• Assumed Exchange Rates

  Full year Full year Q4 alone

• Exchange Rate Sensitivity (Q4 alone)

Operating

Rev•ised F•inanc•ial Forecast for the F•iscal Vear End•ing March 31, 2026

w*s"v"smex

China

（Billions of yen） （Billions of yen）

Japan

impact

EMEA

AP

Fluctuation in gross profit due to lower in net sales

Deterioration in the cost of sales ratio

Adjustments to SG&A expenses

Fx

impact

Nov月em予b想er Fe月b修ru正a予ry想

2025 2026

• The impact of the principle of minimal necessity and distributor inventory adjustments in China was more extensive than we had anticipated.

• In Japan, we revised plans for the medical robotics business in response to a deteriorating business environment.

  November Feb2 ruary

  2025 2026

• Gross profit declined due to lower sales across regions.

• The cost of sales ratio deteriorated due to product-mix etc.

Quarterly Results and Forecast for the Fiscal Vear Ending March 31, 2026

•g*s^v"smex

(Billions of yen)

Q1 of fiscal year ending March 31, 2026 (April-June)

Q2 of fiscal year ending March 31, 2026

(July-September)

Q3 of fiscal year ending March 31, 2026

(October-December)

Q4 of fiscal year ending March 31, 2026 (January-March)

(expenses)

Other income

Operating profit

owners of the parent

profit attributable to

Cost of Sales Ratio by Quarter, and Outlook for the Fiscal Vear Ending March 31, 2026

•g*s^v"smex

Cost of sales ratio, by quarter

Fiscalyear ended March 31, 2025 46.4°xé 45.4%

45.7Yo

484°4

Cost of sales ratio by quarter (actual/forecast)

+2.5 pt: Exchange rate effects, product mix, etc.

+0.7 pt: Changes in the China business environment

+0.5 pt: Additional U.S. tariffs

Year on year

＋3.7pt

49.0°xé

Excluding the increase in reagent volume in Japan due to the effects of system transition

Product mix

(lower proportion of reagents)

Expanded impact of changes in the China business environment

Additional U.S. tariffs

Fiscal year ending March 31, 2026 48.5/o 46.3°xé

49.4°4

50.8%

+2.0 pt: Exchange rate effects, product mix, etc.

+0.8 pt: Changes in the China business environment

+0.3 pt: Additional U.S. tariffs

vs. Q2

＋3.1pt

Product mix

(lower proportion of reagents)

Increased impact of changes in the China business environment

Factors that may continue to have an impact

Temporary factors/factors with potential for improvement

27

Reference: Financial Forecast for the Fiscal Vear Ending March 31, 2d26 (Sales by Business, Field, and Destination)

•g*s^v"smex

Sales by business and field

（Billions of yen）

Sales by destination

（Billions of yen）

Japan

58.0

85.6%

Text in green indicates revisions.

28

Looking Ahead to the

Next Mid-Term Management Plan

Key Points of the Next Medium-Term Management Plan "svsmex

• Commit to sustaining growth in existing businesses

  －Global rollout of new flagship model with novel solution

• Accelerate digital transformation leveraging Sysmex's strengths

  －Challenge to develop solutions that enhance the quality of the healthcare journey and customer value.

  －Transform corporate efficiency and productivity to the next stage.

• Manage the business with full consideration of geopolitical and economic security risks worldwide, including changes in the business environment in China etc.

• Strengthen management of the business portfolio and product pipeline with a focus on group-wide profitability

• Develop and acquire next-generation talent who will lead the next stage of growth

• Improve capital efficiency and enhance shareholder returns, including share buyback

30