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November 7, 2025 Olympus Corporation | Director, Representative Executive Officer, President and Chief Executive Officer, Bob White | Executive Officer and Chief Financial Officer, Tatsuya Izumi Consolidated Financial Results 2nd Quarter FY2026
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2 Disclaimer This material contains forward-looking statements that reflect management’s current views, plans, and expectations based on information available at the time of preparation. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, future business decisions, and other internal and external factors that may cause the Company’s actual results, performance, achievements, or financial position to be materially different from any future results expressed or implied by these forward-looking statements. Additionally, this information is subject to change without notice. Accordingly, other information should be used in addition to this material when making investment decisions. This material is not intended for promotional or medical advice use. Products or devices presented include future technology which may be pending regional regulatory approval and are not available for sale in all regions. It is provided to give examples of technology development by Olympus and no guarantees are made about the future sale of such products. Olympus Corporation assumes no responsibility for any damage resulting from the use of this material.
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1. Executive Summary 2. Business Topics 3. 2Q of Fiscal Year 2026 Consolidated Financial Results 4. Appendix 3 Table of contents CEO CFO CEO AppendixExecutive Summary Table of contents Business Topics Financial Results
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Executive Summary AppendixExecutive Summary Table of contents Business Topics Financial Results
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5 Active engagement with the FDA, underscoring our commitment to regulatory requirements. Local manufacturing in China is progressing well, with the first product launch soon. Fortified portfolio in focus areas through global distribution deals for single- use endoscopy products in Urology and biliary stents in GI EndoTherapy. Intelligent Endoscopy Ecosystem going live. OLYSENSE commercial launch in the U.S. and selected European countries at the end of October. 2Q results largely in line with forecast. No change to the forecast, as further recovery is expected in 2H. Achieved ~ 120% YoY growth in emerging markets by expanding market reach and market-access capabilities. As we launch our new strategy, we will simplify the organization to increase speed and accountability, anticipating a reduction of ~2,000 positions. 2 3 4 5 7 1 6 2Q results show clear progress: With commercial launches, new distribution agreements, and local manufacturing in China advancing as planned, our execution continues to build momentum. We are now launching our new strategy and taking decisive action to secure both near- and long- term success while deepening stakeholder trust.” Executive Summary F Key MessageExecutive Summary 2Q of Fiscal Year 2026 Consolidated Financial Results Revenue ¥247.8 B Adjusted operating profit ¥37.4 B Adjusted operating margin 15.1% +4 % / +4 % +3 % / +3 % +5 % / +5 % -9 % / -22 % -4.9 pp % YoY after FX adjustment % YoY including FX GIS SIS Bob White Director, Representative Executive Officer, President and Chief Executive Officer 1 ~: approximately Note: Products shown may not be available in all regions. As with any medical device, careful consideration should be given to all applicable labeling, including potential risks and benefits associated with the product. AppendixExecutive Summary Table of contents Business Topics Financial Results
