Rigaku Holdings Corporation · TSE:268A

Rigaku — Q3 2025 Earnings Presentation

38 slides from Rigaku's earnings presentation, Nov 11, 2025

  1. Slide 1: Consolidated Financial Results 3Q FY2025

    Consolidated Financial Results 3Q FY2025 November 11, 2025 President & CEO Jun Kawakami SEVP, Global Product Unit Leader Kiyoshi Ogata

  2. Slide 2: 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

  3. Slide 3: Agenda

    【Agenda】 1. Summary of 3Q FY2025 Consolidated Financial Results and Progress Towards FY2025 Earnings Forecast 2. Updates on Growth Strategy and Direction for FY2026 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 3

  4. Slide 4: Summary of 3Q FY2025 Consolidated Financial Results and Progress Towards FY2025 Earnings Forecast

    1. Summary of 3Q FY2025 Consolidated Financial Results and Progress Towards FY2025 Earnings Forecast © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 4

  5. Slide 5: Highlights of 3Q FY2025 Consolidated Financial Results

    Highlights of 3Q FY2025 Consolidated Financial Results ◼ 3Q Revenues in line with expectations, decreased (4.9)% YoY on cumulative basis Overall ◼ Adjusted EBITDA and Net Profit declined YoY significantly due to lower overall sales, concentration of high-margin semiconductor projects in 4Q, as well

  6. Slide 6: Summary of 3Q FY2025 Consolidated Financial Results

    Summary of 3Q FY2025 Consolidated Financial Results ◼ 3Q revenues declined due to delayed semiconductor investment and softer EUV multilayer mirror demand, however results have remained within expectation ◼ Adjusted EBITDA and Net Profit declined due to lower sales, product and regional mix effects,

  7. Slide 7: Summary of 3Q FY2025 Cumulative Consolidated Financial Results

    Summary of 3Q FY 2025 Cumulative Consolidated Financial Results ◼ Revenue declined (4.9)% YoY, landing within expectation ◼ Adjusted EBITDA / Net Profit declined YoY due to lower sales, shift of high gross margin semiconductor projects to 4Q, softer EUV multilayer mirror demand and continued R&D inv

  8. Slide 8: Factors for 3Q FY2025 Adjusted EBITDA Margin Decline and Future Outlook

    Factors for 3Q FY2025 Adjusted EBITDA Margin Decline and Future Outlook Adjusted EBITDA Variance Primary Factors 4Q Outlook QoQ▲8.3pts Cum.YoY▲7.6pts Strong rebound in 4Q; expecting FY in line with guidance Japan: Individual low-margin XRF projects are within Multipurpose Analytical ▲3pts ▲3pts A ex

  9. Slide 9: Multipurpose Analytical Instruments Business

    Multipurpose Analytical Instruments Business ◼ Cumulative revenue declined (5.3)% YoY due to absence of China supplementary budget projects and large-scale Japan projects in FY2024. However 3Q (Jul – Sep) revenue increased +19.4% YoY showing recovery momentum ◼ Overseas sales excl. China increased +

  10. Slide 10: Semiconductor Process Control Instruments Business

    Semiconductor Process Control Instruments Business ◼ Cumulative declined (5.6)% YoY due to sales order concentration in 4Q by demand shift from mass production to R&D application ◼ 3Q (Jul-Sep) revenue slightly exceeded expectations due to Asia and Japan projects. Margin temporarily deteriorated due

  11. Slide 11: Components and Services Business

    Components and Services Business ◼ Total revenue declined (3.7)% YoY on cumulative basis; Revenue increased +2.0% excluding EUV multilayer mirrors ◼ Service revenue increased +7% YoY Revenue from Components and Services Revenue Revenue by Region (JPY Bn) (5.6)pts : (JPY Bn) 30 23.9% • Gross Margin28

  12. Slide 12: Progress Towards Achieving FY2025 Earnings Forecast

    Progress Towards Achieving FY2025 Earnings Forecast ◼ Overall 3Q results within management expectation ◼ Semiconductor Process Control Instruments: 3Q results exceeded initial expectations ◼ Components and Services / Multipurpose Analytical Instruments: 3Q results in line with expectations; 4Q reven

  13. Slide 13: Progress Towards Achieving FY2025 Earnings Forecast (Revenue in 4Q FY2025)

    Progress Towards Achieving FY2025 Earnings Forecast (Revenue in 4Q FY2025) Multipurpose Analytical Components and Instruments Business Services Business Semiconductor Process Control Instruments Business Toward achieving FY2025 revenue forecast: ◼ Final Negotiation Phase projects Final Negotiation P

