Hamamatsu Photonics K.k. · TSE:6965
Hamamatsu Photonics K.k — FY2025 Earnings Presentation
51 slides from Hamamatsu Photonics K.k's earnings presentation, November 2025
Slide 1: Fiscal Year ended September 30, 2025 Financial Presentation
Fiscal Year ended September 30, 2025 Financial Presentation Tokyo Stock Exchange：6965 November, 2025 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 1
Slide 2: Point
Point ┃FY25 Results (Unit : Billion yen) Sales 212.0 (+4.0％ YoY) Operating profit 16.1 (-49.7％ YoY) • Sales increased for industrial instrument, primarily for • Expenses increased due to business expansion through M&A semiconductor industry, and for analytical instrument activities • Sales decreased
Slide 3: Agenda
Agenda 01 Financial Summary FY25 Results FY26 Plan 02 Mid-term Plan Growth Strategy Financial Strategy 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 4: Agenda
Agenda 01 Financial Summary FY25 Results FY26 Plan 02 Mid-term Plan Growth Strategy Financial Strategy 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 5: Financial Results
Financial Results Sales growth mainly in semiconductor industry and business expansion through M&A contributed to higher revenue Profit decreased due to increased expenses from scale expansion (Unit : Billion yen) FY24 FY25 YoY vs. Forecast as of Q3 FY25 (Actual) (Forecast as of Q3) (Actual) Change
Slide 6: Quarterly Changes
Quarterly Changes Sales (Unit : Billion yen) Operating profit (Unit : Billion yen) 53.4 56.1 56.5 50.5 48.7 6.8 6.4 4.2 3.8 1.5 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 6
Slide 7: Factors of Operating Profit Changes
Factors of Operating Profit Changes Excluding impact of currency fluctuation (Unit : Billion yen) Decrease due to lower +4.0 gross profit margin Increase in SG&A expenses/R&D expenses Increase in gross profit due to increase in sales -6.7 32.1 +0.01 -13.2 Impact by currency fluctuation 16.1 Exchange
Slide 8: 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 NKTP＋3.1 R&D expenses ＋4.2 FI+1.1 Impact of M&A Personnel NKTP＋1.4 ＋2.0 FI＋0.5 +10.1 expenses NKTP＋1.3 Others ＋3.7 Goodwill amortization＋2.4 R&D expenses ＋0.5 Personnel ＋2.1 Increase due to increase in personnel and
Slide 9: Sales by application
Sales by application ┃Point Industrial : Good performance continues, particularly for semiconductor industry Medical-bio : Market for radiologic testing shows gradual recovery trend, but overall situation remains sluggish Analytical : Good performance continues for liquid chromatography and other ap
Slide 10: Sales by Region
Sales by Region Asia Japan Asia Japan 60.4 46.0 62.9 47.8 (29.7 %) (22.6 %) (29.7 %) (22.6 %) FY24 FY25 203.9 (Unit : Billion yen) 212.0 (Unit : Billion yen) Europe North America Europe North America 43.7 53.3 49.5 51.2 (21.4 %) (26.2 %) (23.4 %) (24.2 %) (Unit : Billion yen) FY24 FY25 Change % Japa
Slide 11: Orders trends
Orders trends FY25Q4 orders remained stable despite some impact from long-term contracts （FY23Q4を基準） Orders and Backlog Trend (FY24Q1 Base） 1.50 1.00 0.50 0.00 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 Orders Backlog 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved…
Slide 12: Inventory status
Inventory status ┃Activities to Shorten CCC (Cash Conversion Cycle) • In FY25, down 3.6 billion yen compared to previous fiscal year • Implemented measures to curb material procurement [Inventory trends] （ Unit : Billion yen ） [CCC] FY24 FY25 FY28 (Target) 39.8 39.4 327days 290days 240days Work to r
Slide 13: Agenda
Agenda 01 Financial Summary FY25 Results FY26 Plan 02 Mid-term Plan Growth Strategy Financial Strategy 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 14: Earning Forecast
Earning Forecast Revenue and profit growth driven by increased demand in key sectors, particularly industrial instruments for the semiconductor industry （Unit : Billion yen) FY26 YoY FY25 (Plan) Change % Sales 212.0 222.0 9.9 4.7 Gross profit 101.3 106.2 4.8 4.8 （%） (47.8 %) ( 47.8 %) Operating prof