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Business Topics AppendixExecutive Summary Table of contents Business Topics Financial Results
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7 Olympus has introduced OLYSENSE CAD/AI - a suite of cloud-based, AI-powered apps, marking the first step in the OLYSENSE intelligent endoscopy ecosystem. CADDIE software1 (US & EU) Aids detection and characterization1 of colorectal polyps. SMARTIBD software (EU) Supports objective assessment of ulcerative colitis through the MAYO scoring system. CADU software (EU) Supports detection of dysplasia in patients with Barrett's Esophagus. Cloud-based and AI-powered endoscopy solutions are transforming clinical practice. By enabling real-time decision support and standardized assessments, they help clinicians diagnose earlier and more accurately, streamline workflows, and improve patient outcomes. Endoscopy on the cloud opens the door for continuous innovation and broader access to advanced care.” Prof. Cesare Hassan Associate Professor of Gastroenterology Humanitas University, Italy 1 In the U.S., CADDIE has been cleared only for assisting in detecting suspected colorectal polyps. CADDIE includes a Cecum AI function as a convenience feature that provides a check to the user that the CADDIE polyp detection function is on and in use. In Europe, CADDIE is approved for assisting in detecting and characterizing suspected colorectal polyps including the Cecum AI and Visible Mucosa AI functions as convenience features. Note: Products shown may not be available in all regions. As with any medical device, careful consideration should be given to all applicable labeling, including potential risks and benefits associated with the product. Launched OLYSENSE CAD/AI in the U.S. and selected European countries AppendixExecutive Summary Table of contents Business Topics Financial Results
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Accelerating preparations for local manufacturing in China 8 EDOF Scope (Upper GI) MPA CERTIFICATION (Aug 2025) EDOF Scope (Lower GI) MPA SUBMISSION (AUG 2025) VISERA ELITE III MPA CERTIFICATION (Sep 2025) Launching local manufacturing in Suzhou (Jiangsu Province) to provide “Made in China” products for the local market. Obtained a Medical Device Registration Certificate for the EDOF scope from the Jiangsu Medical Products Administration (MPA) in August, with the product launch soon. Working closely with local authorities to enable the launch of multiple locally made products. EVIS X1 Video System Center MPA SUBMISSION (SEP 2025) AppendixExecutive Summary Table of contents Business Topics Financial Results
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9 Driving double-digit growth in emerging markets through expanding market reach and market-access capabilities Impact Initiatives Evaluate options to provide medium- and low-tier portfolio options to global markets Assess regional growth opportunities for portfolio expansion. Increase internal capabilities and local presence Enhance in country Regulatory Affairs skills and local medical society relationships. Expand advanced training to underserved areas Boost investments to increase number of trainees (more than ~2,100 trainees expected in FY26). Sustained double-digit growth trend in emerging markets Historic revenue trend ¥ Billion 0 10 20 30 40 50 60 2021 2022 2023 2024 2025 CAGR from FY21 ~26% Growth rate FY26 2Q vs FY25 2Q Emerging markets % of global sales (FY25) ~20% ~6% Middle East and Africa Latin America Other APAC Emerging Countries India (FY) AppendixExecutive Summary Table of contents Business Topics Financial Results
