HORIBA, Ltd. Contents ■ 2023 Results ■ 2024 Forecast ■ Outlines by Business Segment ■ MLMAP 2023 Summary ▷ Financial Data
HORIBA | © 2024 HORIBA, Ltd. All rights reserved.
Contents ■ 2023 Results ■ 2024 Forecast ■ Outlines by Business Segment ■ MLMAP 2023 Summary ➤ Financial Data

★: Record-high
5

★: Record-high

B/S ◆Total assets: Up ¥32.2bn to ¥449.0bn, mainly by increasing inventory ◆Equity ratio: 63.0% (compared to the end of Dec. 2022) ◆Operating CF: Cash in ¥16.6bn due to operating profit Free CF: + ¥9.3bn ◆Investing CF: Cash out ¥7.3bn due to capital investments ◆Financial CF: Cash out ¥20.9bn due to payment of dividend and repayment of short-term debt Contents ■ 2023 Results ■ 2024 Forecast ■ Outlines by Business Segment ■ MLMAP 2023 Summary ➤ Financial Data

★: Record-high  10

★: Record-high  11

Basic policy up to FY2023
•  Dividend payment + Share buyback = 30% of Consolidated net income attributable to owners of parent to be targeted • Remaining earnings are retained internally for strategic investments (i.e. facilities, M&A)
New basic policy from FY2024
•  Dividend payment = 30% of Consolidated net income attributable to owners of parent to be targeted •  Execute special dividend and share buybacks timely and properly, considering investment opportunities and the cash flow situation.
Dividends per share and Share buybacks
245 yen【Interim ●   2022 Results ●  2023 Results   290 yen 【Interim ●  2024 Forecast  265 yen 【Interim 65 yen; Year-end  180 yen】 80 yen; Year-end  210 yen】 80 yen; Year-end  185 yen】+ Share buybacks ¥5bn
Improvement in capital efficiency
. . Management conscious of capital cost  ・Cash generation by implementing Execution of the return policy the business strategy ROE (Return On Equity) X PER (Price Earnings Ratio) PBR (Price Book-value Ratio) 12
■ 2023 Results ■ 2024 Forecast ■ Outlines by Business Segment ■ MLMAP 2023 Summary ■ MLMAP 2028 ➤ Financial Data
HORIBA | © 2024 HORIBA, Ltd. All rights reserved.

2023 Results
*1 Mechatronics *2 Engineering Consultancy & Testing
【EMS】
•  Increased demand for heavy-duty vehicles (trucks, buses). •  Captured demand for maintenance and management of emission measurement equipment. 【MCT*¹ and ECT*²】 • Sales increased by capturing demand related to vehicle electrification and hydrogen energy. • Increased investment in growth fields such as hydrogen energy and batteries.
Sales and O.P（Billions of Yen）
80.4 94.0 OP
2024 Full-Year Forecasts and Mid-Long Term Outlook
【EMS】
Increase in demand in anticipation of the introduction of new emission regulations in Europe (Euro7) and other countries. 【MCT and ECT】 •  Expect sales expansion in the field of next-generation mobility development. •  Expect an increase in sales related to hydrogen energy to improve profitability. •  MCT business: Aim to improve profitability by shifting to high-value- added products for electrification.
New Product in the Automotive Segment
Continuous real-time measurement of solid particles from engine exhaust gas
Solid Particle Counting System
Respond to the new regulations in Europe, which might require measurement of dust emissions generated from brake wear and tire wear.

MCT (w/o FC/Battery)
• Demand expansion of testing for electrification. • Recover in testing demand along with continuous investment in internal combustion engine. •  Turnaround in 2024 by improved production efficiency and sales activity specialized in the project high value added.
FC/Battery

Launched eHUB* in Jun. 2022 Tripled production capacity
MCT Sales Transition (Billions of Yen) FC/Battery MCT (w/o FC/Battery) 11.0 22.0 2022 2023 2024 Fore.
2023
Started production of FC related products and strengthened engineering capabilities in Japan Major investment Hired approx. 100 more employees Approx. threefold
*eHUB : Production base of HORIBA FuelCon in Germany
15

