Summary of Consolidated Financial Statements for the Three Months Ended March 31, 2024
(Japanese GAAP)[Note : This document has been translated from a part of the Japanese original for reference purposes only. In the eventof any discrepancy between this translated document and the Japanese original, the original shall prevail.]
May 14, 2024
Company name HORIBA, Ltd.
Listed stock exchanges: Tokyo
Listing code
6856
URL: https://www.horiba.com/int/
Representative Masayuki Adachi, President & COO
TEL: (81)75-313-8121
Contact
Toyota Uenaka, Department Manager, Finance and Accounting Dept.
(Figures have been rounded down to the nearest million yen)

1. Consolidated Results for the Three Months Ended March 31, 2024 (January 1, 2024 - March 31, 2024)(Percentages represent changes from the corresponding in the previous year)(1) Consolidated Operating Results
Net Income Attributable
Net Sales
Operating Income
Ordinary Income
to HORIBA Ltd.'s
Shareholders
Millions of yen
Millions of yen% Millions of yen% Millions of yen%%
Three Months Ended 3/31/24
70,252
6.7
10,009-4.2
10,165-1.5
7,029 -48.1
Three Months Ended 3/31/23
65,854 18.6
10,450 21.4
10,320 18.0
13,556 136.9(Note) Comprehensive income: FY2024Q1 18,357 million yen ( 15.7%) FY2023Q1 15,865 million yen (43.2%)

Three Months Ended 3/31/24
Three Months Ended 3/31/23

Net Income Attributable
Net Income Attributable
to HORIBA Ltd.'s Shareholders
to HORIBA Ltd.'s Shareholders
per Shareper Share(Diluted)
Yen
Yen
166.55
165.69320.99319.36(2) Consolidated Financial Position
Total Assets

Net Assets

Shareholders'Equity Ratio

Millions of yen
Millions of yen%
As of 3/31/24
454,084
290,15963.7
449,030
283,732
63.0
As of 12/31/23(Reference) Net assets excluding subscription rights to shares and non-controlling interests:
As of 3/31/24
289,433 million yen
As of 12/31/23 283,008 million yen
2. Dividends

FY 12/2023

First
Quarter
Yen-

Dividend per Share
SecondThird
Year End
Quarter
Quarter
Yen
Yen
Yen
80.00
210.00FY 12/2024
FY 12/2024 (Forecast)
80.00(Note) Changes in the latest dividend forecasts released: None

185.00

Total
Yen
290.00265.003. Consolidated Forecasts for the Year Ending December 31, 2024 (January 1, 2024 - December 31, 2024)(Percentages represent changes from the same period in the previous year)

Net Sales

Operating Income

Ordinary Income% Millions of yen% Millions of yen
First Half
150,000 14.4
21,000 17.7
21,400
Full Year
321,000 10.5
52,0009.9
52,700(Note) Changes in the latest business forecasts released: None
Millions of yen

1

%
18.1
9.2

Net Income Attributable
to HORIBA Ltd.'s
Shareholders
per Share
Millions of yen%
Yen
15,000 -21.1
356.6037,000 -8.2
879.62Net Income Attributable
to HORIBA Ltd.'s
Shareholders

HORIBA, Ltd. (Consolidated)

Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries that caused a change in the scope of consolidation): None
(2) Application of the accounting method specific to quarterly consolidated financial statements: Yes(3) Changes in accounting policies, accounting estimates and retrospective restatement(ⅰ) Changes in accounting policies associated with revision of accounting standards: None(ⅱ) Changes in accounting policies arising from other than the above: None(ⅲ) Changes in accounting estimates: None(ⅳ) Retrospective restatement: None
(4) Number of shares outstanding (common stock)42,532,752

December 31, 2023

42,532,752(ⅱ) Treasury stock

March 31, 2024

469,129

December 31, 2023

263,029(ⅲ) Average number of outstanding sharesJan. - Mar., 2024

42,204,994

Jan. - Mar., 2023

42,231,966(ⅰ) Shares issued (including treasury stock) March 31, 2024

Note 1. This consolidated financial report is not subject to quarterly review by certified public accountants or accounting
firms.
Note 2. Appropriate use of business forecasts and other important information
The forecasts of dividend amount and business performance contained in this report have been made based on
certain future assumptions, outlooks, and plans which are available at the HORIBA Group as of May 14,2024.
However, due to risks and various uncertain factors such as future business operation policies, changes in theeconomic environment in Japan and overseas, fluctuation of currency rates, it is possible that actual performance
would vary considerably from the forecasts.