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Expanding our portfolio through global business development 10 GORE VIABIL Biliary Endoprosthesis for endoscopic placement 1 Served available market size (FY26). Served market scale and growth forecast information for this page come from the Company’s research and pertains to data for the U.S., EU5 (Germany, the U.K., Italy, France, Spain), Japan, and China. Market scale is as of 2025. Urology market size does not include suction and is exclusive of China. 2 Growth forecasts are projected for fiscal year 2025 to fiscal year 2031. 3 Growth forecasts are projected for fiscal year 2025 to fiscal year 2030. 4 Regional differences exist in intended use. Always consult the Instructions for Use for complete information on indications, contraindications, and relevant safety information in your region. Note: Products shown may not be available in all regions. As with any medical device, careful consideration should be given to all applicable labeling, including potential risks and benefits associated with the product. Urology MacroLux Medical single-use cystoscopes, ureteroscopes and suction access sheaths Kidney and bladder stone Non-muscular invasive bladder cancer (NMIBC) Launch region Main Diseases Market Size1 ¥60+ B 7-8% CAGR2 Hepato- Pancreato- Biliary (HPB) disease Launch region EU Main Diseases Market Size1 ¥40+ B 5-6% CAGR3 From FY27 1QAPAC, Other regions US, APAC EU From FY26 4Q From FY26 4Q From FY26 3Q GI EndoTherapy The single-use devices are used to access and visualize the bladder and urinary tract to diagnose and treat urinary diseases and disorders such as kidney stones. The fully covered self- expanding metal stent offers a differentiated alternative to relieve symptoms associated with biliary strictures. 4 AppendixExecutive Summary Table of contents Business Topics Financial Results
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11 1 Expected workforce reductions and anticipated savings described herein are contingent upon, and will be executed in accordanc e with, all applicable local employment laws and regulatory requirements. Efficiency Building a lean, division-led Olympus operating model to drive growth and performance ~24 B JPY Run-rate savings target1 (compared to pre-optimization figures) ~2,000 Net positions reductions1 FY26-FY27 Operating Model Shifting from a region-led model to a simpler matrix with divisions as the leading axis, delivering an even more seamless customer experience. Driving Effectiveness Organizational Health Driven by reduced layers and wider spans of control while enabling essential capability investments Accelerate Productivity Drive faster productivity gains while sustaining quality and compliance, improve business processes and apply data and AI to enhance consistency and speed AppendixExecutive Summary Table of contents Business Topics Financial Results
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Consolidated Financial Results Q2 FY2026 AppendixExecutive Summary Table of contents Business Topics Financial Results
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Revenue: 2Q showed steady performance, returning to growth trajectory. 6 months progress largely in line with forecast. Adjusted operating profit: Margin improved significantly in 2Q compared to 1Q due to sales recovery and tight SG&A control. 