Financial Information
HORIBA, Ltd.
November, 2021
© 2021 HORIBA, Ltd. All rights reserved.

1

Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

2

Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

3

2021 3Q (Jan.-Sep.) Results（Billions of yen）

Increased in sales and profits mainly due to an increase in sales ofthe Semiconductor segment: Record-high

2020

2021

9 Months
Results(Jan.-Sep.)

9 Months
Results(Jan.-Sep.)

vs 2020

Changes%

129.7
10.9

153.9
19.8

+24.1

+19%

+8.8

+81%

8.5%

12.9%

＋4.4p

-Ordinary Profit

10.7

19.8

+9.0+84%

Net Income attributableto Owners of Parent

7.5

13.7

+6.1

+82%

107.55120.93108.58129.87

+1.03

Sales
Operating Profit
O.P.%

USD/JPY
EUR/JPY© 2021 HORIBA, Ltd. All rights reserved.

+8.94
42021 3Q (Jan.-Sep.) Results by Segment
Sales
2020

: Record-high

Auto
P&E
MedicalSemi
Scientific
Total<Auto><P&E><Medical><Semi><Scientific>

2021

9 Months
9 Months
Results
Results(Jan.-Sep.) (Jan.-Sep.)

41.6
12.7
15.2
41.7
18.3
129.7

37.3
14.5
19.1
62.6
20.2
153.9

（Billions of yen）

Operating profit
vs 2020

Changes

2020%

2021

9 Months
9 Months
Results
Results(Jan.-Sep.) (Jan.-Sep.)-4.3-10.4%-0.0+1.7+13.8%

0.7+3.8+25.2%

-0.4

+20.9

+50.1%

9.8+1.9+10.6%

0.8+24.1+18.6%10.9-1.9
1.2
0.0
19.7
0.6
19.8

vs 2020
Changes%

-1.8

-+0.5

+69.7%

+0.5

-+9.8

+99.2%-0.1-18.7%+8.8+81.1%

Declined in sales of emission measurement systems in Japan and Asia
Increased in sales of stack gas analyzers in Asia
Increased in sales of hematology analyzers in Americas and other areas
Sales to semiconductor production equipment manufacturers increased, in response to expansion ofsemiconductor manufacturers’ capital expenditures
Increased in sales of optical components in Americas; meanwhile increased in R&D expense© 2021 HORIBA, Ltd. All rights reserved.

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Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

6

2021 Forecasts（Billions of yen）

Earning forecasts for FY2021 remain unchanged
considering impacts from difficulties of material procurement
2020
Results

Previous
Forecasts(as of Aug.10): Record-highChanges

2021Forecasts(as of Nov.11)

vs 2020

vs PreviousForecasts

187.0
19.6

220.0
28.5

220.028.5+32.9-

+8.8-

10.5%

13.0%

13.0%+2.5p-

Ordinary Profit

19.3

28.0

28.0+8.6-

Net income attributableto Owners of Parent

13.1

18.5

18.5+5.3-

USD/JPY106.76121.88109.00130.00109.00130.00

+2.24

-

+8.12

-

Sales
Operating Profit
O.P.%

EUR/JPY© 2021 HORIBA, Ltd. All rights reserved.

7

2021 Forecasts by Segment（Billions of yen）

Sales
Previous
Results:Record-highChanges

2021

2020

Forecasts(as of Aug.10)

Auto

63.9

64.0

P&E

18.3

21.0

Medical21.0

25.0

Semi

56.9

81.0

Scientific26.829.0

Total

187.0

220.0

Operating

Forecasts(as of Nov.11)

64.0
21.0
25.0
81.0
29.0
220.0

Previousvs 2020

vs Previous
Forecasts

Changes

2021

2020

Results

Forecasts(as of Aug.10)

+0.0-

2.4

1.0+2.6

-

1.6

1.5

+3.9-

-0.4

0.5

+24.0

-

14.0

24.0+2.1

-

1.9

1.5

+32.9-

19.6

28.5

Forecasts(as of Nov.11)

1.0
1.5
0.5
24.0
1.5
28.5

vs 2020

vs Previous
Forecasts

-1.4-

-0.1-

+0.9-

+9.9-

-0.4

-

+8.8

-

Earning forecasts by segment for FY2021 also remain unchanged.
Material procurement is getting tight in all segments andits impact on business performance is uncertain.
© 2021 HORIBA, Ltd. All rights reserved.

