Slide 1: Financial Results for the First Nine Months (9M) of FY2025
Financial Results for the First Nine Months (9M) of FY2025 Ushio Inc. February 6, 2026 Note : This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall preva
Slide 2: Highlights of Today's Presentation
Highlights of Today’s Presentation 9M FY2025 Results: Earnings rose (slight decrease in revenue) ‒ Revenue declined due to lower stepper sales year-on-year ‒ Earnings turned positive, driven by improved profitability from action plans under structural reforms - Increased forward investments in DLT a
Slide 3: Agenda
I. Financial Results for 9M FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2026 Ushio Inc., All Rights Reserved 3 3
Slide 4: 9M FY2025: Summary of Financial Results
9M FY2025: Summary of Financial Results YoY Comparison: -1.1 billion yen (-0.9%) Net Sales - Industrial Processes business: Lithography equipment sales decreased owing to ongoing impacts of past overinvestment in related markets 126.9 billion yen - Visual Imaging business: Steady video production de
Slide 5: 9M FY2025: Financial Highlights
9M FY2025: Financial Highlights YoY Comparison 9M FY2024 9M FY2025 Results Results Changes (％) （Billions of yen) Net Sales 128.0 126.9 -1.1 -0.9% Operating Profit 7.3 7.7 ＋0.3 ＋4.6% Operating Margin 5.8% 6.1% ＋0.3P - Ordinary Profit 10.4 8.8 -1.5 -15.1% Profit Attributable to Owners of Parent 5.7 4.
Slide 6: 9M FY2025: YoY Variation Analysis of Operating Profit
9M FY2025: YoY Variation Analysis of Operating Profit Earnings increased through fundamental improvements from structural reforms, despite one-time factors such as lower revenue from lithography equipment and valuation losses, and strategic investments (Billions of yen) - Steppers - Acquisition advi
Slide 7: 9M FY2025: Financial Results by Business Segment
9M FY2025: Financial Results by Business Segment 9M FY2024 9M FY2025 YoY Comparison Results Results (％) （Billions of yen) Changes Net Sales 54.6 52.9 -1.6 -3.1% Industrial Processes Operating Profit 7.1 3.8 -3.2 -46.3% [Operating Margin] [13.0%] [7.2%] [-5.8P] - Net Sales 60.3 60.5 ＋0.2 ＋0.3% Visual
Slide 8: 9M FY2025: Industrial Processes Results
9M FY2025: Industrial Processes Results 9M FY2024 9M FY2025 YoY Comparison ■Net Sales: down 1.6 billion yen YoY Results Results (Billions of yen) Changes (%) - Ongoing impacts of past overinvestments in related markets lowered sales of steppers ① Net Sales 54.6 52.9 -1.6 -3.1% - EUV maintenance reve
Slide 9: 9M FY2025: Visual Imaging Results
9M FY2025: Visual Imaging Results YoY Comparison 9M FY2024 9M FY2025 ■Net Sales: up 0.2 billion yen YoY Results Results (Billions of yen) Changes (%) - Sales increased on robust demand for visual production in entertainment area ① - Sales down slightly because stronger yen overshadowed recovery Net
Slide 10: 9M FY2025: Life Sciences and Photonics Solutions Results
9M FY2025: Life Sciences and Photonics Solutions Results Life Sciences 9M FY2024 9M FY2025 YoY Comparison ■Net Sales: up 0.2 billion yen YoY (Billions of yen) Results Results Changes (%) - Sales of lamps for horticulture contributed to revenues Net Sales 4.4 4.7 ＋0.2 ＋5.5% ■Operating Profit: up 1.0
Slide 11: Agenda
I. Financial Results for 9M FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2026 Ushio Inc., All Rights Reserved 11 11
Slide 12: FY2025 Full-Year Forecasts: Summary
FY2025 Full-Year Forecasts: Summary Retaining initial forecasts While improving earnings structure, certain impact expected in Q4 from additional initiatives for further business structure improvement (under review) FY2024 FY2025 YoY Comparison Progress (Billions of yen) Results Forecasts Changes (
Slide 13: YoY Variation Analysis of Operating Profit for FY2025
