FUJIFILM Holdings Corporation
Teiichi Goto
President and Chief Executive Officer

April 17, 2024

Notice of Launch of the Medium-term Management Plan “VISION2030” andRevision of Earnings Forecast for the Fiscal Year ending March 31, 2024

FUJIFILM Holdings Corporation (the “Company”) hereby announces today that the company has
formulated a new medium-term management plan “VISION2030”, and has revised earnings forecast for
the fiscal year ending March 31, 2024 (April 1, 2023 to March 31, 2024) announced on February 8, 2024.
1. Medium-term Management Plan “VISION2030”
Financial Target from Fiscal year ending March 31, 2025 to Fiscal year ending March 31, 2027
(Amount unit: Millions of yen, unless otherwise specified)
Forecast(FY ending
March 2024)(A)

Forecast(FY ending
March 2025)(B)

Change(B)-(A)

Change(%)

Target(FY ending
March 2027)(C)

Change(C)-(A)

Change(%)

Revenue

2,960,000

3,100,000

140,000

4.7

3,450,000

490,000

16.6

Operating income

277,000

300,000

23,0008.3

360,000

83,00030.0

Income before
income taxes

310,000

310,0000

0.0

360,000

50,00016.1

Net income attributable
to FUJIFILM Holdings

240,000

240,0000

0.0

270,000

30,00012.5

Net income attributable
to FUJIFILM Holdings
per share

199.33 yen

199.33 yen

0.00 yen

224.24 yen

24.91 yen

ROE

8.2%

7.8%

(0.4pt)8.1%(0.1pt)

ROIC

5.6%

5.4%

(0.2pt)

5.8%

0.2pt

Note:
The company carried out a one-for-three split of its common stocks on April 1, 2024. The average number ofshares for each period, which is the basis for calculating “Net income attributable to FUJIFILM Holdings per
share” is based on the number of shares issued as of December 31, 2023 excluding treasury shares and converted
to the value after the stock split.

12. Revisions to consolidated financial results forecasts for the current fiscal year
(April 1,2023 through March 31, 2024)(Amount unit: Millions of yen, unless otherwise specified)
Net income
Net income
Incomeattributable
Operatingattributable
Revenue
beforeto FUJIFILM
incometo FUJIFILM
income taxes
Holdings
Holdings
per sharePreviously announced
forecasts (A)2,950,000

290,000

295,000

225,000

560.61 yen

Revised forecasts (B)2,960,000

277,000

310,000

240,000

597.99 yen

10,000(13,000)

15,00015,000

0.3

(4.5)

5.1

6.7

2,859,041

273,079

282,224

219,422

Change (B-A)
Change (%)(Reference) Actual
consolidated results forthe previous fiscal year
(Fiscal year ended
March 31,2023)

547.21 yen

Reason for revision
Revenue are expected to increase due to strong sales in the Medical Systems business in Healthcare andImaging
Operating income has been revised downwards, mainly due to the decrease in the amount ofcancellation fees received, which were agreed upon in connection with cancellation of manufacturing
drug substance for COVID 19 vaccination in Bio CDMO business in Healthcare.
Income before income tax, Net income attributable to FUJIFILM Holdings and Net income attributable
to FUJIFILM Holdings per share have been revised upwards, mainly due to an increase in gains on thevaluation of marketable and investment securities.
Revenue, Operating income, Income before income taxes and Net income attributable to FUJIFILM
Holdings are all expected to be record high.
*Forecasts of operating results are based on limited available information and reasonable assumptions as oftoday. The Company does not have an intention of guaranteeing the realization of the forecasts. Actual operating
results are always subject to change significantly due to various matters.

Please refer to the attached materials for more details of the medium-term management plan and the outlineof the earnings forecast.
[Attachment]
・ Briefing material “Medium-Term Management Plan VISION2030”
・ NEWS RELEASE

2

Fujifilm Internal Use Only

開 示 範 囲： FFグループ
再配布禁止
作 成 / 日 付： ESG推進 CP&RMG 富士幸太郎('23.5.15)
取 扱 指 定：FY2024-2030 Medium-term Management Plan

VISION2030
April 17, 2024

Forward-looking statements, such as those relating to earnings forecasts and other projections contained in this material, are management’s current
assumptions and beliefs based on currently available information. Such forward-looking statements are subject to a number of risks, uncertainties,
and other factors. Accordingly, actual results may differ materially from those projected due to various factors.

FUJIFILM Holdings Corporation

01 Recap of Medium-term Management Plan “VISION2023″
New Medium-term Management Plan “VISION2030″
Agenda2-1 Overview

02

2-2 Towards a Sustainable Society
2-3 Portfolio Management
2-4 Targets and KPI
2-5 Financial Capital Strategy
2-6 Strategy by Business

FUJIFILM Holdings Corporation

3

01 Recap of Medium-term Management Plan “VISION2023″
New Medium-term Management Plan "VISION2030″
Agenda2-1 Overview

02

2-2 Towards a Sustainable Society
2-3 Portfolio Management
2-4 Targets and KPI
2-5 Financial Capital Strategy
2-6 Strategy by Business

FUJIFILM Holdings Corporation

4

FY2021-FY2023 Medium-term Management Plan

1-1 | Recap of VISION2023⃞ Achieved target of VISION2023 in Revenue and Operating income one year ahead of schedule. FY2023 is also expectedto achieve a record high.
⃞ KPIs for Capital Efficiency were not achieved, due to large capital expenditure in Bio-CDMO and Electronic Materials
which were not in the original plan as well as ensuring enough inventory to prioritize stable supply under COVID-19.
VISION2023(Billions of yen)

FY2020

FY2021

FY2022

ActualActualActualA

A-B

B

FY20232024年3月期

FY2023

Forecast

vs Original

As of 2024/4/17

2,192.5

2,525.8

2,859.0

100%

100%

100%

Operating Income

165.5

229.7

273.1

7.5%

9.1%

9.6%

Income before Income Taxes

235.9

260.4

282.2

10.8%

10.3%

9.9%

Net Income Arttribute to
FUJIFILM Holdings

181.2

211.2

219.4

8.3%

8.4%

EPS

453.28yen

ROE

Revenue
Profitability

Capital efficiency

ROIC
CCC
Financial soundness

Shareholders' equity ratio
D/E ratio

Exchange (Average)

Record High2,960.0+9.6%

2,700.0

+6.5%

260.0

100%
Record High

277.0

Original plan
As of 2021/4/15
100%

9.4%

-0.2pt9.6%

Record High

310.0

+55.0%

200.0

10.5%

+3.1pt7.4%

Record High

240.0

+20.0%

200.0

7.7%

8.1%

+0.7pt7.4%

527.33yen

547.21yen

597.99yen+97.72yen

500.27yen

8.7％
4.3％

9.0％
5.6％

8.3％
6.1％

8.2％

- 0.2pt

8.4％

5.6％

- 0.5pt

6.1％

123days62.1％

122days63.3％

125days
66.8％

122days
65.8％

19days103days

0.23

0.18

0.14

0.16

-

USD

106 yen

113 yen136 yen

145 yen+41 yen104 yenEUR

124 yen131 yen141 yen

157 yen+33 yen

124 yen

FUJIFILM Holdings Corporation

5

FY2021-FY2023 Medium-term Management Plan

1-2 | Recap of VISION2023: By Segment
Achieved steady development in Healthcare and Electronic Materials and set Imaging on a growth path,
while the challenge lies in improving resilience to volatility and enhancing profitability in each business field.

