Financial Results for the year ended March 31, 2021

Progress of Medium-Term Management Plan

(FY2019 to FY2021)

May 13, 2021

NIKON CORPORATION
1. Financial Results of the year ended March 31, 2021

2. Forecast for the year ending March 31, 2022

3. Progress of Medium-Term Management Plan

2
Summary for the year ended March 31, 2021

• YoY：Down ¥139.8B
Revenue - Imaging Products : Although the revenue of mirrorless grew, revenue decreased approx.¥75.0B due to
the market shrinkage and the impact of COVID-19.
¥451.2B - Precision Equipment : Total segment revenues down approx. ¥60.0B. Semiconductor Lithography Business
revenues decreased as our major customer is at their shifting point of investment. FPD Lithography Business saw
revenues decrease as large first-half impacts of COVID-19 outweighed benefits from resumption of installation activity in July.

• YoY：Down ¥62.9B
Operating - Loss at operating level was limited after excluding ¥55.6B in one-time costs (restructuring relevant expenses,
Profit impairment losses of fixed assets and disposal and write-down of inventory).

-¥56.2B - Deficit is shrank in Q4 due to higher revenue in Imaging Products and Healthcare, and the benefits of reduced costs
in various business unit even posted approx. ¥15.0B on impairment losses of fixed assets and disposal and
write-down of inventory

Profit
attributable to
owners of the
• YoY：Down ¥42.0B
parent
-¥34.4B

Operating profit : -¥56.2B ・ Profit attributable to owners of the parent : -¥34.4B

(Operating profit : -¥75.0B ・ Profit attributable to owners of the parent : -¥50.0B at the forecast as of Aug. 6, 2020)
Note: Amounts in this presentation material are rounded down to the hundred millions of yen, previous forecast is the forecast as of Feb. 4, 2021.
3
 FY2021/3 Full Year Actual: Major Changes from August 2020
Operating Profit
¥0.0B
1.5

-15.0

-30.0 -56.2

-45.0

-60.0

-75.0

Operating loss of more than ¥50.0B due to one-time costs.

Harsh expectations partially offset by increased sales and improved business management.
4
Impairment losses of fixed assets, disposal and write-down of
inventory and restructuring relevant expenses in FY2021/3
Q1 Q2 Q3 Q4 Summatiom
Billions of yen

Impairment losses of
- 18.7 - 7.2 25.9
fixed assets

Disposal and write-

1.1 10.7 5.5 8.0 25.3
down of inventory

Restructuring
0.3 1.0 0.6 2.4 4.3
relevant expenses

Summation 1.4 30.4 6.1 17.6 55.6

Posted one-time costs (impairment losses of fixed assets, inventory disposal and write-down, and
restructuring relevant expenses) of ¥55.6B for the full year in FY2021/3.
Note: Previous one-time costs were indicated of summation in impairment losses of fixed assets and disposal and write-down of inventory in Q2-Q3 of FY2021/3.

5
Financial Results for the year ended March 31, 2021: Highlights
FY2020/3 Previous Forecast FY2021/3 Change Change
Billions of yen Actual(A) (Feb. 4)（B） Actual(C) (C)-(A) (C)-(B)
Revenue 591.0 450.0 451.2 -139.8 +1.2
Operating Profit 6.7 -65.0 -56.2
-62.9 +8.8
% vs Revenue 1.1% -14.4% -12.5%
Profit before
11.8 -60.0 -45.3
income taxes -57.1 +14.7
% vs Revenue 2.0% -13.3% -10.0%
Profit attributable to
7.6 -42.0 -34.4
owners of the parent -42.0 +7.6
% vs Revenue 1.3% -9.3% -7.6%
FCF -4.8 - 22.9 +27.7 -
Exchange Rate： Impact on Revenue
US $ ¥109 ¥106 ¥106 -1.7 +3.7
¥121 ¥121 ¥124 Impact on Operating Profit
EURO
+0.8 +0.6

Every profit is surpassed by the previous forecast because business itself has been going well even in deficit of each profit by
the impact of one-time costs , etc.
6
Financial Results for the year ended March 31, 2021:by Segments
FY2021/3
FY2020/3 FY2021/3 Change Change
Previous Forecast
Actual (A) Actual (C) (C)-(A) (C)-(B)
Billions of yen (Feb. 4) (B)
Revenue 225.8 145.0 150.2 -33.5% +3.6%
Imaging Products
Operating -17.1 -40.0 -35.7 -¥18.6B ¥4.3B
Business
Profit (- 14.4) (- 35.0) (- 32.2)

Revenue 245.0 190.0 184.7 -24.6% -2.8%

Precision
Operating 48.0 4.0 1.4 -¥46.6B -¥2.6B
Equipment Business
Profit (48.0) (4.0) (1.4)

Revenue 62.0 60.0 62.8 +1.3% +4.7%

Healthcare Business Operating -2.4 -4.0 -3.0 -¥0.6B +¥1.0B
Profit (- 2.4) (- 4.0) (- 3.0)

Industrial Revenue 58.0 55.0 53.3 -8.1% -3.1%

Metrology and Operating 1.8 -2.0 -2.6 -¥4.4B -¥0.6B
Others Profit (1.8) (- 2.0) (- 1.9)

Corporate P/L non- Revenue － － ー ー ー

attributable to any reportable Operating -23.6 -23.0 -16.1 +¥7.5B +¥6.9B
segments
Profit (- 21.9) (- 23.0) (- 16.1)

Revenue 591.0 450.0 451.2 -23.7% +0.3%

Consolidated Operating 6.7 -65.0 -56.2 -¥62.9B +¥8.8B
Profit (11.2) (- 60.0) (- 51.9)

Note: The operating profit figures in parentheses exclude restructuring relevant expenses.
Corporate P/L not attributable to any reportable segments includes the elimination of intersegment transactions that amount to -¥2.1B in FY2020/3 and
+¥2.5B in FY2021/3, and the gain from unused land sales of ¥3.8B in FY2020/3.

