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Overview

Chemicals

Kao Corporation

Kao Corporation is a leading Japanese consumer goods and specialty chemicals company operating across two core segments: Consumer Products and Chemical Business. Its Consumer Products segment encompasses hygiene & living care, health & beauty care, life care, and cosmetics, offering well-known brands such as Kanebo and Molton Brown across domestic and international markets. The Chemical Business supplies specialty chemicals including fatty chemicals and functional materials to industrial customers globally, leveraging proprietary R&D and manufacturing capabilities as key competitive strengths.

Activists: Oasis Management Company Ltd. 12.63%

Market Cap

¥3,418B

US$21.8B

¥3,351B

US$21.4B

Stock¥3,778▲+0.85%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

12.0

LTM EV/EBIT

17.4

LTM PER

25.1

LTM PBR

3.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-5.2%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Feb 6, 26Oasis Management Company Ltd. changed stake (5.23%→6.64%)

2Mar 23, 26Oasis Management Company Ltd. changed stake (6.64%→9.9%)

3Mar 26, 26Oasis Management Company Ltd. changed stake (9.9%→12.49%)

4May 13, 26Oasis Management Company Ltd. changed stake (12.49%→12.63%)

5May 20, 26Oasis Management Company Ltd. changed stake (12.63%→12.63%)

MC → EV Bridge

AI Briefing

Generating insights…

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

83%

EquityD/E 0.21xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 38.0%

as of 2026-06-30 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

17.99%

Custody Bank of Japan, Ltd. (Trust Account)

6.63%

BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.37%

CGML-LONDON EQUITY (Standing Proxy: Citibank, N.A., Tokyo Branch)

2.02%

Goldman Sachs International (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

1.99%

BNYM AS AGT/CLTS NON TREATY JASDEC (Standing Proxy: MUFG Bank, Ltd.)

1.49%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.46%

Japan Securities Finance Co.,Ltd.

1.42%

Oasis Opportunities Fund One SPC - ECHO SP (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

1.31%

Oasis Japan Strategic Fund Limited (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

1.28%

Management

14 officers

Yoshihiro HASEBE

Representative Director, President and Executive Officer

Apr 1990 Joined Kao Corporation Jul 2003 Head of Laboratory No. 4, Chemicals Research Laboratory, R&D Division Mar 2008 Head of Laboratory No. 1, Household Research Laboratory, Fabric & Home Care Research Center, R&D Division Mar 2011 Director, Hair Beauty Research Laboratory, Beauty Care Research Center, R&D Division Jan 2014 General Manager, Core Research Sector, R&D Division Mar 2014 Executive Officer, Deputy General Manager, R&D Division Mar 2015 General Manager, R&D Division Jan 2016 Managing Executive Officer Mar 2016 Director Jan 2018 Senior Managing Executive Officer, in charge of Corporate Functions Division Apr 2018 General Manager, Advanced Technology Strategy Office Mar 2019 Representative Director (current) Jan 2021 President and Executive Officer (current) Jan 2023 In charge of DX Strategy Division

1960-07-30

Shoichi NEGORO

Representative Director, Senior Managing Executive Officer, General Manager, Management and Finance Unit

Apr 1983 Joined Kao Corporation Mar 1999 Business Manager, Oleo & Specialties, Kao Specialties Americas LLC Jul 2003 Vice President, Oleo & Specialties, Kao Specialties Americas LLC Jul 2005 Senior Manager, Planning Department, Chemicals Business Headquarters Jul 2006 General Manager, Fatty Chemical Sales Department, Oils & Fats Division, Chemicals Business Headquarters Apr 2007 General Manager, Fatty Chemical Sales Department and Oleo Planning Department, Oils & Fats Business Group, Chemicals Business Unit Jul 2009 Head of Oils & Fats Business Group, Chemicals Business Unit Mar 2013 Executive Officer, Head of Chemicals Business Unit; Chairperson of the Board of Directors, Pilipinas Kao, Inc., Fatty Chemical (Malaysia) Sdn. Bhd., and Kao Chemicals Europe, S.L. Jan 2019 Managing Executive Officer, General Manager, Procurement Division Jan 2021 In charge of Accounting and Finance Jan 2022 In charge of Management Strategy Jan 2023 Senior Managing Executive Officer (current), in charge of Management and Finance (Accounting and Finance, Structural Reform Promotion, Procurement, Human Capital Strategy) Mar 2023 Representative Director (current) Jan 2025 General Manager, Management and Finance Unit (current)

