Translation

May 14, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

USHIO INC.
Prime Market of the Tokyo Stock Exchange6925
https://www.ushio.co.jp/en/
Takabumi Asahi, President and Chief Executive Officer
Hiromi Ito, General Manager, Accounting & Finance Department
TEL: +81-3-5657-1000 (from overseas)

Scheduled date of ordinary general meeting of shareholders:
Scheduled date to commence dividend payments:
Scheduled date to file Securities Report:
Preparation of supplementary material on earnings:
Holding of earnings performance review:

June 27, 2024
June 28, 2024
June 27, 2024
Yes
Yes (for analysts)(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated performance for the fiscal year ended March 31, 2024

(from April 1, 2023 to March 31, 2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended

Operating profit

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

March 31, 2024

179,420

2.5

12,976(18.2)

16,088(20.1)

10,785(21.3)March 31, 2023

175,025

17.6

15,861

21.4

20,144

32.6

13,6998.7(Note)

Comprehensive income
For the fiscal year ended March 31, 2024: ¥28,246 million [42.1%]
For the fiscal year ended March 31, 2023: ¥19,881 million [(26.9)%]
Net income per share

Diluted net
income per share

Net income/EquityFiscal year ended
Yen
Yen
97.22
―
March 31, 2024
115.69―March 31, 2023
(Reference)
Equity in losses of affiliates
For the fiscal year ended March 31, 2024: ¥(164) million
For the fiscal year ended March 31, 2023: ¥(115) million

Ordinary income/ Operating income/total assets

%
4.5
5.7

net sales

%
4.9
6.2

%
7.2
9.1

(2) Consolidated financial position
Total assets
As ofMillions of yen
337,546
March 31, 2024
323,622
March 31, 2023
(Reference) Equity
As of March 31, 2024: ¥236,963 million
As of March 31, 2023: ¥244,092 million

Net assets
Millions of yen
236,975
244,105

Equity ratio

Net assets per share
%
70.2
75.4

Yen
2,313.48
2,074.27

(3) Consolidated cash flows
Cash flows from

Cash flows from

Cash flows from

Period-end cash andoperating activities

investing activities

financing activities

cash equivalents

Fiscal year ended
March 31, 2024
March 31, 2023

Millions of yen
8,966
871

Millions of yen
5,394(1,175)

Millions of yen(13,489)(26,811)

Millions of yen
62,49857,516

2. Cash dividends
Total cash
dividends

Annual dividends
First
SecondThird
Fiscal yearquarter-end quarter-end quarter-end
end

Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year
ending March 31,
2025 (Forecast)

Total(Total)Dividend
payout ratio

Ratio ofdividends to(Consolidated) net assets(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of
yen

%

%

–

–

–

50.00

50.00

5,895

43.2

2.5

–

–

–

50.00

50.00

5,145

51.4

2.3

–

–

–

70.00

70.00

149.6

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025

(from April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year
endingMarch 31, 2025

Millions ofyen%

175,000(2.5)

Operating profit

Ordinary profit

Millions ofyenMillions ofyen%

5,000 (61.5)

Profit attributable to Basic earnings perowners of parent
share%

6,500 (59.6)

Millions of
yen

%

Yen

4,500 (58.3)

46.79* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in a change in thescope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatements
a. Changes in accounting policies due to revisions to accounting standards: Yes
b. Changes in accounting policies due to other reasons: Nonec. Changes in accounting estimates: None
d. Restatements: None
(3) Number of issued shares (common stock)a. Total number of issued shares at the end of the period (including treasury stock)
As of March 31, 2024

107,500,000 shares

As of March 31, 2023

123,500,000 sharesb. Number of shares of treasury stock at the end of the period
As of March 31, 2024

5,072,501 shares

As of March 31, 2023

5,823,752 sharesc. Average number of shares during the period
For the fiscal year ended March 31, 2024

110,933,321 shares

For the fiscal year ended March 31, 2023
118,414,343 shares(Note) The Company’s shares held in trust introduced with respect to its stock remuneration plan for directors as
treasury shares within shareholders’ equity are included in the number of treasury shares.

Non-consolidated performance for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales

Operating income

Fiscal year ended

Millions of yen

March 31, 2024

66,051(4.9)% Millions of yen

March 31, 2023

69,421

15.6% Millions of yen

873 (88.2)
7,427

Net income per share
Fiscal year ended
March 31, 2024
March 31, 2023

Ordinary income

32.7

Net income% Millions of yen%

20,43349.3

20,01043.7

13,68351.1

13,928

84.6

Diluted net income per shareYen

180.39117.63Yen――(2) Non-consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

