Ricoh: Management Meeting Takeaways

Research evidence excerpt

Ricoh: Management Meeting Takeaways

Update

May 18, 2026 10:34 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MRicoh (7752) | Japan Mie Yamazaki

Equity Analyst

Management Meeting Mie.Yamazaki@morganstanleymufg.com +81 3 6836-8899

Takeaways

Key Takeaways Ricoh (7752.T, 7752 JT)

F3/27 guidance positions growth in Office Services (WPS) stock-based GP as a Precision Instruments | Japan

KPI, and aims for SIF development and increased transactions per customer. Stock Rating Equal-weight

Industry View In-Line

In WPS, improving profitability in Europe/Americas will be key, with the focus on Price target ¥1,300

Shr price, close (May 18, 2026) ¥1,443

synergy with acquired subsidiaries. In the Americas, the plan is to improve Mkt cap, curr, basic (bn) ¥821.4

business efficiency through digitalization of labor-intensive Business Process Avg daily trading value (bn) ¥3.5

Services (BPS).

Ricoh is not optimistic on the office printing business environment, but aims to

secure earnings through control of variable costs (operating costs).

Ricoh plans to foster several retained businesses following restructuring during

the last mid-term plan as new businesses, planning earnings contributions from

perovskite solar cells and inkjet products in 4-5 years' time.

Management indicated the possibility of additional share buybacks this F3/27

aimed at improving ROE.

Management meeting: Ricoh held a small sell-side meeting headed by CEO Oyama

and CFO Kawaguchi during which the company's thoughts behind F3/27 guidance

were discussed.

Our take: The content was broadly in line with the company's past explanations, so

we envisage neutral implications for shares. We think it will likely take time for

earnings conviction to build for Office Services and Office Printing. We reconfirmed