Terumo : Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2026 (FY2025)(with note)

I'm Jin Hagimoto, CFO of Terumo.

Let me walk you through the highlights of our financial results for the third quarter of the fiscal year ending 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: Strong Earnings Results Exceeding Guidance

Revenue

Highest ever results both for the quarter and the Q3 YTD

Strong sales led by North America, with 9% growth excluding FX impact

Profit

Operating profit, adjusted operating profit, and profit for the period all reached record highs for the Q3 TYD

Performance progressed ahead of FY25 Guidance, driven by pricing measures and appropriate cost control

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Here are the highlights of our third quarter.

In this quarter, both revenue and profit progressed ahead of the pace assumed in our FY25 Guidance presented at the Q2 earnings announcement.

Revenue reached record highs both for the quarter and on a Q3 year-to-date basis, supported by the continuation of a favorable business environment. In particular, demand growth in North America remained strong, resulting in a year-on-year increase of 9% excluding FX impact.

With regard to profits, operating profit, adjusted operating profit, and profit for the year all reached record highs on a Q3 year-to-date basis. Although we recorded certain one-time expenses from the first half of the fiscal year, our globally implemented pricing measures and appropriate cost control enabled us to deliver results that exceeded the pace assumed in our FY25 Guidance.

Please note that starting from this quarter, the consolidated results include the Leverkusen Plant and OrganOx, both of which were acquisitions announced earlier this fiscal year.

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, Q3 YTD profit margin exceeded last year and achieved growth outpacing revenue

Average exchange rate (USD/EUR) 153JPY/165JPY 149JPY/ 172JPY

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152JPY/163JPY 154JPY/179JPY

Moving on to our P&L performance, revenue reached a record high of

831.6 billion yen on a Q3 year-to-date basis. The expansion of global demand continued, with the Cardiac and Vascular Company and the Blood and Cell Technologies Company serving as the main drivers.

Operating profit and adjusted operating profit also achieved growth exceeding that of revenue, reaching record highs of 144.9 billion yen and 173.5 billion yen, respectively. While the tariff impact began to materialize partway through Q2 and continued to affect results in Q3 as anticipated, we were able to offset these impacts through ongoing pricing measures and disciplined cost control, resulting in progress that exceeded our performance forecast.

On a standalone Q3 basis, the operating profit margin declined. This was mainly due to the recognition of one-time expenses in the second half of the year, as explained during our Q2 earnings announcement.

Next slide, please.

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154JPY/ 179JPY

152JPY/163JPY

Adj. OP OP

OP Adj. OP

Average exchange rate (USD/EUR)

G/P increment by sales increase: TIS and GBS led the overall growth

Gross margin/Price:

Pricing measures partially offset the rising tariff impact

(Key components)

Pricing measures: +3.5 B JPY Tariff impact: -4.2 B JPY

SG&A:

Increase due to business expansion

M&A:

Leverkusen Plant profit: -1.6 B JPY OrganOx profit: +0.5 B JPY

FX:

Flow +1.4 B JPY, Stock -2.0 B JPY

FY25 Q3 FY25 Q3

FY24 Q3 FY24 Q3

439

458

-6

FX

-11

M&A

R&D

591

-33

SG&A

9

-24

Gross margin/ Price

G/P increment by

sales increase

553

(100M JPY)

103

OP Variance Analysis (Q3): Growth due to strong sales

Here is the year-on-year OP variance analysis for Q3.

I will explain the Q3 year-to-date results on the next page; however, there are two major movements to highlight for Q3.

The first is the impact of tariffs. In this chart, the tariff impact is included within "Gross margin/Pricing." As a breakdown of the gross margin effect, the tariff impact amounted to a negative 4.2 billion yen. At the same time, pricing measures contributed a positive 3.5 billion yen, partially offsetting the negative impact from tariffs.

The second point is the recognition of profit and loss from newly acquired businesses. The Leverkusen Plant recorded a loss of 1.6 billion yen, while OrganOx contributed a profit of 0.5 billion yen.

