Canon Inc.
FY 2025 Results
January 29, 2026
This presentation contains forward-looking statements with respect to future results, performance and achievements that are subject to risk and uncertainties and reflect management’s views and
assumptions formed by available information. All statements other than statements of historical fact are statements that could be considered forward-looking statements. When used in this
document, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” or “should” and similar expressions, as they relate to Canon, are intended to identify
forward-looking statements. Many factors could cause the actual results, performance or achievements of Canon to be materially different from any future results, performance or achievements
that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, changes in currency exchange rates and
interest rates, introduction of competing products by other companies, lack of acceptance of new products or services by Canon’s targeted customers, inability to meet efficiency and cost
reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this presentation. Should one or more risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those described herein. Canon does not intend or assume any obligation to update these forward-looking
statements.
Agenda
◼ 4Q/FY 2025 Results
P 2-5
◼ FY 2026 Projection
P 6-10
◼ Financial Situation
P 11-13
◼ Summary
◼ Supplementary Information
P 14
P 15-20
1
1
4Q 2025/ FY 2025 Results
◼ In our markets, trend of delayed investment in 2nd half, due to
additional U.S. tariffs combined with geopolitical risks,
continued in Q4
◼ In Q4, despite decline in laser printer sales, overall sales at
record high, driven by double-digit growth in cameras and
network cameras as well as growth in Medical and inkjet
◼ For full year, achieved 2.5% sales growth and second
consecutive year of record high sales
◼ Posted high operating profit ratio, offsetting production
structural reform costs and tariff impact with increased sales
and effects from last year’s sales structural reforms
◼ Dividend of 160 yen per share according to plan
2
As for the markets in which we compete, in the fourth quarter, we saw a trend
of continuing delay in investments due to additional U.S. tariffs and
combined with geopolitical risks, weak market conditions in Europe and other
regions.
However, even under these circumstances, we achieved record high sales on a
quarterly basis, growing revenue 3.8% in the fourth quarter. Although our
sales of laser printers decreased, cameras with newly launched products and
network cameras with strong demand achieved double-digit growth. In
addition, sales of medical products, office MFDs, and inkjet printers also
increased. As a result, our full year net sales increased by 2.5%, surpassing
last year’s record high amount.
As for profit, despite the negative impacts of booking additional structural
reform costs and additional U.S. tariffs, through the positive contribution of
structural reforms implement up to this point, our operating profit ratio in the
fourth quarter remained in line with the same period last year at 11.6%, while
the full-year operating profit ratio was 9.8%.
As for dividends, we plan to pay a full-year dividend of 160 yen per share,
which is in line with our previous guidance. This represents a return to the
pre-COVID level.
2
P&L
(4Q/FY 2025 Results)
4Q
(Billions of yen)
2025
Actual
2024
Actual
Net Sales
1,321.8
1,273.7
Full Year
2025
Previous
Projection
2025
Actual
2024
Actual
+3.8%
4,624.7
4,509.8
+2.5%
4,616.0
+8.7
+2.9%
+0.9%
2,154.0
+8.0
% Change
% Change
Gross Profit
614.3
596.7
2,162.0
2,143.1
(% of Net Sales)
46.5%
46.8%
46.7%
47.5%
46.7%
Op. Expenses
461.2
448.5
1,706.6
1,698.2
1,703.0
(% of Net Sales)
34.9%
35.2%
36.9%
37.6%
36.9%
455.4
444.9
9.8%
9.9%
482.1
332.1
466.3
325.1
Op. Profit
153.1
148.2
(% of Net Sales)
11.6%
11.6%
IBT
Net Income
168.0
112.5
155.5
106.6
(% of Net Sales)
USD
EUR
+3.3%
+8.0%
+5.6%
+2.4%
451.0
Amount
Change
-3.6
+4.4
9.8%
+3.4%
+2.1%
466.0
325.5
8.5%
8.4%
7.2%
7.2%
7.1%
154.27
179.44
152.42
162.55
149.71
151.63
148.58
169.41
163.99
168.24
+16.1
+6.6
- 2024 figures exclude the impact of impairment loss.
3
Fourth-quarter net sales increased by 3.8% to 1 trillion 321.8 billion yen. For
the full year, net sales increased by 2.5% to 4 trillion 624.7 billion yen, setting
a new record high for the second consecutive year.
In the fourth quarter, our gross profit ratio declined by 0.3 points compared
to the same period last year, due to the impact of U.S. tariffs. However, our
operating expense ratio improved by 0.3 points, partially thanks to the sales
structural reforms we implemented last year.
As a result, we recorded an increase in all profit line items. Operating profit
increased by 3.3% to 153.1 billion yen, income before income taxes increased
by 8.0% to 168.0 billion yen, and net income increased by 5.6% to 112.5
billion yen.
For the full year as well, we not only achieved increases in profit, but also
exceeded the figures in our previous projection. Operating profit increased by
2.4% to 455.4 billion yen and net income increased by 2.1% to 332.1 billion
yen.
3
FY 2025 Operating Profit Analysis
(FY 2025 Actual versus FY 2024 Actual)
(Billions of yen)
+37.2
+0.4
444.9
2024
Actual
FX Details
Net Sales:
Cost of Sales:
Op. Expenses:
FX
+15.0
+6.7
-17.5
+6.9
+8.6
-15.1
Sales Volume
-31.3
Change in Net Sales, excluding
FX impact, for reference
Printing:
-22.7
Medical:
+25.7
Imaging:
+137.6
Industrial:
+8.1
Others:
+5.6
Total:
+154.3
Pricing
Cost
/Product Mix
Op. Expense
455.4
Tariff
Impact
2025
Current
Projection
(excl.
Impairment
Loss)
+10.5 billion yen（+2.4%）
4
Changes in exchange rates had a positive impact of 4 billion yen as the yen
appreciated against the U.S. dollar and depreciated against the euro by 2 yen
and 5 yen, respectively.
Changes in pricing had a negative impact of 17.5 billion yen, as we actively
promoted cameras sales. Conversely, changes in sales volume had a positive
impact of 37.2 billion yen, mainly due to an increase in Imaging sales.
Costs decreased by 15 billion yen, mainly linked to raw materials of Printing.
As for expenses, despite wage hikes and the booking of production structural
reform costs, thanks to the sales structural reforms implemented in 2024, it
decreased by 6.7 billion yen.
