Slide 1: Financial Results Briefing for the Second Quarter of the Fiscal Year Ending December 31, 2025
HIOKI E.E. CORPORATION Financial Results Briefing for the Second Quarter of the Fiscal Year Ending December 31, 2025 (Securities Code: 6866) July 2025 Asset Type : IR materials Security : 公開_Public Published : 2025-0729
Slide 2: 1. Company Overview
1. Company Overview Photograph: The four seasons at HIOKI Forest Hills: Summer © HIOKI E.E. CORPORATION 2
Slide 3: Overview
Overview ■Name HIOKI E.E. CORPORATION ■Businesses Development, manufacture, sale, and service of electrical measuring instruments ■Founded June 1935 ■Incorporated January 1952 ■Capitalization ¥3,299 million ■Representative Takahiro Okazawa, President ■Head Office 81 Koizumi, Ueda-shi, Nagano Prefect
Slide 4: 2. Second Quarter Results and Full-Year Outlook
2. Second Quarter Results and Full-Year Outlook Photograph: HIOKI Forest Hills © HIOKI E.E. CORPORATION 4
Slide 5: Performance: Key Considerations
Performance: Key Considerations • In China, demand for batteries and ESS-related products grew. Organizational restructuring at our Chinese sales subsidiary also contributed to a recovery in orders. • In South Korea, sales fell due to political instability. • In Japan and Europe, demand weakened as
Slide 6: Impact of U.S. Tariff Policy on Performance
Impact of U.S. Tariff Policy on Performance U.S. quarterly orders (Thousands of USD) We believe customers are not 8,000 delaying purchases due to tariffs. 7,000 6,000 In the U.S., we raised product 5,000 prices effective July 1. 4,000 In China, uncertainty may result 3,000 2,000 in some softening in
Slide 7: 1H 2025 Performance Overview
1H 2025 Performance Overview 1H 2023 1H 2024 Results Percent of sales Results Percent of sales (%) Year-on-year (%) (millions of yen) (%) (millions of yen) Order volume 19,465 104.3 19,673 100.7 101.1 Sales 18,662 19,538 104.7 Cost of sales 9,520 51.0 9,495 48.6 99.7 Selling, general, and administra
Slide 8: 1H 2025: Factors Impacting Operating Income
1H 2025: Factors Impacting Operating Income Average exchange rates during period (Millions of yen) 1H 2024 1H 2025 6,000 USD ¥152.25 ¥148.61 CNY ¥21.05 ¥20.47 5,000 +334 KRW ¥0.1127 ¥0.1043 △1,088 4,000 +926 Improvement in gross △223 3,000 margin 3,344 Increased Increased fixed 3,293 2,000 gross pro
Slide 9: Trend in Order Volume by Product Category (by Quarter)
Trend in Order Volume by Product Category (by Quarter) (Millions of yen) 12,000 11,005 Automatic test 1,065 9,967 9,961 9,800 9,873 9,181 9,498 9,145 equipment 920 773 556 9,000 1,465 733 8,482 8,842 573 727 841 782 1,331 1,518 1,449 Data recording 1,309 814 1,573 1,606 1,388 equipment 1,211 1,516 6
Slide 10: Trend in Sales by Product Category (by Quarter)
Trend in Sales by Product Category (by Quarter) (Millions of yen) 12,000 11,193 Automatic test 10,028 10,306 968 9,816 9,722 equipment 575 9,229 9,591 9,111 9,551 9,415 995 606 1,668 834 925 9,000 1,336 706 695 1,002 840 Data recording 1,413 1,371 1,557 1,352 equipment 1,306 1,479 1,365 1,334 Electr
Slide 11: Orders by Market Application
Orders by Market Application (Millions of yen) 2Q 2022 2Q 2023 2Q 2024 2Q 2025 6,000 3,000 0 Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Automatic test Data recording Batteries Devices Energy Maintenance equipment equipment © HIOKI E.E.
