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November 26, 2025 FINANCIAL RESULTS BRIEFING 2Q FY2025 (Fiscal Year Ending March 2026)
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1. Q2 FY2025 Financial Results and FY2025 Forecast 2. Business Status and Topics by Segment 3. Progress and Strategies for the Medium-Term Management Plan (FY25-FY29) ”Evolving Growth 2.0 -A New Horizon-” INDEX 2
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1. Q2 FY2025 Financial Results and FY2025 Forecast
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Summary of Q2 FY2025 Financial Results and FY2025 Forecast Q2 FY2025 Results 【Consolidated Net Sales】 【Operating Profit】 82.1 billion yen (YoY -5.9%) 11.9 billion yen (YoY -24.6%) ■ Scientific/Metrology Instruments : Decline in sales and profits due to a reactionary decline drop following the completion of China’s stimulus budget in the previous fiscal year. ■ Industrial Equipment : Single-beam mask writer sales remain solid, however, overall sales and profits declined year-over-year due to lower unit sales of Single-beam mask writers in the first half. ■ Medical Equipment : Increased sales and profits driven by temporary demand outside Japan ■ Continue striving to achieve our full-year plan, despite performance variations across business segments. ■ Scientific/Metrology Instruments : Outlook remains uncertain due to U.S. research funding cuts, U.S.–China trade friction, and geopolitical risks in regions such as the Middle East and Ukraine. ■ Industrial Equipment : Single-Beam Mask Writer and Spot Beam are performing well; however, Multi-Beam Mask Writer continues to face delays in capital investment for advanced semiconductors. ■ Medical Equipment : Steady demand in Japan, with increased inquiries in China through collaboration with WEGO. FY2025 Forecast ■ Observed some impact from rising costs, primarily in Scientific and Metrology Instruments. Implementing countermeasures such as pricing strategies.US Tariffs Impacts ■ Sales and operating profit exceeded the1H plan, achieving the second-highest record; however, both sales and profit declined year-over-year. 【Consolidated Net Sales】 【Operating Profit】 181 billion yen (YoY -8.0%) 24 billion yen (YoY -34.2%) 4
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Q2 FY2025 Results (P/L) Consolidated net sales 821 billion yen (YoY -5.9%), Operating profit 11.9 billion yen (YoY -24.6%) Sales and profits decreased due to lower sales volumes in Scientific and Metrology Instruments and Industrial Equipment, yen appreciation (exchange rate impact), and a worsened product mix. (A)+(B) 80 Exchange rate (1$=) ¥152 ¥147 Exchange rate (1€=) ¥165 ¥168 FY2024 2Q YTD FY2025 2Q YTD YoY 1 Net sales 872 821 -52 2 Sales cost 441 428 -14 3 （Cost ratio） 50.6% 52.1% 1.5% 4 Gross profit 431 393 -38 5 SGA 211 214 3 6 R&D cost 61 59 -2 7 SGA total 273 273 1 8 Operation profit 158 119 -39 9 Non-operating income 7 11 3 10 Non-operating expenses 24 1 -23 11 Ordinary profit 141 129 -12 12 Extraordinary income 0 10 10 13 Extraordinary income 0 0 -0 14 Net profit before taxes 141 139 -2 15 Corporate taxes 32 40 9 16 Net profit 109 99 -11 (A)Positive Factors 2 1.R&D cost decrease 2 (B)Negative factors -41 1.Sales volume decrease -19 2.FX rate diff. (Yen appreciation) -13 3. Cost deterioration, etc. -9 4.SGA increase -3 -39 Factors for fluctuating ordinary profit (YoY) （100 million JPY） (100 million JPY)Consolidated figures (P/L) 5
