Ushio Inc. · TSE:6925

Ushio — Q1 FY2025 Earnings Presentation

46 slides from Ushio's earnings presentation, Aug 5, 2025

1. Slide 1: First Quarter FY2025 Financial Results

   First Quarter FY2025 Financial Results Ushio Inc. August 5, 2025 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 prevail. Copyright © 2025 U

2. Slide 2: Highlights of Today's Presentation

   Highlights of Today’s Presentation Q1 FY2025 Results: • Boosted revenues and earnings in line with initial plans - Efforts to revamp business portfolio enhanced profitability - Increase forward investments in DLT systems and other lithography equipment as planned FY2025 Forecasts: • Unchanged • Reso

3. Slide 3: Agenda

   I. Financial Results for Q1 FY2025 II. Full-Year Forecasts for FY2025 III. New Growth Strategy Progress Report and Financial Highlights IV. Supplementary Information ー ①Full-Year Forecasts (Additional Information) ー ②Others Copyright © 2025 Ushio Inc., All Rights Reserved 3

4. Slide 4: Q1 FY2025: Summary of Financial Results

   Q1 FY2025: Summary of Financial Results YoY Comparison: +0.8 billion yen (+2.2%) Net Sales - Industrial Processes business: Lithography equipment sales slightly 38.3 billion yen decreased due to sluggish semiconductor investments - Visual Imaging business: DCP sales rose amid the investment recovery

5. Slide 5: Q1 FY2025: Financial Highlights

   Q1 FY2025: Financial Highlights YoY Comparison Q1 FY2024 Q1 FY2025 Results Results Changes (％) （Billions of yen) Net Sales 37.5 38.3 ＋0.8 ＋2.2% Operating Profit 0.3 0.9 ＋0.6 ＋182.5% Operating Margin 0.9% 2.5% ＋1.6P - Ordinary Profit 1.4 1.6 ＋0.1 ＋10.1% Profit/Loss Attributable to Owners of Parent 0.

6. Slide 6: Q1 FY2025: YoY Variation Analysis of Operating Profit

   Q1 FY2025: YoY Variation Analysis of Operating Profit Earnings increased despite higher forward investments in DLT systems and decreased lithography equipment sales, driven by the execution of fixed cost and other expenses reduction action plans (Billions of yen) ＋1.4 -0.2 - Stepper + DI lithography

7. Slide 7: Q1 FY2025: Financial Results by Business Segment

   Q1 FY2025: Financial Results by Business Segment Q1 FY2024 Q1 FY2025 YoY Comparison Results Results (％) （Billions of yen) Changes Net Sales 15.5 15.8 ＋0.2 ＋1.6% Industrial Processes Operating Profit 1.0 0.3 -0.7 -68.9% [Operating Margin] [6.7%] [2.1%] [-4.7P] - Net Sales 17.5 18.3 ＋0.7 ＋4.1% Visual

8. Slide 8: Q1 FY2025: Industrial Processes Results

   Q1 FY2025: Industrial Processes Results Q1 FY2024 Q1 FY2025 YoY Comparison ■Net Sales: up 0.2 billion yen YoY Results Results (Billions of yen) Changes (%) - While direct imaging lithography equipment sales remained steady, stepper sales declined due to Net Sales 15.5 15.8 ＋0.2 ＋1.6% customers’ weak

9. Slide 9: Q1 FY2025: Visual Imaging Results

   Q1 FY2025: Visual Imaging Results YoY Comparison ■Net Sales: up 0.7 billion yen YoY Q1 FY2024 Q1 FY2025 Results Results (Billions of yen) Changes (%) - DCP sales were boosted by a moderate recovery in cinema-related investment ① Net Sales 17.5 18.3 ＋0.7 ＋4.1% - Shift to solid-state light sources and

10. Slide 10: Q1 FY2025: Life Sciences and Photonics Solutions Results

    Q1 FY2025: Life Sciences and Photonics Solutions Results Life Sciences Q1 FY2024 Q1 FY2025 YoY Comparison ■Net Sales: up 0.0 billion yen YoY (Billions of yen) Results Results Changes (%) - Sales solid overall Net Sales 1.5 1.5 ＋0.0 ＋3.1% ■Operating Profit: up 0.2 billion yen YoY Operating Profit -0.