Slide 12: Sales by Market Application
Sales by Market Application (Millions of yen) 2022 2023 2024 2025 (revised) 2026 (plan) 2Q 2025 results 9,000 6,000 3,000 0 Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Automatic test Data recording Batteries Devices Energy Maintenance e
Slide 13: Trend in Quarterly Sales and Operating Profit
Trend in Quarterly Sales and Operating Profit Sales and operating profit (millions of yen) Operating profit rate 25,000 25.0% 20,000 20.0% 15,000 15.0% 10,000 10.0% 5,000 5.0% 0 0.0% 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 Sales 20,334 18,820 18,662 20,608 19,538 Operating profit 4,545 3,410 3,344 4
Slide 14: Trend in Overseas Sales (by Quarter)
Trend in Overseas Sales (by Quarter) Export sales as a percentage of total sales (target: 70% or greater) (Millions of yen) 63.2% 63.4% 60.9% 65.1% 63.0% 16,000 12,000 8,000 4,000 0 Domestic Export Domestic Export Domestic Export Domestic Export Domestic Export 1H 2023 2H 2023 1H 2024 2H 2024 1H 202
Slide 15: Management Targets
Management Targets (Outcome of Medium-term Management Plan of 2027) Operating income rate on overseas sales: 20% Percentage of overseas sales: 70% or greater Return on equity (ROE): 10% or greater © HIOKI E.E. CORPORATION 15
Slide 16: Full-Year Earnings Forecast for 2025
Exchange rate assumptions in the Exchange rate assumptions in the management plan management plan (forecast at start of fiscal year) (revised forecast) USD ¥151 USD ¥144 Full-Year Earnings Forecast for 2025 CNY ¥21.0 CNY ¥20.0 2024 revised 2024 results 2024 revised forecast forecast Results Percent
Slide 17: Trend in Sales and Operating Profit
Trend in Sales and Operating Profit Sales and operating profit (millions of yen) Operating profit rate 40,000 40.0% 30,000 30.0% 20,000 20.0% 10,000 10.0% 0 0.0% 2025 2021 2022 2023 2024 (forecast) Sales 29,322 34,371 39,154 39,270 41,430 Recurring profit 5,750 7,070 7,955 7,525 7,530 Recurring prof
Slide 18: Trend in Overseas Sales
Trend in Overseas Sales Export sales as a percentage of total sales (target: 70% or greater) (Millions of yen) 58.6% 63.9% 63.3% 63.1% 63.9% 30,000 20,000 10,000 0 Domestic Export Domestic Export Export Domestic Domestic Export Domestic Export 2,021 2,022 2,023 2,024 2025 (revised) Japan 12,134 12,4
Slide 19: 2025 Outlook: Earnings and Dividends per Share
2025 Outlook: Earnings and Dividends per Share Dividend policy: Deliver a return on shareholders’ investments by adopting a stable annual dividend base of a consolidated dividend on equity (DOE) of at least 2% per share and a target consolidated dividend payout ratio of 40%. ROE Earnings and dividen
Slide 20: 3. Initiatives to Achieve the Full-year Outlook
3. Initiatives to Achieve the Full-year Outlook Photograph: HIOKI Forest Hills © HIOKI E.E. CORPORATION 20
Slide 21: Growth Strategies
Growth Strategies Product development that adds to Hioki’s essentiality Market-oriented business development Achievement of carbon neutrality under the Greenhouse Gas Protocol © HIOKI E.E. CORPORATION 21
Slide 22: Transitioning to Account-based Sales & Trend in Chinese Orders
Transitioning to Account-based Sales & Trend in Chinese Orders Quarterly orders in China Chinese sales subsidiaries (Millions of CNY) 160 Sales Department 140 120 Battery and Energy, component, Wholesale mobility market and other market 100 coordinators coordinators coordinators 80 60 Major restruct
Slide 23: Consolidating information from sales subsidiaries and promoting product development by market
Consolidating information from sales subsidiaries and promoting product development based on market segments HIOKI USA CORPORATION — Divided the United States into five regions and promoted activities to increase customer touchpoints. Germany U.S.A. South Korea UAE China HIOKI ELECTRIC VIETNAM COMPA
Slide 24: Four Future Markets of Focus
Four Future Markets of Focus (Millions of yen) 2027 forecast Market Target sales (per Hioki research) growth rate growth rate 25,000 (Hioki for Hioki Energy forecast) products 20,000 Total global market Size of potential market Components 9.6% 13.0% 15,000 Mobility Batteries Size of Hioki’s realisti
Slide 25: Component Market — First-Half Performance and Second-Half Outlook
Component Market — First-Half Performance and Second-Half Outlook Components Market trends Achieving high-speed production • Automotive and EV demand has plateaued, with MLCC investment remaining sluggish. through precision measurement • AI-related applications are fueling demand for Leveraging Hiok
Slide 26: Battery Market — First-Half Performance and Second-Half Outlook
Battery Market — First-Half Performance and Second-Half Outlook コンポーネント市場 Batteries Market trends • Growing demand for ESS has sustained steady 精密測定で高速生産を実現 Advancing sustainability investment in battery production facilities and ongoing R&D investment in materials. 抵抗器やコンデンサーなどの電子部品、電気自動車や Hioki su