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Consolidated Sales & Operating Profit by Segment (Q2 FY2025) Exchange rate (1$=) ¥152 ¥147 ¥ -5 -3.3% Exchange rate (1€=) ¥165 ¥168 ¥3 1.8% FY2024 2Q YTD ① FY2025 2Q YTD ② YoY (②ー①) YoY % Net sales 872 821 -52 -5.9% Operating profit OP margin 158 18.1% 119 14.5% -39 -3.6% -24.6% - Ordinary profit 141 129 -12 -8.5% Net profit 109 99 -11 -9.8% Net sales 522 477 -45 -8.6% Operating profit 40 27 -13 -31.9% OP margin 7.7% 5.8% -2.0% - Net sales 287 270 -16 -5.7% Operating profit 146 117 -29 -20.1% OP margin 51.0% 43.2% -7.8% - Net sales 64 74 10 15.2% Operating profit 4 7 3 76.6% OP margin 6.1% 9.4% 3.3% - Expenses 32 32 -0 -1.2% (100 million JPY) Company Total Scientific/Metrology Instruments Industrial Equipment Medical Equipment Company total 6
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FY2025 Forecast (P/L) Negative factors -115 1. Sales volume decrease -61 2. FX rate diff.(Yen appreciation) -28 3. Cost deterioration, etc. -26 YoY (②ー①) (A)+(B) FY23 Result FY24 Result ① FY25 Forecast ② 1 Net sales 1,743 1,967 1,810 2 Sales cost 951 1,043 1,001 3 (Cost ratio) 54.5% 53.0% 55.3% 4 Gross profit 793 924 809 5 SG&A 415 449 445 6 R&D costs 103 120 124 7 SG&A total 518 569 569 8 Operating profit 275 355 240 9 Non-operating income 28 12 5 10 Non-operating expenses 3 23 0 11 Ordinary profit 300 344 245 12 Extraordinary income 2 29 0 13 Extraordinary losses 8 124 0 14 Net profit before taxes 295 250 245 15 Corporate taxes 78 63 65 16 Net profit 217 187 180 -157 -42 2.3% -115 -4 4 0 -115 -7 -23 -99 -29 -124 -5 2 -7 Exchange rate (1$=) ￥144 ¥152 ¥145 Exchange rate (1€=) ¥157 ¥164 ¥157 -115 Consolidated figures(P/L) Factors for fluctuating ordinary profit (YoY) (100 million JPY) （100 million JPY） 7 Consolidated net sales 181 billion yen (YoY -8.0%), ordinary profit 24 billion yen (YoY -32.4%) Yen appreciation is assumed compared to the previous year's results Scientific and Metrology Instruments are expected to maintain a certain level of sales despite risks such as US tariff policy and export control measures against China. Industrial Equipment business is awaiting recovery in the market for Multi-beam Mask Writer
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Factors Contributing to Profit Increase/Decrease FY23 Result 275 240 Improved cost +28 Sales volume increase +62 FX diff. (Yen Depreciation) +41 R&D cost decrease +4 Operating Profit Analysis (100 million JPY) 0 100 200 500 300 400 FY24 Result 355 FY25 Forecast -34 Increased SGA -17 Increased R&D cost -28 FX rate Diff. (Yen appreciation) -61 Sales volume decrease -26 Cost deterioration -4 SGA increase 8
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Consolidated Sales & Operating Profit by Segment (Full-year Forecast) Updated forecast for Scientific and Metrology Instruments and Industrial Equipment based on the current business situation. Exchange rate (1$=) ¥152 ¥145 ¥-7 -4.6% Exchange rate (1€=) ¥164 ¥157 ¥-7 -4.3% FY24 Result① FY25 Forecast② YoY (②―①) YoY % 1,967 355 18.0% 1,810 240 13.3% -157 -115 -4.8% -8.0% -32.4% - 1,248 150 12.0% 1,200 130 10.8% -48 -20 -1.2% -3.8% -13.4% - 565 263 46.6% 454 170 37.4% -111 -93 -9.1% -19.6% -35.4% - 154 7 4.3% 156 7 4.5% 2 0 0.2% 1.2% 5.7% - 65 67 2 3.2% (100 million JPY) Company Total Scientific/Metrology Instruments Industrial Equipment Medical Equipment Company total Net sales Operating profit OP margin Net sales Operating profit OP margin Net sales Operating profit OP margin Net sales Operating profit OP margin Expenses 9
