Slide 1: Presentation on Results for FY2024
Presentation on Results for FY2024 May 13, 2025 Idemitsu Kosan Co.,Ltd.
Slide 2: Table of Contents
Table of Contents Highlights Results for FY2024 Forecasts for FY2025 Progress on the Medium-Term Plan Reference Financial results Volume Crude/product price and operation Business overview 2
Slide 3: Highlights
B Highlights €& idemitsu
Slide 4: Results for FY2024
Results for FY2024 Summary Operating + Equity Income (segment income) excluding inventory impact decreased by ¥95.9 billion y-o-y, mainly due to lower coal price, lower sales volume in Basic Chemical and deteriorate Basic Chemical products market margin Segment income excluding inventory impac
Slide 5: Forecasts for FY2025
Forecasts for FY2025 Overview Operating + Equity Income (segment income) excluding inventory impact decreased by ¥67.7 billion y-o-y, mainly due to negative time-lag under drop in crude oil price, and lower coal price Despite extraordinary income increase in 2025 due to accelerate of asset sal
Slide 6: Results for FY2024
@Results for FY2024 © idemitsu
Slide 7: Topics
Topics Trends in Petroleum Demand and Sales Gasoline demand decreased due to improved fuel efficiency. Diesel oil demand also decreased due to streamlined logistics Decline in Jet fuel sales, although at the same level as last year for airlines, due to decrease in tender sales, etc. Total Jet
Slide 8: Operating Environment
Operating Environment Dubai Crude Australian Coal Exchange Rate [USD/bbl] [USD/ton] [JPY/USD] Oil Price Spot Price (USD) 95.0 360.0 160.0 FY2024 FY2023 330.0 155.9 155.0 90.0 152.6 300.0 152.4 270.0 150.0 85.3 149.4 85.0 86.7 247.8 148.6 240.0 147.9 83.6 145.0 144.6 210.0 80.0 81.3 78.3 180.0 140.0
Slide 9: Overview
Overview Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2023 FY2024 Change Crude Oil (Dubai) 82.3 78.5 (3.8) (4.7%) Crude Oil (Brent)* 82.6 80.7 (1.9) (2.4%) Australian Coal Spot Price* 172.8 134.8 (38.0) (22.0%) Exchange Rate (TTM) 144.6 152.6 +8.0 +5.5% *Brent prices and Australian c
Slide 10: Segment Information
Segment Information Operating ＋ Equity Income FY2023 FY2024 Change Petroleum 219.7 122.1 (97.5) (44.4%) Excluding inventory impact 167.2 152.0 (15.2) (9.1%) Basic Chemicals 22.0 (8.0) (30.0) － Functional Materials 27.6 28.2 +0.7 +2.4% Power and Renewable Energy (7.6) (12.3) (4.7) － Resources* 116.
Slide 11: Segment Information
Segment Information Factors Affecting Operating + Equity Income (excluding inventory impact, y-o-y) [￥billions] Purchase cost, etc. 33.1 Export 40.2 Volume 310.6 (44.2) Margin Non-core Power, products etc. etc. Norway Volume margin (44.3) 0.7 Price (14.7) 0.8 Cost, etc. Core products (15.3) (4.7)
Slide 12: Segment Information
Segment Information [Petroleum] YoY -¥15.2 bn (FY23：¥167.2 bn FY24：¥152.0 bn) [Y-o-y change in Petroleum sales volume [Trends in Domestic Petroleum Product Margin*] (core products)] *Average margin of gasoline, diesel oil, kerosene, and heavy oil A (domestic spot –crude oil) [Thousand KL] (YoY) [￥/L
Slide 13: Segment Information
Segment Information [Basic Chemicals] YoY-¥30.0 bn (FY23: ¥22.0 bn FY24: -¥8.0 bn) Sales volume decreased due to equipment troubles and scheduled maintenance Product margin deteriorated in total mainly due to PX and MX margin shrinking [USD/ton] Product FY2023 FY2024 Change Price Margin Price Ma
Slide 14: Segment Information
Segment Information [Oil E&P] YoY -¥0.4 bn [Coal] YoY -¥39.2 bn (FY23：¥19.1 bn FY24：¥18.7 bn) (FY23：¥97.8 bn FY24：¥58.7 bn) <Crude Oil Production Volume <Coal Production Volume and Brent Crude Oil Price Trends> and Australian Coal Spot Price Trends> [Thousand BOE] [USD/bbl] [Thousand tons] [USD/ton]
Slide 15: Balance Sheet
