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INPEX (1605) investor relations material
INPEX Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
First half 2025 profit reached ¥223.5 billion, up 5.1% year-over-year, despite revenue and operating profit declines due to lower oil prices and yen appreciation.
Revenue for the six months ended June 30, 2025, declined 11.9% year-over-year to ¥1,048.8 billion, mainly due to lower crude oil prices despite higher sales volume.
Operating profit fell 11.9% to ¥616.8 billion, while profit attributable to owners of parent rose 5.1% to ¥223.5 billion, aided by lower income tax expense.
Upward revision of full-year profit forecast to ¥370 billion, a ¥70 billion increase from May, driven by higher oil price and weaker yen assumptions.
Comprehensive income turned negative at ¥(180.6) billion, impacted by significant foreign exchange translation losses.
Financial highlights
Revenue for 2Q FY2025 was ¥1,048.8 billion, down 11.9% year-over-year; operating profit fell 11.9% to ¥616.8 billion.
Profit attributable to owners of parent rose to ¥223.5 billion, a 5.1% increase year-over-year.
Basic EPS increased to ¥186.65 from ¥169.26 year-over-year; BPS declined 4.9% to ¥3,830.23.
Total assets as of June 30, 2025, were ¥7,029.3 billion, down from ¥7,380.9 billion at year-end 2024.
Cash and cash equivalents rose to ¥262.4 billion, with net cash from operating activities at ¥427.9 billion for the period.
Outlook and guidance
Full-year profit forecast revised up to ¥370 billion, reflecting higher oil price and weaker yen assumptions.
Full-year 2025 revenue forecast revised upward to ¥1,995.0 billion, operating profit to ¥1,085.0 billion.
ROE expected at 8.2%, on par with cost of equity; ROIC to reach 7.1%, exceeding WACC.
Dividend forecast for 2025 raised to ¥100 per share, up from ¥86 in 2024.
Progressive annual dividend starting at ¥90/share, with a total return ratio target of 50% or more.
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