Slide 27: Energy Market – First-Half Performance and Second-Half Outlook
Energy Market – First-Half Performance and Second-Half Outlook Energy コンポーネント市場 Market trends Meeting the challenges of • Global investment in AI data centers is accelerating. 精密測定で高速生産を実現 environmental change • Rapid economic growth in emerging economies is driving up electricity demand. In a time
Slide 28: Mobility Market – First-Half Performance and Second-Half Outlook
Mobility Market – First-Half Performance and Second-Half Outlook Mobility コンポーネント市場 Market trends Solving the Challenges of • EV growth continues, but investment remains below Electrification 精密測定で高速生産を実現 • expectations. The global expansion of Chinese EVs is accelerating. We contribute innovative s
Slide 29: Future Directions of HIOKI’s Businesses
Future Directions of HIOKI’s Businesses Bringing products to every field that will use electric energy as infrastructure in the future Focusing development resources on the key markets that comprise a new social system Digital transformation (DX) Transition to alternative energy Effective use of ele
Slide 30: Electrical Measurement Solutions for Data Centers
Electrical Measurement Solutions for Data Centers Power supply systems Reliable delivery of massive electrical loads Cooling systems D i s s i p a ti ng h e a t g e n era ted b y o p e ra ti ng d a t a s e r v ers Receiving power from the transmission grid Voltage Air conditioning units Cooling devi
Slide 31: Sales Trend in Southeast Asia
Sales Trend in Southeast Asia (Millions of yen) 1,200 Other general-purpose measurement 1,000 800 600 400 200 0 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 © HIOKI E.E. CORPORATION 31
Slide 32: Short Lead Times as a Key Strength
Short Lead Times as a Key Strength Ratio of same-month factory shipments to total Time from order receipt to shipment individual sales 60.0% 1.20 Significant impact from parts 50.0% supply shortages, indexed with 48.9% 1.00 1.00 2022 as 1 43.3% 41.4% 40.0% 0.80 37.4% 0.77 34.3% 30.0% 0.60 27.7% 20.0
Slide 33: Initiatives to Improve Profitability and Productivity in Production
Initiatives to Improve Profitability and Productivity in Production Implemented organizational restructuring to strengthen the profitability of the global after-sales business. Carried out organizational restructuring to reinforce our international logistics framework, optimize costs, and advance th
Slide 34: Initiatives to Improve Operating Cash Flow
Initiatives to Improve Operating Cash Flow Promoting appropriate part inventory management based on Ongoing reduction of cross-shareholdings (Millions of yen) order volume 9,000 Status of initiatives for the fiscal year ending Amount of raw materials and December 2024: supplies. ・Sold shares in thre
Slide 35: HiCareer: Hioki’s New HR System
HiCareer: Hioki’s New HR System In April 2025, we introduced a new system that eliminates regular salary increases (excluding age-based pay). Purpose Measures Align each individual’s purpose with the company’s management policies at a higher level, enabling •Achieve personal purpose through HIOKI’s
Slide 36: Strengthening Human Capital Investment
Strengthening Human Capital Investment (Actively Returning the Benefits of Productivity Improvements to Employees) (Yen) (Millions of yen) 12,000 5.00% 1100 10,000 4.00% 1000 8,000 2025 labor-management negotiations 3.00% 6,000 900 2.00% 4,000 800 1.00% 2,000 700 0 0.00% 2020 2021 2022 2023 2024 202
Slide 37: Progress on HIOKI’s Sustainability Declaration
Progress on HIOKI’s Sustainability Declaration We continue decarbonization initiatives in pursuit of the following targets: ■ By 2025 (90th anniversary of our founding) — Achieve carbon neutrality for Scope 1 and Scope 2. ■ By 2035 (100th anniversary of our founding) — Achieve carbon neutrality for
Slide 38: Expenditures on Community Service Activities
Expenditures on Community Service Activities (Millions of yen) 140 [Principal Activities] Donations and operational support to the HIOKI 130 Scholarship and Greening Foundation. 120 Scholarship Program Eligibility: Graduates of high schools in Nagano Prefecture who advance 110 to four-year science a
Slide 39: 90th Anniversary Commemorative Project
90th Anniversary Commemorative Project April 16 and 17 HIOKI FUTURE TECH 2025 The event showcased “The Future of Electrical Measurement Technology” across five categories and a total of 22 themes with the aim of creating future opportunities in the measurement business. We also organized commemorati
Slide 40: Integrated Report
Integrated Report 2022 (First Edition) 2023 (Second Edition) 2024 (Third Edition) We plan to publish the 2025 report (Fourth Edition) in July. © HIOKI E.E. CORPORATION 40
Slide 41: Vision 2030 closing message
As we strive to realize Vision 2030, we will contribute to building a sustainable society by providing our customers with high-quality products and services in support of their decarbonization efforts.
