Tamron (7740) Q3 2026 earnings summary

Executive summary

• Q3 FY26 net sales rose 16.0% YoY and operating profit rose 17.4%; 9M sales increased 7.9% while operating profit declined 5.9%.

• Industrial-use growth and yen weakness lifted revenue, but lower sales in the higher-profit Photographic Products business and increased SG&A weighed on earnings.

Financial highlights

• Q3 net sales were ¥24,807m, gross profit ¥10,779m, operating profit ¥4,912m and net profit ¥3,470m.

• 9M net sales were ¥68,088m, gross profit ¥28,910m, operating profit ¥12,602m and profit attributable to owners of parent ¥9,668m; operating profit fell ¥784m YoY.

• 9M SG&A increased to ¥16,308m from ¥14,924m; FX contributed ¥1,460m to operating profit, while product mix and other factors reduced profit by ¥2,074m.

• 9M ordinary profit declined 6.4% to ¥12,605m; comprehensive income increased 20.2% to ¥10,578m.

• Profit before income taxes was ¥12,605m and income taxes were ¥2,937m; reported results included a ¥99m gain and ¥414m loss on investment securities.

Outlook and guidance

• FY2026 forecast unchanged: sales ¥93,000m (+9.3%), operating profit ¥18,500m (+11.2%), ordinary profit ¥18,500m (+10.8%) and net income attributable to owners ¥13,690m (+16.4%).

• FY2026 basic EPS forecast is ¥84.91; the 2H outlook calls for double-digit sales and operating profit growth across all segments.

• Photographic Products forecast: sales ¥63,000m (+3.9%) and operating profit ¥16,100m (+3.0%); China inventory adjustment and softer Japan and Europe demand remain concerns.

• Surveillance & FA forecast: sales ¥14,500m (+19.9%) and operating profit ¥1,900m (+13.4%); camera-module component shortages may delay 2H shipments.

• Mobility, Healthcare Products and Others forecast: sales ¥15,500m (+25.6%) and operating profit ¥3,500m (+29.6%), despite customer cost-down pressure and higher next-generation investment.