Regarding the Leverkusen Plant, we will take a disciplined and cautious approach to capital expenditures for production line preparations, and proceed step by step as the certainty of customer contracts increases.

Q3 YTD Q3 YTD Adj. OP OP

149JPY/ 172JPY

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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 escalating tariff impact partially offset these positive effects (Key components)

Pricing measures: +11.5 B JPY Tariff impact: -7.0 B JPY

SG&A:

Increase due to business expansion

R&D:

Decrease YoY due to impairment of capitalized R&D last year

M&A:

Leverkusen Plant profit: -1.6 B JPY OrganOx profit: +0.5 B JPY

FX:

Flow -0.4 B JPY, Stock -3.2 B JPY

OP Adj. OP

153JPY/165JPY

exchange rate (USD/EUR)

Average Q3 YTD Q3 YTD

FY25 FY25

FY24 FY24

1,335

1,449

-36

FX

1,735

-11

M&A

R&D

-141

SG&A

29

(100M JPY)

285

17

Gross margin

/Price

G/P increment by

sales increase

1,593

OP Variance Analysis (Q3 YTD): Contribution from pricing measures and strong sales

This slide shows the Q3 year-to-date OP variance analysis. Overall, revenue growth driven by the continued expansion of demand made a significant contribution.

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

With regard to the "Gross margin/Pricing," pricing measures in the Cardiac and Vascular Company made a significant positive contribution to profit. However, as the impact of tariffs became more pronounced, this positive effect was partially offset. While the negative impact from tariffs increased in Q3, on a year-to-date basis, the positive effect from pricing more than offset the tariff impact.

"SG&A" increased due to business expansion and remained largely in line with our assumptions.

"R&D" expenses decreased slightly year on year. This was due not only to the impact of impairment losses on capitalized R&D recorded last year, but also to a review of R&D priorities and a disciplined focus on selected themes. Going forward, we will continue to invest in priority areas.

As for foreign exchange (FX), the impact was negative both on a flow and stock basis compared with the previous year.

Next slide, please.

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C&V: TIS led the way, continued expansion mainly in North America

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

( ) FX Neutral

4,641

4,077

1,420 1,579 1,747

1,179

920

344

423

product rollout progressed as planned

FY23 FY24 FY25

24% 26% 24%

FY23 FY24 FY25

23% 25% 26%

Profit

: Achieved double-digit profit growth through higher sales and pricing measures

410

I will now explain the performance by Company.

First, let me start with C&V, the Cardiac and Vascular Company.

Revenue increased by 8% on a local currency basis, with strong performance continuing globally, particularly in North America.

By business segment, growth was driven by TIS and Terumo Neuro, contributing to revenue growth for the Company overall. TIS was primarily driven by North America, with solid performance continuing across all product categories. Volume growth contributed more significantly than pricing measures. In Terumo Neuro, strong growth continued in both China and Japan.

The profit margin improved to 26%, supported by various initiatives including pricing measures, profitability improvement, and a review of unprofitable regions. However, due to the negative impact from foreign exchange on a stock basis, the profit margin for Q3 on a three-month basis declined year on year.

Next slide, please.

PS

Pharmaceutical Solutions

*Calculated excluding the profit & loss of the Leverkusen Plant.

Adjusted OP including the profit & loss of the Leverkusen Plant are as follows: Q3: 6.2 B JPY (Profit %: 11%)

Q3 YTD: 19.7 B JPY (Profit %: 12%)

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

+51

Adjusted Operating Profit

160

192

214

79

21%

FY23 FY24 FY25*

77

65

11%

(13%) Profit

: Increased due to pricing measures and appropriate cost control

Profit % 14% 12% 14%

FY23 FY24 FY25*

11% 12% 13%

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: In Japan, pricing measures progressed smoothly, but revenue declined due to business transfer and supply issue of certain product

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

4%

LCS

Life Care Solutions

2%

(2%)

575

555

533

Revenue

Q3 YTD

YoY

-12

HCS

Hospital Care Solutions

( ) FX Neutral

1,597 1,632

1,473

Comments

Q3 YTD

Q3

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

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

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.

