Toho Gas Co (9533) Q1 2026 earnings summary

Executive summary

• Net sales rose 10.5% year-over-year to ¥161.4 billion, with operating income up 30.3% and net income attributable to owners up 21.6%.

• Customer base expanded across city gas, LPG, and electricity segments, supporting higher sales volumes.

• Initiated LNG shipments from Canada, diversifying procurement and enhancing supply stability.

• Comprehensive income declined 39.3% year-over-year to ¥11,483 million, mainly due to negative other comprehensive income items.

Financial highlights

• Net sales reached ¥161.4 billion, up ¥15.3 billion year-over-year; operating income rose to ¥19.8 billion.

• Net income attributable to owners was ¥16.6 billion, a 21.6% increase year-over-year.

• Gross profit increased to ¥52,482 million from ¥46,333 million year-over-year.

• Equity ratio improved to 60.6%, with interest-bearing debt stable at ¥160.2 billion.

• CAPEX for Q1 was ¥15.6 billion, up ¥0.8 billion from the previous year.

Outlook and guidance

• FY2025 forecast: net sales expected at ¥610.0 billion, operating income at ¥24.0 billion, and net income at ¥25.0 billion.

• Dividend forecast raised to ¥90/share for FY2025, up from ¥80 in FY2024.

• Customer accounts and energy sales volumes expected to see modest growth, with a focus on strategic business expansion.

• Sensitivity analysis: operating income impacted by crude oil price and exchange rate fluctuations.

• Full-year forecasts anticipate lower sales and operating income year-over-year.