Consolidated Financial Results for the 1st Quarter for
Fiscal Year 2025
Olympus Corporation | President and CEO, Stefan Kaufmann | Executive Officer and CFO, Tatsuya Izumi | August 7, 2024

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.
 This material is not intended for promotional or medical advice use. Products or devices presented include
future technology which may be pending regional regulatory approval and are not available for sale in all
regions. It is provided to give examples of technology development by Olympus and no guarantees are
made about the future sale of such products.
 Olympus Corporation assumes no responsibility for any damage resulting from the use of this material.

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We had a good start to ourfiscal year and expect both sales
and profits to continue togrow throughout FY2025.”

Director, Representative Executive Officer, President and Chief Executive Officer

Stefan Kaufmann

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Key
Message
1Q Consolidated Financial Results
Revenue¥

234.8 billion+15 % / +3 %ESD

+16 % / +5 %TSD

+13 % / +2 %Adjusted operating profit¥

37.2 billion

Adjusted Operating Margin

15.9%

+ 9.0
¥

+2.1

billionpt% YoY including FX% YoY after FX adjustment

1 Remediation and quality transformation program “Elevate” is continuing to progress well.
growth YoY in North America, with strong performance in all three
Achieved +32%
2 focus areas of GI, Urology, and Respiratory.
3 Achieved over +20% growth YoY in emerging markets, with strong performance especially in ESD.
4 The market situation in China is more challenging and persistent than expected.
5 No change from previous forecasts as the first quarter results are progressing in line with the forecasts.
(+16% after FX adj.)

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1Q of Fiscal Year 2025 Consolidated Financial Results
1
2

Revenue: Led by strong sales in North America, where all three focus areas, including “EVIS X1” GI endoscopy system, performed well. With yen
depreciation serving as a tailwind, revenue increased by 15% on a consolidated basis
Operating profit and Adjusted operating profit: Increased due mainly to increased sales, despite increased expenses in R&D and holistic
remediation and transformation program “Elevate”
1Q (Apr. to Jun.)

Continuing operations

1(Billions of yen)

FY2024

Revenue

205.0

Gross profit

Discontinued
operation

2

FY2025

1

YoY After FX adjustment% of progress

+15%

+3%

1,009.023%(% of revenue)

135.6(66.1%)

156.2(66.5%)+15%(+0.4%)+4%

691.0(68.5%)

23%

Selling, general and administrative expenses(% of revenue)

107.1(52.3%)

118.8(50.6%)+11%(-1.6%)+2%494.0(49.0%)

24%

-5.8

-9.9

-

-

-21.0

-

(% of revenue)

22.6(11.0%)

2 (11.7%)

27.5

+21%
(+0.7%)+2%

176.0(17.4%)

16%(% of revenue)

28.3(13.8%)

37.2(15.9%)+32%(+2.1%)

+14%

197.5
(19.6%)

19%(% of revenue)

19.8(9.7%)

26.4(11.2%)+33%(+1.6%)-

170.0(16.8%)

16%

Profit (loss)

240.6

14.6

-94%

-

121.0

12%

Profit (loss) attributable to owners of parent

240.6

14.6

-94%

-

121.0

12%

Other income and expenses
Operating profit
Adjusted operating profit

The figures from “Revenue” to “Profit from continuing operations” represent continuing operations.
No change from the forecasts as of May 2024. The figures have been reclassified to reflect the classification of the Orthopedic Business as a discontinued operation.

Page 5

FY2025 Latest
Forecasts2

234.8

Profit before tax

1

Forecasts (Apr. to Mar.)No data copy / No data transfer permitted

1Q of Fiscal Year 2025 Endoscopic Solutions Division (ESD)
50%1

35%1
Revenue¥147.4billion

10%1

FY2024 1Q

FY2025 1Q

FY2025 Forecasts% of progress

Revenue

127.1

147.4

645.0

23%

Operating profit

22.2

27.4

162.0

17%

Other income and expenses

-3.4

-5.2

-12.5

-

Adjusted operating profit

25.6

32.6

174.5

19%

Operating margin (After FX adjustment)

17.4%

18.6% (17.4%)

25.1%

-

Adjusted operating margin (After FX adjustment)

20.1%

22.1% (21.1%)

27.1%

-

(Billions of yen)

1 Approx. Due to rounding, the total may not add up to 100%.

Growth Rate FY2025 1Q vsFY2024 1Q

After FX
adjustment

Incl. FX

 GI Endoscopy

15% Growth of 62% in North America, where sales of EVIS X1 GI endoscopy system were strong. On the other hand,sales declined in China due to impact of anti-corruption campaign and other factors. EVIS X1 series accounts forapprox. 30% of total GI Endoscopy sales.