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Transition of Major Accounts (100 million JPY) Full-year (100 million JPY ) FY23 FY24 FY25 FY23 FY24 FY25 2Q 2Q 2Q (Consolidated) Forecast 821 822 798 1 Inventory 768 770 756 90 108 51 2 Interest-bearing debt 145 76 149 1,094(53.4%) 1,316 (57.3%) 1,438 (63.5%) 3 Total Assets 2,302 2,225 2,237 1,032 71.2% 972 65.0% 1,135 65.4% (100 million JPY) 1,600 9 Order Backlog 10 Overseas sales ratio * including special dividend 20 yen for 75th anniversary 0 400 800 1,200 FY21 2Q FY22 2Q FY23 2Q FY24 2Q FY25 2Q 14.3% 18.1% 1.7 倍 19.1% 15.9% 2.6 倍 12.6% 11.4％ ─ Investment efficiency index 1 ROE 2 ROIC※ 3 PBR ※ In accordance with our internal management standard 838 534 913 899 647 1188 1092 687 1361 941 872 1203 808 821 1019 2nd Quarter (Consolidated) 1 Inventory 3 Net Assets (capital-to-asset) Orders Received Sales Order Backlog 2 Interest-bearing debt 4 Dividend(JPY) 33 円 44 円 53 円 4 Net Assets (capital-to-asset) 1,255 (55.5%) 1,367 (61.4%) 1,487(66.5%) 5 Overseas sales ratio 66.7% 76.4% 73.2% 5 Dividend(JPY) 102円* 106円 106 円 6 Orders received 1,092 941 808 6 Capital investments 56 70 195 7 Order Backlog 1,361 1,203 1,019 7 Depreciation cost 47 49 53 1,864 1,7511,9228 Order received Transition of Orders, Sales and Backlog 10
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Business Environment Scientific/Metrology Instruments：Target further growth in priority areas (Semiconductor, Life Science). Industrial Equipment：Strengthen the competitiveness of our mask lithography system. Medical Equipment：Business transfer process to Sysmex Corporation is progressing as scheduled. 11 Accademia Lithography System Japan Outside Japan Others ■ Multi-Beam Mask Writer: Continued delay in capital investment for cutting-edge equipment. ■ Single-Beam Mask Writer: Continued strong performance, particularly in China. ■ Spot Beam (Spot type Electron Beam Lithography System): Strong performance due to demand for optical device production for AI Data Centers. ■ The electron gun market is showing signs of recovery due to increased demand for optical lenses in AI smartphones and other. ■ Sales promotion activities for E-beam 3D metal printers continue utilizing bases in Europe and the United States. Semiconductor Other industries ■ Japan: Research investments remain robust. ■ USA: Outlook remains uncertain due to the research funding cuts by the Trump administration. ■ Europe: Uncertain outlook due to geopolitical risks and US tariff policies. Budgets prioritize defense and energy. ■ Asia and China: Relatively solid despite concerns about the impact of trade friction with the US. Scientific and Metrology Instruments Industrial Equipment Medical Equipment ■ Key markets (Taiwan and South Korea) are slower than expected this FY due to investment timing. ■ Continue sales promotion activities for JEM-ACE200F, JIB-PS500i, and other products. ■ Active promotional efforts in Life Sciences market. ■ R&D investment is relatively stagnant in Japan and other countries. ■ In addition to steady demand for equipment, we are promoting a reagent business leveraging equipment as a platform. ■ Anticipate increased orders in China through our collaboration with WEGO Holding.
