Consolidated Financial Results for Fiscal 2023 andFull-Year Forecasts for Fiscal 2024
Olympus Corporation | Executive Officer and CFO, Chikashi Takeda | May 12, 2023

(Slide 1)Hello everyone. I am Chikashi Takeda, Chief Financial Officer of Olympus
Corporation.

I would like to thank you all for participating in this conference.

Today I would like to start by giving a review of our consolidated financial
results for fiscal 2023 and reviewing the past three years. Next, CEO Stefan
Kaufmann will describe our company strategy, and I will return to go over ourfull‐year forecasts for fiscal 2024.

Today's briefing will be focused on Continuing Operations. Please refer to the
Appendix section for detailed information about Discontinued Operation.

Page 1

Disclaimer
 This material contains forward-looking statements that reflect management’s current views, plans, andexpectations 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, futurebusiness 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 expressedor 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.
 Products or devices presented include future technology which may be pending regional regulatory approval
and are not available for sale in all regions. This information is not intended for promotional or medical
advice use. Rather, it is provided to give examples of technology development by Olympus and noguarantees are made about the future sale of such products.
 Olympus Corporation assumes no responsibility for any damage resulting from the use of this material.

Page 2No data copy / No data transfer permitted

Page 2

LCR48476V01

Consolidated Financial Results for Fiscal
2023(Slide 3)I will now explain the consolidated financial results and provide a business review for
fiscal 2023.

Page 3

Fiscal 2023 (1) Consolidated Financial Results
1 Revenue: 18% consolidated growth. Record high for Medical business in 4Q and 12M. Double-digit growth for both ESD and TSD
2 Operating profit: Achieved adjusted operating margin of 20%, as set forth in 2019 Corporate Strategy. Record highs for both amount and ratio in 12M*
Full-year (Apr. to Mar.)(Billions of yen)

Continuing operations**

1

4Q (Jan. to Mar.)FY2023

YoY

After FX
adjustment

FY2022

1

FY2023

YoY

After FX
adjustment

Revenue

750.1

881.9

+18%

+4%

202.9

240.4

+18%

+9%

Gross profit

506.7(67.6%)

596.8(67.7%)

+18%

+2%

140.6
(69.3%)

163.1(67.9%)

+16%

+3%

357.5
(47.7%)

420.5(47.7%)

+18%

+7%

98.4
(48.5%)

114.5(47.6%)+16%+8%(% of revenue)
Selling, general and administrative
expenses(% of revenue)
Other income and expenses

1.7

-4.6

(% of revenue)

146.2(19.5%)

2

186.6(21.2%)

+28%

-3%

44.0
(21.7%)

44.0(18.3%)

0%

Adjusted operating profit(% of revenue)

150.7(20.1%)

2

176.8(20.0%)

+17%

-12%

43.2
(21.3%)

48.7(20.2%)+13%

Profit before tax(% of revenue)

141.7(18.9%)

182.3(20.7%)+29%

44.7(22.0%)

42.9(17.9%)-4%

Profit from continuing operations(% of revenue)

110.6(14.8%)

138.0(15.7%)+25%

27.7(13.6%)

32.4(13.5%)+17%

Operating profit

Discontinued
operation
Continuing
operations***

Page 4FY2022

-3.0

10.3

-

-

-

5.3

5.6

+¥0.3 billion

0.5

2.9

+523％

Profit (loss)

116.0

143.6

+24%

28.1

35.2

+25%

Profit (loss) attributable to owners ofparent

115.7

143.4

+24%

28.1

35.2

+25%

¥90

¥113

Profit from discontinued operation

EPS

-

-

-23%
-11%
*From FY2009, when Olympus began disclosing thequarterly report.
**The figures from “Revenue” to “Profit fromcontinuing operations” represents continuing
operations.
***Since all shares of discontinued operation(Evident) were transferred in April 2023, a gain on
this share transfer is expected to be recorded in thefirst quarter of FY2024.

Dividend payment for FY2023
Year-end dividend of ¥16 pershare

No data copy / No data transfer permitted(Slide 4)
 This is an overview of our consolidated financial results.
 In fiscal 2023, we operated our business under a persistently challenging environment throughout the year, with the Shanghai
lockdown, the war in Ukraine, supply shortages of semiconductors and other components, and rising raw materials costs all
playing a part. However, we were committed to overcoming these challenges and called upon the hard work and innovation of
employees to keep delivering our products and services and meet the expectations of patients and healthcare providers. At thesame time, we also pursued aggressive investments to reinforce our operational infrastructure, which is a necessary step for
Olympus to achieve sustainable growth as a medtech company. We maintained a keen awareness of sustained growth andswiftly recognized opportunities while continuing to implement risk mitigation measures, thus achieving the target adjusted
operating margin of over 20% set out in our corporate strategy.
 Consolidated revenue amounted to ¥881.9 billion, up 18% YoY. Revenue in the Medical business represented record highs forthe fourth quarter and the full year, with double‐digit growth for both ESD and TSD.
 Gross profit was ¥596.8 billion, with gross margin improving 0.1 point. In addition to the absence of reversal of provision
totaling approx. ¥4.2 billion (related to response to the duodenoscope market) and reversal of provision totaling approx. ¥2.7
billion (related to a voluntary recall of bronchoscopes) both recorded in the previous fiscal year, procurement costs for raw
materials, including semiconductors, increased during the fiscal year. However, gross margin improved due mainly to a favorable
change in regional sales mix driven by increased sales in China, and yen depreciation effects.
 SG&A expenses were ¥420.5 billion, with SG&A ratio on a par with the previous year. Amid ongoing inflation, in particular,
expenses associated with sales activities and strengthening of our operational infrastructure such as QARA increased.
 In other income and expenses, a gain of ¥10.3 billion was posted. Despite the absence of reversal of provision of approx. ¥3.0
billion related to indirect taxes of consolidated subsidiary and a marginal gain of approx. ¥2.8 billion on phased acquisition ofMedi‐Tate in the previous year, other income and expenses increased, due in part to a gain of approx. ¥16.4 billion on the sale ofland in Tokyo. Also note that approx. ¥1.9 billion in FDA‐related expenses described during the third quarter results briefing
were recorded.
 Operating profit was ¥186.6 billion, up ¥40.4 billion or 28% YoY. Operating margin improved 1.7 points to 21.2%. Note that weachieved the target adjusted operating margin excluding other income and other expenses of over 20% set out in our corporate
strategy in 2019.
 Profit from Continuing Operations stood at ¥138.0 billion, with EPS of ¥109, up 26% YoY, while total Profit including bothContinuing Operations and Discontinued Operation amounted to ¥143.6 billion, with EPS of ¥113, up 25% YoY.
 We plan to issue a year‐end dividend of ¥16 per share for fiscal 2023, the same amount announced in February.

Page 4

We adopted an ambitious timeline out to 2023
We would unleash our potential by developing the organizational focus, operational
structure and employee mindset needed for long-term, sustainable growth.

3 Years (FY2021 to FY2023)

Shift to Grow
Transform to Perform
Focus and Simplify

To position Olympus optimallyfor profitable growth

To have immediate, early impact
on corporate performance

To capture growing value pools thatdrive long-term sustainable growth

Performance impact in 3 years> 20% operating margin** Adjusted for extraordinary items

Page 5No data copy / No data transfer permitted

LCR48476V01(Slide 5)
Next, I would like to review the past three years.

