Komori
Earnings presentation7740Tamron Co.,Ltd.Electrical Equipment and Precision Instruments

Financial Results Briefing Materials for the Second Quarter of the Fiscal Year Ending December 2026

In the first half of fiscal 2026, revenue increased 3.8% year on year, while operating profit decreased 16.5%. For the full year, the revenue forecast was revised upward from ¥9,100 million to ¥9,300 million, reflecting strong performance in automotive applications and other areas, while the forecasts for operating profit, ordinary profit and net income were left unchanged.

Worth reading
89Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
2000
¥ million (amount of upward revision to the full-year revenue forecast)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationSecond quarter of the fiscal year ending December 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥43,281 million+3.8%
Operating profit¥7,689 million-16.5%
Ordinary income¥7,741 million-16.5%
Net income¥6,197 million-9.9%
Gross Profit Margin41.9
Operating profit margin17.8
Selling, general and administrative expenses¥10,441 million
Results for the three months of the current quarter
Net Sales
¥24,795 million+11.4%
Operating profit
¥4,247 million-14.5%
Ordinary income
¥4,377 million-13.0%
Net income
¥3,484 million-13.8%
Operating profit margin
17.1 %
yoy_change_pts-5.2
Full-year earnings forecast
Net Sales
¥93,000 million
Operating profit
¥18,500 million
Ordinary income
¥18,500 million
Net income
¥13,690 million
Operating profit margin
19.9 %
Ordinary income margin
19.9 %
Net profit margin
14.7 %
USD/JPY
¥159.16
EUR/JPY
¥182.31
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue is running above the first-half plan, while profit is progressing in line with the plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Foreign Exchange Effects¥1,030 million
  • Increase in R&D expenses¥-170 million
  • Increase in SG&A expenses excluding R&D¥-210 million
  • Impact of U.S. tariffs¥-190 million
  • Decrease in gross profit due to lower sales¥-410 million
  • Deterioration in gross margin due to product mix and other factors¥-1,560 million
  • Other¥-4 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • ¥159.16
    AssumptionsUSD/JPY
  • ¥182.31
    AssumptionsEUR/JPY
New initiatives
  • Formulation of the next medium-term management plan, “Value Up29” (2027–2029)
  • Transformation of the business portfolio from a photographic-related business into a comprehensive optics and sensing solutions company
  • Investment in Light Touch Technology Co., Ltd.
  • Commercialization of the world's first metasurface near-infrared light source
  • Launch of the 17-70mm F/2.8 lens for Z/RF mounts
  • Expansion of growth investments, including R&D, capital expenditure and M&A
  • Shareholder return policy based on the higher of a 60% dividend payout ratio or 8% DOE
  • Consideration of introducing a CxO system, revising the compensation system and establishing a share-based compensation plan for employees
Key KPIsA metric the company considers important as a management benchmark.
  • Interchangeable-lens camera market volume-5 %
    Year on year against the same period last year-5.0%
  • Interchangeable-lens camera market value4 %
    Year on year against the same period last year+4.0%
  • Interchangeable lens market volume-1 %
    Year on year against the same period last year-1.0%
  • Interchangeable lens market value4 %
    Year on year against the same period last year+4.0%
  • Target revenue growth rate for industrial businesses15 CAGR or higher
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Photographic-related, in-house brand sales volume22 10,000 units
    Year on year against the same period last year-2.3%
  • Photographic-related, OEM sales volume29 10,000 units
    Year on year against the same period last year-32.0%
  • Surveillance and FA-related sales volume83 10,000 units
    Year on year against the same period last year+41.7%
Segment results
  • Photography-related business
    Net Sales¥27,534 million (YoY -8.2%)
    Operating profit¥5,943 million (YoY -29.3%)
  • Surveillance & factory automation business
    Net Sales¥7,711 million (YoY +29.0%)
    Operating profit¥1,026 million (YoY +10.5%)
  • Mobility & healthcare and other businesses
    Net Sales¥8,035 million (YoY +39.6%)
    Operating profit¥1,987 million (YoY +48.0%)
Medium-term management plan targets
Plan nameValue Up29
Target fiscal year2,029
ROE20% or higher
Net Sales¥120 billion or more
Operating profit¥25 billion or more
Revenue from new businessesAt least ¥20 billion
Financial targets
  • ROE
    Target20% or higher (2029)
    Actual results14.0% (actual for 2025)
  • Equity ratio
    TargetApproximately 75% (2029)
    Actual results81% (actual for 2025)
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
¥-190 million
DetailsImpact of U.S. tariffs
Market Size / Share
The interchangeable-lens camera market declined 5% year on year in volume but grew 4% in value. The interchangeable lens market declined 1% in volume but grew 4% in value. Market share: Not disclosed
Capital expenditures
¥200 100 million period covered by the next medium-term management plan
Annual Dividend
Annual dividend per share¥51
Payout ratio
Rate60 %
DOE8%
Acquisition of treasury shares
Additional shareholder returns of approximately ¥18 billion are planned by the end of the period covered by the next medium-term management plan. Share repurchases and dividends will be considered in light of market conditions.
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredSecond quarter of the fiscal year ending December 2026
Net Sales¥43,281 million (YoY +3.8%)
Operating profit¥7,689 million (YoY -16.5%)
Ordinary income¥7,741 million (YoY -16.5%)