On the other hand, revenue declined in the Hospital Care Solutions and Life Care Solutions businesses. In Hospital Care, revenue decreased due to the impact of a business transfer in Q1 of the previous year, as well as a supply issue affecting a product. This supply issue has now been resolved, and the business is on a recovery trend. In addition, pricing measures implemented since April are progressing steadily.

With regard to profit, earnings increased, supported by the effects of pricing measures and disciplined cost control.

Regarding the acquisition of the Leverkusen Plant announced in May last year, this has been included in our consolidated results starting from Q3. On this page, figures are presented excluding the acquisition impact to illustrate trends in the existing businesses. Performance including the Leverkusen Plant is shown in the bottom right of the slide. As mentioned briefly in the profit variance analysis section, the P&L impact related to this acquisition in Q3 had no impact on revenue, while the impact on profit was a negative 1.6 billion yen.

We are currently working on production line start-up and production transfers. Since the acquisition was announced, we have received a significant number of inquiries from pharmaceutical companies overseas, particularly in Europe and the United States, and are actively promoting the business to secure new projects. We are currently engaged in discussions with multiple companies, and progress has been steady.

Next slide, please.

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: Rika (source plasma collection system) +190 increased significantly in addition to

strong sales of whole blood collection systems in US. Securing a tender for whole blood collection systems in Asia further contributed to revenue growth

FY23 FY24 FY25 FY23 FY24 FY25

Profit % 7% 13% 16% 11% 13% 15%

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23% GTI

Global Therapy Innovations

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

+14

252

Adjusted Operating Profit

198

139

32

66

96

45%

27% Profit

(27%)

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

14%

(16%)

615

501

437

Revenue

GBS

Global Blood Solutions

1,278

1,482

1,685

( ) FX Neutral

Q3 YTD

YoY

Comments

Q3 YTD

Q3

TBCT: Plasma innovation drove revenue growth, supported improved profitability

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

Next, TBCT, the Blood and Cell Technologies Company.

Revenue increased significantly, driven by strong growth in plasma innovations within Global Blood Solutions. As the rollout of Rika to existing customers has already been completed, our focus in the plasma business will shift toward acquiring new customers going forward. In addition, our core business continued to perform well, supported by the successful award of a tender for the Reveos whole blood collection system in Asia during Q3.

In Global Therapy Innovations, revenue increased as demand for cell collection associated with cell and gene therapies expanded, particularly in North America. Replacement demand for certain devices also contributed to growth.

Profit increased, driven by improved profitability resulting from expanded sales of Rika, as well as ongoing disciplined cost control. We have implemented production adjustments related to Rika from Q3; however, due to efficient operation of production lines, the impact has been smaller than initially anticipated, and profit margins have improved. Looking ahead to the next fiscal year, production adjustments may be implemented as needed, but we expect the impact on the P&L to be limited.

Next slide, please.

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OrganOx: Rapid revenue growth by increasing liver transplants and market share

(100M JPY)

Consolidated

Results*

Revenue:

2.9 B JPY

Adjusted Operating Profit:

0.5 B JPY

*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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Revenue:

+50%* growth year-on-year

89

• Growth supported by an increase in

liver transplant volumes and customer base expansion

*Excluding FX impact

13%

Adjusted Operating Profit:

21%, establishing a high-profitability model

•

FY24 FY25

Revenue AOP%

Significant profit increase driven by

strong revenue growth

• Further improvements in profitability expected

21%

Next, I will explain the performance of OrganOx.

Following the completion of its acquisition as a wholly owned subsidiary on October 29, 2025, OrganOx has been included in our consolidated results starting from this Q3 earnings announcement. Results for November and December are consolidated, with Q3 revenue of 2.9 billion yen and adjusted operating profit of 0.5 billion yen.