In January 2019, Olympus announced its corporate transformation plan "Transform
Olympus," and in our corporate strategy announced in November 2019, we declared
the target of achieving an adjusted operating margin of over 20%, on a par with thelevel expected of a global medical technology company, in fiscal 2023.
Over the past three years, top management and all employees have come together toimplement all manner of initiatives and drive reforms. As a result, the figure foradjusted operating margin, which stood at 9.2% in fiscal 2019*, dramatically improved
to 20.0% in fiscal 2023.
Over this extremely short space of time, I believe we have greatly transformed andevolved every aspect of the company, including our business structure, organizationaland operating models, employee awareness and corporate culture. However, to achievesustainable growth, there still remain myriad issues that stand in the way of Olympus
becoming a world‐class medical technology company ‐ one that is accepted by all
stakeholders including patients. Going forward, we will continue with efforts todemonstrate the full potential of Olympus.
* This includes adjusted operating profit of the Scientific Solutions Division and Imaging
Division.

Page 5

We set and made progress against ambitious targets

Despite macroeconomic issues and Covid
lockdowns, grew topline 4.6%** CAGR
Sustain 5-6% growth annually

Deliver > 20% consolidated
corporate operating margin*

With significant profitability improvements and¥80billion share buyback, adjusted EPS growth***exceeded 25%.

Become a leader in the therapeuticareas where we compete (GI, Urology
and Respiratory)

Maintained investments in R&D at similar levels
to MedTech peers to ensure sustainable future
growth*Continuing business base. Adjusted for extraordinary items**Continuing business base. 3-year CAGR from FY2020 after FX adjustment***3-year CAGR from FY2020

Page 6

Doubled operating profit over 3-year
transformation and exceeded consolidated
operating margin 20%*

No data copy / No data transfer permitted

Transformed to a pure-play MedTech company

LCR48476V01(Slide 6) Since our corporate strategy was announced in 2019, a host of unexpected situations havedeveloped, from microeconomic issues to urban lockdowns due to the COVID‐19
pandemic. Despite these trying times, the CAGR of consolidated revenue amongcontinuing operations after FX adjustment was 4.6% over the past three years.
 We have also made tremendous gains in operating profit, doubling over the past three
years, with an adjusted operating margin of 20% in fiscal 2023, the result of steadily
implementing initiatives to reduce costs and improve capital efficiency in addition torevenue growth.
 The adjusted EPS growth rate exceeding 25% that was set out as a reference indicator was
also achieved as a result of huge gains in profitability and the implementation of ¥80
billion in share buybacks.
 Meanwhile, we have made investments in R&D, which is vital to continue with sustained
growth into the future, on a par with industry peers.
 The revisions to our business portfolio, positioned as one of the key items of ourcorporate strategy, were completed in full with the decision to transfer the Imagine
Division and Scientific Solutions Division. Going forward, we will redouble our efforts tocontribute to the field of medical practice, patients and all of society as a company
specializing in medical equipment.
 Now, our CEO, Stefan Kaufmann, will explain our company strategy.

Page 6

Beyond our New Horizon:
Leading as a global MedTech company
Olympus Corporation | President and CEO, Stefan Kaufmann | 12 May 2023

(Slide 7)
 I’m delighted to share our strategy with you today in my new position as President
and CEO. I’m looking forward to working with as many of you to ensure our key
objectives are met and that we carry on the path of growth and development.
 This is an exciting time for our company with much to be optimistic about for the
future.
 With this in mind, we are introducing our new strategy to guide us to the next
phase to accelerate growth and improve performance ‐ Beyond our New Horizon:
Leading as a global MedTech company.

Page 7

Executive Officers

Stefan KaufmannFrank Drewalowski

Gabriela Kaynor

Chikashi Takeda

Director, Representative
Executive Officer, andExecutive Chairman and
ESG Officer

Director, Representative
Executive Officer, President andChief Executive Officer

Executive Officer andEndoscopic Solutions
Division Head

Executive Officer andTherapeutic Solutions
Division Head

Executive Officer,
Chief Financial Officer

Nacho Abia

Tetsuo Kobayashi

André Roggan

Shigeto Ohtsuki

Pierre Boisier

Executive Officer andChief Strategy Officer

Executive Officer,
Chief Manufacturing
and Supply Officer

Executive Officer,
Chief Technology Officer

Executive Officer and Chief
Human Resources Officer

Executive Officer andChief Quality Officer

Yasuo Takeuchi

Page 8No data copy / No data transfer permitted

LCR48476V01(Slide 8)
 Part of our plan includes bringing a new and dynamic leadership team to develop
and implement our core strategy.
 We have a diverse management suite of professionals who possess decades ofindustry‐leading expertise, knowledge, and experience across their respective
fields We are very confident that the new leadership team will be fully devoted to
implementing our strategy that we believe will make our business a lasting
success and one that carries through on our objective of making Olympus a truly
global MedTech player.

Page 8

Guiding Principles
Patient safety andsustainability

Resolve pending commitments to the FDA,

1 prove confidence with regulators

2 Lead in organization health and ESG
Innovation forgrowth3Strengthen the Olympus brand, elevate theexperience of our customers

our business through purposeful
4 Grow
innovation and acquisitions
Productivity

Making people’s
lives healthier,safer, and more
fulfilling.

a high performing organization focused
5 Build
on patient safety and product quality
Ensure simplicity and operational

6 efficiency

Page 9No data copy / No data transfer permitted

LCR48476V01(Slide 9) As the new CEO, here are the three main priorities relating to patient safety andsustainability, innovation for growth, and productivity.
 These priorities are the guiding principles for understanding Our Purpose of
making people’s lives healthier, safer and more fulfilling.
 We are committed to building a robust and durable organization that works withregulators and stakeholders to uphold our corporate framework of integrity andtransparency. We want to create a business that leads in healthcare and ESG and
one that puts the customer experience at the heart of everything that we do. And
to be a company that is high performing in patient safety, offering quality products
across multiple areas that tie into our long‐term business priorities.

Page 9Nothing is more important
than patient safety, so itgets our full focus.

(Slide 10)
 Above all, nothing is more important than patient safety. The 3 Warning Lettersfrom the FDA are a strong signal for Olympus to raise its quality management
systems to a global industry standard.
 We take this issue extremely seriously and are working tirelessly on structural andcultural changes to meet the regulators’ expectations. Employees and systems
that will ensure patient safety remains the highest priority.
 In April, I met with the FDA leadership. As a result, we have developed an action
plan in coordination with the FDA. I plan to work personally and closely with theagency to meet our obligations and rectify outstanding issues. This has been alearning curve for our organization but a challenge we can overcome.

Page 10

QARA investments for Patient Safety and our future growth
Execute Transformation with the Aim of a Single Global
Quality System and Fully Harmonized Processes Build and implement a Single Global Quality System Develop streamlined digitally-enabled processes to support the global execution of the
Quality System, including Complaint Management & MDR, Process Validation, Design
Controls, Management Review, Internal Audit, Regulatory Commitment Tracking, etc.

Enhance Global Quality and Compliance Functions to
Ensure Consistent Execution
 Develop a robust organization and supporting processes to ensure consistent execution of
Quality System requirements, quality improvements, identification and resolution ofcompliance risks
 Integrate Quality Engineering and Quality Leadership organizations globally across all three
regions, manufacturing plants, repair and distribution centers

Resolve Compliance Issues and Complete Remediation
 Ensure all commitments to regulators are implemented on time meeting regulator’s
expectations

Page 11No data copy / No data transfer permitted

LCR48476V01(Slide 11)
 As priority number one, we have already started with significant investments andcommitments to transform Olympus' quality control processes into a single global
system for both quality and quality management.
 A right‐sized quality assurance and regulatory affairs organization will support thiseffort and ensure processes are adopted consistently and globally across
manufacturing, repair and distribution centers.
 In addition, we have established a committee, which ensures we diligently
respond to regulators and fulfill our commitments.
 We will continue to invest in patient safety and our business’ growth, which are
fundamental to our organization’s long‐term sustainability.