Slide 15: Factors of Operating Profit Changes
Factors of Operating Profit Changes Excluding impact of currency fluctuation （Unit : Billion yen） Increase in gross Increase in SG&A profit margin expenses/R&D expenses Impact by currency +0.4 -3.2 fluctuation +4.9 -0.9 Increase in gross profit due to 16.1 increase in sales 17.2 FY25 FY26 Operating
Slide 16: Sales by application
Sales by application ┃Point Industrial : Sales for semiconductor industry are expected to remain strong and continue to grow Medical-bio : Sales are expected to increase in major applications such as X-ray CT Analytical : Steady demand is expected to drive further sales growth Academic Research : Sa
Slide 17: Industrial
Industrial ┃Point Semiconductor manufacturing and testing equipment : Sales growth supported by continued strength in wafer inspection Semiconductor Failure analysis system : Sales growth driven by share expansion in high-end logic analysis Non-destructive testing : Continued strength in PCB inspect
Slide 18: Medical-bio
Medical-bio ┃Point Radiographic testing : Recovery to a moderate growth trend Laboratory testing : Solid sales expected despite impact of U.S. budget cuts Others : Sales growth driven by demand for ophthalmic laser treatment （Unit : Billion yen） FY26 YoY FY25 (Plan) Change ％ Radiographic testing 36.
Slide 19: Agenda
Agenda 01 Financial Summary FY25 Results FY26 Plan 02 Mid-term Plan Growth Strategy Financial Strategy 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 20: Sales・Operating profit Results and Plans
Sales・Operating profit Results and Plans （Unit : Billion yen） （Unit : Billion yen） 70 250 60 200 50 Operating profit EBITDA 40 Sales 150 30 100 20 50 10 0 0 FY26 FY27 FY28 FY25 (Plan) (Plan) (Plan) Sales 212.0 222.0 240.3 262.0 Operating 16.1 17.2 20.9 33.6 profit (7.6%) (7.7%) (8.7%) (12.8%) EBITDA
Slide 21: Capital Investment / Depreciation / R&D Expenses
Capital Investment / Depreciation / R&D Expenses Capital Investment Depreciation R&D Expenses （Unit : Billion yen） （Unit : Billion yen） （Unit : Billion yen） 60 30 60 50 25 50 18.4 19.3 19.8 20 39.1 40 20 40 36.5 27.7 30 30 26.7 15 22.3 22.7 20 15.5 20 10 11.2 10 10 5 0 0 0 FY25 FY26 FY27 FY28 FY25 F
Slide 22: Agenda
Agenda 01 Financial Summary FY25 Results FY26 Plan 02 Mid-term Plan Growth Strategy Financial Strategy 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 23: Strengthening Business Competitiveness
Management Improvement Roadmap for Mid-term Plan Issues FY26 FY27～FY29 FY30 Select and focus of company-wide research and prototype development themes Strengthening Business Competitiveness Acceleration of Consolidate Research lab’s themes into Business division collaboration projects (30 members) D
Slide 24: Enhance Operational Efficiency
Management Improvement Roadmap for Mid-term Plan Issues FY26 FY27～FY29 FY30 Deploy unified ERP across Hamamatsu group Operate unified ERP Rapid integration of sales information and market trends into production Enhance Operational planning Operational Efficiency Optimize inventory & Improve CCC Effi
Slide 25: Sales Plan by application
Sales by application Sales Plan by application Application composition （Unit : Billion yen） High CAGR FY25 FY28 Change (%) Semiconductor Industrial 74.2 90.5 16.2 6.8 (Industrial) Laboratory Gross profit margin testing Medical-bio 60.2 72.8 12.6 6.6 Non-destructive Measuring (Medical-bio） testing (I
Slide 26: Growth Target: Semiconductor, Laser segment, NKT Photonics
Growth Target Optical sensors, light sources, and laser dicing engines for semiconductor manufacturing and inspection equipment Semiconductor In-line integration of Failure Analysis System Development of laser-related technologies Laser segment Ophthalmology laser treatment Security Quantum Computer
Slide 27: Growing Semiconductor Market
