Horiba, Ltd. · TSE:6856
Horiba — H1 2025 Earnings Presentation
34 slides from Horiba's earnings presentation, Aug 26, 2025
Slide 1: Financial Information
Financial Information HORIBA, Ltd. August, 2025
Slide 2: Contents
Contents ◼ 2025 First Half Results ◼ 2025 Forecasts ◼ Outlines by Business Field ◼ Topics ◼ Financial Data <Disclaimer> This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and ma
Slide 3: Contents
Contents ◼ 2025 First Half Results ◼ 2025 Forecasts ◼ Outlines by Business Field ◼ Topics ◼ Financial Data <Disclaimer> This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and ma
Slide 4: Review of First Half of 2025
Review of First Half of 2025 ◆ Uncertainty over future tariff policies lead to cautious outlook for economic expansion External ◆ More complicated international situation and heightened geopolitical risks Events ◆ Semiconductor demand driven by increased investment in generative AI ◆ Revision in str
Slide 5: 2025 First Half Results
2025 First Half Results (Billions of Yen) 2024 2025 Changes 1st half 1st half 1st half Results vs Previous Forecasts Results vs 2024 (Jan.-Jun.) Forecasts (as of May 15) (Jan.-Jun.) Sales 142.7 154.0 148.9 +6.2 - 5.0 Operating profit 18.6 22.5 21.8 +3.2 - 0.6 O.P.% 13.0% 14.6% 14.7% ＋1.7p +0.1p Ordi
Slide 6: 2025 First Half Results by Field
2025 First Half Results by Field (Billions of Yen) Sales Operating profit 2024 2025 Changes 2024 2025 Changes 1st half 1st half 1st half vs 1st half 1st half 1st half vs Results Forecasts Results vs 2024 Previous Results Forecasts Results vs 2024 Previous (Jan.-Jun.) (as of May 15) (Jan.-Jun.) Forec
Slide 7: 2025 First Half Results (B/S, CF)
2025 First Half Results (B/S, CF) ◆Cash increased due to the collection of AR, as a result, total assets were ¥478.9bn, which was almost same level at the end B/S of 2024. ◆Equity ratio: 65.4% ◆Operating CF: Cash in ¥29.8bn due to operating profit Free CF: + ¥22.2bn CF ◆Investing CF: Cash out ¥7.6bn
Slide 8: Contents
Contents ◼ 2025 First Half Results ◼ 2025 Forecasts ◼ Outlines by Business Field ◼ Topics ◼ Financial Data <Disclaimer> This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and ma
Slide 9: HORIBA's Assumptions Regarding Market Environment
HORIBA’s Assumptions Regarding Market Environment • In addition to the increasingly complex international situation, national tariff policies, the impact on General supply chains, and investment trends need to be closely monitored. • Investments aimed at labor saving and DX/GX*1 is accelerating in a
Slide 10: 2025 Forecasts
2025 Forecasts (Billions of Yen) 2024 2025 Changes Previous vs Previous Forecasts Results Forecasts vs 2024 (as of Aug. 7) Forecasts (as of May 15) Sales 317.3 335.0 335.0 +17.6 - Operating profit 48.3 52.0 52.0 +3.6 - O.P.% 15.2% 15.5% 15.5% ＋0.3p - Ordinary profit 50.1 52.0 52.0 +1.8 - Net income
Slide 11: 2025 Forecasts by Field
2025 Forecasts by Field (Billions of Yen) Sales Operating profit 2024 2025 Changes 2024 2025 Changes Previous vs Previous Previous vs Previous Results Forecasts vs 2024 Results Forecasts vs 2024 Forecasts Forecasts (as of Aug. 7) Forecasts (as of Aug. 7) Forecasts (as of May 15) (as of Aug. 7) Energ
Slide 12: Contents
Contents ◼ 2025 First Half Results ◼ 2025 Forecasts ◼ Outlines by Business Field ◼ Topics ◼ Financial Data <Disclaimer> This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and ma
Slide 13: Energy & Environment: Business Environment / Mid- to Long-term Outlook
Energy & Environment Business Environment / Mid- to Long-term Outlook *1 Carbon dioxide Capture, Utilization and Storage Markets / Business Environment *2 GHG：Green House Gas Internal combustion Investments for HEVs are increasing on the back of a slight Sales and O.P. (1H and 2H) engines decelerati
Slide 14: Outlook of Energy business
Energy Environment Outlook of Energy business ⚫ Change in investments related to energy (Hydrogen) ✓ Strategies for fuel cell related technologies for mobility, which have received generous public subsidies in Europe, appear to be under review. • Fuel cells：Temporally decrease No change in the long-
Slide 15: Bio & Healthcare: Business Environment / Mid- long term outlook
Bio Healthcare Business Environment / Mid- long term outlook Markets / Business Environment Steady demand for testing at pediatric and other clinics due to Sales and O.P. (1H and 2H) Japan government recommendations to use primary care physicians. (Billions of yen) India Expansion of IVD testing in
Slide 16: Enhance productivity in gene therapy manufacturing
Bio & Healthcare Enhance productivity in gene therapy manufacturing Fujifilm and HORIBA Co-development of a novel gene delivery system that significantly enhances productivity in the manufacture of gene therapy products. ✓ Fujifilm has developed the industry’s first*1 continuous electroporation tech
Slide 17: HORIBA products introduced at Pittcon 2025 Symposium
Bio Healthcare HORIBA products introduced at Pittcon 2025 Symposium A HORIBAs customer presented a case study of using HORIBA products at the life science-related Pittcon 2025 Symposium. Fluorescence spectroscopy biopharma analyzer Solvent and pre-processing of samples are unnecessary Reduction of a