1960-01-07

Toru NISHIGUCHI

Representative Director, Senior Managing Executive Officer, General Manager, Global Consumer Care Business

Apr 1985 Joined Kao Corporation Mar 2006 Manager, Asia, Household Products International Business Division Nov 2006 General Manager, Market Department, Kao (Shanghai) Products & Services Co., Ltd. May 2007 Deputy General Manager, Market Department, Kao (Shanghai) Products & Services Co., Ltd. Jul 2008 Deputy General Manager, Head of Market Division, Kao (Shanghai) Products & Services Co., Ltd. Feb 2014 President, Kao (Taiwan) Corporation Jan 2017 Chairperson of the Board of Directors and President, Kao (Taiwan) Corporation Jan 2018 President, PT Kao Indonesia Jan 2019 Deputy General Manager, Asia Business Division, Consumer Products Business Division Jan 2020 Executive Officer, General Manager, Asia Business Division, Consumer Products Business Division; Chairperson and President of Kao (China) Investment Co., Ltd., Shanghai Kao Co., Ltd., Kao (Shanghai) Products & Services Co., Ltd., and Kao (Hefei) Co., Ltd. Jan 2021 Managing Executive Officer, General Manager, Asia Business Group, Consumer Products Business Division; in charge of Merries Business; Chairperson, Kanebo Cosmetics (China) Co., Ltd. Jan 2023 Senior Managing Executive Officer (current), Deputy General Manager, Consumer Products Business Division Mar 2023 Director; General Manager, Consumer Products Business Division; in charge of Kao Professional Services Co., Ltd. Jan 2024 General Manager, Life Care Business Division, Consumer Products Business Division Mar 2024 Representative Director (current) Jan 2025 General Manager, Global Consumer Care Business (current); General Manager, Asia Region, Global Consumer Care Division

1961-11-18

Lisa MCCALLUM

Director, Executive Fellow (in charge of Corporate Branding)

Feb 1998 Founding Executive, Business Breakthrough, Inc. (now Aoba-BBT Co., Ltd.) Nov 2001 Senior Executive, Business USA, NIKE, Inc. Jun 2006 Managing Director, Nike Foundation May 2010 Vice President, NIKE, Inc. Aug 2015 Founder and President, Inspired Companies Pty Ltd. (current) Jul 2019 Member, ESG External Advisory Board, Kao Corporation Sep 2021 Executive Fellow, Kao Corporation Jan 2025 Executive Fellow, in charge of Corporate Branding (current) Mar 2025 Director (current)

1972-04-10

Osamu SHINOBE

Director

Apr 1976 Joined All Nippon Airways Co., Ltd. (now ANA Holdings Inc.) Jun 2007 Director and Executive Officer, All Nippon Airways Apr 2009 Managing Director and Executive Officer, All Nippon Airways Jun 2011 Senior Managing Director and Executive Officer, All Nippon Airways Apr 2012 Representative Director, Executive Vice President and Executive Officer, All Nippon Airways Apr 2013 Director, ANA Holdings Inc.; Representative Director, President and Executive Officer, All Nippon Airways Apr 2017 Director and Vice Chairman, ANA Holdings Inc. Mar 2018 Director, Kao Corporation (current) Apr 2019 Special Adviser, ANA Holdings Inc. Jul 2025 Honorary Adviser, ANA Holdings Inc. (current)

1952-11-11

Eriko SAKURAI

Director

Jun 1987 Joined Dow Corning Corporation May 2008 Director, Toray Dow Corning Co., Ltd. Mar 2009 Representative Director and CEO, Toray Dow Corning Co., Ltd. Jun 2018 Representative Director and CEO, Dow Toray Co., Ltd. Aug 2020 Representative Director and President, Dow Chemical Japan Limited Mar 2022 Director, Kao Corporation (current)

