FY2025 Results
Revenue and Normalized OP both reached record highs. Profit attributable to owners of the Company
increased 2.5-fold.
(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% |
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.
Quantitative Target | FY2024 Actual | FY2025 Actual | YoY | % |
ROIC | 4.1% | 7.6% | - | - |
EPS | 72 yen | 182yen | 110 yen | 153.4% |
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.
FY2024 | FY2025 | YoY | % | |
Dividend per share | 71 yen | 74 yen | 3 yen | 4.2% |
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.
* 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.
Dividend is planned at ¥74, an increase of ¥3 from the previous year
© Kirin Holdings Company, Limited 2
FY2025 Results: Change in Profit Attributable to Owners of the Company
FY2024 Profit Attributable to Owners of the Company
NOP
Other Operating Income/Expenses
Financial Income/Costs
Share of Profit of Equity-Accounted Investees
Income Tax Expense
58.2
+40.8Financial Income and Costs
《Major Items》
"Foreign Exchange Gains/Losses" -4.5
・Foreign exchange loss arising from exchange rate fluctuations (yen appreciation)
+43.5Other Operating Income/Expenses
《Major Items》
"Business restructuring expenses" +19.2 "Loss on Step Acquisitions" +18.3
・A year-on-year adverse swing reflecting the reversal of prior-year effects from Kyowa Hakko Bio's structural reforms in the amino-acid and related businesses.
・Reversal of the loss on step acquisitions recorded in Q3 of the previous year due to the consolidation of FANCL as a subsidiary
-4.2
+18.1(bn yen, YoY)
-5.8
Note
(bn yen, YoY)
Non-controlling Interest Profit
FY2025 Profit Attributable to Owners of the Company
-3.0
Share of Profit of Equity-Accounted Investees
《Major Items》
"San Miguel Brewery" +1.7
"FANCL" -1.0
"FUJIFIlM KYOWA KIRIN BIOLOGICS" -2.1
Impairment loss on equity-accounted investees
+19.3
A year-on-year positive swing reflecting the impairment loss recorded in the prior year at an equity-method affiliate operating the overseas beer business.
147.5
3
Income Tax Expense
《Tax Rate》
FY24: 38.6% → FY25: 25.1%
© Kirin Holdings Company, Limited
FY2025 Results: Changes in Consolidated Normalized OP by Segment
Kyowa Kirin
+10.5 bn yen
Forex -0.8 bn yen
211.0
+22.0 +11.3 +3.7 +10.5-6.6
251.8
Increase in Corporate Expenses
(e.g., increased IT investment costs)
Kirin Beverage +1.8 bn yen
Coke Northeast +2.3 bn yen
Forex -0.8 bn yen
Kirin Brewery +13.8 bn yen
Lion -0.4 bn yen
Forex -1.1 bn yen
Four Roses -1.8 bn yen
Forex -0.1 bn yen
FANCL +7.6 bn yen
Blackmores +0.3 bn yen
Forex -0.2 bn yen
Kyowa Hakko Bio +14.2 bn yen
FY2024
NOP
Health Science
Alcoholic Beverages
Non-Alcoholic Beverages
Pharmaceuticals
NOP
Other* FY2025
(bn yen, YoY)
Increase/decrease by operating company
* "Other" is the sum of "Other" and "Corporate expenses/inter-segment eliminations"
Highlights
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.
FY2026 Forecast
EPS and profit attributable to owners of the Company are targeted to increase by approximately 6%.
(bn yen) | FY2024 Actual | FY2025 Actual | FY2026 Forecast | YoY | % |
Revenue | 2,338.4 | 2,433.4 | 2,480.0 | 46.6 | 1.9% |
Normalized OP* | 211.0 | 251.8 | 235.0 | -16.8 | -6.7% |
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% |
FY2026 Forecast
While Normalized OP is expected to decrease, pre-tax profit and profit attributable to owners of the company are projected to increase year-on-year through further suppression of non-recurring costs below Normalized
OP.