As ofMillions of yen
Millions of yen%
Yen
178,089
115,49764.9
1,127.60
March 31, 2024
170,907
131,097
76.7
1,114.05
March 31, 2023
(Reference) Equity
As of March 31, 2024: ¥115,497 million
As of March 31, 2023: ¥131,097 million＜Reason for the difference of the current fiscal year’s non-consolidated result compared with the previous year＞
There is a significant difference between the result for the current fiscal year and the one for the previous fiscal year,
mainly due to an increase in dividend income received from consolidated subsidiaries.
* This Consolidated Financial Results is not subject to audit procedures by Certified Public Accountants or audit
firm.
* Notes on the proper use of earnings forecasts and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and on certain assumptions deemed to be reasonable. Actual business and otherresults may differ substantially due to various factors.
See page 6 of the appended materials regarding performance forecasts.
*To obtain Financial Presentation
The financial results presentation for securities analysts and institutional investors is planned on May 14, 2024.
The Financial Presentation will be posted on the website of USHIO INC. on May 14, 2024

Contents
1. Summary of Financial Results for Term ……………………………………………………………………………………
(1) Business Performance ……………………………………………………………………………………………………
(2) Review of Financial Position ……………………………………………………………………………………………
(3) Overview of Cash Flows …………………………………………………………………………………………………
(4) Outlook ……………………………………………………………………………………………………………………
(5) Basic Policy on Profit Distribution and Dividends for Current and Next Fiscal Years …………………………………
2. Basic Approach to Choosing Accounting Standards ………………………………………………………………………
3. Consolidated Financial Statements and Notes ………………………………………………………………………………
(1) Consolidated Balance Sheets ……………………………………………………………………………………………
(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income …………………………
Consolidated Statements of Income …………………………………………………………………………………
Consolidated Statements of Comprehensive Income ………………………………………………………………
(3) Consolidated Statements of Changes in Net Assets ……………………………………………………………………
(4) Consolidated Statements of Cash Flows …………………………………………………………………………………
(5) Notes to Consolidated Financial Statements ……………………………………………………………………………
(Notes on Premise of Going Concern) …………………………………………………………………………………
(Change in Accounting Policy) …………………………………………………………………………………………
(Segment Information) ………………………………………………………………………………………………
(Per Share Information) ………………………………………………………………………………………………
(Significant Subsequent Events) ………………………………………………………………………………………

4. Other ………………………………………………………………………………………………………
(1) Changes in Directors and Officers (on June 27, 2024) …………………………………………………………………
(2) Other ……………………………………………………………………………………………………………………

- 1 -

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1. Summary of Financial Results for Term
(1) Business Performance
The global business climate remained uncertain for the Ushio Group in the fiscal year ended March 31, 2024. Downside
factors included an ongoing worldwide recession, rising energy and raw materials prices owing to an ongoing war
between Russia and Ukraine and further hikes in policy interest rates amid continued inflation in Europe and the UnitedStates. On top of that, the world economy slowed down amid sluggish domestic and external demand, one negative
factor being a downturn in real estate development investments in China.
Under these circumstances, the semiconductor, electronic devices, and printed circuit board markets are showing signs ofrecovery of end-use demand for PCs, smartphones and other products worldwide. However, related capital investments
are currently restrained and operations remain sluggish. For related cutting-edge IC package substrates market, demandalso continues to be sluggish for final products, resulting in temporary curtailment of capital investment, which is asituation that requires keeping close tabs on trends. On the other hand, 5G deployments and the utilization of Internet ofThings and artificial intelligence technologies are progressing, and related demand is expected to grow over the medium
to long term. In the flat panel display market, LCD panels manufacturers continue to operate at low levels because stayat-home demand had run its course. In the visual imaging market, cinema operations and capital investment worldwide
recovered as normal economic activity resumed after the COVID-19 pandemic. The general imaging market
environment remained solid as events and other activities continued to turn around.
The average exchange rate during the period under review was ¥144 to the dollar, with yen depreciating ¥9 from theprevious year.
Consolidated net sales increased 2.5% year on year, to ¥179,420 million. Operating profit dropped 18.2%, to ¥12,976
million. Ordinary profit fell 20.1%, to ¥16,088 million. Profit attributable to owners of parent declined 21.3%, to ¥10,785
million.
Segment results were as follows.
Ushio changed its reporting segments from the fiscal year ended March 31, 2024. It presents year-on-year comparisonsand analyses based on the new segmentation.
Industrial Processes
UV Lamps
Sale for LCD panels remained sluggish due to the continued production adjustments at LCD panel manufacturers as stayat-home demand had run its course. However, sales of UV lamps increased due to the solid sales for semiconductors andelectronics devices following a gradual recovery in final demand for PCs, smartphones and other products. The currency
effects from the depreciation of the yen also contributed to higher sales.
OA Lamps
Although demand was solid, sales of OA lamps declined as a reaction to increased demand in the previous term due tothe easing of material shortages among set manufacturers.
Optical Equipment Lamps
Sales of optical equipment lamps declined due to the decrease in sales of light sources, primarily for LCD panels, causedby ongoing production adjustments by LCD panel manufacturers.
UV Equipment
Although demand for data center servers and others continues to rise along with the progress of 5G deployments and theutilization of Internet of Things and artificial intelligence technologies, sales of the large field stepper for cutting-edge IC
package substrates and direct imaging lithography equipment declined as a result of the curtailment of capital investment
due to the prolonged deterioration of the semiconductor market.

