Financials Kirin Holdings Company, Limited

Equities

2503

JP3258000003

Brewers

Market Closed - Japan Exchange Other stock markets 06:30:00 12/02/2026 GMT			5-day change	1st Jan Change
2,534.00 ^JPY	+1.38%		+4.41%	+7.92%

02-10	Kirin Holdings Company, Limited and Immunosens Co., Ltd. Launch Joint Development of a Self- Testing Service That Uses Urinary IgA to Visualize a Person's Immune Status	CI
02-06	Kirin to Sell Four Roses Distillery to E. & J. Gallo Winery -- Update	DJ

Projected Income Statement: Kirin Holdings Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,849,545	1,821,570	1,989,468	2,134,393	2,338,385	2,418,382	2,467,261	2,519,594
Change	-	-1.51%	9.22%	7.28%	9.56%	3.42%	2.02%	2.12%
EBITDA ¹	244,000	245,900	277,700	293,000	309,000	319,967	336,712	353,138
Change	-	0.78%	12.93%	5.51%	5.46%	3.55%	5.23%	4.88%
EBIT ¹	102,919	68,084	116,019	150,294	125,340	204,307	226,310	235,418
Change	-	-33.85%	70.41%	29.54%	-16.6%	63%	10.77%	4.02%
Interest Paid ¹	-8,521	-7,044	-6,478	-10,523	-17,994	-12,850	-9,250	-9,000
Earnings before Tax (EBT) ¹	124,550	99,617	191,387	197,049	139,721	234,700	262,935	274,849
Change	-	-20.02%	92.12%	2.96%	-29.09%	67.98%	12.03%	4.53%
Net income ¹	71,935	59,790	111,007	112,697	58,214	149,027	160,234	171,294
Change	-	-16.88%	85.66%	1.52%	-48.34%	156%	7.52%	6.9%
Announcement Date	15/02/21	14/02/22	14/02/23	14/02/24	14/02/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	487,213	489,863	409,302	454,722	462,523	495,023	416,745	500,303	540,106	532,314	450,329	519,903	577,639	586,522	501,762	594,061	603,897	638,665	545,852	590,457	619,808	656,255	549,750	598,450	630,150	654,500
Change	-	0.54%	-16.45%	11.1%	1.72%	7.03%	-15.81%	20.05%	7.96%	-1.44%	-15.4%	15.45%	11.11%	1.54%	-14.45%	18.39%	1.66%	5.76%	-14.53%	8.17%	4.97%	5.88%	-16.23%	8.86%	5.3%	3.86%
EBITDA	-	54,000	52,300	59,500	64,800	69,300	45,700	68,500	85,000	78,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-3.15%	13.77%	8.91%	6.94%	-34.05%	49.89%	24.09%	-7.65%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	54,888	-1,410	28,014	13,810	36,651	-49,904	20,822	55,315	52,294	-12,412	33,573	3,349	75,357	38,015	30,829	50,061	42,372	2,078	30,993	37,730	76,103	52,337	34,000	109,500	62,500	62,000
Change	-	-102.57%	2,086.81%	-50.7%	165.39%	-236.16%	141.72%	165.66%	-5.46%	-123.74%	370.49%	-90.02%	2,150.13%	-49.55%	-18.9%	62.38%	-15.36%	-95.1%	1,391.48%	21.74%	101.7%	-31.23%	-35.04%	222.06%	-42.92%	-0.8%
Charge d'intérêts	-1,986	-	-1,315	-1,240	-1,800	-	-1,303	-	-1,295	-	-1,363	-	-1,685	-	-2,341	-	-2,938	-	-3,084	-	-3,732	-	-	-	-	-
Earnings before Tax (EBT)	59,200	9,349	33,561	22,948	43,839	-731	28,510	66,737	109,067	-12,927	20,063	37,011	85,368	-	44,172	-	47,464	-	38,265	-	83,560	56,500	-	-	-	-
Change	-	-84.21%	258.98%	-31.62%	91.04%	-101.67%	4,000.14%	134.08%	63.43%	-111.85%	255.2%	84.47%	130.66%	-	-	-	-	-	-	-	-	-32.38%	-	-	-	-
Net income ¹	38,446	184	16,967	6,781	27,879	8,163	17,393	37,957	73,709	-18,052	5,591	26,399	51,923	28,784	25,900	31,320	22,048	-21,054	24,338	28,497	49,998	49,284	26,500	85,000	47,900	47,600
Change	-	-99.52%	9,121.2%	-60.03%	311.13%	-70.72%	113.07%	118.23%	94.19%	-124.49%	130.97%	372.17%	96.69%	-44.56%	-10.02%	20.93%	-29.6%	-195.49%	215.6%	17.09%	75.45%	-1.43%	-46.23%	220.75%	-43.65%	-0.63%
Announcement Date	06/11/20	15/02/21	12/05/21	10/08/21	09/11/21	14/02/22	12/05/22	08/08/22	09/11/22	14/02/23	11/05/23	08/08/23	08/11/23	14/02/24	09/05/24	06/08/24	07/11/24	14/02/25	13/05/25	07/08/25	11/11/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1
Net sales ¹	864,024	957,546	917,048	970,232	1,164,161	1,095,823	1,242,562	1,136,309
Change	-	10.82%	-4.23%	5.8%	19.99%	-5.87%	13.39%	-8.55%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	41,824	-	76,137	36,922	-	80,890	-	68,723
Change	-	-	-	-51.51%	-	-	-	-
Charge d'intérêts ¹	-2,555	-	-2,620	-2,842	-	-4,369	-	-8,998
Earnings before Tax (EBT) ¹	56,509	-	95,247	57,074	-	108,541	-	83,761
Change	-	-	-	-40.08%	-	-	-	-
Net income ¹	23,748	-	55,350	31,990	-	57,220	-	52,835
Change	-	-	-	-42.2%	-	-	-	-
Announcement Date	10/08/21	14/02/22	08/08/22	08/08/23	14/02/24	06/08/24	14/02/25	07/08/25

