Summary of Consolidated Financial Statements for the Year 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.]

February 12, 2026

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. Scheduled date of annual general meeting of shareholders: March 21, 2026

Scheduled date of start of dividend payment: March 2, 2026 Scheduled date to file annual securities report: March 23, 2026

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

1. Consolidated Results for the Year Ended December 31, 2025 (January 1, 2025 - December 31, 2025)

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

      	Net Sales		Operating Income		Ordinary Income		Net Income Attributable to HORIBA, Ltd.'s Shareholders
      Year Ended 12/31/25 Year Ended 12/31/24	Millions of yen 333,081 317,369	% 5.0 9.2	Millions of yen 53,040 48,340	% 9.7 2.2	Millions of yen 54,226 50,170	% 8.1 4.0	Millions of yen 37,090 33,591	% 10.4 -16.7

      (Note) Comprehensive income: FY2025 44,996 million yen ( -6.3%) FY2024 48,035 million yen (-10.5%)

      	Net Income Attributable to HORIBA, Ltd.'s Shareholders per Share	Net Income Attributable to HORIBA, Ltd.'s Shareholders per Share (Diluted)	Return on Equity	Ordinary Income to Total Assets	Operating Income to Net Sales
      	Yen	Yen	%	%	%
      Year Ended 12/31/25	883.50	879.27	11.2	10.8	15.9
      Year Ended 12/31/24	799.44	795.34	11.3	10.8	15.2

      (Reference) Equity in earning of affiliates: FY2025 － million yen FY2024 － million yen

   2. Consolidated Financial Position

      	Total Assets	Net Assets	Shareholders' Equity Ratio	Net Assets per Share
      	Millions of yen	Millions of yen	%	Yen
      As of 12/31/25	518,279	348,640	67.1	8,286.08
      As of 12/31/24	481,616	314,704	65.2	7,485.06

      (Reference) Net assets excluding subscription rights to shares and non-controlling interests:

      As of 12/31/25 347,981 million yen As of 12/31/24 314,017 million yen

   3. Consolidated Cash Flows

   	Cash Flows from Operating Activities	Cash Flows from Investing Activities	Cash Flows from Financing Activities	Cash and Cash Equivalents at End of Period
   	Millions of yen	Millions of yen	Millions of yen	Millions of yen
   Year Ended 12/31/25	54,383	(24,923)	(11,993)	162,471
   Year Ended 12/31/24	40,335	(17,562)	(15,933)	143,963

2. Dividends

   	Dividend per Share					Total Dividends (Annual)	Payout Ratio (Consolidated)	Dividends to Net Assets (Consolidated)
   	First Quarter	Second Quarter	Third Quarter	Year End	Total
   FY 12/2024 FY 12/2025	Yen - -	Yen 80.00 80.00	Yen - -	Yen 190.00 370.00	Yen 270.00 450.00	Millions of yen 11,327 18,898	% 33.8 50.9	% 3.8 5.7
   FY 12/2026 (Forecast)	-	150.00	-	340.00	490.00		50.8

   (Note) Total Year-end dividend for fiscal year 2025 of 370 yen per share: Year-end ordinary dividend of 210 yen and special dividend of 160 yen

3. Consolidated Forecasts for the Year Ending December 31, 2026 (January 1, 2026 - December 31, 2026)

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

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 14, "3. Consolidated Financial Statements and Notes (5) Notes to Consolidated Financial Statements, Changes in the Scope of Consolidation or Application of the Equity Method")

2. 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

3. Number of shares outstanding (common stock)

   December 31, 2025	42,233,252	December 31, 2024	42,233,252
   December 31, 2025	237,318	December 31, 2024	280,753
   December 31, 2025	41,981,773	December 31, 2024	42,018,662

   1. Shares issued (including treasury stock)

   2. Treasury stock

   3. Average number of outstanding shares

Note 1. This consolidated financial report is not subject to audit by certified public accountants or accounting firms. 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 February 12, 2026. 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 have changed 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 15-17, "4. Supplemental Information - Financial Highlights for the Year Ended December 31, 2025")

      In FY2025, HORIBA, Ltd. (hereinafter the Company) and its consolidated subsidiaries (hereinafter the HORIBA Group or HORIBA) increased sales by 5.0% year-on-year to 333,081 million yen, mainly due to a higher sales in "Energy & Environment" and "Materials & Semiconductor". Operating income increased by 9.7% to 53,040 million yen and ordinary income increased by 8.1% to 54,226 million yen. Net income attributable to HORIBA, Ltd.'s shareholders increased by 10.4% to 37,090 million yen, mainly due to a lower tax burden, despite extraordinary losses related to restructuring.