7
Results for the year ended March 31, 2021:
Imaging Products Business
Revenue Operating Profit • Revenue: Down ¥75.6B YoY
300
¥300B Surpassed by ¥5.2B vs previous forecast
225.8 ⁃ Sales volumes down substantially on market shrinkage and the
impact of COVID-19. Higher ASP on shift to models for
200
145.0 150.2 pro/hobbyist.
⁃ Revenue surpassed by mirrorless sales volumes growth in both
100 camera bodies and lenses with mirrorless lineup expanded to 6
camera models and 18 lenses.
⁃ Q4 sustained momentum from Q3. We continue to see strong
0 sales in our new mirrorless products Z 6II and Z 7II, coupled with
a continued recovery in the camera market.
-17.1
-40.0 -35.7
-100 FY20/3 FY21/3 FY21/3 • Operating Profit: Down ¥18.6B YoY
Actual Forecast Actual Surpassed by ¥4.3B vs. previous forecast
(Feb.4)
⁃ Slashed ¥27.0B from business costs, including ¥12.0B in
Digital Camera-Interchangeable Lens type (units:1,000)
advanced business cost reductions. Over the past 2 years,
Market Scale 7,920 5,300 5,520
Nikon 1,620 850 840 cumulative cost reductions totaled ¥52.0B. Steady progress
Interchangeable Lens（units:1,000） toward the total reduction of ¥63.0B for the entire period of the
Market Scale 13,370 8,800 9,110 Medium-Term Management Plan.
Nikon 2,650 1,400 1,350 ⁃ Operating loss of ¥12.0B excluding ¥23.7B of one-time costs .
Compact DSC (units:1,000)
Market Scale 6,190 3,500 3,430
Nikon 840 250 260
Note: ¥23.7B of one-time costs is summation in impairment losses of fixed assets (¥16.3B) , disposal and write-down of inventory (¥3.8B) and restructuring relevant expenses (¥3.5B).
8
Results for the year ended March 31, 2021:
Precision Equipment Business
300
Revenue Operating Profit • Revenue: Down ¥60.3B YoY
¥300B
Down ¥5.3B vs. previous forecast
245.0
- FPD: Customer capex for small and mid-sized panels recovering.
Capex for large panels also strong.
190.0 184.7
200 - FPD: Sales volumes up 1 unit vs. previous forecast as installations
have progressed smoothly despite travel restrictions that continue
to limit installation work.
- SPE: Sales volumes decreased substantially YoY as our major
100 customer is at their shifting point of investment and some
48.0 customers delay delivery or order due to the impact of COVID-19.
4.0 - Acceptance test of 1 ArF immersion system pushed out into next
1.4
0 fiscal year, compared to previous forecast.
FY20/3 FY21/3 FY21/3
Actual Forecast Actual • Operating profit: Down ¥46.6B YoY
(Feb.4) Down ¥2.6B vs. previous forecast
FPD Lithography Systems（units）
Market Scale - Profit decreased substantially as declining revenues in FPD and SPE
90 52 52 combined with approx. ¥21.6B in one-time cost (including
(CY19/20)
Nikon 27 28 29 impairment losses of fixed assets) and increased R&D investments
Semiconductor Lithography Systems（New/Refurbished, units） in growth areas.
Market Scale - Profit decreased compare to previous forecast because acceptance
280 305 330 test of 1 ArF immersion system got pushed out into the next fiscal
(CY19/20)
Nikon 34/11 17/10 16/11 year.
Note: ¥21.6B of one-time cost is summation in impairment losses of fixed assets (¥3.7B) and disposal and write-down of inventory (¥17.8B).

9
Results for the year ended March 31, 2021:
Healthcare Business
Revenue Operating Profit
• Revenue: Surpassed by ¥0.8B YoY
80 Surpassed by ¥2.8B vs. previous forecast
¥80B
- Revenue increased YoY as Q3 recovery momentum continued in
70 Q4, due to the resumption of sales activities for both biological
62.0 62.8
60.0 microscopes and retinal diagnostic imaging systems. Also
60 surpassed by previous forecast.
- Record-high sales for a full year in retinal diagnostic imaging
50
systems.
40 - In contract cell manufacturing, multiple projects are moving
forward smoothly.
30
• Operating Profit: Down ¥0.6B YoY
20
Surpassed by ¥1.0B vs. previous forecast
10 - Although result was an operating loss due to the impact of
COVID-19 in the 1H and the posted ¥2.5B of impairment losses of
0 fixed assets, profitability is improving solidly thanks to revenue
-2.4 -3.0 growth and expense reductions.
-10 -4.0
FY20/3 FY21/3 FY21/3
Actual Forecast Actual
(Feb.4)

10
Results for the year ended March 31, 2021:
Industrial Metrology and Others
Revenue Operating Profit

¥80B
80 • Revenue: Down ¥4.7B YoY
Down ¥1.7B vs. previous forecast
70
58.0 - Revenues decrease YoY in the Industrial Metrology Business
60 55.0 53.3 despite recovery momentum in capex in electronic
components, semiconductors and automotive.
50
- In the Others segment, collaboration with
40 Velodyne Lidar, Inc. including lidar sensor production,
as well as optical components, optical parts and encoders, etc.
30
• Operating Profit: Down ¥4.4B YoY
20 Down ¥0.6B vs. previous forecast
10 - Posted ¥3.2B of impairment losses of fixed assets related to
1.8
Imaging Products Business in a domestic production facility in
0 Q2, ¥1.3B in soil remediation costs at a subsidiary and ¥0.8B in
-2.0 -2.6 restructuring relevant expenses in Q4. Operating profit ¥2.7B,
-10
excluding these one-time cost.
FY20/3 FY21/3 FY21/3
Actual Forecast Actual
(Feb.4)

Note: The Others segment of the Industrial Metrology and Others includes production subsidiaries, where impairment losses of fixed asset were posted in the previous year
in connection with a review of the Imaging Products business plan.
11
1. Financial Results of the year ended March 31, 2021

2. Forecast for the year ending March 31, 2022

3. Progress of Medium-Term Management Plan

12
Forecasts for the year ending March 31, 2022

• Company total forecast: Surpassed by ¥58.8B YoY.