1960-11-16

Takaaki NISHII

Director

Apr 1982 Joined Ajinomoto Co., Inc. Jun 2013 Director and Managing Executive Officer, Ajinomoto Co., Inc. Aug 2013 President, Ajinomoto do Brasil Jun 2015 Director, President and Chief Executive Officer, Ajinomoto Co., Inc.; Representative Director Jun 2021 Director, Representative Executive Officer, President and CEO, Ajinomoto Co., Inc. Apr 2022 Director and Executive Officer, Ajinomoto Co., Inc. Jun 2022 Special Adviser, Ajinomoto Co., Inc. Mar 2023 Director, Kao Corporation (current)

1959-12-27

Makoto TAKASHIMA

Director

Apr 1982 Joined Sumitomo Bank, Ltd. Apr 2012 Managing Executive Officer, Head of Americas Division, Sumitomo Mitsui Banking Corporation Apr 2014 Senior Managing Executive Officer, Joint Head of International Division (Europe, Americas), Sumitomo Mitsui Banking Corporation Apr 2015 Joint Head of International Division (Europe, Africa and Middle East, Americas), Sumitomo Mitsui Banking Corporation Dec 2016 Director and Senior Managing Executive Officer, Sumitomo Mitsui Banking Corporation Apr 2017 President and CEO, Sumitomo Mitsui Banking Corporation Jun 2017 Director, Sumitomo Mitsui Financial Group, Inc. Apr 2023 Chairman of the Board, Sumitomo Mitsui Banking Corporation Mar 2024 Director, Kao Corporation (current) Jun 2025 Chairman of the Board, Sumitomo Mitsui Financial Group, Inc. (current)

1958-03-31

Sarah CASANOVA

Director

Jan 1991 Joined McDonald's Restaurants of Canada, Ltd. Oct 2004 Executive Officer, Marketing Division, McDonald's Japan Apr 2007 Senior Executive Officer, Business Development Department, McDonald's Japan Jul 2009 Managing Director, McDonald's Malaysia and Brunei Jun 2012 Regional Manager, McDonald's Malaysia, Singapore and Brunei Aug 2013 Representative Director, President and CEO, McDonald's Japan Mar 2014 Representative Director, President and CEO, McDonald's Holdings Company (Japan), Ltd. Mar 2019 Representative Director and Chairman, McDonald's Japan Mar 2021 Representative Director and Chairman, McDonald's Holdings Company (Japan), Ltd. Mar 2025 Director, Kao Corporation (current)

1965-04-06

Yasushi WADA

Full-time Audit & Supervisory Board Member

Apr 1984 Joined Kao Corporation Mar 2014 Executive Officer, Kao Corporation Mar 2015 General Manager, Demand & Supply Planning Center, SCM Division Jan 2019 Managing Executive Officer, General Manager, Quality Assurance Division Jan 2021 In charge of Legal and Compliance Jan 2022 In charge of Legal and Governance Jan 2023 Special Fellow Mar 2023 Full-time Audit & Supervisory Board Member (current)

1959-07-30

Mami MURATA

Full-time Audit & Supervisory Board Member

Apr 1991 Joined Kao Corporation Jan 2015 Regional Brand Manager, Sofina Business Group, Cosmetics Business Unit, Beauty Care Jan 2016 General Manager, Sofina Business Group; Brand Manager, Sofina Est; Manager, Sofina Holistic Beauty Jan 2017 General Manager, Sofina Business Group; Manager, Sofina Asia Business Promotion Jan 2018 General Manager, Sofina Business Division, Consumer Products Business Division Jan 2019 Deputy General Manager, Marketing Innovation Division, Consumer Products Business Division; General Manager, Brand Management Development Department Jan 2021 Executive Officer, General Manager, PR Strategy Center, Corporate Strategy Division Jan 2023 General Manager, PR Strategy Division; General Manager, PR Strategy Center Jan 2025 Special Fellow Mar 2025 Full-time Audit & Supervisory Board Member (current)

