HORIBA, Ltd.
6856・Prime Market・Electric Appliances
Energy & Environment
A field centered on automotive and environmental measurement with expanding demand in Europe and the Americas, representing the Group's largest revenue segment
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (Q1 FY2026, ending December 2026) | ¥30,496 million | ¥25,845 million (Q1 FY2025, ending December 2025) | ↑ |
| Operating profit (Q1 FY2026, ending December 2026) | ¥1,714 million | ¥754 million (Q1 FY2025, ending December 2025) | ↑ |
| Operating margin (Q1 FY2026, ending December 2026) | 5.6% | 2.9% (Q1 FY2025, ending December 2025) | ↑ |
| Revenue (full-year results, FY2025 ending December 2025) | ¥134,407 million | ― | — |
| Operating profit (full-year results, FY2025 ending December 2025) | ¥9,417 million | ― | — |
| Full-year revenue forecast (FY2026, ending December 2026) | ¥134,000 million | ¥134,407 million (full-year results, FY2025 ending December 2025) | — |
| Full-year operating profit forecast (FY2026, ending December 2026) | ¥10,000 million | ¥9,417 million (full-year results, FY2025 ending December 2025) | ↑ |
Business Details
Provides automotive-related measurement equipment such as Engine Exhaust Gas Measurement Systems, Driveline Test Systems, and Fuel Cell & Battery Test Systems, as well as environmental measurement equipment such as stack gas analyzers, water quality measurement devices, and air pollution monitoring analyzers. Main customers include automakers, testing institutions, and environmental regulatory authorities. The segment operates through global locations including HORIBA Europe GmbH (Germany), HORIBA MIRA Ltd. (UK), and HORIBA Instruments Inc. (USA).
Recent Overview
Easing of the EV shift drove recovery in hybrid vehicle combustion measurement demand; Q1 operating profit up 127.4% year-on-year
In Q1 FY2026 (ending December 2026), a moderation in the EV shift increased demand for combustion measurement and other equipment for hybrid vehicle development, expanding sales in automotive-related businesses. Revenue was ¥30,496 million (up 18.0% year-on-year) and operating profit was ¥1,714 million (up 127.4% year-on-year), achieving substantial profit growth. By region, Japan reached ¥12,808 million (+29.1%), Europe ¥8,712 million (+10.6%), and the Americas ¥4,370 million (+15.8%), with revenue growth across all regions. The full-year forecast remains unchanged at revenue of ¥134,000 million and operating profit of ¥10,000 million.
Key Products
Growth Drivers
- Recovery in combustion measurement demand for hybrid vehicle development due to easing of the EV shift (revenue growth across Japan, Europe, and the Americas)
- Japan revenue up 29.1% year-on-year (¥12,808 million), showing particularly high growth
- Europe revenue up 10.6% year-on-year (¥8,712 million), showing solid expansion aided by yen depreciation effects
- Americas revenue up 15.8% year-on-year (¥4,370 million), achieving double-digit growth
- Structural reform progress toward the MLMAP2028 target of ¥1,580 million in revenue and 10% operating margin by 2028
- Capturing demand through an electrification-oriented product lineup including Fuel Cell & Battery Test Systems
Risks
- The full-year revenue forecast of ¥134,000 million is roughly flat versus the prior year's actual result of ¥134,407 million, limiting full-year growth potential
- Q2 revenue is forecast to decline sharply to ¥24,503 million from the Q1 actual of ¥30,496 million, requiring attention to seasonality and order trends
- Q2 operating profit forecast of ¥85 million is extremely low, with a heavy weighting toward the second half (¥79,000 million / ¥8,200 million)
- Structural risk of contraction in automotive-related measurement demand from a re-acceleration of the EV shift
- Foreign exchange risk in Europe and the Americas (exchange rate assumptions: ¥180/EUR, ¥155/USD)
- An impairment loss of ¥728 million was recorded in FY2025 (ending December 2025), leaving a residual risk of declining profitability of fixed assets
Last updated: March 23, 2026