Terumo : Financial Results for the Fiscal Year Ended March 31, 2026 (FY2025)(with note)

I'm Jin Hagimoto, CFO of Terumo.

First, I will walk you through an overview of our financial results for the fiscal year ended March 2026.

Forward-Looking Statements and Use of Document

Among the information that Terumo discloses, the forward-looking statements

including financial projections are based upon our assumptions using information available to us at the time and are not intended to be guarantees of future events or performance. Accordingly, it should be noted that actual results may differ from those forecasts or projections due to various factors. Factors affecting to actual results include, but are not limited to, changes in economic conditions surrounding Terumo, fluctuations of foreign exchange rates, and state of competition. Information about products (including products currently in development) which is included in this

material is not intended to constitute an advertisement or medical advice.

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Highlights

FY25 Results

Revenue reached record highs for both the quarter and the full year Strong sales led by North America, with 9% growth excluding FX impact

Operating profit reached a record high despite the recognition of one-time expenses

FY26 Guidance

Revenue, operating profit, and profit for the year to reach record highs, targeting the sixth consecutive fiscal year

Growth in existing businesses underpinned by strong fundamentals, together with contributions from Terumo Organ Technologies* acquired last year

*The business segment operated by OrganOx, whose acquisition was completed in 2025, has been named "Terumo Organ Technologies"

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Let me begin with the key highlights.

In FY25, revenue reached 1.1 trillion yen, marking our fifth consecutive year of record-high sales. Supported by a favorable business environment, demand expansion in North America led overall growth, resulting in 9% year-on-year growth on a local currency basis. On the profit side, although we recorded the impact of U.S. tariffs and one-time expenses related to acquisitions and business restructuring, we achieved record-high profits, in line with revenue growth.

For the FY26 guidance, we aim to deliver record highs for the sixth consecutive year in revenue, operating profit, and profit for the year, driven by strong organic growth as well as contributions from OrganOx, acquired last year.

Please note that, as of April this year, the business segment of OrganOx has been named "Terumo Organ Technologies".

Next slide, please.

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P&L, FCF

Revenue: Driven by TIS and Global Blood Solutions, particularly in North America

Operating profit: While tariff impacts were fully realized from Q3, profit margins were maintained at the same level as the previous year

Average exchange rate (USD/EUR) 153JPY/164JPY 151JPY/175JPY

153JPY/161JPY 157JPY/184JPY

Moving on to our P&L performance.

As mentioned earlier, revenue continued to grow globally, led by North America, reaching a record 1.1 trillion yen for the full year.

Operating profit and adjusted operating profit also reached record highs, at

176.3 billion yen and 219.4 billion yen, respectively. In the second half, the impact of U.S. tariffs became more pronounced, and geopolitical uncertainty in the Middle East persisted. Despite these challenges, we successfully maintained profit margins at a level comparable to the previous year through pricing measures and cost controls.

Looking at Q4 specifically, margins temporarily declined due to tariff impacts and the recognition of one-time expenses. I will explain the details on the next slide.

Next slide, please.

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One-time Expenses / Adjustments

FY25: One-time expenses of 48.8 billion yen were recorded, mainly related to acquisition-related costs and expenses associated with the optimization of the business portfolio. Due to the recognition of litigation-related costs in Q4, these expenses increased by approximately 6.0 billion yen compared with the Q3 assumptions.

FY26 Guidance: Expected to contribute over 10 billion yen to profit growth in FY26, due to the absence of one-time expenses

(100M JPY)

JPY will be

h FY26

Here, I would like to explain the one-time expenses and adjustment items recorded in FY25, as well as our outlook for FY26.

As previously disclosed, during fiscal years 2024 and 2025, we conducted ongoing reviews of underperforming businesses and projects to assess whether investments were delivering returns consistent with their original intent. As a result, in FY25, we recorded 48.8 billion yen in one-time expenses, mainly related to new acquisitions and business portfolio optimization, alongside recurring amortization from past acquisitions. Additionally, we recognized 5.5 billion yen in litigation-related expenses in Q4, which were not included in our Q3 assumptions.

These expenses relate to specific litigation matters in the United States. They were recorded as one-time expenses to mitigate uncertainty and potential future costs associated with prolonged litigation. This does not represent any admission of legal liability or wrongdoing, nor does it affect our business operations or mid- to long-term strategy.

While FY25 saw a concentration of acquisition-related and other one-time expenses, we view these as strategic investments for future growth. As a result, we are entering FY26 with a much cleaner cost base, which we believe positions us to further accelerate growth.