1965-06-16

Nobuhiro OKA

Audit & Supervisory Board Member

Apr 1993 Registered as attorney; joined Kajitani Sogo Law Office Apr 1997 Opened Takekawa Oka Law Office; Managing Partner Oct 2004 Opened Takekawa, Oka & Yoshino Law Office; Managing Partner Apr 2012 Professor, Keio University Graduate School of Law (current) Oct 2013 Opened Oka Sogo Law Office; Representative (current) Mar 2014 Outside Audit & Supervisory Board Member, Kao Customer Marketing Co., Ltd. Jan 2016 Audit & Supervisory Board Member, Kao Group Customer Marketing Co., Ltd. (current) Mar 2018 Audit & Supervisory Board Member, Kao Corporation (current)

1963-04-05

Saeko ARAI

Audit & Supervisory Board Member

Oct 1987 Joined Eiwa Audit Corporation (now Certified Public Accountants Azusa Audit LLC) Aug 1992 Registered as Certified Public Accountant (re-registered Jan 1997) Oct 1993 Joined Sasaki Certified Public Accountant Office Apr 1997 Joined Internet Research Institute, Inc. (IRI) Sep 1998 Director and Chief Financial Officer (CFO), IRI Feb 2000 CFO and Director, IRI USA, Inc. Nov 2002 President, Chief Executive Officer, Secretary and Director, IRI USA, Inc. Nov 2002 Established Gratia Ltd. (now Accurey Ltd.); Representative (current) Mar 2024 Audit & Supervisory Board Member, Kao Corporation (current)

1964-02-06

Junya NAITO

Audit & Supervisory Board Member

Apr 1991 Registered as attorney; joined Momo-o, Matsuo & Namba May 1995 Completed Columbia University School of Law Sep 1995 Weil, Gotshal & Manges (New York) Mar 1996 Admitted to New York State Bar Sep 1997 Rejoined Momo-o, Matsuo & Namba Jan 1999 Partner, Momo-o, Matsuo & Namba (current) Mar 2025 Audit & Supervisory Board Member, Kao Corporation (current)

1964-08-22

Large Shareholding Reports

Amova Asset Management Co., Ltd.

2026-10-06

3.22%→3.19%

Nomura Asset Management Co., Ltd.

2026-07-07

5.83%→5.80%

BlackRock Fund Advisors

2026-07-06

2.35%→2.35%

Amova Asset Management Co., Ltd.

2026-06-04

3.21%→3.22%

Nomura Asset Management Co., Ltd.

2026-05-21

5.63%→5.83%

Oasis Management Company Ltd.

2026-05-20

12.63%→12.63%

Oasis Management Company Ltd.

2026-05-13

12.49%→12.63%

BlackRock Fund Advisors

2026-05-07

2.21%→2.35%

Nomura Asset Management Co., Ltd.

2026-04-21

5.75%→5.63%

Amova Asset Management Co., Ltd.

2026-04-21

3.25%→3.21%

Amova Asset Management Co., Ltd.

2026-04-06

3.25%→3.25%

Nomura Asset Management Co., Ltd.

2026-04-06

5.36%→5.75%

Mitsubishi UFJ Trust and Banking Corporation

2026-03-30

2.37%→2.17%

Oasis Management Company Ltd.

2026-03-26

9.90%→12.49%

Oasis Management Company Ltd.

2026-03-23

6.64%→9.90%

Nomura Asset Management Co., Ltd.

2026-03-19

5.67%→5.36%

Oasis Management Company Ltd.

2026-02-06

5.23%→6.64%

Mitsubishi UFJ Trust and Banking Corporation

2026-01-09

2.37%

Nomura Asset Management Co., Ltd.

2025-12-02

5.45%→5.67%

J.P. Morgan Investment Management Inc.

2025-11-19

1.57%→1.58%

J.P. Morgan Investment Management Inc.

2025-11-05

1.57%

Nomura Asset Management Co., Ltd.

2025-10-07

5.68%→5.45%

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2025-09-19

3.15%→3.36%

Mitsubishi UFJ Trust and Banking Corporation

2025-09-16

2.52%→2.47%

BlackRock Japan Co., Ltd.

2025-08-05

2.28%→2.28%

Oasis Management Company Ltd.

2024-12-10

5.23%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-06

Large Shareholding Report

Kao Corporation

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Kao Corporation

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