- 2 -Optical Equipment
Sales of optical equipment related to LCD panel declined mainly due to a slowdown in capital investments for LCD
panels as stay-at-home demand had run its course, resulting in revenues to fall.
In addition to the decrease in sales, earnings declined from greater strategic investments in R&D and other activities todrive future growth, primarily for optical equipment, and shrinking profit margins from lower sales of such high-valueadded offerings as optical equipment, optical equipment lamps and other products.
Industrial Processes business sales thus dropped 8.2% from the previous corresponding term, to ¥82,131 million.
Operating profit fell 40.4%, to ¥10,876 million.
Visual Imaging
Projector Lamps
Although the demand for xenon lamps for cinema projectors was solid as an improvement in cinema operations
following the recovery from the circumstances during the COVID-19 pandemic, sales of lamps for projectors in generalimaging field declined due to the shift toward solid-state light sources. Accordingly, sales of projector lamps declined.
Cinema Projectors
Sales of digital cinema projectors increased as a result of the progress in resolving the previous fiscal year’s material
shortages as well as our capturing demand for projector replacements in cinemas. The currency effects from thedepreciation of the yen also contributed to higher sales.
General Imaging Projectors
Sales increased due to solid demand as the need for advanced video production continued to grow, particularly for eventsand other activities, and the acceptance inspection for a large deal in the second quarter of the current fiscal year. The
currency effects from the depreciation of the yen also contributed to higher sales.
In addition to the increase in sales, earnings increased from improved profit margins due to an improvement inpurchasing costs driven by the normalization of material prices for imaging equipment from an easing in the material
cost hikes experienced in the previous fiscal year, as well as an increase in the sales proportion of high-end models forthe general imaging.
Visual Imaging sales therefore rose 16.9%, to ¥80,557 million. Operating profit increased 69.5%, to ¥5,887 million.
Life Sciences
Sales were down primarily because of lower revenues from light source for environmental hygiene solutions. Earnings
were up, however, from the decrease in inventory write-downs recorded in the previous term and constrained
investments stemming from a strategic review of the environmental hygiene business.
Life Sciences sales accordingly declined 7.2%, to ¥5,215 million. An operating loss of ¥2,329 million was lower than the¥5,135 million posted a year earlier.
Photonics Solutions
Sales increased on higher revenues for laser modules and others and the effect of increased sales from businessacquisitions. Earnings were off, however, amid the increased selling, general and administrative expenses due to businessacquisitions and the higher development costs.
Photonics Solutions sales advanced 10.7%, to ¥10,250 million. There was an operating loss of ¥1,513 million, comparedwith an operating loss of ¥293 million in the previous fiscal year.

- 3 -Others
Sales of power supply decreased as capacity utilization declined at customer production lines.
Other business sales dropped 25.2%, to ¥1,327 million. There was an operating profit of ¥136 million, compared with anoperating loss of ¥394 million in the previous fiscal year.
(2) Review of Financial Position
AssetsTotal assets at the end of the term were ¥337,546 million, up ¥13,923 million from a year earlier. This was due primarily
to greater inventories from postponed sales of some optical equipment. This factor offset a decrease in property, plantand equipment owing to impairment losses on non-current assets.
Liabilities
Total liabilities rose ¥21,054 million, to ¥100,571 million. This owed mainly to an increase in long-term borrowings
because of dividend payment and share repurchase commitments.
Net Assets
Net assets decreased ¥7,130 million, to ¥236,975 million. Key factors in this decline were an increase in foreign currencytranslation adjustment because of the yen’s depreciation toward the close of the term and an increase in retained earnings
from posting profit attributable to owners of parent. These factors offset the impacts of lower retained earnings owing todividend payments and a treasury stock retirement.
(3) Overview of Cash Flows
Cash and cash equivalents at the close of the term were up ¥4,982 million from a year earlier, to ¥62,498 million. Cashflows were as follows.
Cash Flows from Operating Activities
Net cash provided by operating activities was ¥8,966 million yen, from ¥871 million in the previous corresponding
period. This was due largely to ¥15,681 million in profit before income taxes, ¥8,325 million in depreciation, ¥7,171
million in impairment losses, a ¥6,987 million gain/loss on sale of investment securities, a ¥3,000 million increase ininventories, a ¥5,698 million decrease in trade payables, and ¥5,904 million in income taxes paid.
Cash Flows from Investing Activities
Net cash provided by investing activities was ¥5,394 million, from ¥1,175 million in net cash used in investing activities
a year earlier. Key factors were ¥12,453 million in proceeds from withdrawal of time deposits, ¥9,898 million inproceeds from sale and redemption of securities, ¥8,188 million in payments into time deposits, and ¥7,936 million inpurchase of property, plant and equipment.
Cash Flows from Financing Activities
Net cash used in financing activities was ¥13,489 million, down from ¥26,811 million. This owed largely to ¥25,000
million in proceeds from long-term borrowings, a ¥30,654 million purchase of treasury shares, and ¥5,891 million in
cash dividends paid.