Additional U.S. tariffs that took full effect in the second half of the year
increased costs by 45.4 billion yen. Price adjustments of 41.2 billion yen were
made to offset these costs, but this led to a 27.1 billion yen decline in gross
profit due to lower sales volume, resulting in a total negative impact of 31.3
billion yen overall.
As a result of all these factors, operating profit increased by 2.4% to 455.4
billion yen.
4
2025 Financial Results by Business Unit
(4Q/FY 2025 Results)
4Q
2025
Actual
(Billions of yen)
Printing
Medical
Imaging
Industrial
Full Year
2024
Actual
2025
Actual
% Change
2024
Actual
2025
Previous
Projection
% Change
Amount
Change
Net Sales
668.8
677.1
-1.2%
2,494.4
2,522.7
-1.1%
2,495.1
-0.7
Op. Profit
53.6
84.5
-36.6%
255.8
289.9
-11.8%
276.2
-20.4
(%)
(8.0%)
(12.5%)
(10.3%)
(11.5%)
Net Sales
168.4
161.3
+4.4%
580.6
568.8
+2.1%
580.9
-0.3
Op. Profit
14.6
8.9
+63.8%
32.8
24.7
+32.9%
31.3
+1.5
(%)
(8.7%)
(5.5%)
(5.6%)
(4.3%)
Net Sales
328.5
277.6
+18.4%
1,054.9
937.4
+12.5%
1,049.7
+5.2
Op. Profit
64.5
52.4
+23.1%
172.9
151.3
+14.3%
163.4
+9.5
(%)
(19.6%)
(18.9%)
(16.4%)
(16.1%)
Net Sales
115.8
121.0
-4.3%
361.1
351.7
+2.7%
365.9
-4.8
Op. Profit
22.5
24.9
-9.8%
62.5
68.9
-9.3%
63.6
-1.1
(19.4%)
(20.6%)
(17.3%)
(19.6%)
(%)
(11.1%)
(5.4%)
(15.6%)
(17.4%)
Others &
Net Sales
65.0
64.8
+0.3%
237.1
233.7
+1.4%
224.4
+12.7
Corporate
Op. Profit
-2.3
-23.0
-
-69.5
-91.2
-
-84.1
+14.6
Eliminations
Net Sales
-24.7
-28.1
-
-103.4
-104.5
-
-100.0
-3.4
Op. Profit
0.2
0.5
-
0.9
1.3
-
0.6
+0.3
Net Sales
1,321.8
1,273.7
+3.8%
4,624.7
4,509.8
+2.5%
4,616.0
+8.7
Op. Profit
153.1
148.2
+3.3%
455.4
444.9
+2.4%
451.0
+4.4
(%)
(11.6%)
(11.6%)
(9.8%)
(9.9%)
Total
(9.8%)
- From 2025, some reclassification between the Industrial Business Unit and Eliminations was made to manage the performance of reportable
segments more appropriately. The figures for 2024 were also reclassified.
5
As for the Printing Group in 2025, in addition to the impact of additional U.S. tariffs,
economic uncertainty in Europe and Asia led to delayed purchasing of printing equipment,
primarily laser printers. As a result, net sales for the Business Unit decreased by 1.1%.
However, even under this market situation, in commercial printing, sales of cut-sheet printers
grew significantly as the start of supplying products to HEIDELBERG went into full swing. As
for Office MFDs, we launched core models of our new imageFORCE series in each region,
and for inkjet printers, we increased our market share for refillable ink tank models. In total,
we proceeded with sales expansion measures as planned.
As for the Medical Group, in addition to expanding sales in emerging markets throughout
the year, in the United States, which is a key region, the orders we secured from leading
hospitals through our strengthened relationship were gradually converted into sales. As a
result, net sales of the Business Unit increased by 2.1%. As for profit, cost reduction efforts
driven by business innovation activities proved effective, resulting in a record high operating
profit of 32.8 billion yen. Operating profit as a percentage of net sales also improved 1.3
points above last year to 5.6%.
As for the Imaging Group, starting with cameras, by expanding sales of the EOS R6 Mark III,
a new full-frame mirrorless camera that we launched in November, and also through
compact cameras where we had a buildup of backorders, we posted double digit net sales
growth in the fourth quarter, and a 7.9% increase in net sales for the full year. As for network
cameras, supported by expanding global demand, , driven by people’s fundamental need for
safety and security. As a result, net sales grew 27.8% in the fourth quarter and was up
significantly, over 20% for the full year. This led to net sales of the Imaging Group as a whole
to increase by 12.5% to over 1 trillion yen.
As for the Industrial Group, starting with semiconductor manufacturing equipment,
supported by strong AI-related demand, sales of semiconductor lithography equipment for
back-end process applications, and sputtering equipment for advanced semiconductor
devices, increased. For FPD lithography equipment, sales increased by 2.7% as the sales of
manufacturing equipment for smartphones with increasingly high functional capabilities
increased. As for Nanoimprint, the evaluation and verification of equipment that was
shipped to a major semiconductor manufacturer was completed. We are now making good
progress in evaluating and verifying the equipment for use in mass production.
5
2026 Outlook
◼ In 2026, expect political and economic uncertainty to continue
due to additional U.S. tariffs and geopolitical risks
◼ Aim to not only expand sales in growth areas of Medical,
network cameras and commercial printing, but also raise
market share in office MFDs, inkjet, and cameras
◼ Achieve operating profit ratio of over 10% by expanding sales
and from benefits of structural reforms
◼ Shareholder returns - Set dividend at 160 yen per share, same
as last year, and establish framework for 200 billion yen share
buybacks
6
As for the global economy, in addition to the effects of U.S. tariffs, rising
geopolitical tensions have created continued uncertainty on both political
and economic fronts. Overall, we expect growth to remain at approximately
the same level as last year.
Even in this type of market environment, we can expect to grow in medical,
network cameras, and commercial printing, thanks to expanding customer
needs. At the same time, we will work to increase sales by leveraging our
competitive product lineups of Office MFDs, inkjet printers, and cameras.
From a profit perspective, we expect our operating ratio to be over 10%,
driven by increased sales and the benefits of various structural reforms.
As for shareholder returns, we plan to pay a dividend of 160 yen per share,
the same as last year, and establish a framework for 200 billion yen in share
buybacks to be carried out over a year.
