HORIBA, Ltd.
May, 2026
2026 1Q (Jan.-Mar.) Results
2026 Forecasts
Operating Profit Analysis
Exchange Rate Trend / Forecasts / Impacts
CAPEX, Depreciation, R&D Expenses
Dividend Forecasts
Topics
This presentation contains statements and materials that indicate future forecasts regarding the performance, strategies, and business plans of Horiba, Ltd. These statements and materials regarding future forecasts are not historical facts, but rather forecasts made by the Company based on information available at the time of announcement. They also include potential risks and uncertainties such as economic trends, competitive conditions with other companies, and exchange rates. Therefore, please be aware that actual performance, business development, or financial conditions may differ significantly from the future projections described herein due to various factors such as future economic trends, competition in the industry, market demand, exchange rates, and other economic, social, and political conditions.
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2026 1Q (Jan.-Mar.) Results（Billions of yen）
Sales, operating profit and ordinary profit were record-high and net income increased year-on-year, due to increased sales in all fields
2025 | 2026 | vs 2025 | ||
1Q Results (Jan.-Mar.) | 1Q Results (Jan.-Mar.) | Changes | % | |
Sales | 71.8 | 84.5 | +12.6 | +17.6% |
Operating profit | 11.7 | 12.4 | +0.7 | +6.2% |
O.P.% | 16.4% | 14.8% | -1.6p | - |
Ordinary profit | 11.6 | 12.7 | +1.1 | +9.5% |
Net income attributable to HORIBA, Ltd.'s Shareholders | 8.1 | 8.6 | +0.5 | +6.7% |
USD/JPY | 152.55 156.96 | +4.41 |
EUR/JPY | 160.55 183.65 | +23.10 |
： Record-high 3
2026 1Q (Jan.-Mar.) Results by Fields（Billions of yen）
Sales | Operating profit | |||||||
2025 | 2026 | vs 2025 | 2025 | 2026 | vs 2025 | |||
1Q Results (Jan.-Mar.) | 1Q Results (Jan.-Mar.) | Changes | % | 1Q Results (Jan.-Mar.) | 1Q Results (Jan.-Mar.) | Changes % | ||
Energy & Environment | 25.8 | 30.4 | +4.6 | +18.0% | 0.7 | 1.7 | +0.9 | +127.4% |
Bio & Healthcare | 8.8 | 9.8 | +1.0 | +11.5% | -0.7 | -0.6 | +0.0 | - |
Materials & Semiconductor | 37.1 | 44.1 | +6.9 | +18.8% | 11.7 | 11.4 | -0.3 | -2.6% |
Total | 71.8 | 84.5 | +12.6 | +17.6% | 11.7 | 12.4 | +0.7 | +6.2% |
＜Energy & Environment＞
Sales of the automotive related business increased due to growth in demand for combustion measurement.
＜Bio & Healthcare＞
Sales of hematology analyzers increased in Europe, but increased investments in life science field led to an operating loss.
＜Materials & Semiconductor＞
Sales increased due to strong demands related to semiconductor, but operating income decreased due to increased costs related to the start operations at new facilities and accelerated R&D investments.
Considering the recent exchange rate and order trends, the earnings forecasts have been revised upward. | |||||||
2025 | 2026 | Changes | |||||
Results | Previous Forecasts Forecasts (as of May 14) (as of Feb. 12) | vs 2025 vs Previous Forecasts | |||||
Sales | 333.0 | 345.0 | 373.0 | +39.9 | +28.0 | ||
Operating profit | 53.0 | 56.0 | 68.0 | +14.9 | +12.0 | ||
O.P.% | 15.9% | 16.2% | 18.2% | ＋2.3p | ＋2.0p | ||
Ordinary profit | 54.2 | 56.5 | 68.5 | +14.2 | +12.0 | ||
Net income attributable to HORIBA, Ltd.'s Shareholders | 37.0 | 40.5 | 48.5 | +11.4 | +8.0 | ||
（Billions of yen）
USD/JPY | 149.61 | 145.00 155.00 | +5.39 | +10.00 |
EUR/JPY | 169.19 | 175.00 180.00 | +10.81 | +5.00 |
： Record-high
2026 Forecas ts by Fields（Billions of yen）
Sales | Operating profit | |||||||||
2025 | 2026 | Changes | 2025 | 2026 | Changes | |||||
Results | Previous Forecasts (as of Feb. 12) | Forecasts (as of May 14) | vs 2025 | vs Previous Forecasts | Results | Previous Forecasts (as of Feb. 12) | Forecasts (as of May 14) | vs 2025 | vs Previous Forecasts | |
Energy & Environment | 134.4 | 134.0 | 134.0 | -0.4 | - | 9.4 | 10.0 | 10.0 | +0.5 | - |
Bio & Healthcare | 42.1 | 43.0 | 43.0 | +0.8 | - | -0.8 | - | - | +0.8 | - |
Materials & Semiconductor | 156.5 | 168.0 | 196.0 | +39.4 | +28.0 | 44.5 | 46.0 | 58.0 | +13.4 | +12.0 |
Total | 333.0 | 345.0 | 373.0 | +39.9 | +28.0 | 53.0 | 56.0 | 68.0 | +14.9 | +12.0 |
Sales and operating profit forecasts have been revised upward in Materials & Semiconductor considering the revision of exchange rate and recent order trends.
