Summary of Consolidated Financial Statements for the Nine Months Ended…

[Note : This document has been translated from a part of 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.]

November 14, 2025

Company name HORIBA, Ltd. Listed stock exchanges: Tokyo

Listing code 6856 URL: https://www.horiba.com/int/

Representative Masayuki Adachi, President TEL: (81)75-313-8121 Contact Toyota Uenaka, Department Manager, Finance and Accounting Dept.

(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Nine Months Ended September 30, 2025 (January 1, 2025 - September 30, 2025)

   1. Consolidated Operating Results (Percentages represent changes from the corresponding in the previous year)

      	Net Sales		Operating Income		Ordinary Income		Net Income Attributable to HORIBA, Ltd.'s Shareholders
      Nine Months Ended 9/30/25 Nine Months Ended 9/30/24	Millions of yen 230,245 215,879	% 6.7 7.6	Millions of yen 33,515 29,904	% 12.1 4.9	Millions of yen 34,370 31,111	% 10.5 7.0	Millions of yen 24,096 19,915	% 21.0 -26.2

      (Note) Comprehensive income: FY2025Q3 20,205 million yen ( -8.4%) FY2024Q3 22,051 million yen ( -50.6%)

      	Net Income Attributable to HORIBA, Ltd.'s Shareholders per Share	Net Income Attributable to HORIBA, Ltd.'s Shareholders per Share (Diluted)
      	Yen	Yen
      Nine Months Ended 9/30/25	574.03	571.26
      Nine Months Ended 9/30/24	473.73	471.30

   2. Consolidated Financial Position

   	Total Assets	Net Assets	Shareholders' Equity Ratio
   	Millions of yen	Millions of yen	%
   As of 9/30/25	490,211	323,849	65.9
   As of 12/31/24	481,616	314,704	65.2

   (Reference) Net assets excluding subscription rights to shares and non-controlling interests: As of 9/30/25 323,207 million yen As of 12/31/24 314,017 million yen

2. Dividends

   	Dividend per Share
   	First Quarter	Second Quarter	Third Quarter	Year End	Total
   FY 12/2024 FY 12/2025	Yen - -	Yen 80.00 80.00	Yen - -	Yen 190.00	Yen 270.00
   FY 12/2025 (Forecast)				210.00	290.00

   (Note) Changes in the latest dividend forecasts released: None

3. Consolidated Forecasts for the Year Ending December 31, 2025 (January 1, 2025 - December 31, 2025)

(Percentages represent changes from the same period in the previous year)

(Note) Changes in the latest business forecasts released: None

1. Significant changes in the scope of consolidation during the period: Yes New One company (Company name: EtaMax Co., Ltd. [Korea]) Excluded One company (Company name: EtaMax Co., Ltd. [Korea])

   (For details, see page 9, "2. Consolidated Financial Statements and Notes (3) Notes to Consolidated Financial Statements, Changes in the Scope of Consolidation or Application of the Equity Method")

2. Application of the accounting method specific to quarterly consolidated financial statements: Yes

3. Changes in accounting policies, accounting estimates and retrospective restatement

   1. Changes in accounting policies associated with revision of accounting standards: Yes

   2. Changes in accounting policies arising from other than the above: None

   3. Changes in accounting estimates: None

   4. Retrospective restatement: None

4. Number of shares outstanding (common stock)

   September 30, 2025	42,233,252	December 31, 2024	42,233,252
   September 30, 2025	237,255	December 31, 2024	280,753
   Jan. - Sep., 2025	41,976,992	Jan. - Sep., 2024	42,040,879

   1. Shares issued (including treasury stock)

   2. Treasury stock

   3. Average number of outstanding shares

Note 1. Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

Note 2. Appropriate use of business forecasts and other important information

The forecasts of dividend amount and business performance contained in this report have been made based on certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of November 14, 2025. However, due to risks and various uncertain factors such as future business operation policies, changes in the economic environment in Japan and overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably from the forecasts.

1. Qualitative Information Concerning Consolidated Results

   We have restructured our internal organization to enhance our business in three focus fields outlined in Mid-Long Term Management Plan (MLMAP2028), which was announced on February 14, 2024. Consequently, from the beginning of FY2025, we change the business segment from conventional 5 segments, "Automotive", "Process & Environmental", "Medical-Diagnostics", "Semiconductor" and "Scientific", to 3 fields, "Energy & Environment", "Bio & Healthcare" and "Materials & Semiconductor".

