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Kao (4452) investor relations material
Kao Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Fiscal 2025 focused on enhancing earning power, global sales expansion, and profitability, with strong recovery in the Cosmetics Business and high-value-added products driving growth.
Strategic initiatives and reforms are shifting growth from quantity to quality, emphasizing capital efficiency and profit quality.
Operating margin reached 9.3% (+0.8 pts YoY), ROIC 9.3% (+0.9 pts), and EPS 182.64 yen (+19.5%).
Market share in the H&PC segment grew YoY for 27 consecutive months.
Progress on the Mid-term Plan K27 continued, focusing on global sales expansion and improved earning power.
Financial highlights
Net sales for the nine months ended September 30, 2025, reached ¥1,232.0 billion, up 3.5% year-on-year; like-for-like growth was 4.1%.
Gross profit rose 4.8% to ¥481.3 billion; gross margin improved to 39.1% (+0.5 pts YoY).
Operating income was ¥114.9 billion, up 13.8 billion year-on-year; operating margin rose to 9.3%.
Net income attributable to owners was ¥84.7 billion, up 19.3% year-on-year; EPS grew 19.5% to ¥182.64.
EBITDA reached ¥178.9 billion (+6.8% YoY).
Outlook and guidance
Confident in achieving the full-year forecast for fiscal 2025, with strong revenue base and Cosmetics recovery.
Full-year 2025 net sales forecast at ¥1,690.0 billion, up 3.8% year-on-year; operating income projected at ¥165.0 billion (+12.5%).
Key Q4 initiatives include market share expansion in Japan, brand restaging in the U.S., and reforms in challenged areas.
Raw material cost impact is trending down, with a full-year deterioration of ¥8.5 billion expected, but offset by selling price increases.
U.S. tariffs expected to have a direct negative impact of less than ¥1.5 billion.
Update on hair salon business reforms
Cosmetics China business rebuilding status
GC gross margin 1% improvement drivers
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Q4 20255 Feb, 2026
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Frequently asked questions
Kao Corporation, founded in 1882, is a Japanese multinational company known for its wide range of consumer and chemical products. Primarily engaged in the production of beauty care products including cosmetics and skin care, Kao also manufactures health care products and chemicals used across various industries. The company's portfolio includes well-known global brands such as Jergens, Bioré, John Frieda, and Goldwell. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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