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Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

9

HORIBA’s Contribution to Social Issues
Cross-segmentation in Response to Various Social Issues
1. Market Oriented Business
Energy & Environment

Bio & Healthcare

Materials & Semiconductor

Three FieldsTo develop analysis and measurement solutions, utilizing HORIBA’s core technologies,
in the leading three business fields of the mega trend

2. Solution Provider Beyond Life Cycle Management
To support customers’ core businesses from all aspects – from product introduction to replacement

3. HORIBA Core Values “The Next Stage of Super Dream Team”
Mid-Long Term Management Plan ”MLMAP2023”© 2021 HORIBA, Ltd. All rights reserved.

10

Business Expansion in the Energy Field
Acquisition of BeXema, a manufacturer of power supplies in Germany
BeXema has supplied
power supplies toHORIBA FuelCon forsome time.

✓ BeXema supplies power and electronic load devices used in
test equipment for fuel cells and battery testing equipment✓ HORIBA established the system to provide evaluation andmeasurement solution technologies for fuel cells, batteries, and waterelectrolysis

Acquisition of the power electronics technology

HORIBA FuelCon GmBH
© 2021 HORIBA, Ltd. All rights reserved.

BeXema GmbH

BeXema's chargingdischarging device, converter,and emulator installed in thebattery test room of CELL0**CELL0: a test room that evaluates and analyzes batteries andfuel cells for electric vehicles. It is established in HORIBA BIWAKO
E-HARBOR, Biwako Factory

CompanyName:

BeXema GmbH

Established:

2014

Sales:

Approx. 250 mln yen (FY2020)

Workforce:18

Contract date:July 2, 2021

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Leading the Way to a Sustainable Energy Society
Aiming to develop new technologies and create business in the energy field
Launch of HORIBA Institute for Mobility and Connectivity2✓ A research institutesupported by HORIBA
opened in July

✓ Undertook a standardization
project from a publicinstitution
HORIBA Institute for Mobility and Connectivity2（HIMaC2）➢ Conduct research on electrochemistry, renewableenergy, energy storage, energy grid, etc.
➢ Achieve connectivity of electric power and mobility

Promote innovation for next-generation mobility andurban energy networks© 2021 HORIBA, Ltd. All rights reserved.

Contribution to a hydrogen energy society
Demand growth for hydrogen generators using water electrolysis✓ HORIBA FuelCon provides
equipment that enables to evaluate
performance efficiency of waterelectrolysis cells for hydrogenproduction; demand is increasing
Evaluator EC/ES
Control the temperature and flow volume of waterand evaluate the performance and efficiency ofwater electrolysis cells up to 5000kW.

Contributing to the early construction of a hydrogen-based society with"measurement" technology✓ Joined the Japan
Hydrogen Association inMarch 2021
【Japan Hydrogen Association 】
Established: December 7, 2020
Purpose: As a cross-industry and open organization with a bird’s eye view of the entire supply chain, it
will support the early creation of a hydrogen society by carrying out social implementation projects."
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Opened a Special Website for Hydrogen Energy
Introducing the energy market trend from HORIBA's point of view andanalytical and measurement solutions to achieve carbon neutrality✓ Provide analytical and measurement
solutions to generate, store, and utilize
energy intelligently• Material evaluation and performance evaluationof fuel cells and water electrolysis using hydrogen• Quality evaluation and measurement of impurities
and gases during hydrogen production• Analysis and measurement related to carbon

recycling technology

HORIBA Hydrogen Energy

Search

https://www.horiba.com/en_en/applications/energy-and-environment/hydrogen/© 2021 HORIBA, Ltd. All rights reserved.