1 2 13 (Billions of yen) FY25 6 Mos FY26 6 Mos YoY After FX adjustment FY25 2Q FY26 2Q YoY After FX adjustment FY26 1Q FY26 2Q YoY After FX adjustment Revenue 474.0 454.4 -4% -2% 239.2 247.8 +4% +4% 206.5 247.8 +20% +17% Gross profit (% of revenue) 323.0 (68.1%) 296.4 (65.2%) -8% (-2.9%) -5% 166.8 (69.7%) 161.3 (65.1%) -3% (-4.6%) 0% 135.1 (65.4%) 161.3 (65.1%) +19% (-0.3%) +17% SG&A expenses (% of revenue) 237.9 (50.2%) 242.1 (53.3%) +2% (+3.1%) +4% 119.1 (49.8%) 119.9 (48.4%) +1% (-1.4%) 0% 122.2 (59.2%) 119.9 (48.4%) -2% (-10.8%) -4% Equity method 0 -3.8 - - 0.2 -4.0 - - 0.2 -4.0 - - Other income and expenses -14.5 -4.4 - - -4.8 -7.8 - - 3.4 -7.8 - - Operating profit (% of revenue) 70.5 (14.9%) 46.1 (10.2%) -35% (-4.7%) -25% 43.1 (18.0%) 29.5 (11.9%) -31% (-6.1%) -18% 16.6 (8.0%) 29.5 (11.9%) +78% (+3.9%) +80% Adjusted operatingprofit (% of revenue) 85.1 (17.9%) 50.6 (11.1%) -41% (-6.8%) -32% 47.8 (20.0%) 37.4 (15.1%) -22% (-4.9%) -9% 13.2 (6.4%) 37.4 (15.1%) +183% (+8.7%) +185% Profit before tax (% of revenue) 68.8 (14.5%) 44.8 (9.9%) -35% (-4.7%) 42.4 (17.7%) 27.9 (11.3%) -34% (-6.5%) 16.9 (8.2%) 27.9 (11.3%) +65% (+3.1%) Profit 49.0 29.2 -40% 34.4 20.2 -41% 9.0 20.2 +125% Profit attributable to owners of parent 49.0 29.2 -40% 9.0 20.2 +125% 34.4 20.2 -41% 1 11 2 2Q of Fiscal Year 2026 consolidated financial results AppendixExecutive Summary Table of contents Business Topics Financial Results
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14 35%1 Revenue ¥307.0 billion 50%1 (Billions of yen) FY25 2Q FY25 6 Mos FY26 2Q FY26 6 Mos Revenue 162.8 322.4 168.0 307.0 Operating profit 42.5 77.6 35.3 53.4 Other income and expenses -4.0 -10.4 -2.8 -4.8 Adjusted operating profit 46.5 88.0 38.1 58.2 Operating margin (After FX adjustment) 26.1% 24.1% 21.0% (23.5%) 17.4% (18.7%) Adjusted operating margin (After FX adjustment) 28.5% 27.3% 22.7% (25.2%) 19.0% (20.3%) Growth Rate FY26 2Q vs FY25 2Q Incl. FX After FX adjustment GI Endoscopy +4% While revenue decreased in China with its intensifying competitive environment due to Buy China policy and other factors, revenue increased in Europe, led by solid sales in the U.K. and other countries, as well as APAC with strong performance in Australia. +4% GI EndoTherapy +2% Revenue increased primarily in North America where hemostasis products (Retentia - hemostasis clip, and EndoClot - hemostasis solution) performed well. Sales increased in hepato-pancreato-biliary (HPB) products (e.g. ERCP Products). +1% Medical Service +3% Revenue increased, led by Europe due primarily to price revisions of service contracts. +3% Total +3% +3% 15%1 1 Approx. 2Q of Fiscal Year 2026 Gastrointestinal Solutions Division AppendixExecutive Summary Table of contents Business Topics Financial Results
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15 20%1 20%1 40%1 20%1 Growth Rate FY26 2Q vs FY25 2Q Incl. FX After FX adjustment Urology +4% Revenue increased primarily in Europe with solid performance in several countries, and in Japan, driven by new products such as VISERA S. Sales increased in resection electrodes for benign prostatic hyperplasia (BPH) and imaging products. +4% Respiratory +9% Revenue increased primarily in North America and Europe, driven by strong performance in EBUS scopes and therapeutic devices for endobronchial ultrasound-guided transbronchial needle aspiration (EBUS -TBNA). +9% Surgical Endoscopy +2% Revenue increased in Europe due to large orders and in APAC. VISERA ELITE III surgical endoscopy system performed well. +3% Other therapeutic areas +3% Revenue increased due to solid performance in energy devices and ENT. +3% Total +5% +5% Revenue ¥147.2 billion (Billions of yen) FY25 2Q FY25 6 Mos FY26 2Q FY26 6 Mos Revenue 76.3 151.3 79.8 147.2 Operating profit 4.4 2.3 -2.3 -4.2 Other income and expenses -1.9 -5.0 -4.0 -4.5 Adjusted operating profit 6.3 7.3 1.7 0.4 Operating margin (After FX adjustment) 5.7% 1.5% - - Adjusted operating margin (After FX adjustment) 8.3% 4.8% 2.1% (4.2%) 0.2% (1.4%) 1 Approx. 2Q of Fiscal Year 2026 Surgical and Interventional Solutions Division AppendixExecutive Summary Table of contents Business Topics Financial Results
