Earnings Presentation（transcript attached)

Earnings of Q2 FY2021

November 4, 2021

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.

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Performance Highlights for H1 FY2021

■Consolidated Performance in H1 FY2021	(Billions of yen)
			Actual	Change from	Change from
			FY2020 H1	FY2019 H1
	Revenue		1,205.1	+20.8%	+6.4％
	Operating Income		107.9	+91.0%	+17.2%
	Net Income	Record	96.3	+42.4%	+57.4%
	Attributable to
	high
	FUJIFILM Holdings

• Revenue and operating income rose significantly, driven by steady recovery from COVID-19 impact and organic growth of the healthcare and electronic materials businesses.
• Highest ever quarterly net income attributable to FUJIFILM Holdings. This was due to an increase in operating income and valuation gains on investment securities resulting from the IPO of an advanced biotechnology company in which we had invested.

■ Full-year Forecast for FY2021			(Billions of yen)
		Previous		Current	Change
		forecast*		forecast
	Revenue	2,500.0			2,510.0	+10.0
	Operating Income	200.0		Record	220.0	+20.0
				high
	Net Income	160.0			175.0	+15.0
	Attributable to
	FUJIFILM Holdings
		*Previous forecast: Announced on August 13, 2021
 Full-year forecast has been revised upward reflecting strong H1 performance. We aim to achieve highest
ever operating income of ¥220.0 billion.
 Annual dividends will be raised by ¥10 to ¥110, marking the 12th consecutive annual increase.	1

I will explain the performance of FUJIFILM Holdings for the first half of the fiscal year ending March 2022.

Revenue amounted to ¥1,205.1 billion and operating income amounted to ¥107.9 billion.

Revenue and operating income rose significantly year-over-year, driven by steady recovery from the impact of COVID-19 pandemic situation and organic growth of the healthcare and electronic materials businesses in particular. Revenue and profits were higher even compared to the first half of FY2019, prior to the outbreak of the COVID-19 pandemic, which means that each business succeeded in boosting performance by taking preemptive measures based on its own situation.

Net income attributable to FUJIFILM Holdings reached a record high for the second consecutive quarter at ¥96.3 billion. In addition to steady recovery of performance from the impact of COVID-19 pandemic situation and strong growth of the healthcare and advanced materials businesses, valuation gains on investment securities recorded in the first quarter resulting from the initial public offering (IPO) of an advanced biotechnology company in which we had invested contributed to higher results.

Full-year forecast has been revised upward from the previous forecast reflecting strong first half performance, with revenue, operating income and net income attributable to FUJIFILM Holdings each revised upward from the previous forecast by ¥10.0 billion to ¥2,510.0 billion, a record high of ¥220.0 billion and ¥170.0 billion respectively.

In September 2021,we announced the transfer of the radiopharmaceutical business to PeptiDream Inc. We expect a gain on sale of approximately ¥10.0 billion, which is included in the upward revision of the full-year forecast.

Annual dividends will be raised by ¥10 to ¥110, marking the 12th consecutive annual increase.

Thank you. That's all from me.

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Consolidated Performance in H1 FY2021

(Apr. 2021 - Sep. 2021)

(Billions of yen)

							H1
		FY2020		FY2021	Change	Impact of		Constant-
			exchange rate		currency basis
Revenue	997.4	1,205.1	207.7	37.4		170.3
100.0%			100.0%	+20.8%			+17.1%
Operating Income	56.5			107.9	51.4	10.0		41.4
5.7%			9.0%	+91.0%			+73.3%
Income before	99.6			129.9	30.3	12.8		17.5
	Record
Income Taxes	10.0%		high	10.8%	+30.5%			+17.6%
Net Income Attributable to	67.6				96.3	28.7	8.9		19.8
	Record
FUJIFILM Holdings	6.8%		high		8.0%	+42.4%			+29.2%
Net Income Attributable to	¥169.12	¥240.55	¥71.43
FUJIFILM Holdings per Share
								Other factors of change (YoY):
Exchange	US$/￥	¥107			¥110	¥3
Rates	€/¥	¥122			¥131	¥9	Impact of raw materials prices on operating
		income: -¥8.9 billion
										2

In the first half of the fiscal year ending March 2022, revenue increased by 20.8% year-over-year to ¥1,205.1 billion and operating income increased by 91% year-over- year to ¥107.9 billion.

