Tamron Co.,Ltd.
7740・Prime Market・Precision Instruments
Photographic Equipment Business
Tamron's largest core business. Global deployment of interchangeable lenses for mirrorless and SLR cameras
| Period | Current | Previous | Change |
|---|---|---|---|
| Sales (Q1 FY2026, ending December 2026) | ¥11,305 million | ¥13,569 million (Q1 FY2025, ending December 2025) | ↓ |
| Segment Operating Profit (Q1 FY2026, ending December 2026) | ¥2,390 million | ¥3,803 million (Q1 FY2025, ending December 2025) | ↓ |
| Operating Margin (Segment, Q1 FY2026, ending December 2026) | 21.1% | 28.0% (Q1 FY2025, ending December 2025) | ↓ |
| Sales (Full Year FY2025, ending December 2025) | ¥60,643 million | — | — |
| Segment Operating Profit (Full Year FY2025, ending December 2025) | ¥15,630 million | — | — |
Business Details
The core segment producing and selling Interchangeable Lenses for Mirrorless Cameras and Interchangeable Lenses for SLR Cameras. Consists of two pillars: in-house brand products and OEM supply, promoting multi-mount deployment across Sony E-mount, Nikon Z-mount, and Canon RF-mount. Sales in Q1 FY2026 (ending December 2026) (January-March 2026) were ¥11,305 million, accounting for 61.2% of the overall group total (¥18,485 million).
Recent Overview
Revenue down 16.7% YoY due to continued OEM slowdown; operating profit deteriorated sharply, down 37.2%
In Q1 FY2026 (ending December 2026), sales in the Photographic Equipment Business were ¥11,305 million (down 16.7% YoY), and operating profit was ¥2,390 million (down 37.2% YoY). Sluggish sales of certain OEM order models continued from the second half of the previous year, and revenue also declined in the Chinese market due to excess market inventory. Meanwhile, the in-house brand achieved double-digit revenue growth in Japan, the US, and Europe, with the European market turning to recovery after recent years of sluggishness. By region: North America ¥1,901 million (up 89.5% YoY), Europe ¥1,636 million (down 2.4% YoY), Asia ¥5,176 million (down 38.1% YoY).
Key Products
Growth Drivers
- Steady trend in the mirrorless camera market (slight increase YoY in both volume and value terms)
- Accelerated multi-mount deployment (support for three mounts: Sony E, Nikon Z, and Canon RF)
- Plan to launch 10 or more new in-house brand models annually in 2026 (A078 already launched in March)
- Double-digit revenue growth of in-house brand in Japan, the US, and European markets, with the European market turning to recovery
- Effect of yen depreciation (approximately ¥4 for USD and approximately ¥23 for EUR YoY) boosting yen-denominated sales
Risks
- Risk of revenue decline from continued stagnation in OEM demand and sluggish sales of order models
- Risk of revenue decline due to excess market inventory and weak consumption in the Chinese market
- Impact on demand and procurement from uncertainty in trade policies of various countries (tariffs, etc.)
- Profit pressure from soaring raw material and utility costs and rising labor costs
- Continued structural shrinkage of the SLR camera market
- Negative impact on sales and profit from foreign exchange fluctuations (yen appreciation)
Last updated: March 26, 2026