Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
1434
¥100 million (year-on-year increase in FY2026 operating profit)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial results presentationFY2025 results / FY2026 earnings outlook13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales117,655 Hundreds of millions of yen-10.0%
Operating profit4,666 Hundreds of millions of yen+26.0%
Net income2,587 Hundreds of millions of yen+14.0%
Full-year earnings forecast
Net Sales
128,500 Hundreds of millions of yen
Operating profit
6,100 Hundreds of millions of yen
Income before taxes
5,900 Hundreds of millions of yen
Profit attributable to owners of the parent
4,150 Hundreds of millions of yen
Operating profit excluding inventory effects
5,900 Hundreds of millions of yen
Profit attributable to owners of the parent excluding inventory effects
4,000 Hundreds of millions of yen
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
FY2025 operating profit excluding inventory effects
One-off gains and losses+¥201.6 billion
Time lag+¥76.2 billion
Volume impact-¥18.5 billion
Margins, expenses and other+¥34 billion
FY2026 operating profit excluding inventory effects
Petroleum products and other: time lags-¥54.4 billion
Petroleum products and other: volume effects-¥7.6 billion
Petroleum products and other: nonrecurring gains and losses-¥20.3 billion
Petroleum products and other: margins, expenses and other+¥58.4 billion
Oil and natural gas exploration and production: resource price effects+¥35.8 billion
Oil and natural gas exploration and production: volume effects-¥7.6 billion
Oil and natural gas exploration and production: foreign exchange, expenses and other+¥9.7 billion
Gain on sale of JX Metals shares+¥110 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
April-May 2026155 Yen/dollar
Dubai crude oil
April-May 2026110 US$ per barrel
June 2026 to March 202780 US$ per barrel
Oil prices after the situation subsidesAssumes that oil prices will not fall to around the US$70 level seen before the situation arose
New initiatives
- Acquisition of Chevron’s oil refining and marketing business in Southeast Asia and Australia (expected to close in 2027; purchase price: US$2,170 million)
- Tendering JX Metals shares into its share buyback tender offer
- ¥50.0 billion share buyback
- Reduce the number of group companies to approximately 170 by the end of March 2028
- Transfer and integrate ENEOS’s natural gas business into ENEOS Xplora
- Re-entry into the Malaysia LNG Tiga project
- Explore and develop AI applications across all business operations
Key KPIsA metric the company considers important as a management benchmark.
- Dubai crude oil price72 US$ per barrelYear on year against the same period last year-US$7 per barrel
- Exchange rate151 Yen/dollarYear on year against the same period last year-¥2 per dollar
- Refinery utilization excluding scheduled maintenance80 %Year on year against the same period last yearImproved from the FY2024 average of 78%
- Overseas sales ratio (on an underlying basis)16 %
- Effective number of group companies262 companiesYear on year against the same period last year-13 companies
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Gas and crude oil sales volumes
Total
95 thousand barrels per day
Year on year against the same period last yearFlat
Gas
66 thousand barrels per day
Year on year against the same period last year-1 thousand barrels per day
Crude oil
29 thousand barrels per day
Year on year against the same period last year+1 thousand barrels per day
Segment results
Petroleum products and other
Operating profit
2,924 Hundreds of millions of yen
Year on year against the same period last year+¥343.1 billion
Oil and natural gas development
Operating profit
508 Hundreds of millions of yen
Year on year against the same period last year-¥36.6 billion, -42%
Functional Materials
Operating profit
111 Hundreds of millions of yen
Year on year against the same period last year-¥6.6 billion, -37%
Electricity
Operating profit
220 Hundreds of millions of yen
Year on year against the same period last year+¥1.0 billion, +5%
Renewable Energy
Operating profit
-9 Hundreds of millions of yen
Year on year against the same period last year+¥16.0 billion
Other
Operating profit
912 Hundreds of millions of yen
Year on year against the same period last year-¥222.0 billion, -71%
Metals
Operating profit
442 Hundreds of millions of yen
Year on year against the same period last year-¥66.9 billion, -60%
NIPPO, consolidation adjustments and other
Operating profit
470 Hundreds of millions of yen
Year on year against the same period last year-¥155.1 billion, -77%
Medium-term management plan targets
Reduction in group companiesReduce the number of group companies by approximately 100 from the end of March 2025 to approximately 170 by the end of March 2028
Refinery utilization excluding scheduled maintenance90% in FY2027
Financial targets
Net debt-to-equity ratio
FY2026 results outlook0.39 (as of the end of March 2027)
FY2025 actual0.42
Market Size / Share
Includes graphs from the IEA and IEEJ on oil demand and primary energy consumption in Japan, Southeast Asia, Australia and other regions. Market share: Not disclosedCapital expenditures
¥6,720 100 million FY2026 capital investment and financing
Annual Dividend
Annual dividend per share¥34 per share
Payout ratio
Total payout ratio of at least 50% (based on net income excluding inventory effects)Acquisition of treasury shares
¥50.0 billion
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | FY2025 results / FY2026 earnings outlook |
| Net Sales | 117,655 Hundreds of millions of yen (YoY -10.0%) |
| Operating profit | 4,666 Hundreds of millions of yen (YoY +26.0%) |
| Net income | 2,587 Hundreds of millions of yen (YoY +14.0%) |
