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Overview

Precision Instruments

Tamron Co.,Ltd.

Tamron is a comprehensive optical manufacturer producing interchangeable lenses for mirrorless and DSLR cameras, surveillance and FA/machine vision lenses, and optical components for automotive, medical, and drone applications. The company serves both consumer and business markets, offering products across three segments: Photo (camera lenses), Surveillance & FA (security cameras, machine vision, video conferencing), and Mobility & Healthcare (automotive cameras, medical lenses, and other optical devices). Tamron's competitive strengths lie in its proprietary optical technology platform and broad application coverage spanning consumer imaging to industrial and emerging healthcare markets.

Activists: Effissimo Capital Management Pte. Ltd. 18.90%

Market Cap

¥229B

US$1.46B

¥186B

US$1.19B

Stock¥1,418▼-0.35%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

9.8

LTM EV/EBIT

12.3

LTM PER

20.7

LTM PBR

2.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+9.3%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Oct 23, 25Effissimo Capital Management Pte. Ltd. changed stake (12.04%→13.06%)

2Nov 7, 25Profit-taking after Q2 earnings release

3Dec 10, 25Effissimo Capital Management Pte. Ltd. changed stake (13.06%→14.12%)

4Feb 17, 26Effissimo Capital Management Pte. Ltd. changed stake (14.12%→15.3%)

5Mar 11, 26Effissimo Capital Management Pte. Ltd. changed stake (15.3%→16.34%)

MC → EV Bridge

AI Briefing

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

99%

EquityD/E 0.01xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 61.7%

as of 2026-06-30 · Source: Annual Securities Report

SONY GROUP CORPORATION

15.35%

Suntera (Cayman) Limited as trustee of ECM Master Fund (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

10.76%

The Master Trust Bank of Japan, Ltd. (Trust Account)

9.90%

GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

7.55%

Saitama Resona Bank, Limited

4.92%

Custody Bank of Japan, Ltd. (Trust Account)

4.83%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

3.28%

ARGO GRAPHICS Inc.

2.65%

MUFG Bank, Ltd.

1.27%

Tamron Co.,Ltd. Stock Ownership Association

1.18%

Management

11 officers

Shogo SAKURABA

Representative Director, President

Apr 1981 Joined the Company Jan 2005 Executive Officer, General Manager, Optical Development Division Jan 2008 Senior Executive Officer, General Manager, Optical Development Division Mar 2014 Director Mar 2016 Director, Vice President Aug 2023 Representative Director, President (current)

1958-04-01

Tomohide OKAYASU

Director, Vice President; in charge of Imaging Business Division, Procurement Division and CSR

Dec 2000 Joined the Company Apr 2012 Executive Officer, General Manager, Development and Administration Division Jan 2014 Executive Officer, General Manager, Imaging Business Division Apr 2016 Senior Executive Officer Apr 2017 Senior Executive Officer; Vice Chairman, TAMRON USA, INC. Mar 2018 Director Mar 2023 Managing Director Mar 2025 Director, Vice President (current)

1975-01-30

Katsumi CHO

Senior Managing Director; in charge of Production Division (Aomori Plant, China Plant, Vietnam Plant), Mold Technology Center and Risk Management

Jan 1997 Joined the Company Apr 2010 Executive Officer; Managing Director, TAMRON OPTICAL (FOSHAN) CO., LTD. Apr 2014 Senior Executive Officer; Managing Director, TAMRON OPTICAL (FOSHAN) CO., LTD. Mar 2016 Director Mar 2020 Managing Director Mar 2025 Senior Managing Director (current)

1960-01-07

Makoto OTANI

Senior Managing Director; in charge of Component Equipment Business Division, Special Equipment Business Division, Quality Control Division, Optical Development Center, R&D Technology Center and Information Management

Apr 1984 Joined the Company Apr 2012 Executive Officer, General Manager, Component Equipment Business Division Mar 2015 Executive Officer, General Manager, Special Equipment Business Division Apr 2016 Senior Executive Officer, General Manager, Special Equipment Business Division Mar 2018 Director Mar 2023 Managing Director Mar 2025 Senior Managing Director (current)

1962-01-17

Eriko ISHII

Outside Director

Oct 2004 Registered as attorney-at-law (current) Oct 2004 Joined Mori Hamada & Matsumoto Feb 2011 Registered as attorney in the State of New York Jul 2016 Partner, Shinko Sogo Law Office (current) Dec 2018 May 2019 Jun 2019 Mar 2021 Mar 2021 Oct 2022 Jun 2023 Outside Director (Audit and Supervisory Committee Member), Smart Drive Co., Ltd. (current) Supervisory Officer, Canadian Solar Infrastructure Fund, Inc. (current) Outside Corporate Auditor, Almado Inc. (current) Outside Director, the Company (current) Outside Director (Audit and Supervisory Committee Member), Sun Asterisk Inc. Executive Officer, Ichigo Hotel REIT Investment Corporation (current) Outside Corporate Auditor, Erex Co., Ltd. (current)

1981-01-03

Yasuhiro SHIRAKAWA

Outside Director

Apr 1986 Joined the National Police Agency Jan 2010 Director, International Affairs Division, Secretariat, National Police Agency Apr 2013 Chief, Miyazaki Prefectural Police Headquarters Sep 2014 Director, General Affairs Division, Secretariat, National Police Agency Aug 2015 Deputy Director-General, Secretariat, National Police Agency (International Affairs and Cybersecurity) Sep 2016 Deputy Director-General, Secretariat, National Police Agency (Security Bureau; Tokyo 2020 Olympic and Paralympic Games) Aug 2017 Director-General, Foreign Affairs and Intelligence Department, Security Bureau, National Police Agency Jul 2018 Director-General, Community Safety Bureau, National Police Agency Jun 2020 Corporate Auditor, JR West Real Estate Development Co., Ltd. (current) Jul 2022 Special Advisor, West Japan Railway Company (current) Mar 2025 Outside Director, the Company (current)