Page 11

For a Sustainable Society(Slide 12) Since its inception, Olympus has prided itself on impacting society in line with ourshared values.
 Part of our continued endeavors is realizing sustainable growth and developing asustainable society.

Page 12

ESG six focus areas and materiality topics with top priorities

Compliance, ProductQuality and Safety

Healthcare Accessand Outcome

Responsible
Supply Chain

Healthy
Organization

Carbon Neutral Society
and Circular Economy

Corporate
GovernanceContribution to healthequity and accessQuality and safety
in product, service andsolution

Supply chain risk
mitigation and resilience

Diversity, equity andinclusion

Circularity through productstewardship, carbon
emissions (Scope1, 2and3)

Corporate governance andreporting transparency+20%

TimelyESG
disclosures

Annualassessment /monitoring

30%

Net-zeroEnterprise
Risk
Management

CRC* related training intarget emerging countries
and regions+20%

According to
SASB Standards

For multi-tier supply chain
risks

Management positions
held by women by FY28
globally

Net-zero GHG emissions
across scope 1, 2 and 3
by 2040

100%

CarbonNeutralEligible male employees inJapan** take parental leave
by FY26

CRC* related online / hybrid
training provided with
HCPs globally

applied consistently
across the globe

In our site operations
across scope 1 and 2 by2030

* CRC: Colorectal cancer ** Olympus Corporation

Page 13

No data copy / No data transfer permitted

LCR48476V01(Slide 13)
 Olympus is committed to being a leader amongst its global MedTech peers inenvironmental, social and governance matters. We are developing a set of meaningful
KPIs to guide and track our actions related to governance and reporting transparency,
improve the health and equity of our organization and communities that we serve, andcreating a responsible supply chain and carbon‐neutral footprint.
 Training is a very effective way to make a relevant contribution to improving patient care.
In both our developed and emerging markets, we aim to increase our training provided to
Healthcare Professionals by 20% to contribute to diagnosing and curing colorectal cancer.
 Diversity has proven its relevance as a critical success factor. We also want to diversify our
workforce and committees further. Therefore, we aim to have 30% women leaders
globally by FY28. Starting in Japan, we aim that 100% of our eligible male colleagues takeparental leave – a goal we plan to accomplish by FY26. I am sure that we will soon be oneof Japan’s leading companies in this field.
 Carbon neutrality has been high on our agenda for several years; we are expanding thegoal for carbon‐neutral operation sites to net‐zero GHG emissions by 2040.

Page 13Strategic Value Pools for Long-term
Sustainable Growth(Slide 14)
 Now I would like to outline our strategic values that will ensure the long‐termsustainable growthPage 14

Four value pools that will drive sustainable growth
We will continue to Focus on disease states where Olympus can have a market-leading impact and will
Shape and Enable future growth by investing in new ways to elevate the standard of care.

Past 3 Years (FY2021 to FY2023)

Shift to Grow
Transform to Perform

Strategic value pools that drive long-term sustainable growth

Focus and Simplify

Business
and Global
Expansion

Page 15

No data copy / No data transfer permitted

Strategic
M&A

Care Pathway
Enhancement

Intelligent
Endoscopy
Ecosystem

LCR48476V01(Slide 15)
 We are continuously building additional value pools to support long‐termsustainable growth; through this, we have identified four key drivers that will
expand our market position in our key segments and ultimately improve patient
experiences and outcomes.
 These four areas are global expansion, M&A, care pathway innovation, andbuilding intelligent endoscopic ecosystems.

Page 15

FY24-26 Financials
Competitive growth along with steady value creation
Endoscopic Solutions Division

Revenue Growth*~ 5%

ESD 5%
Therapeutic Solutions Division

CAGR from FY2023

EPS Growth**

TSD >5%~ 8%

CAGR from FY2023~ 20 %

OP margin*** constant currency basis** Adjusted for extraordinary Items- Exclude “Other income / expenses”- No adjustment will be made for the impact of exchange rate fluctuations; actual exchange rate will be used

Page 16

No data copy / No data transfer permitted

LCR48476V01(Slide 16)
 This growth strategy is expected to contribute to the sustainable growth of thecompany.
 In 2019, we revealed our long‐term aspiration and have set some targets to help
us achieve our goals and objectives and ensure we make good progress.
 Today I am glad to report that over the past three years we have taken on thetransformation and have almost achieved our milestone of exceeding 20%
operating margin in FY2023.
 From now on, in the new stage of Shift to Grow, we will manage both growth andprofitability.
 Our targets under this approach are to sustain revenue CAGR of around 5% andaround 20% operating margin as befits a global MedTech company, and to deliver
EPS CAGR of around 8%.

Page 16

Business andGlobal Expansion(Slide 17)
 We are on the path to further business growth and global expansion.
Before I talk about our growth strategy in more detail, let’s start with the market
environment.

Page 17

Rise in cancer and other chronic diseases in our focus areas
drives demand for endoscopy-enabled procedures
Colorectal Cancer Incidence

Gastric Cancer Incidence

Lung Cancer Incidence

1,600(Thousands)

800(Thousands)

2,000(Thousands)

1,400

700

1,800

1,200

600

1,000

500

1,200

800

400

1,000

600

300

800

400

200

200

100

0

0

2020

1,600
1,400

(Thousands)

500
450
400

400
200
0

2020

2040

BPH Prevalence

2020(Thousands)

140,000

300

120,000

250

100,000

300

80,000

2040

200

250

EU5**

150

200

60,000150

40,000

100
0

US
50

2040

China

 Olympus offers a complete set ofcomplementary solutions and services
for infection prevention, repair andservice supported by highlyknowledgeable, dedicated sales
representatives

0

0

2020

Japan

100

20,00050

 Olympus is focused on decreasing cancer
recurrence through improved detection,
staging and therapeutic innovations

Kidney Stone Prevalence(Thousands)

350

Page 18

 Olympus’ expertise in visualization,
maneuverability and ergonomics
uniquely positions us to expand ourleadership

600

2040

Bladder Cancer Incidence Olympus is an established innovator indeveloping solutions to enhance thestandard of care in these disease states

2020

2040

2020

2040

*EU5: UK, France, Italy, Germany, Spain
Source: Epidemiology database, Cerner Enviza. Accessed Feb. 2023

No data copy / No data transfer permitted(Slide 18)
 Globally, the shift in demographics and rise in disease incidence are increasing theneed for solutions across our targeted disease states. Both patients and
Healthcare Professionals will increasingly demand less invasive procedures withimproved detection, staging, and therapeutic interventions.
 This will drive demand for our endoscopic and therapeutic solutions where wehave: ‐ Strong service and support;
 ‐ differentiated expertise in endoscopic and minimally invasive approaches; ‐ and advanced access, visualization, detection, and treatment modalities
 which uniquely position us to expand our leadership in endoscopy.

Page 18

We have a leading impact in large, fast-growing markets
GI

UrologyMarket Size

Respiratory

Market Size

GI Endoscopy

GI-Endotherapy

Upper Tract

Lower Tract

Market Size

¥300-400
billion¥350-450
billion¥240-300
billion¥160-200
billion¥100-150
billionMarket CAGR

Market CAGR

Market CAGR

Market CAGR

Market CAGR

4-6%

5-7%

5-7%

5-7%

No.

1

55% of ESD
revenue*No.

2

30% of TSD
revenue*No.

2

30% of TSD
revenue*

6-7%

No.

1

15% of TSD
revenue*

Our innovation pipeline will enable sustained market leadership in GI, Urology and Respiratory
Note: Served market scale and growth forecast information for this slide come from the Company‘s research and pertains to data for the USA, EU5 (Germany, UK, Italy, France, Spain), Japan and China, Market scale is as of March 31, 2023, Respiratory includes the impact of the Veran
Medical acquisition. Growth forecasts are projected for fiscal year 2023 to fiscal year 2026. This also applies to market data shown on slides below. Sub-segment sales ratios within ESD/TSD are figures of fiscal year 2023.
*Approx.