(Billions of yen)

A

A-B

B

FY20232024年3月期

FY2023

Forecast

vs Original

Original plan

As of 2024/4/17

Healthcare

Materials

Business Innovation

Imaging+13.4%

Operating Income

975.0
97.0

-5.8%

860.0
103.0

Operating Margin

9.9%-2.1pt12.0%

Revenue

Operating Income

687.0
43.0

-54.7%

720.0
95.0

Operating Margin

6.3%-6.9pt13.2%

Revenue-4.6%

Operating Income

830.0
71.0

-13.4%

820.0
82.0

Operating Margin

8.6%-1.4pt10.0%

Revenue+1.2%

Operating Income

468.0
102.0

+4.1times

300.0
25.0

Operating Margin

21.8%+13.5pt

8.3%

Revenue

Corporate Expenses

Revenue& Eliminations

Operating Income

Total

As of 2021/4/15-36.0+56.0%

+9.0

-45.0

+9.6%

Operating Income

2,960.0
277.0

+6.5%

2,700.0
260.0

Operating Margin

9.4%-0.2pt9.6%

Revenue⃞ Outcome • Medical Systems:Steady growth with IT and AI• Bio-CDMO: Decision of investments for future growth.

⃞ Challenge • Reinforcement of Small-scale manufacturing in Bio-CDMO, and Cell

Culture media business in LS Solutions which are affected by biotech
venture funding stagnation.

⃞ Outcome • Electronic Materials:Large M&As and aggressive investments• Establishment of High Functional Materials Strategic HQ⃞ Challenge • Delayed recovery from COVID-19 impact (demand decrease in Graphics
business, raw material price hikes, etc.)⃞ Outcome • Smooth transition to new company and structure• Steady growth in Business Solutions (M&A, new services)⃞ Challenge • Maintain profitability of Office Solutions, which is experiencing a gradualdecline in Print Volume• Improve profitability of Business Solutions⃞ Outcome • Build on INSTAX's stable market base and dominant brand• Two-line (X and GFX) strategy for digital cameras⃞ Challenge • Sustain silver halide photography (CLP and film)• Develop new businesses (safety monitoring, inspection, etc.)

FUJIFILM Holdings Corporation

6

FY2021-FY2023 Medium-term Management Plan

1-3 | Recap of VISION2023: Sustainability (non-financial)
Toward sustainable growth and enhancement of corporate value over the medium to long term,
We have worked to build a framework to continue to generate innovation and sources of value.

Environment

 Expect to reduce GHG emissions from own energy (Scope 1 + 2) by 11% (compared to FY 2019).
 Introduction of Internal Carbon Pricing (ICP) schemes.
 Recognized by CDP as an 'A-list company' for the second year in a row, the highest rating in the field of'climate change'.

Human Resource Develop human talent that continues to create change by the concept of “STPD” and “+Story”
 Realization of a dynamic human resource portfolio through job rotation across businesses.
 Acceleration of diversity led by the "DE&I* Promotion Office" and establishment of the "DE&I Committee"
chaired by the CEO. *DE&I : Diversity, Equity & Inclusion

Corporate Governance Separation of the Board Chair and CEO for clarification of “supervisory” and “executive” roles on the Board.
 Ensure diversity on the Board (review of the skills matrix, increase in the number of female directors).
 Introduced “Restricted share-based remuneration" and “Medium-term performance-linked share-based
remuneration" for Directors.

Diversity, Employee Satisfactionand Human Rights

 Establish a Group-wide DE&I vision.
 Implementation of measures to support work-family balance and establishment of health check-up facilities
for employees.
 Revision of Guidelines for Global Healthcare Code of Conduct.

Co-creating value withstakeholders(Shareholders,Investors,Communities) Organize business briefing hosted by the Company and participate in conferences hosted by securities firms.
 Strengthen timely, fair and impartial disclosure of information with simultaneous interpretation, transcripts, etc.
 Educational activities on tuberculosis screening, ICT to expedite issuance of disaster certificates.
FUJIFILM Holdings Corporation

7

01 Recap of Medium-term Management Plan “VISION2023″
New Medium-term Management Plan “VISION2030″
Agenda2-1 Overview

02

2-2 Towards a Sustainable Society
2-3 Portfolio Management
2-4 Targets and KPI
2-5 Financial Capital Strategy
2-6 Strategy by Business

FUJIFILM Holdings Corporation

8

02-1

New Medium-term Management Plan "VISION2030”

Overview

FUJIFILM Holdings Corporation9

2-1-1 | What Should We Be in 2030
Enhance corporate value with focusing on Profitability and Capital Efficiency.
As a collection of global top-tier businesses, we will change the world step-by-step and create value (more smiles)
for various stakeholders.

01

02

Focus on Growth Investment and Profitability

Improvement of Capital Efficiency

 Investment focus on growth areas Improve efficiency of invested capital using ROIC as a
KPI and combine capital policy to increase ROE Achieve an operating profit margin above 10%
in all businesses by focusing on profitability

03

04

R&D Management

Ensuring Investment Returns

 Increase resources for research themes in areas which closely
relate to our businesses
 In fundamental research, select themes that will lead to thecreation of new business opportunities, to enhance speed andto ensure certainty of commercialization

 Improve profitability of the acquired Medical Systems business,and separately create synergies from acquired process
chemical in Semiconductor Materials
 Ensuring a solid return on investments in Bio-CDMO and
Semiconductor Materials
FUJIFILM Holdings Corporation10

2-1-2 | Fujifilm Group's Approach to CSR
Sustainable Value Plan 2030

Under the SVP2030, Fujifilm Group will contribute to realize a sustainable society
by resolving social issues through innovative technologies, products, and services.

Sustainable Value Plan 2030 (SVP2030)
Long-term goal, which is expected to lay the foundations of the Group’s business management strategies for sustainable growth.
FUJIFILM Holdings Corporation11

2-1-3 | VISION2030 and our Group’s Purpose

FUJIFILM Holdings Corporation12

2-1-4 | Materiality and Direction of Our Efforts
We have set targets in each of four priority areas of the Environment, Health, Daily Life and Work Style,and are working to resolve social issues through our businesses.
▍Priority Issues (Materiality)

Environ
-ment






▍Priority Issues (Materiality)

Address climate change
Promote recycling of resources
Conserve biodiversity
Ensure product and chemical safety▍Direction of Efforts
 Towards low carbon while
fulfilling supply responsibilities
 Improved carbon efficiency

Natural disaster
Infectious disease
Energy problems

Geopolitical risk

A New Way of Lifethrough DX

Social structuralchanges

Health Help to create a safe and securesociety Contribute to spiritual enrichment andhuman connections
 Inheritance and development of aphotographic and film culture▍Direction of Efforts

Regional
disparities

 Deployment of products and services
utilizing medical AI technology
 Supporting Drug Discovery(Megatrend)▍Priority Issues (Materiality)

 Responding to the AI/IoT era bybuilding a stable supply networkof materials for semiconductors

Address unmet medical needs
Improve access to medical services
Contributie to early detection of disease
Promote enhanced health and wellbeing
Promotion health management▍Direction of Efforts

Cyber-risk

Daily
Life







▍Priority Issues (Materiality)
Growing awarenessof human rights
Focus on diversity

Aging of the
population
Growing healthawareness

 Create environments conducive tojob satisfaction
 Develop and utillize diverse humanresources

Work
Style

▍Direction of Efforts
 Deployment of Solution Services
 Promotion of DE&I
FUJIFILM Holdings Corporation

13

02-2

New Medium-term Management Plan "VISION2030”

Towards a Sustainable Society

FUJIFILM Holdings Corporation14

2-2-1 | Towards a Sustainable SocietyWith the belief that a commitment to the environment is a qualification for participation in global business,addressing issues in four areas in an integrated manner.
1. Conservation of water resources

