Rigaku Holdings Corporation · TSE:268A

Rigaku — Q2 2025 Earnings Presentation

44 slides from Rigaku's earnings presentation, Aug 7, 2025

  1. Slide 1: Consolidated Financial Results in 1H FY2025

    【Revision Notice】 Consolidated Financial Results in 1H FY2025 August 7, 2025

  2. Slide 2: Revision Notice

    【Revision Notice】 We would like to inform the following revisions performed on the English version of the Company Presentation Material for the First Half of FY2025 disclosed on August 7, 2025, which are as follows: １．Revision ① Relevant Section：Page 18 regarding「Share Repurchase」 The following stat

  3. Slide 3: Consolidated Financial Results in 1H FY2025 (Revised Version)

    【Revised Version】 Consolidated Financial Results in 1H FY2025 August 7, 2025

  4. Slide 4: Disclaimer

    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

  5. Slide 5: Agenda

    【Agenda】 １．Summary of 1H FY2025 Consolidated Financial Results ２．Updates on FY2025 Earnings Forecast & Growth Strategy © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 3

  6. Slide 6: Summary of 1H FY2025 Consolidated Financial Results

    Summary of 1H FY2025 Consolidated Financial Results © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 4

  7. Slide 7: Highlights of Consolidated Financial Results in 1H FY2025

    Highlights of Consolidated Financial Results in 1H FY2025 ◼ Semiconductor business remains solid. Revenues declined 4.7% YoY due to cyclical slowdown of Multipurpose Analytical Instruments and Components business (EUV). Adjusted EBITDA and Adjusted Profit declined due to continued strategic investme

  8. Slide 8: Summary of 2Q FY2025 Consolidated Financial Results

    Summary of 2Q FY2025 Consolidated Financial Results ◼ Flat quarterly performance due to delay in mass production investments in Semiconductor Process Control Instruments ◼ Adjusted EBITDA(1) and Adjusted Profit(1) remained at same level as previous quarter Revenue Adjusted EBITDA(1) Adjusted Profit(

  9. Slide 9: Summary of 1H FY2025 Consolidated Financial Results

    Summary of 1H FY2025 Consolidated Financial Results ◼ Revenue increased in Semiconductor Process Control Instruments but offset by declines in other businesses; Total revenue declined 4.7% YoY (3.1% decline excl. FX effects) ◼ Adjusted EBITDA(1) and Adjusted Profit (1)declined YoY due to continued s

  10. Slide 10: Multipurpose Analytical Instruments Business

    Multipurpose Analytical Instruments Business ◼ Revenue declined by 14% YoY ◼ Overseas revenue excl. China grew +7% YoY driven by success of global strategy Revenue by Region Revenue by End Market 25.0% 35 35 (JPY Bn) (JPY Bn) 25.0% 18.3% 20.0% 30 30 20.0% 14.3% ④ 4 25 15.0% 25 21.0 21.0 15.0% 20 18.

  11. Slide 11: Semiconductor Process Control Instruments Business

    Semiconductor Process Control Instruments Business ◼ Revenue increased by +17% YoY ◼ Shift in revenue timing due to investment delay in mass production, however full-year outlook remains solid supported by R&D demand Revenue by Applications Revenue by Region (JPY Bn) 28.9% (JPY Bn) 22.7% 4 10.8 10.8

  12. Slide 12: Components and Services Business

    Components and Services Business ◼ Total revenue declined 6% YoY due to softer EUV multilayer mirrors demand; Revenue flat excluding EUV ◼ Services revenue grew 7.0% YoY Revenue from Components and Services Revenue Revenue by Region (JPY Bn) (JPY Bn) 26.2% 200 25.0% 180 18.0% 2 20.0% 160 12.4 15.0%

  13. Slide 13: Adjusted EBITDA Analysis

    Adjusted EBITDA Analysis ◼ Adjusted EBITDA margin declined to approx. 20% due to GP margin pressure from regional / product mix changes, despite partial restraint / saving in R&D and infrastructure investment (Ratio vs Revenue) Achieved JPY 1.1Bn cost reduction (3.0% of revenue) 26.0% (2.1)% (1.2)%

