HORIBA (6856) Q4 2025 earnings summary

Executive summary

• Achieved record-high sales and profits in 2025, with net sales rising 5.0% year-over-year to ¥333,081 million and operating income up 9.7% to ¥53,040 million; net income attributable to shareholders increased 10.4% to ¥37,090 million.

• Progress made on MLMAP2028, with accelerated field operations and new product development.

• Strategic investments in new headquarters and production facilities to support long-term growth.

• The business was reorganized into three segments: Energy & Environment, Bio & Healthcare, and Materials & Semiconductor.

• Comprehensive income decreased 6.3% year-over-year to ¥44,996 million.

Financial highlights

• 2025 sales reached ¥333.0bn, up ¥15.7bn year-over-year; operating profit rose to ¥53.0bn, up ¥4.7bn.

• Net income attributable to shareholders increased to ¥37.0bn, up ¥3.4bn year-over-year.

• 2026 forecasts: sales of ¥345.0bn (+3.6%), operating profit of ¥56.0bn (+5.6%), net income of ¥40.5bn (+9.2%).

• Free cash flow in 2025 was ¥29.4bn; equity ratio improved to 67.1%.

• Ordinary income increased 8.1% to ¥54,226 million, with a margin of 16.3%.

Outlook and guidance

• 2026 expects continued growth, driven by semiconductor and materials demand, and stable performance in energy and healthcare.

• MLMAP2028 targets under review, with updates planned for August 2026.

• Dividend per share forecast for FY2026 is ¥490, up from ¥450 in FY2025.