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Contributing to Higher Efficiency of Vehicle Testing
Providing total measurement solutions for vehicle development
Launch of VULCAN EVO✓ Sales launch of "VULCAN EVO" chassis
dynamometer in Japan➢ Easy maintenance to sharply reduce downtime➢ Evaluation testing for vehicle performance andemissions in compliance with international standards for
ICEs, EVs, FCVs, PHEVs, etc.
【International standards: WLTP】➢ Worldwide harmonized Light
vehicles Test Procedure➢ WLTP-based measurement of fuelefficiency and electricity efficiency
became mandatory in Japan in April
2020

Full-scale development of STARS SOAK +✓ Measures vehicle conditions and the soak room
temperature before emission gas/fuel economy test.
➢ Improves test efficiency by preventing human error andensuring traceability
The status of the vehicle in the soak room canbe centrally managed with a tablet terminal.

【Soak Room】➢ A room kept at acertain temperature.
➢ In order to measure
the test data accurately,
the test vehicle is putin the room in advanceContributing to reducing the test burden on auto-related manufacturers© 2021 HORIBA, Ltd. All rights reserved.

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Development of New Technology “IRLAM”
Providing new value with the cutting-edge core technology
IRLAM: Infrared Laser Absorption Modulation

In-house developed laser✓ The world’s first*1 gas concentration calculation algorithm inspired by the concept of data science✓ By downsizing and lengthening the Heliot cell (a container that contains the gas to be measured), high-sensitivity, highspeed measurement is possible✓ In-house manufactured quantum cascade laser (QCL) meets needs for a wide range of gas measurement*1: HORIBA estimate

New products with IRLAM technology
Laser gas analyzer for processmonitoring “PLGA-1000”

Adopted for automotive emission measurement systems“OBS-ONE-XL” “XLA-13H” “XLA-11”

Semiconductor process monitor(under development)✓ High-sensitivity, high-speed
continuous measurementof raw material gas andimpurity gas in the
petrochemicalmanufacturing process✓ Optimize productivity✓ Gases that were difficult tomeasure can now bemeasured with highaccuracy✓ Real-time monitoring in thesemiconductor manufacturing
process will become possible

Adopted for OBSONE-XL onboard
emissionmeasurement system

Adopted for MEXA-ONE<Measurable gas type>
XLA-13H: Formaldehyde
XLA-11: Nitrous oxide

Application insemiconductor gasconcentration monitors(rendering)Contributing to next-generation energy development such as hydrogen,industrial process monitoring, and tightening of environmental regulations© 2021 HORIBA, Ltd. All rights reserved.

15

High value-added solutions forsemiconductor manufacturing processes
Various applications that contribute to semiconductor manufacturing
Particle detection systems
Optical Smart Sensing - Metrology
Semicon. manufacturing
processes

HORIBA’s response

Reticle/mask
manufacturing
process

Blank mask inspection

Photolithography/wafer process

Inspection of three surfaces(Pattern, Glass, Pellicle)

Pellicle inspectionVarious mask sizes/board inspection

New dissolved oxygen meterHD-960LR
Highly accurate continuous
monitoring of dissolved oxygen inchemicals used in semiconductor
manufacturing processes

Expands types of chemicals andcontributes to improvement in yields

Centrifugal nanoparticle analyzer

Representative product

PR-PD3EP
High-accuracy detection offoreign substances on EUVprocess pellicles
Strengthen the production line
in anticipation of an increase in demand© 2021 HORIBA, Ltd. All rights reserved.

Partica Centrifuge
Measure the size of particles fromthe sedimentation velocity ofparticlesContributes to improving abrasive uniformity inflattening processes (CMP) of semiconductor
manufacturing
16Business Expansion in the Life Science Field
Expanding applications - from R&D to manufacturing processes
Cooperation with SHIMADZU: LC-Raman System"Separate" technology
to extract
measurement targets
from mixed samples

Control / analysis /data management

Rapid Microorganism Detection System Rapica"Visible" technology
to distinguishdifferences inmolecular structure
Qualitative analysis

Separation &collection

Dedicated software
LiChRaTM

High Performance
Liquid Chromatograph(LC)Rapid detection of the presence orabsence of microorganisms by the highsensitivity ATP method*✓Automated protocols such as automatic
reagent introduction
Possible to manage the trend of data✓

Raman
Spectrometers

A complex system that combines SHIMADZU's LC and HORIBA's Raman
with the dedicated software program “LiChRa”© 2021 HORIBA, Ltd. All rights reserved.