2025
Jan. – Mar.
2026
Jan. – Mar.
11.75Increase
Sales
+9.23
Increase
COGS
-7.47
Exchange impact for Gross Profit
+1.50
Exchange impact for Expenses
-0.97
Increase R&D Expenses
-0.37
Increase Other Expenses
-1.19
12.48Increase
Gross Profit +1.76
Exchange Impact +0.52
Increase Expenses -1.56
Increase Operating Profit +0.72
Exchange Rate Trend / Forecas ts / Impacts（Yen）
2025 | 2026 | ||||
Annual | Previous Forecasts Forecas ts (as of Feb. 12) | Actual | Forecasts (as of May 14) | vs 2025 (Annual) | |
1Q | |||||
USD | 149.61 | 145.00 | 156.96 | 155.00 | +5.39 |
EUR | 169.19 | 175.00 | 183.65 | 180.00 | +10.81 |
Exchange rate impact for 2026 Jan. - Mar.
Increase sales | +3.41 |
Increase cost of goods sales | -1.91 |
Impact to gross profit | +1.50 |
Increase expenses | -0.97 |
Impact to operating profit | +0.52 |
(vs 2025 Jan. - Mar.) （Billions of yen）
Exchange rate impact
for 2026 Forecasts
1 yen impact of Sales and O.P. (Weak yen)
（Millions of yen）
Sales | Operating profit | |
USD | +867 | +375 |
EUR | +354 | +1 |
2025 2026
CAPEX, Depreciation, R&D Expenses （Billions of yen）1Q Results (Jan.-Mar.) Results | 1Q Results (Jan.-Mar.) | Previous Forecasts (as of Feb. 12) | Forecasts (as of May 14) | vs 2025 vs (Annual) Previous Forecasts | |||
CAPEX | 2.7 | 27.4 | 8.0 | 20.0 | 20.0 | -7.4 | - |
Depreciation and amortization | 3.2 | 13.8 | 3.7 | 15.5 | 15.5 | +1.6 | - |
R&D expenses to net sales(%) | 5.7 8.1% | 24.6 7.4% | 6.4 7.6% | 27.5 8.0% | 27.5 7.4% | +2.8 -0.0p | - -0.6p |
*Amortization of goodwill is included in depreciation.
Topics |
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Basic Policy
Dividend payment = 30% of Consolidated net income attributable to HORIBA, Ltd.’s shareholders to be targeted
Execute special dividend and share buybacks timely and properly,
considering investment opportunities and the cash flow situation.
2024 Results:
2025 Results:
2026 Forecasts:
270yen [Interim 80yen / Year-end 190yen]
450yen [Interim 80yen / Year-end 370yen]
490yen [Interim 150yen / Year-end 340yen] *Unchanged
Dividend per share
Total Payout Ratio Trend
Regular Dividend (yen)
Special Dividend (yen)
Total Payout Ratio (％)
48.6%
50.9%
42.4%
35.4%
27.6%
30.0%
27.4%
28.8%
29.7%
30.4%
30.4%
450
490
245
290
270
85
116
145
20
125
130
90
150
25
245
300
290
160
190
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F
0.0%
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Entering into Aus tralia, to develop business in OceaniaEstablished a local subsidiary and acquired Australian Scientific Pty. Limited. for business expansion in the resources and energy industrial process sectors
Name: | Australian Scientific Pty. Limited (ASPL) |
Established: | 1981 |
Location: | New South Wales, Australia |
Employees: | 7 |
Acquisition completed: | May 2026 |
From left: Anthony Fincher, Director of ASPL; Masayuki Adachi, President of HORIBA, Ltd.; and Leslie Sherwood, Director of ASPL.
【Background / Objectives】
ASPL has distributed HORIBA’s water quality measurement instruments for years.
✓
✓
Australia ranks among the world's leading resource-rich countries.
Market expansion driven by the academic sector is expected.
Australia
Business development targeting the industrial process sector and university research institutions
Enhancing production capacity in preparation for semiconductor market growth
Kyoto Fukuchiyama Factory: Construction completed
Investment amount: Approx. 17 billion yen
Total investment amount: Approx. 20 billion yen, together with Fukuchiyama Technology Center (completed in 4Q 2025)
Newly released
Chemical Concentration Monitor
Fiber-Optic Type Non-Contact Chemical Concentration Monitor
New
High-level utilization rates in factories in Kyoto and Aso
Fukuchiyama factory is strengthening its stable supply system as a flagship factory for mass production technology, achieving both automation and efficiency.
Provides compact size and stable measurement
Expand a range of measurable chemical solutions
No pre-treatment required
Mass Flow Controller
Chemical Concentration
Monitor
Contributes to more efficient concentration control
In collaboration with Kyoto Fukuchiyama Technology Center,
accelerates both stable supply and technology innovation.
of chemicals in wafer cleaning and etching processes.
This document is our proprietary material and is protected by copyright law.
Please do not use, reproduce, transmit, or disclose (including orally) all or part of this document without our prior approva l. Thank you.
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