 Surgical Endoscopy

7%

 Sales decreased in North America, while increasing in Europe. Sales of the surgical endoscopy system “VISERAELITE III”, etc. remained solid.

-2% Medical Service

21%

 Steady growth in all regions, especially in North America and Europe, due to stable revenue streams based onservice contracts including maintenance services and an increase in new accounts.

8%

Total

16%

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4%5%

1Q of Fiscal Year 2025 Therapeutic Solutions Division (TSD)
30%1

20%1
Revenue¥87.3
billion

15%1

35%1

FY2024 1Q

FY2025 1Q

FY2025 Forecasts% of progress

Revenue

77.2

87.3

363.0

24%

Operating profit

9.7

10.3

54.5

19%

Other income and expenses

-1.9

-3.7

-7.5

-

Adjusted operating profit

11.6

13.9

62.0

22%

Operating margin (After FX adjustment)

12.5%

11.8% (11.9%)

15.0%

-

Adjusted operating margin (After FX adjustment)

15.0%

16.0% (16.3%)

17.1%

-

(Billions of yen)

1 Approx. Due to rounding, the total may not add up to 100%.

Growth Rate FY2025 1Q vsFY2024 1Q

Incl. FX

 GI EndoTherapy

15% Growth primarily in North America and Europe. Sales increased in HPB2 (e.g. ERCP Products) and hemostasis-related
products.

5% Urology18%

 Momentum primarily in North America and Europe. Sales increased in SOLTIVE SuperPulsed Laser System forurinary tract stone management and resection electrodes for benign prostatic hyperplasia (BPH) treatments.

5% Respiratory24%

 Growth primarily in North America and Europe. Notable momentum in the EBUS scopes and therapeutic devices
mainly used for endobronchial ultrasound-guided transbronchial needle aspiration (EBUS-TBNA).

11%

 Other therapeutic areas-4%

 Sales decreased in Japan due mainly to discontinuation of handling other companies' products.

-13%

Total

13%

2HPB = hepato-pancreato-biliary

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After FX
adjustment2%Consolidated Statement of Financial Position
1 Cash and cash equivalents decreased due to repayment of long-term debts and dividend payments
2 Both assets held for sale and liabilities directly associated with assets held for sale increased due to transfer of Orthopedic BusinessEnd of Mar.
2024

End of Jun.
2024

ChangeCurrent assets

800.3

736.6

-63.7

Cash and cash
equivalents

340.9

274.4

Inventories

190.0

190.4

(Billions of yen)1

End of Mar.
2024

End of Jun.
2024

ChangeCurrent liabilities

431.7

419.2

-12.5

-66.5

Bonds/loans payable

70.0

69.9

-0.1

+0.4

Other current liabilities

299.9

287.3

-12.5

+12.5

Liabilities directly
associated with assets
held for sale-

4.0

Assets held for sale

0.1

12.5

Non-current assets

733.9

778.8

+44.9

Non current liabilities

345.3

306.1

-39.2

Property, plant andequipment

260.0

272.9

+12.9

Bonds/loans payable

229.6

184.6

-45.0

Intangible assets

92.0

94.5

+2.5

Equity

757.2

790.1

+32.9

Goodwill

180.3

192.2

+11.9

(Equity ratio)

49.4%

52.1%

+2.7ptTotal assets

1,534.2

1,515.4-18.8

Total liabilities andequity1,534.2

1,515.4-18.8

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2

2

+4.0

Consolidated Cash Flows
1 FCF: Although FCF decreased significantly YoY due to transfer of Evident in previous fiscal year, Adjusted FCF1 was ¥14.8 billion
2 Financing CF: Negative ¥77.5 billion due mainly to repayment of long-term debts and dividend payments
1Q (Apr. to Jun.)
FY2024FY2025

Change

19.8

26.4

+6.6

CF from operating activities (Operating CF)

-53.1

23.3

+76.4

CF from investing activities (Investing CF)

427.0

-15.2

-442.1

Free cash flow (FCF)

373.9

8.1

Adjusted Free cash flow (Adjusted FCF)

-10.3

1

14.8

+25.0

CF from financing activities (Financing CF)
Cash and cash equivalents at end of period

-25.9
558.7

2

-77.5
276.0

-51.6
-282.8(Billions of yen)

Discontinued operation

Continuing operations

Profit before tax

Major adjusted items for FY2024 1Q (Apr. to Jun.)-¥56.7 billion​

Investing CF: Receipt of consideration for transfer of Evident, etc.