✓➢➢➢

Shorter inspection time for raw material
arrival and product shipment
Management of environmental protection
and water use
Investigation at the time of pollution andresumption of production* Measure the amount of light emitted by combining ATP which
exists in the cells of living organisms with enzymes to emit light.

17Participation in the HAYABUSA2
Sample Analysis Project
HORIBA's core technology for the future✓ Implemented non-destructive, non-contact
analysis of elements contained in samples ofasteroid Ryugu✓ Advanced analytical and measurement
equipment and high skills of technicians arerequired（Illustrated byAkihiro Ikeshita）

Analytical Solution Plaza has been
established to broaden service business✓ HORIBA Techno Service, which specializes
in high-precision microanalysis, participates
Analyzing the sample with our X-ray fluorescenceanalyzer

Established in a newbuilding of HORIBATechno Service

Development ofa container(cell) dedicatedto samples ofRyugu toperform
advancedsamplehandling✓ A new "place" for exchange analysis✓ Providing analytical technology through contracted
analysis and joint research by analytical engineers

Results of the analysis to be announced by JAXA in December 2021. Check it up!
© 2021 HORIBA, Ltd. All rights reserved.

18

2021 Masao Horiba Awards (Award ceremony held on Oct. 19, 2021)
2021）

Masao Horiba Awards
Support young researchers and engineers worldwide and contribute to accelerating innovation

Established in 2003 from the thought of the founder, Dr. Masao Horiba;"I would like to encourage researchers who are trying to establish the basics in the field of analysis andmeasurement and clarify advanced analytical technologies."【Theme of 2021】

Optical/spectroscopic analysis and measurement technologies for life science✓ Focus on analysis and measurement technologies that contribute to R&Dand production of new drugs, including antibody drugs✓ Received record-high 51 entries worldwide and selected three Masao
Horiba Award winners and one honorable mention.
✓ Aim to realize research results and lead to business expansion in the life
science field by strengthening relationship with award winners andresearch institutions.
The award ceremony was held at Techno Plaza in the new office building of HORIBA Techno Service(Oct. 19, 2021)© 2021 HORIBA, Ltd. All rights reserved.

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Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

20

Shareholder Return➢ Dividend payment + Share buyback = 30% of Consolidated net profit to be targeted➢ Remaining earnings are retained internally for strategic investment (i.e. facilities, M&A)

Basic Policy

Dividends per share and Share buybacks⚫ 2019 Results: 130YEN [Interim 50yen / Year-end 80yen]⚫ 2020 Results: 90YEN [Interim 30yen / Year-end 60yen]⚫ 2021 Forecast: 130YEN [Interim 50yen / Year-end 80yen]
Dividend trend
Ordinary Div. (yen)160

Commemorative Div. (yen)Total Return Ratio (%)

60.0%

14520

44.0%
120

45.0%

Share Buyback
35.4%
29.0%

Share Buyback

80
19.0%

20.0%

17.0%

4044020072008

4013172009

2010© 2021 HORIBA, Ltd. All rights reserved.

30.6%
27.6%

50

40

30.0%

26.8%

109.0%
3928.2%

60

67

70

116

28.8%

27.4%
125

29.7%
30.0%

130

130
90

85

15.0%

0.0%
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021(F)

21

Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

22

Operating Profit Analysis (vs 2020 Jan. – Sep.)(Billions of Yen)

2020

2021

Jan. – Sep.

Jan. – Sep.

10.96

Increase
SalesIncrease
Cost of Goods
Sales

Exchange
Impact for
Gross Profit

Exchange
Impact forExpenses

Increase
R&D CostIncrease
OtherExpense+20.28-10.30

+1.74

-1.13

-0.09

-1.60

Increase
Gross Profit+9.98

Exchange
ImpactIncrease
Expenses

-1.69

+0.61

Increase Operating Profit +8.89© 2021 HORIBA, Ltd. All rights reserved.

