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TAMRON Focus on the Future 2nd Quarter FY2026 Financial Results August 7 , 2026 Tamron Co. , Ltd. ( Code : 7740 )
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─ Copyright © Tamron Co., Ltd. All rights reserved. Table of Contents 2 Ⅰ. Long-Term Vision & Next Medium-Term Management Plan "Value Up29" P 03～ Ⅱ. 1st Half FY2026 Financial Result P 14～ Ⅲ. Financial Forecast FY2026 P 24～ Ⅳ. Reference Data P 30～
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Ⅰ. Long-Term Vision & Next Medium-Term Management Plan "Value Up29"
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─ Copyright © Tamron Co., Ltd. All rights reserved. 4 Next Medium - term Management Plan “Value Up 29” 2027 - 2029 Future Vision Medium - Term Management Plan “Value Creation 26 ver 2.0 ” 2024 - 2026 Driving Sustainable Corporate Value Growth Maintaining an ROE of 20% or more Net sales: 200.0 billion yen or more New businesses: 20.0 billion yen or more A company with net sales of 100.0 billion yen Net sales from new businesses: 10.0 billion yen － Previous quantitative targets － Ⅰ-1. Revised Long-Term Quantitative Targets & Strategic Position of the Next MTMP Medium - Term Management Plan “Vision 23” 2021 - 2023 － New Quantitative Targets － Announced in Feb. 2026Move toward the sustainable enhancement and maximization of corporate value by transforming from a lens manufacturer into a comprehensive optical and sensing solutions company. Commercialization of “Capture, Measure, and Connect” technologies, solidifying the foundations for growth to realize the Long-term Vision for 2035 Optimized the portfolio Development & grew new business Established functional strategies Developed human resources & activated the organization Deepening the optimization of business portfolios Creating and nurturing new businesses Strengthening the shareholder return policy Implementing the strategy for sustainability Shift to a growth strategy driven by the dual engines of organic and inorganic strategies Establish a new business portfolio Achieve the social implementation and monetization of new businesses, and build a business development framework Drive reforms to business management methods Advance strategy-linked human capital management
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─ Copyright © Tamron Co., Ltd. All rights reserved.5 Net sales (2029) 120.0 billion yen or more Operating income (2029) 25.0 billion yen or more Additional Returns: approx. 18.0 billion yen (to be achieved by the end of the period of the next Medium-term plan) Shareholders’ Equity Ratio approx. 75% (Target for 2029) Capital efficiency target Net Sales and Profit Shareholder Return Capital Structure Reference: Business targets under the current Medium-term Management Plan (Value Creation26 ver2.0) ROE exceeding 16% Payout ratio of 40% (with a DOE floor of 3%) Total return ratio of 60% Ⅰ-2. Major Targets under the Next Medium-term Management Plan (MTMP) ROE: 20% or more (maintaining this level by 2029) To sustainably achieve an ROE of 20% or more by 2029, we will resolutely manage the balance sheet through continuous profit growth, aggressive growth investments, and enhanced shareholder returns. If ROE of 20% or more is achieved, DOE is projected to be 12% or more with a payout ratio of 60%. Payout ratio of 60% or DOE of 8%, whichever is higher (from 2027 onward) ( If ROE of 20% or more is achieved, DOE is projected to be 12% or more with a payout ratio of 60%) Control the balance sheet and enhance shareholder return after accelerating growth investments to achieve the Long-term Vision. Net sales of 95.0 billion yen or more, operating income of 20.5 billion yen or more
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─ Copyright © Tamron Co., Ltd. All rights reserved.6 ROE 16% or more14.0 % 3か月程度 3か月程度を維 持3か月程度 3か月程度 を維持 Ⅰ-3. Roadmap for Achieving the ROE Target Shareholders' Equity Ratio Operating Income Liquidity on Hand Current Medium-term Management Plan Targets2025 Results Maintaining a sustainable ROE of 20% or more 2029 Targets 166 億円 205 億円 250 億円以上 16.6 billion yen 20.5 billion yen 25.0 billion yen or more 81% To the 70s% Around 75% 5 months of sales Around 3 months Maintain around 3 months Capital Structure: Optimized to sustainably achieve an ROE of 20% or more • Dividend Upgrade: Payout ratio of 60% or DOE of 8%, whichever is higher • Additional Returns: Approx. 18.0 billion yen, geared toward the target equity ratio • Profitable Growth: Increase net sales while maintaining high profitability • Business Transformation: Position photo business as a cash cow; accelerate growth in industrial markets and drive new business creation • Strategic Allocation: Optimize resources in light of growth potential and profitability Strengthening Earning Power
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─ Copyright © Tamron Co., Ltd. All rights reserved.7 Operating Income Margin (%) Business portfolio transformation Surveillance Camera modules FA, etc. Healthcare components Automotive lenses DSC/VC/ Video Conferencing lenses Withdrawal New domains <Changes in the sales mix> 29% 35% or more 50％ or more 60s％ 40s％ 71％ Ⅰ-4. Business Strategy Profitable Growth: Increase net sales while maintaining high profitability (by transforming the photo business into a cash cow and driving breakthrough growth in industrial markets) Strategic Allocation: Build a sustainable growth foundation by optimizing resource allocation based on the maturity, growth potential, and profitability of each business - Entering the healthcare and nature-positive markets by developing light sources, measuring instruments, etc. in addition to supplying dedicated lenses - Creating new business opportunities using image recognition and sensing technologies and looking ahead to next-generation markets, including the physical AI market - Enhancing the lineup of products for rigid endoscopes - Enhancing items such as notch filters for surgical microscopes- Enhancing products for manufacturers in developed countries - Establishing camera technologies - Entering businesses targeting agriculture and livestock, defense and aerospace, and other industries Net Sales Growth Rate (%) Photographic lenses Businesses Targeting Industrial Customers: CAGR of 10% or more Expanding and creating such businesses by enhancing the profitability of high- growth businesses and investing aggressively in highly profitable businesses and new businesses Establishing next-generation business pillars to build the foundations for the sustainable growth of business Photographic Products Business: CAGR of 5% or more Effectively investing to achieve stable growth while maintaining high profitability Making progress in turning the business into a revenue base supporting the next generation of investments - Releasing at least ten own-brand products every year to accelerate the shift to the multi-mount lens business - Making the OEM products business a stable business by developing more models, finding new customers, etc. 2025 2029 (forecast) 2035 (forecast) Photographic Products Businesses for Other Industries
