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Financial Results for the First Quarter of Fiscal Year Ending March 31 , 2027 ( FY2026 ) Jin Hagimoto Chief Financial Officer Terumo Corporation Aug. 7 , 2026 TERUMO
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©TERUMO CORPORATION 2 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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©TERUMO CORPORATION 3 Highlights Revenue Achieved highest ever results for the quarter Continued strong sales, driven by the Americas, with 9% growth excluding FX impact Profit Operating profit, adjusted operating profit, and profit for the period all reached record highs for the quarter Significant profit growth achieved, supported by solid revenue growth as well as a US tariff refund and one-time income Revision of FY26 Guidance Upward revision of operating profit, adjusted operating profit, and profit for the year reflecting Q1 performance
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©TERUMO CORPORATION 4 P&L, FCF Revenue: Continued strong demand for TIS and Global Blood Solutions, supported by favorable FX impact Operating profit: Increased significantly due to higher sales, a tariff refund, and one-time income 100M JPY FY25 Q1 FY26 Q1 Change Change excluding FX impact Revenue 2,600 3,118 20% 9% Gross Profit 1,455 1,785 23% 13% (%) (56.0%) (57.3%) SG&A Expenses 755 907 20% 10% (%) (29.1%) (29.1%) R&D Expenses 164 190 15% 9% (%) (6.3%) (6.1%) Other Income and Expenses 24 206 760% 705% Operating Profit 559 895 60% 49% (%) (21.5%) (28.7%) Adjusted Operating Profit 591 796 35% 25% (%) (22.7%) (25.5%) Profit before Tax 553 903 63% (%) (21.3%) (29.0%) Profit for the period 418 704 68% (%) (16.1%) (22.6%) FCF 107 462 331% Average exchange rate (USD/EUR) 160 JPY/185 JPY145 JPY/164 JPY
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©TERUMO CORPORATION 5 559 591 128 116 -67 -16 43 796 895 FY25 Q1 OP FY26 Q1 OP FY25 Q1 Adj. OP FY26 Q1 Adj. OP G/P Increment by sales increase Gross Margin/ Price SG&A R&D FX (100M JPY) OP Variance Analysis: Growth due to strong sales and a tariff refund G/P increment by sales increase: TIS and GBS led the overall growth, OT growth also contributed Gross margin/Price: Significant profit increase due to pricing measures and a tariff refund (Key components) Tariff impact: -4.7 B JPY Tariff refund: +13.0 B JPY Pricing measures: +2.2 B JPY SG&A: Increased in line with business expansion R&D: Increased investments for future growth FX: Flow +7.2 B JPY , Stock -2.9 B JPY
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©TERUMO CORPORATION 6 1,567 1,578 1,881 372 457 600 FY26FY25FY24 Revenue Adjusted Operating Profit Profit 24% 29% 32% (C&V: Cardiac & Vascular) +19% (+7%) +31% (+21%) (100M JPY) Q1 Comments Q1 YoY C&V: TIS led growth, TN and TCV also performed well TIS Terumo Interventional Systems : Continued strong performance across all product areas, primarily in North America. Asia also achieved double-digit growth excluding FX impact +210 TN Terumo Neuro : Cerebral aneurysm treatment business, led by WEB, continued to drive growth in China, Japan, and Europe. Despite intensifying competition in ischemic stroke, growth initiatives progressed steadily +43 TCV Terumo Cardiovascular : Strong global performance supported by pricing measures. Hardware product sales increased in Asia +38 TA Terumo Aortic : Revenue impact from the voluntary recall of certain RelayPro products was offset by strong performance of other products +12 Profit : Significant profit growth driven by higher sales, pricing measures, and a tariff refund ( ) FX Neutral