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1 2 Assets: Decreased due mainly to share buyback and dividend payments, despite an increase in inventories and PPE. Liabilities: Decreased due to a decrease in other current liabilities etc.1 related to corporate income tax payment. (Billions of yen) End of Mar. 20252 End of Sep. 2025 Change End of Mar. 20252 End of Sep. 2025 Change Current assets 679.5 605.1 -74.4 Current liabilities 425.4 294.1 -131.2 Cash and cash equivalents 252.5 147.2 -105.3 Trade and other payables 61.4 53.4 -8.0 Bonds/loans payable 95.0 0 -95.0 Inventories 187.1 208.6 +21.5 Other current liabilities etc.1 269.0 240.7 -28.3 Non-current assets 753.8 779.7 +25.9 Non current liabilities 256.2 357.1 +100.9 Property, plant and equipment 263.3 275.5 +12.2 Bonds/loans payable 134.1 233.9 +99.8 Intangible assets 94.0 98.9 +4.9 Equity 751.7 733.6 -18.2 Goodwill 180.7 181.0 +0.3 (Equity ratio) 52.4% 53.0% +0.6pt Total assets 1,433.3 1,384.8 -48.5 Total liabilities and equity 1,433.3 1,384.8 -48.5 1 2 16 1 1 It includes other financial liabilities, income taxes payable, provisions, and other current liabilities, which are items on the consolidated statements of financial position.. 2 Following the acquisition of Chilean distributor that occurred in FY25, we have revised the provisional amounts during the curre nt fiscal year. Consolidated statement of financial position AppendixExecutive Summary Table of contents Business Topics Financial Results
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Major adjusted items for FY26 6 Mos Operating CF: Tax payment on gains from transfer of Evident (Overseas and Japan) -¥26.8 billion Investing CF: Investment in Swan EndoSurgical, Inc. etc. -¥4.9 billion FY25 6 Mos FY26 6 Mos Change Profit before tax 68.8 44.8 -24.0 CF from operating activities (Operating CF) 93.7 21.1 -72.6 CF from investing activities (Investing CF) -30.0 -50.4 -20.3 Free cash flow (FCF) 63.7 -29.3 -93.0 Adjusted Free cash flow (Adjusted FCF) 39.3 +2.6 -36.7 CF from financing activities (Financing CF) -156.7 -77.7 +79.1 Cash and cash equivalents at end of period 245.9 147.2 -98.6 FCF: Negative ¥29.3 billion due mainly to corporate income tax payment and acquisition of PPE. Adjusted FCF1 was positive ¥2.6 billion. Financing CF: Negative ¥77.7 billion due mainly to share buyback and dividend payments. 1 2 1 2 (Billions of yen) 1 Adjusted for extraordinary factors such as “Cash inflows and outflows of other income and expenses”, “M&A-related expenditure”, and “Business restructuring- related expenditure”. 17 Major adjusted items for FY25 6 Mos Operating CF: Refund of corporation tax related to transfer of Evident +¥29.0 billion Operating CF: Outflow of reversal of provision for ”Career support for external opportunity” program -¥1.8 billion Operating CF: Expenditures related to withdrawal from Veran Medical Technologies, Inc. -¥1.2 billion Investing CF: Purchase of investment securities -¥8.5 billion Investing CF: Payment of contingent consideration (Odin Medical, Arc Medical Design, etc.) -¥3.0 billion Investing CF: Income from transfer of Orthopedic Business +¥5.2 billion Investing CF: Refund associated with rescission of acquisition of Korean company +¥4.7 billion Consolidated cash flows AppendixExecutive Summary Table of contents Business Topics Financial Results
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AppendixExecutive Summary Table of contents Business Topics Financial Results
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Appendix AppendixExecutive Summary Table of contents Business Topics Financial Results
