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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 1 Fiscal Year ended September 30, 2025 Financial Presentation Tokyo Stock Exchange：6965 November, 2025
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2🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. • Sales increased for industrial instrument, primarily for semiconductor industry, and for analytical instrument • Sales decreased for medical-bio instrument Sales 212.0 (+4.0％ YoY) Operating profit 16.1 (-49.7％ YoY) • Expenses increased due to business expansion through M&A activities ┃FY25 Results Sales 222.0 (+4.7％ YoY) • Sales for semiconductor industry are expected to continue growing • Medical-bio instrument are projected to return to growth ┃FY26 Plan Operating profit 17.2 (+6.4％ YoY) • SG&A expenses and R&D expenses are expected to increase, but higher sales are projected to lead to profit growth Sales 262.0 (3-year CAGR : +7.3％) • Address semiconductor, quantum, and security as key focus markets ┃Mid-term Plan（FY28） Operating profit 33.6 (OP margin : 12.8％) • Expenses other than depreciation associated with investments will be controlled • Depreciation expenses are expected to peak in FY27 (Unit : Billion yen) Point
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Agenda Financial Summary FY25 Results FY26 Plan Mid-term Plan Growth Strategy Financial Strategy 01 02
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Agenda Financial Summary FY25 Results FY26 Plan Mid-term Plan Growth Strategy Financial Strategy 01 02
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5🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Financial Results (Unit : Billion yen) FY24 (Actual) FY25 (Forecast as of Q3) FY25 (Actual) YoY vs. Forecast as of Q3 Change ％ Change % Sales 203.9 212.8 212.0 8.0 4.0 -0.7 -0.4 Gross profit （%） 103.8 (50.9 %) 102.8 (48.3 %) 101.3 (47.8 %) -2.5 -2.4 -1.4 -1.4 Operating profit （%） 32.1 (15.7 %) 18.0 (8.5 %) 16.1 (7.6 %) -15.9 -49.7 -1.8 -10.2 EBITDA 49.8 40.0 38.5 -11.3 -22.8 -1.4 -3.7 Net profit 25.1 14.0 14.2 -10.9 -43.5 0.2 1.5 Sales growth mainly in semiconductor industry and business expansion through M&A contributed to higher revenue Profit decreased due to increased expenses from scale expansion
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6🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Quarterly Changes 53.4 50.5 56.1 48.7 56.5 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 6.8 4.2 6.4 1.5 3.8 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 Sales (Unit : Billion yen) Operating profit (Unit : Billion yen)
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7🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 32.1 +4.0 - 6.7 - 13.2 +0.01 16.1 Increase in gross profit due to increase in sales Decrease due to lower gross profit margin FY24 Operating profit FY25 Operating profit Impact by currency fluctuation Excluding impact of currency fluctuation Increase in SG&A expenses/R&D expenses (Unit : Billion yen) FX sensitivity/Year (1-yen fluctuation) Exchange rate Impact by currency fluctuation to operating profitFY24 FY25 ＄ 0.3 150.54 149.19 0.01€ 0.1 163.16 164.89 RMB 1.0 20.62 20.73 Factors of Operating Profit Changes
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8🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Factors causing increases in SG&A and R&D expenses *NKTP：NKT Photonics FI：Fairchild Imaging Item Comment Impact of M&A +10.1 R&D expenses ＋4.2 NKTP＋3.1 FI+1.1 Personnel expenses ＋2.0 NKTP＋1.4 FI＋0.5 Others ＋3.7 NKTP＋1.3 Goodwill amortization＋2.4 Excluding M&A +3.3 R&D expenses ＋0.5 Personnel expenses ＋2.1 Increase due to increase in personnel and base salary Depreciation ＋1.7 Increase in head office expenses (including overseas subsidiaries), etc. Others -1.1 Thorough cost reduction Impact by currency fluctuation -0.2 Impact amount is deducted due to inclusion of foreign exchange effects in each item (Unit : Billion yen)
