Cosmo Energy Holdings (5021) Q4 2025 earnings summary

Executive summary

• FY2024 ordinary profit reached ¥150.8 billion, with profit excluding inventory valuation at ¥181.6 billion; profit attributable to owners of parent was ¥57.7 billion, or ¥79.2 billion excluding inventory effects.

• Net sales increased 2.6% year-over-year to ¥2,799.9 billion, while operating profit declined 14.0% to ¥128.2 billion and profit attributable to owners of parent fell 29.7% to ¥57.7 billion.

• ROE exceeded 10% for the second consecutive year, meeting the medium-term management plan target.

• Comprehensive income dropped 52.1% year-over-year to ¥47.5 billion.

• Key initiatives included refinery uptime maximization, Hail Oil Field production increase, SAF production commencement, and restructuring of petrochemicals.

Financial highlights

• Net sales for FY2024 were ¥2,799.9 billion, up ¥70.3 billion year-over-year.

• Operating profit was ¥128.2 billion, down ¥21.0 billion year-over-year.

• EBITDA excluding inventory valuation was ¥216.3 billion, up ¥11.3 billion year-over-year.

• EPS (excluding inventory valuation) was ¥925, down ¥17 year-over-year.

• Ordinary profit decreased 6.7% year-over-year to ¥150.8 billion.

Outlook and guidance

• FY2025 forecasts ordinary profit at ¥121.0 billion (¥165.0 billion excluding inventory valuation) and profit attributable to owners of parent at ¥53.0 billion (¥84.0 billion excluding inventory valuation).

• FY2025 forecast: net sales ¥2,580.0 billion (-7.9%), operating profit ¥123.0 billion (-4.1%), ordinary profit ¥121.0 billion (-19.7%), profit attributable to owners of parent ¥53.0 billion (-8.1%).

• Dividend per share maintained at ¥330 for FY2025.

• Assumptions: crude oil price $65/bbl, exchange rate ¥145/USD.

• Profit attributable to owners of parent excluding inventory valuation is forecast to rise by ¥4.8 billion to ¥84.0 billion.