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─ Copyright © Tamron Co., Ltd. All rights reserved.8 Cash Optimization Reduce cash and deposits to around 3 months of sales Additional Returns Execute approx. 18.0 billion yen in additional returns by the end of the next plan , aimed at achieving a target shareholders' equity ratio of around 75% Debt Utilization Leverage debt strategically in light of our financial standing Operating Cash Flows Generate stable CF by strengthening earning power to sustainably achieve an ROE of 20% or more by 2029 Strategic Investments (M&A, etc.) Establish an investment framework for non-continuous growth, strengthening entry into next-generation domains. (AI, healthcare, nature-positive, etc.) Dividends Determine dividend amounts based on a payout ratio of 60% or a DOE of 8%, whichever is higher (from the next Medium-term Management Plan onward). Capital Investment Focus on increasing profit in existing businesses , allocating 30% to growth fields and new business creation. Cash Outflows R&D Investment Maintain R&D expenses at 9% or more of net sales, allocating 20% to new technologies and business creation (including in cutting-edge technology domains such as AI and next- generation optical technologies) Expand investments in human capital Cash OutflowsCash Inflows Cash Opt. 8.0 Debt Util. 7.0 Operating CF 69.5 R&D Inv. 22.5 Capital Inv. 17.5 Strategic Inv. 18.0 Shareholder Returns 26.5 ※ Any unused funds will be partially carried over to the next plan, with the remainder used for shareholder returns. ※ M&A will be executed considering both growth potential (PER) and capital efficiency (ROE). Ⅰ-5. Financial Strategy (1): Cash Allocation Accelerating growth investments Vs. current MTMP: Investing at least 1.2 times more Cash Inflows 18.0 Additional Returns 31.0 Dividends 21.0 Strategic Investments (M&A etc.) 20.0 Capital Investment 30.0 R&D Investment Cash allocation in the period of the next Medium-term plan (2027 to 2029)(billion yen) Reference: Targets under Value Creation26 ver2.0 16.0 Cash Optimization 15.0 Debt Utilization 89.0 Operating Cash Flows (Before R&D expenses)
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─ Copyright © Tamron Co., Ltd. All rights reserved.9 Change in Shareholder Return Return Policy Ⅰ-5. Financial Strategy (2): Shareholder Returns Dividend Upgrade: Increase dividends to ensure more stable and long-term profit returns. Additional Returns: Execute approx. 18.0 billion yen in additional returns by the end of 2029, targeting a shareholders' equity ratio of around 75%. Dividend Upgrade: Payout ratio of 60% or a DOE of 8%, whichever is higher (from 2027 onward). ( If ROE of 20% or more is achieved, DOE is projected to be 12% or more with a payout ratio of 60%) Additional Returns: Approx. 18.0 billion yen by the end of the next MTMP, aimed at a shareholders' equity ratio of around 75%. (Dividends: yen/share) (Payout ratio: %) 2026 Dividend Revision: Increased dividend to achieve a 60% payout ratio (Revised from the initial 37 yen to 51 yen). Dividend Dividend payout ratio 2022 2023 2024 2025 2026 (forecast) 2027 (forecast) 2028 (forecast) 2029 (forecast) Additional Returns (Approx. 18.0 Billion Yen) :Consider share repurchases or dividend payments in light of market trends.
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─ Copyright © Tamron Co., Ltd. All rights reserved.10 Environment Social Governance Ⅰ-6. Sustainability Sustainability Drive: Advance sustainability initiatives to enhance long-term corporate value and ensure the effectiveness of the next Medium-term Management Plan. Strategy & Framework: Strengthen our sustainability strategy and implementation framework, including a comprehensive review of materiality. Climate Change & Circular Economy: Reduce GHG emissions and execute circular economy measures toward a resource-recycling society. • Scope 1 and 2: 27% reduction by 2029 (compared to 2015)* * 2030: 30% reduction, 2035: 45% reduction, 2050: Zero emissions • Scope 3: Launch reduction initiatives Biodiversity & Nature Positive: Conserve biodiversity and contribute to a nature-positive future in harmony with nature. • TNFD Alignment: Advance assessments and information disclosure based on the TNFD framework. • Business Creation: Leverage optical technologies to create new businesses in the nature-positive market. Human Capital Evolution: Advance strategy-linked human capital management. • Talent Portfolio: Build a dynamic portfolio and expand investments to maximize human capital value. • Intellectual Capital: Increase competitiveness by embracing D&I of knowledge/experience, and visualizing/elevating intellectual capital. • DE&I & Re-skilling: Evolve DE&I practices while providing and supporting re-skilling/re-learning opportunities. • Employee Alignment: Introduce employee stock compensation to align shared value and strengthen talent retention for mid- to long-term corporate value. Corporate Culture & Engagement: Foster a culture of taking on transformation and strengthen engagement through non-linear thinking and open innovation. Board Effectiveness: Strengthen the Board of Directors for effective supervision of the Long-term Vision and the Medium-term Management Plan. • Increase independence, review the skills matrix, and enhance diversity (women, outside executives, etc.) Incentive Alignment: Revise the compensation system to drive the achievement of the Medium-term Management Plan. Agile Governance (CxO System): Introduce a CxO system to delegate authority, accelerate decision-making, and advance company-wide strategic execution.
