Cosmo Energy Holdings (5021) Q4 2026 earnings summary

Executive summary

• FY2025 ordinary profit was ¥149.2B and attributable profit was ¥74.0B; excluding inventory valuation, they were ¥165.7B and ¥85.5B, respectively.

• FY2025 net sales declined 4.4% to ¥2,677.6B, while operating profit rose 12.9% to ¥144.8B and attributable profit increased 28.4%.

• FY2026 ordinary profit is forecast at ¥115.0B and attributable profit at ¥44.0B; annual dividend is planned at ¥165 per share.

Financial highlights

• FY2025 operating cash flow was ¥213.7B, investing cash flow -¥84.7B and free cash flow ¥129.0B.

• EBITDA excluding inventory valuation was ¥219.6B, up ¥3.3B year over year; EPS was ¥523.

• Comprehensive income rose 81.5% to ¥86.2B; year-end cash and cash equivalents were ¥81.8B, up ¥46.9B year over year.

• FY2025 CapEx was ¥97.5B, up ¥3.6B; depreciation was ¥58.3B.

Outlook and guidance

• FY2026 net sales are forecast at ¥2,870.0B, up 7.2%; operating profit at ¥102.0B, down 29.6%, and attributable profit at ¥44.0B, down 40.6%.

• FY2026 ordinary profit is forecast at ¥115.0B, or ¥110.0B excluding inventory valuation; attributable profit is forecast at ¥44.0B, or ¥40.0B excluding inventory valuation.

• Assumptions include Middle East stabilization by end-Q1, crude production normalization in August, crude at $89/bbl and exchange rate at ¥155/US$.

• FY2026 operating cash flow is forecast at ¥96B, investing cash flow at -¥198B and free cash flow at -¥102B; CapEx is forecast at ¥194B.

• FY2026 annual dividend is planned at ¥165 per share, including ¥75 interim and ¥90 year-end.