  14. Slide 14: FY2025 Earnings Forecast & Growth Strategy Updates

    FY2025 Earnings Forecast & Growth Strategy Updates © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 12

  15. Slide 15: FY2025 Earnings Forecast Update

    FY2025 Earnings Forecast Update ◼ Slightly revised earnings forecast in FY2025 considering current business environment (YoY revenue growth 10%→6%) ◼ Revision largely due to Trump policy impact toward US academia market and temporary downturn in EUV multilayer mirrors; Semiconductor Process Control

  16. Slide 16: FY2025 Earnings Forecast Update (Quarterly)

    FY2025 Earnings Forecast Update (Quarterly) ◼ Revenue growth in 4Q expected due to annual seasonality and demand shift from mass production to R&D in Semiconductor Process Control Instruments ◼ Revenue growth to be achieved through manufacturing capacity expansion and shorter lead time Quarterly Rev

  17. Slide 17: Updated Forecast and Key Initiatives in 2H: Multipurpose Analytical Instruments

    Updated Forecast and Key Initiatives in 2H: Multipurpose Analytical Instruments Highlights of Updated Earnings Forecast Accelerating Growth Initiatives / Pillar 3 Strategy ◼ Revenue growth forecast revised to (2.0)% YoY (c. flat excl. FX Expansion of Fab-targeted solutions effects), reflecting US po

  18. Slide 18: Updated Forecast and Key Initiatives in 2H: Semiconductor Process Control Instruments

    Updated Forecast and Key Initiatives in 2H: Semiconductor Process Control Instruments Highlights of Updated Earnings Forecast 4Q Revenue Concentration: Key Factors and Response ◼ No change in revenue forecast : + 20% YoY ◼ Sales concentration in 4Q expected due to structural demand shift from mass p

  19. Slide 19: Strategic Roadmap for Advanced Semiconductor Metrology Needs

    Strategic Roadmap for Advanced Semiconductor Metrology Needs ◼ New market / revenue generation through multiple product launches in 2026 and 2027, in addition to existing portfolio Estimated SAM R&D and Commercialization Roadmap Advanced Metrology Needs (Target Share) Status Update 2025 2026 2027 @

  20. Slide 20: Shareholder Return Policy & ROE Trends

    Shareholder Return Policy & ROE Trends Share Repurchase Adjusted Return on Equity(1) (ROE) Recognizing that Rigaku’s current share price undervalues its future earnings potential, we will repurchase our own shares up to JPY 4.0Bn to optimize capital policy, enhance shareholder returns, and drive lon

  21. Slide 21: Conclusion

    Conclusion ◼ FY2025 full-year earnings forecast slightly updated reflecting short-term US policy impact and temporary decline in EUV demand ◼ No change in Semiconductor Process Control Instruments revenue forecast : +20% YoY ◼ Multipurpose Analytical Instruments aiming for double-digit growth excl.

  22. Slide 22: Appendix – Consolidated Financial Results for 1H FY2025

    Appendix – Consolidated Financial Results for 1H FY2025 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 20

  23. Slide 23: Earning By Business (Management Accounting Basis)

    Earning By Business (Management Accounting Basis) Revenue Operating Profit Operating Profit Margin FY2024/12 FY2025/12 Changes FY2024/12 FY2025/12 Changes FY2024/12 FY2025/12 (JPY MM) Changes Changes Changes 2Q Cum. 2Q Cum. Ratio 2Q Cum. 2Q Cum. Ratio 2Q Cum. 2Q Cum. Multipurpose Analytical 21,029 1

  24. Slide 24: Revenue by Region

    Revenue by Region(1) FY2024/12 FY2025/12 Changes Changes Notes (JPY MM) 2Q Cum. 2Q Cum. Ratio Total Revenue 42,779 40,756 (2,023) (4.7)% - Revenue declined in EUV multilayer mirrors for Multipurpose Analytical Instruments and parts/services. Japan 13,660 11,845 (1,815) (13.3)% Slight increase in Sem

