November 11, 2025
Q3 FY2025 Results and Full-Year Outlook
(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % |
Revenue | 1,756.1 | 1,699.7 | 56.4 | 3.3% |
Normalized OP* | 170.5 | 162.0 | 8.5 | 5.2% |
Profit Before Tax | 167.3 | 156.0 | 11.3 | 7.3% |
Profit Attributable to Owners of the Company | 102.8 | 79.3 | 23.6 | 29.7% |
Average Number of Shares During the Period (million shares) | 810 | 810 | 0 | 0.0% |
EPS (yen) | 127 | 98 | 29 | 29.7% |
FY2025 Q3 Results
Profit before tax and profit attributable to owners of the company exceeded the previous year's levels due to positive factors such as increased normalized operating profit and the reversal effect from the FANCL loss on step acquisitions recorded in the previous year.
EPS increased year-on-year due to the rise in profit attributable to owners of the company.
Normalized operating profit also exceeded both the plan and the previous year, driven by steady progress across all businesses, including the Japanese and Australian Alcoholic Beverages Business, and FANCL's contribution since the beginning of the year.
Full-Year Outlook
There is no revision to the full-year earnings forecast in the third
quarter*.
*We have maintained its forecast due to factors that cannot be quantified, such as the temporary demand increase resulting from the cyberattack on Asahi Group Holdings which will be detailed later.
While there is downside risk to profit attributable to owners of the company and EPS due to factors occurring through Q2, we aim to achieve the plan through factors such as upside in Normalized operating profit.
* 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.
© Kirin Holdings Company, Limited 2
Q3 FY2025 Results: Change in Profit Attributable to Owners of the Company
Share of Profit of Equity-Accounted Investees
《Major Items》
"San Miguel Brewery" "FANCL"
+1.9
-1.0
"FUJIFIRM KYOWA KIRIN BIOLOGICS"
-1.1
Other Operating Income/Expenses
《Major Items》
"Loss on Step Acquisitions" +18.3
Reversal of the loss on step acquisitions recorded in Q3 of the previous year due to the consolidation of FANCL as a subsidiary
Q3 FY2024 Profit Attributable
to Owners of the Company
NOP
Other Operating
Income/Expenses
Financial Income/Costs
79.3
+8.5
+13.1
-9.3
(bn yen, YoY)
Note
(bn yen, YoY)
Share of Profit of Equity-Accounted Investees
Income Tax Expense
Non-controlling Interest Profit
Q3 FY2025 Profit Attributable to Owners of the Company
102.8
-0.9
Financial Income and Expenses
《Major Items》
"Foreign Exchange Gains/Losses" -3.6 "Interest Expense" -3.1
・Foreign exchange loss arising from exchange rate fluctuations (yen appreciation)
・Increased interest expense due to rising interest rates
+2.0
+10.3
3
Income Tax Expense
《Tax Rate》
FY24: 32.8% → FY25: 29.4%
© Kirin Holdings Company, Limited
Q3 FY2025 Results: Progress/Highlights of Each SegmentQ3 FY24
Consolidated NOP
Health Science
Alcoholic
Beverages
162.0
Kirin Brewery +7.3 bn yen
Lion +0.6 bn yen
Forex -1.1 bn yen
Four Roses -0.8 bn yen
Forex -0.2 bn yen
+14.7
(bn yen, YoY)
+7.2
Changes by Operating Company
Highlights
FANCL
Blackmores
+8.2 bn yen
+0.6 bn yen
Forex -0.3 bn yen
Kyowa Hakko Bio +5.1 bn yen
Kyowa Kirin
-9.8 bn yen
Forex -2.3 bn yen
Overall
While the Pharmaceutical Businesses saw a decline in profits as planned, this was offset by increased profits in the Health Science Business and the Domestic Alcoholic Beverages Business, resulting in progress exceeding the plan.