2023 Results
【Gas monitoring】 •  Sales increased in Europe due to steady demand related to environmental regulations. 【Water quality monitoring】 •  Increase in sales of water quality measurement equipment for manufacturing processes in the electronics and other industries. •   Sales, including those of the products of Tethys Instruments (France) acquired in 2023, increased in Asia.
Sales and O.P（Billions of Yen）
Sales OP 22.5 24.9
2024 Full-Year Forecasts and Mid-Long Term Outlook
Demand for process measurement related to environmental regulations and in the industrial sector is expected to increase. 【Gas monitoring】 •  Demand is expected to increase in the electronic device industry •  Demand expected to increase respond to new energy sector and CCUS* • Expand sales of the Process Instruments' products to the energy market. 【Water quality】 •  Demand expect to increase in the electronic device industry due to compliance with environmental regulations * Carbon dioxide Capture, Utilization and Storage
New product in the P&E Segment
Analyzer for a wide variety monitoring of ultra-trace gases for the electronics industry and gas production processes.
AP-380 series
Monitoring of molecular contaminants in manufacturing areas for semiconductors, sensors, electronic components, etc. Monitoring of impurities in gas production processes Contributing to testing of air quality in car interior, etc.
31.5

2023 Results
Sales of test reagents increased due to the recovery in the number of medical examinations after relaxation of various COVID-19 restrictions. 【Europe】 •  Started to supply hematology analyzers to Siemens. 【Japan, Asia and Americas】 •  New hematology analyzers contributed to sales increase. • Sales of analyzers and reagents increased in the clinical chemistry areal
2024 Full-Year Forecasts and Mid-Long Term Outlook
■ Sales of analyzers and reagents is expected to increase in Japan and Asia by launching new product. ◾ Expand supply of hematology analyzers to Siemens globally from Europe, which is expected to contribute to profit for med-long term. ◾ Aim further business expansion in fields other than hematology, such as immunology and clinical chemistry.
Sales and O.P  (Billions of Yen)
Sales 29.7 32.6 34.5 OP 2024 Fore.
New Products in the Medical-Diagnosis Segment
Enables 5 types of analysis using 3 reagents. Hematology Analyzer Yumizen-H500＆H55 Increased need for blood testing in veterinary clinics. Quickly determine anemia, allergies, inflammation, etc., contributing to prompt treatment. MicrosemiLC-712 17
Hematology: Clinical chemistry: Focus on Europe, Japan and Asia Focus on the North America market so as to improve profitability
hids
Private practitioners Hospital units and surgery rooms
▷  Alliance with Siemens → Plan to increase sales in the scale of 5 billion yen.
▷ Focus on clinical diagnosis by primary care doctors and expand new product line-ups. Japan: POCT* of hemoglobin A1C and CRP Clinical chemistry
➤ Strengthen sales of
chemistry business by globally supplying
India: ▷ Expand product line-ups.
▷ Establish a local production system and accelerate localization.
*POCT: Point-of-care Testing
18

2023 Results
■ Maintained steady sales thanks to significant order backlogs, despite semiconductor manufacturers' capex being in an adjustment phase. ◾ Sales increased due to higher semiconductor demand in China. ◾ Increased in demand mass flow controllers for production of photovoltaics and artificial diamond(China, India etc.)
Sales and O.P  (Billions of Yen)
Sales

119.0
● OP
2024 Full-Year Forecasts and Mid-Long Term Outlook
■  2024 1H: Expect an adjustment phase to continue for capex by semiconductor manufacturers. ■ 2024 2H: Expect a market recovery and demand increase. ■ Find and expand new applications throughout the semiconductor manufacturing process. ■ Expand the Reticle/Mask Particle Detection line-up with the aim to meet a complex mask diagnostics demand.
New Products in the Semiconductor Segment
The best performance pressure-insensitive mass flow module, which responds to the evolution of miniaturization and 3D structures in advanced semiconductor devices
CRITERION D700T
Realize an accurate, fast response when switching gas supply. Contribute to improving yields in advanced memory processes, etc.
Enhance the Domestic HORIBA STEC Kyoto Head Office Factory HORIBA STEC Aso Factory
Priority BCP Measures
• Improve BCP scenarios that assume disasters, export controls, etc. • Expand the second source and enhance procurement capacity. • Allocate stocks and strengthen supply capacity by utilizing the global network. Build a New Factory in Fukuchiyama, Kyoto HORIBA STEC New Kyoto Fukuchiyama Factory to be completed in January 2026 Major Factories of Mass Flow Controller
20