+¥388.8 billion

Investing CF: Collection of loan from Evident, etc.

+¥52.0 billion​

Operating CF: Outflow of reversal of provision for ”Career support for external opportunity”
program-¥1.8 billion​

Operating CF: Expenditures related to withdrawal from Veran Medical Technologies, Inc.

-¥1.1 billion

Investing CF: Purchase of investment securities-¥6.7 billion​

Investing CF: Refund associated with rescission of acquisition+¥3.0 billion

1 “Cash inflows and outflows of other income and expenses”, “M&A-related expenditure”, and “Business restructuring-related expenditure” are adjusted.

No data copy / No data transfer permitted-365.8Major adjusted items for FY2025 1Q (Apr. to Jun.)

Operating CF: Corporate tax payment on gain on transfer of Evident

Page 91

Appendix

Changes in Reporting Structure
Due to transfer of Orthopedic Business, which was included in Other,
it is disclosed as a discontinued operation1 from Fiscal Year 2025.
reportable segments2 are now two: ESD and TSD (based on IFRS).
FY2024FY2025

ESD

ESD
TSD
Other

Continuing
Operations

Disclosed as “reportable segments”

TSD
Other

Discontinued Operation

Orthopedic BusinessExcluded from “reportable segments” as thefinancial information expected for current
fiscal year is deemed to have a decrease infinancial materiality

Profit (loss) from Discontinued
Operation is disclosed in
Consolidated Financial Results

1 In the first quarter ended June 30, 2024, Olympus Corporation entered into a put option agreement with PTCJ-6O Holdings Inc. and PTCJ-6F Holdings Inc. (special purpose companies established by Polaris Capital Group

Co., Ltd., collectively, the “Polaris Capital Group”), to transfer Olympus Terumo Biomaterials Corporation and FH Ortho SAS, Olympus’s Orthopedic Business. Due to this, profit (loss) from the Orthopedic Business has beenclassified as profit (loss) from discontinued operation from the first quarter ended June 30, 2024, and it has been presented in the same manner for the three months ended June 30, 2023. Furthermore, the amounts
presented for revenue, operating profit, adjusted operating profit, profit before tax and profit from continuing operations are the amounts from continuing operations from which the amounts from discontinued operation havebeen excluded, while the amounts presented for profit and profit attributable to owners of parent are aggregates of continuing operations and discontinued operation. In accordance with the put option agreement, thetransfer of the Orthopedic Business was completed on July 12, 2024.
2 IFRS 8.5-10 Segments that meet the requirements of “operating segments”, as determined by taking into account the aggregation criterion (IFRS 8.12) and the quantitative criterion (IFRS 8.13). Based on these standards,
the Group previously had three reportable segments: “ESD,” “TSD,” and “Other”, but from the first quarter of the current consolidated fiscal year, the Group has changed the reportable segments to two segments, “ESD” and“TSD,” and has presented the information in the same manner for the three months ended June 30, 2023.

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1Q of Fiscal Year 2025 Factors that Affected Consolidated Operating Profit
1Q (Apr. to Jun.)(Billions of yen)

Change incost of sales+0.8
Change in
sales
+5.0
 Sales increase in
ESD and TSD

22.6

FY2024 1Q
Operating profit* Amounts in this slide are related to continuing operations only.

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Change in
SG&A
expenses-1.9
 R&D expenses
related to nextgeneration GI
endoscopy systemetc.
 Expenses related
to holistic
remediation andtransformation
program “Elevate”

Other
-3.4

＜Negative factors＞
 Expenses related to“Career support forexternal opportunity”
program One-off expenses
related to holistic
remediation andtransformation
program “Elevate”

Impact offoreignexchange
+4.4

27.5

FY2025 1Q
Operating profit

1Q of Fiscal Year 2025 Results by Segment
1Q (Apr. to Jun.)
FY20241

FY2025YoY

After FX adjustment

FY2025 Latest
Forecasts

Revenue

127.1

147.4

+16%

+5%

645.0

Operatingprofit

22.2

27.4

+23%

+5%

162.0

Revenue

77.2

87.3

+13%

+2%

363.0

Operatingprofit

9.7

10.3

+6%

-3%

54.5

Operatingprofit(loss)

-9.3

-9.9

-

-

-40.5

Revenue

205.0

234.8

+15%

+3%

1,009.0

Operatingprofit

22.6

27.5

+21%

+2%

176.0

(Billions of yen)

ESD

TSD

Elimination andCorporate

Consolidated
Total* Amounts in this slide are related to continuing operations only.