Balance Sheet [¥ billions] 3/31/2024 3/31/2025 Change 3/31/2024 3/31/2025 Change Total Current Cash and Deposits 139.3 165.8 26.4 Liabilities 2,192.5 2,097.4 (95.1) Receivables, Total Fixed Inventory, etc. 2,777.5 2,484.1 (293.4) Liabilities 1,007.3 940.5 (66.8) Total Current Assets 2,916.8 2,649.9
Slide 16: Statement of Cash Flows
Statement of Cash Flows [¥ billions] Cash Flow from Operating Activities 476.7 Net Income before tax 158.4 Depreciation Expense 105.1 Change in Working Capital 261.4 Other (48.2) Cash Flow from Investing Activities (118.5) Purchase of tangible fixed assets (116.2) Other (2.3) Cash Flow from Financin
Slide 17: Forecasts for FY2025
© idemitsu mForecasts for FY2025 17
Slide 18: Impact of U.S. Tariffs on FY2025
Impact of U.S. Tariffs on FY2025 Although the direct impact of imports/exports to U.S. is limited, the indirect impact of U.S. tariffs by fluctuation of Crude oil, Exchange rate etc. and global economic slowdown is expected. The degree of indirect impact is difficult to estimate 【Direct impact】
Slide 19: Forecasts for FY2025
Forecasts for FY2025 Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2024 FY2025 Change Crude Oil (Dubai) 78.5 65.0 (13.5) (17.2%) Crude Oil (Brent)* 80.7 67.0 (13.7) (17.0%) Australian Coal Spot Price * 134.8 95.0 (39.8) (29.5%) Exchange Rate (TTM) 152.6 145.0 (7.6) (5.0%) *Brent price
Slide 20: Sensitivity
Sensitivity Operating income Assumption Range of Assumption Items Segment impact （FY25） fluctuation (¥ billions) Crude oil price 65.0$/bbl ±10$/bbl ±30 Singapore product Excluding margin ー ±5$/bbl Petroleum ±32 inventory impact Exchange rate 145.0¥/$ ±5¥/$ ±8 Resources Thermal coal price 95.0$/t ±10
Slide 21: Segment Information
Segment Information Operating ＋ Equity Income [¥ billions] FY2024 FY2025 Change Petroleum 122.1 (10.0) (132.1) － Excluding inventory impact 152.0 90.0 (62.0) (40.8%) Basic Chemicals (8.0) 6.0 +14.0 － Functional Materials 28.2 36.0 +7.8 +27.5% Power and Renewable Energy (12.3) 1.0 +13.3 － Resources
Slide 22: Segment Information
Segment Information Factors Affecting Operating + Equity Income [¥ billions] (excluding inventory impact, Compared to FY 2024) core products margin non-core 214.7 products Norway margin cost, etc. etc Price Margin 13.3 3.1 (21.0) 7.8 (11.0) 19.4 (7.7) cost, etc. 19.0 (5.4) Volume 2.7 147.0 (31.1)
Slide 23: Segment Information
Segment Information [Petroleum] -¥62.0 bn (FY24: ¥152.0 bn FY25: ¥90.0 bn) Shrinking domestic margin due to elimination of temporary upside factors Decreases mainly due to domestic demand decline and increase of maintenance cost by inflation etc. [Basic Chemicals] +¥14.0 bn (FY24: -¥8.0 bn FY25:
Slide 24: Segment Information
Segment Information [Power/Renewable Energy] +¥13.3 bn (FY24: -¥12.3 bn FY25: ¥1.0 bn) Power: Increases due to reversal of equipment trouble in 2024, etc Solar Frontier: Increases mainly due to sales expansion Overseas businesses: Increases due to the sales pricing factor, etc. [Oil E&P] -¥7.7
Slide 25: Financial forecasts (Balance Sheet, Cash Flows)
Financial forecasts（Balance Sheet, Cash Flows) [¥billions] 3/31/2026 3/31/2026 Operating Cash Flows 399 Net Income 65 Current Assets 2,210 Liabilities 2,950 Depreciation Expense 121 Other 213 Fixed Assets 2,470 Net Assets 1,730 Investing Cash Flows (454) Strategic Investments (321) Total Liabilities
Slide 26: Investments
Investments [¥ billion] FY2024 FY2025 Results Forecast CN 41.9 73.0 Growth 60.5 248.0 Strategic 102.4 321.0 Maintenance 66.0 125.0 Total 168.4 446.0 ※Amount based on expenditures 3-year cumulative investment amount is ¥730 billion, same as initial Medium- Term Plan TOB for Agro-Kanesho, investme
Slide 27: Compare to published FY2025 target (ROE 10%)