Kirin Beverage +1.6 bn yen
Coke Northeast +0.7 bn yen
Forex: -0.9 bn yen
Due to the impact of the cyberattack on Asahi Group Holdings, temporary advance demand was observed
Non-Alcoholic Beverages
Pharmaceuticals
Others* Q3 FY25
Consolidated NOP
Increase in Corporate expenses
(e.g., Increase in digitalizaion investment expenses, etc.)
170.5
+2.0
-9.8
-5.5
in the domestic sales volume of alcoholic beverages and other products. At this point in time, it remains difficult to quantify any positive impact on full-year results.
Health Science Business
All businesses are progressing well against plan.
Alcoholic Beverages Business
Lion transitioned to a lean management structure that enables swift decision-making, following the
* "Others" is the sum of "corporate expenses/ inter-segment eliminations" and "others"
NOP Forex Sensitivity
No significant change from the previous situation
The impact on the KIRIN group's business is not expected
to be significant
Impact of US Tariffs
USD +0.8 bn yen / depreciation of 1 yen AUD +0.4 bn yen/ depreciation of 1 yen
© Kirin Holdings Company, Limited
appointment of a new CEO and COO in October.
Pharmaceutical Businesses
In September, Kyowa Kirin announced topline results from the Phase III Ascend trial for KHK4083. The trial is progressing as expected, and the company plans to disclose detailed data in due course.
4
Progress in CSV Management
Become a Global Leader in CSV by Taking Lead in ESG InitiativesE S G
Lion Achieves "B Corporation*" Certification
* A certification granted by B Lab to companies that meet high standards in social and environmental performance, accountability, and transparency certification granted by B Lab to companies
Lion's long-standing "Force For Good**" initiative has been recognized.
**Lion's unique sustainability strategy. Focusing initiatives on areas where Lion can leverage its strengths across the three pillars of environment, society, and governance.
While individual brands (Stone & Wood) had previously obtained B Corporation certification, this certification applies to Lion as a whole.
See details here
Going forward, Lion can promote each brand as "products manufactured by a B Corporation certified company." For consumers in Australia & NZ, purchasing Lion products means supporting a company that meets rigorous standards across five areas: governance, workers, community, environment, and consumers.
E n v i r o n m e n t
Developing Sustainable Beer Ingredient Production Technology to Address Climate Change
Amid an initiative to reduce hop yield and quality due to extreme heat and drought, Kirin has developed a technology to create seedlings with acquired tolerance to high temperatures and drought.
Left: Unheated seedlings, Right: Heat-treated seedlings
Variety "Zaarts", Esashi City, Iwate Prefecture
This technology, which confers resistance to hops without compromising flavor quality, is expected to contribute to the realization of a sustainable beer ingredient supply
© Kirin Holdings Company, Limited
S o c i a l
Initiating Research on "Health-Conscious Drinking"
Based on Scientific Evidence
As guidelines for responsible drinking are published and promoted globally, Kirin Brewery has launched comprehensive research with the University of Tsukuba on scientifically grounded "health-conscious drinking practices."
Kirin Brewery aims to foster a culture of moderate drinking and realize a society enriched by well-being and is
undertaking activities to eliminate harmful alcohol consumption as part of its "Responsibility for the Future."
