Worth reading
85Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
250
¥100 million (increase in ordinary income target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet income for the current fiscal year+3,280.0%
基準 60Target2,028hundreds of millions
ROE+2,018.0pt
基準 10Target2,028％
ROIC+2,022.0pt
基準 6Target2,028％
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planOrdinary income of ¥165.0 billion, net income of at least ¥60.0 billion, ROE of at least 10%, and ROIC of at least 6% → Fiscal 2025 results: ordinary income of ¥165.7 billion, net income of ¥85.5 billion, ROE of 14.4%, and ROIC of 8.2%+1,127.3%Calculated from the two disclosed figures
Total investment plan¥550.0 billion (fiscal years 2026-2028, Eighth Medium-Term Plan)
Investment amount by sectorField Growth investment / Amount ¥290.0 billion, Field Stable supply investment / Amount ¥260.0 billion, Field AI and Digital / Amount ¥35.0 billion, Field Power supply chain / Amount ¥55 billion, Field Resource Development / Amount ¥95.0 billion, Field Oil and next-generation energy / Amount ¥75 billion, Field Strategic investment allocation, including M&A / Amount ¥30 billion
Statements about the use of capital
Payout ratio / DOE policyMaintain total payout ratio of at least 60% on a cumulative three-year basis and dividends of at least ¥165 per share (fiscal years 2026-2028)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share pricePBR exceeded 1x, increasing corporate value. PBR was 1.2x as of the end of March 2026PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Maximizing earning power
02Pursuing growth opportunities
03Productivity Improvement
04Three-pronged capital policy
05Maximizing refinery utilization
06Strengthen the supply chain
07Building a low- and decarbonized supply platform in anticipation of a decarbonized society
08Advancing fuel oil sales and expanding mobility services
09Expanding semiconductor and electronic-materials and thermal-management materials businesses
10Optimizing ethylene production unit operations
11Expanding earnings from chemical products
12Maximizing crude oil production
13Entering the lithium development business in the United States
14電源開発
15Battery storage and system operations
16Electricity Sales
17Accelerating the conversion of refineries into digital plants
18Thorough use of AI in back-office functions
Plan assumptionsCrude oil: $75/B; exchange rate: ¥155/$ (fiscal 2028). Ordinary income, net income, total payout ratio, ROE and ROIC are figures excluding the impact of inventory valuation.
Segment targetSegment Oil and next-generation energy / Target fiscal year FY2028 / Ordinary income ¥100 billion, Segment Resource Development / Target fiscal year FY2028 / Ordinary income ¥86.0 billion, Segment Power supply chain / Target fiscal year FY2028 / Ordinary income ¥4 billion, Segment Oil and next-generation energy / Target fiscal year FY2035 / Ordinary income ¥120 billion, Segment Resource Development / Target fiscal year FY2035 / Ordinary income ¥100 billion, Segment Power supply chain / Target fiscal year FY2035 / Ordinary income ¥30 billion
Non-financial targetsIndicator Back-office functions / Target value 50% efficiency improvement / Timing Eighth Medium-Term Plan period, Indicator Business units implementing AI / Target value 100％ / Timing Eighth Medium-Term Plan period, Indicator Core talent in AI and digital technologies / Target value 1,300 / Timing Eighth Medium-Term Plan period, Indicator Challenge index / Target value 80 points / Timing Eighth Medium-Term Plan period, Indicator Engagement index / Target value 70 points / Timing Eighth Medium-Term Plan period, Indicator Unplanned refinery outage rate / Target value 1.0% (4.0% in fiscal 2025) / Timing FY2028, Indicator “Cosmo Official” app downloads / Target value 20 million downloads (12.16 million in fiscal 2025) / Timing FY2028, Indicator Crude oil production / Target value 51kB/D (43kB/D in fiscal 2025) / Timing FY2028, Indicator Photoresist resin sales volume / Target value 1.3x fiscal 2025 level / Timing FY2028, Indicator Non-silicone grease sales volume / Target value 4x fiscal 2025 level / Timing FY2028, Indicator Power generation capacity / Target value 2,000MW / Timing FY2035, Indicator Battery storage capacity / Target value 100MW / Timing FY2035, Indicator Electricity sales volume / Target value 10 billion kWh / Timing FY2035
Risks identified by the company
Higher costs due to inflation and rising interest rates
A longer transition period to a decarbonized society
A slower decline in oil demand
Delays in renewable energy development and the restart of nuclear power plants
Potential electricity supply-demand gaps
Rising electricity demand accompanying the expansion of data center and semiconductor demand
Energy security issues resulting from the increasingly tense situation in the Middle East
Reason for revision or withdrawal
The business environment surrounding the Company has changed significantly over the past three years. While maintaining the direction of “Vision 2030,” the long-term vision was updated to “Vision 2035.”
