Interim report
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Consolidated Financial Results for the Nine Months Ended June 30 , 2026 ( Japanese GAAP ) Company name : Hamamatsu Photonics K.K. Stock code : 6965 Stock listing : Tokyo Stock Exchange URL : https://www.hamamatsu.com/jp/en August 6 , 2026 Representative : Tadashi Maruno , Representative Director and President , Chief Executive Officer Contact : Takashi Ogasawara , Executive Officer and Chief of Finance and Accounting General Headquarters ( Phone : + 81-53-452-2141 ) Scheduled date to begin dividend payments : - Supplementary materials to the financial statements have been prepared : Yes Presentation will be held to explain the financial statements : Yes ( for analysts and institutional investors ) Note : All amounts are rounded down to the nearest million yen 1. Consolidated financial results for the nine months ended Jun . 30 , 2026 ( From Oct. 1 , 2025 through Jun . 30 , 2026 ) ( 1 ) Consolidated operating results Note : Percentage figures represent changes from the same period of the previous year . Net sales Millions of yen Nine months ended 173,047 % 11.3 Operating profit Millions of yen 16,354 % 33.1 Ordinary profit Millions of yen 19,363 % 38.5 Profit attributable to owners of parent Millions of yen % 12,619 31.3 Jun . 30 , 2026 Nine months ended 155,467 3.3 12,286 ( 51.4 ) 13,983 ( 49.9 ) 9,608 ( 52.9 ) Jun . 30 , 2025 Note : Comprehensive income Nine months ended Jun . 30 , 2026 : 25,606 million yen [ 114.7 % ] Nine months ended Jun . 30 , 2025 : 11,925 million yen [ ( 59.6 ) % ] Nine months ended Jun . 30 , 2026 Nine months ended Earnings per share Diluted earnings per share Yen Yen 43.05 31.96 Jun . 30 , 2025 ( 2 ) Consolidated financial position Total assets Net assets Equity ratio Millions of yen As of Jun . 30 , 2026 As of Sep. 30 , 2025 For reference : Equity 486,751 455,008 Millions of yen 318,785 323,455 % 65.2 70.7 2. Dividends As of Jun . 30 , 2026 : 317,154 million yen As of Sep. 30 , 2025 : 321,521 million yen Dividends per share ( Base date ) End of Q1 End of Q2 End of Q3 End of FY Full FY Yen Yen Yen Yen Yen Fiscal year ended 19.00 19.00 38.00 Sep. 30 , 2025 Fiscal year ending Sep. 30 , 2026 19.00 Fiscal year ending Sep. 30 , 2026 ( Forecast ) Note : Revision of the forecasts for dividends most recently announced : No 19.00 38.00
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3. Forecast of consolidated financial results for the fiscal year ending Sep. 30, 2026 (From Oct. 1, 2025 through Sep. 30, 2026) Note: Percentage figures represent changes from the same period of the previous year. Net sales Operating profit Ordinary profit Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year ending Sep. 30, 2026 239,000 12.7 22,000 36.1 25,500 35.6 17,500 23.2 60.53 Note: Revision of the forecasts for consolidated financial results most recently announced: Yes 4. Others (1) Significant changes in the scope of consolidation during the period: None (2) Application of special accounting treatment for preparing quarterly consolidated financial statements: Yes (3) Changes in accounting principles, changes in accounting estimates, and changes in presentation due to revisions (a) Changes in accounting principles accompanying revisions in accounting standards: None (b) Changes other than those in (a) above: None (c) Changes in accounting estimates: None (d) Changes in presentation due to revisions: None (4) Number of shares issued (a) Number of shares issued at end of period including treasury shares As of Jun. 30, 2026: 319,257,365 shares As of Sep. 30, 2025: 319,191,114 shares (b) Number of treasury shares at end of period As of Jun. 30, 2026: 30,166,828 shares As of Sep. 30, 2025: 20,429,930 shares (c) Average number of shares outstanding during the period Nine months ended Jun. 30, 2026: 293,118,904 shares Nine months ended Jun. 30, 2025: 300,645,235 shares