5
Appendix
Q3 FY2025 Results: Revenue by Segment
(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % | ||
Revenue | 1,756.1 | 1,699.7 | 56.4 | 3.3％ | ||
Alcoholic | 769.4 | 794.2 | -24.8 | -3.1％ | ||
Beverages | Kirin Brewery | 478.5 | 491.7 | -13.2 | -2.7％ | |
Lion | 198.4 | 212.4 | -14.0 | -6.6％ | ||
Australia & NZ | 133.4 | 142.6 | -9.2 | -6.5％ | ||
US Craft, etc. | 65.0 | 69.8 | -4.8 | -6.8％ | ||
Four Roses | 18.8 | 19.3 | -0.5 | -2.7％ | ||
Other and elimination | 73.7 | 70.8 | 2.9 | 4.0％ | ||
Non-Alcoholic | 429.6 | 422.1 | 7.5 | 1.8％ | ||
Beverages | Kirin Beverage | 201.7 | 200.8 | 0.9 | 0.4％ | |
Coke Northeast | 221.7 | 214.7 | 7.0 | 3.2％ | ||
Other and elimination | 6.3 | 6.6 | -0.3 | -4.8％ | ||
Pharmaceuticals | 349.2 | 362.6 | -13.4 | -3.7％ | ||
Kyowa Kirin | 349.5 | 362.8 | -13.3 | -3.7％ | ||
Elimination | -0.2 | -0.2 | -0.0 | - | ||
Health Science | 187.9 | 105.1 | 82.8 | 78.7％ | ||
FANCL | 82.9 | - | 82.9 | - | ||
Blackmores | 51.1 | 50.9 | 0.2 | 0.3％ | ||
Kyowa Hakko Bio | 38.4 | 37.9 | 0.6 | 1.5％ | ||
Other and elimination | 15.5 | 16.4 | -0.8 | -5.0％ | ||
Other | 19.9 | 15.6 | 4.3 | 27.6％ | ||
© Kirin Holdings Company, Limited 7
Q3 FY2025 Results: Normalized Operating Profit by Segment(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % | ||
Normalized OP | 170.5 | 162.0 | 8.5 | 5.2％ | ||
Alcoholic | 90.9 | 83.7 | 7.2 | 8.6％ | ||
Beverages | Kirin Brewery | 59.9 | 52.5 | 7.3 | 14.0％ | |
Lion | 18.4 | 17.7 | 0.6 | 3.4％ | ||
Australia & NZ | 13.1 | 11.8 | 1.3 | 11.1％ | ||
US Craft, etc. | 5.2 | 5.9 | -0.7 | -11.9％ | ||
Four Roses | 6.7 | 7.5 | -0.8 | -10.2％ | ||
Other | 6.0 | 6.0 | -0.0 | -0.2％ | ||
Non-Alcoholic | 52.7 | 50.7 | 2.0 | 3.9％ | ||
Beverages | Kirin Beverage | 17.0 | 15.3 | 1.6 | 10.6％ | |
Coke Northeast | 34.9 | 34.2 | 0.7 | 1.9％ | ||
Other | 0.8 | 1.1 | -0.3 | -26.8％ | ||
Pharmaceuticals | 61.1 | 70.9 | -9.8 | -13.8％ | ||
Kyowa Kirin | 61.1 | 70.9 | -9.8 | -13.8％ | ||
Health Science | 12.7 | -2.0 | 14.7 | - | ||
FANCL | 8.2 | - | 8.2 | - | ||
Blackmores | 5.1 | 4.4 | 0.6 | 14.5％ | ||
Kyowa Hakko Bio | 0.8 | -4.3 | 5.1 | - | ||
Other | -1.4 | -2.2 | 0.8 | - | ||
Other | -1.2 | -0.2 | -0.9 | - | ||
Corporate expenses/inter-segment | -45.6 | -41.0 | -4.6 | - | ||
© Kirin Holdings Company, Limited 8
Health Science Business
FANCL / BlackmoresFANCL
(bn yen) | Q3 FY2025 Actual* | |
Revenue** | 82.9 | |
Beauty (Skincare) | 45.6 | |
Supplement | 32.8 | |
Normalized OP***
Q3 FY2025 Results Amount by Region YoY Change | % | |
Domestic | 1.5% | |
Overseas | 57.4% |
［Normalized OP margin]
8.2
9.9％
[Ref.] | Q3 FY2025 Actual | Q3 FY2024 Actual | % | |
Revenue** | 82.9 | 78.2 | 6.0% | |
Beauty (Skincare) | 45.6 | 43.2 | 5.5% | |
Supplement | 32.8 | 30.4 | 7.8% | |
[Ref.]