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Forecasts (Apr. to Mar.)No data copy / No data transfer permitted

Key Product Catalysts: Endoscopic Solutions Division (As of Aug. 7, 2024)
ESD Key priorities for FY2025
 Focus on further expanding sales of EVIS X1 gastrointestinal endoscopy system globally Collaborate with Canon Medical Systems to bring next-generation endoscopic ultrasound systems to themarket. Expect to expand globally, starting with Europe, Japan, and Asia Pacific Maximize market potential in emerging countries
 Aim to introduce VISERA ELITE III surgical endoscopy system in the U.S. (at the end of FY2025) and China(FY2026) to improve market competitiveness Plan to roll out the Intelligent Endoscopy Ecosystem concept and some related products in Europe

Growth drivers now

Just launched / Coming soon

BeyondGI Endoscopy

GI Endoscopy

GI Endoscopy EVIS X1
 EVIS EXERA III (US, EU)
 EVIS LUCERA ELITE (China)
 EU-ME3 (EU, Japan, AP)

Surgical Endoscopy VISERA ELITE II 2D/3D/IR (US,China)
 VISERA 4K UHD (US, China)
 VISERA ELITE III (EU, Japan, AP) Aplio i800 EUS, diagnostic ultrasoundsystem for EUS (US, EU, Japan, AP) EU-ME3 (US) Single-use duodenoscope EU-ME3 (China)

Surgical Endoscopy

Surgical Endoscopy

Focus Area

Focus Area

 VISERA ELITE III (US) First releases of Intelligent Endoscopy
Ecosystem1(EU)Expected Growth Rates
in FY2025

10%
6%
YoY

After FX
adjustment

 VISERA ELITE III (China)
 Intelligent Endoscopy Ecosystem1

1 For disclosure purposes, financial results of Intelligent Endoscopy Ecosystem areclassified as Surgical Endoscopy.

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Key Product Catalysts: Therapeutic Solutions Division (As of Aug. 7, 2024)
TSD Key priorities for FY2025
GI EndoTherapy
 Expand clinically differentiated product offerings in key areas of focus: ERCP, ESD, Luminal Patency and Hemostasis devices
Urology Expand leadership in BPH through iTind market development while maintaining resection as a primary revenue and profit growth Drive lithotripsy growth through SOLTIVE SuperPulsed Laser System
Respiratory
 Drive growth in lung cancer with stronger emphasis around updated EBUS-TBNA offering.
 Reinforce strength in respiratory endoscopy through continued focus on driving adoption of X1 bronchoscopy platform

Growth drivers now

Just launched / Coming soon

BeyondGI EndoTherapy

GI EndoTherapy

GI EndoTherapy

 Visiglide series
 ESD Knife
 EZ Clip / QuickClip Pro
 EndoJaw

Urology Resection electrodes
 SOLTIVE SuperPulsed Laser System forstone + soft tissue (US, EU, AP)

Respiratory Single-use bronchoscope (US) Bronchoscope, EBUS scope ViziShot series
 Spiration Valve System
 EVIS X1 bronchoscope (Japan, EU, AP)
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




3 product (US)
3 products (EU)
1 products (Japan)
2 product (China)

Urology








ESG-410, Electrosurgical Generator (US, Japan, AP)
Single-use ureteroscope (US, AP, Japan)
SOLTIVE SuperPulsed Laser System (Japan)
iTind (US, EU, AP)
Resection electrodes (China)
OES ELITE Ureteroscope (China)

Respiratory New EBUS scope (US, China)
 EVIS X1 bronchoscope (US) Endoscopic Ultrasound Processor (EU, Japan, AP) Single-use cholangioscope

Urology Cystoscope Camera head
 Video processor

Respiratory

 Slim EBUS scope EVIS X1 bronchoscope (China)

Expected Growth Rates
in FY2025

8%
4%
YoY

After FX
adjustment

1Q of Fiscal Year 2025 Other Income and Expenses
1Q (Apr. to Jun.)
FY2024(Billions of yen)

Other income

FY2025

Change

0.6

0.6

0

6.3

10.4

+4.1

Major items

Other expenses



Major items



Expenses related to FDA remediation1 5.0 (ESD,TSD)

Expenses related to holistic remediation andtransformation program “Elevate” 6.0 (ESD, TSD)
Expenses related to “Career support for external
opportunity” program 2.6 (ESD, TSD, Elimination andCorporate)

1 This item is currently referred to as the expenses related to holistic remediation and transformation program “Elevate”.