1963-06-01

Takashi UEDA

Outside Director (Audit and Supervisory Committee Member)

Apr 1981 Joined The Saitama Bank, Ltd. (now Saitama Resona Bank, Ltd.) May 1997 Branch Manager, Isogo Branch, Asahi Bank, Ltd. (now Resona Bank, Ltd. and Saitama Resona Bank, Ltd.) Jun 2003 General Manager, Tokyo Sales Division III, Resona Bank, Ltd. Apr 2008 General Manager, Saitama Sales Division, Saitama Resona Bank, Ltd. May 2009 Resigned from Saitama Resona Bank, Ltd. Jun 2009 Executive Officer in charge of Metropolitan Area (Block), Resona Bank, Ltd. May 2011 Resigned from Resona Bank, Ltd. Jun 2011 Senior Managing Director, Resona Card Co., Ltd. May 2017 Resigned from Resona Card Co., Ltd. Jun 2017 Executive Officer in charge of General Affairs and Human Resources, and Overseas Business, Fujisash Co., Ltd. Apr 2020 Executive Officer in charge of Group Internal Control and Audit, Fujisash Co., Ltd. Jun 2020 Director, Fujisash Co., Ltd. May 2021 Executive Officer in charge of Management Administration, Group Internal Control and Management Division, Fujisash Co., Ltd. Jun 2021 Managing Executive Officer in charge of Management Administration, Group Internal Control and Management Division, Fujisash Co., Ltd. Mar 2023 Corporate Auditor, the Company Jul 2023 Representative Director, Management Support Consulting Co., Ltd. (current) Mar 2024 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1957-05-15

Akira OKABE

Director; in charge of Administration Division, Management Strategy Division and Compliance

Apr 1989 Joined Mitsui & Co., Ltd. Mar 2009 Director, General Manager of Finance Management Department, Mitsui & Co. Indonesia Dec 2012 Head of Accounting, Financial Management Division 3, Mitsui & Co., Ltd. May 2017 Representative Director and CFO, Cassette Pon Sugar Co., Ltd. Mar 2022 Director, Vice President, CFO and CCO; General Manager, Financial Management Division, Mitsui & Co. Agro Business Ltd. Jan 2025 Mar 2026 Joined the Company; Executive Officer, Assistant to the President; Director (current)

1964-11-08

Hiroshige NOZAKI

Outside Director

Apr 1986 Joined The Saitama Bank, Ltd. (now Saitama Resona Bank, Ltd.) Jun 2000 Resigned from Asahi Bank, Ltd. (now Resona Bank, Ltd.) Jul 2000 Senior Analyst, Equity Research, ABN AMRO Securities (Japan) Ltd. Oct 2001 Head of Equity Research and Senior Analyst, HSBC Securities (Japan) Ltd. May 2004 Apr 2013 Managing Director, Equity Research, Citigroup Securities Co., Ltd. Apr 2015 Visiting Professor, Graduate School, Chiba University of Commerce Apr 2018 Professor, Faculty of Sociology, Kyoto Bunkyo University Dec 2025 Mar 2026 Professor, Faculty of International Studies, Toyo University (current) Member, Subcommittee on Asset Management Nation Promotion, Japan Growth Strategy Council, Cabinet Secretariat (current) Outside Director, the Company (current)

1963-12-14

Kayoko NISHIMURA

Outside Director (Full-time Audit and Supervisory Committee Member)

Jul 1991 Vice President, Financial Management, Equity and Bond Management Accounting, Credit Suisse Financial Products Securities (Japan) Ltd. (now UBS Securities Japan Co., Ltd.) Jul 2000 Director, Equity Management Accounting, Barclays Capital Securities Ltd. (now Barclays Securities Japan Ltd.) Jun 2001 Executive Director, Asia Pacific Equity Management Accounting, Lehman Brothers Securities Ltd. Jun 2006 Head of Asia Pacific Equity Accounting, Lehman Brothers Securities Ltd. Oct 2008 General Manager, Global Finance Division, Nomura Holdings, Inc. Jan 2018 Managing Director, Head of Finance, Citigroup Securities Co., Ltd. and Citibank, N.A., Tokyo Branch; Director, Citigroup Securities Co., Ltd. Mar 2026 Outside Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1960-08-03

Akira YOKOTA

Outside Director (Audit and Supervisory Committee Member)

Apr 1985 Joined Mitsui Trust Bank, Limited (now Sumitomo Mitsui Trust Bank, Limited) Oct 2007 General Manager, Human Resources Department, Chuo Mitsui Trust Bank, Limited (now Sumitomo Mitsui Trust Bank, Limited) Jul 2011 Executive Officer, General Manager, Human Resources Department, Sumitomo Mitsui Trust Bank, Limited Apr 2012 Executive Officer, General Manager, Human Resources Department, Sumitomo Mitsui Trust Bank, Limited Apr 2015 Executive Officer, Sumitomo Mitsui Trust Bank, Limited Apr 2017 Managing Executive Officer, Sumitomo Mitsui Trust Bank, Limited Apr 2021 Senior Managing Executive Officer, Sumitomo Mitsui Trust Bank, Limited Aug 2021 Vice President and Representative Director, UBS SuMi TRUST Wealth Management Co., Ltd. Jun 2024 Mar 2026 Standing Corporate Auditor, Sumitomo Mitsui Trust Panasonic Finance Co., Ltd. (current) Outside Director (Audit and Supervisory Committee Member), the Company (current)

1962-04-03

Large Shareholding Reports