- 4 -Group cash flow indicator trends are below.
Years ended March 31
2020

2021

2022

2023

2024

Equity ratio (%)

73.0

72.7

73.2

75.4

70.2

Market value-based equity
ratio (%)

45.3

60.6

68.6

60.5

59.2

Cash flow to interest-bearing
debt ratio (years)

18.9

1.7

0.9

6.1

3.2

Interest coverage ratio (times)

1.8

33.2

64.9

4.1

34.6

Equity ratio: Shareholders’ equity ÷ Total assets
Market value-based equity ratio: Market capitalization ÷ Total assets
Cash flow to interest-bearing debt ratio: Interest-bearing debt ÷ Operating cash flows
Interest coverage ratio: Operating cash flows ÷ Interest payments
Notes
1. All figures based on consolidated financial figures.
2. Market capitalization is based on the number of issued and outstanding shares and excludes treasury stock.
3. Cash flow is based on operating cash flows.
4. Interest-bearing debt includes all liabilities on the consolidated balance sheets for which interest is paid.

- 5 -(4) Outlook
While the global economy is gradually recovering, the outlook remains uncertain due to the ongoing geopolitical risks
such as the situation in Ukraine and the prolonged slowdown in Chinese economic growth.
For the next fiscal year, the Company accordingly forecasts net sales of ¥175,000 million, down 2.5% year-on-year,
operating profit of ¥5,000 million, down 61.5% year-on-year, ordinary profit of ¥6,500 million, down 59.6% year-onyear, and profit attributable to owners of parent of ¥4,500 million, down 58.3% year-on-year.
The exchange rate assumptions for these forecasts are ¥145 to the U.S. dollar and ¥155 to the euro.
Industrial Processes Business
Regarding UV lamps for LCD panel, production adjustments at LCD panel manufactures will probably continue owing
to sluggish demand for LCD panels. At the same time, final demand for semiconductors, electronic devices, and printed
circuit boards is recovering, while operations should recover, with overall sales of UV lamps expected to increase.
With regard to lithography equipment for the advanced packaging, while the assumption of increased demand in themedium-to-long-term associated with the progress of 5G deployments and the utilization of Internet of Things andartificial intelligence technologies remains unchanged, sales should decline due to the impact of the postponement of
capital investment plans.
For EUV light source for EUV lithography mask inspection, maintenance service revenues should decrease owing to low
operations.
In terms of earnings, the Company will boost forward investments, such as development of lithography equipment for
the advanced packaging, including for digital lithography system through a partnership with Applied Materials, Inc., andof EUV light sources, which aims to enter the High-NA lithography market. In addition, the Company expects losses
from lower operating levels due to temporary production reductions of lithography equipment.
The Company accordingly expects revenues and earnings for Industrial Processes to decline in the next fiscal year.
Visual Imaging BusinessFor cinema related business field, sales should decline despite the need for digital cinema projector replacement,
reflecting lower appetite for cinema investments owing to content shortages as a result of a Hollywood strike. In generalimaging business field, sales should rise due to strong demand for commercial facilities and events amid a continuing
increase in demand for advanced video production, particularly for events. Projector lamp sales should decrease owing tolower operating rates at cinemas and a shift to solid-state light sources.
Higher expenses for lamps for projectors, due largely to surging costs of xenon gas and other raw materials, willprobably hamper earnings.
The Company accordingly expects revenues and earnings for Visual Imaging to decline in the next fiscal year.
Life Sciences BusinessAlthough demand for light-based equipment in the medical industry should remain stable, sales should decline because
of inventory adjustments. The Company, however, expects to control costs by assessing and prioritizing investments for
new businesses and reducing selling, general and administrative expenses.
The Company accordingly expects revenues to decline and earnings to increase for Life Sciences in the next fiscal year.
Photonics Solutions Business
Sales of modules should increase owing primarily to solid demand for applications employing photonics technology inthe semiconductor and sensor markets and other industrial applications. In terms of earnings, the Company will look tocontrol costs by assessing and prioritizing development investments.
The Company accordingly expects revenues and earnings for Photonics Solutions to increase in the next fiscal year.
These forecasts are based on information currently available to the Company and certain assumptions that the Company
considers to be reasonable.

