Tokyo Gas Co., Ltd. · TSE:9531

Tokyo Gas — Q1 FY27/3 Earnings Presentation

44 slides from Tokyo Gas's earnings presentation, Jul 30, 2026

  1. Slide 1: FY27/3 Q1 Financial Results

    TSE:9531 FY27/3 Q1 Financial Results ended June, 2026 July 30, 2026 Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

  2. Slide 2: Index

    Index 1-1 Financial Highlights 1 Executive Summary 1-2 Progress Toward Achieving ROE 9% Target in FY29/3 2-1 Financial Summary 2-2 Consolidated Balance Sheet 2 Financial Summary 2-3 Cash Allocation 2-4 ROIC by Segment 2-5 Progress of Three Profit Growth Drivers 3 Segment Overview 3-1 Segment Overvie

  3. Slide 3: Executive Summary

    1 Executive Summary Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 3

  4. Slide 4: 1-1 Financial Highlights

    【1-1 Financial Highlights】 Results Forecast Shareholder Returns ◼ Increased sales, decreased profit ◼ Full-year forecast unchanged ◼ Shareholder return plan unchanged vs FY26/3 Q1 • Forecast remains unchanged from the • Dividends: • Segment profit decreased by 49 hundred previous forecast in April,

  5. Slide 5: 1-2 Progress Toward Achieving ROE 9% Target in FY29/3

    【1-2 Progress Toward Achieving ROE 9% Target in FY29/3】 FY26/3 Results FY27/3 Forecast ROE ROE 13.2% 8.0% Profit attributable to owners of parent Profit attributable to owners of parent 2,268 • Net profit is forecast to decrease due to the absence of 1,370 hundred million yen extraordinary profit. A

  6. Slide 6: Financial Overview

    2 Financial Overview Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 6

  7. Slide 7: 2-1 Financial Summary: FY27/3 Q1 Results Summary

    Details on 【2-1 Financial Summary】FY27/3 Q1 Results Summary P.24 • In FY27/3 Q1, sales increased and profit decreased YoY. • Segment profit decreased by 49 hundred million yen YoY. While profit from the Overseas business grew driven by higher sales unit in the US shale gas business, this was more th

  8. Slide 8: 2-1 Financial Summary: Profit Variance Analysis (vs FY26/3 Q1)

    Details on 【2-1 Financial Summary】FY27/3 Q1 Results Profit Variance Analysis (vs FY26/3 Q1) P.26 (unit: 100 million yen) Business activity- Adjustment items related -398 +332 Change Ordinary -76 （-13.3%） profit One-time or valuation-related factors -10 ■Energy solution +155 <Temperature> -33 ■Energy

  9. Slide 9: 2-1 Financial Summary: FY27/3 Forecast

    Details on 【2-1 Financial Summary】FY27/3 Forecast P.32 • The forecast is unchanged, as the Q1 performance is in line with the previous forecast. • The underlying assumptions also remain unchanged from the previous forecast, which already factored in potential impacts from the Middle East situation t

  10. Slide 10: 2-2 Consolidated Balance Sheet

    Previously disclosed 【2-2 Consolidated Balance Sheet】 in April Mar. 31, 2026 Mar. 31, 2027 (Forecast) (unit: 100 million yen) (unit: 100 million yen) (unit: 100 million yen) Total assets: 38,922 Total assets: 39,560 Change Main factors Other liabilities Total 638 Other liabilities assets Current Pro

  11. Slide 11: 2-3 Cash Allocation

    Previously disclosed 【2-3 Cash Allocation】 in April • Total investment net of cash-in from investment recovery and asset sales, is planned at 4,145 hundred million yen, a level in line with the Medium-term Management Plan (gross investment: 4,777 hundred million yen). • We will execute selective inv

  12. Slide 12: 2-4 ROIC by Segment

    Previously disclosed 【2-4 ROIC by Segment】 in April (unit: 100 million yen) FY27/3 Forecast FY29/3 Plan Invested Invested 3- yr WACC ROIC ROIC Capital Capital Energy 14,074 6.4% 13,000 6.0% 3.0% (Gas, Electric power, Network) Solutions 2,744 4.1% 4,100 5.0% 4.0% Overseas business 7.6% 7.0% 8.0% 8,07

