Financial Information
HORIBA, Ltd.
November, 2023
© 2023 HORIBA, Ltd. All rights reserved.

Contents
 2023 3Q (Jan.- Sep.) Results & 2023 Forecasts
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

2

Contents
 2023 3Q (Jan.- Sep.) Results & 2023 Forecasts
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

3

2023 3Q (Jan.-Sep.) Results（Billions of yen）

Increased in sales in the Automotive segment.
Decreased in profit mainly caused by a change in the Scientific product sales mix.

Sales
Operating profit
O.P.%
Ordinary profit
Net income attributableto owners of parent
USD/JPY
EUR/JPY© 2023 HORIBA, Ltd. All rights reserved.

2022

2023

9 Months
Results(Jan.-Sep.)

9 Months
Results(Jan.-Sep.)

185.1
28.5

200.6
28.4

vs 2022
Changes

%

+15.5

+8.4%

- 0.0

-0.3%

14.2%

-1.2p

-

29.5

29.0

- 0.4

-1.4%

20.7

26.9

+6.2

+30.3%

128.30136.05138.24149.77

+9.94

15.4%

+13.72: Record-high42023 3Q (Jan.-Sep.) Results by Segment
Sales
2022

2023

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

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

41.3
15.4
21.5
81.4
25.3
185.1

48.1
17.2
23.4
84.5
27.2
200.6

(Billions of yen)

Operating profit
vs 2022

Changes

2022
%

2023

9 Months
9 Months
Results
Results(Jan.-Sep.) (Jan.-Sep.)+6.8+16.6%-3.2+1.8+11.9%

0.9

+1.8

+8.4%

-0.0

+3.1

+3.9%

29.2

+1.9

+7.6%

1.6

+15.5

+8.4%

28.5

-2.7
1.4
0.2
28.8
0.7
28.4

vs 2022
Changes

%

+0.5

-

+0.4

+44.9%

+0.2

-

-0.4

-1.5%

-0.8

-53.9%

-0.0

-0.3%

： Record-highIncreased in sales of emission measurement systems in Asia and Americas, and the MCT* business in Europe. Operating loss was recorded owing
factors including an increase in expenses driven by expanded investment in the growth areas such as hydrogen related field
Increased in sales and profit of air pollution analyzers in Europe, the process measurement and water quality in Americas
Increased in sales and profit mainly due to an increase in sales of hematology analyzers in Asia and Americas as well as clinical chemistry analyzers
and reagents in Europe and Americas
Sales to semiconductor production equipment manufacturers increased due to the high-level of order backlogs by the previous year, while theadjustment phase continued in the semiconductor market. Operating income decreased mainly to a temporary change in the product sales mix
Increased in sales of Raman spectrometers in Asia. Operating income decreased mainly to a change in the product sales mix© 2023 HORIBA, Ltd. All rights reserved.

MCT * ：Mechatronics

5

2023 Forecasts(Billions of yen)

Upward revision on forecasts for net sales and all profits
2022
Results

Sales
Operating profit
O.P.%
Ordinary profit
Net income attributableto owners of parent
USD/JPY
EUR/JPY© 2023 HORIBA, Ltd. All rights reserved.

270.1
45.8

17.0%

46.8

Changes

2023
Previous
Forecasts(as of Aug. 9)

281.0
41.0

14.6%

41.0

Forecasts(as of Nov. 13)

284.0
43.0

vs 2022

vs Previous
Forecasts

+13.8

+3.0

- 2.8

+2.0

-1.9p

+0.5p

43.0

- 3.8

+2.0

15.1%

34.0

35.5

36.0

+1.9

+0.5

131.62138.14137.00148.00141.00151.00

+9.38

+4.00

+12.86+3.00： Record-high 6

2023 Forecasts by Segment（Billions of yen）

： Record-high<Semi>

Upward revision done on sales and operating profit thanks to exchange rate trends.
© 2023 HORIBA, Ltd. All rights reserved.

7

Contents
 2023 3Q (Jan.- Sep.) Results & 2023 Forecasts
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

8

Accelerate initiatives in focus markets
Mid-Long Term Management Plan ”MLMAP2023”

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

Energy & Environment
Automotive
Environmental

Bio & Healthcare

Materials & Semiconductor

Medical-Diagnostic

Semiconductor

Process
Scientific

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

Three concepts ofAutomotive Business© 2023 HORIBA, Ltd. All rights reserved.

