FUJIFILM Holdings (4901): Model update: Expect electronics to drive earnings even more strongly in FY2026

Research evidence excerpt

FUJIFILM Holdings (4901): Model update: Expect electronics to drive earnings even more strongly in FY2026

J P M O R G A N Asia Pacific Equity Research

23 June 2026

FUJIFILM Holdings (4901) Overweight

4901.T, 4901 JP

Model update: Expect electronics to drive earnings Price (23 Jun 26):¥3,320

even more strongly in FY2026 Price Target (Dec-26):¥5,000

We revise our earnings estimates to factor in 4Q FY2025 results. We maintain our Japan Equity Research

December 2026 price target of ¥5,000 and Overweight rating. We factor in some

Biotechnology & Pharmaceuticals/

impact from high crude oil prices, but forecast a slight beat to FY2026 operating Medical Technologies & Services

profit guidance driven by the electronics segment due to the continued elevated AC Seiji Wakao, Ph.D.

demand for AI semiconductors in FY2026.In the bio CDMO business, we intend

(81-3) 6736-8612

to monitor quarterly results progress in gene cell projects (small and mid-sized seiji.wakao@jpmorgan.com

tanks) is needed if profitability is to be achieved in FY2027. Yugo R. Kamimura, Ph.D.

(81-3) 6736-8635

We forecast 1Q FY2026 operating profit to rise 0.5% YoY to ¥75.7 billion yugo.kamimura@jpmorgan.com

(Bloomberg consensus estimate: ¥77.4 billion). We expect Fujifilm Holdings to Naoko Saito

book the largest losses of FY2026 in 1Q, mainly due to the impact from high crude (81-3) 6736-8693

oil prices and upfront costs for the CDMO business in the US, resulting in a slow naoko.saito@jpmorgan.com

start in consolidated terms. JPMorgan Securities Japan Co., Ltd.

• 1Q FY2026 forecasts: We forecast 1Q FY2026 consolidated operating profit Style Exposure

to rise 0.5% YoY to ¥75.7 billion (Bloomberg consensus estimate: ¥77.4

billion). At the electronics segment, we forecast sales to grow 10.7% YoY to