In FY26, the absence of these one-time expenses is expected to contribute more than 10 billion yen to profit growth.

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157JPY/ 184JPY

G/P increment by sales increase:

TIS and GBS led the overall growth

Gross margin/Price:

Positive effects from pricing measures were offset by tariff impacts and impairment losses associated with the discontinuation of certain projects

(Key components)

Pricing measures: +3.1 B JPY Tariff impact: -5.0 B JPY Impairment loss: -2.2 B JPY

R&D:

Impairment of capitalized R&D were recognized

M&A:

Leverkusen Plant profit: -2.0 B JPY

Terumo Organ Technologies profit: +1.1 B JPY

FX:

Flow +5.4 B JPY, Stock -1.5 B JPY

OP

Adj. OP

FY25 Q4 FY25 Q4

FY24 Q4 FY24 Q4 OP Adj. OP

Average

exchange rate 153JPY/161JPY (USD/EUR)

242

315

FX

-9

M&A

-47

R&D

SG&A

39 459

-45

G/P increment by

sales increase

441

2

(100M JPY)

Gross margin/ Price

77

OP Variance Analysis (Q4): Growth due to strong sales

Now, I will explain the year-on-year profit variance for Q4. There are two key factors.

First, gross margin and pricing. From Q3 onward, tariff impacts became more significant, resulting in a 5.0 billion yen negative impact in Q4.

Pricing had a positive effect of 3.1 billion yen; however, impairment losses of 2.2 billion yen related to the termination of certain projects led to a net negative impact of 4.5 billion yen.

These impairment losses are included under restructuring expenses in the previous slide.

Second, R&D expenses increased due to impairment of capitalized R&D assets in Q4.

Both factors are temporary and will not have a continuing impact in FY26 or beyond.

M&A FX

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exchange rate 153JPY/164JPY 151JPY/ 175JPY

(USD/EUR)

G/P increment by sales increase:

TIS and GBS led the overall growth

Gross margin/Price:

Pricing measures, particularly in C&V, contributed significantly, while the tariff impact and impairment losses offset positive effects (Key components)

Pricing measures: +14.6 B JPY Tariff impact: -12.1 B JPY

SG&A:

Increase due to business expansion

R&D:

Impairment of capitalized R&D were recognized

M&A:

Leverkusen Plant profit: -3.7 B JPY

Terumo Organ Technologies profit: +1.7 B JPY

FX:

Flow +4.9 B JPY, Stock -4.7 B JPY

Average

Q4 YTD Q4 YTD Q4 YTD Q4 YTD

OP Adj. OP Adj. OP OP

FY25 FY25

FY24 FY24

1,577

1,763

incre

by

sales ase

R&D

G/P increment SG&A

2 2,194

-20

-18

Gross

-28

margin -139

/Price

2,034

(100M JPY)

362

OP Variance Analysis (Q4 YTD): Contribution from pricing measures and strong sales

Moving on to the full-year profit variance analysis.

Overall, continued demand growth and higher sales volumes were the primary drivers of profit growth.

The "G/P increment by sales increase" was driven mainly by overseas TIS, primarily in North America, as well as by Global Blood Solutions, led by the plasma business.

With regard to the "Gross margin/Pricing," pricing measures, especially in C&V, contributed positively. However, these gains were offset by the full-year impact of tariffs and impairment losses associated with discontinued projects.

"SG&A" increased in line with business expansion and remained broadly within our expectations.

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C&V: TIS led the way, driven mainly by North America, TN also delivered growth

(C&V: Cardiac and Vascular) (100M JPY)

I will now explain performance by company, starting with C&V, the Cardiac and Vascular Company.

Revenue increased by 7% on a local currency basis, with strong performance continuing globally, particularly TIS in North America and the Neuro business. In North America, all TIS product categories performed well, with volume growth contributing more significantly than pricing. The Neuro business continued to deliver strong growth, especially in China and Japan.

The profit margin in FY25 was 24%. Q4 margin temporarily declined to 19%, mainly due to impairment losses related to a change in development locations for new products in TIS, as well as negative impact from foreign exchange on a stock basis.

In FY26, we expect margins to improve as these temporary factors subside.

