Financial Results for FY2025 and FY2026 Forecast with ScriptPDF: 1,262KBPDFファイルをダウンロードする

Kirin Group Financial Results for FY2025 and FY2026 Forecast

February 13, 2026

• I will now provide a brief overview of FY2025 results and the FY2026 plan.

  (bn yen)	FY2024 Actual	FY2025 Actual	YoY	%
  Revenue	2,338.4	2,433.4	95.0	4.1%
  Normalized OP*	211.0	251.8	40.8	19.3%
  Profit before tax	139.7	237.9	98.1	70.2%
  Profit attributable to owners of the Company	58.2	147.5	89.3	153.4%
  Quantitative Target	FY2024 Actual	FY2025 Actual	YoY	%
  ROIC	4.1%	7.6%	-	-
  EPS	72 yen	182yen	110 yen	153.4%
  	FY2024	FY2025	YoY	%
  Dividend per share	71 yen	74 yen	3 yen	4.2%

  FY2025 Results

  Revenue and Normalized OP both reached record highs. Profit attributable to owners of the Company increased 2.5-fold.

  FY2025 Actual

  In addition to a significant increase in Normalized OP, efforts to control non-recurring costs below Normalized OP proved successful, resulting in substantial year-on-year increases in both pre-tax profit and profit attributable to owners of the company.

  EPS increased substantially year-on-year in line with the rise in profit attributable to owners of the company, largely achieving the target level set at the beginning of the year.

  Normalized OP rose substantially, driven by steady progress across businesses, FANCL's full-year contribution, and technology licensing revenue in the Pharmaceuticals Business that exceeded expectations.

  ROIC exceeded the initial target due to the increase in net income.

  Dividend is planned at ¥74, an increase of ¥3 from the previous year

  © Kirin Holdings Company, Limited

  2

  * Normalized Operating Profit︓ A profit indicator for measuring recurring performance which is calculated by deducting cost of sales and selling, general and administrative expenses from revenue.

• In FY2025, we delivered revenue and profit growth, with profit attributable to owners of the company increasing by approx. 2.5 times.

• This performance reflects stronger earnings capabilities across businesses and disciplined cost control below Normalized OP.

• While EPS came in slightly below the initial target, this was due to our proactive decision to accelerate structural reforms to support future growth.

• ROIC met the initial target and continues to recover steadily, and dividends are planned to increase by ¥3 as originally planned.

  Financial Income/Costs

  © Kirin Holdings Company, Limited

  147.5

  FY2025 Profit Attributable

  to Owners of the Company

  -3.0

  Non-controlling Interest Profit

  -5.8

  Income Tax Expense

  +18.1

  Share of Profit of Equity-

  Accounted Investees

  -4.2

  FY2025 Results: Change in Profit Attributable to Owners of the Company

  +43.5

  Other Operating

  Income/Expenses

  +40.8

  NOP

  58.2

  FY2024 Profit Attributable

  to Owners of the Company

  (bn yen, YoY)

  (bn yen, YoY)

  Note

  Income Tax Expense

  《Tax Rate》

  FY24: 38.6% → FY25: 25.1%

3

• This slide provides an analysis of the factors that led to profit attributable to owners of the company increasing 2.5 times.

• Please review the details later.

  4

  © Kirin Holdings Company, Limited

  After adjusting for foreign exchange, nearly

  all businesses saw increased profits. As a result, all four segments achieved balanced profit growth.

  The Health Science business achieved a significant improvement in profitability due to FANCL's annual contribution and Kyowa Hakko Bio's return to profitability.

  The Pharmaceuticals Business was initially planned to see a profit decline, but an unexpected increase in technology licensing revenues and strict cost management resulted in a shift to profit growth.

  A competitor's cyberattack produced a favorable year-on-year profit impact, chiefly in the domestic alcoholic-beverages segment and related areas.

  251.8

  FY2025

  NOP

  -6.6

  Other*

  +10.5

  Pharmaceuticals

  +3.7

  Non-Alcoholic

  Beverages

  +11.3

  Alcoholic

  Beverages

  +22.0

  Health Science

  211.0

  FY2024

  NOP

  Highlights

  (bn yen, YoY) Increase/decrease by operating company

  FY2025 Results: Changes in Consolidated Normalized OP by Segment

  * "Other" is the sum of "Other" and "Corporate expenses/inter-segment eliminations"

• This page shows year-on-year changes in Normalized OP by business segment.