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9🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Sales by application FY24 FY25 Industrial 66.3 74.2 Medical-bio 64.9 60.2 Analytical 20.4 25.6 Academic Research 16.4 20.3 Measuring 10.2 10.4 Transport 5.6 4.5 YoY Change ％ 7.9 12.0 -4.7 -7.3 5.2 25.6 3.9 23.9 0.2 2.0 -1.1 -20.0 (Unit : Billion yen) ┃Pick up Industrial : Good performance continues, particularly for semiconductor industry Medical-bio : Market for radiologic testing shows gradual recovery trend, but overall situation remains sluggish Analytical : Good performance continues for liquid chromatography and other applications
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10🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Sales by Region FY24 203.9 Japan 46.0 (22.6 %) North America 53.3 (26.2 %) Asia 60.4 (29.7 %) Europe 43.7 (21.4 %) FY25 212.0 Japan 47.8 (22.6 %) North America 51.2 (24.2 %) Asia 62.9 (29.7 %) Europe 49.5 (23.4 %) FY24 FY25 Change % Japan 46.0 47.8 1.8 4.0 North America 53.3 51.2 -2.0 -3.9 Europe 43.7 49.5 5.8 13.3 Asia (of which China) 60.4 (40.2) 62.9 (40.6) 2.4 (0.4) 4.0 (1.1) (Unit : Billion yen) (Unit : Billion yen)(Unit : Billion yen)
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11🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Orders and Backlog Trend Orders trends （FY23Q4を基準） FY25Q4 orders remained stable despite some impact from long-term contracts 0.00 0.50 1.00 1.50 FY24Q1 FY24Q2 FY24Q3 FY24Q4 FY25Q1 FY25Q2 FY25Q3 FY25Q4 Orders Backlog (FY24Q1 Base）
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12🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 15.4 14.4 25.2 23.1 39.8 39.4 FY24 FY25 Inventory status [Inventory trends] • In FY25, down 3.6 billion yen compared to previous fiscal year • Implemented measures to curb material procurement [CCC] Work to reduce inventory turnover days with a target CCC of 240 days ┃Activities to Shorten CCC (Cash Conversion Cycle) FY24 FY25 327days 290days FY28 (Target) 240days （ Unit : Billion yen ） ■Work in process ■Raw materials and supplies ■Merchandise and finished goods
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Agenda Financial Summary FY25 Results FY26 Plan Mid-term Plan Growth Strategy Financial Strategy 01 02
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14🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Revenue and profit growth driven by increased demand in key sectors, particularly industrial instruments for the semiconductor industry FY25 FY26 (Plan) YoY Change % Sales 212.0 222.0 9.9 4.7 Gross profit （%） 101.3 (47.8 %) 106.2 ( 47.8 %) 4.8 4.8 Operating profit （%） 16.1 (7.6 %) 17.2 ( 7.7 %) 1.0 6.4 EBITDA 38.5 39.9 1.4 3.8 Net profit 14.2 14.3 0 0.7 （Unit : Billion yen) Earning Forecast
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15🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 16.1 +4.9 +0.4 - 3.2 - 0.9 17.2 Increase in gross profit due to increase in sales Increase in gross profit margin FY25 Operating profit FY26 Operating profit Impact by currency fluctuation Excluding impact of currency fluctuation Increase in SG&A expenses/R&D expenses FX sensitivity/Year (1-yen fluctuation) Exchange rate Impact by currency fluctuation to operating profitFY25 FY26 ＄ 0.3 149.19 148.00 -0.9€ 0.1 164.89 170.00 RMB 1.0 20.73 20.00 （Unit : Billion yen） Factors of Operating Profit Changes
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16🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. FY25 FY26 (Plan) Industrial 74.2 78.9 Medical-bio 60.2 64.4 Analytical 25.6 26.3 Academic Research 20.3 18.5 Measuring 10.4 11.6 Transport 4.5 3.8 YoY Change ％ 4.6 6.3 4.2 7.0 0.6 2.6 -1.7 -8.7 1.2 11.7 -0.6 -14.5 ┃Pick up Industrial : Sales for semiconductor industry are expected to remain strong and continue to grow Medical-bio : Sales are expected to increase in major applications such as X-ray CT Analytical : Steady demand is expected to drive further sales growth Academic Research : Sales are expected to decline due to the completion of large-scale project （Unit : Billion yen） Sales by application
