Hamamatsu Photonics K.k. · TSE:6965
Hamamatsu Photonics K.k — Q2 FY2025 Earnings Presentation
36 slides from Hamamatsu Photonics K.k's earnings presentation, May 2025
Slide 1: Fiscal Year ending September 30, 2025 Second Quarter Report
Fiscal Year ending September 30, 2025 Second Quarter Report Tokyo Stock Exchange : 6965 May, 2025 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 1
Slide 2: Point
Point ┃FY25 1H Results Sales 106.7 Billion yen Operating profit 10.7 Billion yen (YoY : +2.7 Billion yen) (YoY : -9.2 Billion yen) Demand for Medical-bio instrument is slow to recover due to high SG&A and R&D expenses increased by 8.4 billion yen interest rates, but demand for Industrial instrument,
Slide 3: Impact of reciprocal tariffs and responses
Impact of reciprocal tariffs and responses 【 Response policy 】 Tariff on products exported from Japan to U.S. will basically be passed on to price Production of products exported from China to U.S. is currently under review for transfer to Japan 【 Shipment forecast for FY25 2H for U.S. market 】 Appl
Slide 4: Agenda
Agenda 01 FY25 1H Results 02 FY25 Forecasts 03 TOPICS 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 4
Slide 5: FY25 1H Results
Agenda 01 FY25 1H Results 02 FY25 Forecasts 03 TOPICS 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 5
Slide 6: Financial Results
Financial Results Sales increased due to M&A, but profits decreased (Unit : Billion Yen) FY24 1H FY25 1H FY25 1H YoY vs. plan (Actual) (Plan) (Actual) Change % Change % Sales 103.9 110.1 106.7 2.7 2.7 -3.3 -3.0 Gross profit 53.4 54.3 52.5 -0.8 -1.6 -1.7 -3.2 (51.4 %) (49.3 %) (49.3 %) Operating prof
Slide 7: Quarterly Changes
Quarterly Changes Sales （Unit : Billion yen） Operating profit （Unit : Billion yen） 11.3 % -24.7 % 11.1 % 52.4 % 53.4 56.1 8.5 50.4 50.5 46.5 6.8 6.4 5.2 4.2 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 7
Slide 8: Factors of Operating Profit Changes (FY24 1H- FY25 1H)
Factors of Operating Profit Changes (FY24 1H- FY25 1H) Decrease due to lower gross profit margin (Changes in product mix, Excluding impact of currency fluctuation +0.7 inventory fluctuations, increase in fixed cost ratio, etc.) Increase in SG&A expenses/R&D expenses Increase in gross profit due to i
Slide 9: Factors causing increases in SG&A and R&D expenses
Factors causing increases in SG&A and R&D expenses （Unit : Billion yen） Item Comment NKT Photonics ＋1.4 R&D expenses ＋1.7 Fairchild Imaging ＋0.3 NKT Photonics ＋1.5 Personnel expenses ＋1.7 Fairchild Imaging ＋0.2 Impact of M&A +6.3 NKT Photonics ＋0.3 Depreciation ＋0.3 NKT Photonics ＋0.9 Others ＋2.6 Go
Slide 10: Sales by application
Sales by application Demand for Medical-bio instrument is slow to recover due to high interest rates, but demand for Industrial instrument, mainly semiconductors, and analytical instrument is showing signs of recovery (Unit : Billion yen) YoY vs. plan FY24 1H FY25 1H FY25 1H (Actual) (Plan) (Actual)
Slide 11: Medical-bio instrument
Medical-bio instrument ▪ Radiographic testing ▪ Laboratory testing ▪ Others medical instrument 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 11
Slide 12: Radiographic testing, Laboratory testing, Others
▪Radiographic testing ▪Laboratory testing ▪Others Recovery in end-customer demand for X-ray CT Demand for blood testing devices declined due to Demand for ophthalmic lasers is increasing due to inspection equipment and dental inspection customer inventory adjustments growing demand for cataract surg
Slide 13: Medical-bio instrument Outlook
Medical-bio instrument Outlook Radiographic testing • Demand for X-ray CT and PET inspection equipment is gradually improving from FY25 1H, but recovery is slow • Demand for dental inspection equipment is facing intensifying competition, but there are signs of bottoming out due to new business acqui
Slide 14: Industrial instrument
Industrial instrument ▪ Semiconductor instrument ▪ Non-destructive testing ▪ Factory automation instrument 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 14
Slide 15: Semiconductor instrument, Non-destructive testing, Factory automation instrument
▪Semiconductor instrument ▪Non-destructive testing ▪Factory automation instrument Stealth dicing and semiconductor failure analysis Demand for food inspections is increasing both Customer inventory adjustments will move toward equipment are in high demand with rise of domestically and internationall
Slide 16: Industrial instrument Outlook
Industrial instrument Outlook Semiconductor instrument • Demand for sensors and light sources for semiconductor inspection equipment continues to increase • Demand for semiconductor failure analysis system continues to increase, mainly for memory applications Non-destructive testing • There are sign
Slide 17: Sales by Region
Sales by Region (Unit : Billion yen) Europe North America Europe North America 22.3 27.3 25.3 24.9 (21.5 %) (26.3 %) (23.7 %) (23.4 %) FY24 1H FY25 1H 103.5 106.4 Asia Japan Asia Japan 30.6 23.5 31.7 24.4 (29.4 %) (22.6 %) (29.8 %) (22.9 %) FY24 1H FY25 1H Change % Europe 22.3 25.3 3.0 13.5 Asia (of
Slide 18: Inventory status
Inventory status Started efforts to shorten the cash conversion cycle (CCC) [Inventory trends] (Unit : Billion yen) Decrease of 4.8 billion yen compared to previous quarter 39.8 42.4 39.1 in FY25Q2 Due to reduced material purchases and increased product shipments resulting from higher sales in FY25Q
Slide 19: FY25 Forecasts
Agenda 01 FY25 1H Results 02 FY25 Forecasts 03 TOPICS 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 19
Slide 20: Forecasts
Forecasts No change in full-year forecast Direct impact of reciprocal tariffs is minor, but indirect impact is unclear (Unit : Billion yen) YoY FY24 FY25 Change % Sales 203.9 218.9 15.0 7.4 Gross profit 103.8 (50.2 %) 109.9 (50.2 %) 6.1 5.9 Operating profit 32.1 (15.7 %) 24.1 (11.0 %) -8.0 -24.9 Net
Slide 21: Order trends
Order trends Increased orders in major industries such as Medical-bio and Industrial （FY23Q4を基準） Order trends (FY24Q1 Base） 1.50 1.00 0.50 0.00 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 21
Slide 22: Shareholder Return Policy
Shareholder Return Policy Basic policy is to pay stable dividends and consider share 200 buybacks as appropriate 80.0% 180 Buyback Buyback 65.2% 70.0% 【Basic policy】 160 10.0 Dividend pay ratio 20.0 60.0% Billion yen Billion yen 140 120 (Completed) 30％ target 50.0% 100 37.5% 40.0% 31.1% 46.8% 80 29.
