Financial Information
HORIBA, Ltd.
August, 2024
© 2024 HORIBA, Ltd. All rights reserved.

Contents◼ 2024 First Half Results◼ 2024 Forecasts◼ Outlines by Business Segment◼ Topics➢ Financial Data

© 2024 HORIBA, Ltd. All rights reserved.

2

Contents◼ 2024 First Half Results◼ 2024 Forecasts◼ Outlines by Business Segment◼ Topics➢ Financial Data

© 2024 HORIBA, Ltd. All rights reserved.

3

Review of First Half of 2024

External
Events◆ Uncertainty in foreign exchange market due to uncertain monetary policy
trends in various countries◆ Changes in international situation and the rising geopolitical risks due to theelection year
◆ Semiconductor demand driven by increased investment in generative AI anddata centers◆ Expansion of GX* investments related to hydrogen, ammonia, synthetic
fuels, etc.

Internal
Events◆ Accelerated operations within the three focused field structure◆ Focus on measurement and control applications in the production process◆ Strengthen supply structure for new energy (ex. Hydrogen, etc.) and lifescience field*Green Transformation© 2024 HORIBA, Ltd. All rights reserved.

4

2024 First Half Results(Billions of Yen)

2024

2023
1st half Results(Jan.-Jun.)

1st half
Forecasts(as of May 14)

Changes

1st half
Results(Jan.-Jun.)

vs 2023

vs Previous
Forecasts

150.0
21.0

142.7
18.6

+11.6

- 7.2

Operating profit

131.1
17.8

+0.7

- 2.3

O.P.%

13.6%

14.0%

13.0%

-0.6p

-1.0p

Ordinary profit

18.1

21.4

19.2

+1.1

- 2.1

Net income attributable
to HORIBA, Ltd.'s
Shareholders

19.0

15.0

13.1

- 5.8

- 1.8

135.00145.93145.00160.00152.36164.70+17.36+7.36+18.77

+4.70

Sales

USD/JPY
EUR/JPY© 2024 HORIBA, Ltd. All rights reserved.

*Forecasts as of May 14: Unchanged from forecasts as of Feb. 14： Record-high52024 First Half Results by Segment
Sales
2023

Auto
P&E
Medical
Semi
Scientific
Total

2024

1st half
Results(Jan.-Jun.)(as of May 14)

30.5

46.0

11.3

15.0

15.5

17.0

56.2

53.0

17.4

19.0

131.1

150.0

© 2024 HORIBA, Ltd. All rights reserved.

1st half
Forecasts

Operating profit
Changes

1st half
Results(Jan.-Jun.)

38.6
11.7
16.3
57.2
18.7
142.7

(Billions of Yen)

2023

2024

vs
Previous
Forecasts

1st half
Results(Jan.-Jun.)(as of May 14)

+8.0

-7.3

-2.1

0.5

+0.3

-3.2

0.9

1.0

+0.7

-0.6

0.1

-

+1.0

+4.2

18.6

19.0

+1.3

-0.2

0.2

0.5

+11.6

-7.2

17.8

21.0

vs 2023

1st half
Forecasts

Changes

1st half
Results(Jan.-Jun.)

-1.1
0.1
-0.4
20.2
-0.1
18.6

*Forecasts as of May 14: Unchanged from forecasts as of Feb. 14

vs 2023

vs
Previous
Forecasts

+0.9

-1.6

-0.7

-0.8

-0.6

-0.4

+1.5

+1.2

-0.3

-0.6

+0.7

-2.3

： Record-high62024 First Half Results (B/S, CF)

B/S◆Total assets: Up ¥20.3bn to ¥469.3bn, mainly by increasing
inventory◆Equity ratio: 64.6%(compared to the end of Dec. 2023)

CF◆Operating CF: Cash in ¥9.9bn due tooperating profit
Free CF: + ¥5.5bn◆Investing CF: Cash out ¥4.3bn due tocapital investments◆Financial CF: Cash out ¥9.7bn due to payment of dividend andshare buybacks© 2024 HORIBA, Ltd. All rights reserved.