Compare to published FY2025 target (ROE10％) ・Drop in crude oil Net profit excluding inventory impact (¥ billion) price, coal price, and basic chemical margins, 170 (30) （ROE:10％） +40 160 (40) after U.S. tariff was announced (20) （ROE:9％） ・Basic Chemical margin ・Stable domestic margin 120 ・Inflatio
Slide 28: Progress on the Medium-Term Plan
Progress on the Medium-Term Plan *The icons on topics (from next page) related to progress in the medium-term plan shows business areas below Energy Diverse resource conservation Smart Yorozuya one step ahead /circulation solutions 28
Slide 29: Progress on Medium-Term Plan
Progress on Medium-Term Plan 3-year Plan and Forecast [¥ billions] Initial Medium- Latest Change Term Plan Forecasts Operating income + equity method* 560.0 672.2 +112.2 Net income* 380.0 436.9 +56.9 Cash flows 910.0 1,345.2 +435.2 Financial Condition at the end of FY24 ROE* Equity Ratio Net D/E
Slide 30: Progress on the Medium-Term Plan: ROE
Progress on the Medium-Term Plan ROE excluding inventory impact [%] ROE (reference)ROE adjusted by coal price average (reference) average of adj ROE [previous medium-term period] [current medium-term period] 14 12 10 8.5 8 8.7 7.9 6 7.0 4 5.5 2 0 FY20 FY21 FY22 FY23 FY24 FY25 (forecast) ROE esti
Slide 31: Topics related to Progress on the Medium-term Plan (1/2)
Topics related to Progress on the Medium-term Plan (1/2) Decided to construct a large-scale production facility for lithium sulfide, an intermediate raw material for the mass production of all-solid-state battery Idemitsu will expand our production capacity of lithium sulfide, an important inter
Slide 32: Topics related to Progress on the Medium-term Plan (2/2)
Topics related to Progress on the Medium-term Plan (2/2) HEFA-SAF Production Project at Tokuyama Complex has adopted by the Ministry of Economy, Trade and Industry (METI) as part of its investment promotion program using GX Economic Transition Bonds HEFA*1-SAF Production Project at Tokuyama Comp
Slide 33: Reference
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Slide 34: Operating+Equity Income Financial Results
Operating＋Equity Income Financial Results (Exc. Inventory impact, vs. medium-term plan) [¥ billions] Latest forecasts Medium-term plan as of May 2025 announced in November 2022 FY23 FY24 FY25 3-year FY23 FY24 FY25 3-year Petroleum 167.2 152.0 90.0 409.2 73.0 102.0 84.0 259.0 Basic Chemicals 22.0 (8.
Slide 35: ROE/ROIC Performance
Financial Results ROE/ROIC Performance [%] Category 1 Category 2 FY20 FY21 FY22 FY23 FY24 Inc. inventory ROE impact Overall 3.0 21.8 16.8 13.4 5.9 Exc. inventory impact Overall 2.6 9.2 14.2 11.3 7.1 Exc. inventory ROIC impact Overall 2.8 6.8 6.2 8.4 6.0 Exc. inventory Overall for impact existing - -
Slide 36: Stock Price/PBR Performance
Financial Results Stock Price/PBR Performance [¥] [x] 1,200 Monthly average 1.2 PBR (RHS) PBR(右軸) 月間平均株価(左軸) stock price (LHS) 1,000 1.0 800 0.8 600 0.6 400 0.4 200 0.2 0 0.0 April 2022 2022年4月 October 2022 2022年10月 April 2023 October 2023年4月 2023 2023年10月 April 2024 2024年4月 October 2024年10月2024 Apr
Slide 37: Financial Results
Financial Results Financial Results Net Sales by segment [¥ billions] FY2023 FY2024 Change Petroleum 7,080.8 7,696.4 +615.6 +8.7% Basic Chemicals 601.6 587.2 (14.4) (2.4%) Functional Materials 515.4 503.4 (12.0) (2.3%) Power and Renewable Energy 141.5 127.6 (13.9) (9.9%) Resources* 370.5 265.2 (10
Slide 38: Financial Results
Financial Results Financial Results Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] FY2023 FY2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Petroleum 18.4 105.0 114.1 167.2 47.8 62.8 109.6 152.0 Equity income 4.9 3.8 6.9 9.9 5.1 10.8 15.3 13.7 Basic Chemicals (1.4) 12.0 21.4 22.0 7.5 3.4 (
Slide 39: Financial Results
