HORIBA (6856) Q3 2025 earnings summary

Executive summary

• Net sales for the nine months ended September 30, 2025, rose 6.7% year-over-year to ¥230,245 million, with operating income up 12.1% to ¥33,515 million and net income attributable to shareholders up 21.0% to ¥24,096 million, driven by strong performance in Energy & Environment and Materials & Semiconductor fields.

• Segment reorganization from five to three fields: Energy & Environment, Bio & Healthcare, and Materials & Semiconductor, effective FY2025, aligning with the mid- to long-term management plan.

Financial highlights

• Sales rose to ¥230.2 billion, up 6.7% year-over-year for Jan–Sep 2025, with gross income increasing to ¥102,059 million.

• Operating profit increased 12.1% to ¥33.5 billion, with margin improving to 14.6% from 13.9% year-over-year.

• Ordinary profit grew 10.5% to ¥34.3 billion; net income attributable to shareholders reached ¥24.0 billion, up 21.0%.

• EPS for the nine months was ¥574.03, up from ¥473.73 in the prior year.

• Total assets increased to ¥490,211 million as of September 30, 2025.

Outlook and guidance

• Full-year 2025 forecasts maintained: sales ¥335.0 billion (+5.6%), operating profit ¥52.0 billion (+7.6%), net income ¥36.0 billion (+7.2%).

• Dividend per share forecasted at ¥290, unchanged from 2023.

• Upward revision in Energy & Environment, downward in Bio & Healthcare; strong demand expected in Materials & Semiconductor.

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