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Consolidated Financial Results 3Q FY2025 November 11, 2025 President & CEO Jun Kawakami SEVP, Global Product Unit Leader Kiyoshi Ogata
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 2© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. This material has been prepared solely for the purpose of providing relevant information regarding Rigaku Holdings Corporation (“Rigaku” or the “Company”) and does not constitute an offer to sell or the solicitation of an offer to buy any security in the United States, Japan or any other jurisdiction. The information contained in this material is based on the economic, regulatory, market and other conditions available to the Company on the date hereof, and the Company does not make any representations, warranties or guarantees with respect to the truthfulness, accuracy or integrity of such information. The information contained in this material may be changed without prior notice. This material contains statements that constitute forward-looking statements, including estimates, prospects, plans and targets. Such forward-looking statements do not represent any guarantee by management of future performance. In many cases, but not all, the Company uses such words as “expectation,” “forecast,” “anticipation,” “intention,” “plan,” “possibility” and similar expressions to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Any forward-looking statements in this material are based on certain assumptions, beliefs and forecasts of the Company on basis of information available to the Company at the time such statements were made, and involve known and unknown uncertainties, risks and other factors, including, but not limited to, adverse changes in demand for X-ray analytical instruments, global economic conditions, the reputation of the Company’s brand, products and services, intense competition in the markets in which the Company operates, risks associated with international business operations, risks related to inflation, fluctuations in currency exchange rates, fluctuations in labor cost, changes in or the introduction of new laws and regulations, the Company’s ability to execute its strategies to grow its business, the protection of personal and confidential information, legal proceedings, the occurrence of large-scale disasters and other factors. Such risks, uncertainties and other factors may cause the Company’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. The Company’s fiscal year ends on December 31. The Company adopted International Financial Reporting Standards (“IFRS”) from the year ended December 31, 2023, using a transition date of January 1, 2022. This material contains non-IFRS financial measures of the Company, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Profit, Adjusted Operating Profit Margin, R&D Ratio, CAPEX ratio, Adjusted Profit and Free Cash Flow. These non-IFRS financial measures should not be considered in isolation or as a substitute for the most directly comparable financial measures presented in accordance with IFRS or accounting principles generally accepted in other jurisdictions, including J-GAAP and U.S. GAAP. The Company’s use, definition and calculation of its non-IFRS measures may differ significantly from, and therefore may not be directly comparable to, similarly titled measures of other companies. Please refer to the calculation tables in the Appendix for details. This material also contains financial and operating data prepared on a management accounting basis, such as revenue and operating profit by product categories and revenue by end markets. This information is not prepared in accordance with J-GAAP or IFRS and is unaudited. This material contains statements as of the date stated on this material (or any other date separately specified herein), and the Company neither adopts a policy of, nor assumes any responsibility for, keeping such information updated. Therefore, future prospects will not necessarily coincide with actual results. Information regarding companies other than the Company contained in this material is extracted from publicly available information, and the Company has not verified and cannot guarantee the accuracy or adequacy of such Information.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 【Agenda】 1. Summary of 3Q FY2025 Consolidated Financial Results and Progress Towards FY2025 Earnings Forecast 2. Updates on Growth Strategy and Direction for FY2026 3© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 4© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 1. Summary of 3Q FY2025 Consolidated Financial Results and Progress Towards FY2025 Earnings Forecast
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Highlights of 3Q FY2025 Consolidated Financial Results ◼ 3Q Revenues in line with expectations, decreased (4.9)% YoY on cumulative basis ◼ Adjusted EBITDA and Net Profit declined YoY significantly due to lower overall sales, concentration of high-margin semiconductor projects in 4Q, as well as continued strategic investments. Performance bottomed out in 3Q with recovery expected in 4Q. Overall Semiconductor Process Control Instruments ◼ Sales concentration in 4Q due to demand shift from mass production to R&D applications resulted 3Q cumulative revenue decrease by (5.6)% YoY ◼ Temporary margin decline due factors such as shift in customer mix is expected to recover in 4Q, leading to higher profit supported by volume growth and improved mix ◼ Remaining Final Negotiation Phase projects diminished to approx. 5.0% of 4Q revenue forecast leading to further confidence in achieving full-year guidance Multipurpose Analytical Instruments ◼ 3Q cumulative revenue declined (5.3)% YoY, however rebounded +19.4% QoQ in 3Q (Jul -Sep) ◼ Strong performance in overseas sales excl. China, cumulative revenue increased +11% YoY 5 Revenues bottomed out in 3Q; 4Q set for strong rebound with significant sales growth and high- margin projects driving steady progress to achieve full-year guidance © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 4.0 4.0 2.1 19.6% 20.0% 11.7% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0 1 2 3 4 5 6 7 FY2025/12 1Q FY2025/12 2Q FY2025/12 3Q 9.2 8.9 8.3 6.1 4.6 4.2 5.1 6.5 6.1 20.6 20.1 18.7 -3 2 7 12 17 22 27 FY2025/12 1Q FY2025/12 2Q FY2025/12 3Q Summary of 3Q FY2025 Consolidated Financial Results Note: 1. Details of the adjustment item related to the calculation of non-IFRS items are described on Page 30 and 31 2.2 2.1 0.8 11.0% 10.7% 4.5% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 1 2 3 4 5 6 7 8 9 10 FY2025/12 1Q FY2025/12 2Q FY2025/12 3Q Components and Services Semiconductor Process Control Instruments Multipurpose Analytical Instruments 6© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. ◼ 3Q revenues declined due to delayed semiconductor investment and softer EUV multilayer mirror demand, however results have remained within expectation ◼ Adjusted EBITDA and Net Profit declined due to lower sales, product and regional mix effects, and continued growth investments (JPY Bn) Adjusted EBITDA(1) Adjusted Profit(1)Revenue Detailed explanations to follow
