CEO Briefing: Focus on Tescan differentiated technology

Research evidence excerpt

CEO Briefing: Focus on Tescan differentiated technology

Japan | Precision Equipment

Shimadzu EquityJulyResearch14, 2026

ESTIMATE CHANGECEO Briefing: Focus on Tescan differentiated

RATING BUYtechnology

PRICE ¥4,140^

Shimadzu held a CEO briefing on 13 Jul. The main topic was

TESCAN (acquisition completed on 10 Jul). TESCAN possesses distinctive PRICE TARGET | % TO PT ¥5,500 | +33%

technologies and products, and is expected to contribute to future 52W HIGH-LOW ¥4,540 - ¥3,229

growth. Alongside the development of TESCAN’s business, with respect to FLOAT (%) | ADV MM (USD) 78.7% | 40.85

Shimadzu’s earnings, continued attention will be paid to growth strategy MARKET CAP ¥1.2T | $7.6B

progress in the healthcare field. TICKER 7701 JP ^Prior trading day's closing price unless otherwise

noted.

Shimadzu held a facility tour on 13 Jul of the Shimadzu Tokyo Innovation Plaza, located near

Haneda Airport. At the same time, CEO Yasunori Yamamoto hosted a sell-side analyst briefing.

FY (Mar) CHANGE TO JEFe JEF vs CONS

The briefing focused mainly on the strengths and future development of TESCAN, for which

acquisition procedures were completed on 10 Jul. During the facility tour, Shimadzu’s mainstay 2026 2027 2026 2027

products, including chromatographs and mass spectrometers, were showcased, along display REV NA NA NA NA

of working models of TESCAN’s instruments. TESCAN is a Czech manufacturer of electron EPS -4% -4% -2% -5%

microscopes. The acquisition price was US$711mn (¥115.2bn). Shimadzu announced the

acquisition agreement on 25 Dec 2025. According to disclosure at that time, TESCAN’s 2026 (¥) Q1 Q2 Q3 Q4 FY3

projected 2025 sales were $193mn (+11% YoY) and EBITDA $38mn (+$2.0mn YoY), for an EPS -- -- -- -- 191.80

EBITDA margin of 20%.