Service Lifecycle
Management

Mobility Solution
Business

Alternative Energy
Conversion
9

[Energy & Environment] Hydrogen Business
Production tweaking to meet growing needs
Started mass production in Europeof water electrolyzers that producehydrogen by using renewable energy

Growing demand for evaluation
systems and production inspection
systems for the development ofelectrolyzers

The HORIBA Group
responds to growing needs

FuelCon:Booking and personnel
FuelCon
受注・人員動向

Build a production system that can meetincreasing demand by strengthening
personnel and production facilities

Plan to acquire more talent
to respond to a growth inbooking

Optimization of the production floor✔ Increase production lines✔ Improve production processes✔ Effectively use outsourcing© 2023 HORIBA, Ltd. All rights reserved.

2020

2021

2022

2023

2024
・・・

人員
Personnel

Booking
受注

2025

2026

HORIBA FuelCon in Germany「HORIBA eHUB」
10

[Energy & Environment]
Accelerated Global Partnership in Hydrogen BusinessContributing to efficient use of hydrogen energy, i.e., fuel cells and electrolyzers
Established a test facility center at HORIBA MIRA in partnership with Ceres Power Provide various testing, requiredfor developing SOFC & SOEC
 Conduct a range of tests, from
24-hour mapping to endurance
tests for thousands of hours

 Deliver fuel cell technology to
global partners
 Contribute to systems and productdevelopment for climate changesuch as power production,transportation, and data centers.
© 2023 HORIBA, Ltd. All rights reserved.

SOFC: Solid Oxide Fuel Cell
SOEC: Solid Oxide Electrolysis Cell

Source: Disclosure document by Ceres Power 11[Energy & Environment] Conventional Energy"HORIBA Will Always Be Involved in Combustion Measurement”
Trends in various countries toward the introduction of new emission regulationsand HORIBA’s application

Emission measurementbusiness order trend
Nov. 2022: EU’s
announcement of the Euro 7
emission regulations✔ Respond to RDE

Growth in order in
preparation for new
regulations✔ New productunder development
 Modify existing products
to comply with stricter
NOx regulations✔ Supports measurement of various components
for Flex Fuel development
FTX-ONE
MEXA-ONE-XL-NX(NO, NO2, N2O, NH3)

© 2023 HORIBA, Ltd. All rights reserved.

HyEVO

・・・

forecast

Respond to brake dust

✔ Respond to regulationsof various countries✔ New productunder development

Wide coverage from gas measurement (i.e., ammonia, nitrogen compounds, andhydrogen) to particulate matter measurement (i.e., brake dust)

12[Energy & Environment] Water Quality Measurement System:
Strengthening Technology and Lineup
Globalizing the water business and accelerating the market share growth in Asia

 Strengthen the ability topropose solutions for watermeasurement system
 Accelerate businessdevelopment in emerging
countries
 Promote new productdevelopment by synergy
effects in technologies© 2023 HORIBA, Ltd. All rights reserved.

TOCADERO (DE)Tethys (FR)HORIBA Advanced Techno (Asia)

NDIR+
combustion

UV-VIS
spectroscopy

Electrochemical+ Pretreatment, sample handling, anti fouling Contribute toimproving
efficiency indrainage control Develop businessfrom Germany

 Measurement technology
based on ultraviolet-visible
spectroscopy
 Sales network in India andother developing countries Water quality analysis and examination systems thatuse electrochemistry and the Non-dispersive Infrared
Absorption Method (NDIR)
 Develop businesses mainly in the Japanese market

13

[Bio & Healthcare] ”New” Integrated Remote Monitoring Support
Services for Medical Equipment
Automatic report creation and remote functions: Contribute to medical workplace reform

Launched “HORIBA MEDISIDE LINKAGE next”
Strengthened “HORIBA MEDISIDE
LINKAGE” service, launched in 2016
System overview

Automatic report creation

Users
Monitoring
systemData collection(automatedMaintenance
Remoteoperation

Devicestatusmonitoring

Call center

Background: Amended Labor Standards Act (scheduled to be
enforced in April 2024) to put cap of doctors’ overtime work
 Challenge for the whole healthcare industry to reform
its working practices
HORIBA’s proposals (improved points)• Automatically create reports required by the amended
Medical Service Act (2018)• Remotely control device settings and perform cleaning
operations
Started offering the services for automatic hematology and
CRP analyzer Yumizen H330 CRP (bestselling model).
Plan to support other models one by one.

