Rigaku's Targets: Six Rows and a Range

１【経営方針、経営環境及び対処すべき課題等】, the item on management policy, environment and issues to be addressed in the annual securities report of Rigaku Holdings Corporation for its 5th fiscal year, January to December 2025, filed on EDINET on March 24, 2026, runs from page 19 to page 31 of 207. It is the first item of 第２ 事業の状況 and is divided into seven numbered parts: (1) 会社の経営の基本方針, (2) 経営環境, (3) 当社グループの強み, (4) 会社の中長期的な経営戦略（成長戦略）, (5) 中期計画目標, (6) 優先的に対処すべき事業上及び財務上の課題 and (7) 経営上の目標の達成状況を判断するための客観的な指標等. This piece reads parts (5) and (7), on pages 30 and 31, beside the same parts on pages 29 and 30 of 186 in the 4th-term report filed March 27, 2025, and follows the indicators they name to the management analysis on pages 53 and 54, the research and capital expenditure items on pages 56 and 60, and the half-year report filed August 14, 2026.

Part (7) is one paragraph, and it names the measures. 売上収益成長率（年間平均成長率(CAGR)）、調整後営業利益率、調整後EBITDAマージン、研究開発費比率、CAPEX比率及びNet Debt/調整後EBITDAレシオを重要な経営指標として位置付け、その向上に努めてまいります — the group positions the revenue growth rate as a compound annual growth rate, the adjusted operating margin, the adjusted EBITDA margin, the research and development expense ratio, the CAPEX ratio and the ratio of net debt to adjusted EBITDA as important management indicators and will work to improve them. The sentence before it gives the stated reason: 安定した財務基盤を維持しつつ売上収益を着実に増加させ、適正な利益の確保を図っていくことが必要, that it is necessary to increase revenue steadily while maintaining a stable financial base and to secure appropriate profit. For the method of calculating five of the six, the paragraph refers the reader to 4 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 (2) ①, which is page 53.

Part (5), on page 30, is one sentence, a table and seven notes. The sentence reads 当社グループは、(3)に掲げる強みを武器に、(4)に掲げる成長戦略を推進することにより、以下に示す中期計画目標の達成を目指しております, that by using the strengths in (3) and pursuing the growth strategy in (4) the group aims to achieve the mid-term plan targets shown below. The table is embedded in the PDF as an image: text extraction of page 30 returns the sentence and the notes but none of the figures, so this desk read the figures from the rendered page and checked the notes against the extracted text. Its four columns are 中計基準年度（2023年12月期）, the base year of the plan; 2024年12月期（実績）; 2025年12月期（実績）; and 中期計画目標（2027年12月期）. Its six rows are 売上収益（YoY成長率）, 調整後EBITDA（調整後EBITDAマージン）, 調整後営業利益（調整後営業利益率）, 研究開発費比率, CAPEX比率 and 要員数.

The revenue row prints 798億円 (¥79.8 billion, US$487 million) with 27.4% for the base year, 906億円 (¥90.6 billion, US$553 million) with 13.5% for 2024, 941億円 (¥94.1 billion, US$574 million) with 3.9% for 2025, and under the target column 1,150〜1,200億円 (¥115〜120 billion, US$702 million to US$733 million) with （CAGR約10%）. Note 1 explains the range and the rate: レンジ幅は売上収益の中期計画目標の５%の範囲内に設定, the width of the range is set within 5 percent of the revenue target, and the same applies to the ranges for adjusted EBITDA, adjusted operating profit and headcount; the growth rate in the revenue target is the average annual growth rate over the four years to 2027年12月期 with 2023年12月期 as the base; and the 2027 revenue is calculated at assumed exchange rates of １米ドル145円、１ユーロ156円, ¥145 to the US dollar and ¥156 to the euro. The chart plots this row and the two below it.