2

HORIBA, Ltd. (Consolidated)1. Qualitative Information Concerning Consolidated Results(1) Information Concerning Consolidated Operating Results(For details, see pages 10-12,“3. Supplemental Information - HORIBA, Ltd. Financial Highlights for the Three Months
Ended March 31, 2024”)

During the three months ended March 31, 2024, HORIBA, Ltd. (hereinafter the Company) and its consolidated
subsidiaries (hereinafter the HORIBA Group or HORIBA) increased sales by 6.7% year-on-year to 70,252 million yen.
Sales growth was mainly due to the depreciation of the yen against the euro and dollar, which boosted sales whentranslated into yen, and an increase in sales in the Automotive segment. On the other hand, mainly due to a decrease inprofit in the Medical Diagnostics segment and despite an increase in profit in the Semiconductor segment, operating
income decreased by 4.2% to 10,009 million yen and ordinary income decreased by 1.5% to 10,165 million yen.
Due to extraordinary gain on the sale of shares of subsidiaries of 6,083 million yen in the first quarter of FY2023, net
income attributable to HORIBA Ltd.'s shareholders decreased by 48.1% to 7,029 million yen.
The operating results of each business segment are summarized as follows.
(Automotive Segment)
Mainly due to an increase in sales in Japan and Asia, segment sales increased by 22.5% year-on-year to 19,528
million yen. However, operating income decreased by 46.0% to 178 million yen mainly due to a change in the productsales mix and continuous active investments in hydrogen related field.

(Process & Environmental Segment)
An increase in sales in Japan contributed to boosting segment sales by 9.9% year-on-year to 5,941 million yen.
Operating income decreased by 34.1% to 348 million yen due to the investment in the industrial process monitoringbusiness, acquired in the fourth quarter of FY2023, and to other factors.

(Medical-Diagnostics Segment)
Mainly due to an increase in sales of hematology analyzers in Europe, segment sales increased by 3.9% year-on-year
to 7,641 million yen. However, a temporary decrease in sales in Japan contributed to an operating loss of 316 million
yen, which was greater than the operating loss of 43 million yen in the first quarter of the previous year.
(Semiconductor Segment)
Mainly due to a decrease in sales to semiconductor production equipment manufacturers in Japan, segment sales
decreased by 3.8% year-on-year to 27,899 million yen. However, operating income increased by 0.9% to 9,796 million
yen due to the depreciation of the yen and an increase in sales in Asia.

(Scientific Segment)
Mainly due to an increase in sales of Raman spectrometers for analysis of advanced materials in Asia and Europe,
segment sales increased by 13.2% year-on-year to 9,242 million yen, and operating income increased to 2 million yen
from an operating loss of 73 million yen in the first quarter of the previous year.

3

HORIBA, Ltd. (Consolidated)(2) Information Concerning Consolidated Earnings Forecasts for FY2024
Our assumption for the exchange rate has been changed from 140 yen to 145 yen against the US dollars and 155 yen
to 160 yen against the euro.
Consolidated earnings forecasts for FY2024 remain unchanged from those in“Summary of Consolidated Financial
Statements for the Year Ended December 31, 2023" disclosed on February 14, 2024, while the depreciation of the yen
is expected to improve earnings, the recovery of the semiconductor market in Japan has been slower than expected.
The dividend forecast for the current fiscal year remains unchanged.
Cautionary statement with respect to earnings forecasts
The forecasts of dividend amount and business performance contained in this report have been made based on certain
future assumptions, outlooks, and plans which are available at the HORIBA Group as of May 14, 2024. However, due
to risks and various uncertain factors such as future business operation policies, changes in the economic environment
in Japan and overseas, fluctuation of currency rates, it is possible that actual performance would vary considerably fromthe forecasts.

4

HORIBA, Ltd. (Consolidated)2. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheets
Amount: Millions of yen
FY2023(As of December 31, 2023)

FY2024 First Quarter(As of March 31, 2024)

AssetsCurrent Assets:
Cash and bank deposits

132,775

125,793

Notes and accounts receivable - trade,and contract assets

71,541

69,508Marketable securities

2,000

2,001

Merchandise and finished goods

35,14536,311Work in process

24,69627,823

Raw materials and supplies

39,632

41,128Other current assets

14,102

16,544

Allowance for doubtful accounts(1,317)(2,615)