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2. Business Status and Topics by Segment
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Scientific and Metrology Instruments Consolidated Net Sales and Operating Profit Transition [Net Sales] 1,500 (100 million JPY) [OP] 250 (100 million JPY)[Net Sales] 1,000 [OP] 100 Full-year2nd Quarter 130 1,200 58 948 168 1,200 150 1,248 △1 358 37 441 40 522 27 477 300 600 900 1,200 50 100 150 200 200 400 800 600 50 0 0 0 0 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Forecast FX rate(1$=) ¥ 133 ¥ 141 ¥ 152 ¥ 147 FX rate(1$=) ¥ 135 ¥ 144 ¥ 152 ¥ 145 FX rate(1€=) ¥ 139 ¥ 154 ¥ 165 ¥ 168 FX rate(1€=) ¥ 141 ¥ 157 ¥ 164 ¥ 157 Operating profit Net sales Operating profit Net sales 13
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Semiconductor｜Sales result in Q2 FY2025 and targets Q2 sales of Semiconductor*1: 26.1 billion yen (59.6% of plan) Single-Beam Mask Writer demand remains robust, particularly in China, and Spot Beam demand has been strong. However, capital investment for process monitoring instruments is being delayed. FY25 2Q Notes： *1. Scientific and Metrology Instruments and Industrial Equipment for semiconductor customers *2. Strategic Products (ACE200F, PS500i, IT810 series) +232 Scientific and Metrology Instruments *2 Industrial Equipment 414 520 24 670 150 FY25 Forecast FY29 Target 438 254 7 261 14 Semiconductor sector net sales (in 100M JPY)
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Semiconductor｜Business Outline JEOL instruments are essential in various semiconductor applications, from development to production, due to their high reliability. LSI production process Device and Process Development of advanced semiconductors ⚫ New structure development: Development of new transistor shape, processing optimization, stress distribution analysis, defect detection. ⚫ Film material development: film quality and thickness evaluation, derivation of process conditions, detection of defect levels. ⚫ Multi-layer Wire Development: Material development, structural features such as contact holes TEM AES FIB NMR Back-end process Liquid impurities inspection Front-end process Photomask productionLSI design Wafer Off-line analysis Process condition evaluation, failure analysis MS Cleaning Packaging Process monitoring (Inspection) Metrology (CD Measurement) Due to semiconductor miniaturization and the adoption of 3D structures, some CD-SEM market segments are shifting to TEM & FIB. TEM FIB Single Beam Mask Writer MBMW 15 Deposition Repeat Exposure InspectionIon Implantation Developing/Etching SEM SEM Spot beam mask writer
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TEM-Based CD Measurement in Advanced Semiconductor Processes Due to semiconductor miniaturization and 3D structures, TEM and FIB have become essential for process control (inspection) to improve yield in advanced semiconductor production. The JIB-PS500i (FIB-SEM system) has been certified for future implementation by a major semiconductor company. JIB-PS500i FIB-SEM system Specimen Preparation JEM-ACE200F High Throughput Analytical Electron Microscope (TEM for Semiconductor) CD Measurement HAADF-STEM image of a Fin Field-Effect Transistor (FinFET) Wafer Transistor Year ʻ18 ʻ20 ʻ23 ʻ25 ʻ27 ʻ29 ʻ31 ʻ33 ʻ35 Node N7 N5 N3 N2 A14 A10 A7 A5 A3 GAA CFETFinFET 16
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Automated SEM workflow with Neo Action and Neo Action Robo Offer automation of the SEM measurement workflow from sample exchange to observation/analysis and report preparation. ※COBOTTA is a registered trademark of Denso Wave Incorporated JSM-IT810 Scanning Electron Microscope Auto measurement & analysis Auto alignment Auto report preparation Stage Specimen holder LLC Auto transfer Specimen holders 17
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Unknown Compounds Structure Analysis Software : “msFineAnalysis AI Ver.3” Unknown Compounds Structure Analysis Software, powered by cutting-edge AI technology, specifically designed for the JMS- T2000GC “AccuTOF GC-Alpha”. Effective for structural analysis of unknown compounds in liquid-phase impurity inspection for semiconductors and in complex mixtures such as petroleum and life science samples. Currently under evaluation by a major semiconductor company. AI structural analysis result window showing the flavor components in oyster Released on September 1, 2025 18