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17🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. FY25 FY26 (Plan) Semiconductor manufacturing and testing equipment 35.8 40.4 Semiconductor Failure analysis system 10.4 11.3 Non-destructive testing 17.0 16.4 Factory automation instrument 7.3 7.1 Others 3.6 3.4 Total 74.2 78.9 YoY Change ％ 4.6 13.0 0.9 8.8 -0.5 -3.3 -0.1 -1.7 -0.2 -5.7 4.6 6.3 ┃Pick up Semiconductor manufacturing and testing equipment : Sales growth supported by continued strength in wafer inspection Semiconductor Failure analysis system : Sales growth driven by share expansion in high-end logic analysis Non-destructive testing : Continued strength in PCB inspection offset by sales decline in baggage inspection （ Unit : Billion yen ） Industrial
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18🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. FY25 FY26 (Plan) Radiographic testing 36.3 38.5 Laboratory testing 17.4 18.0 Others 6.4 7.8 Total 60.2 64.4 YoY Change ％ 2.2 6.1 0.5 3.1 1.4 22.7 4.2 7.0 ┃Pick up （Unit : Billion yen） Radiographic testing : Recovery to a moderate growth trend Laboratory testing : Solid sales expected despite impact of U.S. budget cuts Others : Sales growth driven by demand for ophthalmic laser treatment Medical-bio
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Agenda Financial Summary FY25 Results FY26 Plan Mid-term Plan Growth Strategy Financial Strategy 01 02
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20🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 0 10 20 30 40 50 60 70 0 50 100 150 200 250 Operating profit EBITDA Sales （Unit : Billion yen） FY25 FY26 (Plan) FY27 (Plan) FY28 (Plan) Sales 212.0 222.0 240.3 262.0 Operating profit 16.1 (7.6%) 17.2 (7.7%) 20.9 (8.7%) 33.6 (12.8%) EBITDA 38.5 39.9 48.6 60.2 Sales・Operating profit Results and Plans （Unit : Billion yen）
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21🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Capital Investment / Depreciation / R&D Expenses 39.1 36.5 15.5 11.2 0 10 20 30 40 50 60 FY25 FY26 FY27 FY28 Capital Investment 18.4 19.3 19.8 20 0 5 10 15 20 25 30 FY25 FY26 FY27 FY28 R&D Expenses 22.3 22.7 27.7 26.7 0 10 20 30 40 50 60 FY25 FY26 FY27 FY28 Depreciation （Unit : Billion yen）（Unit : Billion yen）（Unit : Billion yen）
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Agenda Financial Summary FY25 Results FY26 Plan Mid-term Plan Growth Strategy Financial Strategy 01 02
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23🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Management Improvement Roadmap for Mid-term Plan FY26 FY27～FY29 FY30Issues Enhance global collaboration for proactive business creation Enhance collaboration among Business divisions, Planning department of Research lab, and Overseas subsidiary technology marketing groups Select priority prototype development themes of business divisions Personnel transfers from Research lab’s to Business divisions (14 members) Enhancing Business Competitiveness Select and focus of company-wide research and prototype development themes Visualization and control of headquarters expenses Restriction on new hiring Price optimization Offsets the decline in gross margin Opto-semiconductor new factory (8 inch production line) Operation PCCT Detectors (significant contribution to utilization rate) New detectors for semiconductor testing equipment (Enable Larger size sensors) Transfer of production of existing products (e.g., MPPC and CCD) (Cost reduction) Start of Full-scale production Improvement of Profit Margin Acceleration of Development (Organizational Aspect) Optimization of human capital Reduce temporary staff and reallocate personnel across divisions (mainly in Opto-semiconductor business) contributing to 3-point improvement in personnel expense ratio to sales in FY28 Strengthening Business Competitiveness Consolidate Research lab’s themes into Business division collaboration projects (30 members) and Basic research projects