Total Current Assets

318,577

316,496

Buildings and structures, net

55,45456,460Machinery, equipment and vehicles, net

17,652

18,337

Land

20,311

20,872

Construction in progress

2,530

4,034

Other property, plant and equipment, net

4,853

4,879

Total Property, Plant and Equipment

100,801

104,584

Goodwill

1,343

1,301

Software

1,258

1,160

629

658

Other intangibles

1,733

1,795

Total Intangibles

4,965

4,916

Investment securities

15,666

19,367Retirement benefit asset

1,212

1,221

Deferred tax assets

6,244

5,989

Other investments and other assets

2,778

1,564

Allowance for doubtful accounts(1,214)(56)

Total Investments and Other Non-Current Assets

24,68628,087130,453

137,588

449,030

454,084

Fixed Assets:
Property, Plant and Equipment:

Intangibles:

Leasehold interests in land

Investments and Other Non-Current Assets:

Total Fixed Assets
Total Assets

5

HORIBA, Ltd. (Consolidated)Amount: Millions of yen
FY2023(As of December 31, 2023)

FY2024 First Quarter(As of March 31, 2024)

Liabilities
Current Liabilities:
Trade notes and accounts payable

30,51824,754

Short-term loans payable

5,695

8,590

Accounts payable - other

22,184

21,393

Accrued income taxes

5,783

3,858

Contract liabilities

24,71326,073

Accrued bonuses to employees

2,312

3,498

-

264

Reserve for product warranty

3,570

3,321

Other current liabilities

6,272

7,107

Total Current Liabilities

101,051

98,862

Corporate bonds

30,00030,000Long-term loans payable

24,69924,860645

858Retirement benefit liability

1,873

1,998

Other non-current liabilities

7,027

7,344

Total Non-Current Liabilities

64,24665,062

165,298

163,925

Common stock

12,011

12,011

Capital surplus

18,766

18,766

Retained earnings

223,320

221,473

Treasury stock(1,037)(4,091)

Total Shareholders' Equity

253,060

248,159

Net unrealized holding gains or losses on securities

6,850

9,309

Foreign currency translation adjustments

22,78531,668Remeasurements of defined benefit plans

312

296

29,947

41,273

Subscription Rights to Shares

706

706

Non-Controlling Interests

1719

283,732

290,159

449,030

454,084

Accrued bonuses to directors and corporate auditors

Non-Current Liabilities:

Deferred tax liabilities

Total Liabilities
Net Assets
Shareholders' Equity

Accumulated Other Comprehensive Income

Total Accumulated Other Comprehensive Income

Total Net Assets
Total Liabilities and Net Assets

6

HORIBA, Ltd. (Consolidated)(2) Consolidated Statements of Income and Consolidated Comprehensive Income Statements(Consolidated Statements of Income)Amount: Millions of yen
FY2023 First Quarter(Three Months Ended

FY2024 First Quarter(Three Months Ended

March 31, 2023)

March 31, 2024)

Net Sales

65,85470,252

Cost of Sales

36,56039,038Gross Income

29,29331,213

Selling, General and Administrative Expenses

18,842

21,203Operating Income

10,45010,009Interest income

322

639

Dividend income

2

1

Subsidy income

3

11

Other

78

60

Total Non-Operating Income

406

712

Interest expenses

224

212

Foreign exchange losses

281

181

Other

31

162

Total Non-Operating Expenses

537

556

10,32010,1655

1

Gain on sale of shares of subsidiaries

6,083

-

Total Extraordinary Gain

6,089

1

Loss on disposal of fixed assets

11

6Loss on sale of investment securities

0-

Loss on valuation of investment securities

21-

Total Extraordinary Losses

32

6Income before Income Taxes

16,377

10,160

Income taxes (current)

4,068

3,542

Income taxes (deferred)(1,252)(412)

Total Income Taxes

2,816

3,130

13,561

7,030

5

1

13,556

7,029

Non-Operating Income

Non-Operating Expenses

Ordinary Income
Extraordinary Gain
Gain on sales of fixed assets

Extraordinary Losses

Net Income
Profit (loss) attributable to non-controlling interests
Net Income Attributable to HORIBA Ltd.'s Shareholders

7

HORIBA, Ltd. (Consolidated)

(Consolidated Statements of Comprehensive Income)Amount: Millions of yen
FY2023 First Quarter

FY2024 First Quarter(Three Months Ended
March 31, 2023)(Three Months Ended
March 31, 2024)

13,561

7,030

103

2,458

Foreign currency translation adjustments

2,159

8,799

Remeasurements of defined benefit plans

(2)

(15)

44

83

2,304

11,326

15,865

18,357

15,86018,355

51

Net Income
Other Comprehensive Income
Net unrealized holding gains or losses on securities