7

Contents◼ 2024 First Half Results◼ 2024 Forecasts◼ Outlines by Business Segment◼ Topics➢ Financial Data

© 2024 HORIBA, Ltd. All rights reserved.

8

HORIBA’s Assumptions Regarding Market Environment
GeneralContinued concerns about the uncertainty in the foreign exchange market and the increasingly
complex international situation.
Continuing moderate economic growth thanks to the strong demand for capex.

Automotive

Accelerating vehicles development with various power sources including BEVs to hybrids.
Expect growth of R&D investment for internal combustion engines to meet new emission
regulation in Europe.

Process &Environmental

Expect business expansion in the new energy market due to the acceleration of GX-related
investment.
Stagnation of public investment complying with environmental regulation, especially in Europe.

MedicalSales of test reagents remain strong, but the impact of inventory adjustment at distributors inJapan remains.
Steady sales of equipment and reagents in growing markets such as India.

Semiconductor

Growing demand for DRAM due to the acceleration of investments for generative AI and data
centers.
Expansion of investment in the NAND market is expected as soon as possible.

Scientific© 2024 HORIBA, Ltd. All rights reserved.

Strong demand for measuring and analytical equipment for R&D and manufacturing processes invarious industries.
Demand expected to grow in the life science market.
92024 Forecasts(Billions of Yen)

2024

2023
Previous
Forecasts

Results(as of May 14)

Changes

Forecasts(as of Aug. 8)

vs 2023

vs Previous
Forecasts

321.0
52.0

321.0
52.0

+30.4

-

Operating profit

290.5
47.2

+4.7

-

O.P.%

16.3%

16.2%

16.2%

-0.1p

-

Ordinary profit

48.2

52.7

52.7

+4.4

-

Net income attributable
to HORIBA, Ltd.'s
Shareholders

40.3

37.0

37.0

- 3.3

-

140.67152.11145.00160.00145.00160.00

+4.33

-

+7.89

-

Sales

USD/JPY
EUR/JPY© 2024 HORIBA, Ltd. All rights reserved.

*Forecasts as of May 14: Unchanged from forecasts as of Feb. 14： Record-high102024 Forecasts by Segment(Billions of Yen)

Sales
2024

2023
Results

Previous
Forecasts(as of May 14)

Auto
P&E
Medical
Semi
Scientific
Total

80.4

94.0

24.9

31.5

32.6

34.5

112.8

119.0

39.6

42.0

290.5

321.0

© 2024 HORIBA, Ltd. All rights reserved.

Operating profit
Changes

Forecasts(as of Aug. 8)

94.0
31.5
34.5
119.0
42.0
321.0

vs 2023

2024

2023

vs Previous
Forecasts

Results

Previous
Forecasts(as of May 14)

+13.5

-

1.2

3.0

+6.5

-

2.4

3.0

+1.8

-

0.6

1.0

+6.1

-

40.5

42.0

+2.3

-

2.4

3.0

+30.4

-

47.2

52.0

Changes

Forecasts(as of Aug. 8)

3.0
2.5
0.5
43.5
2.5
52.0

*Forecasts as of May 14: Unchanged from forecasts as of Feb. 14

vs 2023

vs Previous
Forecasts

+1.7

-

+0.0

-0.5

-0.1

-0.5

+2.9

+1.5

+0.0

-0.5

+4.7

-

： Record-high11

Contents◼ 2024 First Half Results◼ 2024 Forecasts◼ Outlines by Business Segment◼ Topics➢ Financial Data

© 2024 HORIBA, Ltd. All rights reserved.

12Automotive

First Half Results and 2024 Forecasts

2024 First Half Results*1 Mechatronics*2 Engineering Consultancy & Testing【EMS】• Increase in sales of emission measurement equipment in Japan andAmericas.
【MCT *1 (w/o FC/battery) ・ ECT*2】• Increase in sales and testing demand for high value-added projects
such as E-Motor in EVs.
【MCT (FC/battery)】• Responding the needs of a wide ranged specifications and highly
specified products.
→Increased engineering man-hours, delayed profitability turnaround.

Sales and O.P. (First Half and Second Half) (Billions of yen)
41.8
OP

【MCT (w/o FC/battery)・ECT】• Increase in testing demand for BEV and hybrids.
【MCT (FC/Battery)】• Promoting collaboration with key players.
→Accelerate efforts to improve profitability.