The two profit rows carry a margin in parentheses. 調整後EBITDA prints 202億円 (¥20.2 billion, US$123 million) and 25.3% for the base year, 234億円 (¥23.4 billion, US$143 million) and 25.9% for 2024, 217億円 (¥21.7 billion, US$132 million) and 23.0% for 2025, and a target of 315〜325億円 (¥31.5〜32.5 billion, US$192 million to US$198 million) at 約27%, about 27 percent. 調整後営業利益 prints 183億円 (¥18.3 billion, US$112 million) and 22.9%, 209億円 (¥20.9 billion, US$128 million) and 23.1%, 186億円 (¥18.6 billion, US$114 million) and 19.8%, and a target of 265〜275億円 (¥26.5〜27.5 billion, US$162 million to US$168 million) at 約23%. Note 2 defines the first: 調整後EBITDA＝税金等調整前当期利益＋減価償却費及び償却費＋減損損失−受取利息及び配当金＋支払利息＋一時費用, profit before tax plus depreciation and amortisation plus impairment losses, less interest and dividend income, plus interest expense, plus one-time costs, which the note lists as IFRS導入費用、コンサルティング・フィー、中国免除申請関連費用、上場関連費用等. Note 3 defines the second: 調整後営業利益＝営業利益＋PPA償却費＋減損損失＋一時費用, operating profit plus amortisation arising from purchase price allocation, plus impairment losses, plus one-time costs. Each margin is the adjusted figure divided by 売上収益.

The three remaining rows are ratios and a count. 研究開発費比率 prints 6.5%, 7.5% and 7.8% for the three years and 約9% as the target; note 4 defines it as 研究開発費/売上収益. CAPEX比率 prints 3.5%, 7.0% and 7.1% and a target of 約5%, with note 5 defining CAPEX as 使用権資産を除いた設備投資の金額, capital expenditure excluding right-of-use assets, and note 6 adding that the 2027 CAPEX ratio target 現在時点で計画されていない山梨工場に続く大型の工場改修・増強投資を含まない, does not include any large plant renovation or expansion investment following the Yamanashi plant that is not planned at present. 要員数 prints 1,994人, 2,136人 and 2,226人 and a target of 2,500〜2,600人; note 7 defines the figure as 年度末の就業人数と年度平均の臨時雇用人数の合計, the sum of employees at year end and the annual average of temporary staff. The five-year table on page 2 prints those two components separately for the consolidated group: 従業員数 of 1,738, 1,867 and 1,971 for 2023, 2024 and 2025, with 〔256〕, 〔269〕 and 〔255〕 as the average temporary headcount outside the count; under note 7's definition the two figures printed on page 2 for each year and the 要員数 printed on page 30 for the same year are consistent, and each number here is one the report prints.

Page 53 prints the same indicators in 百万円 for two years, under ① 財政状態及び経営成績の状況に関する認識及び分析・検討内容. For 2024 and 2025 respectively: 売上収益 90,652 million yen (US$553.4 million) and 94,193 million yen (US$575.0 million); 売上収益成長率 13.5% and 3.9%; 営業利益 18,367 million yen (US$112.1 million) and 16,709 million yen (US$102.0 million); 調整後営業利益 20,917 million yen (US$127.7 million) and 18,664 million yen (US$113.9 million), at 23.1% and 19.8%; 調整後EBITDA 23,462 million yen (US$143.2 million) and 21,707 million yen (US$132.5 million), at 25.9% and 23.0%; Net Debt/調整後EBITDAレシオ 1.4倍 and 1.7倍; 研究開発費比率 7.5% and 7.8%; CAPEX比率 7.0% and 7.1%. The paragraph beneath reads the year: adjusted operating profit of 18,664 million yen (US$113.9 million) was 前期比10.8％減, down 10.8 percent on the prior year; the adjusted EBITDA margin of 23.0 percent was 前期比2.8ポイント減; and the leverage ratio of 1.7 times was 前期比0.3ポイント増, which the report attributes to 先行投資に伴う借入金及びリース負債の増加, an increase in borrowings and lease liabilities accompanying up-front investment, while adjusted EBITDA fell. Research and development expense rose 7.6 percent and the ratio rose 0.3 points to 7.8 percent; the CAPEX ratio of 7.1 percent, mainly the Yamanashi plant extension, was 対前期比で同水準, at the same level as the prior year.

Note 3 on page 53 gives the sixth indicator its formula: Net Debt/調整後EBITDAレシオ＝（短期借入金＋長期借入金＋リース負債（流動）＋リース負債（固定）- 現金及び現金同等物）/ 調整後EBITDA. It is the one indicator named in part (7) that has no row in the table on page 30; the table's six rows are the five others and 要員数, and the ratio is printed on page 53, in the two-year table, in the paragraph beneath it and in note 3, which defines it. Page 54 then prints a second set of figures under the heading of liquidity risk, monitored monthly: DSO of 72日 and 101日, DIO of 219日 and 184日, DPO of 74日 and 72日, and Net Debt/EBITDAレシオ of 1.44倍 and 1.74倍. Note 4 on that page defines EBITDA without the 減損損失 and 一時費用 terms of the adjusted figure, so the two leverage ratios, 1.7倍 and 1.74倍 for 2025, are on different denominators, and both are the report's. The totals behind the two ratios of part (5) are printed on later pages: 研究開発費の総額は7,355百万円で、研究開発費比率は7.8％ on page 56 (US$44.9 million), and 設備投資の総額は6,653百万円で、CAPEX比率（注）は7.1％ on page 60 (US$40.6 million).