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24🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. FY26 FY27～FY29 FY30Issues M&A Companies Performance Improvement Strengthen HQ Governance Enhance Marketing–Development–Manufacturing–Sales Synergy Operational Efficiency Operate unified ERP Rapid integration of sales information and market trends into production planning Optimize inventory & Improve CCC Deploy unified ERP across Hamamatsu group Streamlining indirect operations (Expected Annual Savings: ¥2 Billion) Reallocation of human resources Turning NKT Photonics profitable Focus on Semiconductor Manufacturing & Testing Equipment, and Failure Analysis Enhance Operational Efficiency Drive Business Strategy High-sensitivity optical detectors High-intensity light sources Laser technology deployment Inline Failure analysis Management Improvement Roadmap for Mid-term Plan
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25🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Sales by application FY25 FY28 Change CAGR (%) Industrial 74.2 90.5 16.2 6.8 Medical-bio 60.2 72.8 12.6 6.6 Analytical 25.6 27.9 2.3 3.0 Academic Research 20.3 16.6 -3.6 -6.4 Measuring 10.4 11.6 1.2 3.8 Transport 4.5 3.5 -0.9 -7.9 Sales Plan by application Application composition （Unit : Billion yen） HighLow Gross profit margin Growth Rate (FY25-28)Low High Laboratory testing (Medical-bio）Measuring Analytical Academic Research Transport *Gross profit margin calculations refer to FY24 actual results Non - destructive testing ( Industrial ) Semiconductor ( Industrial ) FA ( Industrial )Radiographic testing (Medical-bio)
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26🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Semiconductor Laser segment NKT Photonics Growth Target Optical sensors, light sources, and laser dicing engines for semiconductor manufacturing and inspection equipment In-line integration of Failure Analysis System Development of laser-related technologies Ophthalmology laser treatment Security Quantum Computer
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27🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Growing Semiconductor Market AI will drive the market to $1 trillion by 2030 20302000 2015 AI Internet Automotive PC Cloud Mobile phone Semiconductor $1 trillion Data center
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28🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Citation：SEMI, Global 300mm Fab Outlook Report, 3Q 2025 edition 0 20 40 60 80 FY25 FY26 FY27 FY28 FY29 FY30 Sales target(Billion yen) Sales Target to Semiconductor Market Global 300mm Fab Equipment Spending CAGR6.57 % (2025 to 2028) $107 billion (2025) $138 billion (2028) Sales target (FY30) 68 billion yen Growing Semiconductor Market and our sales CAGR6.69 % (FY25 to FY30)
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29🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Semiconductor manufacturing and testing equipment manufacturers Semiconductor device manufacturers Advanced Semiconductor Technology Information Semiconductor Failure Analysis High-intensity light source that emits a broad spectrum from VUV (vacuum ultraviolet) to infrared Low noise, high speed, high sensitivity, large custom TDI-CCD image sensors Under development Under development High-speed, High-sensitivity inspection and measurement Yield improvement Failure analysis EUV VUV DUVElectron X-ray New trends and Great potential ┃AI drives miniaturization and multi-layering of semiconductor devices Issues and needs High-value-added products, Solutions Laser dicing engine for logic and DRAM Failure location processing engine for physical analysis Full wafer inspection in pilot lines Fully automated failure analysis for defective chips on production lines Under development Under development Laser dicing technology Laser dicing Engine Optical detectors Scintillators TDI - CCD Photomultiplier tubes EUV Light sources Plasma light sources Xenon Lamps Lasers Light sources Devices Semiconductor Failure Analysis Systems Infrared Our position and contribution in Semiconductor market
