ENEOS (5020) Q3 2025 earnings summary

Executive summary

• Operating profit for the nine months ended Q3 FY2024 was ¥302.5 billion, down 21.7% year-on-year due to inventory valuation losses from lower oil prices.

• Profit attributable to owners declined 17.4% year-over-year to ¥170.7 billion, mainly due to negative inventory valuation, but profit excluding inventory valuation rose 34% to ¥230.1 billion on improved margins and higher sales in key segments.

• Revenue for 3Q FY2024 was ¥9,605.9 billion, down 6.2% year-over-year.

• JX Advanced Metals Corporation (JXAM) approved for Tokyo Stock Exchange listing; will transition from a consolidated subsidiary to an equity-method affiliate.

• Dividend forecast for FY2024 is ¥26.00 per share, up from ¥22.00 in FY2023.

Financial highlights

• Operating profit excluding inventory valuation in petroleum products was ¥158.2 billion, flat year-on-year.

• Free cash flow was a ¥36.9 billion outflow for 1Q–3Q FY2024; net D/E ratio rose to 0.56.

• Net cash from operating activities was ¥185.4 billion for nine months, with investing activities at a ¥222.3 billion outflow and capital expenditures totaling ¥290 billion.

• Cash and cash equivalents at period end were ¥519.3 billion, down from ¥775.9 billion at March 2024.

• Total equity attributable to owners was ¥3,178.4 billion, with an equity ratio of 31.6%.

Outlook and guidance

• FY2024 full-year forecast unchanged: operating profit (excl. inventory valuation) ¥420.0 billion, profit attributable to owners ¥220.0 billion, reflecting caution over resource prices and FX volatility.

• Revenue forecast for FY2024 is ¥14,000.0 billion, up 1.0% year-over-year.

• No revision to previous earnings or dividend forecasts.

• A new medium-term management plan will be announced in May, reflecting the JXAM listing.