  14. Slide 14: 4Q FY2025 Operating Profit Forecast

    Progress Towards Achieving FY2025 Earnings Forecast (Operating Profit in 4Q FY2025) Performance and Profit Margin Required to Achieve 4Q Earnings Forecast Profit Margin Outlook (JPY) • Previously achieved 25% Operating Margin in 4Q FY2024 Revenue : 13.9Bn • Improvement of cumulative gross margin YoY

  15. Slide 15: Updates on Growth Strategy and Direction for FY2026

    2. Updates on Growth Strategy and Direction for FY2026 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 15

  16. Slide 16: Growth Strategy Updates in Multipurpose Analytical Instruments: Pillar 1 and 3

    Growth Strategy Updates in Multipurpose Analytical Instruments: Pillar 1 and 3 ◼ Establishment of Application-specific Solutions for Advanced Measurement Demands and Acceleration of Lab to Fab Strategy Pillar1 Fundamental Strengths Enhancement Pillar3 Lab to Fab Strategy Acceleration ◼ Diversifying

  17. Slide 17: Updates in Semiconductor Process Control Instruments Business

    Updates in Semiconductor Process Control Instruments Business ◼ Achieved progress in product adoption for Logic and Memory applications within the advanced Semiconductor roadmap during 3Q Strategic Roadmap for Advanced Semiconductor Metrology Needs（Repost from FY2025 Q2 Earnings Announcement） R&D an

  18. Slide 18: Updates in Semiconductor Process Control Instruments Business (Cont'd)

    Updates in Semiconductor Process Control Instruments Business (Cont’d) ◼ Dominant competitive edge by Rigaku Unique Technology in advanced logic and next-gen memory manufacturing processes 1 Si/SiGe Superlattice Measurement 2 High-k/Metal Gate (HKMG) Ultra-thin Film Measurement ◼ High-precision meas

  19. Slide 19: Topics

    Topics Prof. Susumu Kitagawa of Kyoto University Wins Nobel Prize in Chemistry Rigaku and JEOL Established “iCeMS Innovation Core”(1) ◼ Rigaku’s products have long supported groundbreaking research ◼ Agreement on Establishment of Joint Research Hub by Kyoto University, at Professor Kitagawa’s labora

  20. Slide 20: Strategic Direction for FY2026

    Strategic Direction for FY2026 ◼ Rigaku’s growth driven by Semiconductor Process Control Instruments Business, maintaining growth trajectory aligned with Mid-term Plan targets Environmental Awareness Strategy ◼ Slowdown in 2025 due to one-off factors, ◼ Return to stable growth recovery expected in 2

  21. Slide 21: Shareholder Return

    Shareholder Return Share Repurchase Share Repurchase Status (1) Recognizing that Rigaku’s current share price undervalues its future earnings ◼ As of October 31, 2025 potential, we will repurchase our own shares up to JPY 4.0Bn to optimize capital policy, enhance shareholder returns, and drive long-

  22. Slide 22: Take-Home Message

    Take-Home Message FY2025: On Track to Meet the Revised Plan ◼ Multipurpose Analytical Instruments Business: Recovering from 3Q, 4Q revenue expected to increase due to seasonality in addition to the trend ◼ Semiconductor Process Control Instruments：4Q revenue expected to increase significantly as pla

  23. Slide 23: Appendix – Consolidated Financial Results in 3Q FY2025

    Appendix – Consolidated Financial Results in 3Q FY2025 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 23

  24. Slide 24: Earnings by Product

    Earnings by Product (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 3Q Cum. 3Q Cum. Ratio 3Q Cum. 3Q Cum. Ratio 3Q Cum. 3Q Cum. Multipurpose Analytical 27,988 2

  25. Slide 25: Revenue by Region

    Revenue by Region(1) FY2024/12 FY2025/12 Changes Changes Notes (JPY MM) 3Q Cum. 3Q Cum. Ratio Total Revenue 62,580 59,496 (3,084) (4.9)% － Revenue declined in EUV multilayer mirrors for Multipurpose Analytical Instruments and parts/services. Slight Japan 17,987 16,691 (1,296) (7.2)% increase in Semi

  26. Slide 26: Revenues by End Markets

    Revenues by End Markets(1)(Management Accounting Basis) FY2024/12 FY2025/12 Revenue Ratio Revenue Ratio Notes (1) (JPY MM) 3Q Cum. 3Q Cum. Total Revenue 62,580 100% 59,496 100% － Semiconductor/Electronic Declined due to lower sales of large-scale products for power semiconductors used 22,684 36% 18,