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©TERUMO CORPORATION 7 518 504 566 65 67 71 HCS Hospital Care Solutions : In Japan, revenue increased due to pricing revisions and strong sales of core product lines. Overseas revenue was also supported by pricing measures +36 LCS Life Care Solutions : Revenue declined due to the shrinking SMBG (Self-Monitoring of Blood Glucose) market, primarily in Japan -1 PS Pharmaceutical Solutions : The existing CDMO business in Japan continued to perform well and contributed to revenue growth. Overseas, PLAJEX delivered strong growth, mainly in Europe +27 Profit : Profit increased due to higher sales, pricing measures, and a tariff refund +6% (+9%) 13% 13% 13% FY26FY25FY24 +12% (+8%) (100M JPY) Revenue Adjusted Operating Profit Profit Q1 Comments Q1 YoY ( ) FX Neutral (TMCS: Medical Care Solutions) TMCS: HCS and PS drove revenue and profit growth *Adjusted OP excluding the impact of the Leverkusen Plant was as follows: FY26 Q1: 8.9 B JPY , Profit margin: 16% (Leverkusen Plant profit and loss: -1.8 B JPY)
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©TERUMO CORPORATION 8 497 516 608 68 70 111 +18% (+6%) +58% (+41%) 14% 14% 18% GBS Global Blood Solutions : Strong sales of blood collection products in US and Europe; Rika (source plasma collection system) also contributed to growth in US +69 GTI Global Therapy Innovations : Global growth driven by expanding demand for cell collection in cell and gene therapies, and continued demand for equipment replacement +22 Profit : Profit growth driven by core product performance and a tariff refund (100M JPY) TBCT: Strong global demand for blood collection products; Rika also contributed Revenue Adjusted Operating Profit Profit Q1 Comments Q1 YoY ( ) FX Neutral (TBCT: Blood and Cell Technologies) FY26FY25FY24
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©TERUMO CORPORATION 9 OT: Rapid Revenue Growth Driven by Expanding Liver Transplant Market (OT: Terumo Organ Technologies) Quarterly Revenue Trend Comments Revenue: 6.2 B JPY +39% growth year-on-year • Continued revenue growth driven by rising liver transplant volumes and customer base expansion Adjusted Operating Profit: 0.9 B JPY Adjusted OP%: 15% • Q1 impacted by one-time costs associated with production optimization • FY26 full-year margin target of 20% remains unchanged FY26FY25 *OrganOx was acquired on October 29, 2025, and its results have been consolidated from that date onward. (100M JPY)
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©TERUMO CORPORATION 10 356 294 323 280 229 230 548 528 528 674 543 541 1,261 1,005 959 FY26 Q1 Regional breakdown Revenue (100M JPY) FY26 Q1 YoY Change Comments FY25 FY24 In C&V, TIS and TCV achieved strong growth, supported by expanding demand and pricing initiatives. In TMCS, PS delivered revenue growth, driven by strong demand for PLAJEX C&V led growth, driven by strong demand for TIS and TN. Meanwhile, TMCS declined, reflecting the slowing market growth C&V declined due to lower TA sales following the RelayPro voluntary recall, while TN remained strong. In TMCS, HCS grew, supported by price revisions Strong demand continued across all companies, led by TIS, TCV, and HCS. OT also contributed significantly TN delivered stable growth in C&V, while PS achieved strong revenue growth in TMCS. GBS also performed well in TBCT Americas Europe Japan China Asia and Others 40% 22% 18% 9% 11% 24% (12%) 4% 26% (12%) 22% (3%) 21% (10%) ( ) FX Neutral FY26 Revenue by Region: Growth led by Americas, Europe, and Asia
