Rigaku Holdings Corporation · TSE:268A
Rigaku — Q1 2025 Earnings Presentation
29 slides from Rigaku's earnings presentation, May 15, 2025
Slide 1: Consolidated Financial Results in 1Q FY2025
Consolidated Financial Results in 1Q FY2025 May 15, 2025
Slide 2: Disclaimer and forward-looking statements
This material has been prepared solely for the purpose of providing relevant information regarding Rigaku Holdings Corporation (“Rigaku” or the “Company”) and does not constitute an offer to sell or the solicitation of an offer to buy any security in the United States, Japan or any other jurisdictio
Slide 3: Agenda
【Agenda】 １．Summary of 1Q FY2025 Consolidated Financial Results ２．Adapting to Market Changes & Growth Strategy Updates © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 3
Slide 4: Summary of 1Q FY2025 Consolidated Financial Results
Summary of 1Q FY2025 Consolidated Financial Results © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 4
Slide 5: Highlights of Consolidated Financial Results in 1Q FY2025
Highlights of Consolidated Financial Results in 1Q FY2025 ◼ Revenue increased +5.5% YoY, in-line with annual budget centered on 2H FY2025. Adjusted EBITDA and Operating Profit decreased due to continued investment in R&D and infrastructure, but within expectations Overall ◼ Limited impact of Trump p
Slide 6: Summary of 1Q FY2025 Consolidated Financial Results
Summary of 1Q FY2025 Consolidated Financial Results ◼ Revenue increased +5.5% YoY due to growth in Semiconductor Process Control Instruments business, while other businesses declined ◼ Adjusted EBITDA and Adjusted Profit declined YoY both in amount and margin due to strategic increase in SG&A Revenu
Slide 7: Multipurpose Analytical Instruments Business
Multipurpose Analytical Instruments Business ◼ Revenue decreased (drop-off of China supplementary budget and fewer large size deals in Japan) but remained within expected range. Growth continued in Americas and Asia ◼ Overseas revenue excl. China (impacted by supplementary budget drop-off) increased
Slide 8: Semiconductor Process Control Instruments Business
Semiconductor Process Control Instruments Business ◼ Revenue in 1Q remained robust, exceeding average quarterly average revenue of FY2024. Minimal impact from changes in semiconductor market and Trump policies Revenue by Applications Revenue by Region （JPY Bn） 26.3% （JPY Bn） 5 +11.7pts 6.1 6.1 14.6%
Slide 9: Components and Services Business
Components and Services Business ◼ Slow start in Components and other equipment. Decreased (18.6)% YoY ◼ Service revenue grew +7.4% YoY, in-line with the budget Revenue from Components and Services Revenue Revenue by Region （JPY Bn） （JPY Bn） 19.4% 90 20.0% 80 11.2% 3 15.0% 70 6.3 6.3 10.0% 60 5.1 0.
Slide 10: Adjusted EBITDA Analysis
Adjusted EBITDA Analysis ◼ Adjusted EBITDA decreased by 2.7pts YoY due to increased strategic investments vs. to revenue growth ◼ Improved GP margin partially offset SG&A increase including R&D and commercial infrastructure enhancement （Ratio vs. Revenue） 30.0% 25.0% 1.9% 1.9% 22.3% 22.3% -2.0% -0.6
Slide 11: Adapting to Market Changes & Growth Strategy Updates
Adapting to Market Changes & Growth Strategy Updates © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 11
Slide 12: Market Changes: Impacts and Approach to Trump Policies
Impacts and Approach to Trump Policies Direct Impact of Trump Tariff Indirect Impact of Trump Policies (Under Evaluation) ▪ Approx. 26% of Rigaku Group’s FY2025 sales are to U.S. ▪ Reduced business opportunities in life science and customers, including ~20% from exported goods and academia/governmen
Slide 13: Market Changes & Actions: Multipurpose Analytical Instruments
Market Changes & Actions: Multipurpose Analytical Instruments ◼ Strongly driving Pillar 3 (Lab to Fab) and global strategy leveraging resilient business model amid a rising market uncertainly Market Changes Planned Action(s) Progress of Pillar 3 Strategy ▪ Shift focus: Academia → Industrial segments
Slide 14: Market Changes & Actions: Semiconductor Process Control Instruments
Market Changes & Actions: Semiconductor Process Control Instruments ◼ Strengthening sales and organizational readiness as recovery in AI and memory markets is expected in 2H ◼ Enhancing responsiveness to advanced processes to secure competitiveness and build robust growth platform Market Changes Act
Slide 15: Advancing Growth Initiatives: Semiconductor Process Control Instruments
Advancing Growth Initiatives: Semiconductor Process Control Instruments ◼ Accelerating global R&D collaborations and driving customer adoption of new technologies and products Prior Focus Progress to date Si/SiGe Multi-later ▪ Si/SiGe: Customer site deployment and thin film analysis evaluation under
Slide 16: Update on Manufacturing Capacity Expansion
Update on Manufacturing Capacity Expansion ◼ Supply chain reinforcement plans are progressing smoothly. Expansion of production space is largely complete, contributing to revenue growth in 2H Expansion of Production Space (More than 1.5x vs. 2022) X Shorter Lead Times (30% Reduction by FY2027) ▪ Exp
Slide 17: Conclusion
Conclusion ◼ Revenue and profit growth in 1Q FY2025 in-line with expectations. Commenced short-term defense toward tariffs impact and market changes ◼ Driving pipeline-revenue conversion to sustain growth aligned with Medium-term Business Plan ◼ Closely monitor risk of order delays due to increasing
Slide 18: Appendix – Consolidated Financial Results for 1Q FY2025
Appendix – Consolidated Financial Results for 1Q FY2025 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 18
Slide 19: Earning By Business (Management Accounting Basis)
Earning By Business(Management Accounting Basis) Revenue Operating Profit Operating Profit Margin (JPY MM) 2024 1Q 2025 1Q Changes Changes Ratio 2024 1Q 2025 1Q Change Changes Ratio 2024 1Q 2025 1Q Changes Multipurpose Analytical 10,289 9,231 (1,058) (10.3)% 2,178 1,253 (925) (42.5)% 21.2% 13.6% (7.