Recovered to the revenue scale of ¥500B.
Revenue - Expand sales in all segments driven by recovery from the COVID-19 pandemic.
¥510.0B - Imaging Products: Increase revenues ¥14.8B by recovery from the COVID-19 pandemic in camera
market and expanded sales of mirrorless.
- Precision Equipment: Increase revenues ¥20.3B thanks to greater sales volumes in small and mid-sized
panels for FPD by increased customers’ investment.

Operating • Company total forecast: Surpassed by ¥76.2B YoY

Profit - Improve profitability on recovery in revenues and lowering of breakeven point (thanks to
¥20.0B lower depreciation burden due to impairment losses of fixed assets taken in the previous FY).
- Aim to be profitable in all segments.
Profit
attributable to
owners of the • Company total forecast: Surpassed by ¥50.4B YoY
parent
¥16.0B

Shareholder • Dividend forecast: Annual ¥30. (interim: ¥15)

Return - Annual dividend increase ¥10 YoY assuming earning recovery.
13
Forecast for the year ending March 31, 2022:
Financial Highlights
FY2021/3 FY2022/3
Change (B)-(A)
Billions of yen Actual (A) Forecast (B)
Revenue 451.2 510.0 +58.8
Operating Profit -56.2 20.0
+76.2
% vs Revenue -12.5% 3.9%
Profit before
-45.3 22.0
income taxes +67.3
% vs Revenue -10.0% 4.3%
Profit attributable to
-34.4 16.0
owners of the parent +50.4
% vs Revenue -7.6% 3.1%

EPS -¥93.96 ¥43.57 +¥137.53

Annual Dividends ¥20 ¥30 +¥10

Impact on Revenue
Exchange Rate: US＄ ¥106 ¥105
Approx.-\1.4B
Impact on Operating Profit
　　　　　　　 EURO ¥124 ¥125
Approx.+\0.1B
Note: EPS (Basic Earning per Share) = Profit attributable to owner of the parent / Average number of shares during the term
Approx. 0.367B shares, an average over the number of shares at the end of FY2021/3, also approx. 0.367B, and the expected number of shares at the end of FY2022/3.

14
Revision of Business Segments

Old Segment Business Unit (BU) New Segment Business Unit (BU)
Imaging Products Imaging Products
Imaging BU Imaging BU
Business Business

FPD Lithography BU FPD Lithography BU

Precision Equipment Semiconductor Precision Equipment Semiconductor

Business Lithography BU Business Lithography BU

Next Generation Project Div. Next Generation Project Div.

Healthcare Business Healthcare BU Healthcare Business Healthcare BU

Industrial Metrology BU Digital Solution BU

Digital Solution BU Components Business Customized Products BU

Industrial Metrology
Customized Products BU Glass BU
and Others
Glass BU Industrial Metrology BU
Industrial Metrology
and Others
Others others

『Components Business』
Newly organized for realizing areas of Long-Term Growth (Digital Manufacturing and Vision Systems/Robotics)
15
Forecast for the year ending March 31, 2022:
Financial Highlights by Segment
FY2021/3 FY2022/3 Change
Billions of yen Actual(A) Forecast（B） (B)-(A)
Revenue 150.2 165.0 +9.9%
Imaging Products
Operating -35.7 5.0 ¥40.7B
Business
Profit (- 32.2)
Revenue 184.7 205.0 +11.0%
Precision
Equipment Business
Operating 1.4 17.0 ¥15.6B
Profit (1.4)
Revenue 62.8 70.0 +11.5%
Healthcare Business Operating -3.0 1.0 ¥4.0B
Profit (- 3.0)
Revenue 25.7 35.0 +36.2%
Components
Business
Operating 0.0 8.0 ¥8.0B
Profit (0.0)
Industrial Revenue 27.5 35.0 +27.3%
Metrology and Operating -2.7 3.0 ¥5.7B
Others Profit (- 1.9)

Corporate P/L non-

Revenue － － ー
attributable to any reportable Operating -16.1 -14.0 ¥2.1B
segments
Profit (- 16.1)

Revenue 451.2 510.0 +13.0%

Consolidated Operating -56.2 20.0 ¥76.2B
Profit (- 51.9)
Note: OP figures in parentheses are the operating profit excluding restructuring relevant expenses.
Corporate P/L non-attributable to any reportable segments includes elimination of intersegment transactions that amount to +¥2.5B in FY2021/3.

16
Forecast for the year ending March 31, 2022:
Imaging Products Business
Revenue Operating profit
200
¥200B • Revenue: Surpassed by ¥14.8B YoY
165.0
150.2 - Digital camera market to sustain its improved momentum amid
recovery from the COVID-19 pandemic. DCIL market to grow 5%
YoY.
- Market for pro/hobbyist performing well.
100
Continue to advance shift toward high-end and mid-range models.
- Expand further the lineup of mirrorless bodies and lenses
compared to the previous year and achieve sales growth driven
5.0 primarily by mirrorless.
0 - Focus on stable supply of parts (including semiconductors) for
cameras and lenses.
-35.7
FY21/3 FY22/3 • Operating profit: Surpassed by ¥40.7B YoY
Actual Forecast
-100 - In the previous year, posted total approx. ¥20.0B of impairment
Digital Camera-Interchangeable Lens type (units:1,000) losses of fixed asset and disposals and write-down of inventory, as
Market Scale 5,520 5,800 well as ¥3.5B of restructuring relevant expenses. Excluding these
Nikon 840 750 one-time cost, profit is to increase approx. ¥17.0B.
Interchangeable lenses (units:1,000)
Market Scale 9,110 9,700 - Business costs to be reduced ¥11.0B in this FY. Plan to achieve the
Nikon 1,350 1,300 total reduction of ¥63.0B for the entire period of the Medium-Term
Compact DSC(units:1,000) Management Plan, including the cumulative ¥52.0B reduction
Market Scale 3,430 3,200 achieved over the prior 2 years.
Nikon 260 250