6
2026 Financial Projection
(Full Year)
(Billions of yen)
FY 2026
Projection
FY 2025
Actual
% Change
Net Sales
4,765.0
4,624.7
+3.0%
Gross Profit
2,239.0
2,162.0
+3.6%
(% of Net Sales)
47.0%
46.7%
Op. Expenses
1,760.0
1,706.6
(% of Net Sales)
36.9%
36.9%
Op. Profit
479.0
455.4
(% of Net Sales)
10.1%
9.8%
IBT
Net Income
495.0
341.0
482.1
332.1
(% of Net Sales)
7.2%
7.2%
USD
150.00
149.71
EUR
175.00
169.41
+5.2%
+2.7%
+2.7%
Impact of exchange rate movement
（Annual impact given a one yen change）
Net Sales
Op. Profit
USD
12.9 billion yen
3.2 billion yen
EUR
6.7 billion yen
3.4 billion yen
7
As for exchange rate assumptions, taking into account various factors such as
the current market conditions and the trend in monetary policies going
forward, we set the U.S. dollar at 150 yen, which is in line with last year, and
the euro at 175 yen, approximately 5 yen weaker than last year.
Based on these exchange rates assumptions, we aim to continue sales and
profit growth, increasing net sales by 3.0% to 4 trillion 765 billion yen,
operating profit by 5.2% to 479 billion yen and net income by 2.7% to 341
billion yen.
7
2026 Operating Profit Analysis
(FY 2026 Projection versus FY 2025 Actual)
(Billions of yen)
+53.6
455.4
FY 2025
Actual
+18.0
-5.6
FX Details
Net Sales:
+46.3
Cost of Sales: -7.3
Op. Expenses: -21.0
Change in Net Sales, excluding FX
impact, for reference
-13.4
Printing:
+27.6
Medical:
+58.4
Imaging:
+0.2
Industrial:
-16.6
Others:
+56.2
Total:
FX
Sales Volume
/Product Mix
Pricing
-2.7
Cost
-32.4
Op. Expense
-7.3
479.0
Tariff Impact
FY 2026
Projection
+23.6 billion yen（+5.2%）
8
As for changes in exchange rates, we expect a positive impact of 18 billion
yen, which reflects our assumptions that the yen will depreciate by about 5
yen against the euro.
As for changes in sales volume/product mix, the impact of U.S. tariffs on sales
cannot be separated. Consequently, the Printing Group shows a negative
impact. However, the overall impact from changes in sales volume/product
mix is expected to be a positive 53.6 billion yen, driven by higher sales in
Imaging and Medical. We also expect an increase of 5.6 billion yen in
promotion and marketing investment to expand sales, mainly in Imaging.
Expenses are projected to increase by 32.4 billion yen due to a rise in
expenses linked to sales and increases in base salaries and new product
development costs. We also expect costs to increase by 2.7 billion yen due to
a rise in semiconductor prices.
We expect costs to rise by about 50.7 billion yen compared to last year due to
U.S. tariffs throughout the year. However, we plan to offset most of the costs
through price adjustments and expect a negative impact of 7.3 billion yen.
Taking these factors into account, operating profit is expected to increase by
23.6 billion yen to total 479 billion yen.
8
Review of Business Structure
(Billions of yen)
2025
2024
Actual
1Q
2Q
3Q
2026
Full year
Actual
4Q
Full year
Projection
Sales
Cost
-20.0
-1.2
-0.5
-0.8
-5.4
-7.9
-17.2
Structural
Effect
8.0
5.0
4.9
5.3
6.8
22.0
11.5
Reform
PL Impact
-12.0
3.8
4.4
4.5
1.4
14.1
-5.7
Production
Cost
0.0
-0.9
-0.1
-4.8
-8.9
-14.7
-14.2
Structural
Effect
0.0
0.0
0.0
0.0
0.0
0.0
13.0
Reform
PL Impact
0.0
-0.9
-0.1
-4.8
-8.9
-14.7
-1.2
Medical
Cost
-2.5
-0.7
-0.7
-0.7
-1.5
-3.6
-1.2
Business
Effect
0
1.5
2.2
2.0
5.8
11.5
10.0
Innovation
PL Impact
-2.5
0.8
1.5
1.3
4.3
7.9
8.8
Total
Cost
-22.5
-2.8
-1.3
-6.3
-15.8
-26.2
-32.6
Effect
PL Impact
8.0
6.5
7.1
7.3
12.6
33.5
34.5
-14.5
3.7
5.8
1.0
-3.2
7.3
1.9
9
In 2026, we will continue to implement our three structural reforms.
As for sales structural reforms, we will continue to improve efficiency through
organizational restructuring in Europe that began in 2025, as well as by
reviewing the balance between direct and indirect sales. In 2026, an
additional 17.2 billion yen will be invested to complete these initiatives. The
expected effects are 11.5 billion yen this year, with full-year effects to be
reflected in our performance from next year.
As for production structural reforms, in the second half of last year, we began
full-fledged efforts to consolidate our production sites. The cost of this
initiative was 14.7 billion yen in 2025 and is expected to be 14.2 billion yen in
2026, with expected effect of 13 billion yen this year.
As for medical business innovations, in 2025, we achieved an improvement of
11.5 billion yen, exceeding our original plan. We accomplished this by
improving the operational efficiency of services and reducing external
expenditure. From April of this year, Canon Medical Systems Corporation will
be integrated into Canon Inc., and under the new organizational structure, we
aim to deliver effect of 10.0 billion yen, in line with last year’s level.
