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Osaka Gas (9532) investor relations material
Osaka Gas Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 FY2027 net sales rose 6.9% YoY to ¥1,025.319bn; ordinary profit was ¥82.704bn and parent-attributable profit was ¥66.619bn, pressured by crude-linked time-lag losses.
Excluding time-lag effects, ordinary profit rose ¥22.2bn to ¥108.5bn and parent-attributable profit rose ¥3.9bn to ¥85.0bn.
Financial highlights
H1 operating profit was ¥60.279bn, down 32.8% YoY; EBITDA was ¥153.2bn, or ¥179.1bn excluding time-lag effects.
EPS was ¥175.16 versus ¥240.69 YoY; comprehensive income increased to ¥99.617bn from ¥25.591bn.
Electricity sales rose 10.3% YoY to 8,977 GWh; domestic gas sales declined 2.9% to 2,947 million m³.
Total assets were ¥3,520.654bn at September 30, 2026, versus ¥3,321.405bn at March 31, 2026; net assets were ¥1,887.841bn.
Outlook and guidance
FY2027 net sales forecast rose ¥84.0bn to ¥2,254.0bn, mainly on higher city-gas unit prices; reported operating profit is forecast at ¥150.0bn and ordinary profit at ¥190.0bn, unchanged.
Ordinary profit excluding time-lag effects is forecast at ¥226.0bn, up ¥29.0bn vs. July; adjusted parent profit is ¥170.5bn and EBITDA ¥373.0bn.
FY2027 forecast EPS is ¥383.02; reported ROIC is 5.3% and ROE 8.0%, versus 6.2% and 9.4% excluding time-lag effects.
October 2026–March 2027 assumptions are JCC crude oil at $100/bbl and ¥155/$; forecast time-lag losses total ¥36.0bn.
- FY24.3 earnings surged, but FY25.3 profit is forecast to fall as tailwinds fade.9532
Q4 2024 - Net sales up 1.5%, profit down 26.5%; forecasts and shareholder returns increased.9532
Q1 2027 - Profit rose 13.6% YoY despite lower sales, with higher dividends and a large share buyback planned.9532
Q4 2026 - Accelerating renewables, digital transformation, and global growth to achieve strong FY2027.3 targets.9532
Investor presentation - Profit surged on U.S. energy and time-lag gains; guidance and dividend raised.9532
Q3 2026 - Profits surged on time-lag gains; outlook and dividends raised, share buyback ongoing.9532
Q2 2026 - Profit jumped on cost timing and LNG, but full-year outlook remains cautious.9532
Q1 2026 - Profits dropped on lower LNG sales, but guidance and share buybacks remain steady.9532
Q2 2025 - Profits dropped on lower gas prices and time-lag profit, but guidance and dividend are steady.9532
Q1 2025
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