1. GHG (Scope 1+2) emission reduction• Focusing measures in water-stressed areas• Conservation of water resources• FY2026 reduction target: 25% reduction(vs. FY 2019)• Introduction of new technologies such as energy
conservation and fuel decarbonization••

Scope1｜Direct emissions from fuel combustion, etc.
Scope2 | Indirect emissions from electricity supplied by other companies

2. Disclosure in accordance with
TNFD* recommendations* TNFD (Task Force on Nature-related Financial Disclosures):2. Improvement of carbon efficiency

Carbon Neutral &Contribution throughproducts and services

Nature positive

3. Creation of Green Value Products

Responding to
Climate Change

Biodiversity
Conservation・ Facilitate transition to lower-carbon operations

1. Voluntary reduction andsubstitution of substances ofconcern prior to enactment of law
and regulation
2. Development of materials andprocesses that contribute to
reducing environmental impact andpromoting resource recycling

3. Continued commitment to nature
conservation activities• Support for nature conservation activities andresearch projects through the Fujifilm Green
Fund, a charitable trust

Ensure Product andChemical Safety

Promotion of
Resource Recycling

1. Reducing the input of new raw
materials

Appropriate management
throughout the lifecycle

Circular economy

2. Product life with efficient use ofresources Cycle Design

FUJIFILM Holdings Corporation

15

02-3

New Medium-term Management Plan "VISION2030”

Portfolio Management

FUJIFILM Holdings Corporation16

2-3-1 | Policy of Portfolio Management
As a collection of global top-tier businesses, we will change the world step-by-stepand create value (more smiles) for various stakeholders by strengthening the business portfolio management.
▍ Business Portfolio Management
High■Healthcare ■Electronics

Growth Driver

New /Future Potential▍Businesses

Market Attractiveness (Growth Rate, etc)

• Bio-CDMO/Life Sciences (Cell and Gene Therapy)• Semiconductor Materials (Advanced packaging)• Electronic Materials (Materials for Micro OLED, AR/VR)▍Businesses• Medical Systems• Bio-CDMO/Life Sciences (Antibody drugs)• Semiconductor Materials• Business Solutions (DX Solutions)
Earnings Base

Value Reconstruction▍Businesses▍Businesses• Graphic Communications• Pharmaceuticals▍ Definition
Businesses that need to
implement new strategies

Low■Business Innovation ■Imaging▍ Future Policies
Restructure business strategy andimplement measures

Strategy Planning• Display Materials• Consumer Imaging• Professional Imaging• Office Solutions

Profitability of the company

High

Shift to Earnings Base

Strategy for “Value Reconstruction” ➡ Shift to “Earnings Base”
 Graphic Communications-Integrated operation with Business Innovation-Increase in market share through promotion of processless printing materials-Focus on high-speed machine in digital printing area
 Pharmaceuticals-Shift of focus areas: Drug discovery → Drug discovery support / Small molecule → Biopharmaceuticals

If improvement cannot be expected even with the above measures, consider and implement new strategies, including reorganization and restructuring.

FUJIFILM Holdings Corporation17

2-3-2 | Reorganization of Segment
Reorganize ″Graphic Communications” into Business Innovation segment.
This is to develop business as the only ″Solution Partner” that can cover all areas from office to commercial and industrial printing.
FY2024 ～～ FY2023
Healthcare

Medical Systems
Bio-CDMOLS Solutions*

Materials

NochangeMedical Systems

Healthcare

Bio-CDMOLS Solutions *Electronics
Electronic Materials
Display Materials
Other High Functional Materials

Change of
Name

Semiconductor Materials
Display Materials
Other Electronics Materials

Graphic Communications

Business Innovation

Office Solutions
Business Solutions

Reorganize

Business Solutions

Business Innovation

Office Solutions
Graphic Communications

Imaging

Consumer Imaging
Professional Imaging

Nochange* LS solutions:Disclosure segment consisting of Life Sciences business (iPS cells, cell culture media, reagents), Pharmaceutical business,
Consumer healthcare business (cosmetics, supplements), and CRO(Contracted Research Organization) business

Consumer Imaging

Imaging

Professional Imaging
FUJIFILM Holdings Corporation

18

02-4

New Medium-term Management Plan "VISION2030”

Targets and KPI

FUJIFILM Holdings Corporation19

2-4-1 | Financial Target
Aggressive investment in Bio-CDMO and Semiconductor Materials in the three years to FY2026
will generate returns from FY2027 onwards, aiming for a company-wide operating margin of 15% in FY2030.
(Billions of yen)

FY2023

FY2024

Forecast

FY2026

As of 2024/4/17

100%

277.0

300.0

+8.3%

360.0

9.4%

9.7%

+0.3pt

10.4%

310.0

310.0

-

360.0

10.5%

10.0%

-0.5pt

10.4%

240.0

240.0

-

270.0

8.1%

7.7%

-0.4pt7.8%

EPS

199.33yen

199.33yen-

224.24yen

ROE

8.2％

7.8％

-0.4pt

8.1％

10％>
9％>

Operating Income

5.6％

5.4％

-0.2pt5.8％

CCC

122days-3daysShareholders' equity ratio

65.8％

119日
61.9％

112days
64.1％

Exchange(Average)

DPS

0.16
*

50yen

0.28
60yen

-3.9pt+0.12+10yen4 trillion yen+9.1%

OPM 15％>

+5.1%
+4.0%

0.24
DPR approx. 30％

USD

145 yen

140 yen-5 yen140 yen

EUR

157 yen

150 yen-7 yen

150 yen* One-for-three split of its common stocks was carried out on April 1, 2024.
DPS for FY2023 is based on the number of shares issued converted to the value after stock split

+5.2%

100%

ROIC

D/E ratio
Shareholder Returns+4.7%

3,450.0

Direction

100%

Net Income Attributable to
FUJIFILM Holdings

Financial soundness(FY2023→FY2026)

3,100.0

Income before Income Taxes

Capital efficiency

CAGR

2,960.0

Revenue
Profitability

FY2030Change fromFY2023

FUJIFILM Holdings Corporation20

2-4-2 | Financial Target: By Segment
FY2023(Billions of yen)

Healthcare

As of 2024/4/17

Revenue
Operating Income
Operating Margin

Electronics

Revenue
Operating Income
Operating Margin

Business Innovation

Revenue
Operating Income
Operating Margin

Imaging

Revenue
Operating Income
Operating Margin

Corporate Expenses

Revenue& Eliminations

Operating Income

Total

FY2024

Forecast

Revenue
Operating Income
Operating Margin

975.0
97.0

1,010.0
112.0

9.9%

11.1%

FY20262024年3月期
Change fromFY2023

FY20302024年3月期
CAGR

Direction(FY2023→FY2026)+15.5%

1,200.0
140.0+1.2pt

11.7%

+3.6%

360.0
45.0

410.0
57.0

+26.7%

470.0
70.0

12.5%

13.9%

+1.4pt14.9%+13.9%

1,157.0
69.0

1,200.0
73.0

+3.7%
+5.8%

1,275.0
90.0

6.0%

6.1%

+0.1pt

7.1%

468.0
102.0

480.0
100.0

+2.6%
- 2.0%

505.0
105.0

21.8%

20.8%

-1.0pt

20.8%

-36.0

-42.0

2,960.0277.0

3,100.0
300.0

+4.7%

9.4%

9.7%

+7.2%
+13.0%+9.3%+15.9%

+9.3%

10％>

+2.6%
+1.0%

+5.2%

+8.3%

3,450.0
360.0+0.3pt

10.4%

- 6.0

high 10％s

+3.3%

-45.0

-

approx.20％

+9.1%

20％>

15％>

* Graphic Communications business has been reclassified from the "Electronics" (Former “Materials”) segment to the "Business Innovation" segment.
In conjunction with this reclassification, information for FY2023 has been restated.

