Slide 1: Second Quarter FY2025 Financial Results
Second Quarter FY2025 Financial Results Ushio Inc. November 6, 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 © 202
Slide 2: Highlights of Today's Presentation
Highlights of Today’s Presentation H1 FY2025 Results: While down year-on-year, revenues and earnings exceeded internal forecasts ‒ Booked sales of some DLT systems ahead of schedule; stepper sales declined year-on-year ‒ Increased forward investments in DLT and other lithography equipment as planned
Slide 3: Agenda
I. Financial Results for H1 FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2025 Ushio Inc., All Rights Reserved 3 3
Slide 4: H1 FY2025: Summary of Financial Results
H1 FY2025: Summary of Financial Results YoY Comparison: -4.2 billion yen (-4.9%) Net Sales - Industrial Processes business: Lithography equipment sales decreased 81.4 billion yen owing to ongoing impacts of past overinvestment in related markets - Visual Imaging business: While unit sales rose on de
Slide 5: H1 FY2025: Financial Highlights
H1 FY2025: Financial Highlights YoY Comparison H1 FY2024 H1 FY2025 Results Results Changes (％) （Billions of yen) Net Sales 85.6 81.4 -4.2 -4.9% Operating Profit 4.2 4.0 -0.2 -6.0% Operating Margin 5.0% 4.9% -0.1P - Ordinary Profit 5.4 5.0 -0.4 -7.6% Profit/Loss Attributable to Owners of Parent 2.3 0
Slide 6: H1 FY2025: YoY Variation Analysis of Operating Profit
H1 FY2025: YoY Variation Analysis of Operating Profit Earnings decreased owing to such one-time factors as lower revenue from lithography equipment, valuation losses, and strategic investments, but structural reforms have led to fundamental improvements (Billions of yen) Stepper - *including invento
Slide 7: H1 FY2025: Financial Results by Business Segment
H1 FY2025: Financial Results by Business Segment H1 FY2024 H1 FY2025 YoY Comparison Results Results (％) （Billions of yen) Changes Net Sales 37.5 34.4 -3.1 -8.4% Industrial Processes Operating Profit 5.2 2.0 -3.1 -60.9% [Operating Margin] [13.9%] [5.9%] [-8.0P] - Net Sales 39.2 38.0 -1.1 -3.0% Visual
Slide 8: H1 FY2025: Industrial Processes Results
H1 FY2025: Industrial Processes Results H1 FY2024 H1 FY2025 YoY Comparison ■Net Sales: down 3.1 billion yen YoY Results Results (Billions of yen) Changes (%) - Ongoing impacts of past overinvestments in related markets lowered sales of steppers ① Net Sales 37.5 34.4 -3.1 -8.4% - Posted some DLT syst
Slide 9: H1 FY2025: Visual Imaging Results
H1 FY2025: Visual Imaging Results YoY Comparison H1 FY2024 H1 FY2025 ■Net Sales: down 1.1 billion yen YoY Results Results (Billions of yen) Changes (%) - Sales increased on recovering demand, but the increase was limited by a stronger yen ① Net Sales 39.2 38.0 -1.1 -3.0% - Shift to solid-state light
Slide 10: H1 FY2025: Life Sciences and Photonics Solutions Results
H1 FY2025: Life Sciences and Photonics Solutions Results Life Sciences H1 FY2024 H1 FY2025 YoY Comparison ■Net Sales: up 0.2 billion yen YoY (Billions of yen) Results Results Changes (%) - Sales of sodium lamps for horticulture contributed to Net Sales 3.0 3.2 ＋0.2 ＋7.7% revenues ■Operating Profit:
Slide 11: Agenda
I. Financial Results for H1 FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2025 Ushio Inc., All Rights Reserved 11 11
Slide 12: FY2025 Full-Year Forecasts: Summary
FY2025 Full-Year Forecasts: Summary Retaining initial forecasts While improving earnings structure, factoring in delayed full-scale ramp-up of DLT systems, with no additional impacts from U.S. tariff measures FY2024 FY2025 YoY Comparison Progress (Billions of yen) Results Forecasts Changes (%) rate
Slide 13: YoY Variation Analysis of Operating Profit for FY2025
(As of Nov. 6) While still under review, future directions have been included YoY Variation Analysis of Operating Profit for FY2025 Initial plan Posted one-time valuation losses(↓) Delays in full-scale ramp-up of DLT systems (↓) Prospects for further outcomes (↑) Incurring acquisition (Billions of y
Slide 14: H1 Progress (by Segment) toward Full-Year Forecasts for FY2025
H1 Progress (by Segment) toward Full-Year Forecasts for FY2025 Unchanged, reviewing outlook by segment for H2 YoY Comparison FY2024 FY2025 Progress Outlook for H2 and Beyond Results Forecasts rate (Billions of yen) Changes (%) Net Sales 78.9 76.0 -2.9 -3.7% 45.3% ⚫ Stepper sales should increase in H
