確認メモ（原文・英語）Every period has two English versions: a same-day flash (H1 2026, 7 August, 11 pages: cover, statements and supplemental tables, without the qualitative section) and an '[Updated] Summary of Consolidated Financial Statements' days later (12 August, 15 pages against the Japanese 17, now with the qualitative section). Even the updated versions leave out the formal segment-information note. At the half year that costs little, because the supplemental tables repeat segment sales and operating income. At the full year it costs more: FY2025 is 17 English pages (17 February) against 25 Japanese (12 February), dropping the segment note (segment assets, depreciation and capex by segment, geographic information, goodwill) as well as per-share information and subsequent events. The full-year release is cut, and the complete quarterly versions arrive days late. Scored 3, the lower of the two tests.
確認メモ（原文・英語）Each period has a same-day English 'flash' version and an '[Updated] Summary of Consolidated Financial Statements' a few days later; the updated one is the fuller translation, so it is read here. H1 2026: the English updated version (listed 12 Aug 2026, 15 pp) against the Japanese 2026年12月期 第2四半期（中間期）決算短信 (7 Aug, 17 pp). The English has the summary pages, the qualitative section (results by segment, the forecast revision with segment tables and the FX assumption, the dividend revision), the balance sheet, income and comprehensive income, cash flows, two notes (scope of consolidation, interim tax method) and the supplemental tables. It drops the Japanese table of contents and the notes on going concern, significant changes in shareholders' equity and segment information (p14 of the Japanese: reportable-segment sales including intersegment, profit reconciliation, impairment and goodwill by segment). FY2025 is cut harder: 17 English pages (17 Feb 2026) against 25 Japanese (12 Feb). It drops the segment note (the reportable-segment overview with each segment's main products, measurement method, segment assets, depreciation, capex and geographic information) plus per-share information and subsequent events. The notes, the segment note above all, are cut: 3.
確認メモ（原文・英語）The latest English statements are in the H1 2026 '[Updated]' tanshin (12 Aug 2026): balance sheet, income and comprehensive income, cash flows. They come with only two notes (changes in scope of consolidation and the interim tax-expense method). The year-end FY2025 English tanshin (17 Feb 2026) adds changes in net assets, but its notes stop at changes in the scope of consolidation and equity method. The Japanese notes on going concern, changes in equity, segment information, per-share data and subsequent events have no English. There is no English yuho (the HORIBA Report says the securities report is 'Japanese only'). The HORIBA Report 2024-2025 carries summary financial data, not statements with notes. Statements in English, notes mostly not, as at 6266/6298: 3.
確認メモ（原文・英語）The English IR library has Financial Statements (tanshin), Presentation Materials, HORIBA Report and Shareholders Meeting; the IR news list goes back to 2023. No annual securities report in English under any name. The Japanese side posts the yuho (有価証券報告書 第88期, 23 March 2026) and the semi-annual report.
確認メモ（原文・英語）There are three segments ('fields'): Energy & Environment, Bio & Healthcare, Materials & Semiconductor. Every English tanshin, flash and updated, gives sales and operating income for each, half-year and quarterly, in the supplemental tables. H1 2026: M&S sales ¥99,956m and OI ¥30,176m, E&E ¥58,383m and ¥1,079m, B&H ¥21,513m and a loss of ¥767m. It adds full-year segment forecasts and sales by destination within each segment. The decks repeat these. The FY2025 tanshin explains the change from five segments to three fields and restates the prior year. But the formal segment note is not translated: what each segment contains (its main products and services), how segment profit is measured, intersegment sales, segment assets. That exists only in the Japanese. Sales and profit every period, definitions not stated in English: 4.
確認メモ（原文・英語）There is no downloadable data file. We rendered the English IR top, the Financial Statements, Presentation Materials and HORIBA Report library pages, Stock Information, the Mid-Long Term Management Plan page and HR and ESG related Data, and listed all their links, hidden ones included. None is .xls, .xlsx or .csv; every document is a PDF. The Japanese IR top has no spreadsheet either. What exists instead: the 'Financial data' page in the HORIBA Report PDF and the quarterly tables in the tanshin and decks.
確認メモ（原文・英語）The FY2026 forecast is in English with its basis. The H1 2026 tanshin (12 Aug) gives the full-year forecast: sales ¥382.0bn, OP ¥70.0bn, ordinary ¥71.0bn, net ¥50.0bn, EPS ¥1,189.87. It sets the previous forecast (14 May) against the revised one (7 Aug) in total and by segment, and explains the revision: M&S up ¥9.0bn in sales and ¥3.5bn in OP on H1 results and recent orders; E&E and B&H OP down ¥1.0bn and ¥0.5bn on H1 progress. It states the FX assumption, US$155 and €180, and gives segment and regional forecasts. The Q2 2026 English deck repeats this with FX by period. The MLMAP2028 Update deck states the market view behind it: WFE growth of about 25-30% in 2026 and 30-40% by 2028. Forecast, FX, segment forecasts, market view and an explained revision: 5.
