CEO Goto Briefing

Research evidence excerpt

CEO Goto Briefing

Japan | Precision Equipment

FUJIFILM Holdings EquityJuneResearch18, 2026

TARGET | ESTIMATE CHANGECEO Goto Briefing

On 18 Jun, Fujifilm HD held a briefing hosted by CEO Teiichi Goto. While RATING BUY

the company has faced unexpected changes in the external environment at PRICE ¥3,377^

the previous briefing (Trump tariffs) and this time (Middle East tensions), PRICE TARGET | % TO PT ¥4,300 (¥3,800) | +27%

the meeting conveyed a sense of resilience in maintaining earnings under 52W HIGH-LOW ¥3,787 - ¥2,855

tough circumstances. Revising our estimates and increasing Price Target FLOAT (%) | ADV MM (USD) 79.7% | 133.63

to ¥4,000. Rating remains Buy. MARKET CAP ¥4.6T | $28.5B

TICKER 4901 JP

On 28 May, Reuters reported that JIC is considering the sale of JSR, with Fujifilm and Mitsubishi ^Prior trading day's closing price unless otherwise noted.

Chemical cited as potential acquirer candidates. This topic was raised at the beginning of

today’s briefing. President Goto stated that ‘Naturally, we do not comment on individual

matters such as this,’ and limited his remarks to ‘Fujifilm management is always considering FY (Mar) CHANGE TO JEFe JEF vs CONS

additions to and divestitures from our business portfolio. These decision are based on factors 2025 2026 2025 2026

such as the future prospects of the business, price, regulations in each country, and fit with REV NA NA NA NA

our current portfolio.’ EPS +6% +7% NA NM

Briefing Summary

2025 (¥) Q1 Q2 Q3 Q4 FY3

FY3/26 lookback: Although the external environment continued to change significantly, the EPS -- -- -- -- 229.70

company achieved record high sales, OP, and NP in FY3/26. Now that there is a clear PREV 216.90

path to achieving positive cash flow in FY3/27, the company decided to conduct a ¥30.0bn

share buyback.