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─ Copyright © Tamron Co., Ltd. All rights reserved.11 Drive medium- to long-term corporate value creation Higher PBR Enhancing Capital Efficiency: Target sustainable ROE of 20%+ by 2029 Higher ROE Driving Growth Expectations: Lower the cost of capital Higher PER Profit Growth Capital Efficiency Optimization Build a Growth Story Strengthen Shareholder Returns Enhance Sustainability &IR Element Policy on specific initiativesDirection of actions Higher TSR Outperform relative TSR to deliver enhancement × ⇑ Ⅰ-7. To Increase TSR: PBR Logic Tree Higher BPS Sustainably maintaining an ROE of 20% or more Growth in net sales and profits with high profitability maintained Net sales target under the Long-term Vision: 200.0 billion yen or more Net sales target under the next Medium-term plan (up to 2029): 120.0 billion yen or more Operating income target: 25.0 billion yen or more Reducing the shareholders' equity ratio 2025: 81% 2029: 75% (rough target) Optimizing liquidity on hand Rough target: Around 3 months of sales by 2029 Disclosing cash allocation policy (3-year period of the next Medium-term plan) Cash Inflows (Operating CF): 89.0 billion yen (before deduction of R&D expenses) Cash Outflows: Investments: 71.0 billion yen, Shareholder returns: 49.0 billion yen Investments for organic growth plus M&A of 21.0 billion yen for non-continuous growth (a portion of unused funds is used for shareholder returns) Implementing M&A activities in consideration of the activity's effects on not only growth potential (PER) but also return on equity (ROE) Payout ratio of 60% or DOE of 8%, whichever is higher (rough DOE target of 12% or more in light of the ROE target) Additional returns of approx. 18.0 billion yen to achieve a shareholders' equity ratio of around 75% Considering the introduction of shareholder benefits: Benefits based on common bonus points Reducing GHG emissions, taking CE measures, and contributing to a society in harmony with nature Advance strategy-linked human capital management Strengthening the functions of the Board of Directors, revising the compensation system, and introducing a CxO system Holding IR briefing sessions about 4 times a year
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─ Copyright © Tamron Co., Ltd. All rights reserved.12 Ⅰ-8. Long-Term Vision : Announced in February 2026 Capture, Measure, Connect —Creating a Healthier Future for People and Nature Having refined light-capturing technologies while delivering emotion and reassurance to society for more than 75 years, TAMRON will steer that legacy and those technologies toward a future of beneficial coexistence between people and nature. Our mandate: to capture and measure an unseen world, and connect it with solutions. Capturing and measuring information about the body, such as the condition of cells and blood, connects with advances in medicine and healthcare. Capturing and measuring changes in ecosystems, such as our forests, water quality and the air we breathe, connects with activities to restore a rich natural environment. To achieve this, we will connect our accumulated optical technologies with sensing and analysis technologies, taking those combined capabilities to the next level. To us at TAMRON, “to connect” means to bring together diverse types of value that will give rise to new possibilities. It means forging connections between people, between companies, and between technologies and sensibilities, connecting people with nature, and connecting the present with the future. As a comprehensive optical and sensing solution provider, we will champion a beneficial coexistence between people and nature, and secure the future of a fulfilling society that offers joy, emotion and reassurance.
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─ Copyright © Tamron Co., Ltd. All rights reserved.13 clarification Ⅰ-9. A Comprehensive Optical and Sensing Solutions Company Transforming from an optical manufacturer specializing in lenses into a company that creates the very systems that make it possible to solve social issues using the power of light and that proposes them directly to customers Optical manufacturer specializing in lenses — Supplying components — Providing components that capture light House-brand interchangeable lenses and interchangeable lenses as OEM products Supplying optical lenses for industries, including those for monitoring, FA, automotive, and medical applications A comprehensive optical and sensing solutions company House-brand interchangeable lenses and interchangeable lenses as OEM products Supplying optical lenses intended for use in a more diverse range of industries We will supply optical systems featuring advanced sensing technologies, AI/image processing technologies, etc. that are vertically integrated with optical lenses, as well as associated services, to industrial customers. — Supplying optical systems and services — + Advanced sensing and AI Providing devices which solve issues using the power of light Sensing systems for physical AI Systems for bio sensing Systems for environmental sensing
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Ⅱ. 1st Half FY2026 Financial Result