Quantitative Target | FY2024 Actual | FY2025 Actual | FY2026 Forecast | YoY | % |
ROIC | 4.1% | 7.6% | 7.7% | - | - |
EPS | 72 yen | 182 yen | 193 yen | 11 yen | 6.0% |
EPS is projected to achieve high single-digit % year-on-year growth.
Normalized OP is expected to decline, with the main factors as follows:
FY2024 | FY2025 | FY2026 | YoY | % | |
Dividend per share | 71 yen | 74 yen | 76 yen | 2 yen | 2.7% |
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.
* Calculated by deducting cost of sales and selling, general, and administrative expenses from revenue to measure the company's recurring performance.
Impacts of Four Roses divestment are not included in FY2026 forecast.
FY2026 Forecast: Changes in Consolidated Normalized OP by Segment
Main factors of the decrease in Normalized OP
FY2025 NOP
251.8
Impact on
Kirin Brewery of a cyberattack on a competitor
Increase in R&D expenses associated with the in-house commercialization of rocatinlimab by Kyowa Kirin.
Approx. -4.0 bn yen
-17.0 bn yen
FY2026e NOP
235.0
FANCL
Blackmores
ー bn yen
+1.9 bn yen
Forex -0.1bn yen
Kyowa Kirin
-13.3 bn yen
Forex +2.5 bn yen
251.8
+1.9-3.4
+2.3-13.3
-4.3
235.0
Increase in Corporate expenses (e.g., Increase IT investment costs, etc.)
Kirin Beverage +0.9 bn yen
Coke Northeast +1.0 bn yen
Forex +0.1 bn yen
Kirin Brewery standalone basis
-5.3 bn yen
Lion -0.2 bn yen
Forex -0.4 bn yen
New Belgium, etc. +0.9 bn yen
Forex +0.0 bn yen
(bn yen, YoY) Increase/decrease by operating company
FY2025 NOP
Health Science
Alcoholic Beverages
Non-Alcoholic Beverages
Pharmaceuticals
Other*
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.
FY2026e NOP
* "Other" is the sum of "Other" and "Corporate expenses/inter-segment eliminations"
NOP Forex Sensitivity
USD +0.9 bn yen / depreciation of 1 yen , AUD +0.3 bn yen/ depreciation of 1 yen
Progress in CSV Management
Become a Global Leader in CSV by Taking Lead in ESG Initiatives
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
Learn More
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
Learn More
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*
Details here
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
FY2025 Results: Revenue by segments
FY2025 Actual | FY2024 Actual | YoY | ％ |
2,433.4 | 2,338.4 | 95.0 | 4.1% |
665.5 | 662.7 | 2.8 | 0.4% |
283.5 | 294.7 | -11.2 | -3.8% |
195.7 | 203.0 | -7.3 | -3.6% |
87.8 | 91.7 | -3.9 | -4.2% |
26.0 | 27.4 | -1.4 | -5.2% |
269.7 | 268.8 | 0.9 | 0.4% |
299.9 | 286.9 | 13.0 | 4.5% |
496.8 | 495.6 | 1.3 | 0.3% |
112.6 | 34.5 | 78.1 | 226.4% |
70.2 | 69.1 | 1.0 | 1.5% |
46.8 | 50.2 | -3.4 | -6.8% |
Revenue | |
Alcoholic | |
Beverages | Kirin Brewery |
Lion | |
Australia & NZ | |