19.85

Impact of Fluctuation in Foreign exchange

Exchange rate impact
for 2021 Forecast

Exchange rate impact
for 2021 Jan. - Sep.

1 yen impact of Sales and O.P.
(Yen appreciation)(vs 2020 Jan. - Sep.)
Increase Sales+3.87

Increase Cost of Goods Sales-2.12

Impact to Gross Profit+1.74

Increase Expenses-1.13

Impact to Operating Profit

+0.61

(Yen)

USD
EUR

2020

2021

Jan - Sep

Jan - Sep

107.55120.93© 2021 HORIBA, Ltd. All rights reserved.

(Billions of Yen)

Sales

USD
EUR

-0.55
-0.30

Diff.

(Yen)

108.58+1.03

129.87

+8.94

USD
EUR

OperatingProfit

-0.26
-0.00
2021
Forecast
109.00130.00Capital Investment, Depreciation, R&D
2021

2020
PreviousResults

Forecasts(as of Aug.10)

Capex
Depreciation andamortization
R&D expenses
to net sales(%)

2021Topics(Billions of Yen)

Forecasts(as of Nov.11)

2021
ActualDiff.

Jan. - Sep.

15.1

16.5

16.5

-

8.7

9.6

10.5

10.5

-

7.6

15.5

17.0

17.0

-

12.0

8.3%

7.7%

7.7%

-7.8%

PP&E:
Continuation: investment to HORIBA FuelCon’s new facility, a new facility in China, etc.
New: enhance the base of global production© 2021 HORIBA, Ltd. All rights reserved.

25

Contents◼ 2021 3Q (Jan.- Sep.) Results◼ 2021 Forecast◼ Topics – HORIBA’s Contribution for Social Issues◼ Shareholder Return➢ Financial Data
➢ Corporate Profile© 2021 HORIBA, Ltd. All rights reserved.

26

Five Business Segments & Major Products
Figures are the sales composition ratio for FY 2020​

Automotive（34%）

Emission Measurement
Systems

Process &Environmental

MedicalDiagnostics

（10%）

（11%）

Stack Gas Analyzers

Automatic Blood Cell
Counters plus CRP© 2021 HORIBA, Ltd. All rights reserved.

Semiconductor

Scientific

（31%）

（14%）

Mass Flow Controllers

Raman Imaging Device

27

Global Network
Sales by region●(as of Dec 2020): Major business hubsAmericasEuropeAsiaJapan

15%

21%

33%

31%Asia

Japan

18%

38%

Employee headcount by region

Americas(as of Dec 2020)

Europe11%

33%

Number of companies（as of Dec 31, 2020)© 2021 HORIBA, Ltd. All rights reserved.

49

Overseas sales ratio（as of Dec 2020)

69%

Foreign employee ratio（as of Dec 31, 2020)

62%

Achieving Sustainable Growth Through M&A
Major M&As
1996
ABX （France）【Medical】

1997
Jobin Yvon

2005
SCHENCK DTS【Scientific】【Automotive】（France）（Germany）

2015
MIRA （UK）【Automotive】

2018
FuelCon（Germany）【Automotive】

187.0 billion yen

Trends in consolidated sales

Six-fold growth in corporate scale in 30 years

1990

2000
© 2021 HORIBA, Ltd. All rights reserved.

2010

2020
29

HORIBA’s Business Domain
SpaceDevelopment
Agriculture
Plant factory
Soil analysis
Food safety
Safety management

New MaterialDevelopment
Secondary battery
Biomaterial
Steel and ceramics

Planetary probe
Auroral analysis

IT Infrastructure

Health and Security

IoT, Cloud, 5G
Automation informatics

Semiconductor device
Solar panels
Petrochemical plant

Manufacturing Process
Semiconductor device
Solar panels
Petrochemical plant

Water Quality
Management

Global Environment
Conservation

Monitoring system
Compliance withwaste water regulations

Monitoring air pollution
Renewable energy/power plant
Greenhouse gases© 2021 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory compliance© 2021 HORIBA, Ltd. All rights reserved.

31