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230

*Calculated excluding the profit & loss of the Leverkusen Plant. Adjusted OP including the Leverkusen Plant are as follows: Q4: 1.8 B JPY (Profit %: 3%)

Q4 YTD: 21.6 B JPY (Profit %: 10%)

252

Adjusted Operating Profit

198

PS

Pharmaceutical Solutions

: In Japan, CDMO business increased revenue. Overseas, PLAJEX performed well in Europe and US

+47

38

2%

FY23 FY24 FY25 *

38

38

10%

(8%)

Profit

FY23 FY24 FY25 *

: Increased due to pricing measures and appropriate cost control

Profit % 8% 7% 7% 10% 11% 12%

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-6

: In Japan, pricing measures progressed smoothly, but revenue declined due to business transfer and supply issue of certain product. Increased in Asia due to inventory build-up

: Domestic sales decreased due to shrinking SMBG (Self-Monitoring of Blood Glucose) market. Overseas sales progressed as planned, led primarily by Asia

LCS

Life Care Solutions

2%

(2%)

530

3%

503 515

Revenue

HCS

Hospital Care Solutions

2,112 2,161

1,976

Q4 YTD

YoY

+9

( ) FX Neutral

Comments

Q4 YTD

Q4

TMCS: Increased sales in PS contributed to revenue and profit growth*

(TMCS: Medical Care Solutions) (100M JPY)

( ) FX Neutral

Next is TMCS, the Medical Care Solutions Company.

Growth in Pharmaceutical Solutions drove both revenue and profit growth for the Company overall. This was led by the domestic CDMO business, as well as the strong performance of PLAJEX overseas.

In Hospital Care Solutions, despite the impact of a business transfer in Q1 of the previous year and a supply issue with a certain product, the supply issue has since been resolved, and growth in Asia contributed to higher sales.

Profit increased due to the effects of pricing measures and disciplined cost control.

Although the Leverkusen plant, consolidated from Q3, had a negative profit impact of 3.7 billion yen, it is excluded here to clearly illustrate the performance of existing businesses. Regarding the Leverkusen plant, we continue to see strong interest, particularly from European and U.S. pharmaceutical companies, and we are making steady progress toward securing new projects.

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+43

Profit % 6% 13% 13% 10% 13% 15%

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20%

GTI : Demand for cell collection for cell and Global gene therapies expanded, and demand Therapy for equipment replacement continued Innovations especially in US and Europe

336

Adjusted Operating Profit

265

164

25

67

84

26%

27%

(23%)

Profit

: Profit increased, driven by improved profitability from higher sales of Rika

FY23 FY24 FY25

FY23 FY24 FY25

625

521

405

: Rika (source plasma collection system) +265 increased significantly in addition to

strong sales of Reveos (automated whole blood processing system) in US. Securing tenders of Reveos in Asia further contributed to revenue growth

15%

(15%)

Revenue

GBS

Global Blood Solutions

1,683

2,003

2,310

( ) FX Neutral

Q4 YTD

YoY

Comments

Q4 YTD

Q4

TBCT: GBS, including Plasma Innovation, drove revenue growth

(TBCT: Blood and Cell Technologies) (100M JPY)

Next, TBCT, the Blood and Cell Technologies Company.

Revenue increased, driven by expanded deployment of Reveos, an automated whole blood processing system, as well as growth in plasma innovations within Global Blood Solutions. Global Therapy Innovation also performed well, particularly in North America.

Profit increased due to strong core businesses, including Reveos, and improved profitability from expanded sales of Rika.

In the second half, we implemented production adjustments related to Rika; however, these remained within our expectations, and the impact on profit margins was limited. In FY26 as well, production adjustments may be made depending on circumstances, but at this stage, we expect the impact on business performance to be minimal.

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Terumo Organ Technologies: Rapid revenue growth by increasing liver transplants and market share

(100M JPY)

181

Revenue:

5.1 B JPY

Adjusted Operating Profit:

1.1 B JPY

127

21%

Revenue:

+48%* growth year-on-year

• Growth supported by an increase in liver transplant volumes and customer base expansion

*Excluding FX impact

12%

Adjusted Operating Profit:

21%, establishing a high-profitability model

•

*Following the acquisition of all shares of OrganOx Limited and its consolidation as a wholly owned subsidiary on October 29, 2025, revenue attributable to OrganOx has been recognized

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FY24 FY25

Revenue AOP%

Significant profit increase driven by

strong revenue growth

• Further improvements in profitability expected in FY26 onward

Next, I will explain the performance of Terumo Organ Technologies.