Beauty (Skincare) Business:
Revenue
(Reference)
The "ATTENIR" brand continued to deliver strong performance both in Japan and overseas, driving overall revenue growth.
Supplement Business:
Revenue increased, primarily due to strong sales of "Age Bracket-Based Supplements" in overseas markets.
NOP
(Reference)
Gross profit increased year-on-year, primarily driven by
* 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)
higher revenue.
Note: Before consolidation to Kirin (Japanese GAAP, before amortization of intangible assets)
Blackmores
Normalized OP
［NOP margin]
54
9.9％
44
8.7％
10 21.6%
Overall: Delivered revenue growth, driven by successful initiatives across regions.
Revenue
Australia & NZ: revenue increased due to the strong momentum from last year continued, supported by improved promotional bundling and innovation.
SEAK: revenue increased across the region, driven by the continued strong performance of multiple strategic products, particularly in Malaysia and Indonesia.
AUD base(million $)
Q3 FY2025
Actual
Q3 FY2024
Actual
YoY
%
Revenue
540
507
33
6.6%
Australia, NZ
241
227
13
5.9%
SEAK
141
121
20
16.3%
China
157
153
4
2.8%
China: despite the challenging competitive environment, Blackmores delivered revenue growth, driven by solid collaboration with distributors in export channels and the launch
Full year forex forecast: 95.00 yen (AUD) / Q3 FY25 actual: 94.58 yen (AUD)
Q3 FY24 actual: 100.49 yen (AUD)
*Total including other contracted manufacturing, etc.
** Includes amortization of intangible and other assets due to PPA (Purchase Price Allocation and one-time costs)
of high value-added innovations that meet market needs.
© Kirin Holdings Company, Limited 9
NOP
Increased as the increase in gross profit driven by revenue growth exceeded the rise in promotional expenses associated with growth investments.
Alcoholic Beverages Business
Kirin Brewery(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % | ||
Revenue | 478.5 | 491.7 | -13.2 | -2.7％ | ||
Total Beer Products* | ー | ー | ー | -3.1% | ||
RTD | ー | ー | ー | -0.0% | ||
Non-alcoholic beverages | ー | ー | ー | -2.1% | ||
Revenue excluding liquor tax | 296.6 | 298.5 | -1.9 | -0.6％ | ||
Normalized OP [NOP margin] ** | 59.9 20.2％ | 52.5 17.6％ | 7.3 | 14.0％ |
(1,000 KL)
Q3 FY2025
Actual
Q3 FY2024
Actual YoY
Market
(Category)
KIRIN ICHIBAN Brand
Family total
279 270 3.2% -1％
KIRIN ICHIBAN total 219 225 -2.6% -1％
Kirin Beer Harekaze 48 58 -17.3% -1％ Kirin Tanrei Green Label 94 102 -7.7% -8%*** Honkirin 114 131 -13.1% -8%*** KIRIN Hyoketsu Brand Total 219 222 -1.3% -****
Kirin Brewery
*** Economy category is consisted of Happoshu and new genre beer (Happoshu ②)
**** Not yet calculated due to unavailable performance data from Asahi Group Holdings.
* Category disclosure changed from sales volume basis to a year-on-year change in monetary basis (Revenue) from FY2025
** Compared to Revenue excluding liquor tax
Revenue
Revenue decreased due to a decline in overall market
Q3 FY2024
NormalizedOP (bn yen)
YoY Change
Increase in marginal profit of alcoholic beverages, etc.
Decrease in raw material cost Decrease in selling expenses Increase in other
expenses Subtotal
Q3 FY2025
Normalized OP
52.5
3.7
0.7
3.6
-0.6
7.3
59.9
Description
Total beer products -8.0
Total other than beer products -1.9
Impact of price revision and difference of change
in composite of products etc. 13.6
Decrease in market prices, etc. Decrease in marketing expenses, etc. Increase in expenditures, etc.
Topic
sales volume, primarily in the economy category.
