Tamron (7740) investor relations material

Executive summary

• FY2025 net sales declined 3.8% to ¥85,071 million, operating income fell 13.4% to ¥16,638 million, and net profit dropped 19% to ¥11,761 million, mainly due to a sharp drop in photographic OEM shipments and inflation, but Q4 showed a rebound with growth across all segments.

• Comprehensive income declined 25.5% year-over-year to ¥13,339 million.

• Key events included opening a new factory in Vietnam, increased treasury share repurchases, a 4-for-1 stock split, and six new product launches.

• Annual dividend increased to ¥36.25 per share, with a payout ratio of 49.8% and total shareholder return ratio near 80%.

Financial highlights

• FY2025 net sales were ¥85,071 million (down 3.8% YoY); operating income was ¥16,638 million (down 13.4% YoY); net income was ¥11,761 million (down 19% YoY).

• Gross profit fell 5% to ¥37,417 million due to lower sales and higher costs.

• Q4 net sales rose 10% and operating income jumped 32% year-over-year.

• Net income per share (basic) was ¥72.79, compared to ¥87.90 in the prior year.

• Cash and cash equivalents at year-end were ¥35,371 million, down from ¥38,384 million.

Outlook and guidance

• FY2026 targets: net sales of ¥91,000 million (+7%), operating income of ¥18,500 million (+11.2%), and net income of ¥13,690 million (+16.4%).

• Operating margin expected to improve to 20.3%.

• Net income per share forecast for FY2026 is ¥84.91.

• Plans to launch 10 new own-brand photographic models and maintain growth in surveillance and automotive segments.