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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Olympus Corporation (7733) investor relations material
Olympus Corporation Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary7 Nov, 2025
Executive summary
Medium-term plan targets gradual revenue growth: 3% in year one, 4% in year two, and 5% in year three, aiming to match or exceed mid-single-digit market growth rates over time.
2Q FY2026 results were largely in line with forecasts, with no change to full-year guidance as further recovery is expected in the second half.
Focus on innovation-driven growth, new product launches (e.g., EDOF scopes, EVIS X1, Bronchoscope, OLYSENSE), and external partnerships to drive future performance.
Restructuring includes a 2,000 position reduction and a shift to a division-led operating model to enhance efficiency and accountability.
Achieved strong growth in emerging markets by expanding market reach and access capabilities.
Financial highlights
Margin improvement targeted at 100 basis points per year, aiming for 19% adjusted operating profit by FY2029, with a longer-term aspiration to reach or exceed 20%.
2Q revenue: ¥247.8B, up 4% year-over-year after FX adjustment; 6-month revenue: ¥454.4B, down 2% year-over-year after FX adjustment.
Adjusted operating profit: ¥37.4B for 2Q (15.1% margin), down 9% year-over-year; 6-month adjusted operating profit: ¥50.6B, down 32% year-over-year.
One-time restructuring costs related to headcount reduction estimated at JPY 30 billion over two years, with JPY 12 billion included in current forecasts.
FDA remediation costs (JPY 10 billion) expected to be resolved within the fiscal year, normalizing SG&A ratios.
Outlook and guidance
FY2026 revenue forecast: ¥998.0B, flat year-over-year, with 3% growth after FX adjustment; adjusted operating profit forecast: ¥157.0B (15.7% margin), down 9% year-over-year after FX adjustment.
No inorganic growth (M&A, JVs, distribution deals) is included in the forecast, but such opportunities are actively pursued to accelerate growth.
Guidance is considered conservative, with management emphasizing credibility and consistent delivery; upside potential exists if product launches and market recoveries outperform.
Confidence in second-half performance is based on new product launches, commercial execution, and leading sales indicators.
Full-year profit attributable to owners of parent forecast: ¥94.0B; EPS: ¥85; annual dividend forecast: ¥30/share, up ¥10/share; ¥50B share buyback planned.
Key drivers of profit decline and recovery plan
Swan EndoSurgical JV: strategic rationale and outlook
Capital allocation strategy given profit decline
What drives the conservative growth forecast?
How is R&D being accelerated?
Olympus's endoluminal robotics strategy?
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Next Olympus Corporation earnings date
Q3 202613 Feb, 2026
Next Olympus Corporation earnings date
Q3 202613 Feb, 2026
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Frequently asked questions
Olympus Corporation, established on October 12, 1919, is a global technology leader specializing in the design and delivery of innovative solutions for medical and surgical procedures, among other core areas. The company's primary focus lies in the manufacture and sales of precision machinery and instruments, particularly in the field of medical endoscopes, ultrasound, electrocautery, endotherapy, and cleaning and disinfection equipment. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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