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 15.5 10.2 24.8% 17.2% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0 5 10 15 20 25 FY2024/12 3Q FY2025/12 3Q 10.2 5.2 16.3% 8.8% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 FY2024/12 3Q FY2025/12 3Q 27.9 26.4 15.9 15 18.5 17.9 62.5 59.4 -5 5 15 25 35 45 55 65 75 85 FY2024/12 3Q FY2025/12 3Q ◼ Revenue declined (4.9)% YoY, landing within expectation ◼ Adjusted EBITDA / Net Profit declined YoY due to lower sales, shift of high gross margin semiconductor projects to 4Q, softer EUV multilayer mirror demand and continued R&D investments © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 7 Note: 1. Details of the adjustment item related to the calculation of non-IFRS items are described on Page 30 and 31 Summary of 3Q FY 2025 Cumulative Consolidated Financial Results Adjusted EBITDA(1) Adjusted Profit(1)Revenue (JPY Bn) Components and Services Semiconductor Process Control Instruments Multipurpose Analytical Instruments Detailed Explanations to follow YoY: (4.9)% YoY: (34.0)% YoY: (48.6)%
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 8 Japan: Individual low-margin XRF projects are within expectations Full-year GM% improvement driven by pricing discipline No equipment sales in the high-margin Americas market in 3Q Several low-margin projects in Asia High-margin project concentration in cum. 3Q FY2024 Decline in EUV multilayer mirrors Market cycle in Multipurpose Analytical Instruments / Revenue timing shift for semi R&D application projects Continued strategic investment in R&D, talent acquisition, etc. Strong rebound in 4Q; expecting FY in line with guidance ◼ Negative impact diminishes as sales recover ◼ Controlling costs while monitoring profitability EBITDA margin declined temporarily in 3Q due to semiconductor regional sales mix, low-GM projects, and overall revenue decline. However, such factors are expected to be resolved in 4Q, driving strong margin recovery (detailed 4Q outlook to follow) Gross Margin Primary Factors 4Q Outlook Higher SGA ratio due to revenue decline SG&A Increase © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Factors for 3Q FY2025 Adjusted EBITDA Margin Decline and Future Outlook A B C D E F G H QoQ▲8.3pts ▲3pts ▲3pts ▲2pts Cum.YoY▲7.6pts ▲3pts ▲2pts ▲2pts 多目的 ▲2pts 半導体 ▲2pts 部品・サ +1pts C D A 多目的 +1pts 半導体 ▲3pts 部品・サ ▲1pts F B C D E G H G H Adjusted EBITDA Variance Multipurpose Analytical Instruments Semiconductor Process Control Instruments ◼ High-margin project contribution in 4Q ◼ Concentration of high-margin semiconductor projects in 4Q ◼ No individual low-margin projects Multi- purpose Components and Services Semi- conductor Multi- purpose Components and Services Semi- conductor
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 7.9 7.0 5.2 5.8 4.2 5.1 3.6 3.5 6.8 4.8 27.9 26.4 13.9% 11.5% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 5 10 15 20 25 30 35 40 45 50 FY2024/12 3Q FY2025/12 3Q Japan Americas Europe Asia (excl China) China OP Margin 12.3 11.5 4.3 3.4 2.4 2.7 8.8 8.7 27.9 26.4 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 5 10 15 20 25 30 35 40 FY2024/12 3Q FY2025/12 3Q Academia/Government Semiconductor/Electronic Components Life Science Others Multipurpose Analytical Instruments Business Overseas Revenues excl. China +11%YoY ① Japan: In-line with expectations, revenue increased +30% YoY in 3Q (Jul-Sep) ② China: In-line with expectations, revenue increased +10% YoY in 3Q (Jul-Sep) ③ Americas: Successfully passed on US tariffs to prices, while impact from academia budget cuts expected to appear from 4Q ④ Gross profit margin improved (＋1pt）due to price control and product mix optimization, while operating margin declined due to lower sales volume 9© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 4 2 2 1 1 4 2 1 3 3 ◼ Cumulative revenue declined (5.3)% YoY due to absence of China supplementary budget projects and large-scale Japan projects in FY2024. However 3Q (Jul – Sep) revenue increased +19.4% YoY showing recovery momentum ◼ Overseas sales excl. China increased +11% YoY on cumulative basis, continuing an increase in market share Note: 1. Commencing 1Q FY2025, field-service expenses (delivery/installation at customer sites) previously recorded under SG&A are reclassified to cost of sales; figures have been restated for comparison. Revenue by End Markets in 3Q FY2025 CumulativeRevenue by Region in 3Q FY2025 Cumulative (JPY Bn)(JPY Bn)
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 2.7 3.2 6.5 3.0 1.0 1.2 2.6 4.9 3.0 2.6 15.9 15.0 FY2024/12 3Q FY2025/12 3Q Japan Americas Europe Asia (excl China) China Semiconductor Process Control Instruments Business ４ Revenue by Region ① Logic: Revenue declined due to weaker sales in Americas ② Memory: Revenue significantly increased YoY due to DRAM and NAND demand in Asia, whilst delay in mass-production investment ③ Gross margin declined due to product/regional mix, lower sales, and higher SG&A from R&D investment. Operating margin temporarily down 18pt YoY; Strong volume growth and high-margin projects in 4Q expected to lift full-year margin to over 30% 10© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 2 1 ３ 2 1 5.5 3.9 1.1 3.6 3.8 1.6 1.2 1.4 2.6 2.3 2.5 2.0 15.9 15.0 34.0% 15.7% FY2024/12 3Q FY2025/12 3Q Avanced Logic/Foundry Memory WFE Power Device Others Parts & Services OP Margin Revenue by Applications ① ② ３ 1 2 ◼ Cumulative declined (5.6)% YoY due to sales order concentration in 4Q by demand shift from mass production to R&D application ◼ 3Q (Jul-Sep) revenue slightly exceeded expectations due to Asia and Japan projects. Margin temporarily deteriorated due to product mix and specific projects. However steady progress toward 4Q recovery and achieving revenue target (JPY 12.5Bn) (18.3)pts : • Gross Margin • Revenue • SG&A (JPY Bn)(JPY Bn) (11)pts (3)pts (5)pts