Changes from forecasts on Key factors Direction of 5/13/2025 changes YoY Variation Analysis of Operating Profit for FY2025 Adjusted following revision of full-year segment forecasts • Impact from deferred adoption of DLT system Contributions of -2.2 ＋1.0 • Recording of temporary additional measures
Slide 14: FY2025 Full-Year Forecasts: Revisions by Business Segments
FY2025 Full-Year Forecasts: Revisions by Business Segments Revision of inter-segment breakdown FY2025 Forecasts on Progress Forecasts Changes Key revisions and outlook for Q4 5/13/2025 rate (Billions of yen) (revised) ⚫ DLT system sales postponed to next fiscal year and beyond, with full-scale ramp-
Slide 15: FY2025 Full-Year Forecasts: YoY by Business Segments
FY2025 Full-Year Forecasts: YoY by Business Segments FY2025 YoY Comparison FY2024 Forecasts Results Changes (%) (Billions of yen) (revised) Net Sales 78.9 73.0 -5.9 -7.5% Industrial Processes Operating Profit 9.6 5.3 -4.3 -44.9% [Operating Margin] [12.2%] [7.3%] [-4.9P] - Net Sales 80.8 79.0 -1.8 -2
Slide 16: Shareholder Returns
Shareholder Returns Dividends (yen) Dividends payout ratio ■Dividend policy Generating stable returns 99.6 88.1 56.3 Dividends 51.4 47.2 47.8 43.2 35.5 per Share FY2025: ¥70 per share (plan) 30.2 70 70 Setting dividend floor of ¥70 per share annually 50 50 50 50 26 26 26 26 for FY2024-FY2026 in line
Slide 17: Agenda
I. Financial Results for 9M FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2026 Ushio Inc., All Rights Reserved 17 17
Slide 18: Progress with Key Initiatives under New Growth Strategy
Progress with Key Initiatives under New Growth Strategy Despite likely delay in ramp-up and demand recovery in advanced packaging business, taking steps to revamp business portfolio and improve capital efficiency as planned ⚫ Advanced packaging business Orders and inquiries increasing ahead of full-
Slide 19: New Growth Strategy Progress by Segment
New Growth Strategy Progress by Segment While earnings declined owing to delays in lithography equipment ramp-up and recovery and planned forward investment expansions, growth initiatives have progressed steadily, with orders and inquiries increasing Industrial • Secured and fulfilled initial order
Slide 20: Latest Developments with Advanced Packaging Business
Latest Developments with Advanced Packaging Business Maintaining business environment outlook since Q2, with orders and inquiries rising for lithography equipment Market environment • Generative AI-related semiconductor demand expanding • Demand remains sluggish for conventional servers, PCs, and au
Slide 21: Reference: Augmenting UX-4 Series of Full Field Projection Aligners
Reference: Augmenting UX-4 Series of Full Field Projection Aligners Aiming to expand market shares with new offerings matching specific needs Orders Now Open for the New Product “UX-45114SC” of the UX-4 Series, Full Field Projection ■Appearance pf “UX-45114SC”* Aligner for Wafers ~ Improved resoluti
Slide 22: Business Portfolio Revamp Progress
Business Portfolio Revamp Progress Divested some businesses ■Soybean cultivation business Executed on April 1, 2025 (business transferred from Ushio to Nichirei Foods) ■Pandoras Box® product line* Please refer to: German company to acquire Christie Pandoras Box product line (released on Jul. 15, 202
Slide 23: Supplementary Information on Visual Imaging Business
Supplementary Information on Visual Imaging Business ■Cinema Screen Numbers and Light Source Trend Forecasts Lamp Laser Total 250,000 Reference: Unit Sales Digital cinema projectors 200,000 Laser Lamp 150,000 100,000 50,000 0 FY2023 FY2024 FY2025 Outlook As of May 13, 2025, Ushio’s research Copyrigh
Slide 24: Visual Imaging Business Reference Information
Visual Imaging Business Reference Information ■ General Imaging Examples Contributing to innovative visual experiences worldwide Singapore China Top multimedia and projection mapping specialist Hexogon The Ballad of Chu immersive theatrical performance used Group announced that it would exclusively
