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Edge1 May 2026
Making the Marlboro Man
The story of Marlboro's transformation from a women's cigarette to a global icon: one of the most effective brand repositionings in history.
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ENEOS (5020) investor relations material
ENEOS Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary14 May, 2026
Executive summary
FY2025 operating profit rose by ¥94.9bn year-over-year, mainly from improved inventory valuation and positive time-lag effects due to higher oil prices amid Middle East tensions.
FY2025 revenue decreased by 4.5% year-over-year to ¥11,765.5bn, while operating profit surged 339.8% to ¥466.6bn due to improved segment performance and one-time gains.
FY2026 outlook projects operating profit of ¥610.0bn (+31% YoY), driven by gains from JX Advanced Metals share sale and higher oil/gas prices, despite a decline in Petroleum Products.
Strategic M&A in Southeast Asia and Australia, including the acquisition of Chevron subsidiaries for $2.17bn, is expected to double overseas revenue by FY2030 and strengthen growth markets.
Group restructuring aims to reduce consolidated subsidiaries by about 100, enhancing ROIC and governance.
Financial highlights
FY2025 revenue: ¥11,765.5bn (-10% YoY); operating profit: ¥466.6bn (+26% YoY); profit attributable to owners: ¥258.7bn (+14% YoY); total comprehensive income: ¥420.2bn (+81.8% YoY).
Excluding inventory valuation, FY2025 operating profit: ¥474.4bn (+11% YoY).
FY2026 revenue forecast: ¥12,850.0bn (+9% YoY); operating profit: ¥610.0bn (+31% YoY); profit attributable to owners: ¥415.0bn (+60% YoY); basic profit per share: ¥154.28.
Net D/E ratio improved to 0.42 as of March 2026; equity ratio at 37.1%.
Equity in earnings of affiliates rose sharply to ¥81.0bn from ¥9.6bn.
Outlook and guidance
FY2026 assumes limited Middle East impact until April–May 2026; crude oil (Dubai) price forecast at $85/bbl, exchange rate at ¥155/$.
Sensitivity: every $5/bbl oil price increase adds ¥71.0bn to operating profit; every ¥5/$ weaker yen adds ¥35.0bn.
Targeting refinery utilization rate (excl. periodic repairs) of 90% by FY2027.
Operating profit excluding inventory valuation factors is forecast at ¥590.0bn (+24.4% YoY).
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Latest events from ENEOS
- Core profit rose on better petroleum margins and a one-time gain, despite inventory losses.5020
Q3 202613 Feb 2026 - CCS is set to become a core business, targeting 50 million tons stored by 2050.5020Status Update23 Jan 2026
- Full-year profit and dividend forecasts were raised despite a sharp first-half profit drop.5020Q2 202514 Jan 2026
- Net profit down 17% but core profit up 34%; JX Advanced Metals listing to impact consolidation.5020Q3 20258 Jan 2026
- Underlying profit excluding inventory effects rose 19% despite a sharp reported profit decline.5020Q1 202623 Nov 2025
- Operating profit more than doubled and dividend was raised to ¥34/share despite lower revenue.5020Q2 202612 Nov 2025
- FY2025 profit rebound expected from one-time gains despite core business headwinds.5020Q4 202524 Jun 2025
- Operating profit jumped 60.5% in 1Q FY2024, with robust segment performance and steady outlook.5020Q1 202513 Jun 2025
Next ENEOS earnings date
Q1 20277 Aug, 2026
ENEOS
Next ENEOS earnings date
Q1 20277 Aug, 2026
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