Linkage

Distributors© 2023 HORIBA, Ltd. All rights reserved.

Reducing the workload in medical workplaces
Contributing to provision of safe, secure medical services
14

[Bio & Healthcare] Increase in Production of Micro Reagent Chips
for Multi-assay Blood Analyzers
Multi-assay blood analyzer “Banalyst” for POCT of Hemoglobin A1C and CRP
Visualized production lines to realize increased production efficiency
Nickname of an area dedicated to manufacturing of micro reagent
chips for Banalyst located in HORIBA’s headquarters.

M-FRONTIER naming concept:• MICRO &• MACHINE• MANUFACTURE• MUGEN (infinite)• MIRAI (future)• FRONTIER

Meaning to “infinitely explore the frontiers of future market by
manufacturing machines for micro reagent chips”

After taking over the business of microblood analysis system from ROHM Co., Ltd. in 2018,
micro reagent chips for multi-assay POCT blood analyzer Banalyst had continuously been
produced at a factory located outside of HORIBA’s head office in Kyoto.
The production has been moved to M-FRONTIER when its construction was completed at
the headquarters.
© 2023 HORIBA, Ltd. All rights reserved.

POCT: Point-of-care Testing15

[Bio & Healthcare]
Method Using Proprietary Technology Acquired Local Certification
Aqualog using HORIBA’s unique A-TEEM* technology adopted for pharmaceutical testing
Shortening time to examine pharmaceuticals
Pharmaceutical testing has many inspection items and some testing takes a long time.
Three-dimensional fluorescence measurement analyzer Aqualog, which uses HORIBA’s unique A-TEEM
technology, has been adopted as a quality control item and obtained the local certification.
 Enable sample measurement, which used to take a long timeby using a liquid chromatography method, to be completed ina few minutes
 Also applicable to bio-sample measurement

3D fluorescence measurement analyzer
Aqualog*HORIBA A-TEEM technology
 Technology to simultaneously
measure absorption and fluorescenceof liquid samples
 Combines the unique analysis withown optical measurement technology
to accurately measure samples withcomplex composition in a short time
© 2023 HORIBA, Ltd. All rights reserved.

16

[Materials & Semiconductors]
Contributing to Realizing High-quality Continuous Production
Introducing high-end tabletop analysis technology into production process innovation
Constant monitoring of production lines for thin metal films【What to measure】
Measuring brush and switches for motor, and metal sheets with a thicksilver film (clad material) used for relay contacts【Purposes for introducing the technology】• Reduce use of silver (Cost reduction)• Reduce the control operator’s man-hours on production lines
In conjunction with automation of
production lines, HORIBA’s uniquemeasurement method has enabledmeasurement of thick films withthicknesses exceeding 100um,
which cannot be measured bynormal X-ray analysis.
Introducing HORIBA’s X-ray analysis technology into
production lines© 2023 HORIBA, Ltd. All rights reserved.

The analysis part of the X-ray analyzer
being installed in the production line
17

[Materials & Semiconductors]
Aggressive Investment in the Semiconductor Field
Continuous investment to cope with the further growth of the semiconductor market
Strengthening the production and development system
for Reticle/mask particle detection equipment

Launched a local MFC production line in India
Contributing to the production ofsolar panels and artificial diamonds

 Plans to expand the production area for theequipment at Horiba’s HQ factory and increase
production capacity by 1.5
 Improve efficiency by dedicating the existing area
only for development. And advance development
aimed at expanding the functionality of the equipment.
•
•




Enables efficient inspection of particles, fromlegacy to EUV and other cutting-edge
processes
Enables detailed inspection by beingcombined with spectroscopic instruments

Fast measurement of particles on reticles*
and blanks used in the lithography process*Surface of pattern/glass/pellicle© 2023 HORIBA, Ltd. All rights reserved.

Reticle/mask particle detection system
PD Xpadion

Started production of general-industrial
MFC
Many major customers participated in
the opening event. High expectationsfor HORIBA were evidenced.