Page 19

No data copy / No data transfer permitted(Slide 19) Olympus will continue to focus on disease states in specialties where we can havethe greatest impact on elevating the standard of care.
 We are active in several large, fast‐growing markets and are clear leaders ingastroenterology, urology, and respiratory, which account for a combined market
worth over a trillion Yen. These markets continue to evolve and provide
tremendous opportunities for our future innovation and growth.

Page 19

Our unique capabilities have led to differentiated solutions
along the care pathway
Precision
Treatment

Advanced
Visualization

Precision access and tissue
manipulation: TFL*, Plasma, ESD**“Making the invisible visible”

Elevating
the Standardof CareValue Added
SolutionsReprocessing, Repair,
Uptime Service* TFL = thulium fiber laser** ESD = endoscopic submucosal dissection

Page 20

No data copy / No data transfer permitted

LCR48476V01(Slide 20)
 Elevating the standard of care has always been a key focus for Olympus. It has
been part of our DNA since we introduced our first endoscope over seventy yearsago.
 We have and will continue to develop differentiated solutions along the carepathway.
 Olympus continues to lead in precision treatment with a comprehensive portfolioof access, therapeutic and tissue manipulation technologies, and advanced
visualization with an extensive portfolio of solutions that makes the invisible,
visible.
 We also offer a complete set of solutions and services for reprocessing, infection
prevention, and repair supported by highly knowledgeable, dedicated sales
representatives.

Page 20

At a Glance:
Transformed to a pure-play MedTech company

Therapeutic
Solutions Business36 %Endoscopic
Solutions Business

Other
Therapeutic
Areas

Gastrointestinal
Endoscopy

Urology

63 %FY2023
Apr-MarRespiratory¥

881.9 billion

GIEndotherapy

MedicalService

SurgicalEndoscopy

OthersPage 21

No data copy / No data transfer permitted

LCR48476V01(Slide 21)
 And now, as a pure‐play MedTech company, we are able to fully align ourcapabilities and focus on further elevating the standard of care in the impactfulmarkets that we serve and where we hold a significant leadership position.

Page 21

GI Endoscopy innovations in visualization, detection andendoscopes will continue to position us as a leader in the market
Market Size

Olympus
Care Focus

Main Sources of Revenue

CAGR FY24-26:
Mid single-digit %Future Growth Driver

4-6% CAGRGI Endoscopy
EVIS X1TM
endoscopy system(incl. scopes)• Colorectal Cancer• Gastric Cancer

Olympus
Right to Win

Catalyst for Growth¥300-400
billion*Global expansion andadditional line-up for
EVIS X1TM endoscopy
systemComputer-Aided
Detection (CADe/x)
Workflow Management
Remote Maintenance >70% share* in colonoscopes, gastroscopes, duodenoscopes, and ultrasoundgastrointestinal videoscope.
 Strong growth for EVIS X1TM endoscopy system with US (FY2024) and China (FY2025)with ~70,000 legacy units potential for upgrades.
 Differentiated digital solutions and flexible service models will enhance the standard ofcare and provide future monetization opportunities.

Investments in AI and other digital health solutions will provide continued differentiation, improve patient
outcomes and workflow management* Addressable market, growth and Olympus position based upon publicly available data and Olympus research, and pertains to data for the USA, Germany, UK, Italy, France, Spain, Japan and China.

Page 22

No data copy / No data transfer permitted

LCR48476V01(Slide 22)
 Turning to our established market leader business, GI will continue to grow at or
above market as we roll‐out the EVIS X1TM endoscopy system around the globe.
 Our investments in Intelligent Endoscopic Ecosystems will transform the customer
experience, fortify our market position, and provide future monetization
opportunities.

Page 22

GI-Endotherapy has built a differentiatedportfolio across several disease states
Market Size

Olympus
Care Focus

Main Sources of Revenue¥350-450
billion*CAGR FY24-26:
High single-digit %Future Growth DriverSingle-use
cholangioscope

ESD Knives

5-7% CAGR

To beunveiled• Colorectal cancer• HPB disease• Gastric disease

Olympus
Right to Win

Catalyst for Growth

ERCP, ESD,
Hemostasis andSampling devices

EndoClot
Metal stents

 ~20% global share* with double-digit growth in our ESD/EMR, EndoCuff, EndoClot
portfolios.
 Acquisition** of broad metal stent portfolio will significantly accelerate our global
position and options in biliary tract, esophagus, colon, and duodenum treatments.
 Single-use cholangioscope will enhance clinician optionality.

Continued market adoption of new product launches plus the recently announced acquisition2 of metal
stent portfolio will drive high-single digit growth* Addressable market, growth and Olympus position based upon publicly available data and Olympus research, and pertains to data for the USA, Germany, UK, Italy, France, Spain, Japan and China.** Acquisition of Taewoong medical Co., Ltd,: Closure pending

Page 23

No data copy / No data transfer permitted

LCR48476V01(Slide 23)
 Complementary to our core GI portfolio, we have built a broad and differentiatedGI endotherapy portfolio of ERCP, ESD, Sampling and Hemostasis solutions.
 We are also incredibly excited about our recent agreement to acquire TaeWoong
Medical and their portfolio of gastrointestinal and urological metallic stents as a
future growth driver.

Page 23

Urology delivering strong growth in stone management with
innovative solutions that improve clinical outcomes
Main Sources of Revenue

Catalyst for Growth

Future Growth DriverMarket Size

Olympus
Care Focus¥240-300
billion*TFL lithotripsy
fibers

5-7% CAGR**

Upper tract(Kidney, Ureter, + Bladder)

Ureteroscopes &legacy lithotripsy
system fibers

Stone Management

Olympus
Right to Win
CAGR FY24-26***:
High single-digit %Single-use
ureteroscope
To beunveiled

SoltiveTM SuperPulsed
Laser System

 #1 in reusable ureteroscopes - launch of Single-use ureteroscope will
expand clinician options.
 Portfolio of Laser and Ultrasonic lithotripsy systems enables share capture
 #1 in Thulium Fiber Laser lithotripsy systems (SoltiveTM SuperPulsed Laser
System) and fibers.

Portfolio expansion in our Soltive platform and the launch of a Single-use ureteroscope will provide
sustainable long-term growth* Addressable market, growth and Olympus position based upon publicly available data and Olympus research, and pertains to data for the USA, Germany, UK, Italy, France, Spain, Japan and China. / ** CAGR for the total market of upper and lower tract categories. / *** On an Olympus Urology/Gynecology consolidated basis.

Page 24

No data copy / No data transfer permitted

LCR48476V01(Slide 24)
 In Urology, our business can be divided into upper tract and lower tract diseases.
 For the upper urological tract, we hold the number one market position inreusable ureteroscopes, and we will soon be launching a single‐use ureteroscope
to give clinicians additional options and drive future growth.
 Olympus was also the first company to launch the new thulium fiber lasers forlithotripsy and we command the top market share in this category for both thelaser systems as well as the consumable fibers.