確認メモ（原文・英語）English results for the six months to 30 June 2026 were published 7 August 2026 (the flash version), the same day as the Japanese H1 tanshin. The latest Japanese filing period is matched.
確認メモ（原文・英語）The current plan is MLMAP2028 (2024-2028), updated at its midpoint in August 2026. The English 'Presentation material for Mid-Long Term Management Plan "MLMAP2028" Update' (37 pp, listed 21 Aug 2026) matches the Japanese 中長期経営計画「MLMAP2028」Update 説明会資料 (38 pp, 10 Aug). It has the updated 2028 targets against the initial plan: sales ¥460bn (initial ¥450bn), OP ¥90bn (¥80bn), net ¥62bn (¥55bn), ROE 14% (12%), payout 40% from 2027. It also has targets by field with FX assumptions, new-business sales ¥35bn (initial ¥60bn), and the CO2 target. The English press release with the headline targets came the same day as the Japanese (7 Aug, TDnet), and the English MTP page summarises the update. The full plan deck came 11 days after the Japanese. Complete, but late: 4.
確認メモ（原文・英語）There is an English 'Presentation material' deck for every quarter (Q1 2025 to Q2 2026). Each arrives 3 to 12 days after the Japanese briefing deck: Q2 2026 on 21 August (14 pages) against the Japanese 10 August (16 pages); Q4 2025 on 25 February against 13 February. The Japanese side also posts a 質疑応答 (main Q&A) after every briefing (e.g. 18 August 2026, 26 May 2026, 20 February 2026) plus audio. The English library has no Q&A. A deck every period, late and without the Q&A.
確認メモ（原文・英語）The English IR site has no 'why invest', investment-highlights or at-a-glance page. The IR menu runs to news, library, Message from the CEO, Mid-Long Term Management Plan, Stock Information, Shareholders Meeting, other IR information and contact. The strengths are described elsewhere, not framed for an investor. The CEO message mentions the top global share in semiconductors (mass flow controllers) and de facto standards. The HORIBA Report 2024-2025 has a value-creation model and HONMAMON solutions. The MLMAP2028 Update deck has core technologies, global No.1 shares and 40-50% Japan shares in some products. Overview material doing the job: 3.
確認メモ（原文・英語）The English MLMAP2028 Update deck (Aug 2026) names the drivers and attaches numbers. Semiconductor: a WFE market assumption (+25-30% in 2026, +30-40% by 2028, TechInsights data), mass flow controller capacity up to 3x from the Fukuchiyama factory (about ¥13bn more invested), production split by factory, and global No.1 shares in MFCs, chemical concentration monitors and particle detection. New businesses: semiconductor solutions, life science and hydrogen, ¥21.4bn (2024) to ¥35bn (2028), CAGR +25% and +15%. Mobility: OP impact +¥2.7bn vs 2024. Hydrogen restructuring: +¥2.9bn and +¥2.0bn. 2028 sales and OP by field. Named drivers, quantified: 5.
確認メモ（原文・英語）The Japanese side publishes a Q&A after every briefing: 2026年12月期第2四半期決算説明会 及び 中長期経営計画「MLMAP2028」Update 説明会質疑応答 (18 Aug 2026), 第1四半期 (26 May 2026), 2025年12月期決算説明会質疑応答 (20 Feb 2026), and 2025 Q2 and FY2024 Q&As, plus audio. The English Presentation Materials library and the IR news list (all types, back to 2016) have decks only, and no Q&A or transcript. Japanese-only Q&A: 0.
確認メモ（原文・英語）HORIBA Report 2024-2025 in English, 58 pages (30 July 2025), the full integrated report and a page-for-page match with the Japanese 58 pages. Page 1 states 'Year ended December 31, 2024'. FY2025 closed in December 2025 and no 2025-2026 edition is out in either language as of 12 October 2026. The complete report, one edition behind.
確認メモ（原文・英語）The previous plan, MLMAP2023 (2019-2023), is reconciled in English in 'Presentation material for conferences (Q4 2023)' (28 Feb 2024), p24, 'MLMAP2023 "ONE STAGE AHEAD" Results'. Targets against 2023 results: net sales ¥300.0bn vs ¥290.5bn, OI ¥40.0bn vs ¥47.2bn, net income ¥30.0bn vs ¥40.3bn, EPS ¥711 vs ¥953, ROE 10%+ vs 15.4%, 'Achieved the targets'. p23 gives the external and internal events of the five years. The MLMAP2028 deck also sets the plan's capital allocation against MLMAP2023 actuals (R&D ¥87.5bn, capex ¥59.1bn, dividends ¥33.3bn). The sales shortfall and profit overshoot are not explained one by one. Target against actual, without the variance explanation: 4.