Financial Results Financial Results Quarterly segment income (Q on Q, exc. inventory impact) [¥ billions] FY2023 FY2024 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Petroleum 18.4 86.6 9.0 53.1 47.8 14.9 46.9 42.4 Equity income 4.9 (1.0) 3.1 3.0 5.1 5.7 4.4 (1.5) Basic Chemicals (1.4) 13.4 9.4 0.7 7.5 (4.1) (7.6) (3.8
Slide 40: Sales Volume
Volume Sales Volume Petroleum [thousand KL,％] FY2023 FY2024 Change Gasoline 12,597 12,355 (242) (1.9%) Naphtha 351 648 +297 +84.8% Jet Fuel 2,502 2,409 (92) (3.7%) Kerosene 3,557 3,379 (178) (5.0%) Diesel Oil 10,031 10,028 (4) (0.0%) Heavy Fuel Oil A 3,135 3,135 +0 +0.0% Heavy Fuel Oil C 2,359 1,7
Slide 41: Sales Volume
Volume Sales Volume Basic Chemicals [kt,%] FY2023 FY2024 Change Basic Chemicals 3,497 3,050 (447) (12.8%) Functional Materials [KKL,kt,%] FY2023 FY2024 Change Lubricants 1,136 1,098 (38) (3.3%) Performance Chemicals 672 470 (202) (30.1%) *Lubricants include sales overseas Power/Renewable Energ
Slide 42: Production Volume
Volume Production Volume Resources (Oil E&P) [KBOED,%] FY2023 FY2024 Change Vietnam 14.1 13.5 (0.5) (3.9%) Norway 13.8 12.4 (1.4) (10.2%) Total('000BOED) 27.9 25.9 (1.9) (7.0%) Total('000BOE) 10,170 9,473 (697) (6.9%) *The numbers reflect our rights and ownership ratios based on our equity share *
Slide 43: Sales Volume (Forecast)
Volume Sales Volume(Forecast) Petroleum [KKL,％] FY2024 FY2025 Change Gasoline 12,355 12,060 (295) (2.4%) Naphtha 648 590 (58) (9.0%) Jet Fuel 2,409 2,450 +41 +1.7% Kerosene 3,379 3,350 (29) (0.9%) Diesel Oil 10,028 9,900 (128) (1.3%) Heavy Fuel Oil A 3,135 2,990 (145) (4.6%) Heavy Fuel Oil C 1,792
Slide 44: Sales Volume (Forecast)
Volume Sales Volume(Forecast) Basic Chemicals [kt,%] FY2024 FY2025 Change Basic Chemicals 3,050 3,400 +350 +11.5% Functional Materials [KKL,kt,%] FY2024 FY2025 Change Lubricants 1,098 1,080 (18) (1.7%) Performance Chemicals 470 510 +40 +8.5% *includes sales overseas Power/Renewable Energy [Mkw
Slide 45: Production Volume (Forecast)
Volume Production Volume(Forecast) Resources (Oil E&P) [KBOED,%] FY2024 FY2025 Change Norway 13.5 13.4 (0.1) (0.8%) Vietnam 12.4 11.4 (1.0) (8.0%) Total('000BOED) 25.9 24.8 (1.1) (4.3%) Total('000BOE) 9,473 9,060 (413) (4.4%) *The numbers reflect our rights and ownership ratios based on our equity
Slide 46: Crude Oil Prices (Dubai and Brent)
Crude price Crude Oil Prices(Dubai and Brent) [USD/bbl] 130 Brent Dubai 110 90 70 50 30 10 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 46
Slide 47: Gasoline-Crude Oil (Domestic spot price and spread)
Product market price Gasoline-Crude Oil(Domestic spot price and spread) [Price :JPY/L] [Spread：JPY/L] 140 30 120 25 100 20 80 15 60 10 40 Spread 5 20 Crude oil Gasoline 0 0 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 47
Slide 48: Diesel-Crude Oil (Domestic spot price and spread)
Product market price Diesel-Crude Oil(Domestic spot price and spread) [Price :JPY/L] [Spread：JPY/L] 140 30 120 25 100 20 80 15 60 10 40 Spread 5 20 Crude oil Diesel oil 0 0 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 48
Slide 49: Gasoline-Crude Oil (Singapore spot price and spread)
Product market price Gasoline-Crude Oil(Singapore spot price and spread) [Price :USD/bbl] [Spread：USD/bbl] 160 40 140 35 30 120 25 100 20 80 15 60 10 40 5 Spread 20 0 Dubai Gasoline 0 -5 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 49
Slide 50: Diesel-Crude Oil (Singapore spot price and spread)
Product market price Diesel-Crude Oil(Singapore spot price and spread) [Price :USD/bbl] [Spread：USD/bbl] 180 70 160 60 140 50 120 100 40 80 30 60 20 40 Spread 10 20 Dubai Diesel Oil 0 0 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 50
Slide 51: Para-Xylene, Mixed Xylene-Naphtha
Product market price Para-Xylene, Mixed Xylene-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,400 600 PX spread Mx spread Naptha PX MX 1,200 500 1,000 400 800 300 600 200 400 100 200 0 0 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 51