Slide 20: Revenue by Region
Revenue by Region(1) FY2024/12 FY2025/12 Changes Changes Notes 1Q Cumulative 1Q Cumulative Ratio (JPY MM) Total Revenue 19,537 20,614 1,077 5.5% - Slight decline due to decreased revenue in multipurpose analytical instruments and components and Japan 7,790 7,732 (58) (0.7)% services, offsetting gain
Slide 21: Revenues by End Markets (Management Accounting Basis)
Revenues by End Markets(1) (Management Accounting Basis) 2024/12 2025/12 Revenue Ratio Revenue Ratio Notes (JPY MM) 1Q Cumulative 1Q Cumulative Total Revenue 19,537 100% 20,614 100% - Semiconductors/ Increase in share due to growth in semiconductor process 4,820 25% 7,798 38% Electronic Components c
Slide 22: R&D Expenses / CAPEX
R&D Expenses / CAPEX ◼ R&D expenses are strategically focused on semiconductors and multipurpose analytical instruments ◼ CAPEX are primarily allocated for infrastructure enhancement R&D Expenses CAPEX （JPY Bn） （JPY Bn） 100 8.0% 8.6% 7.1% 7.5% 90 7.6% 7.0% 6.5% 80 6.6% 70 6.8 6.3 5.6% 4.3% 60 3.5% 5
Slide 23: Summary of Consolidated Financial Results in 1Q FY2025
Summary of Consolidated Financial Results in 1Q FY2025 2024/12 2025/12 Changes % Changes Key Factors (JPY MM) 1Q Cum. 1Q Cum. Strong growth in semiconductor process control. Previous year included large orders related to China’s supplementary Revenue 19,537 20,614 1,077 5.5% budget and EUV deals. Re
Slide 24: B/S & Cash Flow Statement in 1Q FY2025
B/S & Cash Flow Statement in 1Q FY2025 2024/12 2025/12 Changes % Changes Key Factors (JPY MM) Year-End 1Q Cum. Current Assets 71,228 67,341 (3,887) (5.5)% Decrease in cash; collection of year-end receivables Debt repayment, corporate tax and dividend payments, settlement of year-end obligations, inc
Slide 25: Reconciliation of Adjusted Items (1/2)
Reconciliation of Adjusted Items (1/2) (JPY MM) 2024/12 2025/12 Changes EBITDA 1Q Cum. 1Q Cum. Profit Before Tax 3,036 2,741 (295) Depreciation and Amortization 1,212 1,200 (12) Interest Expense 161 203 41 Interest and Dividend Income (76) (114) (37) EBITDA 4,334 4,030 (303) Margin 22.2% 19.6% (2.6)
Slide 26: Reconciliation of Adjusted Items (2/2)
Reconciliation of Adjusted Items (2/2) (JPY MM) 2024/12 2025/12 Changes Adjusted Operating Profit 1Q Cum. 1Q Cum. Operating Profit 3,160 2,835 (324) PPA Amortization 600 517 (82) Business Consulting Fee 7 0 (7) IPO-related expenses 14 0 (14) Total Adjustments 621 517 (103) Adjusted Operating Profit
Slide 27: Shareholder Return Policy/ROE Trends
Shareholder Return Policy/ROE Trends Shareholder Return Policy Adjusted Return on Equity (ROE)(1) Consolidated Dividend Payout Ratio: Aim for approx. 30% ▪ Our fundamental policy remains to distribute dividends to shareholders, targeting 30% of the current consolidated profit, while balancing growth
Slide 28: Glossary (1/2)
Glossary (1/2) Terms Description AXI • Advanced X-Ray Inspections is a non-destructive and automated method that uses X-rays to inspect internal defects (such as voids, cracks, and misalignments) in electronic components, semiconductors, and industrial products CFET • Complementary FET (CFET) is a n
Slide 29: Glossary (2/2)
Glossary (2/2) Terms Description SEMI • Refers to the International Association of Semiconductor Manufacturing Equipment Materials. It is the global industry association serving the product design and manufacturing chain for the electronics industry SiC • A compound semiconductor material consisting