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30🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Front-End Process Back-End Process Share of Dicer units by device type Laser engine for Edge Trimming JIZAI Automated Photoemission / Thermal Analysis for failure location identification Pre-processing for physical analysis of failure locations Origami Femtosecond laser for semiconductor micromachining aeroPulse Logic DRAM (High usage of SD for HBM) NAND Middle-end processes Wafer Bonding Edge Trimming Wafer Polishing Laser DicingWafer Test Device TestPre-dicing process Essential technology for multi-layering Inline failure detection Pre-processing to enable SD processing Keyword Inline failure detection and advancement of laser technology in middle-end processes Sales expansion for logic and DRAM Stealth Dicing (SD) Engines Semiconductor Failure Analysis Systems Under development Under development Under development Under development ※based on our own research New developments in middle-end processes (Multi-layer interconnect)
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31🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Dual PHEMOS®-X New trend 1 Single Function：Semiconductor Failure Trend Analysis Planned to be completed this FY New trend 2 Multi-function: Semiconductor Failure Location Identification Planned increase in implementation Offline Semiconductor Failure Analysis Inline Semiconductor Failure Analysis Yield improvement and quality enhancement for advanced semiconductor devices with complex manufacturing processes A high-resolution emission microscope that identifies failure locations in semiconductor devices by detecting light emissions or heat emissions caused by defects. Inline Semiconductor Failure Analysis System Pilot line: Failure trend analysis through full wafer and full chip measurement Single function (Photoemission / Thermal emission) Analysis System Multiple systems used per prototype line For improving yield in mass production Production line: Automated analysis of defective chips on wafers Full automation Multi-function Analysis system Full-Function Analysis Photoemission + Thermal + Laser + Prober + Automatic wafer transport Physical analysis using SEM and other methods for root cause identification Currently in operation
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32🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Laser segment NKT Photonics Hamamatsu Photonics Laser Division World-leading fiber laser and fiber amplification technologies Providing products ranging from pump laser diode modules to laser applications Single frequency fiber laser Koheras series Photonic crystal fibers Stealth Dicing Engines
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33🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 22.4 25.6 28.2 35.5 -4.3 -4.3 -2.3 -1.1 -19% -17% -8% -3% -40% -30% -20% -10% 0% 10% -10.0 0.0 10.0 20.0 30.0 40.0 FY25 FY26 FY27 FY28 (Plan) ┃Point • Drivers of sales growth with a CAGR of 16.7% (FY2025–2028) • Profit (margin) improvement through maintaining fixed cost ratio and increasing sales • NKT Photonics : Targeting profitability in FY2028, including goodwill amortization, and significant contribution to our profit growth thereafter • Technology integration between NKT Photonics and Laser Division • Developing application technologies to solve market challenges • Expanding production capacity and product development to meet growing sales (Maintaining fixed cost ratio despite workforce expansion) Growth • Review low-margin products (increase selling price, reduce cost) • Consider outsourcing and manufacturing automation • NKT Photonics: Optimize prioritization of R&D Profitability improvement Laser segment Mid-Term Plan (Actual) Sales・Segment profit (Billion yen) Laser segment Segment profit margin
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34🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. ┃NKT Photonics products : Target markets Ophthalmology Security Quantum computer • In FLACS (Femtosecond Laser-Assisted Cataract Surgery), providing precise incisions as an alternative to scalpels • Supplying lasers to 4 of the top 10* ophthalmic laser device manufacturers, with evaluation completed for another manufacturer. • Development for treatment of various diseases, including glaucoma • Integrated into neutral atom and ion-trap quantum computing systems • Delivering exceptional frequency stability, ultra-narrow linewidth, and outstanding beam quality • kW fiber lasers designed to neutralize drones Sales Target CAGR (FY25-FY30) 18% Sales Target CAGR (FY25-FY30) 41% Sales Target CAGR (FY25-FY30) 19% ※based on our own research NKT Photonics Drivers of sales growth