¹JPY in Million

Estimates

Forecast Balance Sheet: Kirin Holdings Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	473,028	401,984	435,061	524,999	738,953	757,531	710,146	679,900
Change	-	-15.02%	8.23%	20.67%	40.75%	2.51%	-6.26%	-4.26%
Announcement Date	15/02/21	14/02/22	14/02/23	14/02/24	14/02/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Kirin Holdings Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	118,835	86,335	116,799	119,745	193,607	169,066	133,828	124,201
Change	-	-27.35%	35.29%	2.52%	61.68%	-12.68%	-20.84%	-7.19%
Free Cash Flow (FCF) ¹	46,004	132,968	37,083	83,461	49,237	102,840	149,103	141,059
Change	-	189.04%	-72.11%	125.07%	-41.01%	108.87%	44.99%	-5.39%
Announcement Date	15/02/21	14/02/22	14/02/23	14/02/24	14/02/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Kirin Holdings Company, Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	13.19%	13.5%	13.96%	13.73%	13.21%	13.23%	13.65%	14.02%
EBIT Margin (%)	5.56%	3.74%	5.83%	7.04%	5.36%	8.45%	9.17%	9.34%
EBT Margin (%)	6.73%	5.47%	9.62%	9.23%	5.98%	9.7%	10.66%	10.91%
Net margin (%)	3.89%	3.28%	5.58%	5.28%	2.49%	6.16%	6.49%	6.8%
FCF margin (%)	2.49%	7.3%	1.86%	3.91%	2.11%	4.25%	6.04%	5.6%
FCF / Net Income (%)	63.95%	222.39%	33.41%	74.06%	84.58%	69.01%	93.05%	82.35%
Profitability
ROA	5.11%	4.04%	7.63%	7.28%	4.49%	4.49%	4.72%	4.94%
ROE	8.2%	6.9%	11.8%	10.7%	5%	12.12%	12.25%	12.25%
Financial Health
Leverage (Debt/EBITDA)	1.94x	1.63x	1.57x	1.79x	2.39x	2.37x	2.11x	1.93x
Debt / Free cash flow	10.28x	3.02x	11.73x	6.29x	15.01x	7.37x	4.76x	4.82x
Capital Intensity
CAPEX / Current Assets (%)	6.43%	4.74%	5.87%	5.61%	8.28%	6.99%	5.42%	4.93%
CAPEX / EBITDA (%)	48.7%	35.11%	42.06%	40.87%	62.66%	52.84%	39.75%	35.17%
CAPEX / FCF (%)	258.31%	64.93%	314.97%	143.47%	393.21%	164.4%	89.76%	88.05%
Items per share
Cash flow per share ¹	183.2	169	239.7	246.9	190	363.7	324.9	348
Change	-	-7.74%	41.77%	3%	-23.02%	91.37%	-10.66%	7.12%
Dividend per Share ¹	65	65	69	71	71	75.29	80.5	85.34
Change	-	0%	6.15%	2.9%	0%	6.04%	6.93%	6.01%
Book Value Per Share ¹	1,006	1,073	1,210	1,398	1,459	1,555	1,641	1,768
Change	-	6.63%	12.82%	15.56%	4.31%	6.58%	5.54%	7.75%
EPS ¹	85.57	71.73	135.1	139.2	71.87	184	204	212.4
Change	-	-16.17%	88.32%	3.02%	-48.35%	156.02%	10.88%	4.12%
Nbr of stocks (in thousands)	834,005	833,589	809,831	809,877	810,005	810,150	810,150	810,150
Announcement Date	15/02/21	14/02/22	14/02/23	14/02/24	14/02/25	-	-	-