Booking for generalindustrial MFCs
Booking in 2022
reached 10 billion yen
forecast

・・・

HORIBA India Private Limited(Pune)
18

Academic-government Collaboration Leads the Creation of Nextgeneration Ecosystems
HORIBA’s top executives were appointed chairmen of industrial associations
JEMIMA（Japan Electric Measuring Instruments Manufacturers' Association）

Chairman Juichi Saito

JAIMA（Japan Analytical Instruments Manufacturers' Association ）Chairman Masayuki Adachi

JEMIMA’s new top team: From left: Vice Chairman Nara, Vice
Chairman Sone, Advisor Nishijima and Chairman Saito

Japan's largest industrial association in the fields of "measurement" and "control“

Operates the largest exhibition in the field of industrial measurement
The only entity representing the electrical measuring instrument industry

JAIMA President Inaugural Speech: Chairman Adachi

Japan's largest industrial association in the field of "analysis“
Operates JASIS, the largest exhibition in the field of scientific instruments

By leveraging HORIBA's unique position to contribute to the development of a sustainable society,
HORIBA is helping to revitalize the activities of both associations and contribute to the development ofscience and industry around the world© 2023 HORIBA, Ltd. All rights reserved.

19

Enhancing Industrial Process Monitoring Technology
Acquisition of Process Instruments, Inc. in the United States Lineup of high-accuracy
spectroscopy solutions
 Global sales network
Left: Jai Hakhu, HORIBA
Instruments Incorporated
Right: Lee M Smith, Process
Instruments, Inc.

Process Instruments, Inc.
(Salt Lake City, Utah, USA)

Company
name:Process Instruments, Inc.

Established：

1994

Sales：

Approx. 0.5 Billion yen（2022）

Employees：

14

Acquisition
agreement date：

October 2, 2023

© 2023 HORIBA, Ltd. All rights reserved.

 Robust devices and data
analysis capabilities
cultivated in oil markets
 Strength in refinery andpetrochemistry solutions
mainly in the USA
RAMAN
MULTISTREAMANALYZER

Create new
applications in the
Bio & Healthcare
Field

Expand globally byutilizing HORIBA's
sales network
20

Expanding R&D base for semiconductor business
Strengthen R&D capabilities in both core and next-generation technologies
Add a new building in the “Kyoto Fukuchiyama Technology Center” (R&D base) Expand a space for R&D and experiments for standard flow technologies
to enhance R&D for core technologies
 Newly build a lab space for industry-academia collaboration
to strengthen next-generation technologies
Existing building (renovated)

New building

Architectural rendering(Construction: Start in Jan. 2024
to be completed in April 2025)© 2023 HORIBA, Ltd. All rights reserved.

Disseminate standard flow
technology worldwide

Location：Fukuchiyama,
Kyoto
Total floor space：5,642㎡（two floors）（4 times bigger than thecurrent space ）Headcount：22 (Sep.2023)

Construction cost：Approx. 3billion yen (plan)
Mass Flow Controllers
21

Contents
 2023 3Q (Jan.- Sep.) Results & 2023 Forecasts
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

22

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
 2021 Results 150yen [Interim 50yen/Year-end 100yen] 2022 Results 245yen [Interim 65yen/Year-end 180yen] 2023 Forecast 260yen [Interim 80yen/Year-end 180yen]
Per-share dividend
280

Ordinary Div. (yen)240

Share Buyback

200
160

26.8%

30.6%

120

30.0%

0

67

70

85

2014

2015

2016

145

35.4%

20

27.6%

80
40

Commemorative Div. (yen)

45.0%

28.8%

27.4%
116

125

130

60.0%

Total Return Ratio (%)

90

29.7%

30.4%

30.5%

245

260

150

30.0%
15.0%
0.0%

© 2023 HORIBA, Ltd. All rights reserved.

2017

2018

2019

2020

2021

2022

2023F
23

Contents
 2023 3Q (Jan.- Sep.) Results & 2023 Forecasts
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

24

Operating Profit Analysis (vs 2022 Jan. – Sep.)(Billions of yen)

2022

2023

Jan. – Sep.

28.57

Jan. – Sep.

Increase
Sales

＋6.25

Increase
Cost of Goods
Sales

-2.85

Increase
Gross Profit ＋3.39© 2023 HORIBA, Ltd. All rights reserved.

