Financials Kao Corporation

Equities

4452

JP3205800000

Personal Products

Delayed Japan Exchange Other stock markets 02:30:00 2025-06-25 am EDT			5-day change	1st Jan Change
6,548.00 ^JPY	-0.09%		-2.08%	+2.50%

Jun. 05	Kao Ramps Up Global Push for KATE Brand With New Campaigns and Asia-Focused Expansion	MT
May. 08	Kao Corporation Provides Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025	CI

Projected Income Statement: Kao Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,381,997	1,418,768	1,551,059	1,532,579	1,628,448	1,686,190	1,735,504	1,788,876
Change	-	2.66%	9.32%	-1.19%	6.26%	3.55%	2.92%	3.08%
EBITDA ¹	261,643	230,851	199,809	149,630	235,066	254,293	272,227	287,862
Change	-	-11.77%	-13.45%	-25.11%	57.1%	8.18%	7.05%	5.74%
EBIT ¹	175,563	143,510	110,071	60,035	146,644	165,207	182,118	196,899
Change	-	-18.26%	-23.3%	-45.46%	144.26%	12.66%	10.24%	8.12%
Interest Paid ¹	-5,839	-2,598	-2,418	-3,447	-4,090	-2,300	-3,145	-2,300
Earnings before Tax (EBT) ¹	173,971	150,002	115,848	63,842	151,024	170,040	187,455	203,234
Change	-	-13.78%	-22.77%	-44.89%	136.56%	12.59%	10.24%	8.42%
Net income ¹	126,142	109,636	86,038	43,870	107,767	122,110	134,756	146,412
Change	-	-13.09%	-21.52%	-49.01%	145.65%	13.31%	10.36%	8.65%
Announcement Date	2/3/21	2/3/22	2/2/23	2/7/24	2/6/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	337,767	329,391	338,102	376,737	320,558	354,621	345,780	397,809	346,795	387,106	393,799	423,349	347,794	390,734	387,355	406,696	365,797	422,190	402,024	438,437	389,857	433,293	418,381	450,931
Change	-	-2.48%	2.64%	11.43%	-14.91%	10.63%	-2.49%	15.05%	-12.82%	11.62%	1.73%	7.5%	-17.85%	12.35%	-0.86%	4.99%	-10.06%	15.42%	-4.78%	9.06%	-11.08%	11.14%	-3.44%	7.78%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	39,279	35,205	45,578	55,501	30,937	39,614	38,443	34,516	22,952	30,709	23,239	33,154	7,287	18,613	24,805	9,330	21,984	35,955	42,623	45,589	31,184	39,180	43,060	51,123
Change	-	-10.37%	29.46%	21.77%	-44.26%	28.05%	-2.96%	-10.22%	-33.5%	33.8%	-24.33%	42.67%	-78.02%	155.43%	33.27%	-62.39%	135.63%	63.55%	18.55%	6.96%	-31.6%	25.64%	9.9%	18.73%
Charge d'intérêts	-3,277	-	-1,341	-	-665	-	-656	-	-566	-	-608	-	-820	-	-798	-	-862	-	-1,759	-	-1,685	-	-	-
Earnings before Tax (EBT) ¹	37,277	36,453	45,418	54,823	33,901	40,232	39,376	36,493	25,654	34,818	24,628	30,753	8,439	20,200	25,943	9,260	24,764	39,644	39,608	47,008	31,574	41,343	46,869	52,129
Change	-	-2.21%	24.59%	20.71%	-38.16%	18.67%	-2.13%	-7.32%	-29.7%	35.72%	-29.27%	24.87%	-72.56%	139.36%	28.43%	-64.31%	167.43%	60.09%	-0.09%	18.68%	-32.83%	30.94%	13.37%	11.22%
Net income ¹	26,665	23,935	35,341	40,201	25,719	26,819	29,532	27,566	18,244	20,644	19,412	27,718	4,817	11,807	15,918	11,328	16,470	26,943	27,614	36,740	22,850	28,878	33,298	38,192
Change	-	-10.24%	47.65%	13.75%	-36.02%	4.28%	10.12%	-6.66%	-33.82%	13.16%	-5.97%	42.79%	-82.62%	145.11%	34.82%	-28.84%	45.39%	63.59%	2.49%	33.05%	-37.81%	26.38%	15.3%	14.7%