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-1- 1. Overview of Operating Results and Others (1) Overview of Operating Results for the Nine Months Ended June 30, 2026 During the nine months ended June 30, 2026, in the business environment surrounding the Group, the outlook remained uncertain, against the backdrop of fluctuations in raw material and energy prices resulting from heightened geopolitical risks including the situation in the Middle East and instability in international logistics as well as continuous rising prices. Given these circumstances, the Group worked to secure net sales and earnings by making reforms for further growth, continuing capital investment for future market expansion, and promoting research and product development utilizing the proprietary photonics technologies, with a view to contributing to a sustainable society. As a result, we closed the nine months ended June 30, 2026 with net sales of JPY 173,047 million, up by JPY 17,580 million (11.3%) compared with the same period one year ago. From an earnings perspective, operating profit was JPY 16,354 million, up by JPY 4,068 million (33.1%), ordinary profit was JPY 19,363 million, up by JPY 5,380 million (38.5%), and profit attributable to owners of parent was JPY 12,619 million, up by JPY 3,011 million (31.3%) from the same period one year ago, resulting in increases in net sales and earnings year on year. Operating results by segment are as follows: (Electron Tube) In photomultiplier tubes (PMT), imaging devices and light sources, sales of PMT and xenon lamps for semiconductor fabrication and inspection equipment increased, driven by growing demand for semiconductors, particularly for AI data centers. In addition, sales of microfocus X-ray sources for non- destructive testing devices also increased due to the increased demand for circuit board inspection for AI data centers. As a result, the Electron Tube business closed the nine months ended June 30, 2026 with net sales of JPY 58,822 million, up by 9.5%, and operating profit of JPY 17,897 million, up by 24.5% from the same period one year ago. (Opto-semiconductor) In opto-semiconductor devices, while sales for photodiode arrays for high-energy physics experiments decreased following the completion of delivery of projects in Europe, sales of image sensors for semiconductor fabrication and inspection equipment increased, driven by growing demand for semiconductors, particularly for AI data centers. In addition, in the FA (Factory Automation) field, sales of photodiodes increased, particularly for controls for industrial robots. As a result, net sales in the Opto-semiconductor business were JPY 66,584 million, up by 13.6%, and operating profit was JPY 12,741 million, up by 29.8% from the same period one year ago. (Imaging and Measurement Instruments) In image processing and measurement systems, sales of failure analysis systems for semiconductor devices remained strong as they were praised for their ease of operation and high performance in line with market requirements. Additionally, sales of digital slide scanners used for remote pathology diagnosis increased against the backdrop of steady demand growth in Europe and the United States. As a result, net sales for the Imaging and Measurement Instruments business were JPY 25,759 million, up by 12.5%, and operating profit was JPY 6,857 million, up by 4.1% from the same period one year ago. (Laser) In laser-related products, sales of Stealth Dicing Engine for high-speed, high-quality silicon wafer dicing remained firm accompanying strong capital investment for AI data centers. In addition, while sales of fiber lasers for quantum and semiconductor inspection exceeded the plan, sales of fiber lasers for laser microscopes decreased.
