Shimadzu Corporation · TSE:7701
Shimadzu — FY2025 Earnings Presentation
42 slides from Shimadzu's earnings presentation, May 13, 2026
Slide 1: FY2025 (FYE3/2026) Results & Financial Position
Excellence in Science ＆ Best for Our Customers Cover Page Shimadzu Corporation (TSE Prime Market: Securities Code 7701) FY2025 (FYE3/2026) Results & Financial Position President and Representative Director, CEO Yasunori Yamamoto May 13, 2026
Slide 2: Key Messages
• AMI: Analytical & Measuring Instruments, MED: Medical Systems, Excellence in Science IM: Industrial Machinery, AE: Aircraft Equipment ＆ Key Messages • AMI Key Models (LC: Liquid Chromatograph, Best for Our Customers MS: Mass Spectrometer System, GC: Gas Chromatograph) • TMP: Turbomolecular Pump Hi
Slide 3: Overview of Financial Results
Excellence in Science ＆ Best for Our Customers 01 Overview of Financial Results Copyright © Shimadzu Corporation. All Rights Reserved. | FY2025 Results 3
Slide 4: Summary of Consolidated Results
Excellence in Science ＆ Summary of Consolidated Results Best for Our Customers FX Impact Full-Year YoY Units: ¥B FY2024 FY2025 Changes % Sales : + ¥ 0.2 B Net Sales 539.0 560.7 +21.7 +4% OP : - ¥ 0.2 B Operating Income 71.7 73.7 +2.0 +3% Operating Margin 13.3% 13.1% -0.2pt Business FX gain/loss Ordi
Slide 5: Consolidated / YoY Change in OP
Excellence in Science ＆ Consolidated / YoY Change in OP Best for Our Customers [OP] ¥73.7B (+3% YoY) [OPM] 13.1%（- 0.2pts YoY） ◼ Sales Efforts: Increase driven by higher sales and value-added pricing. + ¥17.3B ◼ Manufacturing Efforts: + ¥1.1B from improved manufacturing efficiency, - ¥1.6B from risi
Slide 6: Consolidated / Sales by Region
Excellence in Science ＆ Consolidated / Sales by Region Best for Our Customers ◼ Sales: Increase driven in Japan, Other Asian Countries, and Europe. Sales in China was flat, but its share of total sales declined to 16.4%. ◼ Japan: AMI Key Models increased in pharmaceutical and chemical markets. X-Ray
Slide 7: AMI / Sales and OP
Excellence in Science ＆ AMI / Sales and OP Best for Our Customers [Higher Sales and OP] Sales reached a record high for the sixth consecutive year. ◼ Sales: Record high for both Key Models and Other Models. ◼ OP: Increased as higher sales offset increases in M&A-related expenses and R&D expenses, wh
Slide 8: MED / Sales and OP
Excellence in Science ＆ MED / Sales and OP Best for Our Customers [Higher Sales and OP] Sales increased, mainly driven by X-Ray Systems. ◼ Sales: Decreased in Japan and Europe due to the impact of medical budget cuts; however, X-Ray Systems sales increased significantly in Southeast Asia. ◼ OP: Incr
Slide 9: IM / Sales and OP
Excellence in Science ＆ IM / Sales and OP Best for Our Customers [Lower Sales, Higher Profit] OP reached a record high, and TMP recurring sales ratio was 24%, up 4pts YoY. ◼ Sales: TMP sales were solid, and sales of hydraulic equipment increased. On the other hand, sales of Others (Industrial Furnac
Slide 10: AE / Sales and OP
Excellence in Science ＆ AE / Sales and OP Best for Our Customers [Higher Sales and OP] Sales hit a record high for the second consecutive fiscal year and OP for the third consecutive fiscal year. ◼ Sales: Sales of aircraft equipment significantly increased in the Defense market, and increase in the
Slide 11: FY2026 Guidance
Excellence in Science ＆ Best for Our Customers 02 FY2026 Guidance Copyright © Shimadzu Corporation. All Rights Reserved. | FY2025 Results 11
Slide 12: FY2026 Guidance
Excellence in Science ＆ FY2026 Guidance Best for Our Customers ◼ Project higher sales and OP through sales growth and value-added pricing, while offsetting the impact of the worsening situation in the Middle East and increased growth investments. ◼ Tescan’s performance is not included in the guidanc
Slide 13: FY2026 OP Guidance
Excellence in Science ＆ FY2026 OP Guidance Best for Our Customers ◼ Projected at ¥76.0B, taking into account the impact of FX and the worsening situation in the Middle East. ◼ Sales Efforts: OP is expected to increase due to higher sales and value-added pricing. ◼ Manufacturing Efforts: OP is expect
Slide 14: FY2026 Guidance by Segment
Excellence in Science ＆ FY2026 Guidance by Segment Best for Our Customers ◼ AMI: Aim for higher sales and OP by expanding sales of new products, further expanding in markets with firm demand, and expanding recurring revenue business despite the worsening situation in the Middle East (Sales: - ¥6.0B,
Slide 15: To Achieve the Full-Year Forecast
Excellence in Science ＆ Best for Our Customers 03 To Achieve the Full-Year Forecast Copyright © Shimadzu Corporation. All Rights Reserved. | FY2025 Results 15
Slide 16: Market Environment by Region, Segment, and Industry (1)
Excellence in Science ＆ Market Environment by Region, Segment, and Industry (1) Best for Our Customers We will grow together with customers in markets with active capital investment across regions , particularly, by proposing end-to-end solutions centered on the new products. Region Markets with Act
Slide 17: Market Environment by Region, Segment, and Industry (2)