• While I will not go into the detail here, all segments recorded profit growth, resulting in a well-balanced performance.

  Revenue		2,338.4	2,433.4	2,480.0	46.6	1.9%	profit and profit attributable to owners of the company
  Normalized OP*		211.0	251.8	235.0	-16.8	-6.7%	are projected to increase year-on-year through further

  Profit before tax	139.7	237.9	258.0	20.1	8.5%
  Profit attributable to owners of the Company	58.2	147.5	156.0	8.5	5.7%
  Quantitative Target	FY2024 Actual	FY2025 Actual	FY2026 Forecast	YoY	%

  FY2024

  FY2025

  FY2026

  YoY

  %

  FY2026 Forecast

  EPS and profit attributable to owners of the Company are targeted to increase by approximately 6%.

  FY2026 Forecast

  (bn yen)

  While Normalized OP is expected to decrease, pre-tax

  ROIC

  EPS

  4.1% 7.6% 7.7% － －

  72 yen 182 yen 193 yen 11 yen 6.0%

  Dividend per share

  71 yen 74 yen 76 yen 2 yen 2.7%

  suppression of non-recurring costs below Normalized OP.

  EPS is projected to achieve high single-digit % year-on-year growth.

  Normalized OP is expected to decline, with the main factors as follows:

  • A year-on-year adverse swing reflecting the reversal of prior-year effects related to a competitor's cyberattack.

  • R&D expenses and the incurrence of preparation costs for U.S. launch are expected to increase following the rights regain of rocatinlimab within the Pharmaceuticals business.

  ROIC will be improved through further enhancement of net income and repayment of interest-bearing debt

  Dividends are planned at ¥76 per share, an increase of

  ¥2 year-on-year.

  Impacts of Four Roses divestment are not included in FY2026 forecast.

  © Kirin Holdings Company, Limited

  5

  * Calculated by deducting cost of sales and selling, general, and administrative expenses from revenue to measure the company's recurring performance.

  
  
  

  FY2024 Actual

  FY2025 Actual

  FY2026 Forecast

  YoY

  %

• Finally, I will outline our plan for FY2026.

• EPS is expected to increase by 6%, in line with the medium- to long-term target.

• ROIC is expected to improve steadily to 7.7%.

• Dividends are planned at JPY 76 per share, an increase of JPY 2.

• Normalized OP is expected to decline, compared with FY2025; the details will be explained on the next page.

• The impact of the Four Roses divestment is not included in the current plan.

• We will provide an update at the time of the second-quarter closing.

  Main factors of the decrease in Normalized OP
  FY2025 NOP	251.8
  Impact on
  Kirin Brewery	Approx. -4.0 bn yen
  on a competitor
  Increase in R&D expenses
  associated with the in-house	-17.0 bn yen
  commercialization of
  rocatinlimab by Kyowa Kirin.
  FY2026e NOP	235.0

  FY2026 Forecast: Changes in Consolidated Normalized OP by Segment

  (bn yen, YoY)

  Increase/decrease by operating company

  FY2025 NOP

  251.8

  Health Science

  +1.9

  Alcoholic

  Beverages

  -3.4

  Non-Alcoholic

  Beverages

  +2.3

  Pharmaceuticals

  -13.3

  Other*

  -4.3

  FY2026e NOP

  235.0

  NOP Forex Sensitivity

  USD +0.9 bn yen / depreciation of 1 yen , AUD +0.3 bn yen/ depreciation of 1 yen

  © Kirin Holdings Company, Limited

  6

  * "Other" is the sum of "Other" and "Corporate expenses/inter-segment eliminations"

Profit is forecast to decline; however, on a substantive base excluding one-off factors which are the positive impact from a competitor's cyberattack in 2025 and the increase in R&D expenses associated with the Pharmaceuticals Businesses' company-led commercialization of rocatinlimab in 2026, profit growth is targeted.

• Two factors explain the decline in Normalized OP.