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─ Copyright © Tamron Co., Ltd. All rights reserved. Net Sales (+4% YoY): Double-digit growth in industrial segments (Surveillance/FA & Mobility/Healthcare) offset sharp drops in Photo OEM. Photographic Products • OEM: sales dropped ~20% due to soft sales of specific customer models continuing from 2H FY25; • Own-Brand: Sales grew overall despite regional performance mix. Surveillance/FA & Mobility/Healthcare: Both industrial segments delivered double-digit top-line growth, fueled by robust market demand and ongoing sales/R&D expansion. Operating Profit (-17% YoY): Squeezed by lower revenue in high-margin Photo OEM, material cost inflation, and higher R&D and labor costs. Vs. Forecast: Net sales beat plan on strong industrial demand; Operating profit met targets by absorbing cost pressures. Ⅱ-1. Summary 15 Business Environment トピック Persistent geopolitical risks and U.S. trade policies slowed global growth. Weaker JPY than assumed; tailwind for both sales and profits. High material costs and rising global labor expenses increased cost pressures. Interchangeable-Lens Camera/ Interchangeable Lens Markets: Units decreased; value grew via shift to high-value mirrorless & FX tailwinds Surveillance & FA Markets: Surveillance solid on high-res demand in developed markets; FA recovery sustained. Automotive Camera Market: Growth trend maintained, fueled by high-end sensing demand from expanding ADAS adoption. Economic Trend Market Conditions Business Topics IR Topics Jan.: Investment in Light Touch Technology, developer of the world’s 1st non-invasive blood glucose sensor. Jun.: Successfully commercialized world's 1st metasurface NIR light source. Jun.: Announced the launch of the new 17-70mm F/2.8 (Z/RF mounts), marking our 3rd Canon RF mount lens. Feb.: Refreshed Long-Term Vision (qualitative goals). Jun.: Updated Long-Term Vision numerical targets and established the outline for the next MTMP, "Value Up29.“ Jun.: Under "Value Up29," announced new return policy to boost capital efficiency; raised FY26 dividend forecast (¥37 ➔ ¥51). Operating Environment 1H Performance Highlight Topics
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─ Copyright © Tamron Co., Ltd. All rights reserved.16 （¥ million） Q2 FY25 Q2 FY26 Change vs. FY25 （¥ million） 1H FY25 1H FY26 1H FY26 Change vs. FY25 vs. FY26 Fcst. Actual Actual Value % Actual Fcst. Actual Value % Value % Net Sales 22,263 24,795 +2,532 +11.4% Net Sales 41,714 41,200 43,281 +1,566 +3.8％ +1,881 +4.5% Gross Profit 10,006 9,920 -86 -0.9% Gross Profit 18,917 － 18,130 -787 -4.2％ － － Gross Margin 44.9% 40.0% -4.9pts － Gross Margin 45.3％ － 41.9％ -3.4pts － － － SG&A Expenses 5,039 5,673 +634 +12.6% SG&A Expenses 9,714 － 10,441 +726 +7.5％ － － Operating Income 4,967 4,247 -720 -14.5% Operating Income 9,203 7,700 7,689 -1,514 -16.5％ -10 -0.1% Operating Margin 22.3% 17.1% -5.2pts － Operating Margin 22.1％ 18.6% 17.8％ -4.3pts － -0.8pts － Ordinary Income 5,031 4,377 -653 -13.0% Ordinary Income 9,270 7,700 7,741 -1,528 -16.5％ +41 +0.5% Ord. Income Margin 22.6% 17.7% -4.9pts － Ord. Income Margin 22.2％ 18.6% 17.9％ -4.3pts － -0.7pts － Net Income 4,040 3,484 -555 -13.8% Net Income 6,881 5,700 6,197 -684 -9.9％ +497 +8.7% Net Inc. Margin 18.1% 14.1% -4.0pts － Net Inc. Margin 16.5％ 13.8% 14.3％ -2.2pts － +0.5pts － USD/JPY 144.62 159.57 +14.95 － USD/JPY 148.43 148.00 158.31 +9.88 － +10.31 － EUR/JPY 163.87 185.47 +21.60 － EUR/JPY 162.31 175.00 184.61 +22.30 － +9.61 － Net Sales (Up): Despite continued weak OEM orders in Photo, overall revenue increased as performance in the other two segments significantly beat plan. Gross Profit & Margin (Squeezed): Margins declined due to lower high-margin Photo sales and inflation in material, utility, and shipping costs driven by Middle East tensions, which cost-reduction efforts could not fully absorb. Operating Profit (Down): Declined due to higher SG&A from expanded R&D investments and inflation-driven labor cost increases. (Also, Below Forecast) Ⅱ-2. Consolidated Results
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─ Copyright © Tamron Co., Ltd. All rights reserved.17 +1,030 -170 -210 -190 -410 -1,560 -4 9,203 7,689 1H FY25 Actual FX Impact R&D Expense Increase SG&A Increase (Excl. R&D) U.S. Tariff Impact Lower GP from sales decline Product Mix, etc. Others 1H FY26 Actual （¥ million） 1st Half FY 2026 Ⅱ-3. Factors Affecting Operating Income Variability Operating Profit (Down): Significantly impacted by lower gross profit due to decreased sales and unfavorable product mix, alongside higher SG&A expenses driven by expanded R&D and labor cost increases. SG&A Increase Total: +380 million yen FX Impact on Net Sales: +2,480 million yen
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─ Copyright © Tamron Co., Ltd. All rights reserved. 55% 45% 62% 38% 18 Ⅱ-4. Segment Results ①Photographic Products Q2 FY25 Q2 FY26 Change vs. FY25 1H FY25 1H FY26 1H FY26 Change vs. FY25 FX Impact vs. FY26 Fcst. （¥ million） Actual Actual Value % （¥ million） Actual Fcst. Actual Value % (vs. Prior Year) Value % Net Sales 16,413 16,228 -184 -1.1% Net Sales 29,982 28,400 27,534 -2,448 -8.2％ +1,490 -865 -3.0% Operating Income 4,599 3,553 -1,046 -22.7% Operating Income 8,403 7,300 5,943 -2,459 -29.3％ +550 -1,356 -18.6% Operating Margin 28.0% 21.9% -6.1pts － Operating Margin 28.0% 25.7% 21.6% -6.4pts － － -4.1pts － Q2 FY25 Q2 FY26 Change vs. FY25 1H FY25 1H FY26 1H FY26 Change vs. FY25 vs. FY26 Fcst. Actual Actual Value % Actual Fcst. Actual Value % Value % Value (¥ billion) Own- Brand 9.0 9.6 +0.6 +6.4% Value (¥ billion) Own- Brand 16.5 17.5 17.1 +0.7 +4.2% -0.4 -1.9% OEM 7.4 6.6 -0.8 -10.3% OEM 13.5 10.9 10.4 -3.1 -23.2% -0.5 -4.9% Unit (10K) Own- Brand 13 13 -0 -1.1% Unit (10K) Own- Brand 23 24 22 -1 -2.3% -2 -6.5% OEM 24 17 -7 -29.5% OEM 42 32 29 -13 -32.0% -3 -10.0% Q2 Sales Mix Q2 Qty YoY Value YoY ILC total -5% +4% SLR cameras -27% -35% Mirrorless cameras -2% +6% IL (lenses) -1% +4% 1H FY26 Market Outside: FY26 Inside : FY25 1H Sales Mix Own - Brand OEM 1H 1H Sales Mix Own Brand (Up):Overall revenue grew, as a sharp sales decline in China caused by market inventory adjustments was offset by double-digit growth in the US, Europe, and India, alongside sustained strong performance in Japan. OEM (Down): Continued weak orders for certain models—a trend persisting since 2H of the previous fiscal year—remained a key drag on the overall business. Profitability (Squeezed): Earnings were squeezed by lower sales volume, surging raw material and utility costs, and increased R&D and labor expenses. Vs. Forecast (Missed): Missed targets due to deeper-than-expected order cuts in OEM and persistent high inventory levels in China following a weak year-end shopping season for Own Brand products.