- 6 -(5) Basic Policy on Profit Distribution and Dividends for Current and Next Fiscal Years
Delivering shareholder returns remains a top priority for the Ushio Group. Its basic policy is to provide stable returns
while strengthening its financial position and business foundations. In view of that stance and its operating results andbusiness development in the year ahead, Ushio plans to pay an annual dividend of ¥50 per share for the year ended March
31, 2024. This is unchanged from the preceding term. The consolidated ratio of dividends to net assets would therefore
be 2.3%.
Management seeks to pay an annual dividend of ¥70 per share for the year ending March 31, 2025, up ¥20 year-on-year.
Ushio will allocate retained earnings for R&D investments in new products and technologies from long-term
perspectives, in capital expenditure to enhance productivity, and in investments in growth businesses to bolster corporate
value.
2. Basic Approach to Choosing Accounting Standards
The Group’s policy for the foreseeable future is to prepare its consolidated financial statements in accordance with
Generally Accepted Accounting Principles in Japan, factoring in the comparability of consolidated financial statementsfrom period to period and comparability among companies.
Ushio applies International Financial Reporting Standards in light of a range of domestic and international
circumstances.

- 7 -3. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, andcontract assets
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Right-of-use assets
Accumulated depreciation
Right-of-use assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets- 8 -As of March 31, 2024

64,21965,651

38,49139,7532,591
31,481
25,101
26,872
11,787△2,025
198,519

4,120
37,03825,03029,982
11,607△1,683
211,501

48,513△31,365
17,14728,146△21,058
7,087
8,684
3,589
△783
2,806
3,363
42,767△31,377
11,38950,48052,543△34,143
18,40027,049△22,981
4,067
9,062
5,022
△1,3653,657
2,106
35,849△27,288
8,560
45,854

252
2,782
3,034

780
7,816
8,596

58,484
20
4,333
6,647
2,224
△121
71,588125,103
323,62254,30528
4,211
10,6822,502△136
71,593126,045
337,546(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Contract liabilities
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Provision for loss on orders received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Lease liabilities
Deferred tax liabilities
Provision for retirement benefits for directors(and other officers)
Provision for share awards for directors (andother officers)
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets- 9 -As of March 31, 2024

26,205
3,921
796
3,210
11,731
2,530

21,648
2,455
940
4,362
11,294
2,616

－

77

3,775
0
10,23962,410

4,068－
11,78859,252

1,410
2,189
7,997

26,410
3,046
6,706

237

159

193

298

3,839
318
921
17,106
79,517

3,654
326
717
41,318100,571

19,556
27,767
164,332△8,733202,922

19,556
27,767140,163△9,155
178,331

19,86920,146

20,779520

35,004
3,481

41,17058,632

12
244,105
323,62211
236,975
337,546

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)(Millions of yen)
Fiscal year ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Realized and unrealized profit on trading
securities, net
Gain on investments in investment partnerships
Fair value adjustment of contingent consideration
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sale of securities
Share of loss of entities accounted for using
equity method
Loss on valuation of securities
Loss on specified money in trust
Commission expenses
Loss on tax purpose reduction entry of noncurrent assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of businesses
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sale of non-current assets
Impairment losses
Loss on sale of investment securities
Loss on valuation of investment securities
Loss on sale of shares of subsidiaries andassociates
Business restructuring expenses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent- 10 -

Fiscal year ended
March 31, 2024

175,025
111,809
63,21547,353
15,861

179,420
114,504
64,916
51,93912,976

1,602
1,051
1,909

1,581
1,111
560

10

－

24
－
－
353
4,951

29
195
145
447
4,070

218
57

305
14

115

164

80
87
22

6
－
167

－

120

87
668
20,144

178
958
16,088

216
963
360
1,539

1
7,006
－
7,007

81
9
588
35
212

189
0
7,171
18
34

188

－

348
1,463
20,220
6,432
93
6,526
13,693△6
13,699－7,414
15,681
7,075△2,177
4,898
10,783△1
10,785

(Consolidated Statements of Comprehensive Income)(Millions of yen)
Fiscal year ended
March 31, 2023
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net oftax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests- 11 -

Fiscal year ended
March 31, 2024

13,693

10,783△1,529276

6,558

14,168

1,118

2,960

41

57

6,188
19,881

17,46328,246

19,88028,2471△1

(3) Consolidated Statements of Changes in Net Assets
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

19,556

Retained earnings

27,727

Total shareholders'equityTreasury shares

161,877

200,129△9,032

Changes during period
Dividends of surplus△6,041△6,041

Profit (loss) attributable toowners of parent

13,69913,699Purchase of treasury shares△5,004△5,004

Disposal of treasury shares

6

6

5,296

－

Cancellation of treasury shares△5,296

Purchase of shares of
consolidated subsidiaries

40

40

Change in scope of
consolidation

92

92

Net changes in items other thanshareholders' equity－

Total changes during period
Balance at end of period

－

40

2,454

299

2,793

19,556

27,767

164,332△8,733202,922

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

21,399Foreigncurrencytranslation
adjustment
14,186Total
Non-controlling
Total net assets
Remeasurements accumulated
interestsof definedotherbenefit planscomprehensive
income△598