Segment Topics

38.6
30.5

25.6

-1.7

4.1

3.3

1.0

-1.1

-2.1

2024.2H
2022.1H【EMS】• Need to update facilities for developing internal combustion engines,
such as for hybrids due to the slowdown in the BEV market .
→ Expect an increase in bookings for the medium term.
• Increase in demand due to the introduction of new regulations, suchas Euro7, in each country or area.

55.3

49.8
Sales

2024 Full Year Forecasts and Longer-term outlook

2022.2H© 2024 HORIBA, Ltd. All rights reserved.

2023.1H

2023.2H

2024.1H

Driving robot for vehicle
testing• Realizing continuous runningtest (more than 8 hours),
which is difficult for humans
to handle.

Forecast
2024.2H.Fore.
13

Automotive

FC/Battery Business Situation

Hydrogen will play an important role in achieving carbon neutrality.
HORIBA is taking a challenge aimed at advanced technological innovation together with our customers to
expand utilization of hydrogen.
R&D/Production site for
evaluation equipment of fuelcells, electrolyzers andbatteries
started operation in June 2022

Line-up of evaluators
Evaluation objects⚫ Fuel cells（PEM , SO)⚫ Electrolyzers（PEM , SO , ALK）
⚫ Battery
External environment: Market formation in progress. Accelerating demonstration testing for establishing the “best” hydrogen production process.
Issue：Delay in profit improvement
External factor : Increasingly diversified and sophisticatedrequirements.
Internal factor : Delay in stabilizing production system due toincreased engineering man-hours.
© 2024 HORIBA, Ltd. All rights reserved.

Actions taken
For external factor : Closer communication with key customers for
specification selection.
For internal factor : Improvement in engineers’ skill and production
process.
Sharing of know-how within HORIBA group.

14

Process &Environmental

First Half Results and 2024 Forecasts
2024 Full Year Forecasts and Longer-term outlook

2024 First Half Results【Gas monitoring】• Accelerated sales of process measurement and control equipment
thanks to expansion of GX investment.
• A delay in major overseas projects to the second half.
• Decrease in sales in Europe due to stagnant public investmentcomplying with environmental regulation.
【Water quality monitoring】• Increase in sales for pure water measurement and wastewater
monitoring systems at semiconductor factories.
• Strong demand of water quality measurement equipment to comply
with environmental regulation.

Sales and O.P. (First Half and Second Half) (Billions of yen)
19.7
Sales
OP

10.1
0.6
2022.1H

12.3
1.4

2022.2H© 2024 HORIBA, Ltd. All rights reserved.

11.3
0.9
2023.1H

13.6

11.7
2.3

1.4

*Carbon dioxide Capture, Utilization and Storage【Gas monitoring】• Demand is expected to increase in the electronic device industry.
• Expect an increase in demand for gas monitoring related to new energy
and CCUS*.
【Water quality monitoring】• Expect an increase in demand for pure water measurement and in
respond to wastewater regulations in the electronic device industry.
• Expect the water quality monitoring business (acquired in FY2023) toexpand sales in India.

Segment topics
Automatic “water supply” quality
monitoring• Removable modules for each monitoring item.
→Halve the on-site proofreading time*.

0.1
2023.2H

2024.1H

2024.2H.Fore.
2024 2H

Forecast

Contributing to solving labor shortage at sites that protect safe andsecure water*Comparison with our conventional products. Effects may vary depending on usage and conditions.

15MedicalDiagnostic

First Half Results and 2024 Forecasts
2024 Full Year Forecasts and Longer-term outlook

2024 First Half Results• Sales of reagents increased, but sales of hematology analyzers• Launch new products in Japan and growing markets, such as India.

→ Expect an increase in sales of instruments and reagents.

decreased in Japan.
• Steady sales of hematology analyzers and clinical chemistry• Received FDA clearance of hematology analyzers.

instrument in India and other growing markets.
• Supplying hematology analyzers and reagents to Siemens is inprogress in Europe.