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-2- As a result, net sales for the Laser business were JPY 16,912 million, up by 4.3%, and operating loss was JPY 4,896 million, compared with an operating loss of JPY 2,553 million in the same period one year ago. (Other) Sales from other operations include the hotel operations run by Iwata Grand Hotel Inc., a subsidiary, and business relating to the proprietary products of Beijing Hamamatsu Photon Techniques, Inc., which is also a subsidiary. In our other businesses, net sales were JPY 4,968 million, up by 22.9%, and operating loss was JPY 475 million, compared with an operating profit of JPY 529 million in the same period one year ago. (2) Overview of Financial Conditions for the Nine Months Ended June 30, 2026 Current assets increased by JPY 14,856 million from the end of the previous fiscal year, mainly reflecting increases in cash and deposits of JPY 12,252 million and notes and accounts receivable - trade of JPY 4,266 million, despite a decrease in securities of JPY 3,994 million. Non-current assets increased by JPY 16,885 million from the end of the previous fiscal year, mainly reflecting increases in leased assets of JPY 17,247 million, buildings and structures of JPY 11,909 million, and machinery, equipment and vehicles of JPY 10,142 million, despite a decrease in construction in progress of JPY 29,143 million mainly due to the completion of construction of new buildings and the installation of equipment. As a result, total assets at the end of the nine months under review were JPY 486,751 million, up by JPY 31,742 million from the end of the previous fiscal year. Current liabilities increased by JPY 23,278 million from the end of the previous fiscal year, mainly reflecting an increase in short-term borrowings of JPY 12,142 million, despite a decrease in electronically recorded obligations - facilities (current liabilities, other) of JPY 6,566 million. Non-current liabilities increased by JPY 13,133 million from the end of the previous fiscal year, mainly reflecting an increase in lease liabilities of JPY 16,111 million, despite a decrease in long-term borrowings of JPY 3,558 million. As a result, total liabilities at the end of the nine months under review were JPY 167,965 million, up by JPY 36,411 million from the end of the previous fiscal year. Net assets at the end of the nine months under review were JPY 318,785 million, down by JPY 4,669 millio n from the end of the previous fiscal year, mainly reflecting a decrease of JPY 17,844 million from the purchase of treasury shares, despite an increase in foreign currency translation adjustment of JPY 12,250 million. (3) Projection for the Year Regarding our consolidated financial results for the fiscal year ending September 30, 2026, concerns persist over fluctuations in raw material and energy prices resulting from heightened geopolitical risks centered on the Middle East, among other factors. On the other hand, against the backdrop of increased investment in AI data centers, sales and orders in the industrial equipment field have been firm, particularly for semiconductor fabrication and inspection equipment. Additionally, the exchange rate is trending at a level of yen depreciation that exceeds our expectations. Taking these circumstances into account, we have revised our forecast of consolidated financial results released on May 14, 2026, as follows.
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-3- Forecast of Consolidated Financial Results for the Fiscal Year Ending Sep. 30, 2026 (From Oct. 1, 2025 through Sep. 30, 2026) (Millions of Japanese Yen) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Earnings per share Yen Previous forecast (A) 232,00 0 20,000 23,500 16,400 56.33 Revised forecast (B) 239,00 0 22,000 25,500 17,500 60.53 Change (B-A) 7,000 2,000 2,000 1,100 – Change (%) 3.0 10.0 8.5 6.7 –