Share of other comprehensive income of entities accounted forusing equity method
Total Other Comprehensive Income
Comprehensive Income(Breakdown of comprehensive income)Comprehensive income attributable to HORIBA Ltd.'s Shareholders
Comprehensive income attributable to non-controlling interests

8

HORIBA, Ltd. (Consolidated)

(3) Notes to Consolidated Financial Statements
Application of special accounting for preparing quarterly consolidated financial statement(Calculation method for tax expenses)
The Company and its domestic consolidated subsidiaries calculated income tax expenses by multiplying quarterly
income before income taxes by reasonably estimated annual effective tax rate. This tax rate was reasonably estimatedafter applying the deferred tax accounting to the annual income before income taxes.

9

HORIBA, Ltd. (Consolidated)3. Supplemental Information
HORIBA, Ltd. Financial Highlights for the Three Months Ended March 31, 2024
1.Consolidated Financial Results

Amount : Millions of yen

12/2023
Results

12/2024
Results

1Q (3 Months) 1Q (3 Months)

Amount12/2024
Forecasts

12/2023
Results

ChangesRatio

1st Half

Full Year

1st Half

Full YearNet Sales

65,85470,252+4,398+6.7%

131,105

290,558

150,000

321,000

Operating Income

10,45010,009

-441

-4.2%

17,83847,29621,00052,000

15.9%

14.2%

-1.7P

13.6%

16.3%

14.0%

16.2%

10,32010,165-154

18,124

48,251

21,40052,700

15.7%

14.5%

-1.2P

13.8%

16.6%

14.3%

16.4%

13,556

7,029-6,52619,00640,302

15,00037,000Net Income Ratio

20.6%

10.0%

-10.6P

14.5%

13.9%

10.0%

11.5%

US$

132.42148.63+16.21135.00140.67145.00145.00Euro

142.16161.33+19.17145.93152.11160.00160.00Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributable
to HORIBA Ltd.'s
Shareholders-1.5%-48.1%

2.Consolidated Segment Results
Net Sales

Amount : Millions of yen

12/2023
Results

12/2024
Results

1Q (3 Months) 1Q (3 Months)

Amount12/2024
Forecasts

12/2023
Results

ChangesRatio

1st Half

Full Year

1st Half

Full Year

Automotive

15,943

19,528+3,585+22.5%

30,54580,40646,00094,000

Process&Environmental

5,404

5,941

+536

+9.9%

11,336

24,95915,00031,500

Medical-Diagnostics

7,351

7,641

+290

+3.9%

15,592

32,67817,00034,500

Semiconductor

28,98827,899-1,089-3.8%

56,225

112,872

53,000119,000

Scientific

8,166

9,242

+1,075+13.2%

17,404

39,641

19,00042,000Total

65,85470,252+4,398+6.7%

131,105

290,558

150,000

321,000

Operating Income

12/2023
Results

12/2024
Results

1Q (3 Months) 1Q (3 Months)

Amount12/2024
Forecasts

12/2023
Results

ChangesRatio

1st Half

Full Year

1st Half

Full Year

Automotive

330

178

-152

-46.0%(2,159)

1,209

500

3,000

Process&Environmental

529

348

-180

-34.1%

916

2,412

1,000

3,000

Medical-Diagnostics

(43)

(316)

-273

-

178

638

-

1,000

9,707

9,796

+88

+0.9%

18,68940,58019,00042,000

(73)

2

+76

-

213

2,456

500

3,000

10,45010,009

-441

-4.2%

17,83847,29621,00052,000

Semiconductor
Scientific
Total

10

HORIBA, Ltd. (Consolidated)3.Consolidated Segment Sales by Destination

Amount : Millions of yen

12/2023
Results

12/2024
Results

1Q (3 Months)

1Q (3 Months)