Net income¥6,197 million (YoY -9.9%)
Gross Profit Margin41.9
Operating profit margin17.8
Selling, general and administrative expenses¥10,441 million
Results for the three months of the current quarterNet Sales ¥24,795 million (YoY +11.4%) / Operating profit ¥4,247 million (YoY -14.5%) / Ordinary income ¥4,377 million (YoY -13.0%) / Net income ¥3,484 million (YoY -13.8%) / Operating profit margin 17.1 %
Full-year earnings forecastNet Sales ¥93,000 million / Operating profit ¥18,500 million / Ordinary income ¥18,500 million / Net income ¥13,690 million / Operating profit margin 19.9 % / Ordinary income margin 19.9 % / Net profit margin 14.7 % / USD/JPY ¥159.16 / EUR/JPY ¥182.31
Self-assessment against the planRevenue is running above the first-half plan, while profit is progressing in line with the plan
Segment resultsSegment Photography-related business / Net Sales ¥27,534 million (YoY -8.2%) / Operating profit ¥5,943 million (YoY -29.3%), Segment Surveillance & factory automation business / Net Sales ¥7,711 million (YoY +29.0%) / Operating profit ¥1,026 million (YoY +10.5%), Segment Mobility & healthcare and other businesses / Net Sales ¥8,035 million (YoY +39.6%) / Operating profit ¥1,987 million (YoY +48.0%)
Breakdown of Factors Affecting the ChangeFactors Foreign Exchange Effects / Amount ¥1,030 million, Factors Increase in R&D expenses / Amount ¥-170 million, Factors Increase in SG&A expenses excluding R&D / Amount ¥-210 million, Factors Impact of U.S. tariffs / Amount ¥-190 million, Factors Decrease in gross profit due to lower sales / Amount ¥-410 million, Factors Deterioration in gross margin due to product mix and other factors / Amount ¥-1,560 million, Factors Other / Amount ¥-4 million
Key KPIsIndicator name Interchangeable-lens camera market volume / Value -5 % / Year on year against the same period last year -5 %, Indicator name Interchangeable-lens camera market value / Value 4 % / Year on year against the same period last year 4 %, Indicator name Interchangeable lens market volume / Value -1 % / Year on year against the same period last year -1 %, Indicator name Interchangeable lens market value / Value 4 % / Year on year against the same period last year 4 %, Indicator name Target revenue growth rate for industrial businesses / Value 15 CAGR or higher / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Photographic-related, in-house brand sales volume / Value 22 10,000 units / Year on year against the same period last year -2.3 10,000 units, Indicator name Photographic-related, OEM sales volume / Value 29 10,000 units / Year on year against the same period last year -32 10,000 units, Indicator name Surveillance and FA-related sales volume / Value 83 10,000 units / Year on year against the same period last year 41.7 10,000 units
Assumptions Underlying the Business OutlookAssumptions USD/JPY / Value ¥159.16, Assumptions EUR/JPY / Value ¥182.31
Risk amount incorporated into the outlookAmount ¥-190 million / Details Impact of U.S. tariffs
Medium-term management plan targetsPlan name Value Up29 / Target fiscal year 2,029 / ROE 20% or higher / Net Sales ¥120 billion or more / Operating profit ¥25 billion or more / Revenue from new businesses At least ¥20 billion
Financial targetsIndicator ROE / Target 20% or higher (2029) / Actual results 14.0% (actual for 2025), Indicator Equity ratio / Target Approximately 75% (2029) / Actual results 81% (actual for 2025)
Annual DividendAnnual dividend per share ¥51 / Breakdown Not disclosed
Payout ratioRate 60 % / DOE 8%
Acquisition of treasury sharesAdditional shareholder returns of approximately ¥18 billion are planned by the end of the period covered by the next medium-term management plan. Share repurchases and dividends will be considered in light of market conditions.
Capital expenditures¥200 100 million (period covered by the next medium-term management plan)
Market Size / ShareThe interchangeable-lens camera market declined 5% year on year in volume but grew 4% in value. The interchangeable lens market declined 1% in volume but grew 4% in value. Market share: Not disclosed
New initiativesFormulation of the next medium-term management plan, “Value Up29” (2027–2029), Transformation of the business portfolio from a photographic-related business into a comprehensive optics and sensing solutions company, Investment in Light Touch Technology Co., Ltd., Commercialization of the world's first metasurface near-infrared light source, Launch of the 17-70mm F/2.8 lens for Z/RF mounts, Expansion of growth investments, including R&D, capital expenditure and M&A, Shareholder return policy based on the higher of a 60% dividend payout ratio or 8% DOE, Consideration of introducing a CxO system, revising the compensation system and establishing a share-based compensation plan for employees
Items this document does not state (5)
Progress against full-year forecastNumber of stores and locationsNumber of employeesOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

In the first half, strong performance in the 2 industrial segments more than offset lower sales of photographic OEM products, resulting in higher revenue. Profit declined due to lower sales in the high-margin photographic business, higher raw material, utility and logistics costs, and increased R&D and personnel expenses. The full-year revenue forecast was revised upward to reflect strong performance in automotive applications and other areas, while profit forecasts were kept in line with the initial plan despite cost increases.

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Financial Results Briefing Materials for the Second Quarter of the Fiscal Year Ending December 2026 | Tamron Co.,Ltd. (7740) timely disclosure | Komori