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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
Earning power improved with operating margin at 9.3%, ROIC at 9.3%, and EPS growth of 19.5%, driven by high-value-added products, effective pricing, and strong execution of strategic initiatives, especially in Japan and cosmetics.
Cosmetics Business achieved substantial profitability improvement, with operating income up JPY 10.9 billion year over year, marking the first profitability in three years.
Market share in the H&PC segment in Japan grew for 27 consecutive months, while global sales expansion and transformation to a healthier business structure continued.
Growth strategy outside Japan focuses on strengthening brands and reforming areas impacted by market changes.
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 JPY 1,232 billion, up 3.5% year over year; like-for-like growth was 4.1% excluding currency effects.
Gross margin improved by 0.5 percentage points year over year to 39.1%, with gross profit at JPY 481.3 billion.
Operating income was JPY 114.9 billion, up JPY 13.8 billion year over year; operating margin rose to 9.3%.
Net income attributable to owners was JPY 84.7 billion, up 19.3% year over year; EPS was JPY 182.64.
EBITDA reached JPY 178.9 billion, up 6.8% year over year.
Outlook and guidance
Confident in achieving the full-year forecast, with continued focus on marketing investments, new product launches, and growth outside Japan, especially in skin protection and cosmetics.
Full-year 2025 net sales forecast at JPY 1,690 billion, up 3.8% year over year; operating income projected at JPY 165 billion, up 12.5%.
Targeting a profit increase of over JPY 16 billion for FY2025, with proactive marketing and cost control.
U.S. tariffs expected to have a direct negative impact of less than JPY 1.5 billion.
No change to previously announced guidance despite Q4 uncertainty.
Update on hair salon business reforms
Cosmetics China business rebuilding status
GC gross margin 1% improvement drivers
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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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