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 Setting dividend floor of ¥70 per share annually 50 50 50 50 26 26 26 26 for FY2024-FY2026 in line
Slide 16: Agenda
I. Financial Results for H1 FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2025 Ushio Inc., All Rights Reserved 16 16
Slide 17: Progress with Key Initiatives under New Growth Strategy
Progress with Key Initiatives under New Growth Strategy While earnings contribution from DLT systems is expected to be later than planned, initiatives to capitalize on expected demand ramp-up and expansion are steadily advancing. All initiatives related to the business portfolio revamp are being imp
Slide 18: Latest Developments with Advanced Packaging Business
Latest Developments with Advanced Packaging Business With future demand expansion considered certain and growing interest in our lithography equipment, initiatives to capitalize on expected full-scale ramp-up and expansion of demand are steadily advancing Market assessment • Generative AI-related de
Slide 19: Latest Developments with Advanced Packaging Business: JOINT3
Latest Developments with Advanced Packaging Business Ushio is part of the JOINT3 consortium for next generation semiconductor packaging We provide Digital Lithography Technology (DLT) to accelerate the development of panel-level organic interposer development We are working to revitalize the advance
Slide 20: Supplementary Information on Visual Imaging Business
Supplementary Information on Visual Imaging Business ■Cinema Screen Numbers and Light Source Trend Forecasts Lamp Laser Total 250,000 Reference: Unit Sales Digital cinema projectors 200,000 Laser Lamp 150,000 100,000 50,000 0 FY2023 FY2024 FY2025 Outlook As of May 13, 2025, Ushio’s research Copyrigh
Slide 21: Visual Imaging Business Reference Information
Visual Imaging Business Reference Information ■ General Imaging Examples Contributing to innovative visual experiences worldwide Singapore China Top multimedia and projection mapping specialist Hexogon The Ballad of Chu immersive theatrical performance used Group announced that it would exclusively
Slide 22: Agenda
I. Financial Results for H1 FY2025 II. Full-Year Forecasts for FY2025 III. Progress with New Growth Strategies and Reference Information IV. Supplementary Information Copyright © 2025 Ushio Inc., All Rights Reserved 22 22
Slide 23: Business Segments and Main Products
Business Segments and Main Products 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 Stepper Direct imaging OA lamps Excimer lamp etc.
Slide 24: Reference: Summary of Quarterly Financial Results
Reference: Summary of Quarterly Financial Results FY2024 FY2025 YoY Comparison (Billions of yen) Q1 Q2 Q3 Q4 Q1 Q2 Changes (%) Net Sales 37.5 48.1 42.4 49.5 38.3 43.0 -5.0 -10.5% Operating Profit 0.3 3.9 3.1 1.4 0.9 3.0 -0.8 -22.4% Operating Margin 0.9% 8.2% 7.4% 2.9% 2.5% 7.1% -1.1P - Ordinary Prof
Slide 25: Reference: Summary of 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 Q2 Changes (%) Net Sales 15.5 22.0 17.0 24.3 15.8 18.6 -3.3 -15.4% Industrial Operating profit 1.0 4.1 1.8 2.5 0.3 1.7 -2.4 -58.9% Processes Operating Margin 6.7% 19.1
Slide 26: Reference: Sales Ratio by Region
Reference: Sales Ratio by Region Others 3.5% H1 FY2024 Net Sales Japan North America Europe Asia 85.6 21.6% 27.5% 8.5% 38.9% billion yen H1 FY2025 Net Sales Japan North America Europe Asia 81.4 20.5% 29.6% 11.3% 38.1% billion yen Others 0.5% Copyright © 2025 Ushio Inc., All Rights Reserved 26 26
Slide 27: 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.
Slide 28: Reference: Balance Sheet
Reference: Balance Sheet Assets Liabilities/Net Assets (Billions of yen) (Billions of yen) Changes Changes 297.3 301.5 +4.2 297.3 301.5 +4.2 15.8 +0.5 Notes and AP 15.2 61.3 69.9 +8.5 Cash and Bank Deposits 36.1 59.0 +22.9 Other Current Liabilities -5.7 Notes and AR (Trade) 40.3 34.6 45.3 -7.4 Long-
Slide 29: 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 8.3 5.6 5.3 4.0 2.7 0.8 -0.3 0.7 FY2021 FY2022 FY2023 FY2024 H1_FY2025 -5.5 -1.1 -2.6 -10.6 -13.4 -24.9 -26.8 Operating Profit Sales CF Investment CF Financial CF Free CF Copyright © 2025 Ushio Inc., All Rights Re
Slide 30: 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
Slide 31: 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
Slide 32: 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
Slide 33: 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 33