• First, Kirin Brewery recorded an additional JPY 4 billion profit in FY2025 due to the impact of a cyberattack on a competitor.

• Second, in the Pharmaceuticals Business, R&D expenses will increase by JPY 17 billion due to the scheme change for Rocatinlimab.

• Excluding these two extraordinary factors, Normalized OP remains on a solid growth trajectory.

• This concludes my explanation.

• Thank you for your attention.

Progress in CSV Management

E n v i r o n m e n t

S o c i a l

Participating in the TNFD Nature

Transition Plan Pilot Program

Participation in TNFD's Nature Transition Plan Pilot Program at New Belgium Brewing, one of the Group's high water risk* sites

Collaborating with local stakeholders to reduce operational risks at this facility

* Various water-related risks such as water scarcity and flood risks

Initiatives for a Sustainable Future of Sri Lankan Tea Plantations

Quantified Environmental Impact of Sri Lankan Tea Plantations Through Joint Research with the University of Tokyo Graduate School

Held "Kirin Nature School in Sri Lanka" for children of employees working at Sri Lankan tea plantations

Contributing to the sustainability of coffee farms, reducing

environmental impact, and addressing alcohol-related social issues

Developed a fermented material derived from coffee cherries, where much of the pulp is typically discarded

Identified potential to enhance drinking satisfaction in non-alcoholic and low-alcohol beverages due to its characteristics of improving body and flavor

Boosting the local community

through commercialization initiatives using thinned grapes

Château Mercian, aiming for sustainable winemaking, provides thinning grapes to local businesses

Initiatives to revitalize the region through products by collaborating with producers and businesses

E x t e r n a l E v a l u a t i o n

Achieved the highest rating, "A List," in CDP's "Water Security" assessment

Achieved the highest rating, "A List," in "Water Security" Achieved "A List" for 10 Consecutive Years

Winner of the "Grand Prize" at the 7th Nikkei

SDGs Management Awards

Ranked highest in the Nikkei SDGs Management Comprehensive Ranking for seven consecutive years since its inception

Awarded the highest "Gold" rating

in the PRIDE Index*

Received the highest rating for the ninth consecutive year in the "PRIDE Index 2025," an evaluation metric for LGBTQ+ initiatives

© Kirin Holdings Company, Limited

The "PRIDE Index" evaluates LGBTQ+ initiatives across five categories: Policy (Action Declaration), Representation (Community Involvement), Inspiration (Awareness Activities),

Development (HR Systems and Programs), and Engagement/Empowerment (Social Contribution/Outreach Activities).

7

Appendix

© Kirin Holdings Company, Limited

9

© Kirin Holdings Company, Limited

10

© Kirin Holdings Company, Limited

* In addition to Kirin Brewery standalone, including consolidated subsidiaries such as Taiwan Kirin.

** Including US wine.

*** Impacts of Four Roses divestment are not included in FY2026 forecast. 11

© Kirin Holdings Company, Limited

* In addition to Kirin Brewery standalone, including consolidated subsidiaries such as Taiwan Kirin.

** Including US wine.

*** Impacts of Four Roses divestment are not included in FY2026 forecast. 12

[Reference] ****

Results Amount

by Region YoY Change

Domestic Overseas

FY2025

Actual

-1.0%

25.9%

Normalized OP***

[NOP Margin]

2.0

5.8%

9.6

8.5%

7.6

378.9%

7.2%

**** FY2024 full-year results converted to Japanese GAAP

FY2026

Forecast

ー

Results Amount

by Region YoY Change

* As the consolidation of FANCL started in Q4 of FY2024, actual results are not included for Q1 to Q3 of the previous year.

** Including other businesses

*** Includes amortization of intangible assets and other assets as well as one-time costs (preliminary) due to the PPA (Purchase Price Allocation)

Domestic Overseas

FY2025 Actual FY2026 Forecast

• Note: The following information is for reference and compares actual

results for 2025 with a 12-month base for 2024 (including amounts during January-September that were not consolidated to Kirin Group).

Beauty (Skincare)

Increased with the ATTENIR brand performing well both in Japan and overseas.

Supplement

Increased driven by "Age Bracket-Based Supplements" performed strongly overseas.

Profit increased, driven by strong overseas sales and disciplined SG&A expenses management.