| Full-year earnings forecast | Net Sales 128,500 Hundreds of millions of yen / Operating profit 6,100 Hundreds of millions of yen / Income before taxes 5,900 Hundreds of millions of yen / Profit attributable to owners of the parent 4,150 Hundreds of millions of yen / Operating profit excluding inventory effects 5,900 Hundreds of millions of yen / Profit attributable to owners of the parent excluding inventory effects 4,000 Hundreds of millions of yen |
| Segment results | Petroleum products and other Operating profit 2,924 Hundreds of millions of yen / Year on year against the same period last year +¥343.1 billion / Oil and natural gas development Operating profit 508 Hundreds of millions of yen / Year on year against the same period last year -¥36.6 billion, -42% / Functional Materials Operating profit 111 Hundreds of millions of yen / Year on year against the same period last year -¥6.6 billion, -37% / Electricity Operating profit 220 Hundreds of millions of yen / Year on year against the same period last year +¥1.0 billion, +5% / Renewable Energy Operating profit -9 Hundreds of millions of yen / Year on year against the same period last year +¥16.0 billion / Other Operating profit 912 Hundreds of millions of yen / Year on year against the same period last year -¥222.0 billion, -71% / Metals Operating profit 442 Hundreds of millions of yen / Year on year against the same period last year -¥66.9 billion, -60% / NIPPO, consolidation adjustments and other Operating profit 470 Hundreds of millions of yen / Year on year against the same period last year -¥155.1 billion, -77% |
| Breakdown of Factors Affecting the Change | FY2025 operating profit excluding inventory effects One-off gains and losses +¥201.6 billion / Time lag +¥76.2 billion / Volume impact -¥18.5 billion / Margins, expenses and other +¥34 billion / FY2026 operating profit excluding inventory effects Petroleum products and other: time lags -¥54.4 billion / Petroleum products and other: volume effects -¥7.6 billion / Petroleum products and other: nonrecurring gains and losses -¥20.3 billion / Petroleum products and other: margins, expenses and other +¥58.4 billion / Oil and natural gas exploration and production: resource price effects +¥35.8 billion / Oil and natural gas exploration and production: volume effects -¥7.6 billion / Oil and natural gas exploration and production: foreign exchange, expenses and other +¥9.7 billion / Gain on sale of JX Metals shares +¥110 billion |
| Key KPIs | Indicator name Dubai crude oil price / Value 72 US$ per barrel / Year on year against the same period last year -US$7 per barrel, Indicator name Exchange rate / Value 151 Yen/dollar / Year on year against the same period last year -¥2 per dollar, Indicator name Refinery utilization excluding scheduled maintenance / Value 80 % / Year on year against the same period last year Improved from the FY2024 average of 78%, Indicator name Overseas sales ratio (on an underlying basis) / Value 16 % / Year on year against the same period last year Not disclosed, Indicator name Effective number of group companies / Value 262 companies / Year on year against the same period last year -13 companies |
| Unit price and quantity metrics | Gas and crude oil sales volumes Total 95 thousand barrels per day / Gas 66 thousand barrels per day / Crude oil 29 thousand barrels per day |
| Assumptions Underlying the Business Outlook | Exchange rate April-May 2026 155 Yen/dollar / June 2026 to March 2027 Not disclosed / Dubai crude oil April-May 2026 110 US$ per barrel / June 2026 to March 2027 80 US$ per barrel / Oil prices after the situation subsides Assumes that oil prices will not fall to around the US$70 level seen before the situation arose |
| Medium-term management plan targets | Reduction in group companies Reduce the number of group companies by approximately 100 from the end of March 2025 to approximately 170 by the end of March 2028 / Refinery utilization excluding scheduled maintenance 90% in FY2027 |
| Financial targets | Net debt-to-equity ratio FY2026 results outlook 0.39 (as of the end of March 2027) / FY2025 actual 0.42 |
| Annual Dividend | Annual dividend per share ¥34 per share / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Total payout ratio of at least 50% (based on net income excluding inventory effects) |
| Acquisition of treasury shares | Amount ¥50.0 billion / Number of Shares Not disclosed / Period Not disclosed |
| Capital expenditures | ¥6,720 100 million (FY2026 capital investment and financing) |
| Market Size / Share | Includes graphs from the IEA and IEEJ on oil demand and primary energy consumption in Japan, Southeast Asia, Australia and other regions. Market share: Not disclosed |
| New initiatives | Acquisition of Chevron’s oil refining and marketing business in Southeast Asia and Australia (expected to close in 2027; purchase price: US$2,170 million), Tendering JX Metals shares into its share buyback tender offer, ¥50.0 billion share buyback, Reduce the number of group companies to approximately 170 by the end of March 2028, Transfer and integrate ENEOS’s natural gas business into ENEOS Xplora, Re-entry into the Malaysia LNG Tiga project, Explore and develop AI applications across all business operations |
Items this document does not state (12)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The increase in FY2026 operating profit is expected to be driven mainly by higher earnings in the oil and natural gas exploration and production business, reflecting higher oil and gas prices, and gains from the sale of JX Metals shares. Meanwhile, earnings in the petroleum products business are expected to decline as the prior-year positive time-lag benefit falls away and negative time lags emerge. The electricity business is also expected to post lower earnings due to the end of certain programs and higher procurement costs.
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