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Life Science｜Advanced analytical instruments to address customers’ challenges Provide products and solutions that enable molecular-level analysis for structural biology and drug discovery. Received a package order for CRYO ARM (cryo-TEM) and CryoLameller (cryo-FIB-SEM) from a U.S. National Laboratory. Micro ED XtaLABSynergy-ED NMRCryoFIB MS Cryo Electron Microscope • Dementia • Parkinson’s • Cancer • Infectious disease • Rare disease Health food products, Fermentation products Social Issues Needs of pharmaceutical and biology companies Solutions that JEOL provides Overcoming diseases Safe and Reliable Society Elucidation of Molecular Structure of Protein SARS-CoV-2 spike with nanobodies at 3.0A bioRxiv 2021 [71] Data courtesy of Dr. Junso Fujita at Osaka University. • Elucidation of the cause of disease • Drug design Low Molecular Structural Analysis • Identification of trace substances 19
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In Commemoration of Professor Susumu Kitagawa of Kyoto University's Nobel Prize in Chemistry JEOL Ltd.（President & CEO: Izumi Oi) extends its heartfelt congratulations to Professor Kitagawa, Executive Vice President and Distinguished Professor at Kyoto University, on receiving the 2025 Nobel Prize in Chemistry. Professor Kitagawa was the first in the world to successfully synthesize and establish the concept of PCP (Porous Coordination Polymer) / MOF (Metal-Organic Framework). The molecular structure of PCP/MOF plays a critical role in its nano-level functionality. We are honored that Professor Kitagawa utilized our NMR, SynergyED, SEM, and TEM instruments in his research. To further support his work and foster innovation, Kyoto University’s iCeMS, Rigaku Holdings Corporation, and JEOL jointly established the RIGAKU/JEOL-iCeMS Innovation Core on September 4, 2025. This initiative aims to contribute to groundbreaking research and the creation of new innovations. Electron Diffractometer XtaLAB Synergy-ED 20
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World’s Top 2% Scientists at JEOL Yoshinori Yanagisawa and Yusuke Nishiyama of JEOL Ltd. have been recognized in the Stanford-Elsevier list of the world’s top 2% of scientists for 2025 in the category of “Single Recent Year Impact.” Robert B. Cody of JEOL USA, Inc. has been honored in both the “Single Recent Year Impact” and “Career -Long Impact” categories. 21
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[Net Sales] 600 [Net Sales] 500 170 454 233 495 162 390 263 565 93 205 70 172 146 287 117 270 200 100 300 400 500 00 100 200 400 300 Industrial Equipment Consolidated Net Sales and Operating Profit Transition (100 million JPY) Full-year2nd Quarter Operating profit Net sales Operating profit Net sales (100 million JPY) FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Forecast FX rate(1$=) ¥ 133 ¥ 141 ¥ 152 ¥ 147 FX rate(1$=) ¥ 135 ¥ 144 ¥ 152 ¥ 145 FX rate(1€=) ¥ 139 ¥ 154 ¥ 165 ¥ 168 FX rate(1€=) ¥ 141 ¥ 157 ¥ 164 ¥ 157 22
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Electron Beam Mask Writer Develop high-performance multi-beam mask writers to meet the demands of semiconductor miniaturization. Continue to enhance the competitiveness of single-beam mask writers for legacy nodes. Laser Writer Single-Beam Mask Writer Multi-Beam Mask Writer JBX-3050MV/S JBX-3200MVS 350nm 90nm 150nm 32nm 45nm Angstroms7nm 3nm 2nm UV (i-Line, Krypton, Fluoride) DUV (Argon fluoride) EUV 23
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Spot Beam (Spot type Electron Beam Lithography System) Strong demand driven by the growing use of advanced optical devices (DFB lasers*) for AI data centers. * DFB (Distributed-Feedback) lasers offer exceptional wavelength stability, even under varying operating conditions such as input current, temperature changes, and high-speed modulation. Thanks to their extremely narrow spectral width, they are widely used in high -capacity, long-distance optical communications. JBX-8100FS Electron Beam Lithography System 24
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[Net Sales][Net Sales] 200 156 184 153 154 85 74 64 74 100 50 150 200 50 100 150 25 Medical Equipment Consolidated Net Sales and Operating Profit Transition (100 million JPY) Full-year2nd Quarter Operating profit Net sales Operating profit Net sales (100 million JPY) FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Forecast FX rate(1$=) ¥ 133 ¥ 141 ¥ 152 ¥ 147 FX rate(1$=) ¥ 135 ¥ 144 ¥ 152 ¥ 145 FX rate(1€=) ¥ 139 ¥ 154 ¥ 165 ¥ 168 FX rate(1€=) ¥ 141 ¥ 157 ¥ 164 ¥ 157 75 5 73 5 4 7