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-4- Consolidated Financial Statements Consolidated Balance Sheets (Millions of Japanese Yen) As of Sep. 30, 2025 As of Jun. 30, 2026 Assets Current assets Cash and deposits 90,559 102,811 Notes and accounts receivable - trade 46,606 50,873 Securities 6,511 2,517 Merchandise and finished goods 14,426 14,870 Work in process 39,426 41,375 Raw materials and supplies 23,104 23,451 Other 16,134 15,993 Allowance for doubtful accounts (323) (589) Total current assets 236,446 251,303 Non-current assets Property, plant and equipment Buildings and structures, net 69,525 81,435 Machinery, equipment and vehicles, net 14,045 24,188 Tools, furniture and fixtures, net 7,063 7,271 Land 21,119 21,157 Leased assets, net 1,250 18,498 Right-of-use assets, net 4,079 4,215 Construction in progress 33,567 4,423 Total property, plant and equipment 150,652 161,191 Intangible assets Goodwill 30,064 29,051 Customer-related intangible assets 729 464 Other 3,795 3,883 Total intangible assets 34,589 33,399 Investments and other assets Investment securities 4,726 5,725 Long-term prepaid expenses 3,019 7,954 Retirement benefit asset 7,946 8,130 Deferred tax assets 13,291 12,208 Other 4,355 6,856 Allowance for doubtful accounts (19) (19) Total investments and other assets 33,320 40,856 Total non-current assets 218,562 235,447 Total assets 455,008 486,751
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-5- Consolidated Financial Statements Consolidated Balance Sheets (Millions of Japanese Yen) As of Sep. 30, 2025 As of Jun. 30, 2026 Liabilities Current liabilities Notes and accounts payable - trade 6,848 12,108 Electronically recorded obligations - operating 6,625 7,253 Short-term borrowings 53,498 65,640 Current portion of long-term borrowings 1,996 1,796 Income taxes payable 2,584 2,358 Provision for bonuses 7,480 10,141 Other 29,497 32,512 Total current liabilities 108,532 131,810 Non-current liabilities Long-term borrowings 10,567 7,008 Lease liabilities 4,935 21,046 Retirement benefit liability 6,885 7,089 Deferred tax liabilities 145 152 Other 488 858 Total non-current liabilities 23,021 36,155 Total liabilities 131,553 167,965 Net assets Shareholders’ equity Share capital 35,200 35,255 Capital surplus 34,480 33,800 Retained earnings 249,340 250,731 Treasury shares (26,241) (44,086) Total shareholders’ equity 292,780 275,701 Accumulated other comprehensive income Valuation difference on available-for-sale securities 1,290 1,908 Foreign currency translation adjustment 22,927 35,177 Remeasurements of defined benefit plans 4,523 4,367 Total accumulated other comprehensive income 28,741 41,453 Non-controlling interests 1,933 1,630 Total net assets 323,455 318,785 Total liabilities and net assets 455,008 486,751
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-6- Consolidated Financial Statements Consolidated Statements of Income (Millions of Japanese Yen) Nine months ended Jun. 30, 2025 Nine months ended Jun. 30, 2026 Net sales 155,467 173,047 Cost of sales 80,421 89,426 Gross profit 75,045 83,620 Selling, general and administrative expenses 62,759 67,266 Operating profit 12,286 16,354 Non-operating income Interest income 1,155 1,592 Share of profit of entities accounted for using equity method 229 438 Foreign exchange gains 116 984 Other 1,042 1,629 Total non-operating income 2,544 4,645 Non-operating expenses Interest expenses 456 1,477 Commission for purchase of treasury shares 330 5 Other 60 153 Total non-operating expenses 848 1,637 Ordinary profit 13,983 19,363 Extraordinary income Gain on sale of non-current assets 53 85 Gain on sale of investment securities 19 1 Gain on bargain purchase 942 – Subsidy income 1,935 97 Total extraordinary income 2,950 184 Extraordinary losses Loss on sale of non-current assets 23 1 Loss on retirement of non-current assets 11 12 Loss on tax purpose reduction entry of non-current assets 1,662 76 Loss on valuation of investment securities 176 16 Total extraordinary losses 1,874 106 Profit before income taxes 15,059 19,441 Income taxes 5,193 6,692 Profit 9,866 12,748 Profit attributable to non-controlling interests 257 128 Profit attributable to owners of parent 9,608 12,619
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-7- Consolidated Financial Statements Consolidated Statements of Comprehensive Income (Millions of Japanese Yen) Nine months ended Jun. 30, 2025 Nine months ended Jun. 30, 2026 Profit 9,866 12,748 Other comprehensive income Valuation difference on available-for-sale securities 1 617 Foreign currency translation adjustment 2,351 12,267 Remeasurements of defined benefit plans, net of tax (225) (155) Share of other comprehensive income of entities accounted for using equity method (68) 128 Total other comprehensive income 2,059 12,857 Comprehensive income 11,925 25,606 Comprehensive income attributable to Comprehensive income attributable to owners of parent 11,739 25,332 Comprehensive income attributable to non- controlling interests 186 274
