Kawasaki Heavy Industries (7012.T): New share & CB issue, how could this impact its RoE?

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Kawasaki Heavy Industries (7012.T): New share & CB issue, how could this impact its RoE?

Kawasaki Heavy Industries (7012.T)

06 July 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of

Kawasaki Heavy Industries. This position reflects information available as of the prior business day.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from IHI,Kawasaki Heavy Industries,Mitsubishi Heavy Industries in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Kawasaki Heavy Industries,Mitsubishi Heavy Industries.

services provided were non-investment-banking, non-securities-related: IHI,Kawasaki Heavy Industries,Mitsubishi Heavy

Industries.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Kawasaki Heavy

Industries,Mitsubishi Heavy Industries. (For an explanation of the determination of significant financial interest, please refer to

the policy for managing conflicts of interest which can be found at www.citiVelocity.com.)

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activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and