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 11.2 10.0 7.3 7.8 18.5 17.9 23.9% 18.3% -22.0% -17.0% -12.0% -7.0% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 28.0% 0 5 10 15 20 25 30 FY2024/12 3Q FY2025/12 3Q Components and other equipments Sevices OP Margin 7.2 6.4 6.7 5.7 2.1 2.7 1.3 1.4 1.1 1.5 18.5 17.9 FY2024/12 3Q FY2025/12 3Q Japan Americas Europe Asia (excl China) China ◼ Total revenue declined (3.7)% YoY on cumulative basis; Revenue increased +2.0% excluding EUV multilayer mirrors ◼ Service revenue increased +7% YoY ① Service: Solid growth driven by price increases, expansion of global maintenance service contracts, and a larger installed base ② EUV Multilayer Mirrors: Revenue decreased JPY 1.1bn, resulting operating margin deterioration ③ Other Components and Analytical Instruments: Returned flat on cumulative revenue basis; Growth expected in 4Q ② 11© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. ③3 1 2 2 3 2 1 Components and Services Business (5.6)pts : • Gross Margin • Revenue • SG&A Revenue by RegionRevenue from Components and Services Revenue (JPY Bn)(JPY Bn) (3)pts (1)pts (1)pts
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 10.2 10.7 6.9 13.3 9.2 8.9 8.3 13.9 2.8 6.4 6.7 7.3 6.1 4.6 4.2 12.5 6.3 6.0 6.1 7.3 5.1 6.5 6.1 8.0 19.5 23.2 19.8 28.0 20.6 20.1 18.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2024/12 FY2025/12 ◼ Overall 3Q results within management expectation ◼ Semiconductor Process Control Instruments: 3Q results exceeded initial expectations ◼ Components and Services / Multipurpose Analytical Instruments: 3Q results in line with expectations; 4Q revenue expected to grow significantly as planned 12 (JPY Bn) Actual Significant revenue growth by next-generation memory and logic development projects for generative AI applications, leading to future growth Forecast 34.6 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Progress Towards Achieving FY2025 Earnings Forecast Quarterly Revenue/Current Forecast Sales concentration at fiscal year-end due to seasonality and market cycles Components and Services Semiconductor Process Control Instruments Multipurpose Analytical Instruments
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Final Negotiation Phase 95% 5% Toward achieving FY2025 revenue forecast: ◼ Order intake and supply chain preparations near completion (Revenue target already achieved on factory-shipment basis) ◼ Significant improvement in lead time supporting revenue target achievement 13© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Nearly Confirmed Revenue Revenue details in 4Q: ◼ As of 4Q FY2025, approx. JPY 5.0Bn in JEP (1) units delivered and under evaluation; expecting around half of its completion by end of FY2025 without gap in recognition with customers ◼ Additionally, JPY 3.5Bn in revenue contributed from new products (MFM GEN4, T-SAXS, etc.) Progress Towards Achieving FY2025 Earnings Forecast (Revenue in 4Q FY2025) Multipurpose Analytical Instruments Business Semiconductor Process Control Instruments BusinessComponents and Services Business Trends in Lead Time Performance for Key Products 0 10 20 30 40 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023/12 FY2024/12 FY2025/12 MiniFlex SmartLab XRD Key Products XRF Key Products (Days) (Days) 0 10 20 30 40 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2023/12 FY2024/12 FY2025/12 Supermini200 Primus ◼ Final Negotiation Phase projects has smoothly realized / confirmed and has diminished to approx. 5.0% of 4Q planned revenue (JPY 12.5 Bn) ◼ Backup for sales of nearly equivalent amount secured as contingency against the risk of timing delays in Final Negotiation Phase projects Note: 1. Joint Evaluation Program - a process where new technology is installed at the customer’s site prior to purchase to jointly verify required performance; successful verification leads to purchase and reclassification from fixed assets to cost of sales.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 14 Performance and Profit Margin Required to Achieve 4Q Earnings Forecast Profit Margin Outlook • Previously achieved 25% Operating Margin in 4Q FY2024 • Improvement of cumulative gross margin YoY in 3Q FY2025 by approx. +1pt • High gross margin projects expected in 4Q FY2025 (JPN / EMEA / US) • Higher SG&A to sales ratio due to YoY revenue decline partially offset the improvement • Approx. 20% of 4Q revenue are expected from JEP (1) projects which has high GM% as partial manufacturing costs have been already depreciated • In addition, approx. 30% of 4Q revenue are expected from new product projects with high gross margin • No low-margin projects; around 75% gross margin expected based on project accumulated basis • Sufficient margin expected to be secured based on accumulated project mix SG&A cost reduction initiatives toward full-year earnings forecast premise • Slow-down of new hiring • Promotion / advertising saving • Travel / other expenses reduction • However, R&D activities are maintained for future growth © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Progress Towards Achieving FY2025 Earnings Forecast (Operating Profit in 4Q FY2025) Revenue : Op. Profit : Op. Margin: 13.9Bn 3.3Bn 24% Revenue : Op. Profit : Op. Margin: 12.5Bn 6.8Bn 55％ Revenue : Op. Profit : Op. Margin: 8.0Bn 1.4Bn 18% Additional Actions (JPY) Semicon- ductor Process Control Multi- Purpose Analytical Instruments Components & Services Note: 1. Joint Evaluation Program - a process where new technology is installed at the customer’s site prior to purchase to jointly verify required performance; successful verification leads to purchase and reclassification from fixed assets to cost of sales.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 15© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 2. Updates on Growth Strategy and Direction for FY2026
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 16 Fundamental Strengths Enhancement ◼ Diversifying and advancing customer R&D requirements ◼ Expansion of market share in global markets through further investment in overseas business infrastructure Lab to Fab Strategy Acceleration ◼ Expansion of Lab to Fab strategy into innovative industrial sectors and introduction of fab-compatible analytical instruments Pillar1 Pillar3 ◼ Establishment of Application-specific Solutions for Advanced Measurement Demands and Acceleration of Lab to Fab Strategy ▪ New product launch of micro-area XRF analytical instruments • Analytical system for semiconductor, electronic / battery materials “Qualana” ▪ Overseas Expansion of Automation Solutions for Fabs • Cement Industry: Two orders secured in China; building a stronger sales expansion framework in Europe • Mining Industry: Targeting South America and Asia for broader adoption among major industry players ▪ Next-gen batteries: Orders secured for perovskite solar cells & all- solid-state batteries ▪ Life Science — First BioMAXS/EDT unit with electron density topography delivered to Osaka Metropolitan University; Generated numerous leads under the product name “MoleQlyze”, with 20+ domestic and global customers for demos and contract analyses ▪ Increase in inquiries related to adoption of SiC and GaN devices for AI data center power applications ▪ Material Informatics (MI) • 9 mandated projects in automated/autonomous experiments with global academia and private labs • Formulating business strategy for further advancement of MI 【Concept of AI/Automation in Materials Development】 ▪ Launch of a new product designed for polymer materials • X-ray diffraction system for polymer structure analysis “DicifferX WAXS Edition” Growth Strategy Updates in Multipurpose Analytical Instruments: Pillar 1 and 3 CoreStrategyUpdate on Ongoing Initiatives