Set beside the 4th-term report, the target column is the same figure for figure. Page 29 of that report prints the same table with two columns, 中計基準年度（2023年12月期）and 2024年12月期（実績）, and the same 中期計画目標（2027年12月期）: 1,150〜1,200億円 (US$702 million to US$733 million) and CAGR約10%, 315〜325億円 (US$192 million to US$198 million) and 約27%, 265〜275億円 (US$162 million to US$168 million) and 約23%, 約9%, 約5% with the same note 6, and 2,500〜2,600人. The base-year and 2024 figures match too: 798億円 (US$487 million) and 27.4%, 906億円 (US$553 million) and 13.5%, 202億円 (US$123 million) and 25.3%, 234億円 (US$143 million) and 25.9%, 183億円 (US$112 million) and 22.9%, 209億円 (US$128 million) and 23.1%, 6.5% and 7.5%, 3.5% and 7.0%, 1,994人 and 2,136人. What the later report adds is the third column, 2025年12月期（実績）. A character-by-character comparison of the sentence and notes of part (5) and of the paragraph of part (7), after removing whitespace, finds four kinds of change in the wording and no other. The row, the notes and part (7) say 売上高 in the 4th-term report where the 5th-term report says 売上収益, so that 売上高成長率 on page 30 of the earlier report reads 売上収益成長率 on page 31 of the later one. Note 1 in the earlier report applied the exchange-rate assumption to 2025年12月期から2027年12月期までの各期の売上高, each year from 2025 to 2027, where the later note applies it to 2027年12月期の売上収益 alone, and the same note's 年平均成長率 became 年間平均成長率. The two verbs that close the sentence of part (5) and the first sentence of part (7), 目指しています and 考えています, became 目指しております and 考えております.

Part (4) sets a growth rate for each of the three product categories, with a chart beside each. For 多目的分析機器, multi-purpose analytical instruments, page 24 states the aim of 平均年率約７%の売上収益成長, average revenue growth of about 7 percent a year, against a market rate it cites as 4.6% for the X-ray diffraction and X-ray fluorescence markets over 2024〜2027 from the SDi Global Assessment Report 2025. The same sentence describes 2025 as 市場のサイクルと米国政策の影響を受けて成長の踊り場となった2025年, a year in which growth reached a plateau under the influence of the market cycle and United States policy, and states the plan 再びその売上収益と利益率を拡大基調に回帰させていく, to return revenue and margin to an expanding trend. The chart on the page, headed 多目的分析機器の業績推移と売上収益成長計画 and marked 2023~2027 CAGR 7%, prints revenue of 358億円 (US$219 million), 413億円 (US$252 million) and 404億円 (US$247 million) for 2023, 2024 and 2025 and a 2027 bar of 465~485億円 (US$284 million to US$296 million), with operating profit of 53億円 (US$32 million), 72億円 (US$44 million) and 62億円 (US$38 million) and margins of 14.8%, 17.4% and 15.4%. Page 23 of the 4th-term report printed the same 465~485億円 (US$284 million to US$296 million) bar and a market rate of 5.5% over 2023〜2027 from the 2024 edition of the same report; where the later text speaks of a plateau, the earlier text read その売上高と利益率を着実に拡大させています, steadily expanding its revenue and margin.