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©TERUMO CORPORATION 11 Revision of FY26 Guidance
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©TERUMO CORPORATION 12 Revision of FY26 Guidance 155JPY/180JPY 155JPY/180JPY Upward revision to adjusted operating profit, operating profit, and profit for the year (Revenue unchanged) • US tariff refund: Reflects 13.0 billion JPY paid in the previous fiscal year • Other Income: Reflects 20.0 billion JPY of settlement proceeds (classified as an adjustment item) Assumptions 151JPY/175JPY 456 FY26 Previous Guidance (B) FY26 Revised Guidance (C) Revision (C)-(B) 12,390 12,390 0 2,615 (21.1%) 2,745 （22.2%） +130 2,245 (18.1%) 2,575 （20.8%） +330 1,653 1,931 +278 Amount (100M JPY) Revenue Adjusted Operating Profit (Adj. OP%) Operating Profit (OP%) Profit for the Year FY25 Results (A) 11,319 2,194 (19.4%) 1,763 (15.6%) 1,359 Change (C)/(A) +9% +25% +46% +42% 2,425 (20.0%) 2,755 （22.7%）Operating Profit (OP%) 1,847 (16.4%) Excluding M&A executed in FY25 Exchange rate (USD/EUR)
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©TERUMO CORPORATION 13 Revision of FY26 Guidance by Company *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 (C&V: Cardiac and Vascular, TMCS: Medical Care Solutions, TBCT: Blood and Cell Technologies, OT: Terumo Organ Technologies) 162 Adjusted Operating Profit FY25 Results (A) FY26 Previous Guidance (B) FY26 Revised Guidance (C) Revision (C)-(B) Change (C)/(A) FY26 Revised Guidance AOP% 1,640 1,960 2,070 +110 +26% 28% 216 244 254 +10 +18% 11% 252 330 340 +10 +33% 15% 336 385 395 +10 +17% 16% 17 51 51 +0 - 20% 2,194 2,615 2,745 +130 +25% 22% Amount (100M JPY) C&V TMCS Excluding M&A TBCT OT Total Revenue FY25 Results (A) FY26 Previous Guidance (B) FY26 Revised Guidance (C) Revision (C)-(B) Change (C)/(A) 6,764 7,340 7,340 0 +8% 2,161 2,343 2,343 0 +8% 2,160 2,340 2,340 0 +8% 2,310 2,450 2,450 0 +6% 80 255 255 0 - 11,319 12,390 12,390 0 +9%
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©TERUMO CORPORATION 14 Reference
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©TERUMO CORPORATION 15 P&L (QoQ) (100M JPY) FY25 Q1 (Apr-Jun) Q2 (Jun-Sep) Q3 (Oct-Dec) Q4 (Jan-Mar) FY26 Q1 (Apr-Jun) Revenue 2,600 2,750 2,966 3,003 3,118 Gross Profit 1,455 (56.0%) 1,470 (53.5%) 1,532 (51.6%) 1,490 (49.6%) 1,785 (57.3%) SG&A Expenses 755 (29.1%) 808 (29.4%) 869 (29.3%) 898 (29.9%) 907 (29.1%) R&D Expenses 164 (6.3%) 171 (6.2%) 183 (6.2%) 251 (8.3%) 190 (6.1%) Other Income and Expenses 24 -40 -40 -28 206 Operating Profit 559 (21.5%) 451 (16.4%) 439 (14.8%) 315 (10.5%) 895 (28.7%) Adjusted Operating Profit 591 (22.7%) 553 (20.1%) 591 (19.9%) 459 (15.3%) 796 (25.5%) Quarterly Average rate USD 145 JPY 147 JPY 154 JPY 157 JPY 160 JPY EUR 164 JPY 172 JPY 179 JPY 184 JPY 185 JPY
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©TERUMO CORPORATION 16 SG&A (QoQ) (100M JPY) FY25 Q1 (Apr-Jun) Q2 (Jul-Sep) Q3 (Oct-Dec) Q4 (Jan-Mar) FY26 Q1 (Apr-Jun) Salaries & Wages 406 421 447 468 502 Sales Promotion 55 53 61 62 61 Logistics Costs 57 59 58 58 62 Depreciation and Amortization 68 70 76 76 73 Others 169 205 228 233 210 SG&A Expenses Total (%) 755 (29.1%) 808 (29.4%) 869 (29.3%) 898 (29.9%) 907 (29.1%) R&D Expenses (%) 164 (6.3%) 171 (6.2%) 183 (6.2%) 251 (8.3%) 190 (6.1%) Total (%) 920 (35.4%) 979 (35.6%) 1,053 (35.5%) 1,148 (38.2%) 1,097 (35.2%) Quarterly Average rate USD 145 JPY 147JPY 154JPY 157JPY 160JPY EUR 164 JPY 172JPY 179JPY 184JPY 185JPY