ChangesAmountRatio

12/2023
Results

12/2024
Forecasts

Full Year

Full Year

15,943

19,528+3,585+22.5%

80,40694,000

Japan

4,989

7,779

+2,789+55.9%

16,86820,800

Asia

2,955

3,761

+806

+27.3%

19,761

20,500Americas

1,819

1,600

-219

-12.1%

10,637

12,400Europe

6,178

6,386

+208

+3.4%

33,13840,300

Process&Environmental

5,404

5,941

+536

+9.9%

24,95931,500

Japan

3,022

3,360

+337

+11.2%

11,446

13,100

Asia

942

1,049

+106

+11.3%

5,863

9,300

Americas

737

798

+60

+8.2%

3,689

4,000

Europe

701

732

+31

+4.4%

3,960

5,100

7,351

7,641

+290

+3.9%

32,67834,500

Japan

1,750

1,185

-564

-32.3%

6,906

7,100

Asia

1,733

1,986

+252

+14.6%

7,812

8,700

Americas

1,682

1,753

+71

+4.2%

7,069

7,700

Europe

2,185

2,716

+530

+24.3%

10,88911,000Automotive

Medical-Diagnostics

Semiconductor

28,98827,899-1,089-3.8%

112,872

119,000

Japan

8,452

5,914

-2,537-30.0%

27,34331,000Asia

15,72917,552+1,822+11.6%

69,052

67,200Americas

2,496

2,611

+115

+4.6%

9,266

15,000Europe

2,310

1,820

-489

-21.2%

7,209

5,800

8,166

9,242

+1,075+13.2%

39,64142,000

Japan

2,572

2,476

-96

-3.7%

7,579

9,300

Asia

2,277

2,875

+598

+26.3%

14,77715,300Americas

2,050

2,204

+153

+7.5%

10,0249,400

Europe

1,265

1,685

+419

+33.2%

7,261

8,000

65,85470,252+4,398+6.7%

290,558

321,000Japan

20,787

20,716-71-0.3%

70,14481,300Asia

23,63927,225+3,586+15.2%

117,266

121,000

Americas

8,787

8,968

+181

+2.1%

40,68748,500Europe12,64013,341

+700

+5.5%

62,45870,200ScientificTotal

4. Capital Expenditures, Depreciation and R&D Expenses

Amount : Millions of yen

12/2024

12/2023
1Q (3 Months)

Full-year Results

1Q (3 Months)

Full-year Forecasts

Capital Expenditures (*1)

2,073

9,122

3,027

23,000Depreciation (*2)

2,935

12,602

3,188

14,000R&D Expenses

4,705

20,436

5,401

22,600(*1) Capital Expenditures are investments in tangible and intangible fixed assets.
(*2) Amortization of goodwill is included in depreciation.

11

HORIBA, Ltd. (Consolidated)5. Consolidated Financial Results (Quarterly Comparison)

Amount : Millions of yen

12/2023 Results

12/2024

1Q

2Q

3Q

4Q

Net Sales

65,85465,251

69,57489,87870,252

79,747

171,000

Operating Income

10,4507,387

10,66018,797

10,00910,99031,000

15.9%

11.3%

15.3%

20.9%

14.2%

13.8%

18.1%

10,320

7,803

10,964

19,162

10,165

11,23431,300

15.7%

12.0%

15.8%

21.3%

14.5%

14.1%

18.3%

13,556

5,449

7,966

13,330

7,029

7,970

22,000

20.6%

8.4%

11.4%

14.8%

10.0%

10.0%

12.9%

Operating Income Ratio

Ordinary Income
Ordinary Income Ratio

Net Income Attributable
to HORIBA Ltd.'s
Shareholders
Net Income Ratio

1Q Results

2Q Forecasts 2H Forecasts

6. Consolidated Segment Results (Quarterly Comparison)
Net Sales

Amount : Millions of yen

12/2023 Results

12/2024

1Q

2Q

3Q

4Q

Automotive

15,943

14,602

17,621

32,23819,52826,471

48,000

Process&Environmental

5,404

5,931

5,921

7,701

5,941

9,058

16,500

Medical-Diagnostics

7,351

8,241

7,815

9,270

7,641

9,358

17,500

Semiconductor

28,98827,23728,33028,31527,89925,10066,000Scientific

8,166

9,238

9,884

12,352

9,242

9,757

23,000Total

65,85465,251

69,57489,87870,252

79,747

171,000

1Q

2Q

Operating Income

1Q Results

2Q Forecasts 2H Forecasts

12/2023 Results

12/2024

3Q

4Q

1Q Results

2Q Forecasts 2H Forecasts

Automotive

330(2,490)

(577)

3,946

178

321

2,500

Process&Environmental

529

387

505

990

348

651

2,000

Medical-Diagnostics

(43)

221

51

408

(316)

316

1,000

9,707

8,981

10,132

11,757

9,796

9,203

23,000

(73)

286

549

1,693

2

497

2,500

10,4507,387

10,66018,797

10,00910,99031,000

Semiconductor
Scientific
Total

Contact
IR・ESG, Corporate Planning Office, Group Strategy Division, HORIBA, Ltd. E-mail: ir-info@horiba.com

12

HORIBA, Ltd. (Consolidated)