  13. Slide 13: 2-5 Progress of Three Profit Growth Drivers

    【2-5 Progress of Three Profit Growth Drivers】 (unit: 100 million yen) Energy Solutions Overseas (Gas & Electricity & Network) ◼ Q1 Results: Solid growth in retail ◼ Q1 Results: Progressing on track, ◼ Q1 Results: Steady progress in electricity customer acquisition. centered on appliance sales in the

  14. Slide 14: Segment Overview

    3 Segment Overview Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 14

  15. Slide 15: 3-1 Segment Overview: Energy Solution

    【3-1 Segment Overview】Energy Solution • FY27/3 Q1 Results (vs. FY26/3 Q1 Results): Profit decreased due to lower unit prices in gas and electric power resulting from time lag effects, and increased power procurement costs caused by higher JEPX prices. Furthermore, lower sales volume for electric pow

  16. Slide 16: 3-1 Segment Overview: Energy Solution

    【3-1 Segment Overview】Energy Solution ■Segment profit (Gas) ■Segment profit (Electric Power) ■Segment profit (Solution) (unit: 100 million yen) (unit: 100 million yen) (unit: 100 million yen) 500 300 1,100 400 700 200 300 200 300 100 100 -100 0 0 Full-year Q1 Q2 Q3 Q4 Full-year Q1 Q2 Q3 Q4 Full-year

  17. Slide 17: 3-1 Energy Solution (City Gas Sales Volume)

    Details on 【3-1 Segment Overview】Energy Solution (City Gas Sales Volume) P.29,37 • FY27/3 Results (vs. FY26/3 Results): Overall sales volume decreased. The increase in industrial sales driven primarily by higher demand for power-generation was more than offset by the decrease in residential sales du

  18. Slide 18: 3-1 Energy Solution (Electric power Sales Volume)

    Details on 【3-1 Segment Overview】Energy Solution (Electric power Sales Volume) P.29,37 • FY27/3 Results (vs. FY26/3 Results): Overall sales volume decreased, from declines in retail due to the absence of high temperature effects in June 2025, as well as decline in wholesale. • FY27/3 Forecast (vs. F

  19. Slide 19: 3-1 Segment Overview: Network

    【3-1 Segment Overview】Network • FY27/3 Q1 Results (vs. FY26/3 Results): Decrease in profit due to lower third-party access revenues mainly caused by high temperature effects in early spring. • FY27/3 Forecast (vs. FY26/3 Results): Although further efforts will be made to reduce costs, profit is fore

  20. Slide 20: 3-1 Segment Overview: Overseas Business

    【3-1 Segment Overview】Overseas Business • FY27/3 Q1 Results (vs. FY26/3 Results): Profit increased driven by higher sales unit prices in US shale gas business caused by the cold snap in late January 2026. • FY27/3 Forecast (vs. FY26/3 Results): Profit is forecast to increase, due to a stable profit

  21. Slide 21: 3-1 Segment Overview: Urban Development

    【3-1 Segment Overview】Urban Development • FY27/3 Q1 Results (vs. FY26/3 Results): Increase in profit from the full-year operations of Park Hyatt Tokyo (FY26/3: temporary closure for renovation through December) • FY27/3 Forecast (vs. FY26/3 Results): Profit is forecast to increase, driven by the com

  22. Slide 22: 3-1 Segment Overview: Urban Development

    【3-1 Segment Overview】Urban Development ■Segment profit (unit: 100 million yen) 200 100 Gain on divestments 0 Leasing business, etc. -100 FY27/3 FY26/3 FY27/3 FY26/3 FY27/3 FY26/3 FY27/3 FY26/3 FY27/3 FY26/3 Full-year total 1Q 2Q 3Q 4Q *FY27/3 Full-year total is forecast; all others are results ■Pro

  23. Slide 23: Supplementary Information

    4 Supplementary Information Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 23

  24. Slide 24: 4-1 FY27/3 Q1 vs FY26/3 Q1: Sales, Profit, etc.

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Sales, Profit, etc. (+/- indicate impact on profit, unit: 100 million yen) FY27/3 Q1 FY26/3 Q1 Change % Results Results Net sales 6,734 6,473 261 4.0 Operating profit 554 625 - 71 - 11.4 Segment profit 568 617 - 49 - 8.0 (Operating profit + equity method profit/loss) Ordi

  25. Slide 25: 4-1 Sales, Profit by Segments

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Sales, Profit by Segments (unit: 100 million yen) *5 Segment Profit Net Sales (Operating profit + equity method profit/loss) FY27/3 Q1 FY26/3 Q1 FY27/3 Q1 FY26/3 Q1 Change % Change % Results Results Results Results *1 Energy solution 5,717 5,668 49 0.9 269 555 - 286 - 51.