→Expect to expand the business in the U.S. and growing markets.
• Aiming for further business expansion other than hematology, suchas immunology and clinical chemistry.

Segment topics

Sales and O.P. (First Half and Second Half) (Billions of yen)
Sales
OP

16.0

13.6

15.5

17.0

16.3

18.1

*Erythrocyte Sedimentation Rate

Simultaneous measurement analyzer for 5-part whiteblood cell differential and ESR*.
•

Expand lineup for inflammatory disease assessment.

0.9

-0.1
2022.1H

0.0

2022.2H© 2024 HORIBA, Ltd. All rights reserved.

0.1

0.4
-0.4

2023.1H

2023.2H

2024.1H

2024 2H
Forecast

2024.2H.Fore.

Full line-up of automatic measurement, open/closed bloodcollection tubes, etc.

Accelerating sales in growing markets

16Semiconductor

First Half Results and 2024 Forecasts*1 High Bandwidth Memory*2 Mass Flow Controller

2024 First Half Results•

Demand expansion driven by DRAM and HBM*1 related investments.
[MFC*2/ WET]•

Sales increased thanks to growth in demand of semiconductor
production equipment in Asia. [MFC/WET]•The market of power semiconductors, such as for automobiles,•

remained soft. [MFC]
The photovoltaic market and artificial diamond market were in theadjustment phase (China, India). [MFC]

Sales and O.P. (First Half and Second Half) (Billions of yen)
Sales
OP

64.6

56.2

56.6

57.2

61.7

2024 Full Year Forecasts Longer-term outlook
NAND : Expect a growth in capex demand through 2025.
Currently, NAND Investment for data center is accelerating.
DRAM：Market expansion driven by HBM.
Increase in the number of production processes, such as etching, islikely to boost sales.
Logic：Continuing strong trend.
Demand for high-end products, which can control trace gas, is
expected to increase, due to complication of device structure.
The sensing business domain across the entire semiconductor
production process using spectroscopy technology will continue toexpand.

Segment topics

49.4

Laser gas analyzer
25.2

16.7

18.6

2022.1H
2022.2H
2023.1H© 2024 HORIBA, Ltd. All rights reserved.

21.8

2023.2H

20.2

2024.1H

23.2

2024.2H.Fore.
2024 2H

Forecast• For semiconductor process control
In-house development of quantum cascade laser→Contribute to the advancement of in-chamber
sensing technology.

- Rapid analysis of trace gas in etching process
endpoint monitoring -17

ScientificFirst Half Results and 2024 Forecasts
2024 Full Year Forecasts Longer-term outlook

2024 First Half Results• Approaches to advanced materials development and the life sciencemarket.
→ Sales increase in instruments, such as Raman Spectrometers,
Particle-size distribution analyzers and X-ray fluorescence analyzers.
• Decrease in sales of optical components, such as for semiconductor
production equipment manufacturers.
• Accelerated the development of new products for production process→ Active application development for the process control inpharmaceuticals, battery materials, electronic components, etc.

Sales and O.P. (First Half and Second Half) (Billions of yen)
OP

22.2

20.2

Sales

17.4

15.9

0.7

2022.1H

0.2

2022.2H

2023.1H

23.2

2.6

2.2

1.7

© 2024 HORIBA, Ltd. All rights reserved.

18.7• Expand product sales for cutting-edge R&D.
• Expand business for evaluation and monitoring of production
process.
• Develop products specified to the life science field (pharmaceuticals,etc.) and semiconductor production process, and launch them
globally.
• Expect an increase in sales of optical components for semiconductor
production equipment manufacturers driven by recovery in thesemiconductor market.

Segment topics
In-line X-ray monitor• Automation in material evaluationand various testing.
• Solution supporting optimization in
production process.

-0.1

2023.2H

2024.1H

2024 2H
2024.2H.Fore.
Forecast- Contributes to improve productivity of capacitors and otherelectronic components 18

Contents◼ 2024 First Half Results◼ 2024 Forecasts◼ Outlines by Business Segment◼ Topics➢ Financial Data

© 2024 HORIBA, Ltd. All rights reserved.

