February 14, 2024
To whom it may concern:
Company name: HORIBA, Ltd.
Representative: Masayuki Adachi
President & COO(Securities code: 6856 TSE Prime Market)
Contact:
Hiroyuki Miyaji
Department Manager
Corporate Planning OfficeTelephone:(81)75-313-8121

HORIBA Formulates New Mid-Long Term Management Plan
(MLMAP2028*1)“MAXIMIZE VALUE” by organically aligning HORIBA’s core technologies to address
customer needs
Targets: Net sales 450 billion yen, Operating income 80 billion yen and ROE >12%

HORIBA has launched a new Mid-Long Term Management Plan “MLMAP2028”. With the slogan“MAXIMIZE VALUE*2,” HORIBA aims to implement its vision “Joy and Fun for All” by executing thefollowing three strategies.
1) Business Strategy to solve social issues in three focus fields(Energy & Environment, Bio & Healthcare, and Materials & Semiconductor)
2) Group HR*3 Strategy to maximize HORIBARIANs’ *4 potential
3) Sustainability Strategy for creating social impact[Quantitative targets for 2028:
Net sales 450 billion yen, Operating income 80 billion yen, and ROE >12%]

In keeping with the corporate motto “Joy and Fun,” HORIBA has been expanding its business byimplementing the group-wide integrated management via the matrix organization. HORIBA’s global
matrix organization consisting of five business segments (Automotive, Process & Environmental,Medical-Diagnostic, Semiconductor, and Scientific) and four regions (Japan, Asia, Americas, andEurope).
In recent years, there has been a rising trend toward a sustainable society, and technologicalinnovations such as AI and IoT are progressing rapidly. At the same time, unpredictable events suchas pandemic outbreaks and political instability have taking place around the world. In such changing
time, HORIBA’s commitment is to remain flexible and agile in its response by providing our uniquesolutions to address social issues under our vision “Joy and Fun for All”. HORIBA will continue toleverage our core principles of HONMAMON*5 and diversity.
As a first step toward achieving the vision “Joy and Fun for All,” HORIBA has launched a new Mid1

Long Term Management Plan, MLMAP2028, with the slogan “MAXIMIZE VALUE,” to further growour business and increase corporate value. Deploying three strategies stated below, HORIBA aims
to achieve net sales of 450 billion yen, operating income of 80 billion yen, and ROE of 12% ormore in the target year of 2028.
In addition to expanding its business through executing MLMAP2028 strategies, HORIBA willcontinue to improve its long-term corporate value by actively reinvesting in growth areas. HORIBA
will continue to optimize the capital efficiency of the entire group by utilizing HORIBA Premium
Value*6 that we introduced in 2017.
1)

Business strategy to solve social issues in three focus fields (Energy & Environment, Bio& Healthcare, and Materials & Semiconductor)