17
Forecast for the year ending March 31, 2022:
Precision Equipment Business
300
¥300B
Revenue Operating profit • Revenue: Surpassed ¥20.3B YoY
- FPD: Customer capex to trend strongly in both large panels and
small and mid-sized panels. Orders are solid, primarily in small
205.0 and mid-sized panels.
200 184.7
- FPD: Installations of systems delayed due to COVID-19 have been
progressing and should be booked as sales this year.
- SPE: Sales of refurbished systems (primarily KrF and i-line) to
100 increase, but new systems will decline during this transitional
period in customer capex.

17.0
1.4 • Operating profit: Surpassed by ¥15.6B YoY
0 - Total of approx. ¥21.0B of impairment losses of fixed assets and
FY21/3 FY22/3 disposal and write-down of inventory posted in the previous year.
Actual Forecast
Excluding these one-time costs , profit is to decrease approx.
¥5.5B.
FPD Lithography Systems (units)
- Benefits from increased FPD revenues outweighed by impact from
Market Scale
(CY20/21)
52 120 decrease in new SPE systems and continued expansion of R&D
investments in long-term growth areas in Next Generation Project
Nikon 29 45
Division.
Semiconductor Lithography Systems (New/Refurbished, units)
Market Scale
330 370
(CY20/21)
Nikon 16/11 13/15

18
Forecast for the year ending March 31, 2022:
Healthcare Business
Revenue Operating profit • Revenue: Surpassed by ¥7.2B YoY
80
¥80B - In biological microscopes, recovery in The Americas market to
70.0 contribute to sales growth.
70 - In retinal diagnostic imaging systems, plan to hit new record
62.8
high in sales again this year.
60
- Begin commercial production in the cell contract
manufacturing business.
50
- Expect record high sales for the Healthcare Business.
40
• Operating profit: Surpassed by ¥4.0B YoY
30
- Profit to grow ¥1.5B, excluding ¥2.5B in impairment losses of
20 fixed asset posted in the previous year.
- Expect the Healthcare Business to turn profitable for the first
10 time, after a one-year delay caused by the COVID-19
1.0 pandemic.
0

-10 -3.0
FY21/3 FY22/3
Actual Forecast

19
Forecast for the year ending March 31, 2022:
Components Business
Revenue Operating profit
• Revenue: Surpassed by ¥9.3B YoY
¥50B
50
- Expanding sale of optical components, EUV related
components, optical parts, encoders and photomask
substrates for FPD, etc.
40
35.0 - Particularly, EUV related components business is progressing.

30
25.7 • Operating profit: Surpassed by ¥8.0B YoY
- Profit to grow ¥7.4B, excluding ¥0.6B of impairment losses of
20 fixed asset posted in previous year.

10 8.0

0.0
0

FY21/3 FY22/3
Actual Forecast

Note: Actual in FY2021/3 and comments referring previous year are reference, as new disclosure.
20
Forecast for the year ending March 31, 2021:
Industrial Metrology and Others
Revenue Operating profit • Revenue: Surpassed by ¥7.5B YoY
50
¥50B - Capex to recover in electronic components, semiconductor
and automotive fields.
- In Industrial Metrology, expand sales in image metrology
40 systems, X-ray inspection systems and non-contact metrology
35.0 systems.

30 27.5 • Operating profit: Surpassed by ¥5.7B YoY

- Profit up ¥1.1B, excluding ¥4.6B in one-time costs, including
impairment loss related to the Imaging Products Business and
20 restructuring expenses, which were posted in the previous
year.

10
3.0

▲ 2.7
-10 FY21/3 FY22/3
Actual Forecast
Note: Actual in FY2021/3 and comments referring previous year are reference, as new disclosure.
The Others segment of the Industrial Metrology and Others Business includes production subsidiaries, where impairment of fixed asset were posted in the previous year
in connection with a review of the Imaging Products business plan.
21
1. Financial Results of the year ended March 31, 2021

2. Forecast for the year ending March 31, 2022

3. Progress of Medium-Term Management Plan

22
A look back: Making progress building a foundation for growth.
The financial targets are to be unable to realize.

Build a • Making solid progress building a foundation for growth.

foundation for Accelerating measures aimed at scaling up.
ー The Components Business has entered a money-making phase.
mid/long-
ー In the Material Processing Business, making progress in open innovation and customer development.
term growth ー Continue M&A strategy while strengthening organizations and maintaining discipline to scale up business.

• Expect to face difficulty achieving financial targets for the final year of the Medium-term
Management Plan due to external environmental factors, such as changes to the business
Achieve ROE environment and the impact of COVID-19.
of 8% or • Strengthening measures aimed at generating stable cash returns in excess of capital costs.
higher ー Overcome deteriorating business environment and strengthen crisis response measures.
ー Advance improvements to management efficiency including a leaner balance sheet.

• No change to management direction. Continue to strengthen business profitability and

acquire growth engines to return to sustainable growth.
• Aim to enhance enterprise value by creating new pillars of earnings and increasing our ability
to generate profits over the long term.

23
Medium-Term Management Plan progress summary: Develop
areas for growth while evolving the business strategy
• Focus on pro/hobbyist and mirrorless, develop BtoB
Maximize business Imaging Products
opportunities and restructure to return to a stable
Business
Core value while quickly business.
responding to
businesses environmental
• Expand customers and business domains while
Precision Equipment
discerning market growth potential and future
changes Business
uncertainties.

• Supply customers with key components that leverage

Components
our strengths in areas where we can expect scale and
Business
a leadership position.