FUJIFILM Holdings Corporation21

2-4-3 | Non-Financial Target
Environment

HealthGHG emissions from our own energy,
compared to FY2019(FY2030)

The entire product lifecycle
GHG emissions, compared to FY2019(FY2030)

Introduction of Products and Services
Using medical AI technology(FY2030)

Health Checkup Center NURA
Number of locations opened(FY2030)

50% reduction

50% reduction

196 countries

100 locations(FY2026 : 120 countries)(FY2026: 30 locations)

Work Style
A way of working that supports workers
to be more productive and creative.
(FY2030)

Provided to

50 million people(FY2026 : 35 million)

Human capital
Percentage of women in
managerial positions(FY2030)

Percentage of non-Japanesein key positions(FY2030)25%

35%

Employee Engagement Survey
Score of Sustainable Engagement*

Maintain above

80%

Incorporated into director’s KPIs for”Medium-term performance-linked equity remuneration”* Surveyed as an indicator with a strong correlation to corporate
performance. Defined at partner WTW (Willis Towers Watson)

FUJIFILM Holdings Corporation

22

02-5

New Medium-term Management Plan "VISION2030”

Financial Capital Strategy

FUJIFILM Holdings Corporation23

2-5-1 | Cash Allocation

1.9 trillion yen* investment in growth over the next 3 years, exceeding VISION2023
Out of this amount, 1.6 trillion yen will be allocated to "New /Future Potential” and “Growth Driver" businesses*Total R&D and capital expenditures to be invested in FY2024-FY2026

March 31, 2027

DEBT/EBITDA multiple

1.39 times

Keeping within 2 times
to maintain financial discipline

Interest-bearing debt
financing¥220 billion

Shareholder return¥220 billion

Stable and sustainable dividends.
with aiming for a payout ratio of 30%

R&D Expense
Before deducting
R&D expenses

Operating CF¥1 ,870 billion¥520 billion

Capital Expenditure¥1,350 billion
w/tangible, Software, andrental equipment█ Healthcare█ Electronics█ Business Innovation█ Imaging
FUJIFILM Holdings Corporation24

2-5-2 | Capital Expenditures and Free Cash Flows
Additional large investment in Bio-CDMO and Semiconductor Materials to capture strong market demandFree Cash Flow will turn positive in FY2026 after heavy investment phase
Capital Expenditure and Free Cash Flow Trends¥1.35 trillion¥1.08 trillion(Billions of yen)

VISION2030 (FY2024→FY2026)

VISION2023

600

Capital Expenditurew/tangible, Software, and rental equipment

FY2021

FY2022

FY2023

FY2024FY2025

FY2026

Free Cash Flow

(400)
* Graphic Communications business has been reclassified from the "Electronics" segment to the "Business Innovation" segment.
In conjunction with this reclassification, numbers of FY2021-FY2023 has been restated.

█ Healthcare█ Electronics█ Other

FUJIFILM Holdings Corporation25

2-5-3 | Shareholder Return Policy
The basic policy is to return profits to shareholders through dividends by balancing business growth and financial discipline.
Buybacks will be considered and implemented based on the status of cash flow, share price, and other factors.

TSR (Total Shareholder Return)
Change with Apr.1.2013 as 100 (Apr.1.2013 – March.31.2024)
600

Shareholder Return Policy

602

March.31.2024

FUJIFILM Holdings

1

Maintain balance between business growth andfinancial discipline

2

The basic policy is to return profits to shareholders
through stable and continuous dividends.

3

Target payout ratio of 30%.

4

Share buybacks are considered and implemented
based on the status of cash flow status, stock priceand other factors.

TOPIX (Chemicals)
300

TOPIX

100

Apr.1.2013
0
March
2013
2013/32017/3March
20172021/3March
2021

Management that is conscious of Cost of Capital and Stock Price
FUJIFILM Holdings Corporation26

2-5-4 | Implement Management That Is Conscious of Cost of Capital and Stock Price
By transforming the business portfolio and improving profitability and efficiency through previous medium-term plans,
P/B (Price to book ) Ratio raised to a stable level above 1.0x

Market Price
Shareholder’s equity(Trillion yen)P/B (Price to Book) Ratio

1.5

4.5

ROE｜ROIC

P/E (Price to Earnings) Ratio

P/B
Ratio
20.0

10.0%

ROE

8.0%
1.0

3.0

6.0%

WACC (5-6%)

15.0

ROIC

4.0%

0.5

1.5

2.0%
0.0

0.0
FY2012Market Price

FY2020shareholders' equity

10.0

FY20230.0%
FY2012

FY2020

FY2023

FY2012

FY2020

FY2023(forecast)

P/B Ratio

P/B Ratio have mostly remained above 1x sincearound 2018
Stable financial base due to increasing trend of
shareholders' equity



P/E Ratio has been hovering around 16x, theaverage of the TSE prime market.



ROE is on an upward trend and have exceeded
8% during VISION2023.
ROIC remains above WACC (weighted average
cost of capital: 5-6%) as a hurdle rate.
FUJIFILM Holdings Corporation

27

02-6

New Medium-term Management Plan "VISION2030”

Healthcare

Electronics

Strategy by Businesses

Business Innovation

Imaging

FUJIFILM Holdings Corporation28

2-6-1 | Healthcare – Medical Systems▍ Medical Systems
Long-termcompetitiveenvironment& Major Risks

 Shift to focusing on "prevention, early diagnosis, and early treatment" as a means of curbing the escalating medical expenditure Increased need for operational efficiency in hospital management against a backdrop of physician shortages
 Intensifying price competition in each product line due to the addition of emerging manufacturers to existing competitors〉 Basic Strategies and Actions
 Wide range of equipment lineup and deepening of IT and AI technology to enhance our presence••

In addition to clinical value, create products and services that contribute to solving challenges in medical setting, such as providing
workflow support
Differentiation through solution proposals based on IT/AI and linkage with other equipment, rather than on stand-alone devices

 Expand recurring business leveraging IT and AI technology•

In the next three years, focus on accelerating IT implementation of various equipment and expand our market share, which will serve
as earning base for our recurring business Acceleration of business in health checkup••

Expansion of existing business in health checkup
Expand NURA, a health checkup center focusing on cancer screening, to 100 locations worldwide, mainly in emerging countries

FUJIFILM Holdings Corporation29

2-6-1 | Healthcare – Bio-CDMO▍ Bio-CDMO
Long-termcompetitiveenvironment& Major Risks

 As market of antibody drugs is growing (CAGR+8%), backed by strong investment by pharmaceutical companies,
CDMO companies are required to have ample supply capacity and high productivity
 In addition to supply capacity, "track record" and "trust" are important to be selected for outsourcing in competitive environment
 Expanding needs for next-generation drugs (ADCs, bispecific antibodies, CGTx) and drug formulations with future growth potential〉 Basic Strategies and Actions

 “Partners for Life" Strategy••

Providing end-to-end services that support a wide range of pipelines from early development to commercial production
Quick tech-transfer and respond to regulatory requirements and agility to meet fluctuating demand, backed by ample supply capacity
Build track record and trust, and as a “Trusted Partner," deliver cutting-edge biopharmaceuticals to more patients more quickly and with reliable quality