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Updates in Semiconductor Process Control Instruments Business 17© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. ◼ Achieved progress in product adoption for Logic and Memory applications within the advanced Semiconductor roadmap during 3Q Logic Advanced Packaging Hybrid Metrology Advanced Metrology Needs ▪ 3D Structure Measurement ▪ Defect Detection in Advanced HBM/CoWoS Packages (Bumps/TSVs)) ▪ Shape Measurement of 3D Logic and Memory Structures Status UpdateR&D and Commercialization Roadmap ▪ Development Completed、 Implemented at Major Foundry and Memory Companies ▪ Implemented by Major Memory and WFE Manufacturers ▪ Alpha System in Demo ▪ Beta System Under Development ▪ Next-Gen Device (GEN4) Under Development 2025 2026 2027 XTRAIA XD (HR- XRD) - Under Customer Evaluation XTRAIA CD-3200(T- SAXS) - Under Customer Evaluation AXI(Advanced X- ray Inspection) Alpha System in Demo (Beta System Under Development) Beta System Under Customer Review T-SAXS - Under Customer Evaluation Hybrid engine combining X-ray and optical analysis - Under Development GI-SAXS: Planned Development Memory XTRAIA MF- 3400(XRF/XRD Multifunction PrinterGEN4) - Under Development Estimated SAM (Target Share) @ 2030 ONYX 3200 – Under Development XTRAIA CD-3200G (Low Energy GI-SAXS) – Under Development 200M$(>70%) New Market 100M$(>50%) 100M$(>70%) 300M$(>30%) New Market 100M$(>50%) New Market 100M$(>50%) ▪ Si/SiGe Superlattice Analysis ▪ High-k/metal gate Ultrathin Film Measurement ▪ Ultrathin Film Analysis for Light Elements Next Generation Logic Next Generation Memory Common to Next Generation Logic and Memory Logic/ Memory New Market 100M$(>50%) ▪ Light-Element XRF: Finalized & Being Commercialized ▪ Co-development with optical partner ▪ CD-3000G already in market ▪ Low-E Ver. CD-3200G Under Development Mass Production ▪ DRAM/NAND HAR (Deep Trench) Metrology Mass Prodctuion Mass Prodcution Strategic Roadmap for Advanced Semiconductor Metrology Needs（Repost from FY2025 Q2 Earnings Announcement） 1 2 3 Mass Production Mass Production Mass Production Mass Production 2 3 1 Key Updates in 3Q FY2025 Adoption in Logic & Memory Products Si/SiGe Superlattice Measurement ◼ Development completed; already adopted by major foundry and memory manufacturers ◼ Rigaku’s product’s features / strengths (Next page) • High-k / Metal Gate Ultrathin Film Measurement ◼ GEN4 development completed, adopted by major memory player ◼ Rigaku’s product’s features / strengths (Next page) Ultrathin Film Measurement for Light Elements ◼ Light-element XRF development completed; adopted by major logic manufacturer
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Si/SiGe Superlattice Measurement ◼ High-precision measurement system ‘XTRAIA XD-3300’ using HR- XRD and XRR for Si/SiGe multilayers essential to GAA/CFET, 3D DRAM and HBM High-k/Metal Gate (HKMG) Ultra-thin Film Measurement ◼ An XRF- based system for nano-level thickness and composition measurement of HKMG thin-film materials (Ti, Hf, La etc.) used in advanced semiconductors – XTRAIA MF-3400 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 18 GAA Si/SiGe Structure Si/SiGe Multilayer Film, HR-XRD+XRR Analysis Micro-spot X-ray Optical System X-ray Source with Double Intensity Improved Measurement Throughput GAA HKMG Structure Metal Gate High-k Dielectric Film Si Channel Updates in Semiconductor Process Control Instruments Business (Cont’d) Si/SiGe multilayer film X-ray 1 2 Si/SiGe superlattice film スループット(WPH) ◼ Dominant competitive edge by Rigaku Unique Technology in advanced logic and next-gen memory manufacturing processes • A new X-ray source with double (2x) the X-ray intensity and a high-speed transfer and positioning mechanism that achieves up to 2x higher measurement throughput • High-resolution optics with a micro-spot beam enabling precise measurement of product wafers • Wafer measurement using a high Resolution micro-spot X-ray optical system • Advanced multilayer film analysis software using genetic algorithms to evaluate layer thickness and composition Rigaku Unique Tech Rigaku Unique Tech Rigaku Unique Tech Rigaku Unique Tech
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Prof. Susumu Kitagawa of Kyoto University Wins Nobel Prize in Chemistry © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Topics Professor Susumu Kitagawa, Executive Director, Vice President, and Distinguished Professor, Institute for Advanced Study, Kyoto University Note: 1. Published on September 4, 2025 ◼ Rigaku’s products have long supported groundbreaking research at Professor Kitagawa’s laboratory at Kyoto University — driving precise structural analysis of materials and the pioneering development of porous materials such as Metal–Organic Frameworks (MOFs) ◼ Agreement on Establishment of Joint Research Hub by Kyoto University, Rigaku, and JEOL for Innovation in Electron and X-ray Composite Structural Analysis and Acceleration of Functional Exploration of Novel Materials Publication of “Rigaku Group Integrated Report 2025” https://rigaku-holdings.com/english/ir/reports/ Rigaku and JEOL Established “iCeMS Innovation Core”(1) 19