Since Q3, we have included this business in our consolidated results. In Q4, revenue was 5.1 billion yen, and adjusted operating profit was 1.1 billion yen.

To illustrate the growth trend, we also disclose the full-year FY25 performance on a year-on-year basis. Revenue increased by 48% on a local currency basis. The profit margin reached 21%, reflecting that a high-margin business model has already been established.

The organ preservation market utilizing NMP, Normothermic Machine Perfusion, is expected to continue expanding. Supported by the increase in liver transplant procedures and the expansion of our customer base, we aim to achieve growth exceeding that of the market.

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Revenue by Region: Americas strongly drove overall growth

FY25 Q4 YTD

Regional breakdown

( ) FX Neutral

Q4 YTD FY23 3,280

FY24 3,957

FY25 4,434

Q4

Americas

12%

(14%)

All companies continued to see robust demand, with TIS, PS, and GBS driving double-digit growth excluding FX impact

In C&V, TIS and TN maintained stable growth.

11% In TMCS, PS saw revenue growth (5%)

Europe

1,915 525

2,183 590

2,427 674

Japan

2,111

2,172

2,226

4

523

541

2%

China

794

850

913

194

185

223

7%

(7%)

In C&V, TN continued to grow by sustained double-digit growth. In TMCS, HCS saw revenue decline due to business transfer and supply issue with certain product. PS achieved revenue growth

In C&V, TN continued to grow through expanded sales channels via VBP. TA saw revenue decline due to supply constraints and tariff impacts

Asia and

Others

1,118

1,201

1,319

249

290

360

10%

(12%)

C&V saw double-digit growth due to increased demand across all segments. GBS grew by securing large tenders

Let me move on to Revenue by Region.

In the Americas, demand continued to expand, with all companies delivering strong growth. TIS, Pharmaceutical Solutions, and Global Blood Solutions were key drivers.

In Europe, TIS and Neuro remained stable growth contributors, while Pharmaceutical Solutions grew supported by strong PLAJEX sales.

In Japan, the CDMO business performed well, contributing to higher Pharmaceutical Solutions revenue. Neuro in C&V continued double-digit growth.

In China, growth was driven primarily by Neuro, supported by expanded market access resulting from VBP.

In Asia, strong TIS performance led C&V growth, with TBCT also delivering double-digit growth.

Next slide, please.

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Now, let me explain our FY26 guidance.

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FY26 Guidance

Record-high revenue and profit are expected, with the financial targets of GS26 to be achieved

Assumptions

• Cost Increases due to the Middle East situation：Assumed based on currently available information

• US tariffs (Section 122 of the Trade Act)：Assumed at 10% through the end of July, and 15% thereafter

Exchange rate (USD/EUR)

153JPY/164JPY

155JPY/180JPY

First, I would like to explain the key assumptions underlying our FY26 guidance.

The first assumption reflects the recent surge in crude oil prices stemming from the situation in the Middle East. Based on the information currently available, we have incorporated the impact of higher raw material and related costs into our guidance. At this stage, thanks to the cooperation of our suppliers, there have been no issues affecting production or supply.

The second assumption concerns US tariffs. We have assumed a tariff rate of 10% through July, and while conditions thereafter remain uncertain, we have incorporated a rate of 15% into our guidance based on prior circumstances.

Under these assumptions, for FY26 we expect revenue to grow by 8% on a local currency basis. Operating profit is projected to increase by 20% year on year, significantly outpacing revenue growth, mainly due to the absence of one-time expenses recorded in the previous fiscal year.

FY26 marks the final year of our five-year growth strategy, GS26. We expect to achieve record-high revenue and profits, and we are on track to meet the financial targets set under GS26.

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FY26 Guidance by Company

Revenue: High single-digit growth across all companies, with additional contributions from OT

Operating profit: Profit growth exceeding revenue growth across all companies, driven by operational improvements and the introduction of new products

(C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies, OT: Terumo Organ Technologies)

*OT represents the business of OrganOx, which was acquired in October 2025; year-on-year growth rates are not shown as no prior-year comparison is available

This slide presents our guidance by company.

We aim to achieve high single-digit revenue growth across all companies. By steadily expanding high-margin growth drivers in each company, while advancing operational improvements and the introduction of new products, we expect profit growth to exceed revenue growth in all cases.

In addition, the inclusion of Terumo Organ Technologies is expected to become one of the key drivers of overall Group growth. Alongside its strong revenue growth, we expect profits of 5.1 billion yen, making this business a contributor in terms of both growth potential and profitability.