Income before income taxes surged 30.5% year-over-year to a record high for a first half of ¥129.9 billion, due mainly to valuation gains on investment securities resulting from the IPO of Century Therapeutics Inc., which develops next-generation immunotherapy agents for cancer treatment using allogeneic iPS cells, recorded in the first quarter.

Net income attributable to FUJIFILM Holdings for the first half also reached a record high, increasing 42.4% year-over-year to ¥96.3 billion.

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Consolidated Revenue and Operating Income by

Operating Segment

						(Billions of yen)
Revenue		H1	Change	Constant-currency
	FY2020	FY2021	basis
Healthcare		248.1	375.6	127.5	(+51.4%)	116.7	(+47.1%)
Materials		271.2	306.4	35.2	(+13.0%)	25.9	(+9.6%)
Business Innovation		364.2	374.8	10.6	(+2.9%)	0.4	(+0.1%)
Imaging		113.9	148.3	34.4	(+30.2%)	27.3	(+23.9%)
Total		997.4	1,205.1	207.7	(+20.8%)	170.3	(+17.1%)
Note: After elimination of	intersegment transactions
						(Billions of yen)
		H1			Constant-currency
Operating Income			Change
FY2020	FY2021	basis
Healthcare		18.6	47.0	28.4	(2.5 times)	26.1	(2.4 times)
Materials		26.7	39.2	12.5	(+46.7%)	10.4	(+38.9%)
Business Innovation		28.8	25.5	(3.3)	(-11.3%)	(5.7)	(-19.6%)
Imaging		(2.1)	12.4	14.5	(Turned to	11.1	(Turned to
	the black)	the black)
Corporate Expenses &		(15.5)	(16.2)	(0.7)	-	(0.5)	-
Eliminations
Total		56.5	107.9	51.4	(+91.0%)	41.4	(+73.3%)	3

Revenue and operating income of each segment are as shown here.

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Summary by Operating Segment: Healthcare

In addition to organic growth in all sub-segments, consolidation of

FUJIFILM Healthcare into the medical systems business contributed to a significant year- over-year increase of 51.4% in revenue and a 2.5 times increase in operating income.

(Billions of yen)

Medical systems: Revenue ¥244.8 billion (up 58.9% YoY)

Medical systems

Bio CDMO Life sciences

Operating income (margin)

• In addition to turning FUJIFILM Healthcare into a consolidated subsidiary, steady demand for ultra-lightweight mobile digital X-ray imaging systems and ultrasound diagnostic devices, both useful for pneumonia diagnosis, and strong sales of endoscopes contributed to a surge in revenue.

Bio CDMO: Revenue ¥71.2 billion (up 51.0% YoY)

• Favorable performance of contract process development and manufacturing of biopharmaceuticals and manufacture of drug substances for COVID-19 vaccine candidates at the U.S. site resulted in a surge in revenue.

Life sciences*: Revenue ¥59.6 billion (up 27.2% YoY)

• In the life sciences business, solid sales of cell culture media for biopharmaceutical manufacturing led to a surge in revenue.
• In the consumer healthcare business, favorable sales of Metabarrier EX and other supplements and steady sales of new cosmetic products contributed to higher revenue.

*Life sciences: Disclosure segment consisting of life sciences business
(iPS cells, cell culture media, reagents), pharmaceutical business and
consumer healthcare business (cosmetics and supplements)	4

First, we will look at an overview of the Healthcare segment.

In addition to organic growth in all sub-segments, consolidation of FUJIFILM Healthcare into the medical systems business contributed to a significant revenue increase of 51.4% year-over-year to ¥375.6 billion and a 2.5 times year-over-year increase in operating income to ¥47.0 billion.

In the medical systems business, in addition to turning FUJIFILM Healthcare into a consolidated subsidiary, steady demand for ultra-lightweight mobile digital X-ray imaging systems and ultrasound diagnostic devices, both useful for pneumonia diagnosis, and strong sales of endoscopes led to a surge in revenue.

In the bio CDMO business, revenue increased as contract process development and manufacturing of biopharmaceuticals progressed favorably and also the manufacturing of drug substances for COVID-19 vaccine candidates at the U.S. site contributed to higher revenue.

In the life sciences business, revenue increased on solid sales of cell culture media provided by U.S. subsidiary FUJIFILM Irvine Scientific for use in biopharmaceutical manufacturing.

In the consumer healthcare business, revenue climbed due to favorable sales of Metabarrier EX and other supplements and steady sales of new cosmetic products.

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