Page 24

Leading position in cystoscopes and resectoscopes fueling
growth in lower tract urology
Main Sources of Revenue

Catalyst for Growth

Future Growth DriverMarket Size

Olympus
Care Focus¥160-200
billion*

Bipolar resection
electrodes

5-7% CAGR**

Lower tract(Bladder + Prostate)
Benign Prostate Hyperplasia +Bladder Cancer

Olympus
Right to Win
CAGR FY24-26***:
High single-digit %Cystoscopy

PLASMA+TM resection
generator and PLASMA+
consumables

iTindTM – Minimally Invasive BPH
device>150K procedure market
growing at 18% CAGR Existing market leading position in cystoscopes, resectoscopes, andresection electrodes
 PLASMA+ system designed to shorter procedure times
 Expanded reimbursement for differentiated MIS BPH device which provides
better clinical outcomes and elevates the standard of care****note1 Refer to the following study on iTind: Chughtai et al., 2020; Amparore et al., 2021; De Nunzio et al., 2021
note2 Implantation of the iTind device may cause pelvic discomfort, blood in urine, painful or urgent urination. In rare cases, the iTind device may cause urinary tract infection or a sudden difficulty to urinate.

Market leading PLASMA+ resection system plus new minimally invasive BPH device will
deliver consistent growth* Addressable market, growth and Olympus position based upon publicly available data and Olympus research, and pertains to data for the USA, Germany, UK, Italy, France, Spain, Japan and China. / ** CAGR for the total market of upper and lower tract categories. / *** On an Olympus Urology/Gynecology consolidated basis. /**** iTind procedure does not require a permanent implant and preserves sexual function and continence, while reducing the need for a post procedure catheter. Procedure can be done in the MD office setting.

Page 25

No data copy / No data transfer permitted

LCR48476V01(Slide 25)
 In the lower urological tract, we have a similarly compelling and market‐leading
portfolio of solutions for the treatment of bladder cancer and BPH.
 We expect to see significant growth from our new iTindTM device. This is the firstand only temporary implant to relieve BPH symptoms as of April 2023.
 The minimally invasive procedure can be performed in a clinical office setting andprovides a solution for patients that do not want a permanent implant. The
iTindTM procedure allows for improved outcomes, such as preserving sexualfunction and continence. The iTind procedure also reduces the need for a post‐procedure catheter

Page 25

Respiratory segment will transform with technologies thatenable access to the periphery with real time sampling
Main Sources of Revenue

Catalyst for Growth

Future Growth DriverMarket Size

Olympus
Care Focus¥100-150
billion*EBUS
bronchoscope

EBUS-TBNA**
needles

Slim EBUS
scope

6-7% CAGR

To beunveiled• Lung cancer• Benign pulmonary disease(COPD)

Olympus
Right to Win
CAGR FY24-26:
Mid single-digit %EVIS X1TM endoscopy
system targets Installedbase of 15K platforms

Single-use airway
management
scopesSPiNnavigation
guidance

 >70% share* in pulmonary and EBUS bronchoscopes Leading market position for pulmonary endotherapy and EBUS-TBNA
needles Slim EBUS will enable access to suspicious lesions beyond the central /middle lung regions

EVIS X1 platform upgrades and extension of EBUS portfolio which will expand clinical applications thereby
driving sustainable growth for the next few years* Addressable market, growth and Olympus position based upon publicly available data and Olympus research, and pertains to data for the USA, Germany, UK, Italy, France, Spain, Japan and China. / ** Endobronchial ultrasound-guided transbronchial fine needle aspiration (EBUS-TBNA).

Page 26

No data copy / No data transfer permitted

LCR48476V01(Slide 26)
 In Respiratory, we are excited about the prospect of elevating the standard of careand enabling early detection of lesions beyond the central lung regions.
 While it was a challenging year for our Respiratory business unit with Covid‐
related lockdowns and macroeconomic‐related supply issues, we are bullish on
the long‐term prospects.
 We lead market position in pulmonary and EBUS bronchoscopes, and ourinvestments in single‐use airway management scopes and the Slim‐EBUS scope,
which are under development, are expected to reinvigorate the growth in thissegment.

Page 26

Single-use endoscopes complement our portfolio providing
the right scope for the right situation at the right timeFirst single-use scope
launched FY22

Growing market for
single-use endoscopes

Bronchoscope

More launches planned for FY24 – FY26

Rhinolaryngoscope

Duodenoscope
Cholangioscope

Ureteroscope

15-18%CAGR between
2020 and 2030*

Single-use scopes will incrementally add~ ¥ 10 billion revenue by FY26

* Served market projection by Olympus

Page 27

No data copy / No data transfer permitted

LCR48476V01(Slide 27)
 We also continue to recognize the market opportunity for single‐use endoscopes.
 We have five additional single‐use scope launches planned between FY24 andFY26. And expect that single‐use scopes will incrementally add approximately 10
billion yen in revenue by FY26. This portfolio will uniquely position Olympus with
an optimal range of endoscopes for every patient, procedure and site of care.

Page 27

Regional expansion of EVIS X1 as our growth driver:Obtained 510(k) clearance for the U.S. market
EVIS X1TM endoscopy system launched in
EU/AP/JP markets with opportunity to grow globally
Expected growth
opportunity for EVIS X1
endoscopy system

EVIS X1 endoscopy
system sales start inJapan, Europe andAsia-Pacific

CAGR in first 5 years
after launch

EVIS X1 endoscopy systemshare of global
GI Endoscopy net sales

7.4%** Historical performance of previous generation(180/ 260 series to 190/ 290 series)

Potential for replacing
the previous model

70,000units*

~ 10%

~ 12%

~ 5%

FY21

FY22

FY23

* Unit sales of previous generation video

processor (CV-190 and CV-290)
Note: Products or devices presented include future technology which may be pending regional regulatory approval and are
not available for sale in all regions.

Page 28

No data copy / No data transfer permitted

Americas

Europe**China

Asia-Pacific ***Japan

Obtained 510(k)clearance. Launchplanned in FY2024

Sales started
in FY2021

Pending regulatory
approval (targeting
FY2025)

Sales started
in FY2021

Sales started
in FY2021** Europe excluding part of CIS*** Asia-Pacific excluding some countries/ areas

LCR48476V01(Slide 28)
 We mentioned earlier about our EVIS X1TM platform, our most advanced
endoscopy system, and we have already seen exciting growth.
 The EVIS X1 endoscopy system represents a range of new, easy‐to‐use
technologies that revolutionize the way gastrointestinal disorders can bedetected, characterized and treated Olympus is a global company with solutions available around the world; as werecently announced, we obtained 510(k) clearance and plan to launch the EVIS X1
endoscopy ecosystem in the U.S. market in the middle of FY24; this market
accounts for approximately 35% of Olympus’ total GI sales. Additionally, pending
regulatory approval, we expect to launch the EVIS X1 endoscopy system in China
in FY25, representing another ~20% of our GI sales in this field.

Page 28

Growth opportunities in China remain unchanged
China % of global sales

13%
Other
regions(¥ Billion)

120
100

in FY23

Invest in clinician education and training
Revenue

140*Approx.

China

Despite short-term fluctuations, we continue to expand ourbusiness in China with long-term high single-digit growth
aspirations by focusing on the expansion of diagnosis in reducing
cancer mortality rates, as an important market.

4.3

Expand comprehensive training to endoscopists to support procedural
quality and efficiency and elevating screening awareness for stomach &colorectal cancer
1H

2H

Assess unmet needs from Chinese HCPs

times

Capture HCPs inputs and market insight in China for future productdevelopments

80
60
40

Local Manufacturing Strategy

20

Prepare local manufacturing site in Suzhou, China, to offer “Made in
China” products for local market.

0

Page 29

No data copy / No data transfer permitted

LCR48476V01(Slide 29)
 China remains an important and strategic market. We have a great foundation in
China with a high level of healthcare professionals engagement. Despite recent
Covid‐related challenges and the backdrop of updated policies, we are bullish on
our long‐term prospects in China and will continue to invest in the market.
 Some examples of our strategic investments in the market include training andeducation to improve healthcare access and increase the number of endoscopists.
And we have also initiated activities to establish a local manufacturing site toprovide “Made in China” products for the local market.

