Shareholders‘ Meeting Recap

Research evidence excerpt

Shareholders‘ Meeting Recap

Update

June 21, 2026 10:35 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKonica Minolta (4902) | Japan Mie Yamazaki

Equity Analyst

Shareholders' Meeting Recap Mie.Yamazaki@morganstanleymufg.com +81 3 6836-8899

Key Takeaways

The company held its annual shareholders’ meeting on June 17 and filed an

extraordinary report the following day. Konica Minolta (4902.T, 4902 JT)

Under Proposal No. 2, a partial amendment to the Articles of Incorporation Precision Instruments | Japan

Stock Rating Equal-weight

(registration for issuance of bond-type class shares) was approved.

Industry View In-Line

Price target ¥500

Under Proposal No. 3, regarding the election of directors, the approval rate for

Shr price, close (Jun 19, 2026) ¥557

President Taiko rose to 80.59% (62.75% in the previous year). Mkt cap, curr, basic (bn) ¥275.2

Avg daily trading value (bn) ¥1.8

Bond-type class shares: According to the company’s disclosure materials, it is

considering the introduction of bond-type class shares in order to diversify funding

methods ahead of the refinancing of a ¥100bn hybrid loan (with approximately

¥50bn equity credit from rating agencies) due in October 2027. These instruments

receive 100% equity treatment in accounting terms and 50% equity credit from

rating agencies relative to the amount raised. They do not carry voting rights or

conversion rights into common shares, and therefore do not result in dilution. The

impact on ROE and EPS attributable to common shares is limited. The company

explains that this will not affect the capital allocation under the current mid-term

management plan.

Our take: We believe the increase in President Taiko’s approval rate reflects

recognition of the earnings recovery driven by the execution of structural reforms.