Slide 42: 5. Reference Materials
5. Reference Materials Photograph: Hioki Forest Hills © HIOKI E.E. CORPORATION 42
Slide 43: Performance and Employee Head Count since HIOKI’s Establishment
参考資料 Performance and Employee Head Count since HIOKI’s Establishment Sales and recurring profit Source: Internal data (Millions of yen) Employees Sales Recurring profit Employees (including part-time) (1999 and beyond: Consolidated basis) 40,000 1,600 Consolidated subsidiary timeline 2021 1994 HIOKI
Slide 44: HIOKI Group Business Diagram
参考資料 HIOKI Group Business Diagram Sales breakdown Customers Global markets [Sales] HIOKI USA CORPORATION [Sales] HIOKI SINGAPORE PTE. LTD. China instruments business [Sales] HIOKI KOREA CO.,LTD. Electrical measuring [Sales] [R&D, manufacturing, and sales] HIOKI (Shanghai) Measuring HIOKI (Shanghai)
Slide 45: Reference Materials
Reference Materials
Slide 46: Vision 2030 (Long-term Management Policy)
Vision 2030 (Long-term Management Policy) Mission How can we Contributing to society’s peace of mind and development by promoting customers’ contribute to safe, effective use of energy through electrical measurement society? Vision In keeping with the slogan “Beyond Measure,” we’re committed to cont
Slide 47: Key Steps towards 2030
Key Steps towards 2030 2030 2030 management indicators Hioki Philosophy ●Operating profit rate: 25％ Operating profit rate Management Policies ●Domestic/international 25.0％ Vision 2030 2027 sales ratio: 25％/75％ Integrated group management ●ROE: 15％ or greater Growth strategies Sales 1. Product develo
Slide 48: Management Informed by Awareness of Capital Cost
Management Informed by Awareness of Capital Cost Shareholder capital cost: We’ve raised estimates of around 7% to around 10%. Hioki’s policy: We’ve increased our ROE management indicator to 15% or greater. The Accounting Section has been upgraded to the Finance and Accounting Department, establishin
Slide 49: HIOKI Product Organization and Fields of Use
参考資料 Reference Materials HIOKI Product Organization and Fields of Use HIOKI meets customer needs ranging from advanced R&D to production lines and on-site electrical work in every industry with about 300 products. Overall R&D Field organization Production lines maintenance Automatic testing Package
Slide 50: Trend in Orders by Product Category (by Half)
参考資料 Reference Materials Trend in Orders by Product Category (by Half) (Millions of yen) 25,000 Automatic test equipment 19,547 20,186 19,465 19,106 19,673 20,000 1,825 1,798 17,324 1,493 1,397 16,896 1,500 Data recording 2,726 2,774 1,596 2,904 3,055 1,422 2,906 equipment 15,000 2,337 2,727 Electro
Slide 51: Trend in Sales by Product Category (by Half)
参考資料 Reference Materials Trend in Sales by Product Category (by Half) (Millions of yen) 25,000 Automatic test 20,334 20,608 equipment 18,820 18,662 19,538 20,000 18,489 1,570 1,808 1,312 1,759 Data recording 15,882 1,445 2,749 1,697 3,002 2,886 2,677 2,909 equipment 15,000 1,778 2,844 2,168 Electron
Slide 52: Mid-term Business Plan (2025 to 2027)
Reference Materials Mid-term Business Plan (2025 to 2027) *As of disclosure on February 14, 2025. Sales and operating profit (Millions of yen) Operating profit rate 60,000 30.0% 40,000 20.0% 20,000 10.0% 2025 management 0 0.0% plan exchange 2023 2024 2025 2026 2027 rate Sales 39,154 39,270 42,190 46
Slide 53: Mid-term Sales Plan by Product Category (2025 to 2027)
Reference Materials Mid-term Sales Plan by Product Category (2025 to 2027) *As of disclosure on February 14, 2025. (Millions of yen) 60,000 Automatic test 51,210 equipment 50,000 46,610 4,040 42,190 3,680 Data recording 39,154 39,270 7,400 40,000 3,320 6,800 equipment 2,882 3,505 6,220 5,426 5,846 E