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35🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. ┃NKT Photonics Target market : Security Increasing drone incursions in Europe On October 16, 2025, the European Commission announced a roadmap for European defense. It aims for a system capable of detecting, tracking, and neutralizing drones by the end of 2027 Importance of safeguarding critical infrastructures Airport Power Plant and Substation Port Stadium Sweden：Temporary airport closures occurred due to drone intrusion (Sep 8,2025) Poland：Russian military drones violated airspace; some were shot down(Sep 9,2025) Demark：Temporary airport closures occurred due to drone intrusion (Sep 22,2025) Norway：Flights canceled near airport due to drone presence (Sep 22,2025) Denmark：Temporary airport closures occurred due to drone intrusion ; appeared near air force base (Sep 24,2025) Germany：Temporary airport closures occurred due to drone sighting (Oct 2,2025) NKT Photonics Drivers of sales growth
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36🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Development and production of kW fiber lasers for neutralizing drones as well as Target Illumination Lasers (TIL) Sales target for lasers intended for security applications Rheinmetall 0 2 4 6 8 FY26 FY28 FY30 Sales (billion yen) September. 11. 2019 : Successfully tested a 20 kW laser created by spectrally combining 12 fiber lasers from NKT Photonics. Rheinmetall October. 28. 2025：The laser system has completed a one-year sea trial and is expected to be operational from 2029. News release from Rheinmetall Waffe Munition GmbH Potential Base case NKT Photonics Drivers of sales growth ┃NKT Photonics Target market : Security
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37🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Under development 0 2 4 6 8 FY26 FY28 FY30 Sales (billion yen) CAGR15 % (FY26-FY30) Neutral - atom Quantum computer Our high-performance and highly reliable laser sources, modulators, and detectors are extensively utilized in photonics-based quantum computers ◼ Initiating development of ultra-high-speed cameras, multi-pixel high-sensitivity cameras, and multi-pixel spatial light modulators required for large-scale computing and error correction ◼ Laser stabilization technology essential for high reliability and long-term stable operation of qubits ◼ High-power, low-noise laser sources for increasing qubit count and improving operational precision ◼ Driving rack modularization with a focus on high performance and space-saving Camera for qubit measurement Laser for generating quantum entanglement Neutral - atom Qubit Fluorescence Laser for atom trapping SLM : (Spatial Light Modulator) Laser for generating quantum entanglement Vacuum chamber Laser for cooling Key devices for Quantum Computers Sales target for Quantum applications
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38🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Numerous companies in Quantum Computer market are securing funding to accelerate development IonQ：Raised approximately $2 billion through the sale of 16.5 million shares of common stock and multiple classes of warrants（Oct 2025） Quantinuum： Raised approximately $600 million in equity financing, bringing its valuation to $10 billion（Sep 2025） QuEra：Announced a funding round of approximately $230 million, with Google and SoftBank Group participating as major investors（Feb 2025） PsiQuantum：Raised $1 billion in series E funding round（Sep 2025） Quantum Computing Status
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Financial Summary FY25 Results FY26 Plan Mid-term Plan Growth Strategy Financial Strategy 01 02 Agenda