 Building and Optimizing production structure to meet growing demand••

Large scale facilities:- Additional investment in Holly Springs, North Carolina, U.S. (8 tanks: scheduled to start operation in 2028), one of the largest sites for antibody drugs in North America- Expanding capacity by cloning existing highly productive facilities at a faster speed than other companies (KojoX)
Small to Medium scale facilities:- Establishment of a production organization capable of meeting demand fluctuations (Restructuring, Conversion of facilities to antibody drugs)

 Development of next-generation technologies that will lead to sustainable growth••

Continuous Production System (continuous production of APIs from culture to purification):- Productivity improvement by applying N-1 Perfusion (20,000 L) , Application of next-generation production technology (500-2,000 L)
ADC (Antibody-Drug Conjugate):- Start of end-to-end CDMO service in Japan (Toyama), including antibody, conjugation, and drug formulation (scheduled for 2026)
FUJIFILM Holdings Corporation30

2-6-1 | Healthcare – Bio-CDMO▍ Bio-CDMO

8 x 20,000L tanks

Aim to achieve 700 billion yen in revenue, with the contribution of new additional facilities in North Carolina, U.S., which will start operation in FY2028.
Achieve stable and high profitability by increasing the rate of large tanks. Free cash flow of Bio-CDMO business is expected to turn positive in FY2027.

700 .0

Revenue｜ EBITDA Margin * ｜ Free Cash Flows (Illustration)

Bln yen
FY2030
Revenue

Approx.
40%

Bln yenFY2026
Revenue

Latter half of
20% range

Approx200 .035.0%

Antibody
drug

20%.

FY2023
Revenue

FY2023 to FY2030
Revenue

Mid
Teens

CAGR

Small
To MidRecombinantProtein

5.0%

CGTx andothers

FY2023

FY2024FY2025

Build an Earning Base

FY2026FY2027

FY2028Denmark | 2nd Phase[8 units]

NC, USA | 1st Phase
FY2025-[8 units]

Denmark |1st Phase
FY2024-[6 units]

Denmark |Existing[6 units]

FY2029FY2030Capacity for
antibody drugs(FY2023→FY2030)(FY2023→FY2030)

Less than

140kL

Less than

Above

50%

70

750

%

kL

EBITDA Margin

15.0%

0

FY2022

NC, USA | 2nd Phase [8 units]
FY2028Y2026-

25.0%

Bln yen

EBITDA
marginLarge

355 .50New

Revenue ratioof Large facilities

Add

Add

Newly added

Newly added-ADC conjugation-mRNA(FY2030)

Approx.

40%+
Decrease Volatility

Expand Profit

Bio-CDMO business free cash flow -5.0%• Turned into Positive in FY2027*EBITDA margin excludes one-time impact (e.g., inventory write-downs in FY23 and reforming cost in FY24)

FUJIFILM Holdings Corporation31

2-6-1 | Healthcare – Bio-CDMO▍ Bio-CDMO
Build an Earning Base (FY24-26) : Smoothly launch new large facilities. Structural reforms of small to mid- facilities in FY24 to rebuild the earnings base.
Expand Profit(FY27-30) : Expand large scale tanks operations. Reap profits in line with demand recovery and the growth of new modalities for small to mid-facilities.

Modality

MarketBuild an Earning Base
(FY24-26)

Strategy

Expand Profit(FY27-FY30)

Ilustration of EBITDA Margin Trends*excludes one-time expense(e.g., inventory write-downs in FY23 and reforming cost in FY24)

Expand productivityof new facilities

Large
Scale

Antibody drugs(mAb)(≥20,000ℓ)

Strong demand continues• Outsourcing to CDMO isincreasing.
• Launch of new pipelines.

Smooth Launch of
new facilities

Large
Scale

Launch of new
facilities in U.S.

Latter half of
20% range(20,000 L x 8 tanks)

Antibody drugs(mAb)

Optimization to meetfluctuating demand(≦5,000ℓ)

Small
to MidScale

RecombinantProtein
Gene
Therapeutics(GT)
Cellular
Therapeutics(CT)

Stagnation caused by biotech
funding issue is expected befully recovered in the late
2020s.

• Cost reduction by
restructuring• Conversion of tank
(GT to mAb)
• Reinforcement ofcommercial Production（Additional 5KL tanks in UK)

Investment for longterm market growth

Expand earnings in linewith market expansion
and regrowth

Total

Approx.
40%

Mid
Teens

• Capacity expansion to meetclinical and early-stage
demandSmall to• End-to-End ADC service
Mid- Scale
Upfront cost
Reap profit centered(starting in Japan)
for new facilities
on Large Scale tanks• Development towardapplication of Continuous
FY22 FY23 FY24 FY25 FY26 FY27
FY30
Production Technology
Improve profit by
Build anExpandEarning Base
Profitacquiring new customers

FUJIFILM Holdings Corporation32

2-6-1 | Healthcare - Life Sciences▍ Life Science
Long-termcompetitiveenvironment& Major Risks

 Driven by high-growth biopharmaceutical demand, materials for drug discovery support and drug manufacturing also continue to grow
 Differentiation and gaining a competitive advantage by providing solutions combining iPS cells, cell culture media, and reagents and by
developing distinctive products Intensifying competition in cell culture media for antibody drug production as purchasing from multi-supplier is increasing〉 Basic Strategies and Actions
 “Partners for Life" Strategy••

Create solutions that contribute to drug discovery, drug manufacturing, and healthcare with iPS cells, culture media, and reagents
Become a “Trusted Partner” by pursuing satisfaction of a broad customers including pharmaceutical companies, biotech, and academia

 iPS cells : Supporting the cell therapy drug pipeline from the discovery and research stage•

Earn milestone royalty income in line with the progress of development by providing and licensing iPS cell lines,
while simultaneously build up iPS cells CDMO business with accumulating a track record through contracted development

 Cell Culture media: Stabilize product supply by expanding production sites and strengthening supply chain••

Growth and profitability improvement through timely capital expenditure to increase production capacity, especially for antibody drug
Expand production site in areas closer to customers to achieve stable supply along with a stronger supply chain structure Drug Discovery Support Materials: Focus on next-generation modalities•

Strengthen product development and customer service for next-generation cell and gene therapies
FUJIFILM Holdings Corporation33

2-6-2 | Electronics - Semiconductor Materials▍ Semiconductor Materials
Long-termcompetitiveenvironment& Major Risks

 Market growth for semiconductors supporting DX/AI technology will continue at a CAGR of +7% from 2023 onward In addition to miniaturization, technology evolution in the back-end process for integrating multiple chips is accelerating
 Increased geopolitical risks in terms of economic security〉 Basic Strategies and Actions
 Strengthening the supply chain network for global customers and winning business in advanced nodes•••

Aggressive investment in response to expansion by major semiconductor manufacturers in the U.S., Europe, and Asia
Expanding business through one-stop solutions, as well as acquiring business with advanced EUV based on our strengths in CMP slurries
and NTI developer solutions, which have a high market share, and introduce new materials for Beyond EUV lithography
Execution of PMI for the process chemical business acquired in 2023 and leverage connections with customers in our existing materials

 Responding to geopolitical risks and launching/expanding business in emerging markets••

Supply chain networking considering geopolitical risks
Early entry and business development into emerging markets

 Develop high value-added products by leveraging our broad portfolio and technologies••

Launch of back-end material products and businesses utilizing front-end material technology
Accelerate development of new materials and technologies for image sensors
FUJIFILM Holdings Corporation34

2-6-2 | Electronics - Semiconductor Materials▍ Semiconductor Materials
Revenue of Semiconductor Materials

500.0

Bln yen

FY2030300.0

Bln yenFY20261

2

RobustGlobalSupply Chain

Line-up covering
a wide range ofprocesses

240 .0Bln yenFY202414％

CAGR(FY2023→FY2030)

Become the world's most trusted partner insemiconductor materials

FY2021

FY2023

FY2024FY2026

FY2030

FUJIFILM Holdings Corporation35

2-6-2 | Electronics – Display Materials and others▍ Display Materials and Other Electronics Materials
Long-termcompetitiveenvironment& Major Risks

 Materials are required to support the explosion of communication volume and changes in energy infrastructure,in addition to the development of Human Machine Interface (HMI) which connect the real world and cyber space The ability to foresee changes in the market and technology, and to promptly and consistently propose new materials that addresssocial problems, is considered important.