  26. Slide 26: 4-1 Ordinary Profit Analysis

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Ordinary Profit Analysis (unit: 100 million yen) Segment profit One-time or valuation Business activity-related Adjustment items -49 related factors （-8.0%） ●Gas -222 568←617 ➢Decrease in city gas gross profit -164 Details on P.30 • Change in volume (excl. change due to t

  27. Slide 27: 4-1 Assets, Cash Flow, etc.

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Assets, Cash Flow, etc. (unit: 100 million yen) FY27/3 Q1 Results FY26/3 Results Change % (Jun.30, 2026) (Mar. 31, 2026) Total assets 38,687 38,922 - 235 - 0.6 Equity 17,262 17,174 88 0.5 Equity ratio 44.6% 44.1% 0.5% ― Factoring in hybrid bonds/loans 45.7% 45.2% 0.5% ― I

  28. Slide 28: 4-1 Financial Indicators

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Financial Indicators FY27/3 Q1 Results FY26/3 Q1 Results Change % Total assets turnover*1 (times) 0.17 0.17 0.00 ― EPS (\/share) 107.15 282.35 - 175.20 - 62.1 *2 BPS (\/share) 5,223.55 5,151.08 72.47 1.4 *1 Total assets, Equity are based upon average in each period *2 Fig

  29. Slide 29: 4-1 Sales Volume/Number of Customers

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Sales Volume/Number of Customers FY27/3 Q1 Results FY26/3 Q1 Results Change % 3 Gas sales volume (million m ) 3,455 3,541 - 86 - 2.4 City gas sales volume 2,453 2,480 - 27 - 1.1 Residential 550 615 - 65 - 10.6 Commercial 460 467 -7 - 1.7 Industrial 1,085 1,044 41 3.9 Indu

  30. Slide 30: 4-1 Analysis of Gas Gross Profit

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Analysis of Gas Gross Profit (unit: 100 million yen) FY27/3 Q1 Results FY26/3 Q1 Results Change % Gas sales 2,650 2,826 - 176 - 6.2 Change in volume, etc. - 62 Change in unit price - 114 Gas raw materials and 1,647 1,660 - 13 - 0.8 supplies incl. impact from exchange 88 i

  31. Slide 31: 4-1 Main Consolidated Subsidiaries

    【4-1 FY27/3 Q1 vs FY26/3 Q1】Main Consolidated Subsidiaries (unit: 100 million yen) Company name FY27/3 Q1 Results FY26/3 Q1 Results Change % Tokyo Gas Co.,Ltd. 4,638 4,852 - 214 - 4.4 Tokyo Gas Engineering *1 533 515 18 3.5 Solutions Group Net sales Tokyo Gas America Group*1 752 579 173 30.0 Other 3

  32. Slide 32: 4-2 FY27/3 Forecast: Sales, Profit, etc.

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Sales, Profit, etc. (+/- indicate impact on profit, unit: 100 million yen) FY27/3 Previous FY26/3 Change % Change % Forecast Forecast Results Net sales 29,470 29,470 0 0.0 28,347 1,123 4.0 Operating proft 1,860 1,860 0 0.0 1,976 - 116 - 5

  33. Slide 33: 4-2 Forecast: Sales, Profit by Segments

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Sales, Profit by Segments (unit: 100 million yen) vs Previous Net Sales *5 Segment Profit Forecast (Operating profit + equity method profit/loss) FY27/3 Previous FY27/3 Previous Change % Change % Forecast Forecast Forecast Forecast Energy