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85.1 50.6 Change in SG&A expenses -8.6 6 Mos (Apr. to Sep.) Change in sales -5.6 Change in cost of sales -9.2 Impact of foreign exchange, etc.* -11.1 FY25 6 Mos Adjusted operating profit FY26 6 Mos Adjusted operating profit R&D expenses related to next-generation GI endoscopy system, etc. Impact of increased U.S. tariffs: Approx. -¥9 billion (Gross impact excluding effects of mitigations) and change in sales mix, etc. Sales decrease in GIS and SIS primarily in North America and China Foreign exchange impact of elimination of unrealized gains on inventories: -2.0 (Billions of yen) 20 * Equity Method is included. 6 Mos of Fiscal Year 2026 factors that affected consolidated adjusted operating profit AppendixExecutive Summary Table of contents Business Topics Financial Results
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47.8 37.4 Change in SG&A expenses -0.1 2Q (Jul. to Sep.) Change in sales +6.1 Change in cost of sales -6.2 Impact of foreign exchange, etc.* -10.3 FY25 2Q Adjusted operating profit FY26 2Q Adjusted operating profit Impact of increased U.S. tariffs: Approx. -¥6 billion (Gross impact excluding effects of mitigations) etc. Sales increase in GIS and SIS in Europe, North America, and APAC Foreign exchange impact of elimination of unrealized gains on inventories: -6.1 (Billions of yen) 21 * Equity Method is included. 2Q of Fiscal Year 2026 factors that affected consolidated adjusted operating profit AppendixExecutive Summary Table of contents Business Topics Financial Results
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Growthdriversnow Just launched / Coming soon Beyond GI Endoscopy EVIS X1 system and scopes EVIS EXERA III system and scopes (US, EU) EVIS LUCERA ELITE system and scopes (China) EU-ME3, Endoscopic Ultrasound Processor (EU, Japan, APAC) GI EndoTherapy ERCP (Guidwires) ESD&EMR (ESD Knives) Sampling (Snares, Biopsy Forceps) Hemostasis (Hemostasis Clips, Hemostasis Solution) EUS (EUS Needles) GI Endoscopy EVIS X1 EDOF Video Gastroscope (US, China) EVIS X1 EDOF Video Colonoscope (US) OLYSENSE, Intelligent Endoscopy Ecosystem (US, EU) EU-ME3, Endoscopic Ultrasound Processor (US, China) GI EndoTherapy Retentia, Hemostasis Clip (US, EU, APAC) SecureFlex, EUS Needle (EU, Japan, APAC) EndoCuff Vision, Colonoscope distal end attachment (Japan) Foreign Body Retrieval Net (EU) Electrosurgical Snare (EU) EndoClot, Hemostasis Solution (APAC) GORE VIABIL Biliary Endoprosthesis, Biliary Metallic Stent (EU, APAC) GI Endoscopy EVIS X1 scopes (US, EU, Japan, China) New EUS scopes OLYSENSE, Intelligent Endoscopy Ecosystem Single-use duodenoscope GI EndoTherapy Retentia, Hemostasis Clip (China) SecureFlex, EUS Needle (US, China) New Hemostasis Clip Plastic stent GIS Key Strategy for FY26 GI Endoscopy Start Phase 2 of EVIS X1 U.S. launch with differentiated “Extended Depth of Field” EDOF scope line, providing high magnificat ion and broad focus for easier tissue identification Continue targeted approach of expanding market share in emerging markets Expedite go-to-market execution for localized GI Endoscopy production in China Drive coordinated launch of expanded Endoscopic Ultrasound platforms with the Aplio (Canon Medical Systems partnership) and EU-ME3 systems Launch of initial OLYSENSE1 products in Europe and U.S. in FY26 GI EndoTherapy Expanding clinically differentiated product offerings in ERCP, ESD, Luminal Patency (Metal Stent), and Hemostasis 10+ product launches regionally including key markets: U.S., Europe, and Japan Medical Service Industry-leading Services built around customer needs of Uptime, Budget Security and Operational Support Tight Integration of Service and Repair for highly efficient, customer-focused delivery Expected Growth Rates in FY26 1 OLYSENSE is a trademark of Olympus Corporation and/or its affiliated entities. All trademarks, logos and brand names are the property of their respective owners. After FX adjustment 3% 1% YoY 22 Key product catalysts: Gastrointestinal Solutions Division (As of November 7, 2025) AppendixExecutive Summary Table of contents Business Topics Financial Results