US Craft, etc. | |
Four Roses | |
Other and elimination | |
Non-Alcoholic | |
Beverages | Kirin Beverage |
Coke Northeast | |
Other and elimination | |
Pharmaceuticals | |
Kyowa Kirin | |
Elimination | |
Health Science | |
FANCL | |
Blackmores | |
Kyowa Hakko Bio | |
Other and elimination | |
Other | |
1,075.3 | 1,081.7 | -6.4 | -0.6% |
100.2 | 96.9 | 3.4 | 3.5% |
578.2 | 564.9 | 13.3 | 2.4% |
8.6 | 9.2 | -0.6 | -6.6% |
496.5 | 495.3 | 1.2 | 0.2% |
-0.3 | -0.3 | -0.0 | - |
251.4 | 175.3 | 76.1 | 43.4% |
21.9 | 21.5 | 0.4 | 2.0% |
32.0 | 21.3 | 10.8 | 50.6% |
(bn yen)
FY2025 Results: Normalized OP by segments
(bn yen) | FY2025 Actual | FY2024 Actual | YoY | ％ | ||
Revenue | 251.8 | 211.0 | 40.8 | 19.3% | ||
Alcoholic | 135.4 | 124.0 | 11.3 | 9.1% | ||
Beverages | Kirin Brewery | 88.9 | 75.1 | 13.8 | 18.4% | |
Lion | 30.9 | 31.4 | -0.4 | -1.4% | ||
Australia & NZ | 22.5 | 21.6 | 0.9 | 4.1% | ||
US Craft, etc. | 8.4 | 9.8 | -1.3 | -13.6% | ||
Four Roses | 8.3 | 10.1 | -1.8 | -17.5% | ||
Other | 7.2 | 7.5 | -0.3 | -3.7% | ||
Non-Alcoholic | 67.7 | 64.0 | 3.7 | 5.8% | ||
Beverages | Kirin Beverage | 20.1 | 18.3 | 1.8 | 10.0% | |
Coke Northeast | 46.6 | 44.3 | 2.3 | 5.1% | ||
Other | 1.0 | 1.4 | -0.4 | -28.7% | ||
Pharmaceuticals | 102.3 | 91.9 | 10.5 | 11.4% | ||
Kyowa Kirin | 102.3 | 91.9 | 10.5 | 11.4% | ||
Health Science | 11.1 | -10.9 | 22.0 | - | ||
FANCL | 9.6 | 2.0 | 7.6 | 378.9% | ||
Blackmores | 6.3 | 6.0 | 0.3 | 5.0% | ||
Kyowa Hakko Bio | 0.2 | -14.0 | 14.2 | - | ||
Other | -5.0 | -4.9 | -0.1 | - | ||
Other | -1.1 | 0.0 | -1.1 | - | ||
Corporate expenses/inter-segment | -63.6 | -58.0 | -5.5 | - | ||
FY2026 Forecast: Revenue by segments
FY2026 Forecast | FY2025 Actual | YoY | ％ |
Revenue | |
Alcoholic | |
Beverages | Kirin Brewery* |
Kirin Brewery standalone basis | |
Lion | |
New Belgium etc.** | |
Four Roses*** | |
Other and elimination | |
Non-Alcoholic | |
Beverages | Kirin Beverage |
Coke Northeast | |
Other and elimination | |
Pharmaceuticals | |
Kyowa Kirin | |
Elimination | |
Health Science | |
FANCL | |
Blackmores | |
Other and elimination | |
Other | |
49.2 | 68.6 | -19.5 | -28.4％ |
25.0 | 32.0 | -7.0 | -22.0％ |
2,480.0 | 2,433.4 | 46.6 | 1.9％ |
1,084.0 | 1,075.3 | 8.7 | 0.8％ |
716.6 | 713.9 | 2.7 | 0.4％ |
663.6 | 665.5 | -1.9 | -0.3％ |
194.5 | 195.7 | -1.2 | -0.6％ |
93.0 | 87.8 | 5.1 | 5.9％ |
29.6 | 26.0 | 3.6 | 13.9％ |
50.4 | 51.8 | -1.5 | -2.8％ |
594.0 | 578.2 | 15.8 | 2.7％ |
270.6 | 269.7 | 0.9 | 0.3％ |
313.9 | 299.9 | 14.0 | 4.7％ |
9.5 | 8.6 | 1.0 | 11.5％ |
520.0 | 496.5 | 23.5 | 4.7％ |
520.0 | 496.8 | 23.2 | 4.7％ |
- | -0.3 | 0.3 | ー |
257.0 | 251.4 | 5.6 | 2.2％ |
131.9 | 112.6 | 19.3 | 17.2％ |
75.9 | 70.2 | 5.8 | 8.2％ |
(bn yen)