確認メモ（原文・英語）No Corporate Governance Report in English. The English About HORIBA > Corporate Governance page has a short narrative (external directors, dividend policy, open AGMs, corporate officer system), and Sustainability > Governance covers internal controls, compliance and risk management. A site narrative in place of the filing.
確認メモ（原文・英語）The English Notice of the 88th Ordinary General Meeting (25 Feb 2026, 20 pp) proposes all nine directors, so it covers the whole board. Each candidate has a dated career history, tenure as director, board attendance for FY2025, shares held and the reasons for nomination. Non-executive and independent status is marked, with the TSE independent-director designation for Toyama, Matsuda and Tanabe, independence statements and the company's independence standards. It also covers the two substitute A&SB members. Every director, with tenure, career and independence: 5.
確認メモ（原文・英語）The English Notice of the 88th AGM (25 Feb 2026) includes 'Skill matrix for the Company's Directors and Audit & Supervisory Board Members'. It covers the board as it would stand after the March 2026 meeting, against the Nomination and Remuneration Committee's skill set, with the reason for selecting each skill. The HORIBA Report 2024-2025 carries the previous year's matrix. Current matrix in English: 5.
確認メモ（原文・英語）HORIBA Report 2024-2025 (English), 'Director remuneration'. The structure: base remuneration, earnings-based remuneration tied to each year's results, and restricted share and RSU plans tied to medium- to long-term performance. Non-executive directors get base pay only. The KPI: the earnings-based index is ROE (changed from net income), and the stock component is linked to share price. The FY2024 mix for the six executive directors is 79% base, 12% earnings-based and 9% stock. It also describes the Nomination and Remuneration Committee process. There are no yen amounts in English, total or by pay type. The report refers to the securities report, which is Japanese only, and the English AGM notice has no business report. Structure and KPI, amounts missing: 4.
確認メモ（原文・英語）Notice of the 88th Ordinary General Meeting in English, posted 25 February 2026 for a meeting on 21 March, 24 days before. It runs 20 pages with the Reference Documents for both proposals (nine directors with career histories, two substitute A&SB members). The English notice itself labels the voting routes, The Portal of Shareholders' Meeting (soukai-portal.net) and web54.net, '(Japanese only)'. Every proposal is there in English, but the voting route is Japanese-only.
確認メモ（原文・英語）English 'Notice of resolutions of the 88th Ordinary General Meeting' (23 March 2026, 1 page) says each proposal 'was approved as proposed', with no counts. The Japanese side also posts 第88回定時株主総会議決権行使結果 (voting results, 23 March 2026), which has no English counterpart. The outcome is announced, nothing more.
確認メモ（原文・英語）The only English text is 'Philosophy behind cross-shareholdings' in HORIBA Report 2024-2025, p49. It says shares are held for business strategy, relationships with partners and local communities; the board checks each year whether the amount is appropriate and whether each holding is fit for purpose against the cost of capital; and reduction is considered when a holding is not. It gives no count or amount of holdings, no target and no progress. The Corporate Governance Report and yuho, which carry the numbers, are not in English, and the English governance page says nothing on the subject. Boilerplate policy only: 2.
確認メモ（原文・英語）On the English homepage (horiba.com/int/), 'Company' in the main navigation opens a click panel (About HORIBA, Events, Career, Investor Relations, News, Sustainability). The 'Investor Relations' link in it goes to /int/company/investor-relations/. We rendered this and clicked through: two clicks. The footer links only the IR contact page directly. Two clicks: 4.
確認メモ（原文・英語）We sampled 23 English document links across types and years, and every one opened as an English PDF. Tanshin: 20260812 and 20260807 (H1 2026), 20260217 (FY2025), 20190213, 17.Q4 (2018) and the 20200309 revision. Decks: Q2 2026, MLMAP2028 Update, MLMAP2028 (2024), Q4 2023 conferences, Nomura forum (2020), SMBC conference (2019) and 2016 CLSA/Daiwa. HORIBA Reports 2024-2025 and 2023-2024. AGM notices 2026 and 2025, and resolutions 2026. Notices: MLMAP update, dividend (2026), buyback (2024), RSU (2026) and investment-unit policy (2026). All English: 5.
確認メモ（原文・英語）In the same sample of 23 links (2016-2026: tanshin, decks, HORIBA Reports, AGM notices and resolutions, press notices), every one resolved to a live PDF of 1 to 58 pages. No dead links: 5.
確認メモ（原文・英語）We rendered the English IR top, IR news, Financial Statements, Presentation Materials, HORIBA Report, Shareholders Meeting, Mid-Long Term Management Plan, Stock Information (top-10 shareholders table), IR Calendar, Disclaimer and the IR contact page in Chromium. Every list and section rendered its content: dated lists with 'Show More', and the Material filter on the news page opened. The only overlay is the country-version and cookie banner. Everything renders: 5.
