ENEOS (5020) investor relations material

Executive summary

• Operating profit decreased by ¥31.7bn year-over-year due to negative inventory valuation from falling oil prices, but excluding inventory effects, operating profit rose ¥4.1bn, driven by improved petroleum margins and a one-time gain from the sale of the maritime transportation business.

• Profit attributable to owners of the parent declined 24.3% year-over-year to ¥129.2bn, with basic profit per share at ¥48.04.

• Total comprehensive income for the period was ¥212.8bn, a 19.6% decrease from the prior year.

Financial highlights

• Revenue for Q1–Q3 FY2025 was ¥8,722.4bn, down 9% year-over-year; operating profit was ¥270.8bn, down 10%.

• Gross profit for the third quarter was ¥777.4bn, down from ¥803.8bn year-over-year.

• Excluding inventory valuation, operating profit was ¥391.4bn (+1% YoY); profit attributable to owners of the parent was ¥129.2bn (-24% YoY).

• Inventory valuation loss widened by ¥35.8bn year-over-year.

• Total assets increased to ¥9,031.5bn as of December 31, 2025, from ¥8,789.4bn at the end of FY2024.

Outlook and guidance

• Full-year forecast remains unchanged from November, with caution on Q4 risks including resource price volatility and exchange rate fluctuations.

• Full-year FY2025 revenue is forecast at ¥11,400bn, down 7.5% year-over-year, with operating profit projected at ¥290bn and profit attributable to owners of the parent at ¥135bn, a 40.3% decrease.

• Operating profit excluding inventory valuation factors is forecast at ¥420bn, up 156.6% from the previous year.

• Dividend forecast for FY2025 is ¥34.00 per share, up from ¥26.00 in FY2024.