11. Slide 11: Agenda

    I. Financial Results for Q1 FY2025 II. Full-Year Forecasts for FY2025 III. New Growth Strategy Progress Report and Financial Highlights IV. Supplementary Information ー ①Full-Year Forecasts (Additional Information) ー ②Others Copyright © 2025 Ushio Inc., All Rights Reserved 11

12. Slide 12: FY2025 Full-Year Forecasts: Summary

    FY2025 Full-Year Forecasts: Summary Remain unchanged from the initial plan FY2024 FY2025 YoY Comparison Progress (Billions of yen) Results Forecast​s Changes (%) rate Net Sales 177.6 170.0 -7.6 -4.3% 22.6％ Operating Profit 8.8 10.0 ＋1.1 ＋13.3% 9.7％ Operating Margin 5.0% 5.9% ＋0.9P - - Ordinary Profi

13. Slide 13: YoY Variation Analysis of Operating Profit for FY2025

    YoY Variation Analysis of Operating Profit for FY2025 Remain unchanged from the initial plan (Billions of yen) +3.7 -3.4 - Stepper DI lithography equipment +5.7 -1.3 + and DLT system -0.2 10.0 8.8 -1.3 Forex Others impact Decrease Forward -0.6 in loss on investments -1.4 in DLT Decrease valuation of

14. Slide 14: Q1 Progress (by Segment) toward Full-Year Forecasts for FY2025

    Q1 Progress (by Segment) toward Full-Year Forecasts for FY2025 FY2024 FY2025 YoY Comparison Progress Forecasts Outlook for Q2 and Beyond (Billions of yen) Results Unchanged Changes (%) rate Net Sales 78.9 76.0 -2.9 -3.7% 20.8% ⚫ Stepper sales should rise from H2 Industrial ⚫ Should post DLT system s

15. Slide 15: 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 50 50 50 50 Setting dividend floor of ¥70 per share annually 26 26 26 26 for FY2024-FY2026 in lin

16. Slide 16: Agenda

    I. Financial Results for Q1 FY2025 II. Full-Year Forecasts for FY2025 III. New Growth Strategy Progress Report and Financial Highlights IV. Supplementary Information ー ①Full-Year Forecasts (Additional Information) ー ②Others Copyright © 2025 Ushio Inc., All Rights Reserved 16

17. Slide 17: Overview of Progress Report on New Growth Strategy

    Overview of Progress Report on New Growth Strategy Steadily implementing all measures and delivering results ① Growth businesses (Advanced packaging business, Expanding IP business) • Obtained additional DLT system equipment orders and made first shipment (see slide 18) • Planned launch of new UX-5

18. Slide 18: Growth Businesses (Advanced Packaging Business)

    ① Growth Businesses (Advanced Packaging Business) DLT systems business news • Have obtained additional orders, with customer qualifications of systems progressing well • ADTEC Engineering’s Nagaoka plant shipped first unit in June 2025 Shipment from plant Update on next-generation package substrate

19. Slide 19: Growth Businesses: 1.5μm Resolution Stepper Planned Launch

    ① Growth Businesses (Advanced Packaging Business) Announcement of the planned launch of a 1.5μm resolution stepper ～ Expanding the product lineup for advanced packaging～ Established development plan for UX-59113 as a stepper for advanced packaging, which enables single-shot, stitchless exposure Ushi

20. Slide 20: Growth Businesses: Expanding IP Business, Decided to Make Acquisitions

    ① Growth Businesses (Expanding IP business: Decided to make acquisitions) ⚫ Strengthening foundation business through acquisition of certain business units of ams-OSRAM AG Goals: Bolster competitiveness of light source business, the core of foundation businesses, and solidify long-term profit base ・

21. Slide 21: Appendix: Acquisition Detail

    Appendix: Acquisition Detail ■About ams-OSRAM AG ■Transaction Overview A global leader in semiconductor and traditional automotive & ・ Acquisition price: Approx. ¥15.2 billion (€88.3 million) industrial specialty lamps technologies, engaged in the design, ・ Structure: manufacture, and sale of semico