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Transfer of the Medical Equipment Business We will transfer our medical equipment business to a newly established, wholly owned subsidiary (trade name to be determined) via a simplified absorption-type company split. All shares of the new company will then be transferred to Sysmex Corporation Sysmex Corporation is one of Japan’s leading medical equipment manufacturers, with extensive experience and a strong track record in clinical (specimen) testing. The company has built a robust global network and enjoys high brand recognition within the indus try To ensure the sustainable growth of our medical equipment business and enhance the Company’s medium- to long-term corporate value, we plan to operate this business under Sysmex’s leadership. Their industry expertise and strong market presence will support further business development and create expanded growth opportunities for our employees. At the same time, we will continue working t o strengthen our overall corporate value The impact of the share transfer on the Company’s financial results for the fiscal year ending March 2026 is expected to be minor. The impact on the fiscal year ending March 2027 is currently under review, with further details to be provided during the financi al results briefing in May 2026 Schedule for the Establishment of the New Company and the Share Transfer Date of Board Resolution September 2, 2025 Date of Execution of Share Transfer Agreement September 2, 2025 Date of Establishment of the New Company September 25, 2025 Date of Execution of the Absorption-type Company Split Agreement December 2025 (planned) Effective Date of the Absorption-type Company Split and the Share Transfer April 1, 2026 (planned) 26
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3. Progress and Strategies of the Medium-Term Management Plan (FY25-FY29) ”Evolving Growth 2.0 -A New Horizon-”
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Progress of the Medium-Term Management Plan (FY25-FY29) ”Evolving Growth 2.0 -A New Horizon-” Industrial Equipment Scientific and Metrology Instruments Medical Equipment While uncertainty persists due to factors such as U.S. academic funding cuts and U.S.–China trade friction, we will actively drive sales initiatives for core products, including inspection and analytical instruments for semiconductors and life sciences. While multi-beam mask writers continue to face delays in capital investment for advanced applications, we aim to expand our business by leveraging strong demand for single-beam mask writers and Spot Beams, while preparing for a potential recovery in the multi-beam mask writer market. Stable demand for clinical chemistry analyzers continues. To ensure sustainable growth in the Medical Equipment business and enhance corporate value over the medium to long term, the business is scheduled to transfer to Sysmex on April 1, 2026. 28
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Vision 2035 *Aiming for top class market share in key markets of Semiconductor and Life Science Become a global leader*, by co - creating innovations with customers who are challenging cutting - edge technologies. In cutting edge growth markets, we will evolve from being an equipment supplier to an innovation company that creates value and develops the future together with our customers. 29
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Medium-term Management Plan Target 【Financial】 Further strengthen capital-efficiency-focused management and enhance the earning power of core businesses to drive sustainable growth. To improve capital efficiency, set ROE/ROIC targets and implement a PDCA cycle for continuous monitoring and improvement. 30 Improve profitability Create returns more than investment costs Operating profit Net Sales Operating margin ROIC* ROE 196.7billion yen 35.5billion yen 18.0% 18.1% 14.3% FY24 Result 181 billion yen 24 billion yen 13.3% 11.4% 12.6% FY25 Forecast 225 billion yen 45 billion yen 20.0% 15% or more 15% or more FY29 Target Measures • Create innovation • Strengthen focus area • Improve profitability and streamline • Strengthen return to shareholders Growth Rate (FY24- FY29) CAGR 2.7% CAGR 4.9% +2.0%pt ー ー *Based on internal management standards