Excellence in Science ＆ Market Environment by Region, Segment, and Industry (2) Best for Our Customers We will grow together with customers in markets with active capital investment across regions , particularly, by proposing end-to-end solutions centered on the new products. Region Markets with Act
Slide 18: Healthcare: Life Science Market
Excellence in Science Key New Products and Solutions to Be Rolled Out ＆ Best for Our Customers Healthcare: Life Science Market 01. Successor to a Best-Selling Model 02. Flagship Model 03. AI-Powered Custom Media Tailored to Your Needs AI Custom Media Integrated Liquid Chromatograph Ultra High Perfor
Slide 19: Healthcare: MedTech Market, Molecular Diagnosis
Excellence in Science Key New Products and Solutions to Be Rolled Out ＆ Best for Our Customers Healthcare: MedTech Market, Molecular Diagnosis 01. Dedicated LCMS System for Clinical Testing 02. Subscription Service for Clinical Testing Systems 03. From the R&D Center in North America to the World Hi
Slide 20: Healthcare: MedTech Market, Imaging Diagnosis
Excellence in Science Key New Products and Solutions to Be Rolled Out ＆ Best for Our Customers Healthcare: MedTech Market, Imaging Diagnosis 01. Flagship Model of Mobile X-Ray Systems 02. Optical Camera-Equipped Radiography System Mobile X-Ray System Radiography System MobileDaRt Evolution MX9 Versi
Slide 21: Green / Material: Environmental Analysis and GX-related Market
Excellence in Science Key New Products and Solutions to Be Rolled Out ＆ Best for Our Customers Green / Material: Environmental Analysis and GX-related Market 01. Strategic Product 02. Water Quality Testing System for 03. Particle Analysis System for the PFAS Analysis Market Regulatory Compliance for
Slide 22: Green / Material: Battery Market
Excellence in Science Key New Products and Solutions to Be Rolled Out ＆ Best for Our Customers Green / Material: Battery Market 01. As a pioneer in X-Ray Systems 02. Static Elimination in Nitrogen Gas Environments 03. Materials Evaluation System for Micron-Sized Particles Benchtop Corona Discharge I
Slide 23: Industry: Semiconductor Market
Excellence in Science Key New Products and Solutions to Be Rolled Out ＆ Best for Our Customers Industry: Semiconductor Market 01. Enhanced Nanoscale Surface Observation 02. High-Sensitivity Ultrapure Water Monitoring 03. Addressing Expanding SPE Demand *SPE: Semiconductor Production Equipment Scanni
Slide 24: AMI / Initiatives to Improve Profitability
Excellence in Science ＆ AMI / Initiatives to Improve Profitability Best for Our Customers ◼ Expand solutions centered on new products, grow the recurring revenue business, and reduce manufacturing costs. Key Initiative / Rollout of end-to-end solutions centered on new products (as previously announc
Slide 25: Shareholder Returns
Excellence in Science ＆ Shareholder Returns Best for Our Customers ◼ Dividends: FY2025: An annual dividend of 69 yen per share, up 3 yen year on year and 3 yen above the initial forecast. FY2026: An annual dividend of 70 yen per share is planned (interim: 27 yen; year-end: 43 yen), marking the 13th
Slide 26: Closing Page
Excellence in Science ＆ Closing Page Best for Our Customers Forward-looking statements in this presentation may differ materially from actual results due to various external factors, including economic conditions, foreign exchange fluctuations, and technological developments. Contact: Investor Relat
Slide 27: Supplementary Materials
Excellence in Science ＆ Best for Our Customers Supplementary Materials Copyright © Shimadzu Corporation. All Rights Reserved. | FY2025 Results 27
Slide 28: Sales and OP by Segment
Excellence in Science ＆ Sales and OP by Segment Best for Our Customers ◼ Sales in AMI and AE reached record highs. Sales in MED also increased. ◼ OP in IM and AE reached record highs. OP in AMI and MED also increased. ◼ Sales composition: AMI 65%, MED 13%, IM 13%, and AE 8% Other AE 1% 8% Sales OP O
Slide 29: AMI / Sales Composition by Model and Region (Full-Year)
Excellence in Science ＆ AMI / Sales Composition by Model and Region (Full-Year) Best for Our Customers Model Region Other Countries India 5% 6% Other Asian Countries (excluding India) 6% 55% 8% 6% Japan 45% 8% 38% Other 38% 44% Key Models China 19% 56% 18% 12% 11% North Europe America 13% 12% Outer
Slide 30: AMI / Sales Composition by Market (Full-Year)
Excellence in Science ＆ AMI / Sales Composition by Market (Full-Year) Best for Our Customers Markets and Main Ratio Sales Overview Sales Composition by Market Industries FY2024 FY2025 YoY • Sales increased in the pharmaceutical market Healthcare in Japan, China, Southeast Asia, and India. • Pharmace
Slide 31: MED / Sales Composition by Model and Region (Full-Year)
Excellence in Science ＆ MED / Sales Composition by Model and Region (Full-Year) Best for Our Customers Model Region Other Countries Other 13% 24% 13% Other Asian 27% Countries 14% 12% Japan X-Ray 47% 46% Systems 5% 73% 76% China 6% 5% Europe 17% 5% North America 17% Outer ring: FY2025 actual Inner r
Slide 32: Consolidated Results (Jan. – Mar.)