Beauty (Skincare)

The primary factor behind the increase was the transition to in-house sales model overseas.In Japan, in addition to the ongoing growth of ATTENIR, the FANCL Mild Cleansing Oil will be renewed and advertising investments will be strengthened.

Supplement

Will concentrate marketing investment on core products in the domestic market, and will focus on expanding sales channels and improving profitability, particularly in China.

The reasons why Normalized OP will remain flat are as follows:

• Increased fixed costs associated with the launch of in-house sales model overseas.

• Strengthened advertising investment in the domestic market.

© Kirin Holdings Company, Limited 13

Normalized OP**

［NOP Margin］

60

8.7%

65

9.0%

5 8.8%

10.9%

32.9%

* Including other businesses

** Includes amortization of intangible assets under PPA

FY2025 Forecast Rate: 95.00 yen (AUD) / FY2025 Actual : 96.62 yen (AUD)

FY2024 Actual:100.15 yen (AUD)

FY2026 Forecast Rate: 95.00 yen (AUD)

FY2025 Actual

Deliver steady growth in each region, resulting in higher revenue across all areas.

• ANZ: The strong momentum from the previous year continued, supported by new products and sales promotions.

• SEAK: Our focus products continued to perform well, ln Thailand, Malaysia, and Indonesia.

• China: Despite a challenging competitive environment, we achieved revenue growth, driven by steady progress in initiatives in the Club Channel and the launch of high-value-added products that meet market needs.

  NOP

Achieved profit growth through the year, as the increase in gross profit exceeded the rise in promotional expenses associated with growth investments.

FY2026 Forecast

Advance region-specific initiatives to accelerate growth and achieve overall growth within the APAC region.

• ANZ: Increase market share by strengthening initiatives with each channel and enhancing awareness-raising activities for consumers and healthcare professionals.

• SEAK:Expansion of sales in high-growth markets, including Thailand, Malaysia, and Indonesia, through a strong innovation pipeline.

• China: Achieve further growth by strengthening collaboration with existing distributors and optimizing the channel mix.

Continue growth investments in 2026, with the aim of increasing NOP through gross profit growth in each area.

© Kirin Holdings Company, Limited 14

FY2024 FY2025

Actual Actual

%

(bn yen)

Revenue excluding

liquor tax

Normalized OP

[NOP margin] **

501.6

113.8

10.4

402.3

75.1

18.7%

502.4

115.4

11.4

414.4

88.9

21.4%

0.8

1.6

1.0

12.1

13.8

0.2%

1.4%

10.0%

3.0%

18.4%

486.1

122.3

15.8

418.7

83.6

20.0%

-16.4

6.9

4.4

4.3

-5.3

-3.2%

6.0%

38.5%

1.0%

-5.9%

* Category disclosure changed from sales volume basis to a year-on-year change in monetary basis (Revenue) from FY2025

%

FY2026

Forecast

** Compared to Revenue excluding liquor tax

Profit Change

YoY Change

Increase in marginal profit of alcoholic beverages, etc.

Decrease in raw material cost

Increase in selling expenses

Increase in other expenses

Subtotal

75.1

16.8

0.3

-0.2

-3.1

13.8

88.9

FY2024 Normalized OP (bn yen)

Total beer products -6.6

Total other than beer products -2.3 Impact of price revision and difference of

change in composite of products etc. +25.7 Market conditions, etc.

Increased marketing expenses, etc.

Increase in repair and depreciation expenses, etc.

(1,000 KL)

FY2025 Actual

Increased, driven by growth of full malt beer including "KIRIN ICHIBAN Brand Family total" increase and the October launch of "Good Ale" significantly exceeding its annual sales plan.

Sales volume growth since October secured year-over-year revenue growth.

Increased significantly due to the effect of price revisions and the impact of cyberattacks on competitor (approximately JPY 4.0 bn increase in marginal profit). Cost control also contributed, exceeding the initial annual plan.

© Kirin Holdings Company, Limited

FY2026 Forecast

Although the impact of the competitor's cyberattack will cease and a decline in beer products' volume is anticipated, Revenue is expected to remain at the previous year's level. This is due to growth in full malt beer, along with strengthening in the growing categories of RTD and non-alcoholic beverages.