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40🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Sources of funds Allocation Total 289.0 Three - Year Cumulative Operating CF （ Before R&D expenses ） 174.0 Interest - bearing debt 18.0 Cash on hand (Including short - term investments) 97.0 Total 289.0 R&D expenses 59.0 Capital investment 63.0 Flexible Allocation 35. 0 Shareholder Return 52.0 Maintain cash on hand 80.0 Growth investment Shareholder Returns * Disclosed on November 7,2025 • Maintain 8-9% of sales • Most are for renewal （Within depreciation expenses） • High-quality investments including M&A or additional returns through share buybacks • Maintain current dividend levels • Implement an additional 20 billion yen* in shareholder returns through share buybacks • Maintain cash reserves equivalent to approximately 3.5 months' worth of monthly sales Capital Allocation （Unit : Billion yen）
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41🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Dividend Acquisition of treasury stock • While maintaining basic policy of consolidated dividend payout ratio of 30%, we will sustain current dividend level based on minimum policy of 3.5% dividend on equity (DOE) introduced in previous fiscal year. • This fiscal year‘s dividend is projected to be 38 yen per share for the full year (19 yen interim dividend, 19 yen year-end dividend) + Basic policy Minimum policy Dividend payout ratio 30 % target Dividend on equity ratio 3.5 % 20 billion yen* ＋ Flexible implementation • We will flexibly acquire treasury stock while comprehensively considering factors such as cash on hand and growth investment opportunities, thereby appropriately controlling equity capital FY28 Target ROE : Exceeding 8% ROE（%） Actual Plan FY28FY26FY25 4.6%4.4% Achieve ROE above cost of equity through improved profitability and shareholder returns *Disclosed on November 7,2025 Term of the share buy back : November 10 ,2025 to September 30,2026 , Total number of shares to be repurchased : Up to 15 million shares (Representing up to 5.02% of the total number of issued shares(excluding treasury shares)), Total value of shares to be repurchased : Up to 20 billion yen, Method of the share buyback : Market purchase on the Tokyo Stock Exchange Shareholder Return・ROE Cost of equity 7-8% （Estimation as of FY25）
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Appendix
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43🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. FY25 （Actual） FY26 （Plan） FY27 （Plan） FY28 （Plan） Year ％ Year ％ Year ％ Year ％ Sales 212,051 100.0 222,000 100.0 240,300 100.0 262,000 100.0 Cost of sales 110,669 52.2 115,800 52.2 127,400 53.0 133,300 50.9 Gross profit 101,381 47.8 106,200 47.8 112,900 47.0 128,700 49.1 Selling, G & A expenses 66,778 31.5 69,700 31.4 72,200 30.0 75,100 28.7 R & D Expense 18,439 8.7 19,300 8.7 19,800 8.2 20,000 7.6 Operating profit 16,163 7.6 17,200 7.7 20,900 8.7 33,600 12.8 Non-operating income 3,879 1.8 3,900 1.8 3,400 1.4 3,100 1.2 Non-operating expense 1,240 0.6 900 0.4 1,200 0.5 1,400 0.5 Ordinary profit 18,802 8.9 20,200 9.1 23,100 9.6 35,300 13.5 Extraordinary income 3,799 1.8 2,700 1.2 100 0.0 400 0.2 Extraordinary expense 1,885 0.9 2,000 0.9 200 0.1 400 0.2 Pre-tax income 20,716 9.8 20,900 9.4 23,000 9.6 35,300 13.5 Income taxes etc. 6,512 3.1 6,600 3.0 6,800 2.8 11,000 4.2 Net profit 14,203 6.7 14,300 6.4 16,200 6.7 24,300 9.3 Financial Results and Plan （Unit : Million yen） *Rounded down to nearest million yen
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44🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Application FY25 （Actual） FY26 （Plan） Year % Year % Industrial instrument Semiconductor instrument 46,257 21.8 51,830 23.3 Non-destructive testing 17,046 8.0 16,481 7.4 Factory automation instrument 7,319 3.5 7,191 3.2 Others 3,656 1.7 3,449 1.6 （ Subtotal ） 74,278 35.0 78,951 35.6 Medical-bio instrument Radiographic testing 36,324 17.1 38,536 17.4 Laboratory testing 17,478 8.2 18,019 8.1 Others 6,403 3.0 7,859 3.5 （ Subtotal ） 60,205 28.4 64,414 29.0 Analytical instrument 25,635 12.1 26,310 11.9 Academic research 20,346 9.6 18,576 8.4 Measuring instrument 10,422 4.9 11,641 5.2 Transport instrument 4,504 2.1 3,849 1.7 Information / communication instrument 2,038 1.0 1,940 0.9 Optical / photographic instrument 3,218 1.5 2,713 1.2 Consumer instrument 672 0.3 461 0.2 Others / not classified 10,733 5.1 13,145 5.9 Total 212,051 100.0 222,000 100.0 Sales by application （Unit : Million yen） *Rounded down to nearest million yen