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Strategic Direction for FY2026 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. ◼ Rigaku’s growth driven by Semiconductor Process Control Instruments Business, maintaining growth trajectory aligned with Mid-term Plan targets Environmental Awareness Strategy Multipurpose Analytical Instruments Business ◼ Slowdown in 2025 due to one-off factors, recovery expected in 2026 • Year 2024 saw a positive impact of China supplementary budget and surge in demand for EV SiC • Drop-off of China supplementary budget in 2025 and demand surge of SiC for EV ◼ Return to stable growth • To further invest in overseas commercial / infrastructure projects to expand market share globally • To accelerate project acquisition by capturing automation and AI- related demand for MI • To strengthen business operation in the US by shifting resources toward industrial areas such as GAFAM and energy ◼ Acceleration of global semiconductor investment driven by AI penetration and evolution • Expansion of memory production – HBM-driven DRAM growth and higher speed requirement in NAND • Continued demand for next-gen logic / memory development; JEP(1) volume expected to exceed FY2025 ◼ Targeting growth above Mid-term Guidance • To begin shipment of new products for next-generation logic and memory in line with the strategic roadmap • To capture rising demand for memory production with new products • To support acceleration of next-gen product development through enhanced overseas customer support (RTC: expanding to Asian regions following Silicon Valley and Taiwan) Semiconductor Process Control Instruments Business ◼ Business environment improving — offsetting slowdown in EUV-related components • Service remains strong with product sales expansion, other analytical instruments for defense and security also robust, offsetting slowdown in EUV-related components ◼ To achieve growth without relying to EUV demand recovery • To continue growth in service through expansion of maintenance contracts • To strengthen non-EUV components and other analytical instruments (thermal analysis, hand-held, PCI, etc.) Components and Services Business 20 Note: 1. Joint Evaluation Program - a process where new technology is installed at the customer’s site prior to purchase to jointly verify required performance; successful verification leads to purchase and reclassification from fixed assets to cost of sales.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Dividend Payout Policy Share Repurchase Recognizing that Rigaku’s current share price undervalues its future earnings potential, we will repurchase our own shares up to JPY 4.0Bn to optimize capital policy, enhance shareholder returns, and drive long-term corporate value ◼ Type of Shares: Ordinary Share ◼ Total number of shares to be repurchased: Up to 6 MM shares (2.62% of the total number of issued shares (excluding treasury shares)) ◼ Total amount of repurchase price: Up to JPY 4.0Bn ◼ Repurchased period: from August 8 to December 23, 2025 ◼ Repurchase method: Market purchase on the Tokyo Stock Exchange (Discretionary trading contracts) ◼ In principle, the acquired shares are planned to be cancelled Shareholder Return Maintain our fundamental policy of targeting 30% payout ratio based on each period earnings, while balancing growth investments and financial soundness from mid-to-long term perspective ◼ FY2025 interim dividend: JPY9.4 per share (as planned) ◼ FY2025 year-end dividend to remain at JPY18.8 per share as initially planned Dividend Payment(2) © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. 9.4 3.0 9.4 JPY 3.0 JPY 18.8 FY2024/12 FY2025/12E Interim Period End of Fiscal Year ◼ As of October 31, 2025 • Repurchase Period: From August 8, 2025 to October 31, 2025 • Total number of shares repurchased：2,771,900 shares • Total amount for repurchase： JPY 2,455,935,270 Share Repurchase Status (1) Note: 1. Based on the timely disclosure “Notice Regarding the Status of Share Repurchase” released on November 4, 2025 2. FY2024/12 dividend corresponds to 2 months following the company’s listing in October 24, 2024 21
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 FY2025: On Track to Meet the Revised Plan FY2026: Maintaining Growth Path Toward Achieving Mid - term Business Plan Mid - to - Long - Term Growth: New product development is on track and production expansion is completed, leading to revenue contributions No changes in Mid - term growth strategy – Focus on sustainable enhancement of corporate value © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Take-Home Message ◼ Multipurpose Analytical Instruments Business: Recovering from 3Q, 4Q revenue expected to increase due to seasonality in addition to the trend ◼ Semiconductor Process Control Instruments：4Q revenue expected to increase significantly as planned mainly due to next-gen memory / logic development. New products begin contribution to sales ◼ Multipurpose Analytical Instruments Business: Resuming stable growth after business environment bottoming out; reinforcing focus in expanding industrial area offsetting U.S. policy impact to academia domain ◼ Semiconductor Process Control Instruments: Targeting growth above mid-term guidance leveraging AI tailwind ◼ Components & Services: Strengthening services, components, and other analytical instruments to achieve growth without reliance on EUV demand recovery 22
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Appendix – Consolidated Financial Results in 3Q FY2025 23© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 10.2 10.7 6.9 13.3 9.2 8.9 8.3 2.8 6.4 6.7 7.3 6.1 4.6 4.2 6.3 6.0 6.1 7.3 5.1 6.5 6.1 19.5 23.2 19.8 28.0 20.6 20.1 18.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2024/12 FY2025/12 Multipurpose Analytical Instruments Semiconductor Process Control Instruments Components and Services Earnings by Product (Management Accounting Basis) Revenue by Business (JPY MM) Revenue Operating Profit Operating Profit Margin FY2024/12 3Q Cum. FY2025/12 3Q Cum. Changes Changes Ratio FY2024/12 3Q Cum. FY2025/12 3Q Cum. Changes Changes Ratio FY2024/12 3Q Cum. FY2025/12 3Q Cum. Changes Multipurpose Analytical Instruments 27,988 26,493 (1,495) (5.3)% 3,892 3,043 (849) (21.8)% 13.9% 11.5% (2.4)pts Semiconductor Process Control Instruments 15,995 15,094 (901) (5.6)% 5,432 2,373 (3,059) (56.3)% 34.0% 15.7% (18.3)pts Components and Services 18,596 17,908 (688) (3.7)% 4,436 3,282 (1,154) (26.0)% 23.9% 18.3% (5.6)pts Headquarter Expenses - - - - (1,912) (2,136) (224) 11.7% - - - Total Revenue 62,580 59,496 (3,084) (4.9)% 11,849 6,562 (5,287) (44.6)% 18.9% 11.0% (7.9)pts (JPY Bn) 24© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 7.7 5.8 4.3 6.3 7.7 4.1 4.8 4.8 6.5 7.1 9.1 4.5 5.9 4.0 2.0 3.6 1.7 3.6 2.7 3.8 2.6 1.9 2.1 3.4 4.8 3.1 3.0 3.7 2.9 5.0 3.1 4.0 2.3 3.2 3.4 19.5 23.2 19.8 28.0 20.6 20.1 18.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2024/12 FY2025/12 Japan Americas Europe Asia (excl China) China Revenue by Region(1) Note: 1. Calculated based on sales revenues from overseas customers and distributors Revenue by Region (JPY MM) FY2024/12 FY2025/12 Changes Changes Ratio Notes 3Q Cum. 3Q Cum. Total Revenue 62,580 59,496 (3,084) (4.9)% － Japan 17,987 16,691 (1,296) (7.2)% Revenue declined in EUV multilayer mirrors for Multipurpose Analytical Instruments and parts/services. Slight increase in Semiconductor Process Control Instruments Americas 18,559 14,610 (3,949) (21.3)% Revenue declined in Components and Services due to weaker EUV demand. Revenue in Semiconductor process Control Instruments declined due to absence of prior large-scale orders EMEA 7,442 9,212 1,770 23.8% Revenue increase mainly due to strong sales of general-purpose models in Multipurpose Analytical Instruments Asia (excl. China) 7,540 9,976 2,436 32.3% Primarily contributed by Semiconductor Process Control Instruments Business China 11,050 9,005 (2,045) (18.5)% Revenue decline mainly due to absence of China supplementary budget projects, which had increased in previous period in Multipurpose Analytical Instruments 25© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. (JPY Bn)