Long-term growth areas

• Pursue Material Processing Business, Nikon’s unique
Strengthen Digital
digital manufacturing.
Growth solutions and help Manufacturing
areas customers create
innovation • Develop solutions including sensors, robotics, smart
Vision
cameras and tracking to support DX and automation in
Systems/Robotics
society.
• In addition to equipment sales, focus on drug discovery
Healthcare support services, genetic analysis and contract cell
manufacturing.

24
Imaging Products Business: Complete restructuring and deploy a
sustainable business model
• Camera business
– Shift to mirrorless for pro/hobbyist
Enhance customer satisfaction and the quality of sales by launching flagship bodies, expanding
our lineup of distinctive lenses and providing applications that enable new ways of expression through
images.
Expand
earnings – Invest enough internal and external resources to strengthen differentiation.
base • Develop BtoB businesses: Leverage camera related technologies and IP
– Provide image experience leveraging robot-controlled automatic tracking, posture analysis technology
and the like
– Image contents business (volumetric video capture, create 3D avatar)
– Monitoring service leveraging image analysis

• Optimize fixed cost structure

– Generate profit even at the revenue below ¥150.0B by cutting ¥63.0B out of business costs over
Strengthen the period of the Medium-Term Management Plan.
business – Optimized more than 2,000 employees by the end of March 2021. Also, consolidated production and
fundamentals reorganized sales companies.
• Leaner business assets
– Impaired approx. ¥30.0B in fixed assets and inventories by the end of March 2021.

25
Precision Equipment Business: Diversify revenue streams to drive
profit growth for entire company
• FPD Lithography Systems
– Pursue greater customer value through higher resolution and productivity improvement. Sustain
momentum to grow share in small and mid-sized panels.
• Semiconductor Lithography Systems
– Leverage business with core customer to strengthen development of other stable customers.
Expand Also focus on elemental technology development for future lithography systems.
earnings • Service business
base
– Capture demand for maintenance and upgrades by bolstering analysis of use cases and actively pursue
refurbishment and re-use business.
• Measurement and inspection systems
– Integrate inspection systems business into the Industrial Metrology Business to strengthen customer
contacts and account strategy. Focus on Litho Booster, which contributes to improved customer
yields.

• Strengthen overseas operations

Strengthen – Localize system installation work and promote remote training to shorten lead times for
business equipment installation.
fundamentals • Leaner business assets
– Impaired ¥20.0B and more in fixed assets and inventories by the end of March 2021.

26
Growth areas: Making advances in scaling up Components and
developing customers in Material Processing

Components • Generate earnings with optical components and • Achieve even more growth by strengthening delivery
EUV related components and in the meantime of solutions to customer needs, which are becoming
Business develop new key components. more diverse and sophisticated.

• Customer applications
– Repair and maintenance of turbine blades, Fuel efficiency improvements in aerospace, Power generation efficiency
improvements in wind power, Efficiency improvements in machining tools

• Products and solutions

– Additive processing machine: Leverages 3D alignment (Non set up required). Handles a diverse range of metals. Light
and compact.
– High-precision removal processing machine: Flat work finishing and feedback fine processing at the sub-micron level.
Material – Riblet processing service: Achieve energy efficiency gains by performing fine surface processing based on
computational fluid dynamics. Begin contract processing service to seed future development of applications.
Processing
• Open innovation and customer development
Business – Making progress developing customers primarily in the aerospace, energy and electronic equipment fields by
leveraging the value chain and increasing our value proposition.

Sales and technology Acquire service

Joint development
alliances infrastructure

Optical comb based High-speed image Analysis of fluid Global sales network Contract processing platform
measurement processing simulations

27
Strengthening the management foundation: Forging a
foundation to support management with a long-term viewpoint
• HQ and procurement costs: Making solid progress in cost reforms aimed at cutting ¥18.0B over the period of the
Business process Medium-Term Management Plan.
reforms • Imaging restructuring: Cut ¥63.0B out of business costs by the end of the current fiscal year (originally ¥ 50.0 B)

Strengthening a
• Precision and optical technologies: Centralized management of companywide technology strategy.
foundation for
Consolidate development of next-generation businesses.
precision and optical • Manufacturing: Consolidated companywide optical production, production technology, quality control,
technologies and procurement functions and personnel development.
manufacturing

• Japan: Reassigned approx. 1,000 people from existing businesses into growth areas.
Shifting human • Overseas: Optimized approx. 1,500 employees by reorganizing production and sales companies
resources by the end of March 2021.

• Leaner: By the end of March 2021, removed from balance sheet more than ¥65.0B in equipment, inventory and
Balance sheet
goodwill, reducing future risks.
management • More liquid: By the end of March 2021, disposed of more than ¥40.0B in shareholdings and unused real estate.

• Shareholder returns: Focused on stable dividends and a total shareholder returns ratio of 40% or more.
Capital allocation over By the end of March 2021, bought back ¥40.0B in shares.
the mid/long-term • Strategic investments: Sustained direction to invest up to 40% toward establishing a new pillar of earnings.

• Secure transparency: Strengthened effectiveness of nominating committee and successor training plan,
Strengthen corporate evaluated effectiveness of board of directors, expanded performance-based compensation.
governance • Board of Directors makeup: Expanded diversity with a focus on quality (one female and two from manufacturing
industry were added). Increased external directors to 45% of the board.