2023 Results
◾ Sales increased in the advanced materials and life science markets (Raman Spectrometers, Particle-size distribution analyzers, X-ray fluorescence analyzers, etc.) ■ Decreased sales of optical components for semiconductor production equipment manufacturers due to the semiconductor market slowdown.
2024 Full-Year Forecasts and Mid-Long Term Outlook
◾ Expand sales related to demand in cutting-edge R&D. ■ Expand the manufacturing process evaluation and monitoring business. ◾ Explore the life science market (i.e., pharmaceuticals) globally. ■ Expect growth in demand for manufacturing processes in the semiconductor market.
Sales and O.P  (Billions of Yen)
Sales 39.6 42.0 ● OP 2024 Fore.
Topic in the Scientific Seqment
High-speed Throughput Raman Screening
Rapid Raman Plate Reader
Globally provide solutions to automate and accelerate the drug development time. Contents ■ 2023 Results ■ 2024 Forecast ■ Outlines by Business Segment ■ MLMAP 2023 Summary ➤ Financial Data
Achieved the targets Priority Measures ● Market Oriented Business ● Solution Provider Beyond Life Cycle Management ● HORIBA Core Values “The Next Stage of Super Dream Team”
To develop analysis and measurement solutions, utilizing HORIBA’s core technologies, in the leading three business fields of the mega trend
Examples of solutions developed as a result of cross-segment activities Solution to support building a hydrogen energy society Solution for bio- pharmaceuticals Solution for new materials and semiconductors Solution for CO 2 reduction
Contribute to realization of a carbon-neutral society by combining HORIBA’s business networks and analysis measurement with a focus on hydrogen. Evaluation equipment for hydrogen station, electrolyzers, and hydrogen production Evaluation equipment for fuel cells, FCV, stationary fuel cells, and engine/ power-generating turbines Deepening the technological capabilities of HORIBA FuelCon in Germany, acquired in 2018, and the existing applications owned by HORIBA Generation Energy conversion Utilization P&E segment's business of strength: electricity, gas, and oil Automotive seqment’s business of strength: automotive and heavy industry 26
Provide essential measurement solutions for the process of separating/capturing CO, emitted from factories/power plants, etc. and recycle it as fuel. Capture CO 2 in liquid form Combine core technologies of gas and liquid analysis to realize highly efficient separation and capture of CO 2.
Capture CO₂ in solid form
Apply Automotive technology for evaluating exhaust gas catalyst and Process & Environment continuous measure- ment technology for evaluation of CO₂ capture
Contribute to development, quality control and manufacturing of pharmaceuticals, based on core technologies proven in academia and R&D and through partnership with key players in the pharmaceutical industry. Application to the pharmaceutical industry Customized product development Partnership with customers Core technologies utilized in the life science field
Develop solutions by utilizing networks with the semiconductor industry and applying industrial and spectroscopic instruments to the entire electronic component and semiconductor industry. Contribute to R&D of advanced materials Core technologies and business networks that have supported the semiconductor industry Support transformation to smart factory status
Be empathetic to customers troubled with “issues” and offer solutions from all aspects of the situation Provide contract analysis and technical support at 19 Analytical Solution Plazas worldwide Provide automated analysis to help improve customers’ on-site efficiency and productivity A combination of “connection” and “measurement” that responds to customers’ needs for labor saving. Service Life Cycle Management supporting the emission business •  Mindset that HORIBA’s products present options to meet customers’ demands •  Contribute to upgrading products that comply with new regulations • Respond to diversified needs for measurement 30
Improve value!
Our Future Project
Established the long-term vision “Our Future” (Vision, Mission, Values), as a guideline for all global HORIBARIANs in advancing towards the 100th anniversary of the company's foundation. Improve value! Stained Glass Project Diversity promotion started with the mission to create new value on an ongoing basis by allowing various personalities and talents to shine. So far, contributed to business continuity during the COVID-19 pandemic.
BlackJack Project
Original business improvement activities aimed at changing employee awareness and actions. An internal world cup competition is held every year to select the grand prize from the themes represented by region. 2053 100th Anniversary 1997 2014 2022 Contents ■ 2023 Results ■ 2024 Forecast ■ Outlines by Business Segment ■ MLMAP 2023 Summary ▷ Financial Data
(Billions of Yen) 2022 Jan. – Dec. 2023 Jan. – Dec. Increase Sales
Increase impact for R&D Expenses Expenses Increase Other Expenses -2.96 -1.2 -5.08 Increase Gross Profit +4.39 Exchange Impact +3.35 Increase Expenses  -6.29 Increase Operating Profit   + 1.45 33
•Recent issuer rating: R&I “A” (Sep. 2023), JCR “A+” (Sep. 2023) (Billions of Yen)
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