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─ Copyright © Tamron Co., Ltd. All rights reserved.19 17% 16% 18% 26% 18% 5% Europe 19% North America 26% Japan 18% China 14% Other Asia 18% Others 5% Sales Growth Rate (YoY, Yen Basis) -14% -11% +3% -16% -2% +12% -8% +23% +64% +6% -43% +4% -10% +4% Europe North America Japan China Other Asia Others Total FY25 FY26 Market Share（Value Basis） FY25 FY26 Europe 22％ 22％ Americas 26％ 23％ Japan 10％ 11％ China 23％ 22％ Other Asia 14％ 17％ Others 5％ 5％ Total 100％ 100％ Shipment Growth Rate FY25 (YoY) FY26 (YoY) Qty Value Qty Value Europe +12％ +5％ -5％ +4％ Americas +7％ +11％ -3％ -7％ Japan -8％ -15％ +12％ +16％ China +8％ -15％ -6％ +2％ Other Asia -1％ -2％ +12％ +21％ Others +18％ +10％ +5％ -1％ 合計 +5％ -2％ -1％ +4％ Interchangeable Lens Market for 1H Ⅱ-4. Segment Results ①1H Own-Brand Sales by Region Sales Mix by Region（Value Vasis） Outside: FY26 Inside : FY25
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─ Copyright © Tamron Co., Ltd. All rights reserved. Q2 FY25 Q2 FY26 Change vs. FY25 1H FY25 1H FY26 1H FY26 Change vs. FY25 vs. FY26 Fcst. Actual Actual Value % Actual Fcst. Actual Value % Value % Value (¥ billion) Surv. 1.5 2.1 +0.6 +38.7% Value (¥ billion) Surv. 3.2 4.0 4.2 +1.0 +33.6% +0.2 +5.6% FA & Oth. 0.6 0.9 +0.3 +51.2% FA & Oth. 1.1 1.0 1.5 +0.4 +39.0% +0.5 +47.8% VC 0.3 0.3 +0 +1.5% VC 0.6 0.2 0.6 +0 +8.0% +0.4 +217.7% Cam. Modules 0.7 0.8 +0.1 +18.7% Cam. Modules 1.1 1.2 1.4 +0.3 +18.0% +0.2 +14.6% Unit (10K) Segment Total 30 44 +14 +44.8% Unit (10K) Segment Total 59 73 83 +24 +41.7% +10 +13.4% 53% 18% 10% 19% 55% 19% 8% 18% 20 Ⅱ-4. Segment Results ②Surveillance & FA Lenses Q2 FY25 Q2 FY26 Change vs. FY25 1H FY25 1H FY26 1H FY26 Change vs. FY25 FX Impact vs. FY26 Fcst. （¥ million） Actual Actual Value % （¥ million） Actual Fcst. Actual Value % (vs. Prior Year) Value % Net Sales 3,098 4,108 +1,010 +32.6% Net Sales 5,976 6,400 7,711 +1,735 +29.0％ +450 +1,311 +20.5% Operating Income 520 503 -16 -3.2% Operating Income 929 700 1,026 +97 +10.5％ +170 +326 +46.7% Operating Margin 16.8% 12.3% -4.5pts － Operating Margin 15.5% 10.9% 13.3% -2.2pts － － +2.4pts － Q2 Sales Mix Q2 1H Sales Mix Surv. FA & Oth. Cam. Modules VC 1H 1H Sales Mix Outside: FY26 Inside : FY25 Surveillance: Sales grew solidly, led by advanced markets, capturing rising demand for high-definition/high-resolution specs and diversifying applications.. FA: Revenue surged ~1.4x YoY as customer inventory adjustments ran their course and demand recovered. Video Conferencing: Maintained flat YoY sales despite a sluggish broader market, supported by resilient demand for core existing models. Camera Modules: Achieved double-digit growth driven by increased demand in China and Europe. Profitability: Operating profit rose double-digits as strong volume growth offset lower gross margins from raw material cost hikes and higher R&D expenses. Vs. Forecast: Outperformed targets across all categories, delivering 1.2x revenue and ~1.5x profit growth compared to plan.
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─ Copyright © Tamron Co., Ltd. All rights reserved.21 6% 4% 82% 7% 1% Europe 7% US 3% Japan 81% China 8% Others 1% -30% -2% +6% -27% -28% -1% +40% -16% +28% +55% +60% +29% Europe US Japan China Others Total FY25 FY26 Sales Growth Rate By Branch (YoY, Yen Basis)Sales Mix by Branch (Value Basis) Outside: FY26 Inside : FY25 Ⅱ-4. Segment Results ② Surveillance & FA Lenses Sales Mix by Branch
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─ Copyright © Tamron Co., Ltd. All rights reserved. Q2 FY25 Q2 FY26 Change vs. FY25 1H FY25 1H FY26 1H FY26 Change vs. FY25 vs. FY26 Fcst. Actual Actual Value % Actual Fcst. Actual Value % Value % Value (¥ billion) Auto 2.3 3.6 +1.3 +55.3% Value (¥ billion) Auto 4.9 5.3 6.5 +1.7 +34.1% +1.2 +23.8% HC Comp. 0.2 0.5 +0.3 +163.2% HC Comp. 0.4 0.8 0.9 +0.5 +113.5% +0.1 +10.2% DSC/VC, Drone/Oth. 0.3 0.4 +0.1 +37.5% DSC/VC, Drone/Oth. 0.5 0.5 0.6 +0.1 +32.1% +0.1 +17.8% 85% 7% 8% 82% 11% 7% 22 Ⅱ-4. Segment Results ③ Mobility ＆Healthcare Products, Other Q2 FY25 Q2 FY26 Change vs. FY25 1H FY25 1H FY26 1H FY26 Change vs. FY25 FX Impact vs. FY26 Fcst. （¥ million） Actual Actual Value % （¥ million） Actual Fcst. Actual Value % (vs. Prior Year) Value % Net Sales 2,751 4,457 +1,705 +62.0% Net Sales 5,755 6,600 8,035 +2,279 +39.6％ +540 +1,435 +21.7% Operating Income 613 1,085 +472 +77.0% Operating Income 1,342 1,200 1,987 +644 +48.0％ +310 +787 +65.6% Operating Margin 22.3% 24.3% +2.0pts － Operating Margin 23.3% 18.2% 24.7% +1.4pts － － +6.5pts － Auto HC Comp. DSC/VC, Drone & Oth.Q2 Sales Mix Q2 1H 1H Sales Mix 1H Sales Mix Automotive: Maintained steady revenue growth on sustained strong demand for advanced sensing cameras, driven by increasing ADAS adoption. Healthcare: Achieved massive growth of over 2x YoY, boosted by line expansion in products supporting minimally invasive treatment. Profitability: Profit grew ~1.5x, propelled by higher gross profit from top-line expansion; achieved constant-currency revenue and profit growth even excluding favorable forex impacts. Vs. Forecast: Delivered double-digit revenue growth across all categories, with profit significantly outperforming targets at over 1.6x plan. Outside: FY26 Inside : FY25