9
2026 Financial Projection by Business Unit
(Full Year)
(Billions of yen)
Printing
Medical
FY 2026
Projection
FY 2025
Actual
% Change
Net Sales
2,532.9
2,494.4
+1.5%
Op. Profit
257.4
255.8
+0.6%
(%)
(10.2%)
(10.3%)
Net Sales
616.1
580.6
+6.1%
Op. Profit
38.3
32.8
+16.9%
(%)
(6.2%)
(5.6%)
Net Sales
1,137.2
1,054.9
+7.8%
Op. Profit
184.1
172.9
+6.5%
(%)
(16.2%)
(16.4%)
Net Sales
361.5
361.1
+0.1%
Op. Profit
63.8
62.5
+2.0%
(%)
(17.6%)
(17.3%)
Others &
Net Sales
212.1
237.1
-10.5%
Corporate
Op. Profit
-64.7
-69.5
-
Eliminations
Net Sales
-94.8
-103.4
-
Op. Profit
0.1
0.9
-
Net Sales
4,765.0
4,624.7
+3.0%
Op. Profit
479.0
455.4
+5.2%
(%)
(10.1%)
(9.8%)
Imaging
Industrial
Total
10
As for the Printing Group, starting with commercial printing, we plan to steadily
introduce new products that expand our business area, including the varioPRINT iX1700
for small- and medium-size printing companies, the varioPRESS iV7, which enables
printing on B2-size substrates, and the Colorado XL, a large format printer that can
handle a wide variety of media. In Office MFDs, expanding sales of our new imageFORCE
series will be a major driver of growth. As for laser printers, we will work to make
effective marketing investments to regain market share. As for inkjet printers, we will
continue to expand sales of refillable ink tank models and expand sales through the new
cartridge-based models that were launched in 2025.As a result, even under challenging
market conditions, we expect to increase Business Unit net sales by 1.5%.
As for the Medical Group, through innovative new products, such as a CT systems that
can image a patient in multiple positions, which was launched last April, and Photon
Counting CT, our next-generation CT technology, which we are preparing to launch, we
aim to achieve further sales growth. In emerging markets and the United States, we will
further strengthen sales and achieve sales growth, mainly in CT and other large-size
systems, and aim to increase Business Unit net sales by 6.1%
As for the Imaging Group, starting with cameras, we will continue to increase sales of
entry-level interchangeable-lens cameras like the EOS R50V, the EOS R50 and the EOS
R100, which are popular among new camera users, particularly young people. We also
plan to increase sales of full-frame models, with focus on the new EOS R6 Mark III, which
was launched in the second half of last year. As for compact cameras, supported by
strong demand, we will expand sales by further increasing production and plan to
increase camera business net sales overall by 8%. As for network cameras, supported by
market growth, driven by expanding demand for security, and other applications, we
expect to grow our full-year sales by 7.6% and aim to increase Business Unit net sales by
7.8%.
As for the Industrial Group, although investment decisions for FPD manufacturing
equipment are being postponed as the impact of U.S. tariffs is being assessed, thanks to
the strong AI demand, orders for semiconductor lithography equipment for memory
device manufacturing is increasing. Accordingly, we aim to achieve significant sales
growth by selling 71 KrF units, compared to 46 units last year.
10
Inventory
◼
◼
Reduce inventory turnover by 2 days compare to end of last year through inventory reduction activities
Aiming for optimal level of inventory of less than 60 days by end of 2026
(Billions of yen)
2024
Mar.-end Jun.-end
2025
Sep.-end Dec.-end Mar.-end Jun.-end
Sep.-end Dec.-end
Amt.
347.6
361.5
344.1
342.7
334.4
346.1
368.1
342.1
Days
52
53
50
49
47
52
55
49
Amt.
141.1
146.0
142.1
133.2
139.8
138.5
148.5
142.4
Days
86
97
95
83
85
90
99
86
Amt.
191.5
182.4
168.5
158.6
176.3
166.4
172.1
170.3
Days
86
79
63
56
66
64
61
53
Amt.
146.4
150.2
158.7
138.0
150.7
160.3
154.7
130.0
Days
160
168
175
130
146
183
159
118
Amt.
68.3
72.4
76.3
69.3
71.6
68.2
70.4
55.6
Amt.
894.9
912.5
889.7
841.8
872.8
879.5
913.8
840.4
Days
76
77
72
65
68
73
74
63
Printing
Medical
Imaging
Industrial
Others &
Corporate
Total
11
Inventory at the end of December 2025 decreased by approximately 70 billion
yen compared with the end of September, as product inventory that was built
up in preparation for the fourth quarter selling season were successfully sold.
Compared with 2024, inventory decreased by approximately 50 billion yen,
when the effects of changes in exchange rates and U.S. tariffs are excluded.
This reflects steady results from initiatives to reduce work in progress and raw
materials, such as holding down orders and shortening lead times.
In 2026, as we move forward with production site consolidation, we plan to
further reduce inventory and aim to achieve our targeted inventory turnover
of 60 days or less.
11
Cash Flow
(Full Year)
◼ Generate 600 billion yen in operating cash flow
◼ Invest in future growth and maintain active shareholder returns
(Billions of yen)
Net income
Depreciation and amortization
Others
Net cash provided by operating activities
Capital expenditure
Others
Net cash used in investing activities
Free cash flow
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at end of period
Cash-on-hand (In months of Net sales)
FY2026
Projection
341.0
230.0
29.0
600.0
-270.0
-90.0
-360.0
240.0
-309.0
-13.0
-82.0
504.0
1.3
FY 2025
Actual
332.1
239.2
-95.4
475.9
-262.2
24.8
-237.4
238.5
-179.2
25.1
84.4
586.0
1.4
FY 2024
Actual
325.1
235.5
46.2
606.8
-237.0
-60.3
-297.3
309.5
-226.0
16.7
100.2
501.6
1.3
- Cash-on-hand (in months of Net sales) for 2024 and 2025 is calculated using second-half net sales. The figure for 2026 is based on full-year net sales.
- 2024 net income excludes the impact of impairment loss.
12
In 2025, from our operating cash flow of approximately 500 billion yen, we
made forward-looking capital investments, including a new semiconductor
lithography equipment plant in Utsunomiya. At the same time, we actively
pursued shareholder returns, carrying out 300 billion yen in share buybacks,
the highest level since 2007, and raised our dividend to the pre-COVID level
of 160 yen per share.
In 2026, we plan to generate 600 billion yen in operating cash flow and use
this cash focusing on growth investments in Medical, Industrial and network
cameras.
As for shareholder returns, our policy going forward as well is to actively and
stably return profits to shareholders. With a targeted payout ratio of around
40% our projected full-year dividend is 160 yen per share for the full year,
which is the same as last year. At the same time, we established a framework
for 200 billion yen in share buybacks.
12
Return on Capital
◼ Achieved ROE of 9.7% in 2025 and expect to raise to 10% in 2026
◼ Promote measures to improve return on capital to achieve Phase VII
targets
14%
ROE
12%
PBR
(4.8% including
Impairment Loss)
9.4%
10%
7.9%
8.1%
8.2%
6%
Weighted Average Cost of Capital (WACC) 5% to 6％
0.9x
4%
2%
1.2x
1.1x
0.8x
10.0%
1.4x
8%
1.0x
9.7%
3.2%
0%
2020
2021
2022
2023
2024
2025
2026
13
In 2025, ROE rose by 0.3 points to reach 9.7% compared to last year. This was
due to a reduction in shareholders’ equity through 300 billion yen in share
buybacks and through financial leveraging.