〉 Basic Strategies and Actions
Propose new materials that meet customer needs by reorganizing department to be more market-oriented

 Addressing the Development of Human Machine Interface (HMI)••

Promoting business in growth markets such as anti-reflective materials for OLED, which is expanding in smartphones and IT, touchsensor materials and light-emitting layer materials
Increase presence in the industry by proposing new materials (e.g. Materials for High-definition color filters, Thin-layer optical films, Reflective films forhead-up displays) to manufactures for micro-OLED, AR/VR and mobility, which are expected to be the next generation HMI, and assist themin problem-solving

 New businesses in Telecommunications and Energy market•

Based on core technologies such as Flow synthesis, High-purity liquefaction, Optical control using liquid crystals, etc., we propose todevelop and implement new materials (e.g. Materials for separation and recovery of rare metal*) using our customer base that we havecultivated in the telecommunications (e.g. Data center archives) and energy business areas* Materials for separation and recovery of rare metal: Low molecular materials to recover rare metals such as cobalt from waste Lithium-ion batteries.

FUJIFILM Holdings Corporation36

2-6-3 | Business Innovation▍ Business Innovation
Long-termcompetitiveenvironment& Major Risks

 Print volumes on MFPs and printers are downwards due to digitization and hybrid work, although decline in A3 color is moderate due to replacementfrom monochrome *MFP : Multifunction Printer While the need for DX is increasing, SME customers are facing challenges due to a lack of resources, resulting in a delay in achieving DX
 In commercial printing, demand for large-volume (analog) printing, monochrome printing, etc. will decline, while demand for high-mix, small-lot (digital)
printing and color printing will increase, leading to greater needs for high-speed digital printing and DX. Also demands for commercial printing, such asheads for inkjet printers for package printing (flexible packaging, labels, etc.), and water-based pigment inks and colorants for food safety are increasing〉 Basic Strategies and Actions● Become a solution partner supporting the digital shift of every customer,
starting with the best devices for the environment and sustainable customer service•

Managed as a "Printing & Solutions" business through integration of Graphic Communications into Business Innovation, as the only
solution provider covering all areas from office to commercial (analog and digital) and industrial printing•

For customers in a wide range of fields including office, commercial, and industrial printing, we offer a lineup of xerography and inkjet
technologies, as well as device and DX solutions based on the synergy and our ability to solve challenges in customers•

Improve profitability of Graphic Communication and shift its position in the portfolio from “Value reconstruction” to “Earning base”,
by leveraging our strong domestic market share and customer base, enhancing cash generation of Analog printing business whichhave lean structure by streamlined global production line, and investing in digitalization for commercial printing•

Business alliances with other companies to further strengthen business infrastructure by common procurement of raw materials andcomponents, and building toner development and production supply systems

Leveraging further group synergies•••

Sales synergies through mutual utilization of channels and customer bases by integrating BI and GC
Strengthen competitiveness through integrated development by bringing together the technologies and know-how of BI and GC
Expand sales of digital printing presses for the photo industry through joint development with Imaging* BI : Business Innovation , GC: Graphic Communications

FUJIFILM Holdings Corporation37

2-6-3 | Business Innovation▍ Business Strategies〉 Business Solutions

 While growth in "IT/Business solutions" centered on new in-house solutions (IT Expert Services, FUJIFILM IWpro, etc.) for SMEs, expand
the "ERP solutions" based on D365 to acquire a new earning base
 Provide new value to customers, by supporting business optimization based on the data accumulated through each solutions〉 Office Solutions
 Focus on A3 color with top-level market share. Maintain and improve revenue
and operating income with prioritizing environmental friendliness, reinforcementof production base, and sales productivity

Revenue and Operating Margin

Revenue(bln yen)

14,0001,400
Above Commencement of new distribution of our MFP by leading distributors in Europe

10％
Business Solutions

10.0%〉 Graphic Communications
 In response to the decline in demand for analog printing, already streamlined the
production lines for plate materials. Improve profitability by concentrating on
expanding sales of the high value-added Processless Plate* Investment in digital printing/DX for the growing market of commercial printing, andprovision of device and DX solutions to support the digital shift from analog to digitalprinting for analog plate customers

OPM

7.1%
6.0% 6.1%

Revenue Build an earning base and generate further cash through revision of sales price andrestructuring of low-profit products

Office Solutions
5.0%

Graphic Communication

0.0%

0

*Processless Plate:
No development process is required, which reduces workload and costs, and is environmentally friendly(no developer solution is used and no waste liquid is produced).

FY22

FY24

FY26

FY30

FUJIFILM Holdings Corporation38

2-6-4 | Imaging▍ Imaging
Long-termcompetitiveenvironment& Major Risks

 Diversification of photographic and visual expressions, products and solutions due to technological progress, changes in the social
environment and changes in user awareness and behavior
 Increased demand for realistic communication, analogue sensibilities, surprises and overwhelming emotions that resonate with thenatural human sensibility
Possible Changes ｜CPS (Cyber Physical System) penetration, Ultrafast and Multiple-connected network society, AR/VR becoming a tool for daily life,
Image generation through AI, Evolution and diversification of imaging devices, Fusion of photo and printing〉 Basic Strategies and Actions
 Growth of INSTAX/ Digital Cameras as a revenue driver
INSTAX: Promote the use of devices and services, and encourage users to print films‒ Expand the customer base by continuously launching attractive and unique products that combine analog taste with digital technology‒ Capture demand at events and in BtoB space‒ Increase loyal customers by marketing DX and enforcing direct user communication• Digital Cameras: Increasing market presence by establishing a unique position‒ Reinforces the two-line strategy of the compact, lightweight “X Series” and the large-format, highest image quality “GFX Series”‒ Expand user base with our unique color imaging technology (film simulation) and wider coverage of photography categories and image
expressions•

 Expand growth in new BtoB areas•

Create new businesses and solve social issues by combining technological assets, unique devices, and expertise in imaging
Market expansion of new products ("Z projector for space production," “Long range surveillance cameras SX series“) using ourimaging and optical device technology‒ Solving social issues through “DX solutions for business-use (inspection, surveillance, photography, etc.) using AI image analysis andsynthesis”‒

FUJIFILM Holdings Corporation

39

FUJIFILM Holdings Corporation

40

New Medium-term Management Plan "VISION2030”

Appendix

FUJIFILM Holdings Corporation

Appendix-1 | Full year forecast for FY2023 (as of April 17 2024)▍ Revenue by Business(Billions of yen)

FY2023
Revised forecast(As of 2024/4/17)

FY2023
Previous forecast(As of 2024/2/8)