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45🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. （Unit : Million yen） FY25 （Actual） FY26 （Plan） FY27 （Plan） FY28 （Plan） Electron tube 72,467 71,800 74,700 78,900 Opto-semiconductor 80,472 83,100 93,200 99,000 Imaging and measurement instruments 32,781 34,400 36,800 40,200 Laser 22,455 25,600 28,200 35,500 Others 3,874 7,100 7,400 8,400 Total 212,051 222,000 240,300 262,000 *Sales include intersegment sales *Rounded down to nearest million yen FY25-FY28 Segment Sales Results and Plans
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46🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. FY25 （Actual） FY26 （Plan） FY27 （Plan） FY28 （Plan） Year % Year % Year % Year % Sales 72,467 100.0 71,800 100.0 74,700 100.0 78,900 100.0 Cost of sales 33,471 46.2 31,200 43.5 31,400 42.0 30,000 38.0 Gross profit 38,996 53.8 40,600 56.5 43,300 58.0 48,900 62.0 Selling, G & A expense 15,844 21.9 16,000 22.3 15,800 21.2 16,400 20.8 R & D expense 4,198 5.8 4,400 6.1 4,500 6.0 4,700 6.0 Segment profit 18,953 26.2 20,200 28.1 23,000 30.8 27,800 35.2 （Unit : Million yen） *Sales include intersegment sales *Rounded down to nearest million yen Electron tube segment FY25-FY28 Segment Results and Plans
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47🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. （Unit : Million yen） FY25 （Actual） FY26 （Plan） FY27 （Plan） FY28 （Plan） Year % Year % Year % Year % Sales 80,472 100.0 83,100 100.0 93,200 100.0 99,000 100.0 Cost of sales 49,621 61.7 51,300 61.7 61,000 65.5 60,000 60.6 Gross profit 30,851 38.3 31,800 38.3 32,200 34.5 39,000 39.4 Selling, G & A expense 14,590 18.1 14,300 17.2 15,700 16.8 15,100 15.3 R & D expense 3,676 4.6 4,200 5.1 4,000 4.3 3,400 3.4 Segment profit 12,583 15.6 13,300 16.0 12,500 13.4 20,500 20.7 *Sales include intersegment sales *Rounded down to nearest million yen Opto-semiconductor segment FY25-FY28 Segment Results and Plans
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48🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. （Unit : Million yen） FY25 （Actual） FY26 （Plan） FY27 （Plan） FY28 （Plan） Year % Year % Year % Year % Sales 32,781 100.0 34,400 100.0 36,800 100.0 40,200 100.0 Cost of sales 14,107 43.0 14,800 43.0 15,500 42.1 16,700 41.5 Gross profit 18,674 57.0 19,600 57.0 21,300 57.9 23,500 58.5 Selling, G & A expense 8,132 24.8 9,000 26.2 9,400 25.5 9,500 23.6 R & D expense 843 2.6 700 2.0 1,000 2.7 900 2.2 Segment profit 9,698 29.6 9,900 28.8 10,900 29.6 13,100 32.6 *Sales include intersegment sales *Rounded down to nearest million yen Imaging & measurement instrument segment FY25-FY28 Segment Results and Plans
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49🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. （Unit : Million yen） FY25 （Actual） FY26 （Plan） FY27 （Plan） FY28 （Plan） Year % Year % Year % Year % Sales 22,455 100.0 25,600 100.0 28,200 100.0 35,500 100.0 Cost of sales 13,013 58.0 15,600 60.9 15,700 55.7 22,000 62.0 Gross profit 9,441 42.0 10,000 39.1 12,500 44.3 13,500 38.0 Selling, G & A expense 9,866 43.9 10,300 40.2 10,900 38.7 10,200 28.7 R & D expense 3,939 17.5 4,000 15.6 3,900 13.8 4,400 12.4 Segment profit -4,365 -19.4 -4,300 -16.8 -2,300 -8.2 -1,100 -3.1 *Sales include intersegment sales *Rounded down to nearest million yen Laser segment FY25-FY28 Segment Results and Plans
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50🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. Notes ◼ This material is not intended to be a solicitation to buy or sell any securities of Hamamatsu Photonics K.K. ◼ The information contained in this material is based on data available as of making it. No guarantees, promises are made as to its accuracy or completeness. ◼ This material includes uncertain factors such as risks, economic trends and industry demands that affect actual business performance. ◼ Our prospects may differ from actual results.
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🄫 Hamamatsu Photonics K.K. and its affiliates. All Rights Reserved. 51