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©TERUMO CORPORATION 17 SG&A (YoY) (100M JPY) FY25 Q1 FY26 Q1 YoY% YoY% Excluding FX impact Salaries & Wages 406 502 24% 13% Sales Promotion 55 61 11% 3% Logistics Costs 57 62 8% 0% Depreciation and Amortization 68 73 6% -2% Others 169 210 24% 15% SG&A Expenses 755 907 20% 10% (%) (29.1%) (29.1%) R&D Expenses 164 190 15% 9% (%) (6.3%) (6.1%) Total 920 1,097 19% 10% (%) (35.4%) (35.2%)
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©TERUMO CORPORATION 18 Adjusted Operating Profit: Adjustments (100M JPY) <General examples of adjustment items>Adjustment 2. Non-recurring profit or loss FY25 Q1 FY26 Q1 Restructuring loss -13 -1 Loss compensation from pharmaceutical companies 32 - Settlement proceeds - 201 OrganOx inventory step-up costs recorded as expenses - -26 Others -0 -4 Total 19 171 • Acquisition related cost • Lawsuit settlement • Impairment loss • Restructuring loss • Nonlife insurance income • Loss on disaster • Other one-time profit & loss FY25 Q1 FY26 Q1 Adjusted Operating Profit 591 796 Adjustment 1. Amortization of acquired intangible assets -51 -72 Adjustment 2. Non-recurring profit or loss 19 171 Operating Profit 559 895
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©TERUMO CORPORATION 19 CAPEX, Depreciation and Amortization, R&D Expenses FY23 FY24 FY25 FY26Q1 FY26 Guidance CAPEX 784 825 971 168 920 Depreciation 702 781 867 251 990 Amortization of acquired intangible assets 200 210 242 72 290 Others 502 571 625 179 700 FY23 FY24 FY25 FY26Q1 FY26 Guidance R&D Expenses 691 742 769 190 825 CAPEX = Construction in progress record basis, lease depreciation (IFRS16) is not included in Depreciation FY26Q1 CAPEX (16.8 B JPY) Construction of a new building at the Kofu Plant to enhance manufacturing capabilities for CDMO (Contract Development and Manufacturing Organization) and other operations, as well as investments in R&D, and core IT platforms (SAP) (100M JPY)
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©TERUMO CORPORATION 20 903 272 -240 -135 -55 745 -188 -95 462 FY26Q1 YTD Profit before tax FCF Other operating CF Free Cash Flow Operating CF YoY +351 +60 -88 +54 +42 +418 +15 -78 +355 Depreciation and amortization Income taxes, etc. Working capital CAPEX Others (100M JPY)
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©TERUMO CORPORATION 21 903 -240 -190 -188 -1,700 1,780 -219 -77 3,146 2,805 272 Cash Flow Investing and financing CF -404 Operating CF +745 * Cash at the end of FY25 * Aligned with period-end account balance "Cash and cash equivalents" on B/S Income taxes. etc. Working capital, etc. Profit before tax Depreciation and amortization CAPEX Others Repayment of borrowings Dividends Issuance of CP and short-term borrowings (100M JPY) Cash at the end of FY26Q1
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©TERUMO CORPORATION 22 +20% (+8%) 38% (+13%) Foreign Exchange Sensitivity (100M JPY) 2,049 1,349 1,198Impact of 1 JPY depreciation (Stock) USD EUR CNY Adjusted Operating Profit -3.0 -1.0 -2.5 Annual impact of 1 JPY depreciation (Flow) USD EUR CNY Revenue 33 13 46 Adjusted Operating Profit 5 7 24 (100M JPY)