      The average exchange rates for 2025 were 149.61 yen against the U.S. dollar and 169.19 yen against the euro, representing year-on-year appreciation of 1.4% against the U.S. dollar and depreciation of 3.1% against the euro.

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

      (Energy & Environment Field)

      Mainly in Europe and the Americas, sales of the automotive-related business increased due to growth in demand for combustion measurement and related applications for hybrid vehicle development, as the shift to EVs moderated. As a result, the segment sales increased by 5.5% year-on-year to 134,407 million yen and operating income increased by 120.9% to 9,417 million yen.

      (Bio & Healthcare Field)

      Segment sales increased by 5.0% year-on-year to 42,173 million yen, mainly due to an increase in sales in Europe. In terms of profitability, despite the increase in sales, the segment posted an operating loss of 894 million yen, mainly due to intensifying competition and continued investments in the life science field (compared to an operating loss of 890 million yen in FY2024).

      (Materials & Semiconductor Field)

      Segment sales increased by 4.5% year-on-year to 156,500 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. On the profit side, operating income decreased by 1.0% to 44,517 million yen, mainly due to accelerated R&D and technology investments.

   2. Information Concerning Consolidated Earnings Forecasts for FY2026

      The consolidated earnings forecasts are summarized as follows.

      Our assumed foreign exchange rates for FY2026 are 145 yen against the U.S. dollar (vs. 149.61 yen in FY2025) and 175 yen against the euro (vs. 169.19 yen in FY2025)

      Net sales of 345,000 million yen (up by 3.6% year-on-year)

      In Materials & Semiconductor, sales are expected to increase, supported by expanded supply capacity, resulting from the start of operations at the Fukuchiyama factory, and other factors, amid an anticipated further increase in capital expenditure by semiconductor manufacturers on the back of continued strong AI-related demand.

      As a result, net sales are expected to increase by 11,918 million yen from FY2025 to 345,000 million yen.

      Operating income of 56,000 million yen (up by 5.6% year-on-year)

      In Materials & Semiconductor, operating income is expected to increase due to a higher sales to semiconductor production equipment manufacturers. In Energy & Environment, we expect an improvement in profitability mainly due to a continued strong demand in the automotive-related business and restructuring measures. In Bio & Healthcare, an improvement in profitability through restructuring measures is expected.

      As a result, total operating income is expected to increase by 2,959 million yen from FY2025 to 56,000 million yen.

      Ordinary income of 56,500 million yen (up by 4.2% year-on-year)

      In light of global financial conditions, net non-operating income is expected to be a net gain of 500 million yen (compared to a net non-operating gain of 1,186 million yen in FY2025).

      As a result, ordinary income is expected to increase by 2,273 million yen from FY2025 to 56,500 million yen.

      Net income attributable to HORIBA, Ltd.'s shareholders of 40,500 million yen (up by 9.2% year-on-year)

      Taking into the account the impact of higher ordinary income and other factors, net income attributable to HORIBA, Ltd.'s shareholders is expected to increase by 3,409 million yen from FY2025 to 40,500 million yen.

   3. Basic Policy for Profit Distribution and Dividends for FY2025 and FY2026

   The Company's shareholder return policy is "targeting a dividend payout ratio at 30% of net income attributable to HORIBA, Ltd.'s shareholders, while special dividend and share buybacks will be executed timely and properly, taking into account investment opportunities, the cash flow situation and other factors".

   With regard to the dividends for FY2025, we have decided to pay a year-end dividend of 370 yen per share, comprising the previously forecast 210 yen plus a special dividend of 160 yen. Combined with the interim dividend already paid, this will bring the annual dividend to 450 yen per share (270 yen per share in the previous year).

   For the fiscal year ending December 31, 2026, we forecast an annual dividend of 490 yen per share (including an interim dividend of 150 yen and a special dividend of 190 yen).

   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 February 12, 2026.

   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. Basic policy on selection of accounting standard

The HORIBA Group prepares its consolidated financial statements in accordance with General Accepted Accounting Principles in Japan ("JGAAP"), as it allows comparison between different periods and companies. Concerning adoption of the International Financial Reporting Standards (IFRS), HORIBA intends to appropriately respond with due consideration for various circumstances in Japan and abroad and expected clerical costs.

HORIBA, Ltd. (Consolidated)