In 2026, in addition to an expected increase in net income, we established a
new framework for 200 billion yen in share buybacks. While working to
reduce assets, we aim to raise ROE to 10% or more, as we work towards
achieving our 2030 target of 15%.
13
Summary
◼ In 2026, first year of 5-year plan, complete structural reforms and further
enhance quality of management to achieve further growth
Operating Profit
（Billions of yen）
Net Sales
(Trillions of yen)
6
5.6T
5
Net Sales
4
4.03T
4.18T
4.51T
4.77T
5.0T
1,000
800
3.51T
3
Operating
Profit
2
4.62T
444.9B
353.4B
281.9B
1,200
600
455.4B 479.0B
375.4B
400
1
200
0
0
2021
2022
2023
2024
2025
- 2024 excludes the impact of impairment loss.
2026
2028
2030
14
Looking back over the five years from 2021 to 2025, a series of unexpected
events occurred. However, by mobilizing the resources of the entire company
and working together as one, we successfully overcame them. As a result, we
achieved our net sales target and were able to maintain profit growth while
building a foundation for enhanced profitability through structural reforms
that we started two years ago.
Over the next five years, under Phase VII of the Global Excellent Corporation
Plan, we will achieve further growth while further enhancing the quality of
management under the slogan "Achieve new growth through innovation in
productivity." Although the global economy and politics are becoming
increasingly uncertain, while maintaining our momentum up to 2025, we will
work as one as we strive to achieve our goals.
14
Supplementary Information
2025 Operating Profit Analysis
(FY 2025 Previous Projection versus FY 2025 Actual)
(Billions of yen)
+6.3
+6.5
-12.0
451.0
2025
Previous
FX Details
Net Sales:
+23.7
Cost of Sales: -10.0
Op. Expenses: -7.4
FX
Sales Volume
+3.8
+1.7
-1.9
Change in Net Sales, excluding FX
impact, for reference
-11.8
Printing:
+0.5
Medical:
+0.2
Imaging:
-5.1
Industrial:
+9.7
Others:
-6.5
Total:
Pricing
Cost
/Product Mix
Op. Expense
455.4
Tariff Impact
2025
Actual
Projection
+4.4 billion yen (+1.0%)
15
15
Printing
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
2025
Actual
Production
Office
Prosumer
2024
Actual
Full Year
%
Change
2025
Actual
2024
Actual
%
Change
Full Year
2025
Previous
Projection
Amount
Change
2026
Projection
%
Change
126.6
125.7
+0.7%
437.3
441.5
-0.9%
446.6
-9.3
480.3
+9.8%
Office MFDs
172.0
167.5
+2.7%
631.6
647.0
-2.4%
636.5
-4.9
639.9
+1.3%
Others
112.0
108.2
+3.6%
432.1
408.2
+5.9%
429.3
+2.8
445.0
+3.0%
284.0
275.7
+3.1%
1,063.7
1,055.2
+0.8%
1,065.8
-2.1
1,084.9
+2.0%
LPs
160.3
182.5
-12.2%
648.1
679.6
-4.6%
640.3
+7.8
613.1
-5.4%
IJPs
97.9
93.2
+5.0%
345.3
346.5
-0.4%
342.4
+2.9
354.6
+2.7%
258.2
275.7
-6.4%
993.4
1,026.1
-3.2%
982.7
+10.7
967.7
-2.6%
Net Sales
668.8
677.1
-1.2%
2,494.4
2,522.7
-1.1%
2,495.1
-0.7
2,532.9
+1.5%
Op. Profit
53.6
84.5
-36.6%
255.8
289.9
-11.8%
276.2
-20.4
257.4
+0.6%
%
8.0%
12.5%
10.3%
11.5%
Net Sales Growth Rate Y/Y
(Local Currency)
11.1%
10.2%
Unit Growth Rate Y/Y
2025
4Q
2026
FY
2025
Projection
4Q
2026
FY
Projection
Production
-4.2%
-1.9%
+8.2%
Office MFDs
+3%
-2%
0%
Office
-0.1%
+0.6%
+0.9%
LPs
-23%
-13%
-3%
Prosumer
-9.2%
-3.1%
-3.3%
IJPs
+5%
+3%
-3%
Total
-4.6%
-1.4%
+0.5%
16
Production
For commercial printing, as demand for small-lot printing of many products
expands, we are seeing a growing shift toward digital printing and expect to
see continued market growth in this area over the medium term. However, in
2025, we saw customers delaying their investments, particularly in the United
States.
As for our cut-sheet machines, which are highly regarded by customers for
their high productivity, sales grew significantly, partially boosted by our
supply of products to HEIDELBERG, a leading company of offset printing
equipment. As a result, Production sales overall were only slightly below last
year.
Order intake began to recovery towards the end of 2025. Based on this and
also the introduction of new products that broaden our business area, we
plan to expand sales by 10% in 2026.
In addition to sales of the varioPRINT iX1700 for small- and medium-sized
printing companies going into full swing, growth will be accelerated through
such products as the Colorado XL, a wide format printer capable of printing
not only on roll media but also on rigid materials like acrylic panels, and the
varioPRESS iV7, which supports printing up to B2 size paper.
Furthermore, in the future, through our LabelStream LS2000, which can print
labels for food and daily necessities, we will enter the industrial printing area
in earnest and will achieve continuous growth.