For 半導体プロセス・コントロール機器, semiconductor process-control instruments, page 26 states the aim of 平均年率約18%、あるいはそれをさらに超える売上収益成長, average growth of about 18 percent a year or more, against a market rate of 8.9% for semiconductor X-ray metrology over 2024〜2027 from the Yole Group's Wafer Fab Equipment Market Monitor for the fourth quarter of 2025. The chart, marked 2023~2027 CAGR 18%, prints revenue of 187億円 (US$114 million), 234億円 (US$143 million) and 278億円 (US$170 million) and a 2027 bar of 350~365億円 (US$214 million to US$223 million), with operating profit of 65億円 (US$40 million), 74億円 (US$45 million) and 80億円 (US$49 million) and margins of 35.0%, 31.7% and 29.0%. Page 25 of the 4th-term report printed the same 350~365億円 (US$214 million to US$223 million) bar and the same 8.9% for 2023〜2026 from the 2024 edition. The same part also states, under c, a plan to enter the market for advanced-packaging inspection: 新しい品質検査製品を開発・供給し、その市場に参入することを計画しております, and adds that the group is 近い将来の実用化に向けた製品化を進めております, advancing productisation toward practical use in the near future; no year is printed for it.

For 部品・サービス, parts and service, page 28 prints two charts. 部品・サービスの業績推移と売上収益成長計画, marked 2023~2027 CAGR 8%, prints revenue of 254億円 (US$155 million), 259億円 (US$158 million) and 259億円 (US$158 million) and a 2027 bar of 335~350億円 (US$205 million to US$214 million), with operating profit of 61億円 (US$37 million), 62億円 (US$38 million) and 51億円 (US$31 million) and margins of 24.1%, 23.9% and 19.8%. サービス売上収益成長計画 prints service revenue of 111億円 (US$68 million) in 2023 and 180~190億円 (US$110 million to US$116 million) in 2027, of which 89億円 (US$54 million) and 135~145億円 (US$82 million to US$89 million) respectively is the service revenue included in 部品・サービス, and a サービス売上収益比率 of 14% rising to 16%; note 6 states that service revenue here includes the service revenue within the other two categories as well. The three 2027 bars, 465~485億円 (US$284 million to US$296 million), 350~365億円 (US$214 million to US$223 million) and 335~350億円 (US$205 million to US$214 million), are printed one to a page, and this desk does not add them to the 1,150〜1,200億円 of the table. Note 6 to the consolidated statements on page 137 prints the three categories in 百万円 for 2024 and 2025: 多目的分析機器 41,327 million yen (US$252.3 million) and 40,413 million yen (US$246.7 million); 半導体プロセス・コントロール機器 23,391 million yen (US$142.8 million) and 27,834 million yen (US$169.9 million); 部品・サービス 25,934 million yen (US$158.3 million) and 25,945 million yen (US$158.4 million); 合計 90,652 million yen (US$553.4 million) and 94,193 million yen (US$575.0 million). The statements are presented, as the note on page 126 states, in 日本円（百万円単位、単位未満切捨て）, yen in millions with amounts below the unit truncated, and the three lines and the total are listed as printed, not added.

The year behind the third column is described on page 50, under (1) 経営成績等の状況の概要. The multi-purpose business fell 対前期比2.2％の減収 for the year, which the report attributes to the effect of トランプ政策 on the academic and government market in the United States, the disappearance in China of supplementary-budget orders that had lifted the prior year's first half, and a global reaction from the surge in demand for silicon carbide for electric vehicles, with Europe, Japan and the rest of Asia growing strongly in the fourth quarter. The semiconductor process-control business rose 対前期比19.0％の増収, with sales concentrated in the fourth quarter, on DRAM and 3D NAND demand and next-generation development projects. Parts and service was 対前期比で同水準, at the same level, with a prolonged customer inventory adjustment in EUV multilayer mirrors offset by service and other instruments. Operating profit fell 対前期比9.0％の減益, and the report states that the year moved 第３四半期累計で対前年同期比マイナス成長であった状況から、通期では対前期比3.9％の成長, from negative growth through the third quarter to 3.9 percent growth for the full year, on a large fourth-quarter increase.

Part (6), the list of priority issues, was renumbered between the two reports. The 4th-term report on pages 29 and 30 lists five: ① 生産キャパシティの増強と資材購買の分散化, ② 品質の改善, ③ 成長投資の拡大と一時的な市況変動リスクに備えた財務基盤の強化, ④ 人材確保・育成 and ⑤ 経営基盤の強化. The 5th-term report on pages 30 and 31 lists six: ① 外部とのパートナーシップの確立, ② 生産キャパシティの増強, ③ 品質の改善, ④ 成長投資の拡大と一時的な市況変動リスクに備えた財務基盤の強化, ⑤ 人材確保・育成 and ⑥ 経営基盤の強化. The new first item names the fields for partnership as ラボラトリー・オートメーションやマテリアル・インフォマティクス and Hybrid Metrology. The capacity item now reports the plan as carried out: 生産キャパシティを2022年比で倍増させる投資計画を実施いたしました, and 2025年５月に山梨工場において新たな製造棟を竣工し, a new production building at the Yamanashi plant completed in May 2025, which the report says 当事業年度の業績に大きく貢献しております; the earlier report had described the same doubling as a plan for 2024〜2025 and paired it with the diversification of material purchasing, a phrase the later heading drops.