Growing Semiconductor Market AI will drive the market to $1 trillion by 2030 $1 trillion Semiconductor AI Data center Cloud Automotive Mobile phone PC Internet 2000 2015 2030 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 27
Slide 28: Growing Semiconductor Market and our sales
Growing Semiconductor Market and our sales Sales Target to Global 300mm Fab Semiconductor Market Equipment Spending Sales target (FY30) 68 billion $107 billion 80 yen (2025) Sales target(Billion yen) CAGR6.57 % 60 (2025 to 2028) $138 billion 40 (2028) CAGR8.1 % 20 (FY25 to FY30) Citation：SEMI, Globa
Slide 29: Our position and contribution in Semiconductor market
Our position and contribution in Semiconductor market ┃AI drives miniaturization and multi-layering of semiconductor devices Issues and High-value-added products, Solutions needs Under development High-speed, Optical Low noise, high speed, high High-sensitivity detectors Photomultiplier TDI-CCD sens
Slide 30: New developments in middle-end processes
New developments in middle-end processes (Multi-layer interconnect) Middle-end processes Front-End Process Back-End Process Wafer Bonding Edge Trimming Wafer Polishing Wafer Test Pre-dicing process Laser Dicing Device Test Under development Under development Under development Under development Laser
Slide 31: Inline Semiconductor Failure Analysis System
Inline Semiconductor Failure Analysis System Offline Semiconductor Failure Analysis A high-resolution emission microscope that identifies failure locations in semiconductor devices by detecting light emissions or heat emissions caused by defects. Dual PHEMOS®-X Inline Semiconductor Failure Analysis
Slide 32: Laser segment
NKT Photonics World-leading fiber laser and fiber amplification technologies Single frequency Photonic crystal fiber laser fibers Koheras series Laser segment Hamamatsu Photonics Laser Division Providing products ranging from pump laser diode modules to laser applications Stealth Dicing Engines 🄫…
Slide 33: Laser segment Sales・Segment profit
Laser segment ┃Point • Drivers of sales growth with a CAGR of 16.7% (FY2025–2028) • Profit (margin) improvement through maintaining fixed cost ratio and increasing sales • NKT Photonics : Targeting profitability in FY2028, including goodwill amortization, and significant contribution to our profit g
Slide 34: NKT Photonics Drivers of sales growth
NKT Photonics Drivers of sales growth ┃NKT Photonics products : Target markets Ophthalmology SalesTargetCAGR (FY25-FY30) • In FLACS (Femtosecond Laser-Assisted Cataract Surgery), providing precise incisions as an alternative to scalpels 18% • Supplying lasers to 4 of the top 10* ophthalmic laser dev
Slide 35: NKT Photonics Target market: Security
NKT Photonics Drivers of sales growth ┃NKT Photonics Target market : Security Importance of safeguarding Increasing drone incursions in Europe critical infrastructures Sweden：Temporary airport closures occurred due to drone intrusion (Sep 8,2025) Poland：Russian military drones violated airspace; som
Slide 36: NKT Photonics Target market: Security lasers
NKT Photonics Drivers of sales growth ┃NKT Photonics Target market : Security Development and production of kW fiber lasers for neutralizing drones as well as Target Illumination Lasers (TIL) News release from Rheinmetall Waffe Munition GmbH Sales target for lasers intended for September. 11. 2019 :
Slide 37: Key devices for Quantum Computers
Key devices for Quantum Computers Under development ◼ Initiating development of ultra-high-speed cameras, multi-pixel high-sensitivity cameras, and multi-pixel spatial light modulators required for large-scale computing Our high-performance and highly and error correction reliable laser sources, mod
Slide 38: Quantum Computing Status
Quantum Computing Status Numerous companies in Quantum Computer market are securing funding to accelerate development IonQ：Raised approximately $2 billion through the sale of 16.5 million shares of common stock and multiple classes of warrants（Oct 2025） Quantinuum： Raised approximately $600 million
