Tokyo Gas Co., Ltd. · TSE:9531

Tokyo Gas — Q2 FY26/3 Earnings Presentation

37 slides from Tokyo Gas's earnings presentation, Oct 29, 2025

  1. Slide 1: FY26/3 Q2 Financial Results

    TSE:9531 FY26/3 Q2 Financial Results ended September, 2025 October 29, 2025 Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

  2. Slide 2: Index

    Index ①Progress Toward Achieving 8% ROE ②Financial Results Overview ③Shareholder Returns for FY26/3 1 FY26/3 Q2 Financial Results ④Segment Overview ⑤Overview of Consolidated Balance Sheets ⑥Progress of the FY24/3-FY26/3 Medium-Term Investment Plan ①FY26/3 Q2 vs FY25/3 Q2 FY26/3 Q2 Financial Results

  3. Slide 3: FY26/3 Q2 Financial Results

    1 FY26/3 Q2 Financial Results Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 3

  4. Slide 4: Progress Toward Achieving 8% ROE

    ①Progress Toward Achieving 8% ROE FY25/3 Results FY26/3 Forecast ROE 4.3% 11.8% Profit 1,940 attributable 741 PL to owners of hundred million yen hundred million yen parent Increase in profits from US shale gas business and extraordinary profit, etc. D/E (unit: 100 million yen) Ratio 0.77 0.81 Total

  5. Slide 5: Financial Results Overview: FY26/3 Q2 Financial Results Summary

    Details on ②Financial Results Overview: FY26/3 Q2 Financial Results Summary P.18 • Segment profit rose, buoyed by higher Energy solution profits from the change in city gas/electricity unit prices due to the impact from economic framework, etc., and by an increase in Overseas business profits stemmi

  6. Slide 6: FY26/3 Q2 Profit Variance Analysis (vs FY25/3 Q2)

    Details on ②Financial Results Overview: FY26/3 Q2 Profit Variance Analysis (vs FY25/3 Q2) P.19 One-time and valuation (unit: 100 million yen) gains/loss factors Ordinary profit Adjustment items +53 +253 Extraordinary profit/loss Asset recycle Business activity- +816 related <Extraordinary profit> Ch

  7. Slide 7: Revision of FY26/3 Forecast

    Details on ②Financial Results Overview: Revision of FY26/3 Forecast P.25 • The segment profit forecast remains unchanged, given the solid progress achieved in 1H. Gas time lag effects and trading results through 2Q have been factored into the forecast for Energy solution profits, while anticipating

  8. Slide 8: Shareholder Returns for FY26/3

    ③Shareholder Returns for FY26/3 Based on the new shareholder return policy, • Dividends per share is planned to be increased by ¥20 per share to ¥100 per share (¥50 per share interim dividends, ¥50 per share year-end dividends).​ • Regarding share buybacks, an additional 800 hundred million was reso

  9. Slide 9: Segment Overview: Energy Solution

    ④Segment Overview: Energy Solution • FY26/3 2Q Results (vs. FY25/3 2Q Results): Profits rose due to economic framework effects, temperature effect, and accounting impacts related to trading business on the city gas side, and due to increased sales volume and absence of one-time costs of previous fis

  10. Slide 10: Segment Overview: Energy Solution (City Gas Sales Volume)

    Details on ④Segment Overview: Energy Solution (City Gas Sales Volume) P.22, 30 • FY26/3 2Q Results (vs. FY25/3 2Q Results): Although residential and commercial sales rose from the temperature effect, sales as a whole shrank modestly due to decline in industrial and wholesale sales. • FY26/3 Forecast

  11. Slide 11: Segment Overview: Energy Solution (Electricity Sales Volume)

    Details on ④Segment Overview: Energy Solution (Electricity Sales Volume) P.22, 30 • FY26/3 2Q Results (vs. FY25/3 2Q Results): Number of customers continued to steadily climb from 1Q, and retail and wholesale sales volume increased. • FY26/3 Forecast: Revised upward from plan to account for higher d

  12. Slide 12: Segment Overview: Network

    ④Segment Overview: Network • FY26/3 2Q Results (vs. FY25/3 2Q Results): Profit shrank due to higher costs. • FY26/3 Forecast: Continue to pursue cost reductions and therefore previous forecast is unchanged. FY26/3 Forecast ROA 0.1% (unit: 100 million yen) FY26/3 Q2 FY25/3 Q2 FY26/3 Previous FY25/3 C

  13. Slide 13: Segment Overview: Overseas Business

    ④Segment Overview: Overseas Business • FY26/3 2Q Results (vs. FY25/3 2Q Results): Rise in sales and profits due to US shale gas business driven by higher sales unit price. • FY26/3 Forecast: Revised downward. Although the shale gas business is performing robustly, this revision reflects lower batter

