Tamron (7740) Q3 2025 earnings summary

Executive summary

• Q1–Q3 FY2025 saw declines in both sales and profit, impacted by yen appreciation, stagnation in the interchangeable-lens market, and significant shipment declines in photographic OEM products.

• Net sales for Q3 FY2025 were ¥63,103 million, down 7.8% year-over-year from ¥68,456 million.

• Operating profit decreased 20.0% to ¥13,386 million, and ordinary profit fell 19.2% to ¥13,470 million compared to the same quarter last year.

• Profit attributable to owners of parent declined 17.7% year-over-year to ¥10,059 million.

• Key events included the start of operations at a second Vietnam factory, a major treasury share repurchase, a 4-for-1 stock split, and several new lens launches.

Financial highlights

• Net sales for Q1–Q3 FY2025 were ¥63,103 million, down 7.8% year-over-year; operating income was ¥13,386 million, down 20.0%.

• Gross profit for Q3 FY2025 was ¥28,311 million, down from ¥31,144 million year-over-year.

• Net income per share (basic) was ¥62.20, calculated post stock splits.

• Total assets as of September 30, 2025, were ¥98,433 million, with total net assets at ¥81,332 million.

• Shareholders' equity ratio improved to 82.6%.

Outlook and guidance

• Full-year FY2025 net sales forecast revised to ¥87,000 million, a 1.7% increase year-over-year, with operating income expected at ¥18,000 million (+6.3%).

• Ordinary profit is projected at ¥18,200 million (+5.7%), and profit attributable to owners of parent at ¥13,560 million (+6.7%).

• Q4 is expected to see a sales recovery in own-brand photographic products, but OEM shipments are projected to remain sluggish.

• Mobility & Healthcare segment revenue is expected to exceed previous forecasts, while Surveillance & FA Lenses are forecast slightly below prior guidance.

• Net profit per share forecast is ¥83.92, post 4-for-1 stock split; dividend forecast for FY2025 is ¥145 per share, adjusted for stock splits.