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Semiconductors/Electronic Components 32% Life Science 5% Others 18% Academia/Government 26% Service 19% Semiconductor/Electronic Components 36％ Life Science 5%Others 18% Academia/Government 25% Service 16% Revenues by End Markets(1)(Management Accounting Basis) (JPY MM) FY2024/12 Revenue Ratio FY2025/12 Revenue Ratio Notes 3Q Cum.(1) 3Q Cum. Total Revenue 62,580 100% 59,496 100% － Semiconductor/Electronic Components 22,684 36% 18,942 32% Declined due to lower sales of large-scale products for power semiconductors used in EUV Multilayer Mirrors and Multipurpose Analytical Instruments Life Science 2,925 5% 3,128 5% － Others 11,358 18% 10,622 18% － Academia/Government (excl. China) 15,667 25% 15,715 26% Although the previous period included China’s supplementary budget projects, sales increased due to growth of European region Service 9,942 16% 11,087 19% Solid growth driven by installed-base service increase 3Q FY2025 Cumulative Note: 1. Following reclassification of previous year’s revenue 3Q FY2024 Cumulative(1) 26© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 (JPY MM) 2024/12 2025/12 Changes Changes Ratio Key Factors3Q Cum. 3Q Cum. Revenue 62,580 59,496 (3,083) (4.9)% Semiconductor Process Control Instruments had a positive impact of large projects in 3Q FY2024; Multipurpose Analytical Instruments and Components and Services decreased due to absence of China supplementary budget projects and lower EUV demand Gross Profit(1) 36,142 32,465 (3,676) (10.2)% Impact of regional and product mix in Semiconductor Process Control Instruments, and decline due to lower revenue of High-gross margin EUV multilayer mirrors Gross Margin 57.8% 54.6% (3.2)pts - Operating Profit 11,849 6,562 (5,287) (44.6)% Impact of gross profit decline, strategic R&D expenses, infrastructure enhancement costs (personnel and IT), increased sales commissions from higher distributor sales ratio in Semiconductor Process Control Instruments and increase in FX losses Operating Margin 18.9% 11.0% (7.9)pts - Profit Before Taxes 11,544 6,095 (5,449) (47.2)% Net Profit 8,990 4,273 (4,716) (52.5)% Impact of tax credit estimate last year (executive retirement benefits) and increase in tax rate due to decline in overseas sales ratio in current year Non-IFRS Metrics Adjusted Net Profit(2) 10,231 5,262 (4,969) (48.6)% Adjusted EPS 45.4 22.8 (22.6) (49.7)% EBITDA 15,436 10,321 (5,115) (33.1)% Adjusted EBITDA 15,545 10,252 (5,293) (34.0)% Adjusted EBITDA Margin 24.8% 17.2% (7.6)pts - R&D Expenses 4,732 5,371 639 13.5% Promoting R&D investments R&D Ratio 7.6% 9.0% 1.5pts - CAPEX 3,619 5,094 1,474 40.7% Expansion of Yamanashi Plant and acquisition of demo equipment CAPEX Ratio 5.8% 8.6% 2.8pts - Free Cash Flow 4,872 204 (4,667) (95.8)% JPY/USD 151.6 147.8 (3.8) (2.5)% FX impacts in 3Q compared to last year – Revenue JPY (400)MM、EBITDA JPY (100)MM JPY/EURO 164.6 165.6 1.0 0.6% Summary of Consolidated Financial Results in 3Q FY2025 Note: 1. From the 1st quarter of FY2025, the company has changed its accounting treatment to classify field service-related expenses (such as repairs and delivery at customer sites), which were previously recorded under selling, general and administrative expenses, as cost of sales. This material applies the change retrospectively to the same period of the previous fiscal year (by reclassifying JPY 2,120MM from SG&A to cost of sales) 2. Details on the adjustment items related to Non-IFRS calculations are provided on Pages 30 and 31 27© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 28© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. (JPY MM) FY2024/12 FY2025/12 1Q 2Q 3Q 3Q Cum. 1Q 2Q 3Q YoY Change Changes Ratio QoQ Changes Changes Ratio 3Q Cum. YoY Changes Changes Ratio Revenue 19,537 23,241 19,801 62,580 20,614 20,141 18,740 (1,061) (5.4)% (1,401) (7.0)% 59,496 (3,084) (4.9%) Gross Profit(1) 10,607 13,806 11,728 38,142 11,590 11,135 9,739 (1,989) (17.0)% (1,396) (12.5)% 32,465 (3,677) (10.2%) Gross Margin 54.3% 59.4% 59.2％ 57.8% 56.2% 55.3% 52.0% (7.3)pts - (3.3)pts - 54.6% (3.2)pts - Operating Profit 3,160 5,511 3,176 11,849 2,835 2,882 844 (2,332) (73.4)% (2,038) (70.7)% 6,562 (5,287) (44.6%) Operating Margin 16.2% 23.7% 16.0％ 18.9% 13.8% 14.3% 4.5% (11.5)pts - (9.8)pts - 11.0% (7.9)pts - Profit Before Taxes 3,036 5,409 3,098 11,544 2,741 2,704 649 (2,449) (79.1)% (2,055) (76.0)% 6,095 (5,449) (47.2%) Net Profit 2,185 4,322 2,482 8,990 1,918 1,860 494 (1,988) (80.1)% (1,366) (73.4)% 4,273 (4,717) (52.5%) Non-IFRS Metrics Adjusted Net Profit(2) 2,602 4,741 2,887 10,231 2,265 2,157 839 (2,048) (70.9)% (1,318) (61.1)% 5,262 (4,969) (48.6%) Adjusted Net Profit Margin 13.3% 20.4% 14.6％ 16.3％ 11.0% 10.7% 4.5% (10.1)pts - (6.2)pts - 8.8% (7.5)pts - Adjusted EPS 11.6 21.0 12.8 45.4 9.8 9.4 3.6 (9.2) (71.6)% (5.7) (61.1)% 22.8 (22.6) (49.7%) EBITDA 4,334 6,744 4,357 15,436 4,030 4,104 2,185 (2,172) (49.9)% (1,919) (46.8)% 10,321 (5,115) (33.1%) Adjusted EBITDA 4,355 6,775 4,413 15,545 4,030 4,036 2,185 (2,228) (50.5)% (1,851) (45.9)% 10,252 (5,293) (34.0%) Adjusted EBITDA Margin 22.3% 29.2% 22.3％ 24.8% 19.6% 20.0% 11.7% (10.6)pts - (8.4)pts - 17.2% (7.6)pts - R&D Expenses 1,449 1,716 1,565 4,732 1,653 1,866 1,851 286 18.3% (15) (0.8)% 5,371 639 13.5% R&D Ratio 7.4% 7.4% 7.9％ 7.6% 8.0% 9.3% 9.9% 2.0pts - 0.6pts - 9.0% 1.5pts - CAPEX 520 2,323 775 3,619 625 3,468 1,000 225 29.0% (2,468) (71.2)% 5,094 1,475 40.8% CAPEX Ratio 2.7% 10.0% 3.9％ 5.8% 3.0% 17.2% 5.3% 1.4pts - (11.9)pts - 8.6% 2.8pts - Free Cash Flow 1,605 3,357 (90) 4,872 489 2,359 (2,643) (2,553) 2836.7% (5,002) (212.0)% 204 (4,668) (95.8%) JPY/USD 151.6 151.2 147.8 JPY/EURO 164.6 159.4 165.6 Summary of Consolidated Quarterly Financial Results in 3Q FY2025 Note: 1. From the 1st quarter of FY2025, the company has changed its accounting treatment to classify field service-related expenses (such as repairs and delivery at customer sites), which were previously recorded under selling, general and administrative expenses, as cost of sales. This material applies the change retrospectively to the same period of the previous fiscal year (by reclassifying JPY 2,120MM from SG&A to cost of sales) 2. Details on the adjustment items related to Non-IFRS calculations are provided on Pages 30 and 31