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Medium-term Management Plan Target 【Financial】| By Segment Focus on priority areas such as semiconductors and life sciences to improve profitability in Scientific and Metrology Instrum ents by leveraging our unique technologies. Anticipate market recovery for multi-beam mask writers and pursue further business expansion for single-beam and spot-beam mask writers. Expand clinical chemistry analyzer sales outside Japan by strengthening collaboration with WEGO Holding. Growth Rate (FY24-FY29) FY24 Result FY25 Forecast FY29 Target 33 c c c C Scientific and Metrology Instrument Industrial Equipment Medical Equipment CAGR 2.9% CAGR 12.9% +7.1%pt CAGR 0.2% CAGR -3.5% -8.0%pt CAGR 9.3% CAGR 33.8% +8.0%pt Net sales Operating profit Operating margin Net sales Operating profit Operating margin Net sales Operating profit Operating margin Corporate expenses 124.8 billion yen 15 billion yen 12.0% 56.5 billion yen 26.3 billion yen 46.6% 15.4 billion yen 0.7 billion yen 4.3% 6.5 billion yen 120 billion yen 13 billion yen 10.8% 45.4 billion yen 17 billion yen 37.4% 15.6 billion yen 0.7 billion yen 4.5% 6.7 billion yen 144 billion yen 27.5 billion yen 19.1% 57 billion yen 22 billion yen 38.6% 24 billion yen 3 billion yen 12.5% 7.5 billion yen
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Priority Areas in the Medium-term Management Plan We will focus on semiconductors and life sciences—markets with strong growth potential—where our advanced technological capabilities are in high demand. Semiconductor Life Science Significant growth is expected in the market for advanced measurement and inspection instruments, driven by semiconductor miniaturization, densification, and rising demand. With the growth of the life sciences market, demand for analytical instruments used in this field is also expected to increase. Provide high-precision instruments and services for semiconductor structure and failure analysis. Focus on automation to simplify analysis and reduce customer workload. Provide highly precise instruments and services for atomic-level molecular structure analysis in the fields of structural biology and drug discovery. Market Growth Our Strengths 34
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Investment/Shareholder Returns Improve profitability and enhance shareholder satisfaction by pursuing growth opportunities through strategic investments and shareholder returns. Prioritize medium- to long-term corporate value improvement, strengthen shareholder returns, and promote future-focused growth investments. Evolving Growth Plan (FY22-FY24) Evolving Growth 2.0 -A New Horizon- (FY25-FY29) Dividend ¥31.6B Sales CF + R&D ¥195.0B • Renewal of facilities and equipment to improve production capacity and productivity • Concentrate investment to promising Semiconductor/Life Science areas • Shift to focus on developing capital efficiency • Shareholder returns: Target dividend payout ratio of 30% or more Capital Expenditure ¥74.9B R&D ¥62.2B Strategic Investments (M&A, etc.) ¥26.3B • Seeking M&A opportunity in Semiconductor, Life Science, etc. Sales CF + R&D ¥116.9B New share issues, etc. ¥24.9B Dividend ¥15.2B Capital Expenditure ¥ 22.7B R&D ¥49.2B M&A ¥15.9B Net Cash Increase ¥44.5B ¥5.7B* *Sales of assets (investment securities, etc.) Note: Prior to the Transfer of the Medical Equipment Business35
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Initiatives for stable and continuous return to shareholders Aim to deliver stable and continuous shareholder returns, guided by a basic policy targeting a dividend payout ratio of 30%. <Shareholder Return Policy> Dividend payout ratio of 30% as a standard 16.5 JPY 24 JPY 24 JPY 66 JPY 50 JPY 102 JPY 106 JPY 106 JPY FY25FY18 FY19 FY20 FY21 FY22 FY23 FY24 19.3% 24.7% 31.0% 20.3% 18.9% 24.0% 29.0% 30.1% Dividend Payout Ratio and Dividend Amount 36
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Note on document handling Information provided by this document and presented orally by our representative contains assumptions and beliefs based on data currently available. Readers should be aware that actual results could differ materially from this outlook due to various known and unknown factors that impact our performance such as economic trends, upturn or downturn in the semiconductor industry, and changes in R&D spending. Ⓒ 2025 JEOL Ltd.