To illustrate the growth trend, we are also disclosing Q3 year-to-date performance on a year-on-year basis. Revenue increased by 50% year on year, and the profit margin improved significantly from 13% to 21%. This was driven by an increase in the number of liver transplant procedures, as well as an expansion of OrganOx's customer base.

Looking ahead, the market for organ preservation using Normothermic Machine Perfusion, or NMP, is expected to continue expanding. We aim to achieve growth that exceeds the overall market growth.

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Revenue by Region: Americas strongly drove overall growth

FY25 Q3 YTD

Regional breakdown

( ) FX Neutral

Americas

Q3 YTD FY23 2,382

FY24 2,906

FY25 3,229

Q3

845

1,000

1,159

11%

(15%)

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

1,390 494

In C&V, TIS and TN maintained stable growth. In TMCS, PS saw significant revenue growth

Europe

1,593

1,753

553

630

10%

(6%)

Japan

1,587

1,649

1,685

576

580

587

2%

C&V continued to grow, driven especially by sustained double-digit growth in TN. 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.

PS also declined

C&V grew due to increased demand across all segments. HCS and PS saw revenue declines due to timing differences

Let me move on to Revenue by Region.

In the Americas, demand continued to expand, and we achieved double-digit growth on a local currency basis. All Companies delivered strong growth, with TIS, Pharmaceutical Solutions, and Global Blood Solutions serving as key drivers and leading global revenue growth.

In Europe, TIS and Terumo Neuro continued to deliver stable growth. In addition, strong performance of PLAJEX products drove a significant increase in revenue in the Pharmaceutical Solutions business.

In Japan, the CDMO business performed well, with Pharmaceutical Solutions contributing to revenue growth. Within C&V, Terumo Neuro continued to achieve double-digit growth.

In China, revenue increased as Terumo Neuro continued to grow, supported by expanded market access resulting from VBP.

In Asia, strong performance of TIS drove revenue growth in C&V. Next slide, please.

*Excluding acquisition-related expenses (Leverkusen Plant and OrganOx) as well as other one-time costs

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Continue profitability enhancement

measures alongside business expansion in Beyond GS26

FY21 FY22 FY23 FY24 FY25 FY26

Expanding businesses that support

sustainable profit growth

Continued execution of pricing measures

Promoting group-wide profitability improvement initiatives

Advancing structural reforms across each business

14.3%

◼

15.2% 15.2%

16.4%

16.5%

◼

◼

17.5%

18.7%

(100M JPY)

◼

OP OP%

Toward Achieving FY25/GS26 and Beyond

Operating profit of existing businesses are making steady progress toward the FY26 target of 20%

Key Initiatives

OP%* based on

existing businesses 20.0%

With less than two months remaining until March, the full-year outlook for this fiscal year is now coming into view.

What I would like to reiterate is that our business, based on our existing operations, is steadily progressing toward the achievement of GS26 in the next fiscal year, supported by the strength of our underlying fundamentals.

In the current fiscal year, we recorded acquisition-related costs and other one-time expenses. The main items of one-time expenses that can be reasonably anticipated at this point are outlined on page 18 of this presentation material. These initiatives reflect our commitment to improving profitability as we work toward achieving GS26, by executing actions that can be taken now without postponement. With only a short time remaining in this fiscal year, we are fully committed to carrying out the structural reforms we believe are necessary.

We position all of these costs as strategic investments aimed at supporting future growth. We continuously review our business portfolio and conduct strategic reviews to drive growth. While the business environment is constantly evolving, we will actively manage these changes as we strive for even greater heights. Next year will mark the final year of GS26; However, achieving GS26 is not our end goal-it is merely a milestone along the way. Looking beyond GS26, we remain fully committed to enhancing our corporate value and will continue to dedicate ourselves to sustained, long-term growth.

This concludes my presentation.

Thank you very much for your attention.

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P&L (QoQ)

(100M JPY)

15

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SG&A (QoQ)

(100M JPY)

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SG&A (YoY)

(100M JPY)