  27. Slide 27: Summary of Consolidated Financial Results in 3Q FY2025

    Summary of Consolidated Financial Results in 3Q FY2025 2024/12 2025/12 (JPY MM) Changes Changes Ratio Key Factors 3Q Cum. 3Q Cum. Semiconductor Process Control Instruments had a positive impact of large projects in 3Q FY2024; Multipurpose Revenue 62,580 59,496 (3,083) (4.9)% Analytical Instruments a

  28. Slide 28: Summary of Consolidated Quarterly Financial Results in 3Q FY2025

    Summary of Consolidated Quarterly Financial Results in 3Q FY2025 FY2024/12 FY2025/12 YoY Changes QoQ Changes YoY Changes (JPY MM) 1Q 2Q 3Q 3Q Cum. 1Q 2Q 3Q 3Q Cum. Change Ratio Changes Ratio Changes Ratio Revenue 19,537 23,241 19,801 62,580 20,614 20,141 18,740 (1,061) (5.4)% (1,401) (7.0)% 59,496 (

  29. Slide 29: Consolidated Financial Results in 3Q FY2025: B/S & Cash-Flow Statement

    Consolidated Financial Results in 3Q FY2025: B/S & Cash-Flow Statement FY2024/12 FY2025/12 Changes Changes Key Factors (JPY MM) Year-End End of 3Q Ratio Current Assets 71,228 64,510 (6,718) (9.4)% Further collection of receivables since previous fiscal year end Cash and Cash Equivalents 27,992 21,35

  30. Slide 30: Reconciliation of Adjusted Items (1/2)

    Reconciliation of Adjusted Items (1/2) (JPY MM) FY2024/12 FY2025/12 Changes EBITDA 3Q Cumulative 3Q Cumulative Profit Before Tax 11,544 6,095 (5,449) Depreciation and Amortization 3,638 3,775 137 Interest Expenses 509 783 273 Interest and Dividend Income (256) (333) (77) EBITDA 15,436 10,321 (5,115)

  31. Slide 31: Reconciliation of Adjusted Items (2/2)

    Reconciliation of Adjusted Items (2/2) (JPY MM) FY2024/12 FY2025/12 Changes Adjusted Operating Profit 3Q Cumulative 3Q Cumulative Operating Profit 11,849 6,562 (5,287) PPA Amortization 1,728 1,544 (184) Business Consulting Fee 22 - (22) China-related exemption application costs - (68) (68) IPO-relat

  32. Slide 32: Appendix – FY2025 Earnings Forecast

    Appendix – FY2025 Earnings Forecast © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 32

  33. Slide 33: FY2025 Earnings Forecast (1)

    FY2025 Earnings Forecast (1)(Reposted) ◼ Slightly revised earnings forecast as of 2Q FY2025 considering current business environment (YoY revenue growth 10%→6%) ◼ Revision largely due to U.S. policy impact toward US academia market and temporary downturn in EUV multilayer mirrors; Semiconductor Proc

  34. Slide 34: FY2025 Earnings Forecast

    FY2025 Earnings Forecast(1)(Reposted) FY2024/12 FY2025/12 Year-End Initial Current Forecast Revenue JPY 90.6 Bn JPY 97.7 Bn JPY 94.1 Bn YoY Growth 13.5% 7.8% 3.8% Adjusted EBITDA JPY 23.4 Bn JPY 25.0 Bn JPY 23.1 Bn Adjusted EBITDA Margin 25.9% 25.7% 24.5% Adjusted Operating Profit JPY 20.9 Bn JPY 22

  35. Slide 35: Appendix – Glossary

    Appendix – Glossary © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 35

  36. Slide 36: 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

  37. Slide 37: Glossary (2/3)

    Glossary (2/3) Terms Description High-k / • High-k materials refer to materials with a high dielectric constant Metal Gate High-k/Metal Gate (HKMG) refers to the latest transistor structure that combines high-k materials with a metal gate MiniFlex XpC • A compact X-ray diffractometer developed by Ri

  38. Slide 38: Glossary (3/3)

    Glossary (3/3) Terms Description • An X-ray diffraction (XRD) system designed for high-precision evaluation of thin film properties in the semiconductor industry. It supports TFXRD the measurement of thin films on large-diameter wafers, specifically 200 mm and 300 mm T-SAXS • Transmission Small-Angl

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