Slide 25: Supplementary Information
I. Financial Results for 9M FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2026 Ushio Inc., All Rights Reserved 25 25
Slide 26: Business Segments and Main Products
Business Segments and Main Products Business Main Products Product Examples Segments Light Source: UV lamps, OA lamps, Optical equipment lamps, etc. Industrial Equipment: Processes Lithography equipment, Curing equipment, Maintenance UV lamps Stepper Direct imaging OA lamps Excimer lamps services et
Slide 27: Reference: Summary of Quarterly Financial Results
Reference: Summary of Quarterly Financial Results FY2024 FY2025 YoY Comparison (Billions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Changes (%) Net Sales 37.5 48.1 42.4 49.5 38.3 43.0 45.5 ＋3.0 ＋7.2% Operating Profit 0.3 3.9 3.1 1.4 0.9 3.0 3.7 ＋0.5 ＋19.0% Operating Margin 0.9% 8.2% 7.4% 2.9% 2.5% 7.1% 8.2% ＋0.8P
Slide 28: Reference: Quarterly Financial Results by Business Segments
Reference: Summary of Quarterly Financial Results by Business Segments FY2024 FY2025 YoY Comparison (Billions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Changes (%) Net Sales 15.5 22.0 17.0 24.3 15.8 18.6 18.5 ＋1.4 ＋8.7% Industrial 1.0 4.1 1.8 2.5 0.3 1.7 1.7 -0.0 -5.1% Operating profit Processes Operating Margin
Slide 29: Reference: Sales Ratio by Region
Reference: Sales Ratio by Region Others 1.1% 9M FY2024 Net Sales Japan North America Europe Asia 128.0 21.5% 30.2% 8.7% 38.5% billion yen 9M FY2025 Net Sales Japan North America Europe Asia 126.9 20.6% 29.6% 11.3% 37.9% billion yen Others 0.6% Copyright © 2026 Ushio Inc., All Rights Reserved 29 29
Slide 30: Reference: R&D Expenses/Capital Expenditures and Depreciation
Reference: R&D Expenses/Capital Expenditures and Depreciation R&D Expenses（Billions of yen） Capital Expenditures (Billions of yen) Ratio of R&D Expenses to Net Sales (%) Depreciation (Billions of yen) 9M Results (Billions of yen) 9M Results (Billions of yen) 8.5 8.5 14.8 7.1 7.2 7.2 14.5 12.5 6.5 11
Slide 31: Reference: Balance Sheet
Reference: Balance Sheet Assets Liabilities/Net Assets (Billions of yen) (Billions of yen) Changes Changes 314.9 +17.6 314.9 +17.6 297.3 297.3 18.2 +2.9 Notes and AP 70.1 +8.7 Cash and Bank Deposits 15.2 61.3 36.1 58.4 +22.3 Other Current Liabilities -4.4 Notes and AR (Trade) 35.9 45.3 40.4 -4.9 40.
Slide 32: Reference: Cash Flow
Reference: Cash Flow (Billions of yen) 23.1 20.4 21.6 16.1 14.3 15.8 12.5 14.1 13.0 12.9 8.9 8.8 7.7 5.3 2.7 0.8 -0.3 FY2021 FY2022 FY2023 FY2024 9M_FY2025 -5.5 -1.5 -1.1 -6.9 -10.6 -13.4 -24.9 -26.8 Operating Profit Sales CF Investment CF Financial CF Free CF Copyright © 2026 Ushio Inc., All Rights
Slide 33: Glossary
Glossary ■Business Segment-related Acronyms IP business Industrial Processes business VI business Visual Imaging business LS business Life Sciences business PHS business Photonics Solutions business ■Others AI Artificial Intelligence DCP Digital Cinema Projector DI Direct Imaging: An exposure techni
Slide 34: IR Website and Email Newsletter
IR Website and Email Newsletter The investor relations portal on our website presents an array of useful information. We invite you to register on the portal to stay up to date with statutory disclosures, announcements, and other content through our email newsletter. Visit our official website Recei
Slide 35: Disclaimer
<Disclaimer> This report contains forward-looking statements, including earnings forecasts, which are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Please be advised that actual results may differ substantially from those forward-looking
Slide 36: Contact: Investor Relations Office
Contact: Investor Relations Office Ushio Inc. Email: ir@ushio.co.jp https://www.ushio.co.jp/en/ir/ Copyright © 2026 Ushio Inc., All Rights Reserved