Investor Day Key Takeaways

Research evidence excerpt

Investor Day Key Takeaways

Update

July 8, 2026 01:37 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKirin Holdings (2503) | Japan Haruka Miyake

Equity Analyst

Investor Day Key Takeaways Haruka.Miyake@morganstanleymufg.comJully Ussui +81 3 6836-5421

Research Associate

Jully.Akina.Ussui.Nakao@morganstanleymufg.com +81 3 6836-5408

Key Takeaways Tomonobu Tsunoyama

We view the stock price implication as neutral. Broad targets were maintained, Tomonobu.Tsunoyama@morganstanleymufg.com +81 3 6836-8936

Seki Li

but the strategy discussion provided greater insight into each health science

business and how the company intends to achieve those targets. Seki.Li@morganstanleymufg.com +81 3 6836-8934

Kirin noted that its medium- to long-term profit plan already incorporates more

than ¥10bn in cost reduction benefits, including the effects of system integration,

back-office integration, and supply chain integration.

Leveraging the recent ingredient and product approvals for Plasma Lactobacillus

from Australia's TGA, the company plans to launch supplements in Australia in Kirin Holdings (2503.T, 2503 JT)

2027 and to use this as a springboard for regulatory approvals and expansion into Beverages | Japan

other regions over the medium term. Stock Rating Equal-weight

Industry View Attractive

Kirin targets ¥100bn in sales from inorganic growth by F12/35. Its objectives Price target ¥2,550

Shr price, close (Jul 8, 2026) ¥2,905

include acquiring new routes to market, brands, customer bases, and regional Mkt cap, curr, basic (bn) ¥2,353.5

presence. Avg daily trading value (bn) ¥7.7

Our view on the plan: While KHSI's sales targets appear to have some upside

potential, the likelihood of achieving the BPM targets for FANCL and Plasma

Lactobacillus remains somewhat uncertain.