| Item | Details |
|---|---|
| Plan name | Eighth Consolidated Medium-Term Management Plan (Fiscal Years 2026-2028) |
| Plan period | Fiscal years 2026-2028 |
| Progress against the plan | Formulated |
| Net income target | At least ¥60.0 billion (Seventh Medium-Term Plan) → ¥86.0 billion (fiscal 2028) |
| ROE target | At least 10% (Seventh Medium-Term Plan) → At least 12% (fiscal 2028) |
| ROIC target | At least 6% (Seventh Medium-Term Plan) → At least 7% (fiscal 2028) |
| Payout ratio / DOE policy | Maintain total payout ratio of at least 60% on a cumulative three-year basis and dividends of at least ¥165 per share (fiscal years 2026-2028) |
| Self-assessment of PBR and share price | PBR exceeded 1x, increasing corporate value. PBR was 1.2x as of the end of March 2026 |
| Total investment plan | ¥550.0 billion (fiscal years 2026-2028, Eighth Medium-Term Plan) |
| Investment amount by sector | Field Growth investment / Amount ¥290.0 billion, Field Stable supply investment / Amount ¥260.0 billion, Field AI and Digital / Amount ¥35.0 billion, Field Power supply chain / Amount ¥55 billion, Field Resource Development / Amount ¥95.0 billion, Field Oil and next-generation energy / Amount ¥75 billion, Field Strategic investment allocation, including M&A / Amount ¥30 billion |
| Segment target | Segment Oil and next-generation energy / Target fiscal year FY2028 / Ordinary income ¥100 billion, Segment Resource Development / Target fiscal year FY2028 / Ordinary income ¥86.0 billion, Segment Power supply chain / Target fiscal year FY2028 / Ordinary income ¥4 billion, Segment Oil and next-generation energy / Target fiscal year FY2035 / Ordinary income ¥120 billion, Segment Resource Development / Target fiscal year FY2035 / Ordinary income ¥100 billion, Segment Power supply chain / Target fiscal year FY2035 / Ordinary income ¥30 billion |
| Non-financial targets | Indicator Back-office functions / Target value 50% efficiency improvement / Timing Eighth Medium-Term Plan period, Indicator Business units implementing AI / Target value 100％ / Timing Eighth Medium-Term Plan period, Indicator Core talent in AI and digital technologies / Target value 1,300 / Timing Eighth Medium-Term Plan period, Indicator Challenge index / Target value 80 points / Timing Eighth Medium-Term Plan period, Indicator Engagement index / Target value 70 points / Timing Eighth Medium-Term Plan period, Indicator Unplanned refinery outage rate / Target value 1.0% (4.0% in fiscal 2025) / Timing FY2028, Indicator “Cosmo Official” app downloads / Target value 20 million downloads (12.16 million in fiscal 2025) / Timing FY2028, Indicator Crude oil production / Target value 51kB/D (43kB/D in fiscal 2025) / Timing FY2028, Indicator Photoresist resin sales volume / Target value 1.3x fiscal 2025 level / Timing FY2028, Indicator Non-silicone grease sales volume / Target value 4x fiscal 2025 level / Timing FY2028, Indicator Power generation capacity / Target value 2,000MW / Timing FY2035, Indicator Battery storage capacity / Target value 100MW / Timing FY2035, Indicator Electricity sales volume / Target value 10 billion kWh / Timing FY2035 |
| Plan assumptions | Crude oil: $75/B; exchange rate: ¥155/$ (fiscal 2028). Ordinary income, net income, total payout ratio, ROE and ROIC are figures excluding the impact of inventory valuation. |
| Key initiatives | Maximizing earning power, Pursuing growth opportunities, Productivity Improvement, Three-pronged capital policy, Maximizing refinery utilization, Strengthen the supply chain, Building a low- and decarbonized supply platform in anticipation of a decarbonized society, Advancing fuel oil sales and expanding mobility services, Expanding semiconductor and electronic-materials and thermal-management materials businesses, Optimizing ethylene production unit operations, Expanding earnings from chemical products, Maximizing crude oil production, Entering the lithium development business in the United States, 電源開発, Battery storage and system operations, Electricity Sales, Accelerating the conversion of refineries into digital plants, Thorough use of AI in back-office functions |
| Results under the previous plan | Ordinary income of ¥165.0 billion, net income of at least ¥60.0 billion, ROE of at least 10%, and ROIC of at least 6% → Fiscal 2025 results: ordinary income of ¥165.7 billion, net income of ¥85.5 billion, ROE of 14.4%, and ROIC of 8.2% |
| Reason for revision or withdrawal | The business environment surrounding the Company has changed significantly over the past three years. While maintaining the direction of “Vision 2030,” the long-term vision was updated to “Vision 2035.” |
| Risks identified | Higher costs due to inflation and rising interest rates, A longer transition period to a decarbonized society, A slower decline in oil demand, Delays in renewable energy development and the restart of nuclear power plants, Potential electricity supply-demand gaps, Rising electricity demand accompanying the expansion of data center and semiconductor demand, Energy security issues resulting from the increasingly tense situation in the Middle East |
| Date of board resolution | 18 June 2026 |
| Publication date | 18 June 2026 |
Items this document does not state (6)
Sales TargetOperating profit targetOperating profit margin targetTreasury share acquisition policyCost of capitalSize of the Target Market
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 business environment has changed significantly since the previous medium-term plan was formulated, including higher costs due to inflation and rising interest rates, accelerating AI adoption and digitalization, a longer transition period to a decarbonized society, and rising electricity demand accompanying the expansion of data center and semiconductor demand. In addition, the increasingly tense situation in the Middle East has made energy security a more important issue than ever.
How to read this page
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