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 (JPY MM) FY2024/12 FY2025/12 Changes Changes Ratio Key FactorsYear-End End of 3Q Current Assets 71,228 64,510 (6,718) (9.4)% Further collection of receivables since previous fiscal year end Cash and Cash Equivalents 27,992 21,358 (6,633) (23.7)% Property, Plant & Equipment 19,287 22,079 2,791 14.5% Expansion of Yamanashi Plant and acquisition of demo equipment Intangible Assets 87,030 87,335 304 0.4% Total Assets 177,547 173,925 (3,621) (2.0)% Current Liabilities 29,934 28,589 (1,344) (4.5)% Debt payments since previous fiscal year end, corporate income tax payments and reduction in contract liabilities Non-Current Liabilities 65,843 63,753 (2,089) (3.2)% Derivate financial liability increase (Total Debt) 61,601 60,633 (968) (1.6)% Total Equity 81,769 81,581 (188) (0.2)% Increase from interim profit, increase from exercise of stock options, decrease from dividend payments, and decrease from FX translation adjustments Total Liabilities and Equity 177,547 173,925 (3,621) (2.0)% Net Debt/Adjusted EBITDA(1) 1.4x 2.2x - - Equity Ratio 46.1% 46.9% - - (JPY MM) FY2024/12 FY2025/12 Changes Changes Ratio Key Factors3Q Cum. 3Q Cum. Operating Cash-Flow 8,213 5,296 (2,917) (35.5)% Mitigation of sales decline through optimization of accounts receivable collection Investing Cash-Flow (3,341) (5,091) (1,750) 52.4% Increase in tangible and intangible fixed assets Including Yamanashi Plant expansion Free Cash-Flow 4,872 204 (4,667) (95.8)% Financing Cash-Flow (3,485) (5,945) (2,459) 70.6% Proceeds from long-term borrowings and warrants, as well as dividend payments Impact on Exchange Rate (172) (893) (720) - FX translation differences on cash and cash equivalents Net Cash-Flow 1,214 (6,633) (7,847) (646.3)% Consolidated Financial Results in 3Q FY2025: B/S & Cash-Flow Statement 29© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Note: 1. The value as of the end of 3Q FY2025 is calculated using the LTM (Last Twelve Months) total adjusted EBITDA
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Reconciliation of Adjusted Items (1/2) (JPY MM) FY2024/12 FY2025/12 Changes EBITDA 3Q Cumulative 3Q Cumulative Profit Before Tax 11,544 6,095 (5,449) Depreciation and Amortization 3,638 3,775 137 Interest Expenses 509 783 273 Interest and Dividend Income (256) (333) (77) EBITDA 15,436 10,321 (5,115) Margin 24.7% 17.3% (7.3)pts Adjusted EBITDA 3Q Cumulative 3Q Cumulative EBITDA 15,436 10,321 (5,115) Business Consulting Fee 22 - (22) China-related exemption application costs - (68) (68) IPO-related expenses 85 - (85) Total Adjustments 108 (68) (176) Adjusted EBITDA 15,545 10,252 (5,292) Margin 24.8% 17.2% (7.6)pts 30© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Reconciliation of Adjusted Items (2/2) (JPY MM) FY2024/12 FY2025/12 Changes Adjusted Operating Profit 3Q Cumulative 3Q Cumulative Operating Profit 11,849 6,562 (5,287) PPA Amortization 1,728 1,544 (184) Business Consulting Fee 22 - (22) China-related exemption application costs - (68) (68) IPO-related expenses 85 - (85) Total Adjustments 1,837 1,476 (360) Adjusted Operating Profit 13,686 8,038 (5,647) Margin 21.9% 13.5% (8.4)pts Adjusted Net Profit 3Q Cumulative 3Q Cumulative Net Profit 8,990 4,273 (4,716) PPA Amortization 1,728 1,544 (184) Business Consulting Fee 22 - (22) China-related exemption application costs - (68) (68) IPO-related expenses 85 - (85) Total Adjustments 1,837 1,476 (360) Tax Adjustments to Total Adjusted Items (595) (487) 108 Adjusted Net Profit 10,231 5,262 (4,969) Margin 23.9% 8.8% (15.1)pts 31© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Appendix – FY2025 Earnings Forecast 32© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 (JPY Bn) 41.3 42.0 40.4 23.3 27.6 27.6 25.9 28.0 26.0 90.6 97.7 94.1 FY2024/12 Actual FY2025/12 Initial Forecast FY2025/12 Revised Forecast Rigaku’s growth potential and strategic effectiveness remain intact Declined by (3.6) Bn Multipurpose Analytical Instruments Semiconductor Process Control Instruments Components and Services • Impact in US Academia market due to Trump Policy (JPY (1.9)Bn) • Continued focus on pipeline generation through reinforcement in growth segments and acceleration of Pillar 3 Strategy • Forecast unchanged from initial forecast, representing +20% YoY • Whilst demand shifted from mass production to next Gen. technology R&D, revenue forecast on track • Decline expected due to weaker EUV multilayer mirror demand (JPY (1.8)Bn)) • Service business for US academia affected by US policy change (JPY(0.2) Bn) JPY (1.6) Bn Unchanged JPY (2.0) Bn Summary of Revised Earnings Forecast Adjusted EBITDA • Gross profit decline primary due to lower US sales in Multipurpose Analytical Instruments and EUV products • R&D investment continues, while SG&A control contributes +JPY 0.8Bn Components and Services Semiconductor Process Control Instruments Multipurpose Analytical Instruments 33© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. ◼ Slightly revised earnings forecast as of 2Q FY2025 considering current business environment (YoY revenue growth 10%→6%) ◼ Revision largely due to U.S. policy impact toward US academia market and temporary downturn in EUV multilayer mirrors; Semiconductor Process Control Instruments remain unaffected Note: 1. Revised the Earnings Forecast on August 7, 2025 Revenue by Business FY2025 Earnings Forecast (1)(Reposted)
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 34 FY2025 Earnings Forecast(1)(Reposted) FY2024/12 FY2025/12 Year-End Initial Current Forecast Revenue JPY 90.6 Bn JPY 97.7 Bn JPY 94.1 Bn YoY Growth 13.5% 7.8% 3.8% Adjusted EBITDA JPY 23.4 Bn JPY 25.0 Bn JPY 23.1 Bn Adjusted EBITDA Margin 25.9% 25.7% 24.5% Adjusted Operating Profit JPY 20.9 Bn JPY 22.0 Bn JPY 20.1 Bn Adjusted Operating Profit Margin 23.0% 22.6% 21.4% Adjusted Net Profit JPY 15.3 Bn JPY 15.4 Bn JPY 13.6 Bn Adjusted Net Profit Margin 17.0% 15.8% 14.5% R&D Expenses Ratio 7.5% 8.1% 8.3% CAPEX Ratio 7.0% 8.7% 9.7% Number of Employees 2,136 2,308 2,292 Dividend Per Share JPY 3.0 JPY 18.8 JPY 18.8 JPY/USD 152.2 145.0 145.0 JPY/EURO 164.4 156.0 156.0 © 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Note: 1. Revised the Earnings Forecast on August 7, 2025
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Appendix – Glossary 35© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED.