The "KIRIN ICHIBAN Brand Family total" delivered strong growth, outperformed both the previous year and the market, partly due to the contribution of supported by the contribution of "KIRIN ICHIBAN White Beer".
NOP
Increased, as the impact of price revisions offset the decline in sales volume. In addition, favorable market conditions led to lower raw material costs, and efficient marketing investments contributed to profit growth.
Both a non-alcoholic beer "Kirin Lager Zero," released in September, and "Kirin Good Ale ," released in October, are progressing ahead of plan, prompting an upward revision to the current sales volume forecast.
© Kirin Holdings Company, Limited 10
Alcoholic Beverages Business
LionAUD base (million AUD) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % | |
Revenue | 2,098 | 2,113 | -15 | -0.7% | |
Australia & NZ | 1,410 | 1,418 | -8 | -0.6% | |
US Craft, etc. | 688 | 695 | -7 | -1.0% | |
Normalized OP ［Normalized OP margin] | 194 9.3% | 177 8.4% | 17 | 9.9% | |
Australia & NZ ［Normalized OP margin] | 139 9.8% | 118 8.3% | 21 | 18.1% | |
US Craft, etc. ［NOP margin] | 55 8.0% | 59 8.5% | -4 | -6.4% |
Lion
Full year forex forecast: 95.00 yen (AUD) / Q3 FY2025 actual: 94.58 yen (AUD)
Change in Normalized OP in Australia & NZ (million AUD) | ||
Q3 FY2024 Normalized OP | 118 | |
Australia & NZ | Sales Volume | -6 |
Other* | 27 | |
Q3 FY2025 Normalized OP | 139 | |
Q3 FY2024 actual: 100.49 yen (AUD)
* Corporate costs are included in Australia & NZ
Sales Volume YoY
Australia & NZ, US craft, etc. Total -1.6% Australia only -0.3%
Australia & NZ
Revenue
In Australia, sales increased year-on-year and outperformed the market, driven by strong performance of the "Hahn" and "Stone & Wood" brands.
Stone & Wood delivered double-digit YoY growth despite being priced at 1.5 times the level of standard brands, contributing not only to volume growth but also to higher unit prices.
Price revisions in the off-premise channel and strategic pricing contributed to higher unit prices. However, a decline in sales volume in New Zealand offset the gains, resulting in flat performance for the Australia & NZ region.
NOP
The increase in gross profit from price revisions, fixed cost reductions through structural reforms, and the timing of expense investments contributed to a significant profit increase.
US Craft, etc.
Revenue
Although the "Voodoo Ranger" brand delivered solid performance and outperformed the market, overall sales declined slightly year-on-year due to accelerated market contraction driven by deteriorating external conditions.
NOP
Despite implementing cost controls considering sales conditions, profit declined due to the impact of reduced sales volume.
© Kirin Holdings Company, Limited 11
Non-Alcoholic Beverages Business
Kirin Beverage/Coke NortheastKirin Beverage
(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % | |
Revenue | 201.7 | 200.8 | 0.9 | 0.4% | |
Health Science products | 30.6 | 27.4 | 3.2 | 11.8% | |
Normalized OP ［NOP margin] | 17.0 8.4% | 15.3 7.6％ | 1.6 | 10.6% |
Sales volume (10,000 cases)
Brands
Revenue remained at the previous year's level, as increases in unit prices due to price revisions and expanded sales of Health Science products offset the impact of decreased sales volume.
Q3 FY2025 Q3 FY2024
Actual Actual*
%
NOP
Revenue
Increased, as the effects of price revisions and other factors outweighed the impacts of rising raw material costs and lower sales volume.
Gogo-no-Kocha | 3,516 | 3,662 | -4.0% | Topic | |
Nama-cha | 1,983 | 2,403 | -17.5% |
To expand in the immunity market, new initiatives are being strengthened, including the launch of Mutekids, a children's drink containing Lc-Plasma.
