Fujifilm Announces Financial Results for the First Half Ended September 30, 2024

TOKYO, November 7, 2024 – FUJIFILM Holdings Corporation announced today financial results for the first half, which ended September 30, 2024.

In the first half of the fiscal year ending March 2025, revenue increased by 9.1% year-over-year to JPY1,514.7 billion, mainly due to strong sales in the Electronics and Imaging businesses, and the favorable impact of exchange rates. Operating income also benefited from revenue growth and the exchange rate impact, amounting to JPY135.6 billion, increasing by 8.0% year-over-year. Net income attributable to FUJIFILM Holdings decreased by 2.9% year-over-year to JPY110.3 billion. In light of the strong performance of the Electronics and Imaging segment and the exchange rate, full-year consolidated forecast for the fiscal year ending March 2025 remains unchanged from the previous forecast with some adjustments between the businesses, at revenue of JPY3,150.0 billion, operating income of JPY315.0 billion, and net income attributable to FUJIFILM Holdings of JPY250.0 billion, aiming to achieve record highs.  The annual dividend forecast for the fiscal year is JPY60 per share, marking the 15th consecutive annual dividend increase.

“We have continued strong performance in the Electronics and Imaging segments, resulting in unprecedented sales and operating profit in the first half of fiscal year 2024,” says Teiichi Goto, president and chief executive officer, representative director, FUJIFILM Holdings Corporation. “We are maintaining our performance forecast to achieve record-high sales and profitability for the fiscal year ending March 2025. We are actively investing in facilities in growth areas such as Semiconductor Materials and Bio CDMO, demonstrating our confidence in expanding our business.”

• Revenue increased 0.6% year-over-year to JPY242.9 billion, primarily driven by the stronger performances from Medical Systems and LS Solutions businesses. However, operating income decreased 40.3% year-over-year to JPY18.8 billion mainly attributed to expenses incurred for enhancing the system to support the expansion of commercial manufacturing at the Bio CDMO business site in Texas, as well as the repercussion of the one-time income recorded in the prior period for LS Solutions.
• In the Medical Systems business, revenue showed growth due to consistent sales performance of endoscopes and IVD.
• In the Bio CDMO business, revenue decreased due to the temporary suspension at the Texas site to implement system upgrades for enhancing production stability and strengthening the quality assurance system to ensure better regulatory compliance.
• In the LS Solutions business, revenue increased due to the gradual rebound in order volume as a result of the improvement in the customer inventory adjustment of culture media, which had continued since the coronavirus pandemic. Additionally, the one-time income due to the achievement of a milestone in a cell therapy licensing case impacted positively. The dietary supplement sales in the Consumer Healthcare declined as the overall supplement market stagnated in Japan.

• Revenue increased 31.4% year-over-year to JPY108.7 billion and operating income increased 94.2% year-over-year to JPY19.5 billion.
• In the Electronic Materials business, revenue increased 46.7% year-over-year due to the market recovery in semiconductor materials and contribution from revenue of acquired semiconductor process chemicals business.
• In the Advanced Functional Materials business, revenue increased 14.9% year-over-year as favorable orders, particularly for antireflection materials for OLEDs.

• Overall revenue decreased by 0.7% year-over-year to JPY287.7 billion, and operating income decreased by 29.3% year-over-year to JPY10.8 billion, due to the impact of a revenue reduction and the damage caused by a typhoon to the factory in Vietnam, among other factors.
• In the Business Solutions business, revenue increased mainly due to higher sales of solutions related to digital transformation (DX).
• In the Office Solutions business, revenue decreased due to inventory adjustments by major European and American OEM customers of multifunction devices and the termination of sales of low-profit small printers for Europe and America, despite an increase in exports of consumables to Europe and America following the momentum generated in the first quarter.
• In the Graphic Communications business, revenue increased due to the increased sales of printing plates for the U.S., digital printers for Europe and the U.S., as well as inkjet heads for the ceramic and commercial printing markets.

• Strong sales of instant photo systems and digital cameras boosted revenue by 11.0% year-over-year to JPY126.5 billion and operating income by 29.2% year-over-year to JPY33.7 billion.
• In the Consumer Imaging business, steady sales of the “instax^™” instant photo systems drove revenue higher.
• In the Professional Imaging business, revenue rose due to the strong sales of the latest models in the GFX and X series of digital cameras, which were released in June 2024, as well as the models released in the previous year.

For more details, please visit the Investor Relations section of Fujifilm website

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