FY2026 Forecast: Normalized OP by Segments
(bn yen) | FY2026 Forecast | FY2025 Actual | YoY | ％ | ||
Revenue | 235.0 | 251.8 | -16.8 | -6.7％ | ||
Alcoholic | 132.0 | 135.4 | -3.4 | -2.5％ | ||
Beverages | Kirin Brewery* | 89.0 | 94.0 | -5.1 | -5.4％ | |
Kirin Brewery standalone basis | 83.6 | 88.9 | -5.3 | -5.9％ | ||
Lion | 22.3 | 22.5 | -0.2 | -1.0％ | ||
New Belgium etc.** | 9.4 | 8.4 | 0.9 | 11.2％ | ||
Four Roses*** | 9.8 | 8.3 | 1.5 | 17.9％ | ||
Other | 1.6 | 2.1 | -0.5 | -24.4％ | ||
Non-Alcoholic | 70.0 | 67.7 | 2.3 | 3.4％ | ||
Beverages | Kirin Beverage | 21.0 | 20.1 | 0.9 | 4.6％ | |
Coke Northeast | 47.6 | 46.6 | 1.0 | 2.1％ | ||
Other | 1.5 | 1.0 | 0.5 | 46.8％ | ||
Pharmaceuticals | 89.0 | 102.3 | -13.3 | -13.0％ | ||
Kyowa Kirin | 89.0 | 102.3 | -13.3 | -13.0％ | ||
Health Science | 13.0 | 11.1 | 1.9 | 17.5％ | ||
FANCL | 9.6 | 9.6 | ー | ー | ||
Blackmores | 8.3 | 6.3 | 1.9 | 30.6％ | ||
Other | -4.8 | -4.8 | ー | ー | ||
Other | -4.0 | -1.1 | -2.9 | 263.7％ | ||
Corporate expenses/inter-segment | -65.0 | -63.6 | -1.5 | ー | ||
FANCL: FY2025 Actual / FY2026 Forecast
FY2024 Actual* | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % |
34.5 | 112.6 | 78.1 | 226.4% | 131.9 | 19.3 | 17.2% |
Results Amount by Region YoY Change | FY2025 Actual |
Domestic | -1.0% |
Overseas | 25.9% |
[Reference] ****
Revenue** | |
Beauty (Skincare) | |
Supplements | |
(bn yen)
Normalized OP***
[NOP Margin]
18.1 | 61.5 | 43.4 | 239.8% | 73.1 | 11.6 | 18.8% |
14.5 | 44.8 | 30.3 | 209.0% | 52.4 | 7.6 | 17.0% |
2.0
5.8%
9.6
8.5%
7.6 378.9% 9.6 ー ー
7.2%
**** FY2024 full-year results converted to Japanese GAAP
Results Amount by Region YoY Change | FY2026 Forecast |
Domestic | 5.7% |
Overseas | 104.6% |
* 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)
FY2025 Actual
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.
NOP
(Reference)
Revenue
(Reference)
FY2026 Forecast
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.
NOP
(Reference)
Revenue
(Reference)
Blackmores: FY2025 Actual / FY2026 Forecast
AUD base (million $) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % | |
Revenue* | 690 | 726 | 36 | 5.2% | 799 | 73 | 10.1% | |
Australia, NZ | 312 | 324 | 12 | 3.6% | - | - | +High-single digit % | |
SEAK | 176 | 196 | 20 | 11.0% | - | - | +Double-digit % | |
China | 195 | 204 | 9 | 4.2% | - | - | +High-single digit % | |
Normalized OP** ［NOP Margin］ | 60 8.7% | 65 9.0% | 5 | 8.8% | 87 10.9% | 22 | 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.
Achieved profit growth through the year, as the increase in gross profit exceeded the rise in promotional expenses associated with growth investments.
NOP
Revenue
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.