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Gross margin/Price :

Despite tariff impact and raw material cost pressures, pricing measures and the absence of one-time expenses expected to be a positive impact

• Price: +10.0 B JPY

• Cost reductions from the absence of one-time expenses and business restructuring: +7.5 B JPY

• Tariff impact: -4.5 B JPY

• Impact of higher raw material costs: -2.5 B JPY

SG&A increase:

Increase due to business expansion

FY26 FY26

Adj. OP OP

FY25 FY25

OP Adj. OP

G/P increment by sales increase

1,763

2,245

FX

G/P increment by sales increase:

Continued growth across all companies, with additional contributions from Terumo Organ Technologies

-50

R&D

Gross

Margin/ -220

Price

SG&A

2,194

Profit Variance Analysis (FY26 Guidance)

(100M JPY)

141

430 120 2,615

This slide explains the year-on-year profit variance in FY26 guidance.

The "G/P increment by sales increase" is the primary factor behind profit growth, reflecting continued growth across businesses such as TIS and Neuro, as well as the full-year contribution from Terumo Organ Technologies.

With regard to the "Gross margin," we expect a negative impact of 4.5 billion yen due to the impact of tariffs throughout the year. In addition, higher raw material costs are expected to have a negative impact of 2.5 billion yen.

On the other hand, we expect a positive impact of 10.0 billion yen from pricing measures, as well as 7.5 billion yen from the absence of one-time expenses recorded in the previous fiscal year and cost reduction effects associated with business restructuring.

"SG&A" are expected to increase at a healthy level in line with business expansion.

Next slide, please.

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Improved operational excellence Enhancement of infrastructure through the build-out of AI capabilities and automation

automated whole blood processing system

Expanding sales of new products

in North America, Asia, and Europe.

Overseas expansion

In-house development

and manufacturing of CSTD

(Closed System Drug Transfer Devices)

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TBCT

Accelerated regional expansion

TMCS

Medication management solutions Expanding solutions by integrating digital technologies built around infusion pumps

thoracoabdominal aortic aneurysm

Large-bore aspiration catheter

New device for aortic arch surgery

Intrasaccular device

Periph

Next-gen for R2P/Venous

Next-gen CDI series

Hybrid vascular graft for

Imaging

Abd

Next-gen IVR guidewire

Hemostasis device desig

artery

Product and Regional Development

Continue to generate growth opportunities by focusing in growth areas and expanding sales of new products from FY26 onward

C&V

ned for distal radial procedures.

eral guidewire

ominal aortic stent graft

This slide outlines our products expected to drive further growth, as well as our key regional expansion initiatives.

From FY26 onward, we will continue to create growth opportunities by allocating resources to growth areas and expanding sales of new products.

In C&V, we will continue to focus on growth segments with large market opportunities in the therapeutic area to drive business expansion. In the access area, we aim to promote the adoption of radial procedures, and together with the expansion of the therapeutic area, aim for further growth.

In TMCS, we will further advance the creation of new value by leveraging devices, pharmaceuticals, and digital solutions, and expand the provision of a wide range of solutions, including medication management. In addition, we aim to expand the CDMO and PLAJEX businesses, while accelerating overseas expansion by matching our strengths with region-specific needs.

In TBCT, the rollout of Reveos is accelerating, and we will continue to expand into new regions. At the same time, by expanding software and service offerings-including the use of AI-and enhancing infrastructure through automation, we will secure competitive advantages and achieve further customer acquisition.

Next slide, please.

FY20-FY23 : Dividend amounts per share are adjusted based on the number of shares issued and outstanding as of 1st April 2024

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Dividend Proposal: Continuous increase per shareholder return policy

Shareholder return policy: Continue stable increase in dividend, with a steadily expanding increase amount

Annual dividend (JPY)

FY21

FY22

FY23

FY24

FY25

FY26

Guidance

FY21-FY23: Dividend amounts per share are adjusted based on the number of shares issued and outstanding as of 1st April 2024

Finally, let me touch on shareholder returns.

For FY25, we expect an annual dividend of 30 yen per share, with a payout ratio of 33%. For FY26, we plan to increase the dividend by 6 yen, bringing it to 36 yen per share, with a payout ratio of 32%.

We continue to prioritize growth investments, while we remain committed to stable and progressive dividend increases going forward.

This concludes my presentation.

Thank you very much for your attention.

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P&L (QoQ)

(100M JPY)