Page 29

Strategic M&A(Slide 30)
 Next, I will address M&As and their role as catalysts for expanding our market
position.

Page 30

We will prioritize tuck-in M&A capital deployment to transform clinicaland procedural workflows, enhance care, and to expand geographically.

We are an establishedacquirer and investor,
deploying ¥ 140 billion
in capital in the past
four years**Taewoong: Closure pending

We will focus on tuck-ins in core or high-growth adjacencies
Page 31

No data copy / No data transfer permitted

LCR48476V01(Slide 31)
 We continue to strengthen our product portfolio capabilities through tuck‐in M&A
opportunities in our priority businesses of GI, GI‐Endotherapy, Urology andRespiratory in existing disease states and attractive high‐growth adjacencies,
which in turn contribute to improving patient outcome through comprehensive
solutions.
 We are very excited about the recent agreement to acquire TaeWoong Medical, aKorea‐based manufacturer of medical devices such as GI metallic stents. The
addition provides for a more comprehensive stent portfolio and access and scale
in selected regions.
 Moving forward, in addition to our continued focus in organic innovation, we willcontinue to expand our product and technology strengths through M&A in core orhigh‐growth adjacencies.

Page 31

Care Pathway
Enhancement(Slide 32)
 The care pathway remains an impetus for us to continuously improve and, where
possible, expand our solutions to generate better outcomes.

Page 32

Expectations for patient care are shifting

We will focus on enhancing
patient care pathways
where Olympus can elevatethe standard of care.
Early Detection

Page 33

Characterization,
Diagnosis & Staging

No data copy / No data transfer permitted

Treatment

Post Procedure

LCR48476V01(Slide 33)
 Patient and care teams’ expectations and needs change and evolve, so too must
Olympus. We are focused and steadfast on elevating the standard of care to
improve outcomes, the patient and care team experience along the care pathway
journey from early detection, diagnosis and staging, treatment, and ultimately inpost procedure care.
 Our solutions provide healthcare access to more patients and improve the qualityof care and outcomes.

Page 33

Enhancing the care pathway in key therapeutic areas
Focus and Solutions

Colorectal
CancerEndoCuff

EVIS X1
endoscopy
systemCharacterization,
Diagnosis & Staging

Treatment

ForcepsSnaresCADx

CADe* EndoCuff

Designed to increase ADR** which
may lead to early detection***

ENDO-AIDCAD*

EVIS X1TM
endoscopy system

Early Detection(Computeraided
diagnosis)

DualKnife™ J
knife

CystoscopeCentral / Middle

Lung Cancer

Bronchoscope
Navigation
guidance

No data copy / No data transfer permitted

Surgery

iTind

PLASMA+ Soltive &EMPOWER

EBUS
EBUS-TBNA

Periphery

Slim EBUS
Navigation
guidance

Bronchoscopy enabled therapies:
RF & microwave ablation

Improves ability to detect lungcancer at an early stage
Existing Olympus Solution

Note: NBI and RDI are registered trademarks of the Olympus Corp but defer to legal on all
trademarking requirements and language.

Page 34

OfficeExpands addressable patient population
with less invasive treatment option

ITind

EBUS scopes and
TBNA needles

Unmet Need addressed by new Olympus solution** ADR = adenoma detection rate *** Data on File with Boddingtons Plastics Ltd.

LCR48476V01(Slide 34)
 Here are a few examples of care pathway enhancements in our three focused
therapeutic areas over the past few years. In each case, we leverage our corestrength to address an unmet need with new solutions, in turn unlocking newvalue pools for Olympus.
 It elevates the standard of care and ultimately shapes a better healthcare system.

Page 34

EZ Clip™
hemostasis
clip

Designed to enhance safety andeffectiveness of bleeding control during
and post-procedure

EndoClot* Computer-aided detection/ diagnosis

Benign
Prostatic
Hyperplasia(BPH）

EndoClot®
PHSIntelligent
Endoscopy Ecosystem(Slide 35)
 As the medtech leader for endoscopy‐enabled care, we are harnessing theopportunities enabled by digital technologies to bring about an intelligent
endoscopy ecosystem, for the benefit of our customers and patients, and to reachthe quadruple aim of healthcare.

Page 35

To meet healthcare challenges, elevate our unique capabilities
To meet these challenges, we will elevate our unique capabilities withnew breakthrough innovations

Chronic disease patients and theircare providers expect continued
improvements and outcomes at alower total cost of caree.g., advanced endoluminalinterventions with smart guidanceand controle.g., AI powered clinicaldecision support

Intelligent
Cognitive Support

Elevating
the Standardof CareBetter Outcomes
Better Patient Experience

Value-Added Solutions

Better Care Team Experience

Intelligent Insights& Solutions

Lower Total Cost of CareNo data copy / No data transfer permitted

Advanced Visualization

Intelligent
Guided Treatment

Quadruple aim ofhealthcare

Page 36

Precision Treatmente.g., data-enabled advanced
value solutions andcommercial models

LCR48476V01(Slide 36)
 The rise in chronic diseases and our aging populations require the healthcarecommunity to overcome the challenge of better outcomes for more people, with
better care team and patient experience, at lower total cost.
 For example, there are markets with a shortage of Gastroenterologists who can
perform lifesaving but demanding procedures, and those who are able to performthese procedure face increasing cognitive load due to rising procedures andincreasing administrative workload.
 We believe that there is an opportunity for significant progress through“intelligent” endoscopy, enabled by connectivity, AI and data insights.
 This can enable wider access and better outcomes, while enabling care givers tofocus on the patient.
 Therefore, we will elevate our unique capabilities from advanced visualization to
intelligent cognitive support, from precision treatment to intelligently guided
precision treatment and from value added solutions to intelligent insights andsolution.

Page 36

We will shape a new era of intelligent, AI-powered endoscopyWith these elevated capabilities and our strong market position, we will shape a new era of GI endoscopy
Era of optically enhanced endoscopy(ability to take pictures inside the body)Era of enhanced resolution andvisualization

Era of intelligent, AI-powered endoscopy
with enhanced cognitive support software

Workflow

CAD

Insights

Video
Endoscopy

Gastrocameras and Fiberscopes

Page 37

No data copy / No data transfer permitted

HDTV
SystemEnhanced

Future AI-powered Endoscopy

LCR48476V01(Slide 37)
 Olympus has been a forerunner and leader in endoscopy enabled care pathways,
especially in GI with 70% market share.
 With our new elevated capabilities and our strong market position, we willcontinue to shape a new era of GI endoscopy by developing an intelligent, AI‐
powered endoscopy ecosystem – ushering the next generation of endoscopy
solutions.
 Let me share the blueprint for our upcoming solutions for you:

Page 37

Intelligent ecosystem enabled by new, modern software platform
and business modelStandardized User Experience

AI Clinical &Operations
Insights

Other
Applications(start with Endoscopy)

CAD and Realtime Procedure
SupportOlympus
ModulesOlympus
ModulesOlympus
ModulesOlympus
ModulesPartner Modules

Partner Modules

Partner Modules

Partner Modules

Workflow
Management

Operating Software Platform
IOT and Advanced Connectivity Solutions
Olympus Hardware Devices
Page 38

No data copy / No data transfer permittedStandardized user experienceCombination of OLY owned andpartner-developed modules



Business Model for digital
ecosystemCloud-based
Updates and innovation nolonger limited by hardwareClinical & operations datacollected and analyzed acrossthe hospital

Devices connected with
operating software platform

LCR48476V01(Slide 38)
 Our intelligent, AI‐powered endoscopy ecosystem will be based on a new, modern
software platform that will enable value‐adding co‐creation between customers,
Olympus and 3rd party partners.
 It will enable a transition from a mere “Hardware sell” business model, which
depends on longer upgrade cycles, towards a model where continuous software
improvement can provide “always‐on innovation” via over the air upgrades andon‐demand apps on the Olympus platform.
 As a result, patient and caregivers can benefit through more precise detection,
diagnosis and treatment. Data‐driven workflow solutions and commercial models
can contribute to efficiency. We also believe that this can contribute to attracting
more next generation HCPs because of easier and more scalable training as well
as reduced mental burden with intelligent cognitive support.