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─ Copyright © Tamron Co., Ltd. All rights reserved.23 （¥ million） Q1 FY24 YoY (%) Q2 FY24 YoY (%) Q3 FY24 YoY (%) Q4 FY24 YoY (%) Q1 FY25 YoY (%) Q2 FY25 YoY (%) Q3 FY25 YoY (%) Q4 FY25 YoY (%) Q1 FY26 Q1 FY24 Q2 FY26 YoY (%) QoQ (%) Photographic Products Sales 13,944 +45.0 19,152 +38.7 17,228 +21.3 14,510 -5.8 13,569 -2.7 16,413 -14.3 15,131 -12.2 15,529 +7.0 11,305 -27.2 16,228 -1,1 +43.5 Op.Income 4,019 +50.8 5,959 +55.2 5,263 +33.3 2,868 -19.3 3,803 -5.4 4,599 -22.8 3,925 -25.4 3,301 +15.1 2,390 -27.6 3,553 -22.7 +48.6 Surveillance & FA Lenses Sales 2,939 -8.6 3,072 +38.6 3,403 +47.2 2,899 +42.0 2,878 -2.1 3,098 +0.8 3,061 -10.0 3,053 +5.3 3,602 +18.0 4,108 +32.6 +14.1 Op.Income 428 +48.4 437 +52.6 578 +462.2 121 +222.6 409 -4.5 520 +18.9 321 -44.4 424 +248.4 523 +23.2 503 -3.2 -3.8 Mobility & Healthcare Products, Others Sales 2,935 +73.6 2,809 +27.5 2,970 +18.3 2,609 +18.5 3,003 +2.3 2,751 -2.0 3,195 +7.6 3,384 +29.7 3,577 +5.7 4,457 +62.0 +24.6 Op.Income 729 +156.3 630 +63.8 745 +46.8 371 +18.0 729 +0.0 613 -2.8 721 -3.2 636 +71.2 901 +41.8 1,085 +77.0 +20.3 Consolidated Financial Results Sales 19,819 +36.5 25,034 +37.3 23,602 +24.0 20,019 +1.9 19,451 -1.9 22,263 -11.1 21,389 -9.4 21,967 +9.7 18,485 -15.9 24,795 +11.4 +34.1 Op.Income 4,547 +72.9 6,292 +63.6 5,892 +59.1 2,469 -27.9 4,235 -6.9 4,967 -21.1 4,183 -29.0 3,251 +31.7 3,441 +5.8 4,247 -14.5 +23.4 Ⅱ-5. Quarterly Segment Performance Trends 2.9 2.8 3.0 2.6 3.0 2.8 3.2 3.4 3.6 4.5 2.9 3.1 3.4 2.9 2.9 3.1 3.1 3.1 3.6 4.1 13.9 19.2 17.2 14.5 13.6 16.4 15.1 15.5 11.3 16.2 19.8 25.0 23.6 20.0 19.5 22.3 21.4 22.0 18.5 24.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 （¥ Billion） Net Sales 0.7 0.6 0.7 0.4 0.7 0.6 0.7 0.6 0.9 1.1 0.4 0.4 0.6 0.1 0.4 0.5 0.3 0.4 0.5 0.5 4.0 6.0 5.3 2.9 3.8 4.6 3.9 3.3 2.4 3.6 24.8% 22.4% 25.1% 14.2% 24.3% 22.3% 22.6% 18.8% 25.2% 24.3% 14.6% 14.2% 17.0% 4.2% 14.2% 16.8% 10.5% 13.9% 14.5% 12.3% 28.8% 31.1% 30.6% 19.8% 28.0% 28.0% 25.9% 21.3% 21.1% 21.9% 0% 5% 10% 15% 20% 25% 30% 35% 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 （¥ Billion） O.P. / O.P. Margin
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Ⅲ. Financial Forecast FY2026
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─ Copyright © Tamron Co., Ltd. All rights reserved.25 41,714 41,400 43,281 43,356 49,600 49,718 FY25 Actual FY26 Initial Foct. FY26 Revised Fcst. 1H 2H 9,203 7,700 7,689 7,435 10,800 10,810 19.6% 20.3% 19.9% FY25 Actual FY26 Initial Foct. FY26 Revised Fcst. 1H 2H OP. Margin Net Sales (¥ million） Operating Income (¥ million） Ⅲ-1. Financial Forecast FY2026 （¥ million） FY25 FY26 FY26 Change vs. FY25 vs. FY26 Fcst. Actual Initial Fcst. Revised Foct. Value % Value % Net Sales 85,071 91,000 93,000 +7,928 +9.3％ +2,000 +2.2% Operating Income 16,638 18,500 18,500 +1,861 +11.2％ － － Operating Margin 19.6％ 20.3% 19.9% +0.3pts － -0.4pts － Ordinary Income 16,699 18,500 18,500 +1,800 +10.8％ － － Ord. Income Margin 19.6％ 20.3% 19.9% +0.3pts － -0.4pts － Net Income 11,761 13,690 13,690 +1,928 +16.4％ － － Net Inc. Margin 13.8％ 15.0% 14.7% +0.9pts － -0.3pts － USD/JPY 149.63 148.00 159.16 +9.53 － +11.16 － EUR/JPY 169.24 175.00 182.31 +13.07 － +7.31 － 1H Performance:Photo missed 1H targets, while the other two segments outperformed forecast. 2H Outlook & Revisions: • Photo: Aiming to recover the 1H shortfall during 2H. • Other Two Segments: Reflected risks based on recent market conditions and order momentum, alongside 1H top-line upside. Net Sales: Revised upward to reflect strong performance in Automotive and other growth areas. Operating Income: Maintained initial full-year forecast, absorbing ongoing cost pressures.
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─ Copyright © Tamron Co., Ltd. All rights reserved.26 29,982 28,400 27,534 30,660 34,600 35,465 60,643 63,000 63,000 FY25 Actual FY26 Initial Fcst. FY26 Revised Fcst. Net Sales（¥ million） 1H 2H 8,403 7,300 5,943 7,227 9,900 10,156 15,630 17,200 16,100 FY25 Actual FY26 Initial Fcst. FY26 Revised Fcst. Operating Income (¥ million） 1H 2H 59%41% 62% 38% Outside: FY26 Inside : FY25 FY25 FY26 FY26 Change vs. FY25 vs. FY26 Initial Fcst. （¥ million） Actual Initial Fcst. Revised Fcst. Value % Value % Net Sales 60,643 63,000 63,000 +2,356 +3.9% — — Operating Income 15,630 17.200 16,100 +469 +3.0% -1,100 -6.4% Operating Margin 25.8% 27.3% 25.6% -0.2pts — -1.7pts — FY25 FY26 FY26 Change vs. FY25 vs. FY26 Initial Fcst. Actual Initial Fcst. Revised Fcst. Value % Value % Value (¥ billion) Own- Brand 35.9 39.0 39.0 +3.1 +8.5% — — OEM 24.7 24.0 24.0 -0.7 -2.9% — — Unit (10K) Own- Brand 49 52 51 +2 +3.0% -1 -1.9% OEM 77 72 67 -10 -12.7% -5 -6.9% Sales Mix Full-Year Forecast Own - Brand OEMFull-Year Sales Mix Ⅲ-2. Segment Forecast FY2026 ①Photographic Products Net Sales:Expected to meet full-year initial targets, driven by forex tailwinds (yen depreciation) and a 2H recovery offsetting the 1H shortfall. Profitability:Revised downward due to higher procurement costs (raw materials and freight) along with increased labor and R&D expenses. Net Sales: Maintained initial full-year forecast. Operating Income: Revised downward due to persistent cost pressures.
