Toho Gas Co (9533) Q4 2025 earnings summary

Executive summary

• FY2024 net sales rose 3.6% year-over-year to ¥656.0 billion, but operating income fell 8.1% to ¥30.8 billion and net income attributable to owners declined 6.8% to ¥25.4 billion.

• Comprehensive income dropped 57.4% year-over-year to ¥25.8 billion.

• Customer accounts grew 2.9% to 3.09 million, with notable increases in LPG and electricity customers.

• Extraordinary income included a ¥7.5 billion gain on sales of cross-shareholdings and a ¥1.5 billion impairment loss.

• Cash and cash equivalents at year-end increased to ¥45.0 billion from ¥25.4 billion.

Financial highlights

• Operating cash flow improved to ¥83.1 billion, up ¥35.7 billion year-over-year.

• Equity ratio decreased to 59.1% from 62.2%, and ROE dropped to 5.6% from 6.4%.

• CAPEX increased to ¥61.0 billion, up ¥11.1 billion year-over-year.

• Gross profit was ¥172.8 billion, up slightly year-over-year.

• EPS was ¥251.78, down from ¥259.71 year-over-year.

Outlook and guidance

• FY2025 net sales are forecast to decline 7.0% to ¥610.0 billion, with operating income expected to fall 22.3% to ¥24.0 billion.

• Net income is projected at ¥25.0 billion, nearly flat year-over-year.

• Dividend for FY2025 is planned at ¥90/share, up ¥10/share from FY2024.

• CAPEX for FY2025 is forecast at ¥76.4 billion, a 25.2% increase.