We believe these three focus fields are essential for the future of the world. By organically integrating
HORIBA’s core technologies, production capacities, customer networks and service capabilities thatthe HORIBA group has cultivated globally, we will create unique solutions that contribute to solvingsocial issues.
[Energy & Environment]
Vision: A Trusted Partner supporting our Customers on their challenges to deliver a
Sustainable Environment
Financial targets for 2028:
Net sales of 158.0 billion yen; Operating income of 15.8 billion yen; and Operating income ratio 10%The social issue that HORIBA aims to solve in this field is the realization of carbon neutrality,
which requires efforts primarily in the energy field. HORIBA promotes best in class solutions forcustomer requirement in R&D, regulation, and other processes by combining HORIBA’s technology
and expertise.
[Bio & Healthcare]
Vision: Provide strong social value by transforming the healthcare journey with uniquesolutions
Financial targets for 2028:
Net sales of 57.0 billion yen; Operating income of 5.7 billion yen; and Operating income ratio 10%
The social issue that HORIBA aims to solve in this field is to transform the “healthcare journey*7”
including well-being and prevention, to improve the health of humans and animals. HORIBA provides
unique solutions by leveraging HORIBA’s diverse core technologies and global network. HORIBA
also contributes to society, such as solving clinical issues by developing solutions in the POCT*8,
and optimizing biopharmaceutical development and production processes in the life science field.
[Materials & Semiconductor]
Vision: Shape the market with innovative solutions in the advanced materials andsemiconductor field toward achieving sustainable society2Financial targets for 2028:
Net sales of 235.0 billion yen; Operating income of 58.5 billion yen, and Operating income ratio 25%
The social issue that HORIBA aims to solve in this field is to innovate technologies in the matrixof the value chain that we call “woven value chain*9,” which inter-relates semiconductor production
processes, related advanced materials, and their facilities. In so doing HORIBA will provide innovate
solutions in fields such as advanced materials and support its customers' operations of all aspects
in the semiconductor field.
[Strengthen global management base (R&D, Service, Production and Distribution)]
In promoting business strategies, it is essential to strengthen the global management foundation ineach function. HORIBA will implement the following measures to achieve optimization at a globallevel.
R&D: Develop HONMAMON technologies by combining technologies and talents.
Service: Establish a unique service model with high-quality services and analytical solutions
Production: Stably provide high-quality products by using a sustainable value chain
Distribution: Expand solutions and build distribution channels that maximize customer value2) Group HR strategy to maximize HORIBARIANs’ potential
Vision: Create a “Stage” together where every HORIBARIAN can maximize their potential
through demonstrating their abilities with “Joy and Fun”.
Non-financial target for 2028: Practice the Values*10 by all HORIBARIANs
Create ”HONMAMON Value’’For HORIBA to create social value, it is essential for diverse HORIBARIANs to demonstrate theirstrengths, and abilities, and put HORIBA’s Value into practice. Toward achieving this, HORIBA will
globally create a “Stage”, where HORIBARIANs pursue HONMAMON and fully demonstrate theirpotential.
3) Sustainability strategy for creating social impact
Vision: Contribute to the realization of a sustainable society through HORIBA's uniquecapabilities
Non-financial target for 2028: Achieve carbon neutrality in 2050
42% CO2 reduction by 2032 compared to 2022 (Scope 1 and 2)
HORIBA’s commitment is to contribute to the realization of a sustainable society by providing its highly
unique products and solutions. Further, HORIBA will globally strive to promote social contribution
activities and address the issues to realize a sustainable society by our entire supply chain.

3[Notes]*1 MLMAP: It stands for Mid-Long Term Management Plan and is a term that is well-known andunderstood within HORIBA the HORIBA Group.
*2 MAXIMIZE VALUE: The MLMAP2028 slogan that means to maximize every value of HORIBA. VALUE
includes the meanings of “HORIBARIAN’s VALUE,” “Social VALUE,” “Customer VALUE,” and“Technological VALUE.”*3 HR: Human Resources. HORIBA considers employees as valuable assets.
*4 HORIBARIAN: All HORIBA employees are regarded as our family members and are called
HORIBARIANs.
*5 HONMAMON: A Japanese word derived from “Honmono” that describes authenticity and excellence.
The word is used especially often in Kyoto, where HORIBA’s head office is located. For HORIBA, it
represents the “unique value that comes after continuing to pursue something better with all ourheart.” HONMAMON describes the people, their actions and endeavors, and everything that is born
as a result of the continuous pursuit for something better. HONMAMON will become beyond“Honmono” and touches people’s hearts.
*6 HORIBA Premium Value: A unique management indicator introduced in HORIBA when it launched theprevious Mid-Long Term Management Plan “MLMAP2023” aimed at maximizing capital efficiency.
*7 Healthcare journey: Various events and processes experienced in healthcare are viewed as a single
journey, and are expressed as a “healthcare journey,” starting from healthy living to prevention,diagnosis, treatment, and home care.
*8 POCT: Point of Care Testing*9 Woven value chain: It refers to the entire complex value chain which is likened to a complex woven
textile with the semiconductor manufacturing process as the weft, and the related material marketsthat exist at each process as the warp.
*10 Value: The Value comprise “Spirit of Challenge,” “Reliability and Trust,” and “Pursuit of Excellence,”
which motivate and guide HORIBARIANs to keep creating unique solutions.

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