Kirin Holdings Co., Ltd. (TSE: 2503) reported Q1 results for the three months ended March 31, 2026 (Q1 FY12/2026) under IFRS. Revenue rose 5.0% year-on-year to ¥573,033 million, and business profit (Kirin's preferred indicator — equivalent to J-GAAP operating profit, calculated as gross profit less SG&A) jumped 37.7% to ¥49,992 million. Pre-tax profit climbed 31.6% to ¥50,344 million, quarter profit rose 19.9% to ¥32,838 million, and net profit attributable to owners of the parent rose 11.3% to ¥27,078 million. Operating profit (IFRS) came in at ¥39,659 million (+28.0%). Basic EPS was ¥33.46 versus ¥30.05 prior year.
Comprehensive income swings ¥95bn — FX and securities revaluation drive the turn
Comprehensive income totaled +¥76,412 million versus a -¥18,968 million loss in the same quarter a year ago — a ¥95 billion swing. The driver is principally the reversal of prior-year FX-translation and securities-revaluation losses (the prior-year Q1 had heavy negative other-comprehensive-income items as the yen strengthened); FY26 Q1 saw the yen weaken, producing positive translation adjustments.
Balance sheet: assets compressed by ¥86bn on treasury-share cancellation
Total assets reached ¥3,408,011 million at quarter-end, down ¥86 billion from FY25 year-end (¥3,494,043 million). Equity attributable to owners rose to ¥1,317,568 million from ¥1,286,991 million, and the equity ratio improved to 38.7% from 36.8%. Kirin cancelled approximately 98 million treasury shares during the period, reducing total issued shares from 914,000,000 to 816,000,000 — a major contributor to the higher equity ratio.
Full-year FY26 guidance unchanged
Despite the strong Q1 print, Kirin held full-year FY12/2026 guidance: revenue of ¥2,480,000 million (+1.9%), business profit of ¥235,000 million (-6.7%), operating profit of ¥211,000 million (+0.6%), pre-tax profit of ¥258,000 million (+8.5%), quarter profit of ¥190,000 million (+6.6%), and net profit attributable to owners of ¥156,000 million (+5.7%) with EPS of ¥193.00. The guided full-year business-profit decline of 6.7% reflects structural-reform charges and continued investment in growth categories, even though Q1 was lapping a softer prior-year base.
Dividend: ¥76 annual FY26 (¥2 step-up from FY25)
The FY12/2026 annual dividend guidance is ¥76 per share (¥38 interim + ¥38 year-end), up from ¥74 in FY25 (¥37 + ¥37) — continuing Kirin's modest progressive-dividend stance.
| Metric | Q1 FY12/26 | Q1 FY12/25 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 573.0 | 545.9 | +5.0% |
| Business profit (¥ billion) | 50.0 | 36.3 | +37.7% |
| Operating profit (¥ billion) | 39.7 | 31.0 | +28.0% |
| Pre-tax profit (¥ billion) | 50.3 | 38.3 | +31.6% |
| Net profit attrib. to owners (¥ billion) | 27.1 | 24.3 | +11.3% |
| Basic EPS (¥) | 33.46 | 30.05 | +11.3% |
| Comprehensive income (¥ billion) | 76.4 | -19.0 | Swung positive |
| Equity ratio | 38.7% | 36.8% | +1.9pp |
| Treasury shares cancelled (million) | ~98 | — | — |
| FY26 annual dividend guidance (¥) | 76 | 74 | +2.7% |
| FY26 business profit guidance (¥ billion) | 235.0 | — | -6.7% |
| FY26 net profit attrib. guidance (¥ billion) | 156.0 | — | +5.7% |
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