22. Slide 22: Appendix: Details of the Business to be Acquired

    Appendix: Acquisition Detail Details of the business to be acquired Ushio’s business Applications segment Post-acquisition Semiconductor lamps Market trend: Certain to grow steady Exposure (i-line), inspection, IP business Results contributions: Higher revenues and earnings from and thermal processe

23. Slide 23: Appendix: Manufacturing Networks

    Appendix: Acquisition Detail Manufacturing network of Manufacturing network of ams-OSRAM AG Ushio’s light source business Key ・ Only the Berlin manufacturing site (in Germany) Manufacturing site Key Products is to be acquired Ushio Harima ・ UV Lamps Japan Division ・ Semiconductor Ushio Lighting heat

24. Slide 24: Visual Imaging Business: Progress with Structural Reforms

    ② Progress with Business Portfolio Revamping ⚫ Visual Imaging business: Progress with structural reforms Steadily overhauling profit structure Direction (reaffirming New Growth Strategy) Improve profitability and transition to stable cash-generating businesses All options on table if improvement eff

25. Slide 25: Fixed Cost Reduction Action Plan

    ② Progress with Business Portfolio Revamping ⚫ Visual Imaging business: Progress with structural reforms (continued) Fixed cost reduction action plan: Striving to trim costs by ¥3.4 billion Organizational reviews*1 ・Workforce optimization (approx. 10% reduction*2） ・Site consolidations (reduced numbe

26. Slide 26: Resolved to Repurchase up to ¥20.0 Billion in Shares

    ③ Financial Strategies Board of Directors resolved to repurchase up to ¥20.0 billion in shares in line with New Growth Strategy ⚫ Total amount to be purchased: 20.0 billion yen (max) ⚫ Total number of shares to be purchased: 15.00 million shares (max) Of these, 3.50 million shares are scheduled for

27. Slide 27: Summary of New Growth Strategy Progress Report

    Summary of New Growth Strategy Progress Report Generate more cash from foundation businesses ROE 12% or more by 2030 and build growth business investment cycle to lift corporate value Enhance profitability and capital efficiency ROE 8% or more by 2026 ⚫ Expand ADP business growth ⚫ Focus investments

28. Slide 28: Update on Expansion of Second Life Support Program

    Update on Expansion of Second Life Support Program Final results report Offering period: Monday, March 3, 2025 to Monday, June 30, 2025 Eligible employees: Employees of Ushio Inc., who satisfy the following two conditions as of April 1, 2025 - Have at least 3 years of continuous service; and are 56

29. Slide 29: Update on Impact of U.S. Tariff Policies

    Update on Results Impact of U.S. Tariff Policies Have contained cost increases more than expected by tackling multiple risks Key envisaged risks Risk 1: Additional tariffs on cinema and general imaging projector exports to United States → Reviewed supply chain Risk 2: Additional tariffs on lighting

30. Slide 30: Agenda

    I. Financial Results for Q1 FY2025 II. Full-Year Forecasts for FY2025 III. New Growth Strategy Progress Report and Financial Highlights IV. Supplementary Information ー ①Full-Year Forecasts (Additional Information) ー ②Others Copyright © 2025 Ushio Inc., All Rights Reserved 30

31. Slide 31: FY2025 Full-Year Forecasts: Industrial Processes

    Remain as announced on May 13, 2025 FY2025 Full-Year Forecasts: Industrial Processes *Please refer to slide 29 for the latest information Net Sales Operating Profit ■Business environment assumptions 78.9 76.0 While generative AI-related markets should grow, expecting only a moderate recovery in over

32. Slide 32: FY2025 Full-Year Forecasts: Visual Imaging

    Remain as announced on May 13, 2025 FY2025 Full-Year Forecasts: Visual Imaging *Please refer to slide 29 for the latest information Net Sales Operating Profit ■Business environment assumptions 80.8 76.0 While demand should remain firm, will monitor impacts of Chinese economy and U.S. tariff measures

33. Slide 33: Supplementary Information on Visual Imaging Business

    Remain as announced on May 13, 2025 Supplementary Information on Visual Imaging Business ■ Cinema Screen Numbers and Light Source Trend Forecasts Lamp Laser Total 250,000 200,000 150,000 100,000 50,000 0 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025 CY2026 CY2027 CY2028 CY202

34. Slide 34: FY2025 Full-Year Forecasts: Life Sciences and Photonics Solutions

    Remain as announced on May 13, 2025 FY2025 Full-Year Forecasts: Life Sciences and Photonics Solutions Life Sciences Net Sales Operating Profit ■Business environment assumptions 6.1 6.0 Demand should remain stable for medical equipment and other offerings ■Net Sales: down 0.1 billion yen YoY -1.0 -0.