* Amounts in this slide are related to continuing operations only.

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Fiscal Year 2025 Consolidated Forecasts
Unchanged from previous forecasts. Orthopedic Business is reclassified as a discontinued operation
FY2025 Forecasts
as of May 10 (a)FFY2025 Forecasts
as of May 10(After reclassification) (b)1

FY2025 Latest
Forecasts((((After reclassification) (c)(c)-(a)(c)-(b)1,021.0

1,009.0

1,009.0-12.0

0(% of revenue)

699.0(68.5%)

691.0(68.5%)

691.0(68.5%)-8.0

0

Selling, general and administrative expenses(% of revenue)

501.0(49.1%)

494.0(49.0%)

494.0(49.0%)

-7.0

0

-21.0

-21.0

-21.0

-

-

(% of revenue)

177.0(17.3%)

176.0(17.4%)

176.0(17.4%)-1.0

0(% of revenue)

198.5(19.4%)

197.5(19.6%)

197.5(19.6%)-1.0

0(% of revenue)

171.0(16.7%)

170.0(16.8%)

170.0(16.8%)-1.0

0(% of revenue)

121.0(11.9%)

121.0(12.0%)

121.0(12.0%)

00Profit (loss) attributable to owners of parent(% of revenue)

121.0(11.9%)

121.0(12.0%)

121.0(12.0%)

0

0

¥106

¥106

¥106

0

0

(Billions of yen)
Revenue
Gross profit

Other income and expenses
Operating profit
Adjusted operating profit
Profit before tax
Profit (loss)

EPS

1 The forecasts as of May have been reclassified to reflect the classification of the Orthopedic Business as a discontinued operation.

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Capital Allocation
PolicyFY2025

Prioritize allocation to business investment

Active investment in three focus areas

Stable and gradual dividend increase

Plan to increase annual dividend by ¥2/share
YoY to ¥20/share
Share buyback of ¥100 billion is in progress

Flexible buyback of company sharesBusiness
Investment

Shareholder
Returns

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Prioritize

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

Dividends

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

Buyback

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

Expenditures: 1Q of Fiscal Year 2025 Actuals and Fiscal Year 2025 Forecasts
1Q results and Forecasts1(Billions of yen)

FY2024 1Q

FY2025 1Q

96.0

FY2025 (Forecasts)

89.0
67.5

(Billions of yen)

17.6

24.0

Capitalization of R&D
expenditures (b)

2.6

3.1

R&D expenses in P/L
(a-b)

15.1

20.9

Amortization

17.6

18.6 18.5

16.4 17.1

FY2025R&D expenditures2 (a)(Billions of yen)

24.0

FY2024

R&D assets

FY2024FY20252.1

2.0

End of Mar. 2024

End of Jun. 2024

59.4

62.2

1 Amounts in this slide are related to continuing operations only.

2 Capitalization of R&D expenditures (b) is included in R&D expenditures.

3 Capitalization of R&D expenditures (b) is included in capital expenditures.

R&D expenditures 2

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Capital expenditures 3

No data copy / No data transfer permitted

Depreciation andamortization

In addition, the Olympus Group has adopted IFRS #16 "Leases" from FY2020, and right-of use
assets below are included in capital expenditures.
(FY2024 1Q: ¥4.3 billion, FY2025 1Q: ¥5.4 billion, FY2025 Forecast: ¥14.0 billion)

Foreign Exchange and Sensitivity
No change in FX rate assumptions for full-year forecasts
Foreign exchange rate
FY2024 1Q

FY2025 1Q

FY2025 Forecasts

Yen/U.S.dollar

137.37155.88151

Yen/Euro

149.47167.88163

Yen/CNY

19.56

21.48

21

(Yen)

Forex sensitivity (annualized impact)
Revenue

Operating profit

U.S. dollar (per yen)

2.6

0.5

Euro (per yen)

1.6

0.5

CNY (per yen)

5.2

2.7

(Billions of yen)

* Amounts in the above table are related to continuing operations only. Forex sensitivity (annualized impact) is calculated based on the FY2024 Q4 results.

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Acronyms

Page 22Acronyms

Term

APAC

Asia Pacific

BPH

Benign Prostatic Hyperplasia

EBUS-TBNA

Endobronchial Ultrasound-guided Transbronchial Fine Needle Aspiration

EMR

Endoscopic Mucosal Resection

ERCP

Endoscopic Retrograde Cholangio Pancreatography

ESD

Endoscopic Submucosal Dissection

HPB

Hepato-pancreato-biliary

No data copy / No data transfer permitted