16-1
Printing
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
2025
Actual
Production
Office
Prosumer
2024
Actual
Full Year
%
Change
2025
Actual
2024
Actual
%
Change
Full Year
2025
Previous
Projection
Amount
Change
2026
Projection
%
Change
126.6
125.7
+0.7%
437.3
441.5
-0.9%
446.6
-9.3
480.3
+9.8%
Office MFDs
172.0
167.5
+2.7%
631.6
647.0
-2.4%
636.5
-4.9
639.9
+1.3%
Others
112.0
108.2
+3.6%
432.1
408.2
+5.9%
429.3
+2.8
445.0
+3.0%
284.0
275.7
+3.1%
1,063.7
1,055.2
+0.8%
1,065.8
-2.1
1,084.9
+2.0%
LPs
160.3
182.5
-12.2%
648.1
679.6
-4.6%
640.3
+7.8
613.1
-5.4%
IJPs
97.9
93.2
+5.0%
345.3
346.5
-0.4%
342.4
+2.9
354.6
+2.7%
258.2
275.7
-6.4%
993.4
1,026.1
-3.2%
982.7
+10.7
967.7
-2.6%
Net Sales
668.8
677.1
-1.2%
2,494.4
2,522.7
-1.1%
2,495.1
-0.7
2,532.9
+1.5%
Op. Profit
53.6
84.5
-36.6%
255.8
289.9
-11.8%
276.2
-20.4
257.4
+0.6%
%
8.0%
12.5%
10.3%
11.5%
Net Sales Growth Rate Y/Y
(Local Currency)
11.1%
10.2%
Unit Growth Rate Y/Y
2025
4Q
2026
FY
2025
Projection
4Q
2026
FY
Projection
Production
-4.2%
-1.9%
+8.2%
Office MFDs
+3%
-2%
0%
Office
-0.1%
+0.6%
+0.9%
LPs
-23%
-13%
-3%
Prosumer
-9.2%
-3.1%
-3.3%
IJPs
+5%
+3%
-3%
Total
-4.6%
-1.4%
+0.5%
16
Office MFDs
Although demand for core office printing devices remains solid, due to the
impact of U.S. tariffs, we are seeing a delay in investments, particularly in the
United States and Europe. As a result, the market shrank by 4% in 2025 and is
expected to decline at a similar rate in 2026.
In 2025, our sales decreased by 2.4% due to the market environment. On the
positive side, our new imageFORCE series, which we rolled out globally, has
been very well received by both customers and dealers. Keypoint Intelligence,
a third-party evaluation organization, also recognized the series for its
improved image quality, enabled through new technology, and its high
operability, and awarded us the best overall lineup of A3 multifunction
devices.
In 2026, we will complete our lineup of the new series by adding several more
models. This will help to promote sales expansion as well as facilitate our aim
for topline growth.
Office Other
As for our IT solutions business, as the willingness to investment, particularly
in manufacturing and financial sectors, remains strong, it will continue to
grow in 2026.
16-2
Printing
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
2025
Actual
Production
Office
Prosumer
2024
Actual
Full Year
%
Change
2025
Actual
2024
Actual
%
Change
Full Year
2025
Previous
Projection
Amount
Change
2026
Projection
%
Change
126.6
125.7
+0.7%
437.3
441.5
-0.9%
446.6
-9.3
480.3
+9.8%
Office MFDs
172.0
167.5
+2.7%
631.6
647.0
-2.4%
636.5
-4.9
639.9
+1.3%
Others
112.0
108.2
+3.6%
432.1
408.2
+5.9%
429.3
+2.8
445.0
+3.0%
284.0
275.7
+3.1%
1,063.7
1,055.2
+0.8%
1,065.8
-2.1
1,084.9
+2.0%
LPs
160.3
182.5
-12.2%
648.1
679.6
-4.6%
640.3
+7.8
613.1
-5.4%
IJPs
97.9
93.2
+5.0%
345.3
346.5
-0.4%
342.4
+2.9
354.6
+2.7%
258.2
275.7
-6.4%
993.4
1,026.1
-3.2%
982.7
+10.7
967.7
-2.6%
Net Sales
668.8
677.1
-1.2%
2,494.4
2,522.7
-1.1%
2,495.1
-0.7
2,532.9
+1.5%
Op. Profit
53.6
84.5
-36.6%
255.8
289.9
-11.8%
276.2
-20.4
257.4
+0.6%
%
8.0%
12.5%
10.3%
11.5%
Net Sales Growth Rate Y/Y
(Local Currency)
11.1%
10.2%
Unit Growth Rate Y/Y
2025
4Q
2026
FY
2025
Projection
4Q
2026
FY
Projection
Production
-4.2%
-1.9%
+8.2%
Office MFDs
+3%
-2%
0%
Office
-0.1%
+0.6%
+0.9%
LPs
-23%
-13%
-3%
Prosumer
-9.2%
-3.1%
-3.3%
IJPs
+5%
+3%
-3%
Total
-4.6%
-1.4%
+0.5%
Prosumer
As for the printer market, tariffs impacted the U.S. market, the market
situation in Europe and Asia remains weak, and we expect this situation to
continue in 2026.
As for laser printers, sales have been sluggish as companies delay investment
in printing equipment. However, in 2026, in addition to enhancing our lineup
with products that address diverse customer needs, we will make effective
marketing investments to counter competitors and regain market share. As
for inkjet printers, with our completed lineup, we expanded our market share
for refillable ink tank model in 2025.
In 2026, we will further expand sales of refillable ink tank models. As for
cartridge models, where we have always been strong, amid rising prices, we
are seeing a preference for them due to their low initial cost. By focusing on
sales of mid-range models, including the model launched in September 2025,
we will raise the average unit price and further expand our business product
lineup, achieving a 2.7% increase in sales compared to last year.
16-3
Printing Hardware & Non-hardware Sales
JPY
Production
LC
JPY
Office MFDs
LC
JPY
LPs
LC
JPY
IJPs
LC
FY 2026
Full Year
Projection
+19%
FY 2025
4Q
Actual
FY 2024
-7%
Full Year
Actual
-4%
Non-hardware
+5%
+6%
+1%
+4%
+9%
Hardware
+17%
-11%
-5%
+4%
+4%
Non-hardware
+3%
+1%
0%
+2%
+2%
Hardware
+4%
-3%
-5%
-6%
+1%
Non-hardware
-1%
+8%
0%
+2%
+7%
Hardware
+3%
-7%
-5%
-8%
-5%
Non-hardware
-3%
+4%
0%
0%
+1%
+17%
Hardware
4Q
Actual
+7%
Full Year
Actual
+11%
Hardware
-4%
-16%
-12%
+36%
Non-hardware
-6%
-9%
0%
+1%
+9%
Hardware
-5%
-19%
-12%
+33%
+11%
Non-hardware
-6%
-11%
+1%
0%
+5%
Hardware
+3%
+8%
+2%
+2%
-2%
Non-hardware
+2%
+3%
-2%
-2%
0%
Hardware
+2%
+4%
+1%
0%
-8%
Non-hardware
+1%
-1%
-3%
-4%
-6%
17
17
Medical
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
Full Year
2024
Actual
2025
Actual
%
Change
2025
Actual
2024
Actual
%
Change
Full Year
2025
Previous
Projection
Amount
Change
2026
Projection
%
Change
Net Sales
168.4
161.3
+4.4%
580.6
568.8
+2.1%
580.9
-0.3
616.1
+6.1%
Op. Profit
14.6
8.9
+63.8%
32.8
24.7
+32.9%
31.3
+1.5
38.3
+16.9%
%
8.7%
5.5%
5.6%
4.3%
5.4%
6.2%
- 2024 figures exclude the impact of impairment loss.