Excellence in Science ＆ Consolidated Results (Jan. – Mar.) Best for Our Customers Q4 (Jan.-Mar.) YoY Units: ¥B FY2024 FY2025 Changes % Net Sales 154.8 162.0 +7.3 +5% Operating Income 24.7 23.5 -1.2 -5% Business Operating Margin 15.9% 14.5% -1.5pt Results Ordinary Income 22.9 29.8 +6.9 +30% Profit At
Slide 33: Sales and OP by Segment (Jan. – Mar.)
Excellence in Science ＆ Sales and OP by Segment (Jan. – Mar.) Best for Our Customers Sales OP OPM Units: ¥B YoY YoY YoY FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Changes % Changes % Changes AMI 100.0 105.0 +5.0 +5% 18.3 17.0 -1.2 -7% 18.3% 16.2% -2.1pt MED 22.3 21.7 -0.6 -3% 2.6 2.4 -0.2 -8% 11.7% 1
Slide 34: AMI / YoY Sales of Key Models (Jan. – Mar.)
Excellence in Science ＆ AMI / YoY Sales of Key Models (Jan. – Mar.) Best for Our Customers Key Models ◼ LC: Sales increased in the pharmaceutical market in Japan, China, and India. ◼ MS: Sales increased in Europe, driven by environmental regulation-related demand. MS sales also increased in the acad
Slide 35: AMI / Sales by Region
Excellence in Science ＆ AMI / Sales by Region Best for Our Customers YoY Unit FY2024 FY2025 FY Overview ¥B Changes % Full-Year 131.0 138.0 +7.0 +5% • LC and MS sales increased in the pharmaceutical and food markets. Japan • LC and GC sales increased in the chemical market. Q4 44.4 46.1 +1.6 +4% Full
Slide 36: AMI / YoY Sales by Region (Jan. – Mar.)
Excellence in Science ＆ AMI / YoY Sales by Region (Jan. – Mar.) Best for Our Customers ◼ Japan: Sales of LC, MS and GC increased in the pharmaceutical and food markets. Sales of X -Ray Photoelectron Spectrometers increased for research applications. ◼ Overseas: In India, sales of LC and MS increased
Slide 37: AMI / YoY Sales by Market
Excellence in Science ＆ AMI / YoY Sales by Market Best for Our Customers FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Healthcare +24% +7% -4% -8% +3% +1% -4% +5% +11% +3% +2% +7% -3% -3% +1% Industry (Green and +15% +8% +6% +5% +8% +7% +2% +2% +8% +5% -6% +1% +0% +3% +3% Materia
Slide 38: MED / Sales by Region
Excellence in Science ＆ MED / Sales by Region Best for Our Customers YoY Unit FY2024 FY2025 FY Overview ¥B Changes % Full-Year 34.0 33.6 -0.3 -1%• Decreased due to a rebound from a large-scale project involving Real-Time Tumor Tracking Systems for Radiation Therapy in the previous fiscal year. Japan
Slide 39: MED / YoY Sales by Region (Jan. – Mar.)
Excellence in Science ＆ MED / YoY Sales by Region (Jan. – Mar.) Best for Our Customers ◼ Japan: Sales of Angiography Systems declined, due to revisions to implementation plans for large-scale projects. ◼ Overseas: Sales in Europe increased in reaction to the sharp decline last year. Sales in North A
Slide 40: IM / YoY Sales by Model (Jan. – Mar.)
Excellence in Science ＆ IM / YoY Sales by Model (Jan. – Mar.) Best for Our Customers ◼ TMP: Sales for semiconductor production equipment increased in Japan; however, sales in China declined due to the rebound from strong sales in the previous year. ◼ Hydraulic: Sales for industrial vehicles decrease
Slide 41: Recurring Sales Ratio (Jan. – Mar.)
Excellence in Science ＆ Recurring Sales Ratio (Jan. – Mar.) Best for Our Customers ◼ AMI: Consumables sales increased in the pharmaceutical market in North America, China, and India, while sales of maintenance services increased in the clinical market in Europe. ◼ MED: Maintenance service sales incr
Slide 42: Consolidated Balance Sheet
Excellence in Science ＆ Consolidated Balance Sheet Best for Our Customers ◼ Total assets as of the end of March 2026: ¥738.0B (+ ¥65.8B from the end of March 2025) ◼ Current assets increased due to an increase in cash and deposits and higher inventories associated with increased demand. Current Liab