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─ Copyright © Tamron Co., Ltd. All rights reserved.27 FY24: 7 models FY25: 6 models FY26: 10+ New Models SONY E-mount Total: 22 models Jun. Aug. Oct. Jul. Nov. Mar. Aug. 50-300mm F/4.5-6.3 VC VXD (A069) 28-300mm F/4-7.1 VC VXD (A074) 90mm F/2.8 VXD (F072) 16-30mm F/2.8 VXD G2 (A064) 25-200mm F/2.8-5.6 VXD G2 (A075) 35-100mm F/2.8 VXD (A078) 12-20mm F2.8 (A084) NIKON Z-mount Total:11 models Apr. Sep. Oct. Aug. Aug. Oct. Mar. Jul. Aug. 28-75mm F/2.8 VXD G2 (A063) 50-400mm F/4.5-6.3 VC VXD (A067) 90mm F/2.8 VXD (F072) 16-30mm F/2.8 VXD G2 (A064) 18-300mm F/3.5-6.3 VC VXD (B061) 70-180mm F/2.8 VXD G2 (A065) 35-100mm F/2.8 VXD (A078) 17-70mm F/2.8 VC RXD (B070) 12-20mm F2.8 (A084) CANON RF-mount Total:3 models Dec. Sep. Jul. 11-20mm F/2.8 RXD (B060) 18-300mm F/3.5-6.3 VC VXD (B061) 17-70mm F/2.8 VC RXD (B070) FUJIFILM X-mount Total:4 models Ⅲ-2. Photographic Products Own-Brand New Models Before FY23: Approx. 5 new models launches per year ⇒ Initial MTMP: Target of 6-7 models launches per year ⇒ New MTMP: Targeting 10+ new model launchesper year by FY26
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─ Copyright © Tamron Co., Ltd. All rights reserved. FY25 FY26 FY26 Change vs. FY25 vs. FY26 Initial Fcst. Actual Initial Fcst. Revised Fcst. Value % Value % Value (¥ billion) Surv. 6.7 8.3 8.4 +1.7 +25.7% +0.1 +1.2% FA & Oth. 2.0 3.0 2.8 +0.8 +42.3% -0.2 -6.7% VC 1.2 0.5 1.2 +0 +1.0% +0.7 +140.0% Cam. Modules 2.2 2.7 2.1 -0.1 -6.7% -0.6 -22.2% Unit (10K) Segment Total 129 156 167 +38 +29.1% +11 +7.1 28 5,976 6,400 7,711 6,115 8,100 6,788 12,091 14,500 14,500 FY25 Actual FY26 Initial Fcst. FY26 Revised Fcst. 1H 2H 929 700 1,026 746 1,200 873 1,675 1,900 1,900 FY25 Actual FY26 Initial Fcst. FY26 Revised Fcst. 1H 2H 55% 16% 19% 10% 58%19% 15% 8% Outside: FY26 Inside : FY25 Ⅲ-3. Segment Forecast FY2026 ②Surveillance & FA Lenses FY25 FY26 FY26 Change vs. FY25 vs. FY26 Initial Fcst. （¥ million） Actual Initial Fcst. Revised Fcst. Value % Value % Net Sales 12,091 14,500 14,500 +2,408 +19.9% ― ― Operating Income 1,675 1,900 1,900 +224 +13.4％ ― ― Operating Margin 13.9% 13.1% 13.1 -0.8pts ― ― ― Net Sales（¥ million） Operating Income (¥ million） Surv. FA & Oth. Cam. Modules VC Sales Mix Full-Year Forecast Full-Year Sales Mix Net Sales: Expected to hit initial full-year targets overall. While performance varies by product line—such as sales declines in Camera Modules due to component shortages being offset by Video Conferencing—the segment as a whole remains on track. Profitability: Expected to meet initial full-year targets. While 1H profit outperformed plan, 2H profit will be impacted by increased R&D investments and shifted SG&A expenses. Net Sales & Operating Income: Maintained initial full-year forecast.
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─ Copyright © Tamron Co., Ltd. All rights reserved. FY25 FY26 FY26 Change vs. FY25 vs. FY26 Initial Fcst. Actual Initial Fcst. Revised Fcst. Value % Value % Value (¥ billion) Auto 10.3 11.3 13.0 +2.7 +26.0% +1.7 +15.0% HC Comp. 1.0 1.2 1.3 +0.3 +29.9% +0.1 +8.3% DSC/VC, Drone/Oth. 1.0 1.0 1.2 +0.2 +18.3% +0.2 +20.0% 29 5,755 6,600 8,035 6,580 6,900 7,464 12,336 13,500 15,500 FY25 Actual FY26 Initial Fcst. FY26 Revised Fcst. 1H 2H 1,342 1,200 1,987 1,357 1,300 1,512 2,699 2,500 3,500 FY25 Actual FY26 Initial Fcst. FY26 Revised Fcst. 1H 2H 84% 8% 8% 84% 8% 8% Outside: FY26 Inside : FY25 Ⅲ-3. Segment Forecast FY2026 ③ Mobility ＆Healthcare Products, Other FY25 FY26 FY26 Change vs. FY25 vs. FY26 Initial Fcst. （¥ million） Actual Initial Fcst. Revised Fcst. Value % Value % Net Sales 12,336 13,500 15,500 +3,163 +25.6% +2,000 +14.8% Operating Income 2,699 2,500 3,500 +800 +29.6% +1,000 +40.0% Operating Margin 21.9% 18.5% 22.6% +0.7pts — +4.1pts — Net Sales（¥ million） Operating Income (¥ million） Auto HC Comp. DSC/VC, Drone & Oth.Full-Year Sales Mix Sales Mix Full-Year Forecast Net Sales:Revised upward, driven by strong 1H performance where Automotive exceeded forecast by 1.2x alongside steady Healthcare Components growth. Profitability:While 1H top-line expansion boosted gross profit, 2H margins are expected to decline compared to 1H due to customer price reduction pressures and increased R&D investments. Net Sales & Operating Income: Revised upward for both top and bottom lines.