34,98884

235,202

Changes during period
Dividends of surplus△6,041

Profit (loss) attributable toowners of parent

13,699Purchase of treasury shares△5,004

Disposal of treasury shares

6

Cancellation of treasury shares－

Purchase of shares of
consolidated subsidiaries△73

Change in scope of
consolidation
Net changes in items other thanshareholders' equity△33
92△1,529

6,592

1,118

6,181

1

6,182

Total changes during period△1,529

6,592

1,118

6,181

△72

8,902

Balance at end of period

19,86920,779520

41,17012

244,105- 12 -

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders' equity
Share capital
Balance at beginning of period

Capital surplus

19,556

Retained earnings

27,767

Total shareholders'equityTreasury shares

164,332

202,922△8,733

Changes during period
Dividends of surplus△5,895△5,895

Profit (loss) attributable toowners of parent

10,785

10,785Purchase of treasury shares
Disposal of treasury shares

122

Cancellation of treasury shares△122△29,058△30,486△30,486

881

1,004

29,181－

Net changes in items other thanshareholders' equity－

Total changes during period
Balance at end of period－－△24,168△422△24,591

19,556

27,767140,163△9,155

178,331

Accumulated other comprehensive income
Valuationdifference on
available-forsale securities
Balance at beginning of period

19,869Foreigncurrencytranslation
adjustment
20,779Total
Non-controlling
Total net assets
Remeasurements accumulated
interestsof definedotherbenefit planscomprehensive
income520

41,17012

244,105

Changes during period
Dividends of surplus△5,895

Profit (loss) attributable toowners of parent

10,785Purchase of treasury shares△30,486

Disposal of treasury shares

1,004

Cancellation of treasury shares
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period－
276

14,2242,960

17,462△0

17,461276

14,2242,960

17,462△0△7,13020,14635,004

3,481

58,632

11

236,975- 13 -

(4)Consolidated Statements of Cash Flows(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2023 March 31, 2024

Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Increase (decrease) in retirement benefit liability
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Business restructuring expenses
Interest and dividend income
Fair value adjustment of contingent consideration
Subsidy income
Interest expenses
Commission expenses
Profit / Loss on sale / revaluation of available-for-sale securities
Share of loss (profit) of entities accounted for using equity method
Loss (gain) on sale of non-current assets
Loss on retirement of non-current assets
Loss on tax purpose reduction entry of non-current assets
Loss (gain) on sale of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sale of shares of subsidiaries and associates
Loss (gain) on sale of businesses
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in contract liabilities
Other, net
SubtotalInterest and dividends received
Interest paid
Payments for business structure improvement expenses
Income taxes paid
Settlement paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Short-term loan advances
Proceeds from collection of short-term loans receivable
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment securities
Payments for acquisition of businesses
Proceeds from sale of businesses
Long-term loan advances
Proceeds from collection of long-term loans receivable
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Payments for sale of shares of subsidiaries resulting in change in scope of consolidation
Subsidies received
Other, net
Net cash provided by (used in) investing activities- 14 -

20,220
7,615
588
△141
169
△58
348
△2,653
－
－
218
－
△10
115
△206
81
－
△927
212
188
△360
△2,696△16,549
4,356△3,369△1,070
6,069
2,662
△210
△170
△7,346△131871

15,681
8,325
7,171
△283
115
△483
－
△2,692
△195
△145
305
167
－
164
△0
189
120
△6,98734－－
1,340△3,000△5,698△1,563
146
12,711
2,726
△259
△307
△5,904－
8,966△28,066
31,074△37
50
3,887△7,767423△348△3,207
2,733
△210
360
△23
2
－
△47
－
0
△1,175△8,18812,453△52
42
3,237△7,936239△2,070△533
9,898△1,286
－
△26
－
△526
－
145
△0
5,394

(Millions of yen)
Fiscal year ended
March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Purchase of shares of subsidiaries not resulting inchange in scope of consolidation
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 15 -

