HORIBA (6856) Q2 2025 earnings summary

Executive summary

• Net sales for the first half of 2025 rose 4.4% year-over-year to ¥148.9bn, with operating profit up 17.6% to ¥21.8bn and net income attributable to shareholders up 20.6% to ¥15.8bn, driven by strong performance in Materials & Semiconductor and Energy & Environment, while Bio & Healthcare declined.

• Achieved record-high first half sales and operating profit in 2025, with enhanced measurement technology for semiconductor wafer surfaces and expanded R&D and production bases in Kyoto.

• Focused on sustainability initiatives, including CO2 reduction targets and energy management technology.

Financial highlights

• Gross margin improved as gross income increased to ¥66,713 million from ¥62,065 million year-over-year.

• Operating profit margin improved to 14.7% from 13.0% in the prior year.

• Cash and cash equivalents at June 2025 were ¥151.9bn, up from ¥134.2bn a year earlier; equity ratio at 65.4%.

• Capital expenditures for the first half were ¥9,561 million, with full-year forecast at ¥20,000 million.

Outlook and guidance

• Full-year 2025 sales forecast at ¥335.0bn (+5.6%), operating profit at ¥52.0bn (+7.6%), and net income at ¥36.0bn (+7.2%), all record highs.

• Dividend forecast unchanged at ¥290 per share for FY2025.

• Sales growth expected across all business fields, with Materials & Semiconductor and Energy & Environment leading.

• Exchange rate assumptions revised to ¥145/USD and ¥165/EUR.