ENEOS (5020) Q3 2026 earnings summary

Executive summary

• Operating profit for the first nine months of FY2025 was JPY 270.8 billion, down JPY 31.7 billion year-on-year due to inventory valuation losses from lower oil prices, but excluding inventory effects, operating profit increased by JPY 4.1 billion, driven by improved petroleum margins and a one-time gain from the sale of the maritime transportation business.

• Profit attributable to owners of the parent declined 24.3% year-over-year to JPY 129.2 billion, with basic profit per share at JPY 48.04.

• Total comprehensive income for the period was JPY 212.8 billion, a 19.6% decrease from the prior year.

• Full-year outlook remains unchanged, with caution over Q4 risks from resource prices and exchange rates.

Financial highlights

• Revenue for Q1–Q3 FY2025 was JPY 8,722.4 billion, down 9% year-over-year; operating profit was JPY 270.8 billion, down 10%.

• Excluding inventory valuation, operating profit was JPY 391.4 billion (+1% YoY); profit attributable to owners of the parent was JPY 129.2 billion (-24% YoY).

• Free cash flow for Q1–Q3 FY2025 was JPY 220.4 billion.

• Net cash flows from operating activities improved to JPY 393.9 billion, while investing activities used JPY 173.5 billion and financing activities used JPY 304.8 billion.

• Capital investment for Q1–Q3 FY2025 was JPY 219.2 billion.

Outlook and guidance

• Full-year FY2025 revenue is forecast at JPY 11,400 billion, down 7.5% year-over-year, with operating profit projected at JPY 290 billion and profit attributable to owners of the parent at JPY 135 billion, a 40.3% decrease.

• Operating profit excluding inventory valuation factors is forecast at JPY 420 billion, up 156.6% from the previous year.

• Dividend forecast for FY2025 is JPY 34.00 per share, up from JPY 26.00 in FY2024.