Slide 52: Styrene Monomer-Naphtha
Product market price Styrene Monomer-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,600 800 1,400 700 1,200 600 1,000 500 800 400 600 300 400 200 200 100 SM spread Naptha SM 0 0 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 52
Slide 53: Operational Data
Operation Operational Data Refineries Utilization FY2020 FY2021 FY2022 FY2023 FY2024 76% 78% 77% 83% 78% [77%] *on BCD basis including regular maintenances *Refining operation at Yamaguchi Refinery (120KBD) was terminated in March 2024. The official capacity was changed after July. The adjusted nu
Slide 54: Overview of the Company
Business Overview Overview of the Company FY2024, actual or as of the end of March 2025 ∎ Petroleum Segment ∎ Functional Materials Segment Refining Capacity 825 KBD *1,2) (Lubricants, Performance Chemicals, Electronic Domestic fuel oil sales volume Materials, Bitumen (High Performance Asphalt),
Slide 55: Petroleum Segment
Business Overview Petroleum Segment [KB/D] Refining Operating Company Refinery RH FCC RFCC FLG Equity Ratio Capacity Japan Idemitsu Hokkaido 140 42 33 Kosan Chiba 195 40 45 Aichi 165 60 50 Showa Yokkaichi Yokkaichi 255 45 61 75.0% Sekiyu Toa Oil Keihin 70 42 27 100.0% 825 187 42 189 27 Overseas Nghi
Slide 56: Basic Chemicals Segment
Business Overview Basic Chemicals Segment [mil tons/year] Operating Company Styrene Equity Ratio Ethylene Para-Xylene Mixed Xylene Monomer Japan Idemitsu Kosan Chiba 0.374 0.265 0.210 Aichi 0.357 0.170 Tokuyama 0.623 0.214 0.340 Showa Yokkaichi Yokkaichi 0.518 75.0% Sekiyu Total 0.997 0.836 0.688 0.
Slide 57: Functional Materials Segment (1/2)
Business Overview Functional Materials Segment (1/2) Lubricants Performance Chemicals ◆Product categories ◆Product categories ・Automotive lubricants (engine oil, etc.) ・Engineering plastics, adhesives materials, solvents and ・Grease functional materials ・Industrial lubricants (hydraulic actuation oi
Slide 58: Functional Materials Segment (2/2)
Business Overview Functional Materials Segment (2/2) Electronic Materials Bitumen (High Performance Asphalt) ◆Product categories ◆Asphalt manufacturer which aims to develop state-of-the-art ・Organic EL materials technologies ・Display semiconductor materials etc. ・Recycling, longer life, carbon neutr
Slide 59: Power/Renewable Energy Segment
Business Overview Power /Renewable Energy Segment Stake Owned Power generation capacity* Power Category Power Plant Operating Company (%) (10,000 KW) Solar 34 domestic locations Idemitsu, other ー 18.7 Biomass Keihin Biomass Power Plant (Kanagawa) Keihin Biomass Power 100 4.9 Tosa Power Plant (Kochi)
Slide 60: Resources Segment (Gas and Oil E&P)
Business Overview Resources Segment (Gas and Oil E&P) Business Overview Production Oil/Gas Reserves 1. Producing and selling crude oil/gas in Vietnam and Norway ◆Reserves *1,2 [million BOE] 2. Exploration and development of gas in Vietnam and other parts of Southeast Asia to shift to production of n
Slide 61: Resource Segment (Coal)
Business Overview Resource Segment (Coal) Business Overview Business Structure Reforms [Business Strategy] ◆Idemitsu Green Energy Pellets (black pellets) ◆Stable supply and profit maximization by leveraging the highly competitive Boggabri Mine ・CO2 emissions can be reduced by replacing coal with ◆En
Slide 62: Precaution statement about forecasts
Precaution statement about forecasts Any information about forecasts for the Company’s operating results, management strategy and management policy contained in this documents other than historical facts is prepared, according to judgments made by the top management of the Company based on informati