   In order to perform an analysis of business performance in comparison to the previous year, we utilize reclassified figures within the new business segment.

   1. Information Concerning Consolidated Operating Results

      (For details, see pages 10-12, "3. Supplemental Information - Financial Highlights for the Nine Months Ended September 30, 2025")

      During the nine months ended September 30, 2025, HORIBA, Ltd. (hereinafter the Company) and its consolidated subsidiaries (hereinafter the HORIBA Group or HORIBA) increased sales by 6.7% year-on-year to 230,245 million yen and operating income increased by 12.1% to 33,515 million yen, mainly due to an increase in sales in "Energy & Environment" and "Materials & Semiconductor". Ordinary income increased by 10.5% to 34,370 million yen and net income attributable to HORIBA, Ltd.'s shareholders increased by 21.0% to 24,096 million yen.

      The operating results of each business segment are summarized as follows.

      (Energy & Environment Field)

      Mainly in the Americas and Europe, sales of the automotive related business increased due to growth in demand for emission measurement systems for hybrid vehicle development, on the back of a slight deceleration in the transition to EVs. Additionally, sales grew in engineering and testing that were related to overall vehicle development. As a result, the segment sales increased by 10.0% year-on-year to 85,968 million yen and recorded operating income of 2,023 million yen (compared to an operating loss of 1,347 million yen in the first nine months of FY2024).

      (Bio & Healthcare Field)

      Segment sales increased by 2.4% year-on-year to 29,509 million yen, mainly due to an increase in sales in Europe. In terms of profitability, mainly due to lower sales of reagents for IVD analyzers in the Americas, the segment posted an operating loss of 1,320 million yen (compared to an operating loss of 1,196 million yen in the first nine months of FY2024).

      (Materials & Semiconductor Field)

      Segment sales increased by 5.4% year-on-year to 114,768 million yen, and operating income increased by 1.1% to 32,812 million yen, mainly due to an increase in sales to semiconductor production equipment manufacturers in Asia, driven by demand for advanced semiconductors for generative AI, and other applications.

   2. Information Concerning Consolidated Earnings Forecasts for FY2025

   Our assumption for the exchange rate remains unchanged at 145 yen to the US dollar and 165 yen to the euro.

   As for the direct impact of US tariff policies on our consolidated earnings forecasts for FY2025, it is not expected to be significant at this time, as various countermeasures are under consideration and implementation.

   Consolidated forecasts of FY2025 (Full year)

   Amount: Millions of yen

   	Previous Forecasts (As of Aug. 7)	Revised Forecasts (As of Nov. 14)	Changes
   Net Sales	335,000	335,000	-
   Operating Income	52,000	52,000	-
   Ordinary Income	52,000	52,000	-
   Net Income Attributable to HORIBA, Ltd.'s Shareholders	36,000	36,000	-

   Consolidated forecasts of FY2025 by segment (Full year)

   Net Sales Amount: Millions of yen Operating Income Amount: Millions of yen

   	Previous Forecasts (As of Aug. 7)	Revised Forecasts (As of Nov. 14)	Changes		Previous Forecasts (As of Aug. 7)	Revised Forecasts (As of Nov. 14)	Changes
   Energy & Environment	136,000	137,000	+1,000	Energy & Environment	7,500	8,000	+500
   Bio & Healthcare	45,000	44,000	-1,000	Bio & Healthcare	-500	-1,000	-500
   Materials & Semiconductor	154,000	154,000	-	Materials & Semiconductor	45,000	45,000	-
   Total	335,000	335,000	-	Total	52,000	52,000	-

   Regarding consolidated earnings forecasts for FY2025, overall sales forecasts, operating income forecasts, ordinary income forecasts, and forecasts for net income attributable to HORIBA, Ltd.'s shareholders remain unchanged.

   However, by business segments, sales and operating income forecasts for Energy & Environment have been revised upward by 1,000 million yen and 500 million yen, respectively, while those for Bio & Healthcare have been revised downward by 1,000 million yen and 500 million yen, respectively, considering the consolidated results for the first nine months of FY2025.

   The dividend forecast for the current fiscal year remains unchanged.

   Cautionary statement with respect to earnings forecasts

   The forecasts of dividend amount and business performance contained in this report have been made based on certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of November 14, 2025. However, due to risks and various uncertain factors such as future business operation policies, changes in the economic environment in Japan and overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably from the forecasts.

2. Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheets

Amount: Millions of yen