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-8- Segment and Other Information [Segment information] I. Nine months ended Jun. 30, 2025 (From Oct. 1, 2024 through Jun. 30, 2025) 1. Information on the amounts of sales and profit (loss) for reportable segments and information on disaggregation of revenue (Millions of Japanese Yen) Reportable Segment Other (Note 1) Total Adjust- ments (Note 2) Consoli- dated total (Note 3) Electron Tube Opto- semiconductor Imaging and Measurement Instruments Laser Total Net sales Japan 9,630 13,493 5,283 5,259 33,667 716 34,384 – 34,384 North America 13,225 17,194 3,116 3,232 36,769 21 36,790 – 36,790 Europe 11,445 14,167 5,247 5,657 36,518 406 36,925 – 36,925 Asia excluding Japan 19,224 13,670 9,170 2,065 44,130 2,896 47,026 – 47,026 Other 176 86 71 4 339 – 339 – 339 Revenue from contracts with customers 53,702 58,612 22,890 16,220 151,425 4,041 155,467 – 155,467 Outside customers 53,702 58,612 22,890 16,220 151,425 4,041 155,467 – 155,467 Intersegment 412 615 39 87 1,155 40 1,196 (1,196) – Total 54,115 59,228 22,929 16,307 152,581 4,082 156,663 (1,196) 155,467 Segment profit (loss) 14,380 9,816 6,585 (2,553) 28,228 529 28,758 (16,471) 12,286 Notes: 1. The “Other” classification encompasses business segments not included in the reportable segments, and is the hotel operations run by Iwata Grand Hotel Inc., a subsidiary, and business relating to the proprietary products of Beijing Hamamatsu Photon Techniques, Inc., which is also a subsidiary. 2. Adjustment of segment profit (loss) of negative JPY 16,471 million represents intersegment transactions of negative JPY 544 million and unallocated corporate expenses of negative JPY 15,926 million. Corporate expenses mainly consist of general and administrative expenses and basic research expenses that are unattributable to reportable segments. 3. Segment profit (loss) has been reconciled with operating profit presented in the consolidated financial statements. 4. Net sales is classified by country or region, based on where the customer resides.
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-9- II. Nine months ended Jun. 30, 2026 (From Oct. 1, 2025 through Jun. 30, 2026) 1. Information on the amounts of sales and profit (lo ss) for reportable segments and information on disaggregation of revenue (Millions of Japanese Yen) Reportable Segment Other (Note 1) Total Adjust- ments (Note 2) Consoli- dated total (Note 3) Electron Tube Opto- semiconductor Imaging and Measurement Instruments Laser Total Net sales Japan 10,684 15,449 4,836 5,186 36,157 1,057 37,214 – 37,214 North America 13,808 20,471 4,242 3,001 41,523 107 41,631 – 41,631 Europe 12,107 14,677 6,198 6,565 39,548 487 40,036 – 40,036 Asia excluding Japan 22,088 15,846 10,422 2,158 50,517 3,315 53,832 – 53,832 Other 133 138 60 – 332 – 332 – 332 Revenue from contracts with customers 58,822 66,584 25,759 16,912 168,079 4,968 173,047 – 173,047 Outside customers 58,822 66,584 25,759 16,912 168,079 4,968 173,047 – 173,047 Intersegment 558 797 64 54 1,475 104 1,579 (1,579) – Total net sales 59,380 67,382 25,824 16,966 169,554 5,073 174,627 (1,579) 173,047 Segment profit (loss) 17,897 12,741 6,857 (4,896) 32,600 (475) 32,124 (15,770) 16,354 Notes: 1. The “Other” classification encompasses business segments not included in the reportable segments, and is the hotel operations run by Iwata Grand Hotel Inc., a subsidiary, and business relating to the proprietary products of Beijing Hamamatsu Photon Techniques, Inc., which is also a subsidiary. 2. Adjustment of segment profit (loss) of negative JPY 15,770 million represents intersegment transactions of negative JPY 674 million and unallocated corporate expenses of negative JPY 15,095 million. Corporate expenses mainly consist of general and administrative expenses and basic research expenses that are unattributable to reportable segments. 3. Segment profit (loss) has been reconciled with operating profit presented in the consolidated financial statements. 4. Net sales is classified by country or region, based on where the customer resides. Notes When There Are Significant Changes in Amounts of Equity Purchase of treasury shares Based on resolutions at the Board of Directors meeting held on November 7, 2025, the Company purchased 9,736,800 treasury shares during the nine months ended June 30, 2026. As a result, treasury shares increased by JPY 17,844 million.