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Kirin Holdings Company (2503) investor relations material
Kirin Holdings Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q2 FY2026 rose 7.2% year-over-year to ¥1,217.9 billion, with normalized operating profit up 36.1% to ¥128.3 billion and profit attributable to owners up 92.5% to ¥101.7 billion; basic EPS nearly doubled to ¥126.33.
Upward revision of full-year FY2026 forecasts: NOP raised to ¥253.0 billion, profit attributable to owners to ¥160.0 billion, and EPS to ¥200.
Comprehensive income surged to ¥157,581 million from ¥2,282 million a year earlier.
Gains from the sale of Four Roses and lower R&D expenses from discontinuation of rocatinlimab development contributed to profit growth.
Major gain from the sale of Four Roses Distillery, LLC completed in April 2026.
Financial highlights
Gross profit rose 11.3% to ¥592.7 billion; normalized OP margin (excl. liquor tax) improved to 11.7%.
Operating profit nearly doubled to ¥129,042 million from ¥68,723 million.
Cash flows from operating activities increased by ¥70.1 billion to ¥137.3 billion; free cash flow reached ¥191.0 billion.
Cash and cash equivalents at period end increased to ¥168,075 million from ¥132,408 million.
Gross D/E ratio improved to 0.62 from 0.91 year-over-year.
Outlook and guidance
FY2026 revenue forecast revised to ¥2,480.0 billion (+1.9% YoY); NOP to ¥253.0 billion (+0.5% YoY); profit attributable to owners to ¥160.0 billion (+8.4% YoY); basic EPS projected at ¥200.
Annual dividend forecast raised to ¥76 per share.
ROIC target maintained at 7.7%.
Middle East situation expected to impact profits by ~¥10 billion in FY2026; cost controls and price revisions planned to mitigate.
Profit before tax forecasted at ¥259,000 million (+8.9% YoY).
- Q1 FY2026 saw robust profit growth and margin improvement across all major segments.2503
Q1 2026 - Targets high single-digit EPS growth, ROIC ≥10%, and 3 trillion yen market cap by 2035.2503
Investor presentation - Profit more than doubled, Health Science turned profitable, and major portfolio moves were made.2503
Q4 2025 - Profit and revenue up, FANCL fully consolidated, Health Science segment surges.2503
Q3 2025 - Revenue rose 3.7% YoY, but profit and EPS fell on restructuring and FX impacts.2503
Q2 2025 - H1 2024 saw robust revenue and profit growth, but full-year profit guidance was lowered.2503
Q2 2024 - Revenue and operating profit rose, but net profit dropped on FANCL acquisition loss.2503
Q3 2024 - Revenue and profit grew, but net income fell on FX and equity changes from FANCL buyout.2503
Q1 2025 - FY2025 profit is set to rebound sharply, driven by Health Science and Alcoholic Beverages.2503
Q4 2024
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