NOP
Revenue
* For some products such as LC-Plasma products, the figures for Q3 FY2024 have been retrospectively adjusted due to the change in calculation method to "Health Science products"
Revenue increased due to in sales volume driven by maximizing store exposure and other factors and higher unit prices achieved through price management.
USD Base (million USD) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % |
Revenue | 1,500 | 1,416 | 84 | 5.9% |
Normalized OP ［NOP margin] | 236 15.7％ | 226 15.9％ | 10 | 4.6% |
Full year forex forecast: 145.00 yen (USD) / Q3 FY25 actual: 147.78 yen (USD)
Q3 FY24 actual: 151.59 yen (USD)
Increased, driven by higher revenue and contained selling, general and administrative expenses through improved operational efficiencies.
Coke Northeast
© Kirin Holdings Company, Limited 12
Pharmaceuticals Business
Kyowa Kirin(bn yen)
Sales Revenue
(bn yen)
Change in Normalized OP
Growth of "Crysvita"
(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY | % |
Revenue | 349.5 | 362.8 | -13.3 | -3.7％ |
Normalized OP ［OP margin] | 61.1 17.5% | 70.9 19.5％ | -9.8 | -13.8％ |
Q3 FY2024
Gross profit SG&A expenses
41.1
-6.1
+1.5
Japan
North America EMEA
8.8
11.7
10.5
130.0
105.2
13.1
42.4
92.0
9.7
197.1
R&D expenses
-3.0
Others
7.2 87.0
51.5
3.8 57.7
Kyowa Kirin
Crysvita Q3 FY2025 Q3 FY2024 Actual Actual | Poteligeo Q3 FY2025 Q3 FY2024 Actual Actual | ||
9.7 | 8.2 | 1.2 | 1.4 |
92.0 | 87.2 | 25.1 | 21.6 |
42.4 | 37.1 | 7.3 | 6.0 |
2.6 | 2.3 | 0.1 | 0.1 |
146.7 | 134.9 | 33.7 | 29.1 |
Forex
Q3 FY2025
-2.3
33.5
7.7
0.1 42.4
20.6
12.0
31.0 35.1
25.1
7.4
(bn yen)
Japan
North America EMEA
Total
Others
See Kyowa Kirin's financial results announcement here
https://ir.kyowakirin.com/en/library/earnings.html
2018 2019 2020 2021 2022 2023 2024 2025 2025
Q3 Plan
Revenue declined despite strong sales of key products such as "Crysvita," which exceeded the previous year's level. This was primarily due to the recoil effect from licensing revenue recorded in the EMEA region in the same period of the previous fiscal year, and a decreasing sales following the APAC business reorganization last year.
Decreased, as lower selling, general and administrative expenses were not fully offset by the recoil effect from last year's licensing revenue in the EMEA region, a decreasing sales following the APAC business reorganization last year and increased R&D expenses.
NOP
Revenue
© Kirin Holdings Company, Limited 13
Pharmaceuticals Businesses
Kyowa Kirin:Major Development PipelineAs of October 30th, 2025
*1 Diseases under development at the time of publication of this document and may differ from the indications for which regulatory approval is ultimately granted. *2 The year in which the first approval is expected. *3 Market size is Kyowa Kirin's own estimate based on the sum of all products for "diseases under development. Colored areas indicate global market size, while other areas indicate market size in Japan. ★: less than 50 billion yen, ★★: 50 billion yen or more but less than 100 billion yen, ★★★: 100 billion yen or more but less than 500 billion yen, ★★★★: 500 billion yen or more but less than 1 trillion yen, ★★★★★: 1 trillion yen or more *4 Kyowa Kirin's own estimation. The colored areas indicate global figures, and the other areas indicate figures for Japan. *5 Equivalent to P3 test. *6 "1 in 100,000" is the value for MPS-IH as a whole, and Hurler's syndrome accounts for 60% of this number. *7 Equivalent to P1/2 study.