Will decrease but it will remain flat year-on-year excluding the impact of the previous period's cyberattack in the competitor and costs incurred this period such as the transfer of research functions.

15

Disclose results separately for Lion (Australia/NZ) and New Belgium etc. starting FY2026 due to management structure changes

AUD base (million AUD)

Australia & NZ

216

10.6%

233

11.5%

17 7.9%

234

11.5%

2 0.7%

Other

FY2025 Forecast Rate: 95.00 yen (AUD) / FY2025 Actual: 96.62 yen (AUD) FY2026 Forecast Rate: 95.00 yen (AUD)

FY2024 Actual: 100.15 yen (AUD)

FY2025 Actual

Revenue remained flat year-on-year, supported by a slight increase in Australian sales volume driven by disciplined marketing initiatives and pricing strategies, as well as higher average selling prices.

FY2026 Forecast

Sales volume in the Australian market is expected to decline. Our volume decline slightly, achieving low double-digit % volume growth through Hahn, Stone&Wood, and Hyoketsu, while maintaining core brands. Revenue will increase, driven by higher selling prices resulting from price revisions etc..

Inflation-driven increases in SG&A expenses was offset by

increased gross profit, primarily driven by higher selling prices and reduced fixed costs from structural reforms. Additionally, controlled marketing expenses contributed to profit growth.

Slightly increased, driven by higher sales prices and fixed

cost reductions, which offset lower sales volume and various cost increases.

© Kirin Holdings Company, Limited

16

FY2025 Normalized OP

FY2024

Actual

FY2025

Actual

YoY

%

New Belgium etc.* will switch to USD-based disclosure.

* Including US wine.

AUD base (million AUD)

916

97

10.6%

909

87

9.6%

-7 -0.7%

-10 -10.4%

FY2025 Forecast Rate: 95.00 yen (AUD) / FY2025 Actual: 96.62 yen (AUD)

FY2024 Actual: 100.15 yen (AUD)

FY2025 Actual: 149.78 yen (USD)

FY2024 Actual: 152.24 yen (USD)

FY2026 Forecast Rate :150.00 yen (USD)

FY2025 Actual

Despite ongoing market contraction, the Voodoo Ranger brand outperformed the market. While there was a revenue boost effect from the rebound after last year's hurricane damage, it ended slightly down year-on-year.

Decreased due to reduced volume from the craft beer market downturn and higher raw material costs despite implementing marketing expenses and various cost controls considering sales conditions.

FY2026 Forecast

Grow profit primarily through the launch of new products under the Voodoo Ranger brand that were not released in the previous year, significant volume growth for KIRIN ICHIBAN, and an increase in the average selling price.

© Kirin Holdings Company, Limited

17

Revenue

Normalized OP

［NOP Margin］

(bn yen)

Revenue

268.8

269.7

0.9

0.4%

270.6

0.9

0.3%

Brands

Gogo-no-Kocha

4,993

4,877

-2.3%

Health Science products

37.9

42.0

4.1

10.9%

48.7

6.7

15.8%

Nama-cha

3,079 2,531 -17.8%

Kirin Beverage

Normalized OP

[NOP Margin]

18.3

6.8%

20.1

7.4%

1.8

10.0%

21.0

7.8%

0.9

4.6%

* For some products such as LC-Plasma products, the figures for FY2024 have been retrospectively adjusted due to the change in calculation method to "Health Science products"

FY2025 Actual

Unit-price increases from price revisions and expanded sales of Health Science products helped offset volume declines, keeping performance broadly in line with the prior year.

Increased profits were achieved as the effects of price revisions and other factors outweighed cost increases, such as rising raw material prices.

FY2026 Forecast

Remain flat with the prior year, offsetting the overall decline in sales volume through higher unit prices driven by price revisions and increased sales of Health Science products

Aim to achieve profit growth by absorbing the impact of higher costs through the effects of the price revisions implemented in October of the previous year and other measures.

USD base (million USD)

Coke Northeast

Revenue Normalized OP

[NOP Margin]

291

15.4%

311

15.5%

20 6.9%

317

15.2%

6 1.9%

FY2026 Forecast Rate: 150.00 yen (USD)

FY2025 Actual

Increased due to higher sales volume from enhanced store exposure and higher unit prices from price management.