Fiscal year ended
March 31, 2024

1,591
1,410
△18,770△5,004△6,037△1,91025,000－△30,654△5,891－△33△26,811△13,489

3,011

4,110

△24,103
81,61957,516

4,982
57,51662,498(5) Notes to Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable.
(Change in Accounting Policy)(Application of Financial Accounting Standards Board Accounting Standards Update 2016-13 Financial
Instruments – Credit Losses (Topic 326)
Foreign subsidiaries that have adopted Generally Accepted Accounting Principles in the United States applied Financial
Accounting Standards Board Accounting Standards Update 2016-13 Financial Instruments – Credit Losses (Topic 326)
at the start of the year under review. Ushio accordingly reviewed its classification and measurement approaches forfinancial instruments, and uses the expected credit loss model to recognize impairment losses for financial assets. In linewith the application of this standard, Ushio recognizes as of the adoption date the cumulative impact of the change inaccounting policy recognized as a transitional treatment. The impact of this application on the consolidated financial
statements is immaterial.
(Segment Information)
1. Overview of Reporting Segments
The Ushio Group’s reporting segments are business units for which separate financial data are available. Thesesegments are subject to periodic Board of Directors reviews to assess businesses and decide how to allocate operating
resources and evaluate results.
The Group formulates comprehensive strategies to develop, manufacture, sell, and service Group products and do
business worldwide.
Ushio accordingly organizes segments by market. Its four reportable segments are the Industrial Processes, Visual
Imaging, Life Sciences, and Photonics Solutions.
The Industrial Processes produces and sells UV, office automation, and optical equipment lamps, primarily for thesemiconductor market.
The Visual Imaging produces and sells lamps for projectors and imaging equipment, largely for the cinema andgeneral imaging markets.
The Life Sciences produces and sells UV equipment and light sources, mainly for the environmental hygiene
solutions and healthcare markets.
The Photonics Solutions produces and sells solid-state light sources.
2. Matters Relating to Change in Reporting Segments(Changes to Reporting Segments)
From the year under review, Ushio changed its reporting segments after reorganizing to shift from a product-centric tomarket-centric approach to accelerate efforts to evolve into a “light” solutions company by 2030. The previous segments
were Light Source, Optical Equipment, and Imaging Equipment. The new segments are Industrial Processes, Visual
Imaging, Life Sciences, and Photonics Solutions.
The company has disclosed segment information for the previous term based on reporting segments for the year underreview.
(Change in Method for Calculating Earnings by Reporting Segments)
From the year under review, Ushio reviewed methods for allocating some selling, general and administrative expenses tobetter reflect the performances of reporting segments, changing the method for calculating earnings by reporting
segments.
The company has disclosed segment information for the previous term based on the method for calculations for the year
under review.
3. Methods for Calculating Net Sales, Earnings, Assets, Liabilities, and Other Line Items by Reporting Segments
Ushio accounts for reportable business segments in line with the accounting principles and procedures used to prepare its
consolidated financial statements. Earnings for these segments are based on operating profit. Inter-segment revenues andtransfers are based on prevailing market prices.

- 16 -

4. Monetary Information Concerning Net Sales, Profit or Loss, Assets, Liabilities, and Other Line Items for
Reporting Segments
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Information for previous fiscal year based on new reporting segments.)(Millions of yen)Amount on
Total
Consolidated
Adjustment
Financial(Note 2)
Statements(Note 3)

Reporting Segment
Others(Note 1)

Total

173,271

1,753

175,025－

175,025

0

28

22

50

(50)

－

5,621

9,262

173,299

1,775

175,075(50)

175,025

3,472(5,135)(293)

16,291(394)

15,896(34)

15,861

145,151

91,585

8,123

19,317

264,178

9,301

273,479

50,143

323,622

3,338

2,705

478

889

7,412

202

7,615

－

7,615

106

49

－

13

169

－

169

－

169

－

－

117

－

117

－

117

－

117

4,362

3,412

530

749

9,053

53

9,107

－

9,107

Industrial
Processes

VisualImaging

Life
Sciences

Photonics
SolutionsTotal

89,48868,904

5,616

9,262

9

12

5

Total

89,49868,916

Segment profit (loss)

18,247

Segment assets

Sales
Sales to outside
customers
Inter-segment sales ortransfer among
segments

Other line items
Depreciation andamortization
Amortization of
goodwill
Investments inequity-method
affiliates
Increase inproperty, plant andequipment andintangible fixed
assets(Notes 4)(Notes)1. Others includes business segments not included in reportable segments and other revenue-producing operations.
2. Adjustments are as follows:(1) Total adjustment of ¥34 million for segment profit (loss) includes ¥38 million in eliminations of intersegment transactions and ¥79 million in corporate expenses. The latter expenses are general andadministrative expenses that are not included in reportable segments or other revenue-generating businessactivities.
(2) The total adjustment in segment assets of ¥50,143 million includes elimination of a ¥66 million loss in intersegment receivables and payables and corporate assets of ¥50,202 million that are not included in reportablesegments or other revenue-generating business activities. Corporate assets consist primarily of surplus
operating capital (cash and marketable securities) and funds for long-term investment (investment
securities).
3. Segment profit (loss) is adjusted with operating profit in the consolidated statements of income.
4. The increase in property, plant and equipment and intangible fixed assets includes an increase in long-term
advanced payment expenses.