  25. Slide 25: Revenues by End Markets (Management Accounting Basis)

    Revenues by End Markets(1)(Management Accounting Basis) FY2024/12 FY2025/12 Revenue Ratio Revenue Ratio Notes (JPY MM) 2Q Cum. 2Q Cum. Total Revenue 42,779 100% 40,756 100% － Steady growth in Semiconductor Process Control Instruments, whilst lower sales of EUV Semiconductors/Electronic 14,578 34% 13

  26. Slide 26: Summary of Consolidated Financial Results in 2Q FY2025

    Summary of Consolidated Financial Results in 2Q FY2025 FY2024/12 FY2025/12 Changes (JPY MM) Changes Key Factors 2Q Cum. 2Q Cum. Ratio Semiconductor Process Control Instruments increased; Multipurpose Analytical Instruments and Components and Revenue 42,779 40,756 (2,022) (4.7)% Services decreased du

  27. Slide 27: Consolidated Financial Highlights

    Consolidated Financial Highlights FY2024/12 FY2025/12 YoY Changes QoQ Changes YoY Changes (JPY MM) 1Q 2Q 2Q Cum. 1Q 2Q 2Q Cum. Change Ratio Changes Ratio Changes Ratio Revenue 19,537 23,241 42,779 20,614 20,141 (3,100) (13.3%) (473) (2.3%) 40,756 (2,023) (4.7%) (1) Gross Profit 10,607 13,806 24,413

  28. Slide 28: B/S & Cash-Flow Statement in 1H FY2025

    B/S & Cash-Flow Statement in 1H FY2025 FY2024/12 FY2025/12 Changes (JPY MM) Changes Key Factors Year-End End of 2Q Ratio Current Assets 71,228 68,620 (2,608) (3.7)% Further collection of receivables since previous fiscal year end Cash and Cash Equivalents 27,992 28,959 967 3.5% Property, Plant & Equ

  29. Slide 29: Reconciliation of Adjusted Items (1/2)

    Reconciliation of Adjusted Items (1/2) (JPY MM) FY2024/12 FY2025/12 Changes EBITDA 2Q Cumulative 2Q Cumulative Profit Before Tax 8,445 5,446 (2,999) Depreciation and Amortization 2,448 2,428 (20) Interest Expense 335 490 154 Interest and Dividend Income (150) (229) (79) EBITDA 11,079 8,135 (2,943) M

  30. Slide 30: Reconciliation of Adjusted Items (2/2)

    Reconciliation of Adjusted Items (2/2) (JPY MM) FY2024/12 FY2025/12 Changes Adjusted Operating Profit 2Q Cumulative 2Q Cumulative Operating Profit 8,672 5,717 (2,954) PPA Amortization 1,189 1,030 (159) Business Consulting Fee 15 0 (15) China-related exemption application costs 0 (68) (68) IPO-relate

  31. Slide 31: Appendix – Update on FY2025 Earnings Forecast

    Appendix – Update on FY2025 Earnings Forecast © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 29

  32. Slide 32: Update on FY2025 Earnings Forecast

    Update on FY2025 Earnings Forecast FY2024/12 FY2025/12 Year-End Initial Forecast Current Forecast Revenue JPY90.6 Bn JPY97.7 Bn JPY94.1 Bn YoY Growth 13.5% 7.8% 3.8% Adjusted EBITDA JPY23.4 Bn JPY25.0 Bn JPY23.1 Bn Adjusted EBITDA Margin 25.9% 25.7% 24.5% Adjusted Operating Profit JPY20.9 Bn JPY22.0

  33. Slide 33: 2025 Earnings Current Forecast - P&L by Product

    2025 Earnings Current Forecast - P&L by Product (Management Accounting Basis) Revenue Operating Profit Operating Margin FY2024/12 FY2025/12 FY2024/12 FY2025/12 FY2024/12 FY2025/12 Changes Changes Changes Current Changes Current Changes Current (JPY Bn) Year-End Ratio Year-End Ratio Year-End Ratio Fo