© Kirin Holdings Company, Limited

Increased due to growth in Revenue combined with the containment of SG&A expenses, which rose due to inflation and other factors.

FY2026 Forecast

We anticipate increased revenue by raising unit prices through price management while slightly increasing sales volume through store exposure and promotional initiatives.

18

While moderate profit growth is anticipated due to promotional spending, the Normalized OP margin is expected to remain stable in the 15% range.

Total

(bn yen)

Japan North America EMEA

Others

Crysvita

Poteligeo

91.9

+6.2

+2.5

+2.5

-0.7

102.3

FY2025 Actual

Revenue increased, supported by strong growth in global strategic products -particularly in North America and EMEA region- and technology-related income, despite headwinds from Japan's drug price revisions and the rebound effect of the prior-year brand license transfer in the EMEA region.

Normalized OP rose, driven by higher gross profit and reduced SG&A expenses following APAC business restructuring and cost control initiatives, as well as lower R&D spending related to rocatinlimab.

FY2026 Forecast

Revenue is expected to grow, supported by the continued expansion of global strategic products in North America and the EMEA region, along with increased technology-related income.

Although gross profit is projected to rise with the growth of global strategic products and higher technology-related income, Normalized OP is expected to decline as the increase in R&D expenses and U.S. launch preparation costs for rocatinlimab is anticipated to outweigh these gains.

© Kirin Holdings Company, Limited 19

★★★★

P2(JP/US)

TBD

DME

2672K

★★★★★

P2(JP/US)

TBD

nAMD

KHK4951

tivozanib eyedrop

20K

★★★★

P3(Global)

20

TBD

2219K

OTL-203

MPS-IH (Hurler Syndrome)

2029/2030

Registrational study*5

(US, EU)

★

(1 in 100K live births)*6

OTL-201

MPS-IIIA (Sanfilippo syndrome type A)

TBD

Proof-of-concept study*7

★

(~1 in 100K live births)

*1 This refers to diseases under development at the time of this presentation and may differ from the final indications approved by regulatory authorities. *2 This is the year when the first approval is expected.

*3 Market size is Kyowa Kirin's own independent estimate based on the total of all products for the "disease under development." The colored section is global, the rest are values for Japan only. ★: Under 50 billion yen, ★★: 50 billion yen or more- Under 100 billion yen, ★★★: 100 billion yen or more- Under 500 billion yen, ★★★★: 500 billion yen or more- Under 1 trillion yen, ★★★★★: 1trillion yen or more *4 This is an independent estimate by Kyowa Kirin. Colored sections are values for global, the rest for Japan only. *5 P3 Equivalent to phase 3 trial. *6 "1 in 100,000" is for all MPS-I cases,Hurler syndrome accounts for 60% of this value. *7 P1/2 Equivalent to trial.

© Kirin Holdings Company, Limited

P2(Global)

As of February 9th, 2026

Disease in development*1

Moderate to severe atopic dermatitis

Planned

approval year*2

2027

Development

status

P3(Global)

Market size*3 Number of patients*4

★★★★★ 16M

rocatinlimab

KHK4083/AMG 451

Prurigo nodularis

TBD

P3(Global)

★★★★

1M

Moderate to severe asthma

TBD

AML

(NPM1-m or KMT2A-r, Newly Diagnosed)

★★★★★

13.5M

infigratinib

KK8398

Achondroplasia

TBD

P3(Japan)

★

1 in 20K live births

Hypochondroplasia

TBD

P3(Japan) In preparation

★

1 in 33K live births

ziftomenib

Operating income increased due to both price increases and COGS improvement. Kirin's dividend income has also increased due to their profit growth.

(million PHP)

Sales*

Operating Income*

150,234

30,727

1.8%

10.3%

EBITDA（million PHP）** Dividend received by Kirin Holdings（bn yen）

Operating Income Ratio

Depreciation & amortization*

EBITDA (Operating Income + Depreciation and Amortization, etc.)