確認メモ（原文・英語）Investor Relations News is one dated list of every English IR document: tanshin (flash and updated), decks, MTP materials, AGM notices and resolutions, HORIBA Reports and timely-disclosure notices. It runs back to 2016 with 'Show More' and has a 'Material' filter (Briefing Material 47, Financial Statement 98, Shareholders Meeting 21, HORIBA Report 17) plus a fiscal-year range. The library also splits the same documents by type. The press notices are on the list but have no filter category of their own. One dated list, filterable by type: 5.
確認メモ（原文・英語）The archive is deep. Tanshin from 2016 (Q2 2016) to H1 2026, every quarter. Decks and conference presentations from 2016 (CLSA/Daiwa) to Q2 2026. HORIBA Reports 2017 to 2024-2025, with separate financial sections for 2018 and 2019-2020. AGM notices and resolutions from the 84th (2022) to the 88th (2026). IR notices from 2024 onward on the news list. Several years across types: 5.
確認メモ（原文・英語）The English IR top page links 'Investor Relations Contact' directly. That page gives the Corporate Controlling Dept with Tel +81-75-325-5003, Fax +81-75-312-7389 and Email ir-info(at)horiba.com. The tanshin names Toyota Uenaka, Department Manager, Finance and Accounting Dept. (TEL (81)75-313-8121). Dedicated and immediately obvious.
確認メモ（原文・英語）Per period, by listing date, Japanese against English. H1 2026: tanshin 7 Aug; the English flash (11 pp, no qualitative section) came the same day and the full '[Updated]' version on 12 Aug (+5). Deck 10 Aug against 21 Aug (+11). Q1 2026: tanshin 14 May; full English 18 May (+4). Deck 14 May against 18 May (+4). FY2025: tanshin 12 Feb; full English 17 Feb (+5). Deck 13 Feb against 25 Feb (+12). Q3 2025: tanshin 14 Nov; full English 18 Nov (+4). Deck 17 Nov against 20 Nov (+3). The same-day English is a cut flash, and the complete tanshin follows 4-5 days later, which counts as late. The decks are 3-12 days late. Days late every period: 3.
確認メモ（原文・英語）Japanese against English. H1 2026 tanshin: 7 Aug / 12 Aug for the full English = 5 days (cut flash same day; PDF created 11 Aug). Q1 2026 tanshin: 14 May / 18 May = 4. 88th AGM notice: 25 Feb / 25 Feb (both on TDnet 08:00) = 0. Corporate Governance Report: Japanese filed 24 Mar 2026, no English = >90. Annual securities report (第88期): Japanese 23 Mar 2026, no English = >90. Lags 0, 4, 5, >90, >90, so the median is 5 days: 4.
確認メモ（原文・英語）TDnet (rendered on kabutan), 17 Oct 2025 to 16 Oct 2026. Besides results, AGM papers, the CG report and 独立役員届出書, the Japanese timely disclosures are: year-end dividend (12 Feb), investment-unit policy (27 Mar), restricted-stock and RSU treasury-share disposals (17 Apr, two), RS payment completion (15 May), RSU payment completion (15 Jun), MLMAP2028 update (7 Aug) and the interim dividend and dividend-forecast revision (7 Aug). Each has an English version on TDnet at the same time and on the English IR news list with the same date. All, same day: 5.
確認メモ（原文・英語）We rendered the English homepage, IR top, IR disclaimer, Terms and Conditions and the MTP page, and searched the visible text for translation notices. There is no machine- or AI-translation notice. The only banner offers a country version of the site. None of the documents read (tanshin, decks, AGM notice, HORIBA Report, notices) mentions machine translation. The tanshin and AGM notice carry only human-translation precedence language ('the original shall prevail'), which is R5. Nothing presented as machine-translated: 5.
確認メモ（原文・英語）The tanshin ('translated from a part of the Japanese original for reference purposes only ... the original shall prevail') and the AGM notice ('the Japanese original shall prevail') carry the disclaimer. The Q2 2026 presentation deck and the HORIBA Report 2024-2025 carry none. Disclaimed on some documents.
Investor question: What incremental investment and assumptions justify the upgrade? IR preparation: bridge original and revised capital, earnings and ROE.
当調査の分析（会社の説明ではありません）
約束は具体的か5／5Original and updated financial and ROE targets are quantified and dated.
実行の経過を追えるか5／5The target revision is traceable, though investment-cohort execution remains incomplete.
経済性を説明しているか4／5Growth and capital efficiency are linked; incremental funding and hurdle rates need more detail.
目標に対する結果を報告しているか時期未到来The FY2028 endpoint is not due.