FY2022
ActualChange fromprevious year

Change fromprevious forecast

928.6

970.0

975.0

46.4

+5.0%

5.0

+0.5%

Medical Systems

621.8

650.0

660.0

38.2

+6.1%

10.0

+1.5%

Bio CDMO

194.2

195.0

200.0

5.8

+3.0%

5.0

+2.6%

LS Solutions

112.6

125.0

115.0

2.4

+2.1%

-10.0

-8.0%

682.0

687.0

687.0

5.0

+0.7%

-

-

Electronics

180.6

195.0

200.0

19.4

+10.7%

5.0+2.6%

Display Materials

70.1

75.0

75.0

4.9

+7.0%

-

-

Other Advanced Materials

89.3

90.0

85.0

-4.3

-4.8%

-5.0

-5.6%

Graphic Communication

342.0

327.0

327.0

-15.0

-4.4%

-

-

Business Innovation

838.1

830.0

830.0

-8.1

-1.0%

-

-

Office Solutions

555.5

535.0

530.0

-25.5

-4.6%

-5.0

-0.9%

Business Solutions

282.6

295.0

300.0

17.4

+6.2%

5.0

+1.7%

5.0

+1.1%

Healthcare

Materials

410.3

463.0

468.0

57.7

+14.1%

Imaging
Consumer Imaging

266.9

298.0

298.0

31.1

+11.7%--

Professional Imaging

143.4

165.0

170.0

26.6

+18.5%

5.0+3.0%

2,859.0

2,950.0

2,960.0

101.0

+3.5%

10.0

0.3%

136 yen141 yen

144 yen
155 yen

145 yen
157 yen+9 yen+16 yen

Total
Exhange Rates
USD
EUR+1 yen+2 yen
FUJIFILM Holdings Corporation

42

Appendix-2 | VISION2030 : Revenue by Business▍ Revenue by Business(Billions of yen)

FY2023
Revised forecast(As of 2024/4/17)

Healthcare

Change fromprevious year

FY2024VISION2030

FY2026VISION2030

975.0

1,010.0

35.0

+3.6%

Medical Systems

660.0

670.0

10.0

+1.5%

710.0

Bio CDMO

200.0

215.0

15.0

+7.5%

355.0

LS Solutions

115.0

125.0

10.0

+8.7%

135.0

470.0
300.0

Electronics

1,200.0

360.0

410.0

50.0

+13.9%

Semiconductor Materials

200.0

240.0

40.0

+20.0%

Display Materials

75.0

83.0

8.0

+10.7%

90.0

Other Electronics Materials

85.0

87.0

2.0

+2.3%

80.0

Business Innovation

1,157.0

1,200.0

43.0

+3.7%

1,275.0

Business Solutions

300.0

330.0

30.0

+10.0%

380.0

Office Solutions

530.0

530.0

-

-

525.0

Graphic Communication

327.0

340.0

13.0

+4.0%

370.0

505.0

Imaging

468.0

480.0

12.0

+2.6%

Consumer Imaging

298.0

295.0

-3.0

-1.0%

310.0

Professional Imaging

170.0

185.0

15.0

+8.7%

195.0

2,960.0

3,100.0

140.0

+4.7%

3,450.0

145 yen
157 yen

140 yen
150 yen-5 yen-7 yenTotal
Exhange Rates
USD
EUR* Graphic Communications business has been reclassified from the "Electronics" segment to the "Business Innovation" segment.
In conjunction with this reclassification, information for FY2023 has been restated.

140 yen
150 yen
FUJIFILM Holdings Corporation

43

Appendix-3 | VISION2030 : ROIC and Depreciation▍ ROIC(Billions of Yen)FY2023
Revised forecast(As of 2024/4/17)

FY2024VISION2030

FY2026VISION2030

Healthcare

3.6%

3.7%

4.1%

Electronics

7.0%

8.2%

9.3%

Business Innovation

4.8%

5.0%

6.7%

Imaging

40.8%

39.3%

37.2%

5.6%

5.4%

5.8%

*ROIC per segment = NOPAT/(Working capital + Fixed assets)

Total*Group-wide ROIC＝NOPAT/(Interest-bearing debt + Shareholder's equity)▍ Depreciation(Billions of Yen)FY2023
Revised forecast(As of 2024/4/17)

FY2024VISION2030

FY2026VISION2030

Healthcare

57.0

63.0

108.0

Electronics

26.0

33.0

41.0

Business Innovation

49.0

54.0

66.0

Imaging

14.0

17.0

21.0

Corporate Expenses & Elimination

5.0

6.0

7.0

151.0

173.0

243.0

Total

* Graphic Communications business has been reclassified from the "Electronics" segment to the "Business Innovation" segment.
In conjunction with this reclassification, information for FY2023 has been restated.

FUJIFILM Holdings Corporation

44

Appendix-4 | VISION2030 : Capital Expenditure and R&D Expense▍ Capital Expenditure and R&D Expense (FY2024～FY2026)(Billions of yen)

Capital expenditure

R&D expenses

Total

Healthcare

863.0

186.0

1,049.0

Electronics

180.0

97.0

277.0

Business Innovation

198.0

164.0

362.0

Imaging

81.0

42.0

123.0

Corporate Expenses & Eliminations

28.0

31.0

59.0

1,350.0520.0

1,870.0

Total

FUJIFILM Holdings Corporation

45

Fujifilm Launches New Medium-Term Management Plan
"VISION2030"
・・・

Fujifilm aims to “VISION2030” setting out the strengthening of Fujifilm Group’s corporate value byprioritizing profitability and capital efficiency in its management approach.
Plans for investment of 1.9 trillion-yen over the next 3 years, FY2024 – FY2026, focusing on
bio-CDMO and semiconductor materials.
Aims to increase revenue by 35% from FY2023 ended March 2024 (forecast), setting 4 trillionyen revenue target and operating profit margin of approx. 15% or over by FY2030, year ending
31 March 2031.

TOKYO, April 17, 2024 ― FUJIFILM Holdings Corporation has formulated its medium-term
management plan, VISION2030, which ends in the fiscal year 2030 ending 31st March 2031(FY2030) for
further enhancing its corporate value by promoting management that emphasizes profitability and capitalefficiency, and to evolve into a company that creates value (more smiles) for various stakeholders as acollection of global top-tier businesses.
“The new Medium-term management plan sets out a crucial strategy for increasing profits, outperforming
the competition, and further enhancing Fujifilm’s global standing as a collection of global top-tierbusinesses” says Teiichi Goto, president and chief executive officer, representative director, FUJIFILM
Holdings Corporation. “With a commitment to further invest in growing our already strong businessportfolio, we will focus on increasing our earnings and ensuring that the new value we create benefitssociety as a whole. Ultimately, our goal is to be a company that brings smiles to the faces of our various
stakeholders, as expressed in our Group Purpose ‘Giving our world more smiles’.”
In VISION 2030, Fujifilm sets the ideal state of the Fujifilm Group in FY2030 as "a collection of global
top-tier businesses that further enhances the corporate value of the Fujifilm Group by promoting
management that emphasizes profitability and capital efficiency, and it change the world step-by-stepand create value (more smiles) for various stakeholders.” To achieve this goal, Fujifilm has prioritized (1)focusing on growth investment and profitability, (2) improving capital efficiency, (3) strengthening R&D
management, and (4) ensuring return on investment, and has formulated appropriate strategies for eachsegment while strengthening its business portfolio management.
In business portfolio management, each business is classified into "earnings base," "growth driver,""new/future potential," and "value reconstruction" based on two axes: market attractiveness and thecompany's profitability. For businesses positioned as "value reconstruction," new strategies will be
formulated and implemented to shift them to "earnings base.” In addition, Fujifilm will invest 1.9 trillion yen
more than the previous medium-term management plan "VISION2023" for growth investment,※1 mainly in"new/future potential" and "growth drivers" such as bio-CDMO and semiconductor materials.