  14. Slide 14: Segment Overview: Urban Development

    ④Segment Overview: Urban Development • FY26/3 2Q Results (vs. FY25/3 2Q Results): Profit decreased due to closure of Park Tower Hotel Co., Ltd. for renovations (from May 2024). • FY26/3 Forecast: Revised downward to account for delayed hotel reopening (scheduled for December 9) and increase in renov

  15. Slide 15: Overview of Consolidated Balance Sheet

    Details on ⑤Overview of Consolidated Balance Sheet P.33 Sep. 30, 2025 Mar. 31, 2025 (unit: 100 million yen) (unit: 100 million yen) ） (unit: 100 million yen) Total assets: 36,651 Total assets: 38,550 Change Main factors Other liabilities Current assets -1,098 Other liabilities (Notes and accounts re

  16. Slide 16: Progress of the FY24/3-FY26/3 Medium-Term Investment Plan

    ⑥Progress of the FY24/3-FY26/3 Medium-Term Investment Plan Targets of 2025年度見通し FY26/3 Forecast 23－25年度 Medium-term FY25/3 FY24/3 中計目標Plan Management Results Results for FY24/3-26/3 FY24/3-FY26/3 FY26/3 Growth investments 6,500 8,910 2,638 2,470 3,801 (portion for decarbonization- related 2,300 1,34

  17. Slide 17: FY26/3 Q2 Financial Results in Detail (Data)

    2 FY26/3 Q2 Financial Results in Detail (Data) Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 17

  18. Slide 18: FY26/3 Q2 vs FY25/3 Q2: Sales, Profit, etc.

    ①FY26/3 Q2 vs FY25/3 Q2: Sales, Profit, etc. (+/- indicate impact on profit, unit: 100 million yen) FY26/3 Q2 FY25/3 Q2 Change % Results Results Net Sales 13,475 12,216 1,259 10.3 Operating profit 952 394 558 141.8 Segment Profit 929 407 522 128.3 （operating profit + equity income of subsidiaries） O

  19. Slide 19: FY26/3 Q2 vs FY25/3 Q2: Ordinary Profit Analysis

    ①FY26/3 Q2 vs FY25/3 Q2: Ordinary Profit Analysis (unit: 100 million yen) Segment Profit One-time and valuation Business activity-related Adjustment items +522 gains/loss factors （+128.3%） ●City gas +381 929←407 Increase in city gas gross margin +188 ・Change in volume (excl. change due to ・Change in

  20. Slide 20: FY26/3 Q2 vs FY25/3 Q2: Assets, Cash Flow, etc.

    ①FY26/3 Q2 vs FY25/3 Q2: Assets, Cash Flow, etc. (unit: 100 million yen) FY26/3 Q2 Results FY25/3 Results Change % (Sep. 30, 2025) (Mar.31, 2025) Total assets 36,651 38,550 -1,899 -4.9 Equity 15,854 17,254 -1,400 -8.1 Equity ratio 43.3% 44.8% -1.5% ― Factoring in hybrid bonds/loans 44.4% 45.8% -1.4%

  21. Slide 21: FY26/3 Q2 vs FY25/3 Q2: Financial Indicators

    ①FY26/3 Q2 vs FY25/3 Q2: Financial Indicators (unit: 100 million yen) FY26/3 Q2 FY25/3 Q2 Change % Results Results Total assets turnover*1 (times) 0.36 0.31 0.05 ― EPS (¥/share) 366.15 40.82 325.33 797.0 BPS*2 (¥/share) 4,589.30 4,669.38 -80.08 -1.7 *1 Total assets, Equity are based upon average in

  22. Slide 22: FY26/3 Q2 vs FY25/3 Q2: Sales Volume/Number of Customers

    ①FY26/3 Q2 vs FY25/3 Q2: Sales Volume/Number of Customers FY26/3 Q2 FY25/3 Q2 Change % Results Results Gas sales volume (unit: million m3) 7,292 7,492 - 200 ▲ 2.7 City gas sales volume 5,127 5,150 - 23 ▲ 0.4 Residential 952 918 34 3.7 Commercial 1,120 1,111 9 0.8 Industrial 2,327 2,363 - 36 ▲ 1.5 In

  23. Slide 23: FY26/3 Q2 vs FY25/3 Q2: Analysis of Gas Gross Profit

    ①FY26/3 Q2 vs FY25/3 Q2: Analysis of Gas Gross Profit (Non-consolidated) (unit: 100 million yen) FY26/3 Q2 FY25/3 Q2 Change % Results Results Gas Sales 5,358 5,532 -174 -3.2 Gas raw materials and supplies 3,352 3,755 -403 -10.7 Gas gross profit 2,006 1,777 229 12.9 Volume, etc. 131 Temp. effect 62 O

  24. Slide 24: FY26/3 Q2 vs FY25/3 Q2: Main Consolidated Subsidiaries

    ①FY26/3 Q2 vs FY25/3 Q2: Main Consolidated Subsidiaries (unit: 100 million yen) FY26/3 Q2 FY25/3 Q2 Company name Change % Results Results Tokyo Gas Co.,Ltd. 9,885 10,947 -1,062 -9.7 Tokyo Gas Engineering 1,138 1,054 84 7.9 Solutions Group*1 Net sales Tokyo Gas America Group*1 1,100 885 215 24.3 Othe