NOP
Revenue
Kirin Brewery (standalone basis): FY2025 Actual / FY2026 Forecast
(bn yen) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % | |
Revenue | 662.7 | 665.5 | 2.8 | 0.4% | 663.6 | -1.9 | -0.3% | |
Total Beer Products* | 501.6 | 502.4 | 0.8 | 0.2% | 486.1 | -16.4 | -3.2% | |
RTD | 113.8 | 115.4 | 1.6 | 1.4% | 122.3 | 6.9 | 6.0% | |
Non-alcoholic beverages | 10.4 | 11.4 | 1.0 | 10.0% | 15.8 | 4.4 | 38.5% | |
Revenue excluding liquor tax | 402.3 | 414.4 | 12.1 | 3.0% | 418.7 | 4.3 | 1.0% | |
Normalized OP [NOP margin] ** | 75.1 18.7% | 88.9 21.4% | 13.8 | 18.4% | 83.6 20.0% | -5.3 | -5.9% |
* Category disclosure changed from sales volume basis to a year-on-year change in monetary basis (Revenue) from FY2025
Profit Change
75.1
Increase in marginal
profit of alcoholic 16.8
beverages, etc.
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
Decrease in raw
material cost
Increase in selling expenses
Increase in other expenses
Subtotal
0.3 Market conditions, etc.
-0.2
Increased marketing expenses, etc.
-3.1
13.8
88.9
Increase in repair and depreciation
expenses, etc.
FY2025 Normalized OP
YoY Change
** Compared to Revenue excluding liquor tax
88.9 | FY2025 Normalized OP | |
Increase in marginal profit of alcoholic beverages, etc. | 4.5 | Total beer products -6.5 Total other than beer products +5.1 Impact of price revision and difference of change in composite of products etc +5.9 |
Increase in raw material cost | -5.4 | Aluminum can price surge, etc. |
Increase in selling expenses | -0.1 | Continuing marketing investments |
Increase in other expenses | -4.3 | Increase in repair and depreciation expenses, etc. |
Subtotal | -5.3 | |
83.6 | FY2026 Normalized OP |
(1,000 KL) | FY2024 Actual | FY2025 Actual | % | FY2026 Forecast | % |
KIRIN ICHIBAN Brand Family total | 374 | 388 | 3.7% | 384 | -1.0% |
KIRIN ICHIBAN total | 309 | 305 | -1.2% | 305 | -0.1% |
Kirin Beer Harekaze | 73 | 62 | -14.4% | 73 | 17.0% |
Good Ale | ー | 17 | ー | 28 | 67.9% |
Kirin Tanrei Green Label | 136 | 128 | -6.2% | 118 | -7.7% |
Honkirin | 172 | 152 | -11.7% | 138 | -9.0% |
KIRIN Hyoketsu Brand Total | 303 | 303 | -0.1% | 313 | 3.3% |
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.
NOP
Revenue
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.
NOP
Revenue
Lion : FY2025 Actual / FY2026 Forecast
Disclose results separately for Lion (Australia/NZ) and New Belgium etc. starting FY2026 due to management structure changes
AUD base (million AUD) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % | |
Revenue | 2,026 | 2,025 | -1 | -0.0% | 2,047 | 22 | 1.1% | |
Normalized OP [NOP Margin] | 216 10.6% | 233 11.5% | 17 | 7.9% | 234 11.5% | 2 | 0.7% |
Change in NOP
FY2024 Normalized OP | |
Australia & NZ | Sales Volume |
Other | |
FY2025 Normalized OP | |
216 |
2 |
16 |
233 |
in Australia & NZ (million AUD)
Sales Volume YoY
Australia only +0.9%
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
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.
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.
NOP
Revenue
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..
Slightly increased, driven by higher sales prices and fixed
cost reductions, which offset lower sales volume and various cost increases.
NOP
Revenue
New Belgium etc.* : FY2025 Actual / FY2026 Forecast
New Belgium etc.* will switch to USD-based disclosure.
* Including US wine.
AUD base (million AUD) | FY2024 Actual | FY2025 Actual | YoY | % | |
Revenue | 916 | 909 | -7 | -0.7% | |
Normalized OP ［NOP Margin］ | 97 10.6% | 87 9.6% | -10 | -10.4% |
FY2025 Forecast Rate: 95.00 yen (AUD) / FY2025 Actual: 96.62 yen (AUD)
FY2024 Actual: 100.15 yen (AUD)
USD base (million USD) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % |
Revenue | 604 | 585 | -19 | -3.2% | 622 | 37 | 6.3% |
Normalized OP [NOP Margin] | 64 10.5% | 56 9.6% | -8 | -12.4% | 63 10.0% | 7 | 12.5% |
FY2025 Actual: 149.78 yen (USD) FY2026 Forecast Rate :150.00 yen (USD) FY2024 Actual: 152.24 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.
