Cosmo Energy Holdings (5021) Q3 2025 earnings summary

Executive summary

• Q3 FY2024 ordinary profit excluding inventory valuation reached a record ¥116.7bn, up ¥11.7bn YoY; net profit excluding inventory impact was a record ¥56.7bn.

• Strong petroleum and E&P performance supported an expectation that FY2024 ordinary profit excluding inventory valuation will slightly exceed forecast.

• Reported ordinary profit was ¥97.5bn, down ¥16.1bn YoY, reflecting inventory valuation losses.

Financial highlights

• Q3 net sales were ¥2,038.4bn, up ¥25.2bn YoY; operating profit was ¥88.1bn, down ¥13.6bn YoY.

• Profit attributable to owners of parent was ¥43.3bn; negative inventory valuation impact was ¥19.2bn.

• Total assets rose ¥74.8bn from FY2023-end to ¥2,287.4bn, mainly due to higher inventories.

• Capital expenditures rose ¥15.3bn YoY to ¥69.1bn, mainly due to turnaround; depreciation increased ¥1.2bn to ¥42.4bn.

Outlook and guidance

• FY2024 ordinary profit including inventory valuation is expected to be in line with forecast; excluding inventory valuation, it is expected to slightly exceed forecast.

• FY2024 forecast remains unchanged: net sales ¥3,200.0bn, operating profit ¥154.0bn, ordinary profit ¥165.0bn and profit attributable to owners of parent ¥79.0bn.

• FY2024 ending net worth is forecast at ¥630bn, before the impact of additional shareholder returns.