28
 Building a foundation for sustainable growth and making a value
proposition for stakeholders
Long-term growth areas and
Medium-Term Management Plan
Macro trends Source of value creation for building a base for growth delivering value to society
Strengthen business
Expand earnings base Build base for growth
fundamentals

Corporate Innovate the

Business
Precision Equipment Digital
philosophy process of
processes Business Manufacturing
manufacturing
DX
Management Precision and
Industry 4.0 vision optical Components
technologies. Business
IoT Manufacturing. Contribute to a
Customer more comfortable
AI needs Industrial Metrology Vision society with
Human resources Business Systems/Robotics imaging and
Growing medical Brand sensing
costs Balance sheet
technologies
Imaging Products
Collaboration
Aging society and business
Business
Capital allocation
Post-pandemic partners
Contribute to
Governance Healthcare Business Healthcare better health and
Sustainability
QOL for people

29
Sustainability: Leverage environmentally friendly manufacturing
based on optical technology to contribute to achieving SDGs

2030 numerical • Reduce emission of greenhouse gases from offices by 70% or more (compared to FY 2013)
targets • Shift to renewable energy for 30% of power used in business activities (become carbon neutral by 2050)

CSR Priority Issues

1. Creating social value 6. Strengthening supply

through core technologies chain management
Business activity
2. Ensuring trustworthiness by 7. Respecting human rights
maintaining and increasing quality
Society/ 8. Diversity and inclusion
Environment 10. Thorough compliance
Labor 9. Employees’ health and safety
3. Promoting a decarbonized society
11. Strengthening
4. Promoting resource circulation Governance corporate governance

5. Preventing pollution and 12. Strengthening risk

conserving ecosystems management

Major ESG external

evaluations

The inclusion of Nikon Corporation in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of Nikon Corporation by MSCI or any of its affiliates.
The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.

30
Mid-/long-term capital allocation (FY2020/3 – 2024/3)

Redisplaying of Medium-Term
Management Plan announced in May 2019

Focus resources on new fields to establish new core pillars of profit,

without emphasizing short-term FCF
Strategic Capital Dividend &
R&D Proportion
Investments Investment Other
New fields
（Material processing business, 10% 5% 40 to 50%
areas of long-term growth） Max
40％
Existing fields 25% 10% 30 to 40%

10％ or more
Return to shareholders Total return ratio 10% or more
40％ or more

Total 40％ 35% 15% 10% or more 100%

Scope: Funds on hand - working capital + 5-year cumulative operating CF (before deducting R&D)

31
Business expansion scenario for growth areas in mid-/long-term

Redisplaying of Medium-Term
Management Plan announced in May 2020

FY2021/3-22/3 FY2023/3-25/3 FY2026/3 and beyond

Customer and product Scale up businesses Establish new core pillars of Nikon
development

• Accelerate launch through M&A • Deploy varieties of customer • Establish whole growth areas of
and alliances applications material processing business,
• Forge partnerships with pilot • Acquire major customers in each Vison Systems / Robotics related
customers and begin some joint industry to scale up businesses
projects • Grow to high profit business
• Agile cross-functional making approx. ¥100.0B sales
development M&A and
synergies

Material
Processing
Business

Vision System
/Robotics, high-
precision optical
components

32
Reference Data

33
Forecast for the year ending March 31, 2022

FY2019/3 FY2020/3 FY2021/3 FY2022/3

Billions of yen Full year Full year 1H 2H Full year 1H 2H Full year

Revenue 708.6 591.0 175.6 275.6 451.2 265.0 245.0 510.0

Operating Profit 82.6 6.7 -46.6 -9.6 -56.2 15.0 5.0 20.0
% vs Revenue 11.7% 1.1% -26.5% -3.5% -12.5% 5.7% 2.0% 3.9%
Profit before
87.9 11.8 -38.8 -6.5 -45.3 16.0 6.0 22.0
income taxes
% vs Revenue 12.4% 2.0% -22.1% -2.4% -10.0% 6.0% 2.4% 4.3%
Profit attributable to
66.5 7.6 -31.5 -2.9 -34.4 12.0 4.0 16.0
owners of the parent
% vs Revenue 9.4% 1.3% -17.9% -1.1% -7.6% 4.5% 1.6% 3.1%

EPS ¥167.86 ¥19.93 -\93.96 \43.57

Annual Dividends ¥60 ¥40 ¥20 ¥30

ROE 11.2% 1.3% -6.4% 3.0%

FCF 43.5 -4.8 22.9 -

Exchange Rate：US $ ¥111 ¥109 ¥107 ¥105 ¥106 ¥105

　　EURO ¥128 ¥121 ¥121 ¥126 ¥124 ¥125

34
Financial forecast for the year ending March 31, 2022:
by Segments
FY2019/3 FY2020/3 FY2021/3 FY2022/3

Billions of yen Full year Full year 1H 2H Full year 1H 2H Full year
Revenue 296.1 225.8 64.4 85.8 150.2 80.0 85.0 165.0
Imaging Products
Operating 22.0 -17.1 -27.4 -8.3 -35.7 3.0 2.0 5.0
Business Profit (22.6) (- 14.4) (- 26.1) (- 6.1) (- 32.2)
Revenue 274.5 245.0 63.8 120.9 184.7 125.0 80.0 205.0
Precision
Operating 81.7 48.0 -6.0 7.4 1.4 16.0 1.0 17.0
Equipment Business Profit
(81.7) (48.0) (- 6.0) (7.4) (1.4)
Revenue 65.4 62.0 25.7 37.1 62.8 30.0 40.0 70.0
Healthcare Business Operating -1.9 -2.4 -2.3 -0.7 -3.0 0.0 1.0 1.0
Profit (- 1.9) (- 2.4) (- 2.3) (- 0.7) (- 3.0)
Revenue - - 10.4 15.3 25.7 15.0 20.0 35.0
Components
Operating - - -1.0 1.0 0.0 3.0 5.0 8.0
Business Profit - - (- 1.0) (1.0) (0.0)
Industrial Revenue 72.5 58.0 11.2 16.3 27.5 15.0 20.0 35.0
Metrology and Operating 6.9 1.8 -1.9 -0.8 -2.7 0.0 3.0 3.0
Others Profit (7.5) (1.8) (- 1.9) (0.0) (- 1.9)
Corporate P/L non- Revenue － － － － － － － －
attributable to any Operating -26.1 -23.6 -7.8 -8.3 -16.1 -7.0 -7.0 -14.0
reportable segments Profit (- 25.6) (- 21.9) (- 7.8) (- 8.3) (- 16.1)
Revenue 708.6 591.0 175.6 275.6 451.2 265.0 245.0 510.0
Consolidated Operating 82.6 6.7 -46.6 -9.6 -56.2 15.0 5.0 20.0
Profit (84.4) (11.2) (- 45.3) (- 6.6) (- 51.9)
Note: Figures in parentheses are the operating profit excluding the restructuring relevant expenses.
Financial highlights of revised segments are reference.