NOP
Revenue
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.
Revenue NOP
Kirin Beverage / Coke Northeast: FY2025 Actual / FY2026 Forecast
Sales Volume (10,000 cases) | FY2024 Actual* | FY2025 Actual | % | |
Brands | Gogo-no-Kocha | 4,993 | 4,877 | -2.3% |
Nama-cha | 3,079 | 2,531 | -17.8% | |
* 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.
NOP
Revenue
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.
NOP
Revenue
FY2025 Actual
Increased due to higher sales volume from enhanced store
exposure and higher unit prices from price management.
Increased due to growth in Revenue combined with the containment of SG&A expenses, which rose due to inflation and other factors.
NOP
Revenue
Kirin Beverage
(bn yen) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % |
Revenue | 268.8 | 269.7 | 0.9 | 0.4% | 270.6 | 0.9 | 0.3% |
Health Science products | 37.9 | 42.0 | 4.1 | 10.9% | 48.7 | 6.7 | 15.8% |
Normalized OP [NOP Margin] | 18.3 6.8% | 20.1 7.4% | 1.8 | 10.0% | 21.0 7.8% | 0.9 | 4.6% |
USD base (million USD) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % |
Revenue | 1,885 | 2,002 | 118 | 6.2% | 2,092 | 90 | 4.5% |
Normalized OP [NOP Margin] | 291 15.4% | 311 15.5% | 20 | 6.9% | 317 15.2% | 6 | 1.9% |
FY2025 Forecast Rate: 145.00 yen (USD) / FY2025 Actual: 149.78 yen (USD)
FY2024 Actual: 152.24 yen (USD)
© Kirin Holdings Company, Limited
18
Coke Northeast
FY2026 Forecast Rate: 150.00 yen (USD)
FY2026 Forecast
We anticipate increased revenue by raising unit prices through price management while slightly increasing sales volume through store exposure and promotional initiatives.
While moderate profit growth is anticipated due to promotional spending, the Normalized OP margin is expected to remain stable in the 15% range.
NOP
Revenue
Kyowa Kirin: FY2025 Actual / FY2026 Forecast
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.
NOP
Revenue
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.
NOP
Revenue
91.9
+6.2 +2.5 +2.5-0.7
102.3
Changes in Normalized Operating Profit
(bn yen) | FY2024 Actual | FY2025 Actual | YoY | % | FY2026 Forecast | YoY | % |
Revenue | 495.6 | 496.8 | 1.3 | 0.3% | 520.0 | 23.2 | 4.7% |
Normalized OP [NOP Margin] | 91.9 18.5% | 102.3 20.6% | 10.5 | 11.4% | 89.0 17.1% | -13.3 | -13.0% |
(bn yen) | Crysvita | Poteligeo | |||||
FY2024 Actual | FY2025 Actual | FY2026 Forecast | FY2024 Actual | FY2025 Actual | FY2026 Forecast | ||
Japan | 11.7 | 13.6 | 14.7 | 1.8 | 1.6 | 1.4 | |
North America | 130.0 | 141.8 | 220.7 | 29.7 | 33.9 | 40.9 | |
EMEA | 51.5 | 57.5 | 8.2 | 10.0 | 12.0 | ||
Others | 3.3 | 3.5 | 0.1 | 0.2 | 0.2 | ||
Total | 196.6 | 216.4 | 235.4 | 3.3 | 45.7 | 54.6 | |
Kyowa Kirin: Main Development Pipeline
Planned
Development
As of February 9th, 2026
Disease in development*1
approval year*2
status Market size*3 Number of patients*4
rocatinlimab KHK4083/AMG 451 | Moderate to severe atopic dermatitis | 2027 | P3(Global) | ★★★★★ | 16M |
Prurigo nodularis | TBD | P3(Global) | ★★★★ | 1M | |
Moderate to severe asthma | TBD | P2(Global) | ★★★★★ | 13.5M |
Achondroplasia TBD P3(Japan) ★ 1 in 20K live births
infigratinib
KK8398
Hypochondroplasia TBD P3(Japan) In preparation ★ 1 in 33K live births
ziftomenib | AML (NPM1-m or KMT2A-r, Newly Diagnosed) | TBD | P3(Global) | ★★★★ | 20K |
KHK4951 tivozanib eyedrop | nAMD | TBD | P2(JP/US) | ★★★★★ | 2672K |
DME | TBD | P2(JP/US) | ★★★★ | 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.