Announcement Date	4/27/20	7/29/20	10/28/20	2/3/21	5/7/21	8/3/21	11/2/21	2/3/22	5/11/22	8/3/22	11/1/22	2/2/23	5/10/23	8/3/23	11/8/23	2/7/24	5/9/24	8/8/24	11/7/24	2/6/25	5/8/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	714,839	675,179	743,589	733,901	817,158	738,528	794,051	787,987	840,461	820,322	874,600
Change	-	-5.55%	10.13%	-1.3%	11.34%	-9.62%	7.52%	-0.76%	6.66%	-2.4%	6.62%
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	101,079	70,551	72,959	53,661	56,410	25,900	34,135	57,939	88,212	64,600	97,700
Change	-	-30.2%	3.41%	-26.45%	5.12%	-54.09%	31.8%	69.73%	52.25%	-26.77%	51.24%
Charge d'intérêts	-	-1,297	-	-1,199	-	-1,723	-	-1,784	-	-	-
Earnings before Tax (EBT)	100,241	74,133	75,869	60,472	-	28,639	35,203	64,408	-	-	-
Change	-	-26.05%	2.34%	-20.29%	-	-	22.92%	82.96%	-	-	-
Net income	75,542	52,538	57,098	38,888	-	16,624	27,246	43,413	-	-	-
Change	-	-30.45%	8.68%	-31.89%	-	-	63.9%	59.34%	-	-	-
Announcement Date	2/3/21	8/3/21	2/3/22	8/3/22	2/2/23	8/3/23	2/7/24	8/8/24	2/6/25	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Kao Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-78,970	-208,332	-140,412	-153,183	-226,654	-185,932	-241,705	-306,541
Change	-	-163.81%	32.6%	-9.1%	-47.96%	17.97%	-30%	-26.82%
Announcement Date	2/3/21	2/3/22	2/2/23	2/7/24	2/6/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Kao Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	86,149	87,766	94,567	93,178	93,530	87,058	87,913	90,476
Change	-	1.88%	7.75%	-1.47%	0.38%	-6.92%	0.98%	2.92%
Free Cash Flow (FCF) ¹	152,777	108,292	-	109,303	108,055	111,944	128,581	142,262
Change	-	-29.12%	-	-	-1.14%	3.6%	14.86%	10.64%
Announcement Date	2/3/21	2/3/22	2/2/23	2/7/24	2/6/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Kao Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	18.93%	16.27%	12.88%	9.76%	14.43%	15.08%	15.69%	16.09%
EBIT Margin (%)	12.7%	10.12%	7.1%	3.92%	9.01%	9.8%	10.49%	11.01%
EBT Margin (%)	12.59%	10.57%	7.47%	4.17%	9.27%	10.08%	10.8%	11.36%
Net margin (%)	9.13%	7.73%	5.55%	2.86%	6.62%	7.24%	7.76%	8.18%
FCF margin (%)	11.05%	7.63%	-	7.13%	6.64%	6.64%	7.41%	7.95%
FCF / Net Income (%)	121.12%	98.77%	-	249.15%	100.27%	91.67%	95.42%	97.17%
Profitability
ROA	10.48%	8.9%	6.75%	3.65%	8.3%	6.39%	6.88%	7.15%
ROE	14.2%	11.6%	8.9%	4.5%	10.5%	11.26%	11.9%	12.22%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	6.23%	6.19%	6.1%	6.08%	5.74%	5.16%	5.07%	5.06%
CAPEX / EBITDA (%)	32.93%	38.02%	47.33%	62.27%	39.79%	34.24%	32.29%	31.43%
CAPEX / FCF (%)	56.39%	81.05%	-	85.25%	86.56%	77.77%	68.37%	63.6%
Items per share
Cash flow per share ¹	441.3	414.3	374.4	287.1	422.2	453.6	490	519
Change	-	-6.12%	-9.62%	-23.32%	47.07%	7.42%	8.01%	5.93%
Dividend per Share ¹	140	144	148	150	152	154.2	156.8	157.7
Change	-	2.86%	2.78%	1.35%	1.33%	1.45%	1.69%	0.57%
Book Value Per Share ¹	1,921	2,037	2,091	2,116	2,297	2,398	2,536	2,701
Change	-	6.05%	2.68%	1.19%	8.54%	4.42%	5.75%	6.5%
EPS ¹	262.3	230.6	183.3	94.37	231.9	263.3	291.1	316.7
Change	-	-12.09%	-20.52%	-48.51%	145.78%	13.51%	10.59%	8.77%
Nbr of stocks (in thousands)	480,939	473,880	464,831	464,863	464,486	464,484	464,484	464,484
Announcement Date	2/3/21	2/3/22	2/2/23	2/7/24	2/6/25	-	-	-