35
Actual for the year ended March 31, 2021:by new segments

Q1 Q2 Q3 Q4 Full year
Billions of yen
Revenue 25.1 39.3 52.3 33.5 150.2
Imaging Products
Operating -8.1 -19.3 -0.6 -7.7 -35.7
Business
Profit (- 7.8) (- 18.3) (0.0) (- 6.1) (- 32.2)
Revenue 19.6 44.2 66.6 54.3 184.7
Precision
Equipment Business
Operating -5.1 -0.9 12.1 -4.7 1.4
Profit (- 5.1) (- 0.9) (12.1) (- 4.7) (1.4)
Revenue 10.3 15.4 17.1 20.0 62.8
Healthcare Business Operating -2.4 0.1 0.7 -1.4 -3.0
Profit (- 2.4) (0.1) (0.7) (- 1.4) (- 3.0)
Revenue 4.6 5.8 7.7 7.6 25.7
Components
Business
Operating -0.4 -0.6 1.2 -0.2 0.0
Profit (- 0.4) (- 0.6) (1.2) (- 0.2) (0.0)
Industrial Revenue 4.9 6.3 6.9 9.4 27.5
Metrology and Operating 0.0 -1.9 0.1 -0.9 -2.7
Others Profit (0.0) (- 1.9) (0.1) (- 0.1) (- 1.9)
Corporate P/L non- Revenue － － － － －
attributable to any Operating -4.4 -3.4 -3.8 -4.5 -16.1
reportable segments Profit (- 4.4) (- 3.4) (- 3.8) (- 4.5) (- 16.1)
Revenue 64.7 110.9 150.6 125.0 451.2
Consolidated Operating -20.5 -26.1 9.9 -19.5 -56.2
Profit (- 20.2) (- 25.1) (10.5) (- 17.2) (- 51.9)
Note: Figures in parentheticals for operating profit exclude restructuring relevant expenses.
Actual in FY2021/3 of revised segments are reference.
36
Financial Position Breakdown in year ended March 31, 2021:

ASSETS LIABILITIES/ EQUITY

¥1,250B
1,250 ¥1,250B
1,250
1,134.9 1,134.9

1,005.8 989.7 1,005.8 989.7

192.8
1,000 1,000
Advances
411.0 175.8 163.1 received
Cash & Cash 128.9
324.0
351.7 Equivalents Interest-bearing
750 750 139.1 147.6 debt
196.5
115.8 87.7 Trade & other Other
72.9 receivables 149.2 140.3 liabilities
500 253.3 500
246.5 235.7 Inventories
18.6 Other current financial
19.0 15.6 /current assets 616.7
250 250 541.7 538.7
Total equity
336.2 328.6 313.8 Non-current
assets

0 0
19/3 20/3 21/3 19/3 20/3 21/3

Equity ratio 54.3% 53.7% 54.3%

Note: Equity ratio is ratio of equity attributable to owners of the parent to total assets.
Cash and Cash Equivalents excludes time deposits with maturities of three months or more.

37
 Forecast for the year ending March 31, 2022:
Capital Expenditures, Depreciation and Inventory
CAPITAL EXPENDITURES,
DEPRECIATION INVENTORY BREAKDOWN
50
¥50B ¥300B
300

253.3
246.5
40 37.0 250 235.5 235.7 Industrial
34.1 36.8 30.9 Metrology and
33.431.7 33.6 32.3 Others
30.5 15.7 17.8
30 28.7 28.0 200 15.8
27.8 15.2 Healthcare
25.0
24.9
150
20 136.6 Precision
131.5 146.8
149.1 Equipment
100
10

50
55.2 64.2 Imaging
0 51.0
38.5 Products
18/3 19/3 20/3 21/3 22/3 0
Forecast 18/3 19/3 20/3 21/3
Capital Expenditures Depreciation
Note: Capital expenditures in FY2020/3 includes the leased assets of approximately ¥4.0B upon the adoption of IFRS16.
Depreciation from FY2018/3 includes the amortization of in-plant development costs and in FY2020/3 depreciation of right-to-use asset, same as capital expenditures.
The semiconductor related equipment business has been transferred to the Precision Equipment Business from the Industrial Metrology and Others.
Inventory of ¥3.1B in the end of 2019/12 and ¥2.6B in the end of 2020/3 have been transferred from Industrial Metrology and Others to the Precision Equipment Business as a result of retroactive application to FY2020/3 respectively.

38
Revenue Breakdown

BY SEGMENT BY REGION

Industrial Billions of yen Billions of yen

Metrology and
Others
Others Japan
12%
16% 16%
53.3
Healthcare 71.3 72.6
11% 21/3
14% 63.3 20/3 17%
15%
62.8 10% 33% 87.8

62.0
38% Imaging
19%
99.6
21/3
225.8
150.2 Products
115.2
20/3 25% United
41% States
China 114.7
239.7
27% 34%
15%
121.0 200.7
87.5

Precision
Equipment 41% 16%
184.7
71.3

Europe

Note: The outside and inside circles show the breakdown of FY2021/3 revenue of ¥451.2B and FY2020/3 revenue of ¥591.0B, respectively.