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Glossary (1/3) 36© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Terms Description AXI • Advanced X-Ray Inspections is a non-destructive and automated method that uses X-rays to inspect internal defects (such as voids, cracks, and misalignments) in electronic components, semiconductors, and industrial products CFET • Complementary FET (CFET) is a next generation semiconductor technology which vertically integrates N- and P-type FETs. It enables continued scaling beyond the current mainstream technologies such as FinFET and GAA CoWoS • Chip-on-Wafer-on-Substrate is a 2.5D packaging technology developed by TSMC for high-performance computing DicifferX WAXS Edition • An advanced X-ray analysis device that precisely and rapidly measures atomic and molecular structures, crystal phases, and molec ular orientations in materials such as polymer films, fibers, and thin films within just a few seconds Electron Density Topography • A technique for visualizing the electron density distribution within a crystal or molecule EUV • Abbreviation for “Extreme Ultraviolet”, which refers to an exposure technology that uses extreme ultraviolet light of ~13.5nm, used as a light source in advanced semiconductor lithography GAA • Abbreviation for “gate-all-around” transistor technology, which refers to a modified transistor structure where the gate contacts the channel from all sides and enables continued scaling GaN • Gallium Nitride is a semiconductor material used in power electronics and RF applications GI-SAXS • Grazing-Incidence Small-Angle X-ray Scattering is a technique used for analyzing nanostructures on surfaces and thin films HBM • Abbreviation for “High Bandwidth Memory”. A new type of memory chip with low power consumption and ultra-wide communication lanes. It is standardized stacked memory technology that provides very wide channels for data, both within the stack and between the memory and logic
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Glossary (2/3) 37© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Terms Description High-k / Metal Gate • High-k materials refer to materials with a high dielectric constant High-k/Metal Gate (HKMG) refers to the latest transistor structure that combines high-k materials with a metal gate MiniFlex XpC • A compact X-ray diffractometer developed by Rigaku used for material analysis NEX CG II • A next-generation energy-dispersive X-ray fluorescence spectrometer (Rigaku's model) ONYX Series • Product series name (likely for X-ray analysis instruments by Rigaku) Perovskite Solar Cell • A type of solar cell that uses a perovskite-structured compound as the light-harvesting active layer Pillar 3 Strategy • Rigaku's 'Lab to Fab Strategy' promotes the expansion of multipurpose analytical instruments from research and development ap plications to mass production processes Qualana • An advanced X-ray analysis device offering high-precision micro and wide-area mapping without positional deviation. It sensitively detects even light elements and, with Rigaku’s proprietary FP program, supports flexible quantitative thin-film analysis SiC • A compound semiconductor material consisting of silicon (Si) and carbon (C) SiGe • An alloy semiconductor material composed of silicon (Si) and germanium (Ge)
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パレット #C8C9C 7 #003CA 5 #64A70 B #009CD E #041E42 #01C571 文字色 #232323 Glossary (3/3) 38© 2025 RIGAKU HOLDINGS CORPORATION AND ITS GLOBAL SUBSIDIARIES. ALL RIGHTS RESERVED. Terms Description TFXRD • An X-ray diffraction (XRD) system designed for high-precision evaluation of thin film properties in the semiconductor industry. It supports the measurement of thin films on large-diameter wafers, specifically 200 mm and 300 mm T-SAXS • Transmission Small-Angle X-ray Scattering – used for structural analysis of nanomaterials in transmission mode WFE • Abbreviation for “Wafer Fab Equipment”. Semiconductor manufacturing equipment used in the processes of creating electronic ci rcuitry and inspecting the conditions on wafers XRD • X-Ray Diffraction (XRD) - a technique for obtaining information on the crystal structure of a sample from the diffraction pattern that occurs when a crystal sample is irradiated with X-rays. It is used to analyze powder samples and processed material samples XRF • X-Ray Fluorescence (XRF) - a technique for qualitative and quantitative analysis of elements using fluorescent X-rays, which are generated when a substance is irradiated with X-rays. It is broadly classified into wavelength dispersive (WDX) type and energy dispersive (EDX) type XRTmicron • High-resolution, high-speed X-ray topography system with a high-brightness source and dedicated optics. Non-destructive, fully automated detection of crystal defects in Si, SiC, GaN, and other single-crystal materials which enhances production efficiency XtaLAB Synergy ED • It is an electron diffraction system combining Rigaku’s single-crystal X-ray structure analysis and JEOL’s transmission electron microscope technologies. It enables structural analysis of submicron crystals which includes materials previously difficult to measure ZSX Primus III Next • A wavelength-dispersive X-ray fluorescence spectrometer by Rigaku ZSX Primus IV • An advanced model in the same WDXRF series developed by Rigaku