Page 38

Activities to Enable Investments andInnovation(Slide 39)
 As mentioned earlier today, a strategy to enable investment to secure long‐term
growth is pivotal to our business.
 In addition, innovation is an essential aspect of our business and will help us
develop and grow in our key focus areas.

Page 39

Activities to enable investments and innovation

 QARA – functionaltransformation globally

Execute Quality and Regulatory
functional transformation withthe aim of one global quality
systemIntegrate Global Quality andCompliance Functions to ensure
the consistent execution
Resolve compliance issues andcomplete remediation

 Mfg & SCM – opportunity
for COGS improvements

 R&D – investments toaccelerate innovation


Apply an unmet need-oriented
innovation approachRight investments for future toensure an innovation engine

Pro-actively seek strategic
partnerships



Accelerate time-to-market

Improve efficiency and cost to
apply a fit-for-purpose
organization and processesActions include site andresource streamlining, fasttrack efficiencies,
procurement and supply chain
best-practices, and benefits fromdigitization

 Global TOM – efficiencies
by an improved operations
Further fine-tune our global
governance and operation toestablish a high-performing
organization of a global medical
company that unlocks capital todrive innovation

Enable cross-functional andeffective decision-making, withefficient resource allocation
and rigorous execution to fund &deliver key projects

Ensure patient safety according to the highest industry standards
Page 40

No data copy / No data transfer permitted

LCR48476V01

TOM = target operating model(Slide 40)
 To enable innovation, we must continue to work on optimizing our value creation.
 This can be accomplished by:‐ Our QARA transformation, which will provide us with a consistent, modern androbust quality system and organization, and help us complete our remediation
efforts‐ Quicker and higher investments in R&D with the aim of accelerating innovation.
We want to create a more robust innovation pipeline, seek more proactively
strategic partnerships and accelerate our time‐to‐market‐ Seizing opportunities through COGS improvements, a right‐sized organization andsite structure, streamlined and digitized processes and seeking further efficiencies‐ And finally we will continue to improve our global governance and operation andestablish and enable a high‐performing organization, with clearer decision making
processes and a more efficient resource allocation to unlock capital to drive
innovation

Page 40

Funding our journey and invest to create value for all stakeholders

Funding the journey

Invest to create value

Sales“Growth story”
ESD and TSD

VALUE

Innovation

COGS
Manufacturing
Transformation

Customers & Patients

SGA

EPS

ESG

Productivity

Page 41

No data copy / No data transfer permitted

Patient safety

Organization
enablement
Shareholder value

LCR48476V01(Slide 41)
 The value creation wheel outlines how, as a business, we are looking to bolster
our approach to continue to provide outstanding value to all stakeholders acrossthe key areas of patient safety and sustainability, innovation for growth andproductivity.
 Essentially, we want to maximize our profits by increasing sales, and improving
COGS and SGA.
 We will look to reinvest the revenue generated to create new value and ultimately
achieve that level of sustainable growth that we’re currently pursuing and that
I’ve mentioned earlier in my presentation.

Page 41

Financial Guidance(Slide 42)
 Now I’d like to guide you through the financials and provide a solid overview ofthe growth and value we aim to generate.

Page 42

FY24-26 Financials
Competitive growth along with steady value creation
Endoscopic Solutions Division

Revenue Growth*~ 5%

ESD 5%
Therapeutic Solutions Division

CAGR from FY2023

EPS Growth**

TSD >5%~ 8%

CAGR from FY2023~ 20 %

OP margin*** constant currency basis** Adjusted for extraordinary Items- Exclude “Other income / expenses”- No adjustment will be made for the impact of exchange rate fluctuations; actual exchange rate will be used

Page 43

No data copy / No data transfer permitted

LCR48476V01(Slide 43)
 As I mentioned earlier, our new strategy will support long‐term sustainablegrowth for Olympus.
 We expect revenue CAGR to be around 5%, including M&A.
 We aim to achieve 5% CAGR for our ESD business, mainly due to increased salesof EVIS X1 and VISERA ELITE III ‐ and with TSD, we are aiming for more than 5%
CAGR by expanding our product portfolio, including single‐use endoscopes andM&A.
 EPS CAGR is targeted at around 8%, above revenue growth, with productivity andefficiency improvements to control rising costs and our operating profit margin,
we believe, to be maintained at around 20%.

Page 43

Capital Allocation
Prioritize allocation to business investment
Stable and gradual dividend increase
Flexible buyback of company sharesBusiness

Page 44

Prioritize
Prioritize:

Investment

 Investment for profitable, organic growth Strategic investment for growth opportunities

Shareholder

Dividends

Stable and gradual dividend increase in line with medium
to long-term business performance

Returns

Buyback

Flexible buyback of company shares based on investment
opportunities and cash / financial conditions

No data copy / No data transfer permitted

LCR48476V01(Slide 44)
 Our capital allocation policy, last updated in 2021, remains the same.
 Taking advantage of our robust platform centered on GI endoscopes in the
medical business, I believe we can continue to generate a stable free cash flow.
 First, business investment is the top priority in capital allocation.
 Our shareholders expect Olympus to make business investments to create uniqueadded value and increase shareholder value.
 In line with our company strategy, we will continue to promote business
investment and M&A centered on the medical business, especially in our threefocus areas that our referenced earlier.
 In line with good financial management, we will pay dividends stably and aim toincrease them gradually. After securing sufficient liquidity on hand for working
capital and investment, we will consider additional buyback of treasury stock if
there are surplus funds.

Page 44

Direction of Business Investment and Shareholder Returns
FY2021 – FY2023 Actual

(JPY)

223.0

R&D

• Investment for
profitable, organic
growth• Strategic investment
for growth
opportunities

227.0

¥

135.0

• Buyback

¥

¥

−

¥

17.8

Focus on tuck-in M&A

billionFY2022

15.4

billion¥ 12.0 per share

in FY26

Maintain similar level

Acquired 7 companies for

M&A• Dividends
Increase gradually

8.5%¥
billionFY2021 - FY2023 total

FY2021

Shareholder
Returns

Ratio to revenue from 8% in FY23 to¥billionFY2021 - FY2023 total

CAPEX

Business
Investment

FY2024 – FY2026 Forecasts

billion¥ 14.0 per share

FY2023

20.1¥
billion¥ 16.0 per share

30.0 billion ¥ 50.0 billion

FY2024¥22.6

billion¥ 18.0 per share

FY2024 – FY2026

67.8

over ¥
billionFY2024 - FY2026 total
Share Buybacks and improve capital efficiency

over ¥

100.0 billion

Invest in growth and productivity to improve cash generation and enhance shareholder returns
Page 45

No data copy / No data transfer permitted

LCR48476V01(Slide 45)
 Let me share with you the direction of our business investment and shareholder returns over the next
three years.
 R&D is the most important element of elevating the standard of care and introducing new solutions
along the Care Pathway. We will invest in R&D to create new breakthrough innovations, while
continuing to control cost increases through prioritization of development themes.
 Regarding capital expenditures, we plan to strengthen our manufacturing base, including theestablishment of a base in China, the amount of investment over the next three years is expected to be
at a similar level as the past three years.
 We would like to capture opportunities for M&A, but we don’t set the budget as it depends on theopportunity. Our Business Development team is always searching for opportunities that fit our strategy
and we will continue to work in this area to identify those opportunities as part of our growth plan.
 In addition to these investments for business growth, strengthening QARA is a key management
priority over the next three years, and we plan to make extraordinary investments in our QARA
function.
 With our sustainable growth strategy, we will continue to create greater value for our shareholders
which will reflect in the dividends.
 Dividends have been increased for the past five straight years and are expected to increase by 2 yen
per share for the current fiscal year.
 We will also consider share buybacks to improve capital efficiency at a right time.
 And now over to our CFO for the forecasts for the fiscal year 2024

Page 45

Forecasts for Fiscal 2024

(Slide 46)
Next, I would like to explain our full‐year forecasts for fiscal 2024.

