Osaka Gas (9532) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales rose 6.9% YoY to ¥1,025.319bn; ordinary profit was ¥82.704bn and parent-attributable profit was ¥66.619bn, pressured by crude-linked time-lag losses.

• Excluding time-lag effects, ordinary profit rose ¥22.2bn to ¥108.5bn and parent-attributable profit rose ¥3.9bn to ¥85.0bn.

Financial highlights

• H1 operating profit was ¥60.279bn, down 32.8% YoY; EBITDA was ¥153.2bn, or ¥179.1bn excluding time-lag effects.

• EPS was ¥175.16 versus ¥240.69 YoY; comprehensive income increased to ¥99.617bn from ¥25.591bn.

• Electricity sales rose 10.3% YoY to 8,977 GWh; domestic gas sales declined 2.9% to 2,947 million m³.

• Total assets were ¥3,520.654bn at September 30, 2026, versus ¥3,321.405bn at March 31, 2026; net assets were ¥1,887.841bn.

Outlook and guidance

• FY2027 net sales forecast rose ¥84.0bn to ¥2,254.0bn, mainly on higher city-gas unit prices; reported operating profit is forecast at ¥150.0bn and ordinary profit at ¥190.0bn, unchanged.

• Ordinary profit excluding time-lag effects is forecast at ¥226.0bn, up ¥29.0bn vs. July; adjusted parent profit is ¥170.5bn and EBITDA ¥373.0bn.

• FY2027 forecast EPS is ¥383.02; reported ROIC is 5.3% and ROE 8.0%, versus 6.2% and 9.4% excluding time-lag effects.

• October 2026–March 2027 assumptions are JCC crude oil at $100/bbl and ¥155/$; forecast time-lag losses total ¥36.0bn.