  34. Slide 34: 2025 Earnings Current Forecast - Revenue by Region

    2025 Earnings Current Forecast - Revenue by Region(1) FY2024/12 FY2025/12 Changes Changes Key Driving Factors (JPY Bn) Year-End Current Forecast Ratio Total Revenue 90.6 94.1 3.5 3.9% Japan 24.3 28.1 3.8 15.6% Revenue increase mainly in Semiconductor Process Control Instruments Americas 27.7 24.7 (3

  35. Slide 35: 2025 Earnings Current Forecast - Revenue by End Markets

    2025 Earnings Current Forecast - Revenue by End Markets (Management Accounting Basis) FY2024/12 FY2025/12 Revenue Ratio Revenue Ratio Notes (JPY Bn) Year-End Current Forecast Total Revenue 90.6 100% 94.1 100% Semiconductor / 32.4 36% 33.7 36% Semiconductor growth drove earnings Electronic Components

  36. Slide 36: R&D Expenses / Capital Expenditures

    R&D Expenses / Capital Expenditures ◼ R&D: To continue strategic investments in semiconductor areas and Lab-to-Fab strategy initiatives ◼ Capital Expenditures: To invest on factory / internal infrastructure expansion R&D Expenses 8.6% 8.1% 8.3% 7.1% 7.5% 10 6.5% 8.0% 8 6.0% 6 7.8 7.8 4 6.8 4.0% 4.4

  37. Slide 37: Breakdown of Adjustments in Adjusted Profit (1/2)

    Breakdown of Adjustments in Adjusted Profit (1/2) (JPY MM) FY2024/12 FY2025/12 Changes EBITDA Year-End Current Forecast Profit Before Tax 17,977 17,397 (580) Depreciation and Amortization 4,868 5,026 158 Interest expense 698 1,080 382 Profit Gain and Dividends Received (363) (332) 31 Impairment Loss

  38. Slide 38: Breakdown of Adjustments in Adjusted Profit (2/2)

    Breakdown of Adjustments in Adjusted Profit (2/2) (JPY MM) FY2024/12 FY2025/12 Changes Adjusted Operating Profit Year-End Current Forecast Operating Profit 18,367 18,145 (222) PPA Amortization 2,269 2,038 (231) Business Consulting Fee 24 0 (24) China-related exemption application costs (198) (68) 13

  39. Slide 39: Appendix – Trump Policies: Implications and Response

    Appendix –Trump Policies : Implications and Response © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 37

  40. Slide 40: Impacts and Approach to Trump Policies

    Impacts and Approach to Trump Policies Direct Impact of Trump Tariff Indirect Impact of Trump Policies ▪ Approx. 26% of Rigaku Group’s FY2025 sales are to U.S. ▪ Reduced business opportunities in life science and customers, including ~19% from exported goods and academia/government sectors due to sp

  41. Slide 41: Appendix – Glossary

    Appendix – Glossary © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 39

  42. Slide 42: Glossary (1/3)

    Glossary (1/3) Terms Description • Advanced X-Ray Inspections is a non-destructive and automated method that uses X-rays to inspect internal defects (such as voids, AXI cracks, and misalignments) in electronic components, semiconductors, and industrial products • Complementary FET (CFET) is a next g

  43. Slide 43: Glossary (2/3)

    Glossary (2/3) Terms Description MiniFlex XpC • A compact X-ray diffractometer developed by Rigaku used for material analysis. NEX CG II • A next-generation energy-dispersive X-ray fluorescence spectrometer (Rigaku's model) ONYX Series • Product series name (likely for X-ray analysis instruments by

  44. Slide 44: Glossary (3/3)

    Glossary (3/3) Terms Description • Abbreviation for “Wafer Fab Equipment”. Semiconductor manufacturing equipment used in the processes of creating electronic WFE circuitry and inspecting the conditions on wafers • X-Ray Diffraction (XRD) - a technique for obtaining information on the crystal structu

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