Page 46

Fiscal 2024 Consolidated Forecasts
1
2
3
4

Revenue:
Adjusted Operating profit:
Profit**:Shareholder returns:

Expected to achieve ¥914 billion, up 4% YoY (up 5% after FX adjustment)
Expected to achieve ¥182 billion, up 3% YoY (up 6% after FX adjustment)
Expected to reach a record high of ¥336 billion due to a gain on transfer of Scientific Solutions Business. EPS: Expected to grow 141% to ¥273
Annual dividend plan to increase by ¥2/share YoY to ¥18/share. Share buyback of approx. ¥100 billion expected
FY2023

FY2024 Forecasts

Changevs FY2023

After FX adjustment

914.0

+32.1

+4%

+5%

(% of revenue)

596.8(67.7%)

627.0(68.6%)

+30.2

+5%

+7%

Selling, general and administrative expenses(% of revenue)

420.5(47.7%)

446.0(48.8%)

+25.5

+6%

+7%

10.3

-18.0

-

-

-

(% of revenue)

186.6(21.2%)

163.0(17.8%)

-23.6

-13%

-9%

(% of revenue)

176.8(20.0%)

182.0(19.9%)

+5.2

+3%

+6%

(% of revenue)

182.3(20.7%)

159.0(17.4%)(% of revenue)

138.0(15.7%)

115.0(12.6%)(Billions of yen)

Continuing operations**

Revenue

881.9

Gross profit

Other income and expenses
Operating profit

Adjusted operating profit
Profit before tax
Profit from continuing operations

Continuing
operations
Page 47

Discontinued
operation***

Profit from discontinued operation
Profit (loss)
Profit (loss) attributable to owners of parent
EPS

1

2

5.6
143.6

221.0

3

336.0

143.4
(16.3%)

336.0(36.8%)

¥113

¥273

*Profit attributable to owners of parent. Figures through FY2016 arebased on Japanese GAAP (JGAAP) and figures from FY2017 onward
are based on IFRS.
**The figures from “Revenue” to Profit from continuing operations”
represents continuing operations.
***Since all shares of discontinued operation (Evident) were transferredin April 2023, a gain on this share transfer is expected to be recorded in
the first quarter of the fiscal year ending March 31, 2024.

Dividend forecast for FY2024

4 Year-end dividend of ¥18 per share

No data copy / No data transfer permitted(Slide 47)
Our full‐year forecasts for fiscal 2024.

The forecast assumptions for annual average FX are ¥132 to the U.S. dollar and ¥144 to
the euro.

Revenue is expected to achieve ¥914 billion, up 4% YoY.

Meanwhile, we project a significant increase in expenses to implement comprehensive
measures that contribute to patient safety as the number one priority, including expenses
for responding to the FDA findings. We will also prioritize the allocation of resources to
R&D and productivity improvements. On the other hand, we will continue with COGS
reduction initiatives and SG&A rationalization efforts to secure resources.

While maintaining a balance between addressing major issues and continuous
investments for sustainable growth, we aim to achieve adjusted operating profit of ¥182
billion, up 3% YoY, with an adjusted operating margin of around 20% on a par with theprevious year.
Profit is also expected to reach a record high of ¥336 billion, in part reflecting a gain ontransfer of the Scientific Solutions Business. EPS is expected to be ¥273, up 141% YoY.
Profit from Continuing Operations is expected to be ¥115 billion, with EPS of ¥93, down
14% YoY.
Regarding dividends for fiscal 2024, we plan to issue a dividend of ¥18 per share, up ¥2from the previous year, in light of financial forecasts under our policy of stable andgradual dividend increase. In addition, we plan to repurchase our shares of approx. ¥100
billion.

Page 47

Fiscal 2024 Forecasts by Business Segment
12

Medical:

Revenue expected to reach a record high. EVIS X1 has already received 510(k) clearance from the U.S.
Food and Drug Administration (FDA). Launch in the U.S. is scheduled for the middle of FY2024
Discontinued Operation: Expected to achieve a significant profit increase due to a gain on transfer(Billions of yen)

ESD

TSD

OthersElimination and Corporate
Consolidated Total(Reference) Discontinued
Operation

FY2023

Changevs FY2023

572.0

+20.2

+4%

+5%

158.0

+5.2

+3%

+6%

329.0

+10.8

+3%

+5%

56.0

-7.7

-12%

-8%

11.9

13.0

+1.1

+9%

+8%

-0.9

1.0

+1.9

+¥1.9 billion+¥1.9 billion

Revenue

551.8

Operating profit

152.8

Revenue

318.2

Operating profit

63.7

Revenue
Operating profit(loss)

FY2024 Forecasts*

1
1

After FX adjustment

Operating profit(loss)

-28.9

-52.0

-23.1

-¥23.1 billion-¥23.2 billion

Revenue

881.9

914.0

+32.1

+4%

+5%

Operating profit

186.6

163.0

-23.6

-13%

-9%

Revenue

135.4

Operating profit(loss)

7.0

2

0

-135.4

-

-

347.0

+340.0--*Since all shares of discontinued operation (Evident) were transferred in April 2023, a gain on this share transfer is expected to be recorded in the first quarter of the fiscal year ending March 31, 2024.

Page 48

No data copy / No data transfer permitted(Slide 48)
Moving on to forecasts by segment, we expect both ESD and TSD to continue to grow. As
a result, the combined revenue of the two divisions in the medical field is expected toreach a record high.

In ESD, we expect to continue to see sales expansion of EVIS X1 in Japan, Europe andAPAC. Also note that in the U.S., we received 510(k) clearance from the FDA at the end of
April and ran displays and demonstrations of EVIS X1 during Digestive Diseases Week
(DDW), a gastroenterology conference held from May 7 to 9. We are aiming to launch the
product in the U.S. in the middle of fiscal 2024, unchanged from February.
In TSD, on the backdrop of procedural recovery, we project continued growth centered on
the three focused areas ‐ GI, Urology and Respiratory.

For Elimination and Corporate, in addition to a gain on the sale of land in Tokyo worth
approx. ¥16.4 billion recorded in fiscal 2023 no longer applying, we expect increased
expenses to reinforce our operational infrastructure.
Discontinued Operation is expected to record a gain on transfer, resulting in a significant
increase in profit.

Finally, let us conclude with a few words from our CEO, Stefan Kaufmann.

Page 48

We want to be recognized by healthcare
professionals, patients and regulators for thequality, value and innovation of our people
and products and are committed to deliver
value to all our stakeholders.

(Slide 49)
 Let me once again spell out our aspiration to establish a truly global MedTech
company that is committed to improving patient outcomes by elevating thestandard of care in targeted disease states.
 By strengthening this foundation and maintaining growth and profitability, we
strive to meet our financial targets through rigorous and thorough financial
management coupled with taking a long‐term approach. This will enable Olympus
to be recognized by healthcare professionals, patients and regulators for thequality, value and innovation of our people and products.
 I look forward to working with you all on delivering our ambitious program andvalue for all our stakeholders.

Page 49

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