Slide 39: Agenda
Agenda 01 Financial Summary FY25 Results FY26 Plan 02 Mid-term Plan Growth Strategy Financial Strategy 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 40: Capital Allocation
Capital Allocation （Unit : Billion yen） Sources of funds Allocation R&D expenses • Maintain 8-9% of sales 59.0 investment Three-Year Growth Cumulative Operating CF Capital investment • Most are for renewal （Before R&D expenses） 63.0 （Within depreciation expenses） 174.0 Flexible Allocation • High-qua
Slide 41: Shareholder Return・ROE
Shareholder Return・ROE Dividend Acquisition of treasury stock ROE（%） Actual Plan Basic policy Minimum policy Achieve ROE above cost of equity 20 billion yen* through improved profitability and Dividend payout Dividend on equity shareholder returns ratio ratio ＋ Flexible 30 % target 3.5 % implementat
Slide 42: Appendix
Appendix 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
Slide 43: Financial Results and Plan
Financial Results and Plan （Unit : Million yen） FY25 FY26 FY27 FY28 （Actual） （Plan） （Plan） （Plan） Year ％ Year ％ Year ％ Year ％ Sales 212,051 100.0 222,000 100.0 240,300 100.0 262,000 100.0 Cost of sales 110,669 52.2 115,800 52.2 127,400 53.0 133,300 50.9 Gross profit 101,381 47.8 106,200 47.8 112,900
Slide 44: Sales by application
Sales by application （Unit : Million yen） FY25 FY26 Application （Actual） （Plan） Year % Year % Semiconductor instrument 46,257 21.8 51,830 23.3 Non-destructive testing 17,046 8.0 16,481 7.4 Industrial instrument Factory automation instrument 7,319 3.5 7,191 3.2 Others 3,656 1.7 3,449 1.6 （ Subtotal ）
Slide 45: FY25-FY28 Segment Sales Results and Plans
FY25-FY28 Segment Sales Results and Plans （Unit : Million yen） FY25 FY26 FY27 FY28 （Actual） （Plan） （Plan） （Plan） Electron tube 72,467 71,800 74,700 78,900 Opto-semiconductor 80,472 83,100 93,200 99,000 Imaging and 32,781 34,400 36,800 40,200 measurement instruments Laser 22,455 25,600 28,200 35,500
Slide 46: Electron tube segment FY25-FY28 Segment Results and Plans
Electron tube segment FY25-FY28 Segment Results and Plans （Unit : Million yen） FY25 FY26 FY27 FY28 （Actual） （Plan） （Plan） （Plan） Year % Year % Year % Year % Sales 72,467 100.0 71,800 100.0 74,700 100.0 78,900 100.0 Cost of sales 33,471 46.2 31,200 43.5 31,400 42.0 30,000 38.0 Gross profit 38,996 53.
Slide 47: Opto-semiconductor segment FY25-FY28 Segment Results and Plans
Opto-semiconductor segment FY25-FY28 Segment Results and Plans （Unit : Million yen） FY25 FY26 FY27 FY28 （Actual） （Plan） （Plan） （Plan） Year % Year % Year % Year % Sales 80,472 100.0 83,100 100.0 93,200 100.0 99,000 100.0 Cost of sales 49,621 61.7 51,300 61.7 61,000 65.5 60,000 60.6 Gross profit 30,85
Slide 48: Imaging & measurement instrument segment Results and Plans
Imaging & measurement instrument segment FY25-FY28 Segment Results and Plans （Unit : Million yen） FY25 FY26 FY27 FY28 （Actual） （Plan） （Plan） （Plan） Year % Year % Year % Year % Sales 32,781 100.0 34,400 100.0 36,800 100.0 40,200 100.0 Cost of sales 14,107 43.0 14,800 43.0 15,500 42.1 16,700 41.5 Gros
Slide 49: Laser segment FY25-FY28 Segment Results and Plans
Laser segment FY25-FY28 Segment Results and Plans （Unit : Million yen） FY25 FY26 FY27 FY28 （Actual） （Plan） （Plan） （Plan） Year % Year % Year % Year % Sales 22,455 100.0 25,600 100.0 28,200 100.0 35,500 100.0 Cost of sales 13,013 58.0 15,600 60.9 15,700 55.7 22,000 62.0 Gross profit 9,441 42.0 10,000
Slide 50: Notes
Notes ◼ This material is not intended to be a solicitation to buy or sell any securities of Hamamatsu Photonics K.K. ◼ The information contained in this material is based on data available as of making it. No guarantees, promises are made as to its accuracy or completeness. ◼ This material includes
Slide 51: 🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved.
🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 51
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