7-3, Akasaka 9-Chome Minato-ku, Tokyo 107-0052, JapanThrough these efforts, it targets revenue of 3,450 billion yen, operating income of 360 billion yen, andnet income attributable to Fujifilm shareholders of 270 billion yen in FY2026. In FY2030, the final year of"VISION2030," it aims to achieve revenue of 4 trillion yen and an operating profit margin of approximately
15%, and in FY2027 and beyond, by shifting from the active investment phase to the profit-making phasein bio-CDMO, it strives to achieve ROE of 10% or higher and ROIC of 9% or higher.
Fujifilm's CSR plan "Sustainable Value Plan 2030" (SVP2030), established in 2017 and targeting the
fiscal year 2030, sets targets in four priority areas, both in terms of "solving social issues throughbusiness" and "considering the environment and society in the business processes". The company aim
to contribute to the realization of a sustainable society by setting targets in the four key areas of"Environment," "Health," "Lifestyle," and "Work style," as well as in "Supply Chain" and "Governance,"
which form the foundation of our business activities. VISION2030 is a concrete action plan to realize thegoals of SVP2030.
Fujifilm celebrated its 90th anniversary by establishing the Group Purpose, "Giving our world more
smiles.” It will continue to provide innovative value to society by executing "VISION2030" with aspirationof employees to realize the Purpose.
1 Total R&D and capital expenditures for FY2024-FY2026.

Outline of the Medium-Term Management Plan "VISION2030"
1. financial targets
Forecast for
FY2024FY2023
Revenue
2,960 billion yen
3,100 billion yen

FY 2026

FY20303,450 billion yen

4 trillion yen

Operating income

277 billion yen

300 billion yen

360 billion yen

Net income attributable
to FUJIFILM Holdings
ROE

240 billion yen

240 billion yen

270 billion yen

OPM 15% or
more
-

8.2%

7.8%

8.1%

10% or more

ROIC

5.6%

5.4%

5.8%

9% or more

CCC

122 days

119 days

112 days-

2. Fujifilm's vision and priorities for 2030
Fujifilm is committed to enhancing its corporate value by focusing on profitability and capital efficiency
in its management approach. Fujifilm will focus its efforts on four priority areas in VISION2030.
(1) Focus on growth investment and profitability
Fujifilm will actively invest in bio-CDMO and semiconductor materials, which are expected to expandin the market and are growth areas and will achieve an operating margin of 10% or more in all
businesses through profit-margin-oriented business operations.
(2) Improvement of capital efficiency
It will focus on ROIC as a KPI to increase the efficiency of capital invested and combine it with ourcapital policy to improve ROE.
(3) R&D Management
It will increase resources to promote the commercialization of research themes in areas close to its
businesses, and in basic research, it will improve the accuracy and speed of commercialization bymore carefully selecting themes that will lead to the creation of new businesses.
(4) Investment returns
It will improve the profitability of the medical diagnostic imaging business acquired from Hitachi, Ltd. in
2021. Synergies will also be realized from the semiconductor process chemicals business acquired
from Entegris in 2023. It will also ensure profit generation through active capital investment in bioCDMO and semiconductor materials.
3. Goals and strategies for each segment
Financial targets and basic strategies have been established for each segment, with FY2026 as themilestone.
(1) Healthcare
Targets for FY2026: Revenue of 1,200 billion yen, operating income of 140 billion yen, and operating
margin of 11.7%.


Medical Systems: By integrating its wide range of medical equipment with AI/IT technology, it will
strengthen its presence and expand its recurring business with AI/IT. By 2030, the company iscommitted to providing products and services with AI technology to all 196 countries in the world
against the backdrop of a shortage of doctors. In addition, it will accelerate its health checkup
business centered on the NURA health checkup center.
 Bio-CDMO: From FY2024 to FY2026, it will smoothly launch new large-scale facilities while building
a flexible production system for small and medium-sized facilities to meet demand. By increasing the
proportion of sales from large-scale facilities, it will achieve stable and high profitability, generating
positive free cash flow on a non-consolidated basis in FY2027, growing to 700 billion yen in sales by
FY2030.
 LS Solutions: In the field of iPS cell, the company will obtain milestone revenues in line with theprogress of cell therapy drug development by providing and licensing cell lines, while building a trackrecord in contract service of process development and establishing a CDMO business using iPS
cells. In the culture media business, it will strive to achieve business growth and improve profitability
through capital investment in line with market demand, mainly for antibody drug production, whilestabilizing product supply by expanding its global production bases and strengthening the supply
chain. It will also strengthen product development and customer service for next-generation cell andgene therapies.

(2) Electronics※2
Targets for FY2026: Revenue 470 billion yen, operating income 70 billion yen, operating margin 14.9%.
 Semiconductor Materials: The company will invest actively in response to the expansion of major
semiconductor manufacturers in the U.S., Europe, and Asia, for winning business in cutting-edge
nodes based on product lines that have high market share and are Fujifilm's strength. In addition, it
will prioritize economic security by building a supply chain network that considers geopolitical risks
and strives for early entry into emerging markets. Leveraging its extensive portfolio and technologies,

it intends to develop high value-added products. It will also accelerate the integration of thesemiconductor process chemicals business acquired in 2023 to create synergies. The target is toachieve sales of 500 billion yen in FY2030.
 Display Materials and others: It will promote business growth in emerging markets, such as antireflective materials for OLEDs, touch sensor materials, and light-emitting layer materials. It aims tooffer a range of new materials to micro-OLED manufacturers, AR/VR manufacturers, and mobility
manufacturers, enabling them to overcome challenges and securing its position as a leader in eachindustry. In addition, it will propose and implement new materials that meet customer needs in thetelecommunications and energy markets by leveraging our core technologies and knowledge.
※2 The graphic communications business was reclassified from "Materials" to "Business Innovation" and the segment name was changed
from "Materials" to "Electronics.”(3) Business Innovation
Targets for FY2026: Revenue of 1,275 billion yen, operating income of 90 billion yen, and operating
margin of 7.1%.
 Business Solutions: The growth strategy will focus on "IT/Operational Solutions," specificallydeveloped for small and medium-sized enterprises (SMEs), while expanding a revenue by offering“ERP Solutions.” In addition, it will strive to create new value by facilitating business optimization
based on the data accumulated in each solution.
 Office Solutions: It will maintain and improve profitability by focusing on the A3 color area, where it
has a leading market share, while further improving sales efficiency as well as strengthening theenvironmental responsiveness and the production base. In addition, Fujifilm's MFPs (Multifunction
printers) will be newly handled by leading distributors in European countries.
 Graphic Communications: To improve profitability in analog printing, it will focus on expanding salesof high-value-added, non-processing plates. In digital printing, it will invest in digital transformation(DX) of commercial printing, a growth market, and allocate resources to develop devices and DX
solutions that meet customers' digital transformation needs.
(4) Imaging
Targets for FY2026: Revenue 505 billion yen, operating income 105 billion yen, operating margin
20.8%.
 INSTAX will continue to introduce attractive new products that combine unparalleled analog value
with the latest digital technology to expand its user base and drive the capture of events and businessdemand.
 In the field of digital cameras, the company will strengthen its presence in the market by further
reinforcing its two-line strategy, namely the "X Series" and "GFX Series.” This will include expanding
the range of shooting and image expression options.
 It will promote the creation of new businesses that address social challenges by integrating its
distinctive technological resources and expertise in imaging. In particular, it will focus on expanding
its presence in the BtoB sector by offering DX solutions based on image processing technology.
For inquiries on information in this news release, please contact:
Media contact:
FUJIFILM Holdings Corporation
PR Group, Corporate Communications Division, Tel: +81 3-6271-2000