Slide 18: Materials & Semiconductor: Business Environment / Mid- to Long-term Outlook
Materials & Semiconductor Business Environment / Mid- to Long-term Outlook * High Bandwidth Memory Markets / Business Environment Expansion in demand driven by investment related to HBM* Sales and O.P. (1H and 2H) DRAM for generative AI (Billions of yen) NAND Expecting a recovery in 2026 or later Po
Slide 19: Reinforce Wafer Surface Analysis Solutions
Materials& Semiconductor Reinforce Wafer Surface Analysis Solutions Semiconductor production process Reticle / mask particle detection system “Woven Value Chain” Particle detection on masks and reticles in lithography process Launched in 1984. Inheriting laser scattering inspection technology cultiv
Slide 20: Contents
Contents ◼ 2025 First Half Results ◼ 2025 Forecasts ◼ Outlines by Business Field ◼ Topics ◼ Financial Data <Disclaimer> This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and ma
Slide 21: Sustainability Initiatives
Topics Sustainability Initiatives Initiatives to reduce CO2 emissions Contribute to CO2 reductions by energy management technology Selected as a NEDO* granted project GHG reduction target Energy optimization and CO2 reductions in 2033 : 42％ or more reduction (vs 2023) industry bases with large fluct
Slide 22: Kyoto Fukuchiyama: Expansion of production and R&D bases
Topics Kyoto Fukuchiyama : Expansion of production and R&D bases Reinforce R&D by utilizing Kyoto Fukuchiyama Technology center core and next-genaration technologies Full-scale operation will start in October 2025 1. Reinforcing development of fundamental technologies ➢ Adapting to cutting edge semi
Slide 23: Collaborating with industry, academia, government to promote open innovation
Collaborating with industry, academia, government and the private Topics sector to promote open innovation Accelerate open innovation as we strive to create and implement next-generation analysis and measurement technologies in society Jan. 2025 : Comprehensive partnership agreement Jul. 2025 : Publ
Slide 24: Started testing for hydrogen internal combustion engines
Topics Contributing to growing demand for hydrogen combustion R&D in India Started testing for hydrogen internal combustion engines Inaugurated [H2-ICE], Hydrogen Features of India’s mobility market Internal Combustion Engine Test • Utilization of ethanol fuel and biogas Bed Facility at HORIBA India
Slide 25: Business expansion in multiple area utilizing unique core technology
Topics Business expansion in multiple area utilizing unique core technology Implementing HORIBA original infrared gas analysis technology, IRLAM *1 to various products IRLAM is evolved from HORIBA’s core technology in infrared gas analysis Realizing the “real time measurement” for gases, which was d
Slide 26: Objective of Field Operation
Objective of Field Operation Customer Developing new business opportunities in aligning 3 Fields by HORIBA with social changes Energy Bio Materials Matrix transcending legal Environment Healthcare Semiconductor entities, fields, and national borders New combination Sharing unique core HORIBA Core Te
Slide 27: Contents
Contents ◼ 2025 First Half Results ◼ 2025 Forecasts ◼ Outlines by Business Field ◼ Topics ◼ Financial Data <Disclaimer> This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and ma
Slide 28: Operating Profit Analysis (vs 2024)
Operating Profit Analysis (vs 2024) （Billions of yen） 2024 2025 Jan.- Jun. Jan.- Jun. Exchange Exchange Increase Increase Increase Increase Impact for Impact for R&D Other 18.61 Sales COGS Gross Profit Expenses Expenses Expenses 21.89 +9.33 -2.70 -1.98 +0.57 -0.75 -1.19 Increase Exchange Increase Gr
Slide 29: Exchange Rate Trend / Forecasts / Impacts
Exchange Rate Trend / Forecasts / Impacts （Yen） 2024 2025 Previous Actual Forecasts Forecasts vs 2024 Annual Forecasts (as of Aug. 7) (Annual) (as of May 15) 1st half USD 151.69 140.00 148.40 145.00 -6.69 EUR 164.05 160.00 162.25 165.00 +0.95 Exchange rate impact Exchange rate impact for 2025 Jan. -
Slide 30: Capital Investment, Depreciation, R&D
Capital Investment, Depreciation, R&D （Billions of yen） 2024 2025 Previous vs Forecasts vs Results Results Forecasts Previous (as of Aug. 7) 2024 Jan.-Jun. (as of May 15) Forecasts Capex 19.3 20.0 20.0 +0.6 - 9.5 Depreciation and amortization 13.0 14.0 14.0 +0.9 - 6.5 R&D expenses 22.9 26.0 26.0 +3.
Slide 31: Cash Balance
(Consolidated basis, each end of period) Cash Balance （Billions of yen） Cash Cash Cash 151.4 139.8 Cash 144.2 132.7 Total Total Total Total Bond 67.2 64.4 64.0 ￥15.0bn 60.3 （redemption 2026） Bonds ￥15.0bn 30.0 Bonds Bonds Bonds （redemption 2029） 30.0 30.0 30.0 Long Long Long ¥20.0bn 24.8 Long 248 (r
Slide 32: Dividend Forecast
Dividend Forecast • Dividend payment = 30% of Consolidated net income attributable to HORIBA, Basic Policy Ltd.’s shareholders to be targeted • Execute special dividend and share buybacks timely and properly, considering investment opportunities and the cash flow situation. Dividend per share ⚫ 2023
Slide 33: HORIBA
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