  25. Slide 25: FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Sales, Profit, etc.

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Sales, Profit, etc. (unit: 100 million yen) FY26/3 Previous FY25/3 Change % Change % Forecast Forecast Results Net sales 28,390 27,540 850 3.1 26,368 2,022 7.7 Operating profit 1,660 1,590 70 4.4 1,330 330 24.7 Segment profit (operating prof

  26. Slide 26: FY26/3 Forecast vs Previous Forecast: Ordinary Profit Analysis

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Ordinary Profit Analysis (unit: 100 million yen) vs Previous Forecast Segment Profit ⚫ City gas +78: ±0 Increase in city gas gross margin +10: （±0.0%） Change in volume, etc. -129 (incl. change due to temp effect -12), time lag effect +139 1,

  27. Slide 27: FY26/3 Forecast vs FY25/3 Results: Ordinary Profit Analysis

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Ordinary Profit Analysis vs FY25/3 Segment Profit (unit: 100 million yen) Results +294 ⚫ City gas +209: （+21.2%） 1,680←1,386 Increase in city gas gross margin +136: Change in volume, etc. -18 (incl. change due to temp effect +108), time lag

  28. Slide 28: FY26/3 Forecast: Assets, Cash Flow, etc.

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Assets, Cash Flow, etc. (unit: 100 million yen) FY26/3 Previous Change % FY25/3 Results Change % Forecast Forecast Total assets 36,550 36,670 -120 -0.3 38,550 -2,000 -5.2 Equity 15,720 15,790 -70 -0.4 17,254 -1,534 -8.9 Equity ratio 43.0% 43

  29. Slide 29: FY26/3 Forecast: Financial Indicators

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Financial Indicators (unit: 100 million yen) FY26/3 Previous Change % FY25/3 Results Change % Forecast Forecast Total assets (times) 0.76 0.73 0.02 ― 0.68 0.08 ― turnover*1 ROA*1 (%) 5.2% 4.9% 0.3% ― 1.9% 3.3% ― ROE*1 (%) 11.8% 11.1% 0.7% ―

  30. Slide 30: FY26/3 Forecast: Sales Volume/Number of Customers

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Sales Volume/Number of Customers FY26/3 Previous FY25/3 Change % Change % Forecast Forecast Results Gas sales volume (unit: mil. m3) 15,962 15,665 297 1.9 15,686 276 1.8 City gas sales volume 11,232 11,024 208 1.9 11,215 17 0.2 Residential 2

  31. Slide 31: FY26/3 Forecast: Analysis of Gas Gross Profit

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Analysis of Gas Gross Profit (Non-consolidated) (unit: 100 million yen) FY26/3 Previous Change % FY25/3 Results Change % Forecast Forecast Gas Sales 11,708 11,739 -31 -0.3 12,337 -629 -5.1 Gas raw materials and supplies 7,459 7,514 -55 -0.7

  32. Slide 32: FY26/3 Forecast: Main Consolidated Subsidiaries

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Main Consolidated Subsidiaries (unit: 100 million yen) FY26/3 Previous Company name Change % FY25/3 Results Change % Forecast Forecast Tokyo Gas Engineering 2,339 2,360 -21 -0.9 2,263 76 3.4 Solutions Group*1 Tokyo Gas America Group*1,2 2,27

  33. Slide 33: Change in Balance Sheets

    ③Change in Balance Sheets (unit: 100 million yen) Sep. 30, Mar. 31, % % Change % Main Factors 2025 2025 【Assets】 Notes and accounts receivable - trade, and contract Current assets 9,373 25.6% 10,471 27.2% -1,098 -10.5 assets -560, Other current assets -508 (Property, plant and equipment, intangible

  34. Slide 34: Reference

    3 Reference Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 34

  35. Slide 35: Gas Gross Margin Sensitivity to Change in Crude Oil Price and Exchange Rate

    Gas Gross Margin Sensitivity to Change in Crude Oil Price and Exchange Rate Impact of rising JCC (Japan Crude Cocktail Prices) by $1/bbl (unit: 100 million yen) Impact on Earnings Q3 Q4 Full year Gas sales: 3, Q3 -1 -9 -10 Gas raw materials and supplies: -13 Gas sales: 0, Period Q4 ― -1 -1 Gas raw m

  36. Slide 36: Crude Oil Price, Exchange Rate

    Crude Oil Price, Exchange Rate Crude oil price（Japan Crude Cocktail Prices） 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00 （$/bbl） Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY26/3 FY25/3 FY24/3 Exchange rate 160.00 155.00 150.00 145.00 140.00 135.00 130.00 125.00 120.00 （¥/$） Apr May

  37. Slide 37: Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

    Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 37

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