Equity Method Affiliate: Performance of San Miguel Brewery
Operating income increased due to both price increases and COGS improvement.
Kirin's dividend income has also increased due to their profit growth.
Trend of EBITDA and Dividend Income
(million PHP) | 2025 Actual | 2024 Actual | Change % |
Sales* | 152,884 | 150,234 | 1.8% |
Operating Income* | 33,888 | 30,727 | 10.3% |
Operating Income Ratio | 22.2% | 20.5% | 1.7% |
Depreciation & amortization* | 7,788 | 7,441 | 4.7% |
EBITDA (Operating Income + Depreciation and Amortization, etc.) | 41,676 | 38,168 | 9.2% |
EBITDA（million PHP）** Dividend received by Kirin Holdings（bn yen）
* Based on local disclosure (Kirin Holdings FY2025 consolidation period: October 2024 to September 2025) Source: San Miguel Brewery Inc. Financial Highlights, Quarterly Reports
Equity-Method Incorporation
and Kirin Holdings' Dividend Income
50,000
40,000
30,000
20,000
10,000
0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
EBITDA Kirin Holdings Dividend Income30.0
25.0
20.0
15.0
10.0
5.0
0.0
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
The Philippines' GDP forecast for 2026 is approximately 5%***(bn yen) | FY2025 Actual | FY2024 Actual | Change % |
Net Income (SMB) | 67.8 | 65.0 | 4.4% |
Consolidated net income | 32.7 | 31.0 | 5.5% |
Dividends (bn yen) | 27.5 | 24.6 | 12.0% |
Cash dividends declared per share (pesos) | 1.4 | 1.2 | 12.9% |
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
Statement of Financial Position / Statement of Cash Flows
(bn yen) | FY2025 Actual | FY2024 Actual | YoY |
Total assets | 3,494.0 | 3,354.2 | 139.9 |
Total equity | 1,595.1 | 1,533.7 | 61.4 |
Total liabilities | 1,898.9 | 1,820.4 | 78.5 |
ROIC* | 7.6 | 4.1 | ー |
Gross Debt Equity Ratio | 0.72 | 0.73 | ー |
Net Debt / Normalized EBITDA ** | 2.22 | 2.39 | ー |
PBR (Price book-value ratio) *** | 1.5 | 1.4 | ー |
Note
ROIC and Net Debt/Normalized EBITDA are only disclosed in Q4.
(bn yen) | FY2025 Actual | FY2024 Actual | YoY |
CF from operating activities | 295.4 | 242.8 | 52.6 |
CF from investing activities | -185.0 | -329.4 | 144.4 |
Free CF | 110.4 | -86.5 | 196.9 |
CF from financing activities | -110.5 | 58.1 | -168.6 |
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.
Gross DE ratio: Decreased from the end of the previous fiscal year, as interest-bearing debt increased by 8% while shareholders' equity increased by 9%.
* Profit after tax before interest / (Average total interest-bearing liabilities at beginning and end of the period + Average total equity at beginning and end of the period)
** Normalized EBITDA = Normalized OP + Depreciation and amortization※ + Dividends received from equity-accounted investees ※Depreciation and amortization exclude those from right-of-use assets.
*** Share price at the end of the period / (Profit attributable to owners of the Company / Number of shares outstanding at the end of the period (excluding treasury shares)
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.
Reference Information Links
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/
* The "Investor's Guide" is a document for investors that summarizes the Kirin Group's management plan, business overview, and the significance of holding each business.
This material is intended for informational purposes only and is not a solicitation or offer to buy or sell securities or related financial instruments.
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