Exchange
Impact for
Gross Profit+4.39

Exchange
Impact for
Expenses-2.14

Exchange
Impact ＋2.25

Increase
R&D Cost-1.29

Increase
Other
Expense

28.49

-4.42

Increase
Expenses ‐5.72

Decrease Operating Profit ‐0.07

25

Exchange Rate Trend / Forecasts / Impacts
2022
Annual2023
Previous
Forecasts(as of Aug. 9)

ActualForecasts

Jan. - Sep. Oct. - Dec.

vs 2022

Annual(Annual)USD

131.62

137

138.24149.28

141

+9.38

EUR

138.14148

149.77154.69151+12.86

Exchange rate impact
for 2023 Forecasts

Exchange rate impact
for 2023 Jan. – Sep.
(vs 2022 Jan. – Sep.)(Billions of yen)

Increase sales+9.30

Increase cost of goods sales-4.90

Impact to gross profit+4.39

Increase expenses-2.14

Impact to operating profit+2.25© 2023 HORIBA, Ltd. All rights reserved.

1 yen impact of Sales and O.P.
(Weak yen)(Billions of yen)

Sales

USD
EUR

+0.61
+0.36

Operatingprofit

+0.40
+0.00

26

Capital Investment, Depreciation, R&D
2022

Actual(Billions of Yen)

2023
Previous
Forecasts(as of Aug. 9)

Forecasts(as of Nov. 13)

2023
vsPrevious
Forecasts

ActualJan. - Sep.

Capex

12.5

14.0

11.5

-2.5

6.0

Depreciation andamortization

11.3

12.0

12.0

-

9.3

R&D expenses

18.5

22.0

21.0

-1.0

15.0

6.9%

7.8%

7.4%

-0.4p

7.5%

to net sales(%)

2023
Topics

PP&E:
investment in semi and automotive-related facilities, enhancement of global bases
Consider urgency and priority and make investment decisions© 2023 HORIBA, Ltd. All rights reserved.

27

Contents
 2023 3Q (Jan.- Sep.) Results & 2023 Forecasts
 Topics – Accelerate initiatives in focus markets
 Shareholder Return Financial Data Corporate Profile© 2023 HORIBA, Ltd. All rights reserved.

28

Five Business Segments & Major Products
Figures are the sales composition ratio for FY 2022​

Automotive（25%）

Emission Measurement
Systems

Process &Environmental

Medical

Semiconductor

Scientific

Stack Gas Analyzers

Automatic Blood Cell
Counters plus CRP

Mass Flow Controllers

Raman Imaging Device（8%）© 2023 HORIBA, Ltd. All rights reserved.

（11%）

（42%）

（14%）

29

Global Network
Sales by region(as of Dec 2022)

Americas●

Europe16%

20%

Employee headcount by region
Americas

Number of companies（as of Dec 31, 2022)© 2023 HORIBA, Ltd. All rights reserved.

Japan

Asia

Japan

27%

(as of Dec 2022)

20%

32%

49

Asia

37%

Europe12%: Major business hubs

Overseas sales ratio（as of Dec 2022)

73%

36%

Foreign employee ratio（as of Dec 31, 2022)

64%
30

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】

Trends in consolidated sales

About nine-fold growth in corporate scale in 30 years

1990

2000
© 2023 HORIBA, Ltd. All rights reserved.

2010

2018
FuelCon(Germany)【Automotive】

270.1 billion yen

2020
31

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

New Material
Development
Secondary battery
Biomaterial
Steel and ceramics

Planetary probe
Auroral analysis

IT Infrastructure

Health and Security

IoT, Cloud, 5G
Automation informatics

Diagnostic equipment
New drug development
Drinking water

Manufacturing Process
Semiconductor device
Solar panels
Petrochemical plant

Water Quality
Management

Global Environment
Conservation

Monitoring system
Compliance with
waste water regulations

Monitoring air pollution
Renewable energy/power plant
Greenhouse gases© 2023 HORIBA, Ltd. All rights reserved.

Automotive/Ship Development
Ultra-low emission
Vehicle electrification, EV
Autonomous driving
Regulatory compliance32

HORIBA celebrates its 70th anniversary in 2023.

© 2023 HORIBA, Ltd. All rights reserved.

© 2023 HORIBA, Ltd. All rights reserved.