Net Sales Growth Rate Y/Y
(Local Currency)
2025
Total
2026
4Q
FY
+1.8%
+2.2%
Projection
+5.1%
18
Medical
In 2025, the diagnostic imaging device market was solid throughout the year in the
United States and in emerging markets. However, in Europe, the market was weak
due to heightened economic uncertainty and the challenging operating
environment surrounding hospitals in Japan, resulted in slight market growth on a
global basis. In 2026, although supplementary budgets and revisions to medical
service fees in Japan may have a positive impact, overall growth is expected to
remain modest, similar to 2025.
In 2025, we posted sales growth in emerging markets throughout the year,
particularly in Southeast Asia and Central & South America. In the United States, the
orders we secured through our strengthened relationship with U.S. medical
institutions that rank among the world’s top 10 were converted into sales.
Additionally, sales of ultrasound diagnostic systems doubled in the fourth quarter as
sales through newly contracted dealers went into full swing. As a result, overall sales
grew by 2.1%. From a profitability perspective, business innovation activities
generated approximately 10 billion yen in benefits as planned, improving
profitability by 1.3 points to 5.6%.
Through innovative new products, such as the Aquilion Rise, a multiple position CT
system launched in April that can image a patient in a standing or sitting position,
and Photon Counting CT, our next-generation CT technology, which we are
preparing to launch, we aim to achieve further sales growth. In emerging markets,
we will continue to grow, mainly through sales channel expansion. In the United
States, which is a key region, recognition of our products in the medical industry has
been increasing through papers and presentations at academic conferences by
influential and prominent physicians. As a result, we expect to achieve double digit
growth, particularly in large systems such as CTs, and aim for a full-year sales
increase of 6.1% on a global basis.
18
Imaging
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
Full Year
2025
2024
%
2025
2024
%
Actual
Actual
Change
Actual
Actual
Change
Full Year
2025
Previous
Projection
Amount
2026
%
Change
Projection
Change
Cameras
199.3
176.5
+13.0%
625.5
579.9
+7.9%
632.1
-6.6
675.3
+8.0%
Network Cameras & Others
129.2
101.1
+27.8%
429.4
357.5
+20.1%
417.6
+11.8
461.9
+7.6%
Net Sales
328.5
277.6
+18.4%
1,054.9
937.4
+12.5%
1,049.7
+5.2
1,137.2
+7.8%
Op. Profit
64.5
52.4
+23.1%
172.9
151.3
+14.3%
163.4
+9.5
184.1
+6.5%
%
19.6%
18.9%
16.4%
16.1%
15.6%
16.2%
Digital Interchangeable Lens Cameras (DILCs)
Units (Millions) & Unit Growth Rate Y/Y
Net Sales Growth Rate Y/Y
(Local Currency)
2025
4Q
2026
FY
2025
Projection
4Q
2026
FY
Projection
Cameras
+8.6%
+7.6%
+6.6%
Units (Millions)
0.87
2.88
2.95
NWCs & Others
+23.5%
+20.1%
+6.3%
Growth Rate
+2%
+2%
+2%
Total
+14.0%
+12.4%
+6.5%
19
Cameras
As for the size of the interchangeable-lens camera market, driven by an
increase in new users, especially young people, and by new product launches
from various manufacturers, the market reached 6.7 million units in 2025,
300,000 more than the previous year. And in 2026, we expect a further
increase of 100,000 units for a total of 6.8 million units.
In the fourth quarter, we posted strong sales of the EOS R6 Mark III, a new
full-frame mirrorless camera that we launched in November. We also
increased sales of entry-level models during the year-end selling season.
Driven by strong demand, sales of compact cameras doubled from the
previous year due to increased supply through the further expansion of
production. As a result, the overall camera business posted double digit sales
growth in the fourth quarter to record an 8% increase for the full year.
In 2026 as well, the number of new camera users, especially younger people,
is expected to continue increasing. To capture this demand, we will maintain
the growth of our entry level models, such as the EOS R50 and EOS R100, as
well as the EOS R50V, which is designed with a strong focus on shooting
video. For full frame models, we will increase unit sales, with a focus on the
new EOS R6 Mark III. As for lenses, supported by strong camera sales, we will
promote sales expansion based on our expanded lineup. For compact
cameras, we plan to further increase production in response to the strong
demand that continues to generate backorders. This will allow us to
significantly increase sales, and for the overall camera business, achieve our
target to increase full-year net sales by 8%, which is similar to what we
achieved in 2025.
19-1
Imaging
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
Full Year
2025
2024
%
2025
2024
%
Actual
Actual
Change
Actual
Actual
Change
Full Year
2025
Previous
Projection
Amount
2026
%
Change
Projection
Change
Cameras
199.3
176.5
+13.0%
625.5
579.9
+7.9%
632.1
-6.6
675.3
+8.0%
Network Cameras & Others
129.2
101.1
+27.8%
429.4
357.5
+20.1%
417.6
+11.8
461.9
+7.6%
Net Sales
328.5
277.6
+18.4%
1,054.9
937.4
+12.5%
1,049.7
+5.2
1,137.2
+7.8%
Op. Profit
64.5
52.4
+23.1%
172.9
151.3
+14.3%
163.4
+9.5
184.1
+6.5%
%
19.6%
18.9%
16.4%
16.1%
15.6%
16.2%
Digital Interchangeable Lens Cameras (DILCs)
Units (Millions) & Unit Growth Rate Y/Y
Net Sales Growth Rate Y/Y
(Local Currency)
2025
4Q
2026
FY
2025
Projection
4Q
2026
FY
Projection
Cameras
+8.6%
+7.6%
+6.6%
Units (Millions)
0.87
2.88
2.95
NWCs & Others
+23.5%
+20.1%
+6.3%
Growth Rate
+2%
+2%
+2%
Total
+14.0%
+12.4%
+6.5%
19
Network cameras
The network camera market continues to expand. This reflects not only
continued steady growth in demand for surveillance purposes, driven by
people’s fundamental need for safety and security, but also expansion into
other areas, such as marketing support and social infrastructure through AIpowered video analytics.