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Ⅳ. Reference Data
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─ Copyright © Tamron Co., Ltd. All rights reserved.31 78,806 85,911 89,398 3,419 4,634 4,350 14,309 15,499 15,491 96,535 106,046 109,240 0 20,000 40,000 60,000 80,000 100,000 120,000 End-June 2025 End-Dec. 2025 End-June 2026 Net Assets Non-current Liabilities Current Liabilities 14,964 16,768 17,725 2.2Mos 2.4Mos 2.5Mos 0.0 1.0 2.0 3.0 0 5,000 10,000 15,000 20,000 End-June 2025 End-Dec. 2025 End-June 2026 Inventories Turnover 1,568 1,045 1,150 1.6% 1.0% 1.1% 0.0% 1.0% 2.0% 3.0% 0 1,000 2,000 End-June 2025 End-Dec. 2025 End-June 2026 Liabilities with Interests 29,838 35,353 36,541 1,668 1,462 1,993 14,964 16,768 17,725 16,908 17,090 18,346 33,155 35,371 34,633 96,535 106,046 109,240 0 20,000 40,000 60,000 80,000 100,000 120,000 End-June 2025 End-Dec. 2025 End-June 2026 Non-Current Assets Other Current Assets Inventories Notes & Accounts Receivable Cash & Deposits （¥ million） （¥ million） Assets Liabilities / Net Assets Inventories Ⅳ-1. Financial Position Liabilities with Interests （¥ million） （¥ million）
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─ Copyright © Tamron Co., Ltd. All rights reserved. 5,398 6,169 7,092 7,313 8,000 8.5% 8.6% 8.0% 8.6% 8.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0 2,000 4,000 6,000 8,000 10,000 FY22 FY23 FY24 FY25 FY26(Fcst.) 32 R&D Expenses （¥ million） R&D Expenses (% Net Sales)R&D Expenses （¥ million） 3,218 5,299 5,956 4,828 6,300 0 2,000 4,000 6,000 8,000 FY22 FY23 FY24 FY25 FY26(Fcst.) Capital Expenditures 2,957 2,961 3,082 3,523 4,200 0 1,000 2,000 3,000 4,000 5,000 FY22 FY23 FY24 FY25 FY26(Fcst.) （¥ million) Depreciation Ⅳ-2. Cap Expenditures, Depreciation, and R&D Expenses
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─ Copyright © Tamron Co., Ltd. All rights reserved.33 End-June 2025 End-Dec. 2025 End-June 2026 Operating CF 7,644 15,096 5,888 Investing CF -3,124 -7,339 -3,201 Free CF 4,519 7,757 2,686 Financing CF -8,989 -11,129 -4,140 7,644 15,096 5,888 -3,124 -7,339 -3,201 4,519 7,757 2,686 -8,989 -11,129 -4,140 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 Operating CF Investing CF Free CF Financing CF （¥ million） Ⅳ-3. Cash Flows
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─ Copyright © Tamron Co., Ltd. All rights reserved.34 Current MTMP:Payout ratio ~40% (¥20 minimum annual dividend); Total payout ratio 60%. Next MTMP:Dividend policy set to the higher of 60% payout ratio or 8% DOE.; ~¥18B in additional returns planned. FY2026 Dividend: Target set at 60% payout ratio 50.00 64.64 87.90 72.79 84.91 14.8% 16.5% 19.0% 14.0% 15.4% 16.1% 17.2% 20.4% 16.0% 17.0% 0% 5% 10% 15% 20% 25% 0 50 100 150 200 FY22 FY23 FY24 FY25 FY26(Fcst.) 3.750 4.375 8.75 10.00 20.00 10.625 16.875 26.25 26.25 31.00 0.625 30.0% 32.9% 39.8% 49.8% 60.1%54.0% 84.1% 0% 20% 40% 60% 80% 100% 0 10 20 30 40 50 60 FY22 FY23 FY24 FY25 FY26(Fcst.) Interim Dividend Year-End Dividend Commemorative Dividend Dividend Payout Ratio Total Return Ratio Dividends Key Performance Indicators Shareholder Return Policy Repurchase of treasury stock (2.0Bill.) Repurchase of treasury stock (4.0Bill.) Ⅳ-4. Dividends and Key Performance Indicators ROE: Net Income /Net Assets (average for Fiscal Year) EPS ROA: Ordinary Income/Total Assets (average for Fiscal Year) （JPY） （JPY） (Note) A 4-for-1 stock split of common shares was conducted, effective July 1, 2025. Dividends and EPS are presented on a post-split basis.
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─ Copyright © Tamron Co., Ltd. All rights reserved.35 FX Impact in 1H FY26 1H FY25 1H FY26 Impact (Millions of JPY) Net Sales Operating Income USD/JPY 148.43 158.31 +1,400 +210 EUR/JPY 162.31 184.61 +570 +480 Others ー ー +510 +340 Total ー ー +2,480 +1,030 FX sensitivity in 2nd Half FY26 FX Assumption 2H FY26 Impact of ￥1 Appreciation (¥ million) Net Sales Operating Income USD/JPY 160.00 -170 -40 EUR/JPY 180.00 -40 -30 Ⅳ-5. FX Impacts （Foreign exchange impact on previous year results）
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─ Copyright © Tamron Co., Ltd. All rights reserved.36 1. This material is intended to provide information regarding the actual results for 1st half FY2026 and future management strategies; it does not constitute, and should not be construed as, an offer or solicitation to buy or sell securities. 2. The information herein is based on data available at the time of publication and on assumptions deemed reasonable by the Company. Actual results may differ from the forecasts contained in this material due to various factors. 3. Market forecast data from third-party vendors cited herein has not been independently verified by the Company, and no guarantees are made regarding its accuracy, reliability, or consistency of assumptions. Please note that actual market trends may differ from the data presented due to future changes in market conditions or social environment. 4. The Company accepts no liability for any loss or damage arising from the use of this material or from statements made in this presentation. 5. In the event of any discrepancy between the English and Japanese versions of this material, the Japanese version shall prevail. Disclaimer