Slide 54: Export Mid-term Sales Plan (2025 to 2027)
Reference Materials *As of disclosure on Export Mid-term Sales Plan (2025 to 2027) February 14, 2025. Export sales as a percentage of total sales (Millions of 63.3% 63.1% 62.4% 63.6% 64.8% yen) 30,000 20,000 10,000 0 Domestic Export Domestic Export Domestic Export Domestic Export Domestic Export 2,0
Slide 55: Sales Trend in Asia (Breakdown)
Reference Materials Sales Trend in Asia (Breakdown) (Millions of yen) 12,000 10,000 8,000 6,000 4,000 2,000 0 1H 2020 2H 2020 1H 2021 2H 2021 1H 2022 2H 2022 1H 2023 2H 2023 1H 2024 2H 2024 1H 2025 Taiwan 370 809 842 712 832 436 479 567 807 496 598 India 103 107 187 211 295 310 424 445 648 575 522 S
Slide 56: Mid-term Sales Plan by Market Application (2025 to 2027)
Reference Materials Mid-term Sales Plan by Market Application (2025 to 2027) (Millions of yen) 2023 2024 2025 2026 2027 12,000 9,000 6,000 3,000 0 Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Domestic Overseas Automatic test Data recording Batteries Devic
Slide 57: Medium- and Long-term Strategic Investments
参考資料 Reference Materials Medium- and Long-term Strategic Investments Short-term investments (2024 to 2025) Long-term investments (2024 and beyond) Product development • Deploying testing equipment, for example at the • Strengthening investment in R&D that adds to Hioki’s Creative Collaboration Lab,
Slide 58: Unique Products Built around Core Technologies
参考資料 Reference Materials Unique Products Built around Core Technologies ●Patent program that motivates inventors ●R&D spending as percent of sales: Greater than 10% (Rights or (Millions of yen) Trend in R&D Expenses patents) Trend in Industrial Property Rights 8,000 12.0% 1,600 30% 11.6% 11.2% 22% 2
Slide 59: Sustainability Timeline
参考資料 Reference Materials Sustainability Timeline We’ve undertaken a series of sustainability initiatives in accordance with the Hioki Philosophy, and we will continue to pursue new initiatives as we work to realize Vision 2030. ISO 14001 certification EMS organizational structures The Hioki Philosop
Slide 60: Cash Flows
参考資料 Reference Materials Cash Flows (Millions of yen) 25,000 Purchases of tangible fixed assets △2,192 20,000 Amount +2,234 △2,475 △1,352 of decrease 15,000 △257 △1,851 Income before taxes, etc. ＋3,271 Dividend payments 10,000 Depreciation expenses △1,351 16,507 ＋836 14,656 Change in provision for b
Slide 61: 90th Anniversary Program: Purpose
Reference Materials 90th Anniversary Program: Purpose Purpose of the 90th Anniversary Program Realizing the goal of “One Hioki” by sharing a sense of gratitude and a vision for the future “Gratitude” represents appreciation in various forms throughout the year—Hioki’s gratitude toward customers, exe
Slide 62: 90th Anniversary Program: Creative Elements
Reference Materials 90th Anniversary Program: Creative Elements It transports freight. It illuminates. It moves things. The power of measurement has underpinned our use of electricity, which plays an essential role in people’s lives. Today, people are entering into a new relationship with energy. As
Slide 63: Note on the Information in This Presentation
Note on the Information in This Presentation Plans, forecasts, strategies, and other information in this presentation relating to future business performance were compiled on the basis of currently available data and by their nature incorporate a certain degree of risk and uncertainty. Actual perfor