  34. Slide 34: 4-2 Forecast: Ordinary Profit Analysis

    vs FY26/3 【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Ordinary Profit Analysis Results (unit: 100 million yen) vs FY26/3 Segment profit 【Red text: Corrected on August 21, 2026】 Results ⚫ Gas +229: -61 ➢ Increase in city gas gross profit +59: Details on P.38 （-3.1%） 1,950←2,011  Ch

  35. Slide 35: 4-2 Forecast: Assets, Cash Flow, etc.

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Assets, Cash Flow, etc. (unit: 100 million yen) FY27/3 Previous FY26/3 Change % Change % Forecast Forecast Results Total assets 39,560 39,560 0 0.0 38,922 638 1.6 Equity 17,040 17,040 0 0.0 17,174 - 134 - 0.8 Equity ratio 43.1% 43.1% 0.0%

  36. Slide 36: 4-2 Forecast: Financial Indicators

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Financial Indicators FY27/3 Previous FY26/3 Change % Change % Forecast Forecast Results Total assets turnover*1 (times) 0.75 0.75 0.00 ― 0.73 0.02 ― ROA*1 (%) 3.5% 3.5% 0.0% ― 5.9% - 2.4% ― ROE*1 (%) 8.0% 8.0% 0.0% ― 13.2% - 5.2% ― WACC (

  37. Slide 37: 4-2 Forecast: Sales Volume/Number of Customers

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Sales Volume/Number of Customers FY27/3 Previous FY26/3 Change % Change % Forecast Forecast Results 3 Gas sales volume (million m ) 15,135 15,135 0 0.0 15,612 - 477 - 3.1 City gas sales 10,790 10,790 0 0.0 11,175 - 385 - 3.4 Residential 2

  38. Slide 38: 4-2 Forecast: Analysis of Gas Gross Profit

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Analysis of Gas Gross Profit (unit: 100 million yen) FY27/3 Previous FY26/3 Change % Change % Forecast Forecast Results Gas sales 12,513 12,513 0 0.0 11,910 603 5.1 Gas raw 7,931 7,931 0 0.0 7,388 543 7.3 materials and incl. impact from i

  39. Slide 39: 4-2 Forecast: Main Consolidated Subsidiaries

    【4-2 FY27/3 Forecast vs Previous Forecast / vs FY26/3 Results】Main Consolidated Subsidiaries (unit: 100 million yen) FY27/3 Previous FY26/3 Company name Change % Change % Forecast Forecast Results Tokyo Gas Engineering 2,434 2,434 0 0.0 2,355 79 3.4 Solutions Group*1 Net sales Tokyo Gas America Grou

  40. Slide 40: 4-3 Gross Profit Sensitivity to Crude Oil Price / Exchange Rate

    【4-3 Gross Profit Sensitivity to Change in Crude Oil Price / Exchange Rate (City Gas)】 Impact of rising JCC (Japan Crude Cocktail Prices) by $1/bbl *Sensitivity to our crude oil price assumptions: Q2 average $93/bbl, H2 average $70/bbl (unit: 100 million yen) Impact on Earnings Q2 Q3 Q4 Full year Ga

  41. Slide 41: 4-4 Crude Oil Price / Exchange Rate

    【4-4 Crude Oil Price / Exchange Rate】 Crude oil price（Japan Crude Cocktail Prices） 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 ($/bbl) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY27/3 FY26/3 FY25/3 Exchange rate 170.00 165.00 160.00 155.00 150.00 145.00 140.00 135.00 130.00 (¥/$)

  42. Slide 42: 4-5 Time Lag Profit / Loss (City Gas)

    【4-5 Time Lag Profit / Loss (City Gas)】 Conceptual diagram of time lag profit/loss (city gas) Revenues Costs FY27/3 Q1 Results Time lag loss: -149 hundred million yen FY26/3 Results FY27/3 Forecast Time lag profit: 106 hundred million yen Time lag profit: 176 hundred million yen Copyright © TOKYO GA

  43. Slide 43: 4-6 Reference: Impact from the Middle East Situation

    【4-6 Reference】Impact from the Middle East Situation • We have confirmed that there is currently no significant impacts on our stable supply of energy. • The effects of changes in the macro-environment related to the situation in the Middle East were factored into the previous forecast (disclosed in

  44. Slide 44: Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

    Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 44

Tokyo Gas — Q1 FY27/3 Earnings Presentation on 6ix