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SIS Key Strategy for FY26 Urology Expand leadership in BPH through iTind market development while increasing penetration of the core Visualization and Plasma technologies Drive lithotripsy growth through SOLTIVE SuperPulsed Laser System Respiratory Drive growth in lung cancer diagnosis and staging with stronger emphasis around updated EBUS-TBNA offering Reinforce strength in respiratory endoscopy through continued focus on driving adoption of EVIS X1 bronchoscopy platform Surgical Endoscopy Introduce VISERA ELITE III surgical endoscopy system in the U.S. and China (FY26 1Q) to improve market competitiveness Expected Growth Rates in FY26 Growth driver now Just launched / Coming soon Beyond Urology Resection electrodes with ESG-410 SOLTIVE SuperPulsed Laser System for stone + soft tissue (US, EU, APAC) Respiratory Single-use bronchoscope (US) Bronchoscope, EBUS scope EBUS-TBNA needles Spiration Valve System EVIS X1 bronchoscope (EU, Japan, APAC) EU-ME3, Endoscopic Ultrasound Processor (EU, Japan, APAC) Surgical Endoscopy VISERA ELITE II 2D/3D/IR (US, China) VISERA 4K UHD (US, China) VISERA ELITE III (EU, Japan, APAC) Urology Single-use ureteroscope & cystoscope (US, EU, APAC) SOLTIVE SuperPulsed Laser System for stone + soft tissue (Japan) iTind, minimally invasive treatment device for BPH (US, EU, APAC) 4K Camera Head (US, EU, Japan, APAC) VISERA S (US, EU, Japan, APAC) OES ELITE Cystoscope (US, EU, Japan, APAC) Respiratory EVIS X1 bronchoscope (US) Peripheral EBUS scope (US, EU, Japan, APAC) EU-ME3, Endoscopic Ultrasound Processor (US, China) Single-use Bronchoscope (EU) Surgical Endoscopy VISERA ELITE III (US, China) Urology Laser system Respiratory EVIS X1 bronchoscope (China) Peripheral EBUS scope (China) Surgical Endoscopy New generation surgical endoscopy system After FX adjustment 1% -1% YoY 23 Key product catalysts: Surgical and Interventional Solutions Division (As of November 7, 2025) AppendixExecutive Summary Table of contents Business Topics Financial Results
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(Billions of yen) FY25 6 Mos FY26 6 Mos Change Other income 2.9 7.4 +4.5 Major items Reversal of provision for lawsuits against Chinese manufacturing subsidiaries as a result of settlements1.3 (Elimination and Corporate) Consideration based on agreement regarding license usage rights, etc. with Evident 6.0 (Elimination and Corporate) Other expenses 17.4 11.8 -5.6 Major items Expenses related to quality and regulatory transformation project “Elevate”11.0 (GIS, SIS) Expenses related to “Career support for external opportunity” program 2.8 (GIS, SIS, Elimination and Corporate) Expenses related to quality and regulatory transformation project “Elevate” 5.4 (GIS, SIS) Impairment of development assets 2.1 (SIS) 24 2Q of Fiscal Year 2026 other income and expenses AppendixExecutive Summary Table of contents Business Topics Financial Results
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Revenue: ¥998.0 billion on a par with previous fiscal year. Expecting steady growth of 3% after FX adjustment. Adjusted operating profit: ¥157.0 billion, with an adjusted operating margin of 15.7%. Embarking on cost structurereforms whilemaking long-term strategic investments for future growth. Profit attributable to owners of parent: ¥94.0 billion. EPS: ¥85. Shareholder returns: Annual dividend: ¥30/share, up ¥10/share. Buyback of ¥50 billion. (Billions of yen) FY25 FY26 Forecasts Change vs FY25 After FX adjustment Revenue 997.3 998.0 +0.7 0% +3% Gross profit (% of revenue) 683.7 (68.6%) 659.5 (66.1%) -24.2 -4% 0% Selling, general and administrative expenses (% of revenue) 495.7 (49.7%) 498.5 (49.9%) +2.8 +1% +2% Other income and expenses -25.6 -25.0 - - - Operating profit (% of revenue) 162.5 (16.3%) 136.0 (13.6%) -26.5 -16% -8% Adjusted operatingprofit (% of revenue) 188.5 (18.9%) 157.0 (15.7%) -31.5 -17% -9% Profit before tax (% of revenue) 159.1 (16.0%) 131.0 (13.1%) Profit 117.9 94.0 Profit attributable to owners of parent 117.9 94.0 EPS ¥103 ¥85 Dividend forecast for FY26 Year-end dividend of ¥30 per share4 1 2 3 1 2 3 4 25 Fiscal Year 2026 consolidated forecasts (vs. Previous Fiscal Year) AppendixExecutive Summary Table of contents Business Topics Financial Results