© Kirin Holdings Company, Limited 14
(bn yen). | Q3 FY2025 Actual | Q4 FY2024 Actual | YoY | |
Total Assets | 3,310.1 | 3,354.2 | -44.0 | |
Total Equity | 1,457.1 | 1,533.7 | -76.6 | |
Total Liabilities | 1,853.0 | 1,820.4 | 32.5 | |
ROIC* | ー | 4.1 | ー | |
Gross Debt Equity ratio | 0.84 | 0.73 | ー | |
Net Debt / Normalized EBITDA** | - | 2.39 | ー | |
PBR (Price book-value ratio) *** | 1.5 ROIC and Net Debt / N | 1.4 ormalized EBITDA disclos | ー ed only in Q4 |
(bn yen) | Q3 FY2025 Actual | Q3 FY2024 Actual | YoY |
CF from Operating Activities | 169.7 | 178.6 | -8.9 |
CF from Investing Activities | -97.8 | -259.5 | 161.7 |
Free CF | 71.9 | -80.9 | 152.9 |
CF from Financing Activities * Profit after tax before interest / (Average + Average total equity at beginning and e ** Normalized EBITDA = Normalized Opera received from equity-accounted investee ※Depreciation and amortization exclude *** Share price at the end of the period / ( outstanding at the end of the period (excl | -49.3 total interest-bearing liabilitie nd of the period) ting Profit + Depreciation an s. those from right-of-use ass Profit attributable to owners uding treasury shares)) | 100.1 s at beginning and end d amortization※ + Divid ets. of the Company / Num | -149.4 of the period ends ber of shares |
Note
Statement of Financial Position / Statement of Cash FlowsStatement of Financial Position Total assets: 3,310.1 billion yen, a decrease of 44.0 billion yen from the
end of the previous consolidated
fiscal year, mainly due to a decrease in trade and other receivables, as the previous year-end fell on a bank holiday.
Total equity: Decreased by 76.6 billion yen from the end of the previous consolidated fiscal year to 1,457.1 billion yen, mainly due to a decrease in non-controlling interests as a result of the additional acquisition of FANCL and a decrease in reserves due to foreign exchange fluctuations.
Total liabilities: Increased by 32.5 billion yen from the end of the previous consolidated fiscal year to 1,853.0 billion yen mainly due to an increase in commercial paper issuance and corporate bonds.
Gross DE ratio: Increased from the end of the previous fiscal year due to a 1% decease in equity attributable to owners of the company while interest-bearing liabilities increased by 14%.
PBR: Increased from the end of the previous fiscal year due to a 1% decrease in equity attributable to owners of the Company and 6% increase in closing share price at the end of the period.
Statements of Cash Flows
CF from operating activities: Decreased by 8.9 billion yen compared to the same period in the previous fiscal year, totaling 169.7 billion yen. Recorded as profit before tax 167.3 billion yen. The loss on step acquisitions, decreased by 18.3 billion yen compared to the same period in the previous fiscal year which do not appear as impact on net cash.
CF from investing activities : Decreased by 161.7 billion yen compared to the same period in the previous fiscal year, totaling 97.8 billion yen. There were outflow of
103.7 billion yen for acquisition of property, plant and equipment and intangible assets, representing an increase of 6.5 billion yen compared to the same period in the prior year, and 7.7 billion yen for payments of cash segregated as deposits.
CF from financing activities: Resulted in a net outflow of 49.3 billion yen, compared to an inflow of
100.1 billion yen in the same period in the previous year. There was an outflow of 81.7 billion yen for acquisition of non-controlling interests,
73.1 billion yen for dividends paid,
© Kirin Holdings Company, Limited
15
30.0 billion yen for repayment of longterm borrowings and 25.0 billion yen for payment for redemption of bonds.
Reference Information Linkshttps://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.
© Kirin Holdings Company, Limited 16
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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Kirin Holdings Company Limited published this content on November 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 11, 2025 at 06:41 UTC.