Slide 23: TOPICS
Agenda 01 FY25 1H Results 02 FY25 Forecasts 03 TOPICS 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 23
Slide 24: Progress of Growth strategies
Progress of Growth strategies X-ray CT / PET Detectors Semiconductor Failure Analysis System Growth in Top Share through New Growth through New Trends Technology Development Products for Semiconductor Inspection equipment Development of New products with Equipment manufacturers (Customers) High-prof
Slide 25: X-ray CT Detectors
X-ray CT Detectors –Growth in Top Share through New Technology Development Technology and Product Roadmap Accommodating various specifications and shapes upon request High Sensitivity Si Semiconductor Photodiode Arrays Not only the detector alone, but also widely compatible with assembly and packagi
Slide 26: PET Detectors
PET Detectors –Growth in Top Share through New Technology Development Technology and Product Roadmap Enhancing PET Images with High-Performance Detectors Providing modules not only with high-performance detectors alone, but also with scintillators, ASICs, and drive circuits World‘s fastest SiPM* Hig
Slide 27: Semiconductor Failure Analysis System
Semiconductor Failure Analysis System –Growth through New Trends FY27 Increasing demand for advanced A high-resolution emission FY25 Target semiconductor devices with three- microscope that identifies failure Plan 15 billion dimensional and miniaturized locations in semiconductor devices 11 billion
Slide 28: Semiconductor Failure Analysis System
Semiconductor Failure Analysis System –Growth through New Trends FY27 Increasing demand for advanced A high-resolution emission FY25 Target semiconductor devices with three- microscope that identifies failure Plan 15 billion dimensional and miniaturized locations in semiconductor devices 11 billion
Slide 29: Products for Semiconductor Inspection equipment
Products for Semiconductor Inspection equipment –Development of New products with Equipment manufacturers (Customers) Product lineups Optical Sensors Broadband (Broad wavelength) Light Sources TDI-CCD Photomultiplier Fast decay Xenon lamps Laser-Driven Supercontinuum Tubes Phosphors for Light Source
Slide 30: NKT Photonics – 48 billion yen core market potential in 10 years
NKT Photonics – 48 billion yen core market potential in 10 years Sales plan and target Target markets Target Ophthalmology FY30 Target 48 4 4 billion billion yen Precise cuts are needed during the procedure, and (billion yen) yen Sales plan FLACS (Femtosecond Laser Assisted Cataract Surgery) replace
Slide 31: High Value-Added Module Business – Customer-In / Market-In
High Value-Added Module Business –Customer-In / Market-In Module Business Promotion Office X-ray Business Strategy Office Quantum Business Strategy Office Customer-In Market-In Customer needs Internal collaboration on strategically important technologies Anticipating needs through deep understand
Slide 32: High Value-Added Module Business – Customer-In
High Value-Added Module Business –Customer-In Module Business Promotion Office Providing Evaluation Modules and Assemblies for our devices / Responding to custom requests from customers with expanding perspectives Examples of Business progress of High Development projects of High Value-Added Module
Slide 33: High Value-Added Module Business – Market-In
High Value-Added Module Business –Market-In X-ray Business Strategy Office • Providing optimized systems for each market • New product development based on collaboration Printed Circuit Board Next generation Semiconductor is in progress Inspection Battery inspection fabrication New New AI X-ray so
Slide 34: High Value-Added Module Business – Market-In
High Value-Added Module Business –Market-In Quantum Business Strategy Office Driving the photonics-based quantum computer market • New technology development based on Neutral Atoms platform collaboration • Units optimized for each method and customer Trapped ions platform • Scalability-conscious co
Slide 35: Progress of Growth strategies
Progress of Growth strategies X-ray CT / PET Detectors Semiconductor Failure Analysis System Growth in Top Share through New Growth through New Trends Technology Development Products for Semiconductor Inspection equipment Development of New products with Equipment manufacturers (Customers) High-prof
Slide 36: 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 36
Hamamatsu Photonics K.K. — Q2 FY2025 Earnings Presentation on 6ix