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188.5 157.0 Change in SG&A expenses -11.9 Change in sales +18.4 Change in cost of sales -19.5 Impact of foreign exchange, etc.* -18.5 FY25 Adjusted operating profit FY26 Adjusted operating profit Increase in long- term strategic investments such as R&D expenses for future growth GIS: Sales expansion of new products in EVIS X1 in North America SIS: Sales growth centered on focus areas such as Urology * Equity Method is included Impact of U.S. tariffs: Approx. -¥16 billion (Gross impact excluding effects of mitigations: Approx. -¥26 billion ） etc. Foreign exchange rate (Billions of yen) FY25 Actual FY26 Latest forecast U.S. dollar (per yen) 152.58 144.90 Euro (per yen) 163.75 169.20 CNY (per yen) 21.10 19.92 (Billions of yen) 26 Fiscal Year 2026 forecast factors that affect adjusted consolidated operating profit (vs. Previous Fiscal Year) AppendixExecutive Summary Table of contents Business Topics Financial Results
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43.2 35.7 33.0 54.6 47.0 33.0 118.0 87.0 67.0 R&D expenditures Capital expenditures Depreciation and amortization FY25 6 Mos FY26 6 Mos FY26 (Forecasts)(Billions of yen) (Billions of yen) FY25 FY26 FY26 Forecasts R&D expenditures1 (a) 43.2 54.6 118.0 Capitalization of R&D expenditures (b) 6.9 9.4 25.0 R&D expenses in P/L (a-b) 36.3 45.2 93.0 (Billions of yen) FY25 FY26 Amortization 3.9 4.2 End of Jun. 2025 End of Sep. 2025 R&D assets 65.2 67.3 6 Months (Apr. to Sep.) Actuals and Full-year Forecasts 1 Capitalization of R&D expenditures (b) is included in R&D expenditures. 2 Capitalization of R&D expenditures (b) is included in capital expenditures. In addition, the Olympus Group has adopted IFRS #16 "Leases" from FY20, and right-of use assets below are included in capital expenditures. (FY25 6 Mos: ¥8.0 billion, FY26 6 Mos: ¥5.8 billion, FY26 Forecast: ¥10 billion)1 2 27 Expenditures: 2Q of Fiscal Year 2026 actuals and Fiscal Year 2026 forecasts AppendixExecutive Summary Table of contents Business Topics Financial Results
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Forex sensitivity (annualized impact) (Billions of yen) Revenue Operating profit U.S. dollar (per yen) 2.8 0.7 Euro (per yen) 1.6 0.6 CNY (per yen) 4.5 2.1 * Amounts in the above table are related to the continuing operations only. Forex sensitivity (annualized impact) is calculated based on the FY25 Q4 results. Foreign exchange rate (Yen) FY25 1Q FY25 2Q FY26 1Q FY26 2Q FY26 Forecasts Yen/U.S.dollar 155.88 149.38 144.59 147.48 144.90 Yen/Euro 167.88 164.01 163.80 172.32 169.20 Yen/CNY 21.48 20.82 19.99 20.6 19.92 As a general rule, we use average value for latest month as exchange rates for full-year forecasts. 28 Foreign exchange and sensitivity AppendixExecutive Summary Table of contents Business Topics Financial Results
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Acronyms Term APAC Asia Pacific BPH Benign Prostatic Hyperplasia EBUS-TBNA Endobronchial Ultrasound-guided Transbronchial Fine Needle Aspiration EMR Endoscopic Mucosal Resection ERCP Endoscopic Retrograde Cholangio Pancreatography ESD Endoscopic Submucosal Dissection EUS Endoscopic Ultrasound HPB Hepato-Pancreato-Biliary 29 Acronyms AppendixExecutive Summary Table of contents Business Topics Financial Results