20.5%

7,441

38,168

1.7%

4.7%

9.2%

50,000

40,000

30,000

30.0

25.0

20.0

* Based on local disclosure (Kirin Holdings FY2025 consolidation period: October 2024 to September 2025) Source: San Miguel Brewery Inc. Financial Highlights, Quarterly Reports

20,000

10,000

0

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

EBITDA Kirin Holdings Dividend Income

15.0

10.0

5.0

0.0

Cash dividends declared per share (pesos)

1.2

12.9%

The Philippines' GDP forecast for 2026 is approximately 5%***

Driven by robust domestic demand and AI-related demand, growth is projected to remain at a similar rate through 2027***

Exchange rate: 1 peso = 2.62 yen (same period last year: 2.66 yen)

(Kirin Holdings Q4 FY2025 financial results incorporation period: October 2024 to September 2025) Dividends are recorded on a cash-in basis

San Miguel Brewery holds over 90% market share in the Philippines

© Kirin Holdings Company, Limited

** Based on local disclosure (January-December)

*** World Bank Forecast 21

FY2025

Actual

FY2024

Actual

YoY

FY2025

Actual

FY2024

Actual

YoY

(bn yen)

Total assets Total equity Total liabilities ROIC*

Gross Debt Equity Ratio

Net Debt / Normalized EBITDA ** PBR (Price book-value ratio) ***

(bn yen)

© Kirin Holdings Company, Limited

3,354.2

1,533.7

1,820.4

4.1

0.73

2.39

1.4

139.9

61.4

78.5

ーーーー

Note

Statement of Financial Position

Total assets: Increased by 139.9 bn yen from the end of the previous consolidated fiscal year to 3,494.0 bn yen, mainly due to an increase in intangible assets as a result of the therapeutic drug of Kyowa Kirin Co., Ltd., that had been in the development pipeline, received approval. In addition, an increase in property, plant and equipment, mainly as a result of construction of manufacturing facilities at Kyowa Kirin Co., Ltd

Equity: Increased by 61.4 bn yen from the end of the previous consolidated fiscal year to 1,595.1 bn yen, mainly due to an increase in reserves due to foreign exchange fluctuations in spite of a decrease in non-controlling interests as a result of additional acquisition of FANCL.

Liabilities: Increased by 78.5 bn yen from the end of the previous fiscal year to 1,898.9 bn yen mainly due to an increase in issuance of bonds.

d

PBR: Increased from the end of the previous fiscal year due to a 15% increase in the year-end closing share price and a 9% increase in shareholders' equity.

Statement of Cash Flows

CF from operating activities: Increased by 52.6 bn yen year on year to 295.4 bn yen. Profit before tax increased 98.1 bn yen year on year resulting in 237.9 bn yen and there was 101.9 bn yen in adjustment for depreciation and amortization, while outflow of working capital increased by

12.3 bn yen compared to the same period of the prior year, and income taxes paid decreased by 17.8 bn yen year on year.

CF from investing activities: Decreased by 144.4 bn yen compared to the same period in the previous year to 185.0 bn yen. There was an inflow of 8.1 bn yen from the sale of property, plant and equipment and intangible assets, while there was an outflow of 175.6 bn yen for acquisition of property, plant and equipment and intangible assets, representing a decrease of 5.0 bn yen compared to the same period in the prior year. The outflow from acquisition of subsidiaries decreased by 144.9 bn yen compared to the same period of the prior year resulting in 14.9 bn yen outflow.

CF from financing activities: There was an outflow of 110.5 bn yen compared to an inflow of 58.1 bn yen from the same period in the previous year. Proceeds of

100.0 bn yen was received from issuance of bonds and 28.0 bn yen from long-term borrowings, while there were outflows of

81.8 bn yen for the acquisition of non-controlling interests, 73.5 bn yen for dividends paid, 35.0 bn yen for the redemption of bonds, 30.0 bn yen for payment for repayment of long-term borrowings and 20.9 bn yen for repayment of lease liability.

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Kirin Holdings

IR Information

Kirin Holdings

Investor's Guide*

Kirin Holdings

Integrated Report

https://www.kirinholdings.com/en/investors/

https://www.kirinholdings.com/en/investors/guide/

https://www.kirinholdings.com/en/investors/

library/integrated/

© Kirin Holdings Company, Limited

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