35. Slide 35: Agenda

    I. Financial Results for Q1 FY2025 II. Full-Year Forecasts for FY2025 III. New Growth Strategy Progress Report and Financial Highlights IV. Supplementary Information ー ①Full-Year Forecasts (Additional Information) ー ②Others Copyright © 2025 Ushio Inc., All Rights Reserved 35

36. Slide 36: (New) Business Segments and Main Products

    (New) Business Segments and Main Products New Business Main Products Product Examples Segment Light Source: UV lamps, OA lamps, Optical equipment lamps, etc. Industrial Equipment: Processes Lithography equipment, Curing equipment, Maintenance service UV lamps OA lamps Stepper Direct imaging Excimer

37. Slide 37: Reference: Summary of Quarterly Financial Results

    Reference: Summary of Quarterly Financial Results FY2024 FY2025 YoY Comparison (Billions of yen) Q1 Q2 Q3 Q4 Q1 Changes (%) Net Sales 37.5 48.1 42.4 49.5 38.3 ＋0.8 ＋2.2% Operating Profit 0.3 3.9 3.1 1.4 0.9 ＋0.6 ＋182.5% Operating Margin 0.9% 8.2% 7.4% 2.9% 2.5% ＋1.6P - Ordinary Profit 1.4 3.9 5.0 1.

38. Slide 38: 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 Changes (%) Net Sales 15.5 22.0 17.0 24.3 15.8 ＋0.2 ＋1.6% Industrial Operating profit 1.0 4.1 1.8 2.5 0.3 -0.7 -68.9% Processes Operating Margin 6.7% 19.1% 10.9% 10.4%

39. Slide 39: Reference: Sales Ratio by Region

    Reference: Sales Ratio by Region Others 1.0% Q1 FY2024 Japan North America Europe Asia Net Sales 37.5 19.1% 31.9% 8.6% 39.4% billion yen Q1 FY2025 Net Sales Japan North America Europe Asia 38.3 20.3% 29.5% 12.6% 36.9% billion yen Others 0.7% Copyright © 2025 Ushio Inc., All Rights Reserved 39

40. Slide 40: 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) 8.5 8.5 14.8 7.1 7.2 7.2 14.5 12.5 6.5 11.8 12.9 12.8 11.4 10.0 10.5 8.9 8.3 8.5 7.6 7.8 7.3 6.8 6.

41. Slide 41: Reference: Balance Sheet

    Reference: Balance Sheet Assets Liabilities/Net Assets (Billions of yen) (Billions of yen) Changes Changes -10.3 -10.3 297.3 286.9 297.3 286.9 -0.8 Notes and AP -8.0 15.2 14.4 Cash and Bank Deposits -0.3 Other Current Liabilities 61.3 53.3 36.1 35.7 -2.7 Notes and AR (Trade) +0.4 Long-term Liabiliti

42. Slide 42: Reference: Cash Flow

    Reference: Cash Flow (Billions of yen) 23.1 20.4 21.6 16.1 14.3 15.8 13.0 12.9 8.9 8.8 5.3 2.7 0.9 0.8 -0.3 0.4 -2.4 FY2021 FY2022 FY2023 FY2024 Q1_FY2025 -5.5 -6.0 -1.1 -2.8 -10.6 -13.4 -24.9 -26.8 Operating Profit Sales CF Investment CF Financial CF Free CF Copyright © 2025 Ushio Inc., All Rights

43. Slide 43: 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

44. Slide 44: 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

45. Slide 45: 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

46. Slide 46: Contact: Investor Relations Office

    Contact: Investor Relations Office Ushio Inc. Email: ir@ushio.co.jp https://www.ushio.co.jp/en/ir/ Copyright © 2025 Ushio Inc., All Rights Reserved 46

Ushio — Q1 FY2025 Earnings Presentation on 6ix