19

Topics for 3 fields operation in MLMAP 2028
Energy &Environment

Bio＆Healthcare

Materials &Semiconductor

Contributing to Carbon Neutrality

Contributing to transforming the
Healthcare Journey

Contributing to technology
innovation in Woven Value Chain

We will change disclosure format from 5 Segments to 3 Fields starting from FY2025.
Automotive
Medical-Diagnostic

Semiconductor

Environmental
Process

Scientific© 2024 HORIBA, Ltd. All rights reserved.

20

Materials &Semiconductor

Strengthening semiconductor film thickness measurement Solutions

Growing demand for automated thin film analysis equipment for wafers and photomasks
HORIBA's unique core technology is incorporated into an automatic measuring system, realizing nondestructive, non-contact, automatic measurement

Equipped with core technology as a sensor
HORIBA’s unique
Solution

Wafer & Thin Film Inspection（image）

Raman
Spectrometer

Spectroscopic
ellipsometer

•
•
•
•
•
•
•

Film thickness
Crystallinity
Defects inspection
Optical characteristics
Compositional analysis
Uniformity evaluation
Stress analysis

Expanding unique automated measurement solutions,by applying R&D application to industrial processes© 2024 HORIBA, Ltd. All rights reserved.

21

Energy &Environment

Sustainability: Contribution to CO₂ reduction and EV development

Supporting technological innovations in the CCUS
Sustainability-related investments are entering thedemonstration phase and demand for CCUS applications is
expanding.

Accelerating development of thermal management
assessment for EV*ICE：Internal Combustion Engine
Thermostat

EngineRadiator

ICE*✓ Growing demand for highly-sensitive measurement of trace
impurities in CO₂ to confirm the quality of CO₂ in pipelines

CCUS Hub’s image (CO₂ storage facility sharing）

With engine

Want toexhaust heat

Water
pump

Simple structure*BEV：Battery Electric Vehicle
Factory A

Factory C

BEV*

Factory B

Factory D

Without engine

Want toutilize heat

Complex cooling channels
and refrigerant flow paths

Thermal management system evaluationequipment
Laser Gas Analyzers

Trace Gas
Analyzers© 2024 HORIBA, Ltd. All rights reserved.

Equipped with HORIBA’s unique builtin IRLAM, Quantum Cascade Laser(QCL) spectroscopy

The thermal management is important for battery EV
development because of its significant impact on actual
driving range and quick charging time.
22

Bio＆
Healthcare

Medical business - Strengthening product and supply capabilities

HORIBA high-throughput hematology analyzer receives FDA
510(k) Clearance
Yumizen H2500 received FDA 510(k) clearance in May 2024,
accelerating sales expansion worldwide

Contributing to the efficiency of biopharmaceuticaldevelopment and quality control
Market needs:
Biopharmaceutical R&D and quality control in the area of nondestructive measurement with no pretreatment

HORIBA’s Proposal:
A unique solution to improve efficiency in development andproduction, contributing to the rapid, safe provision of medicines

Unique analysis andmeasurement
technology

Engineering ability torealize customers’
requirement

Software inaccordance with themarket’s required
standards

HORIBA ABX (France) members celebrating FDA certification

High-throughput hematology
analyzer Yumizen H2500

Process Raman
SystemFunction: Automatic measuring device forwhite blood cells, red blood cells,
platelets, etc.
Targets: Large hospitals, testing centers

Real-time monitoring of cells andother components in thebiopharmaceutical production
process.

Hematology analyzer reports a complete bloodcount and white blood cell 5 differential© 2024 HORIBA, Ltd. All rights reserved.
results 120 samples per hour

Realization of non-contact, non-destructive, and rapid inspection
23

HORIBA UK Business Update: Received The King’s AwardHORIBA MIRA received The King’s Award for Enterprise for Sustainable
Development, the most prestigious award in the United Kingdom.

[Valued point]
Promotion of the virtualization of engineering disciplines andoperation of testing services for GHG* emission reduction

King Charles III and Declan Allen,
President of HORIBA MIRA

Highly-efficient test facility operations for CO2 emission reductions,contributing to customers’ efforts for carbon neutrality© 2024 HORIBA, Ltd. All rights reserved.