- 17 -

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Millions of yen)Amount on
Total
Consolidated
Adjustment
Financial(Note 2)
Statements(Note 3)

Reporting Segment
Others(Note 1)

Total

178,115

1,305

179,420－

179,420

6

40

21

61

(61)

－

5,215

10,250178,155

1,327

179,482(61)

179,420

5,887(2,329)(1,513)

12,920136

13,056(79)

12,976

161,824

102,848

6,066

19,578290,3176,541

296,859

40,686

337,546

3,571

3,182

342

1,038

8,135

189

8,325

－

8,325

33

18

－

63

115

－

115

－

115

－

－

10

－

10

－

10

－

10

5,829

4,779

451

2,024

13,084139

13,223－

13,223

Industrial
Processes

VisualImaging

Life
Sciences

Photonics
SolutionsTotal

82,12480,534

5,212

10,243

7

23

3

Total

82,13180,557

Segment profit (loss)

10,876

Segment assets

Sales
Sales to outside
customers
Inter-segment sales ortransfer among
segments

Other line items
Depreciation andamortization
Amortization of
goodwill
Investments inequity-method
affiliates
Increase inproperty, plant andequipment andintangible fixed
assets(Notes 4)(Notes)1. Others includes business segments not included in reportable segments and other revenue-producing operations.
2. Adjustments are as follows:(1) Total adjustment of ¥79 million for segment profit (loss) includes ¥4 million in eliminations of inter-segment
transactions and ¥91 million in corporate expenses. The latter expenses are primarily general andadministrative expenses that are not included in reportable segments or other revenue-generating businessactivities.
(2) The total adjustment in segment assets of ¥40,686 million includes elimination of a ¥134 million loss ininter-segment receivables and payables and corporate assets of ¥40,837 million that are not included inreportable segments or other revenue-generating business activities. Corporate assets consist primarily of
surplus operating capital (cash and marketable securities) and funds for long-term investment (investment
securities).
3. Segment profit (loss) is adjusted with operating profit in the consolidated statements of income.
4. The increase in property, plant and equipment and intangible fixed assets includes an increase in long-term
advanced payment expenses.

- 18 -

(Per Share Information)
Year ended March 31, 2023
Net assets per share
Basic earnings per share

Year ended March 31, 2024

¥2,074.27¥115.69

Net assets per share
Basic earnings per share

Ushio does not present diluted basic earnings per sharebecause there are no dilutive shares.

¥2,313.48¥97.22

Ushio does not present diluted basic earnings per sharebecause there are no dilutive shares.

Note 1. The basis for calculating basic earnings per share is as follows.
Year ended March 31, 2023

Year ended March 31, 2024

Profit attributable to owners of parent
13,69910,785(millions of yen)Amount not attributable to common－－shareholders (millions of yen)
Profit related to common stock attributable
13,69910,785to owners of parent (millions of yen)
Average number of shares of common stock
118,414,343
110,933,321
during period
Note 2: In calculating net assets per share, Ushio shares held in trust for the directors’ stock compensation plan,
recorded as treasury stock in shareholders’ equity, are included in treasury stock and deducted from the total
number of shares issued and outstanding at the ends of terms (230,100 in the year ended March 31, 2023, and475,680 in the year ended March 31, 2024).
In calculating basic earnings per share, Ushio shares held in trust for the directors’ stock compensation plan,
recorded as treasury stock in shareholders’ equity, are included in treasury stock and deducted from the average
number of shares issued and outstanding during terms (230,700 in the year ended March 31, 2023, and 361,737
in the year ended March 31, 2024).
(Significant Subsequent Events)(Purchase of treasury shares)
At the meeting of the Board of Directors held on May 14, 2024, the Company resolved to repurchase its own shares inaccordance with Article 156 of the Companies Act as applied pursuant to Article 165, Paragraph 3 of the same act, as
follows:
1. Reason for purchase of treasury shares
To raise capital efficiency and enable the implementation of an agile capital policy.
2. Details of purchase
Type of shares to be purchased:
Common shares of the Company
Total number of shares to be purchased:
20,000,000 shares (maximum)
Total amount of shares to be purchased:¥30,000 million (maximum)
Purchase period:
May 24, 2024 to April 30, 2025
Purchasing method:
Market purchase on the Tokyo Stock Exchange- 19 -

4. Other(1) Changes in Directors and Officers (on June 27, 2024)(i) New director candidate (Audit and Supervisory Committee member)
Makoto Kinoshita, full-time Audit and Supervisory Committee member (currently Executive Officer and General
Manager of Global Human Resources & General Affairs Division)(ii) New director candidate (not Audit and Supervisory Committee member)
Mika Masuyama, Outside Director(iii) Retiring directors (excluding Audit and Supervisory Committee members)
Koji Naito, Director (continuing to serve as Senior Advisor to Ushio)
Naoki Kawamura, Director (continuing to serve as Senior Advisor to Ushio)
Yasufumi Kanemaru, Outside Director
Sakie Tachibana Fukushima, Outside Director(iv) Retiring Audit and Supervisory Committee members
Nobuyuki Kobayashi, Director (full-time Audit and Supervisory Committee member)(2) OtherNone.

- 20 -