In 2025, sales grew steadily throughout the year, mainly in the United States
and Europe, resulting in a full-year sales increase of more than 20%.
In 2026 as well, by taking full advantage of the Canon Group’s strong sales
partner network and offering products and services that address the diverse
needs of customers, we aim to maintain growth and achieve a full-year sales
increase of 8%.
19-2
Industrial
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
Full Year
2025
2024
%
2025
2024
%
Actual
Actual
Change
Actual
Actual
Change
Full Year
2025
Previous
Projection
Amount
2026
%
Change
Projection
Change
Optical Equipment
82.8
93.6
-11.7%
256.4
253.4
+1.2%
260.4
-4.0
256.6
+0.1%
Industrial Equipment
33.0
27.4
+21.5%
104.7
98.3
+6.5%
105.5
-0.8
104.9
+0.2%
Net Sales
115.8
121.0
-4.3%
361.1
351.7
+2.7%
365.9
-4.8
361.5
+0.1%
Op. Profit
22.5
24.9
-9.8%
62.5
68.9
-9.3%
63.6
-1.1
63.8
+2.0%
%
19.4%
20.6%
17.3%
19.6%
17.4%
17.6%
- From 2025, some reclassification between the Industrial Business Unit and Eliminations were made to manage the performance of
reportable segments more appropriately. The figures for 2024 were also reclassified.
Net Sales Growth Rate Y/Y
(Local Currency)
Lithography Equipment (Units)
2025
4Q
FY
Opt. Equip.
-13.0%
+0.7%
0.0%
Industrial Equip.
+21.1%
+6.3%
+0.1%
-5.3%
+2.3%
0.0%
Total
2025
2026
4Q
Projection
Semiconductor
FPD
2026
FY
Projection
KrF
15
46
71
i-line
58
188
153
73
234
224
8
33
20
20
Optical equipment
Semiconductor manufacturing equipment
As for the semiconductor lithography equipment market, in 2025, demand
for power semiconductor devices decreased due to a slowdown in EV
demand. However, as demand for AI data centers continues to grow, we
expect growth in 2026, particularly for equipment used in the manufacturing
of memory devices.
In 2025, thanks to strong demand for AI-related devices, we sold a total of
234 units. This was largely driven by our back-end process equipment which
sets the industry standard for leading-edge semiconductor packaging, and
by equipment used in memory device manufacturing.
In 2026, we expect the sales of i-line equipment for power semiconductor
devices for automotive applications to decline, largely due to the slowdown
in EV demand. However, supported by strong AI demand, there has been a
significant increase in business negotiations for equipment used in the
manufacturing of memory devices. Accordingly, we aim to achieve sales
growth by selling 71 KrF units, which is 26 units more than last year.
As for Nanoimprint, our next-generation semiconductor manufacturing
equipment, the specifications of equipment that was shipped to a major
semiconductor manufacturer was confirmed by the customer. We are now
working to further accelerate the evaluation and verification of this
equipment for use in mass production. In addition, on January 13, we
announced a technology that leverages our expertise in nanoimprint
lithography to flatten wafer surface topography with high precision and are
working to expand its application.
20-1
Industrial
Net Sales & Net Sales Growth Rate Y/Y
(Billions of yen)
4Q
Full Year
2025
2024
%
2025
2024
%
Actual
Actual
Change
Actual
Actual
Change
Full Year
2025
Previous
Projection
Amount
2026
%
Change
Projection
Change
Optical Equipment
82.8
93.6
-11.7%
256.4
253.4
+1.2%
260.4
-4.0
256.6
+0.1%
Industrial Equipment
33.0
27.4
+21.5%
104.7
98.3
+6.5%
105.5
-0.8
104.9
+0.2%
Net Sales
115.8
121.0
-4.3%
361.1
351.7
+2.7%
365.9
-4.8
361.5
+0.1%
Op. Profit
22.5
24.9
-9.8%
62.5
68.9
-9.3%
63.6
-1.1
63.8
+2.0%
%
19.4%
20.6%
17.3%
19.6%
17.4%
17.6%
- From 2025, some reclassification between the Industrial Business Unit and Eliminations were made to manage the performance of
reportable segments more appropriately. The figures for 2024 were also reclassified.
Net Sales Growth Rate Y/Y
(Local Currency)
Lithography Equipment (Units)
2025
4Q
FY
Opt. Equip.
-13.0%
+0.7%
0.0%
Industrial Equip.
+21.1%
+6.3%
+0.1%
-5.3%
+2.3%
0.0%
Total
2025
2026
4Q
Projection
Semiconductor
FPD
2026
FY
Projection
KrF
15
46
71
i-line
58
188
153
73
234
224
8
33
20
20
Optical equipment
FPD (Flat Panel Display) lithography equipment
As for the display manufacturing equipment market, it is gradually recovering
thanks to the rising profit of display manufacturers, driven by improvement in the
supply and demand balance of panels.
In the fourth quarter of 2025, we completed the installation of 8 units to achieve 33
units for the full year. In addition to new investment in manufacturing equipment
for IT panels, we also secured additional investment projects for smartphones,
which are becoming low-power consumption and thinner.
In 2026, due to a temporary postponement in investments by panel manufacturers
to assess the impact of U.S. tariffs, we only expect to sell 20 units this year. However,
orders are increasing as investment resumes, and we expect a significant recovery in
2027.
Industrial equipment
As for film deposition equipment, supported by strong AI demand, demand for
equipment used in the production of HBM and other semiconductors grew
significantly in 2025. As for OLED display deposition equipment, we are making
steady progress in the production of our second large-scale system for IT panels,
which was ordered in the fourth quarter of 2024. As a result, overall sales of the
industrial equipment business increased by 7% for the full year.
As for 2026, we plan to maintain a high level of sales of film deposition equipment
used in the production of advanced semiconductors and aim to post sales that are
in line with last year.
20-2
