INPEX (1605) Q3 2026 earnings summary

Executive summary

• Nine-month profit attributable to owners rose 38.9% YoY to ¥407.6bn; FY2026 forecast increased ¥40bn to a record ¥550bn.

• Revenue declined 6.0% to ¥1,429.2bn as lower crude sales volumes outweighed stronger natural gas revenue; Ichthys contributions and higher prices supported results.

Financial highlights

• Q1–3 FY2026 revenue was ¥1,429.2bn, operating profit ¥922.9bn and profit before tax ¥953.4bn; YoY changes were -6.0%, +5.7% and +4.6%, respectively.

• Crude oil revenue fell ¥200.1bn YoY to ¥953.8bn, while natural gas revenue rose ¥87.2bn to ¥429.8bn.

• Share of equity-method profit increased 125.4% to ¥136.9bn; lower income tax expense also supported parent profit growth.

• Basic EPS rose 43.1% to ¥351.19; diluted EPS was ¥350.89.

Outlook and guidance

• FY2026 forecasts: revenue ¥1,875bn, operating profit ¥1,203bn, profit before tax ¥1,257bn and parent profit ¥550bn; EPS ¥476.35.

• Profit guidance rose ¥40bn from August despite ¥98bn lower revenue and ¥20bn lower operating profit forecasts; assumptions include Brent at $90/bbl and FX at ¥158.2/$.

• Net production guidance increased to 635 thousand BOE/day from 632 thousand BOE/day; 2026 LNG shipments are expected to exceed prior guidance by several cargoes.

• Abadi LNG targets FID around mid-2027, subject to post-FEED economics, agreements and stakeholder approvals.