*Greenhouse Gas

24

Contents◼ 2024 First Half Results◼ 2024 Forecasts◼ Outlines by Business Segment◼ Topics➢ Financial Data

© 2024 HORIBA, Ltd. All rights reserved.

25

Operating Profit Analysis（Billions of Yen）

2023

2024

Jan. – Jun.

Jan. – Jun.

17.83

Sales

Increase
COGS

Exchange
impact for
Gross Profit

Exchange
impact for
Expenses

Increase
R&D
Expenses

Increase
Other
Expenses

+0.45

-0.4

+5.87

-2.55

-0.78

-1.81

Increase

Increase
Gross Profit +0.05

Exchange
Impact ＋3.32

18.61

Increase
Expenses -2.6

Increase Operating Profit +0.77© 2024 HORIBA, Ltd. All rights reserved.

26

Exchange Rate Trend / Forecasts / Impacts
2024

2023
AnnualPrevious
Forecasts(as of May 14)

Actual1Q

1H

Forecasts

vs 2023(as of Aug 8)(Annual)USD

140.67145

148.63152.36

145

+4.33

EUR

152.11160

161.33164.70160+7.89

Exchange rate impact for 2024 First Half results(vs 2023)(Billions of Yen)
Increase sales
Increase cost of goods sales+11.15-5.27

Impact to gross profit+5.87

Increase expenses-2.55

Impact to operating profit+3.32© 2024 HORIBA, Ltd. All rights reserved.

Exchange rate impact
for 2024 Forecasts
1 yen impact of Sales and O.P.
(Weak yen)(Billions of Yen)

USD
EUR

Sales

Operatingprofit

+0.70
+0.40

+0.28
+0.02
27

Capital Investment, Depreciation, R&D
2023（Billions of Yen）

2024

ActualPrevious
Forecasts(as of May 14)

Forecasts(as of Aug. 8)

2024
vsPrevious
Forecastsvs2023

ActualJan.-Jun.

Capex

9.1

23.0

23.0

+13.8

-

6.2

Depreciation andamortization

12.6

14.0

14.0

+1.3

-

6.5

R&D expenses

20.4

22.6

22.6

+2.1

-

11.1

7.0%

7.0%

7.0%

-

-

7.8%

to net sales(%)

2024
Topics

PP&E:
Kyoto Fukuchiyama Technology Center new building
Kyoto Fukuchiyama new factory© 2024 HORIBA, Ltd. All rights reserved.

28

(Consolidated basis, each end of period)(Billions of Yen)

Cash Balance
Cash

Cash

Cash

135.0

139.8

132.7

Cash
134.3

Total

80.1
Bonds
30.0

Total

67.2
Bonds
30.0

Long
25.0

Short
25.1

Current ratio
Capital ratio

2021
253％
55％

Long
24.8
Short
12.3

2022
264％
58％

Total

60.3
Bonds
30.0

Long
24.6
Short 5.6

2023
315％
63％

Total

66.8

Bond

￥15.0bn（redemption 2026）￥15.0bn

Bonds
30.0

（redemption 2029）

Long
25.0

¥20.0bn(redemption 2030)

Short 11.82024 end of Jun.
329％
65％

・Recent issuer rating: R&I “A” (Aug. 2024), JCR “A+” (Aug. 2024)© 2024 HORIBA, Ltd. All rights reserved.

29

Shareholder Return
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.

Dividends per share⚫ 2022 Results:⚫ 2023 Results:⚫ 2024 Forecasts:

245 yen [Interim 65 yen / Year-end 180 yen]
290 yen [Interim 80 yen / Year-end 210 yen]
265 yen [Interim 80 yen / Year-end 185 yen] *Unchanged

Share buybacks / cancellation
⚫
⚫
⚫
⚫
⚫

PeriodNumber of acquired shares
Total acquisition priceDate of cancellation
Number of cancelled shares© 2024 HORIBA, Ltd. All rights reserved.

February 15, 2024 – April 23, 2024
334,500 shares
Approx. ¥5bn
June 5, 2024
299,500 shares30

© 2024 HORIBA, Ltd. All rights reserved.

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 approval. Thank you.
© 2024 HORIBA, Ltd. All rights reserved.