39
Forecast for the year ending March 31, 2022:
R&D Expenditures
R&D EXPENDITURES R&D EXPENDITURES BREAKDOWN
Billions of yen
Corporate
70
¥70B 20.0%
63.9 62.2
(Undistributed)
60.7 62.0
59.9 Industrial
60
11%
Metrology 7.0
and Others
50 3% Imaging
22/3 Products
15.0% Components 5% 2.0 11% Forecast
3.0 3%
40 12.2% 6.3 20/3
5%2.0 25%
28%
13.3% 10% 3.0 16.0
30 Healthcare 10% 16.9
6.0 5.8
10.0%
20 10.5% 43%
25.8
9.0%
10 8.5%

46%
0 5.0% 28.9
18/3 19/3 20/3 21/3 22/3
Forecast Precision Equipment
（including R&D
R&D Expenditures R&D vs investments for growth
Revenue (%) areas in the Next
Generation Project Div.)

Note: R&D expenditures after FY2018/3 includes capitalization of some development expenditure.

40
 Cash Flow History
150
¥150B
125.0
107.5
100 97.3
90.2 82.6
68.9
56.2
50 56.6
43.5
35.2
22.9
15.5 6.7 16.4 18.0
24.3
0.7 -4.8 4.9
0
-4.9
-18.1 -21.5 -21.2
-19.9 -25.3
-34.8
-40.6
-50
-56.2
-72.7
-83.1
-100 16/3 17/3 18/3 19/3 20/3 21/3
Operating Profit Cash Flows from Net cash used Net cash used Free cash flow
operating activities in investing activities in financing activities

Note: FCF + CF from financial activities + Effect of exchange rate changes on cash and cash equivalents = net increase (decrease) in cash and cash equivalents

41
Imaging Products Business: Sales Units

SALES IN UNITS BY PRODUCT CATEGORY

1,500K
1,500 Units

1,300

1,080
1,020
1,000 940 950
890
850
770 760 740
720 720 690
620 640
590 570 570 580
500 500
460 470
500 450 450
400 430 420 390 390
350 350
300 270 240 270
230 220 240 280
230
180
140
110 70 80 60
50
0
18/3-Q1 18/3-Q2 18/3-Q3 18/3-Q4 19/3-Q1 19/3-Q2 19/3-Q3 19/3-Q4 20/3-Q1 20/3-Q2 20/3-Q3 20/3-Q4 21/3-Q1 21/3-Q2 21/3-Q3 21/3-Q4

DCIL(Digtal Camera-Interchangeable Lens Type) Interchangeable Lens CDSC(Compact Digital Still Camera)

42
Forecast for the year ending March 31, 2022:
Precision Equipment Business Sales Units
SEMICONDUCTOR LITHOGRAPHY
FPD LITHOGRAPHY SYSTEMS SALES SYSTEMS SALES BY TECHNOLOGY
BY GENERATION （INCL. REFURBISHED）

80 Units
80 60 Units
60
70
67
3 45
60 17
41
40
30 45 7 14
30
40 27 28
14 G10.5 5 11
37 29 6 ArF immersion
27 1 G7/8 14 6
20 8 3 ArF
4
14 7
20 5 3 7 KrF
34 18
30 G5/6 4
4 20
16 12 14
5 11 10 11 i-line
0 4 0
18/3 19/3 20/3 21/3 22/3 18/3 19/3 20/3 21/3 22/3
Actual Actual Actual Actual Forecast Actual Actual Actual Actual Forecast

Note: The unit sales of new semiconductor lithography systems is 17 units in FY2018/3, 21 units in FY2019/3 ,34 units in FY2020/3, 16 units in FY2021/3 and 13 units(forecast) in FY2022/3.

43
Precision Equipment Business: Sales Units

FPD LITHOGRAPHY SYSTEMS SALES IN UNITS

30
30 Units BY GENERATION

21
20 19 19
4 18
2 17
4 16
14 3 4
13
1 6 12 12
11 6
10 9 9 3
7 8 12
17 7 2
13 6 4 6
5
7
8 3 2
6 6 3 5 4 7
5 4 2
3 2
1 0 3
0 1 1 1 1 1
18/3-Q1 18/3-Q2 18/3-Q3 18/3-Q4 19/3-Q1 19/3-Q2 19/3-Q3 19/3-Q4 20/3-Q1 20/3-Q2 20/3-Q3 20/3-Q4 21/3-Q1 21/3-Q2 21/3-Q3 21/3-Q4

G5/6 G7/8 G10.5 系列4

44
Precision Equipment Business: Sales Units

SEMICONDUCTOR LITHOGRAPHY SYSTEMS SALES

20 units
20 IN UNITS BY TECHNOLOGY（INCL. REFURBISHED）
18
17

4
15
13
7
2 4 11 11
10 10
10 2 2
1 1 3
2 1
7 7 7
6 6 3 3 6 5 6 2
5 3
2 2 4 2
5 1 1
2 2
1 3 9 3
2 2 2 2
1
6 2 6
1 5 5 1 5 1 3
2 4
3 1 3 1 3
2 2
0 1 1 1 1
18/3-Q1 18/3-Q2 18/3-Q3 18/3-Q4 19/3-Q1 19/3-Q2 19/3-Q3 19/3-Q4 20/3-Q1 20/3-Q2 20/3-Q3 20/3-Q4 21/3-Q1 21/3-Q2 21/3-Q3 21/3-Q4

i-line KrF ArF ArF immersion 系列5

45
Forecast for the year ending March 31, 2022:
Foreign Exchange Impact

Financial Impact
Exchange Rate
from Fluctuation by 1 yen
FY2022/3
Revenue Operating Profit
Forecast

Approx. Approx.
US $ ￥105
￥1.9billion ￥0.2billion

Approx. Approx.
EURO ￥125
￥0.6billion ￥0.3billion

Note: The foreign exchange impact above is made on the assumption that emerging-market currencies move according to the influence of US $ and EURO.

46
Disclaimer Regarding Forecast and Projections

Forward-looking statements for earnings and other performance data contained herein are
based on information currently available to the Company, and all potential risks and
uncertainties are taken into account. The Company asks that investors understand that
changes in conditions may cause actual performance to significantly differ from these
projections.

47