The half-year report for January to June 2026, filed August 14, 2026, is 33 pages, and in the text extracted from it the words 中期計画目標 do not occur, a search that would not find a table carried as an image, as the annual report's is; page 2 states 当社グループが営む事業の内容について、重要な変更はありません, no important change in the business, and page 3 states 新たな事業等のリスクの発生はありません, no new risk, before listing changes to the risk items. Page 6 prints the half: 売上収益 39,565 million yen (US$241.5 million), 前年同期比2.9％減; 営業利益 2,579 million yen (US$15.7 million), 同54.9％減; 親会社の所有者に帰属する中間利益 1,628 million yen (US$9.9 million), 同56.9％減. By category, 多目的分析機器 15,081 million yen (US$92.1 million), down 17.1 percent, which the report attributes to the continuing effect of United States policy and to energy-price movements arising from the situation in the Middle East; 半導体プロセス・コントロール機器 12,791 million yen (US$78.1 million), up 18.2 percent, which the report says 想定を上回りました, exceeded its assumption; and 部品・サービス 11,692 million yen (US$71.4 million), down 0.5 percent; the half-year statements are presented on the same basis, 百万円単位、単位未満切捨て, as page 21 of that report states, and the three lines are listed as printed, not added. The same page states that the pipeline for growth from the third quarter 順調に進捗しており, and that the order outlook 前年同期比で大幅に増加しております, has increased substantially on the prior-year period. Page 7 prints research and development expense for the half of 3,886 million yen (US$23.7 million).

The half-year report also records a change of shareholder under an agreement dated April 21, 2026, after the annual report was filed on March 24, 2026. Page 8, under ３【重要な契約等】, prints a capital and business alliance agreement dated April 21, 2026 with Onto Innovation Inc. of Wilmington, Massachusetts, conditional on the transfer from Atom Investment, L.P. to Onto Innovation of 61,123,436 shares, 26.99 percent of the issued shares excluding treasury shares at June 30, 2026, which 2026年８月10日付で完了しております, was completed on August 10, 2026. The first clause of the agreement is headed ① 当社の経営方針に関する合意: Onto Innovation agrees to respect the company's mission, vision and values, to maintain 上場会社としての当社の経営における自主性及び独立性, the autonomy and independence of its management as a listed company, and to respect the common interest of all shareholders including minority shareholders other than itself, and the two companies agree to consult in good faith on capital policy after a lock-up period if either requests it. Page 5 restates the risk item on capital relationships with the new holder: Atom Investment, L.P., which page 49 of the annual report had printed at 42.08 percent at December 31, 2025, held 27.27 percent at June 30, 2026, before the transfer.

What the item promises is in two parts. Part (7) names six indicators, five of them ratios and one a growth rate, and undertakes その向上に努めてまいります, to work to improve them. Part (5) puts a 2027年12月期 number on five of the six: revenue growth of about 10 percent a year compound from 2023, to 1,150〜1,200億円 (¥115〜120 billion, US$702 million to US$733 million); an adjusted EBITDA margin of about 27 percent on 315〜325億円 (¥31.5〜32.5 billion, US$192 million to US$198 million); an adjusted operating margin of about 23 percent on 265〜275億円 (¥26.5〜27.5 billion, US$162 million to US$168 million); a research and development expense ratio of about 9 percent; and a CAPEX ratio of about 5 percent, with a headcount of 2,500〜2,600人 beside them. The sixth, Net Debt/調整後EBITDAレシオ, has no row in the table and is printed on page 53, where 2025 stands at 1.7倍. Beside the targets the report prints 2025 in the same units: 941億円 (¥94.1 billion, US$574 million) and 3.9 percent, 23.0 percent and 19.8 percent, 7.8 percent and 7.1 percent, 2,226人. The 2027 column is the company's plan at an assumed ¥145 to the dollar; the 2025 column is the year's result; this piece places them side by side as the report does and draws no line between them.