Idemitsu Kosan Co., Ltd. · TSE:5019
Idemitsu Kosan — Q1 FY2026 Earnings Presentation
52 slides from Idemitsu Kosan's earnings presentation, Aug 7, 2026
Slide 1: Presentation on Results for the 1st Quarter FY2026
Presentation on Results for the 1st Quarter FY2026 August 7, 2026
Slide 2: Table of Contents
Table of Contents ◼ Progress in the Medium-term Management Plan ◼ Results for the 1st Quarter FY2026 ◼ Reference • Income and Expenses Structure of Petroleum Segment • Financial results • Volume • Crude/product price and operation • Business overview Inspiring the future with energy and materials 2
Slide 3: Progress in the Medium-term Management Plan
◼ Progress in the Medium-term Management Plan Inspiring the future with energy and materials 3
Slide 4: Business Strategy Policy
Medium-Term Management Plan (Excerpts) Business Strategy Policy ◼ Achieve sustainable growth through the three themes (GRIT, GROWTH, and CNX) and contribute to the resolution of social challenges Business strategy for enhancing corporate value Social challenges By persistently strengthening the foun
Slide 5: GRIT: Exploiting Existing Businesses
Medium-Term Management Plan (Excerpts) GRIT: Exploiting Existing Businesses ◼ Persistently strengthen the value chain of existing businesses to achieve both “stable supply” and “high capital efficiency” Development / Procurement Refining / Manufacturing Logistics / Sales Profit before tax* (FY2030)
Slide 6: Safe and Stable Operations at Refineries, Complexes, and Refining Companies 1/2
Progress on efforts to ensure Safe and Stable Operations at Refineries, Complexes, and Refining Companies 1/2 ◼ Improving utilization rates is a key initiative in the Mid-Term Plan, representing the largest contribution to earnings growth and planned investments. Stable utilization rates above 90% a
Slide 7: Safe and Stable Operations at Refineries, Complexes, and Refining Companies 2/2
Progress on efforts to ensure Safe and Stable Operations at Refineries, Complexes, and Refining Companies 2/2 ◼ Aim to stably achieve utilization rates*1 of 90% or higher through measures that accelerate and advance existing initiatives Utilization Rates (BSD Basis) Initiatives to Improve Utilizatio
Slide 8: GROWTH: Creating Growth Businesses
Medium-Term Management Plan (Excerpts) GROWTH: Creating Growth Businesses ◼ With an eye on sustainable growth, we will promote the creation and expansion of businesses in growth areas such as electrification / ICT, and overseas markets 1 Providing key materials and 2 solutions in the electrification
Slide 9: Further Strengthening of the Petroleum Trading Business
Further Strengthening of the Petroleum Trading Business ◼ The IIA Group* is responsible for the petroleum trading business within the Idemitsu Group ・ Idemitsu's overseas petroleum business started in 1977 (nearly 50 years of history) ・ In addition to domestic supply-demand optimization, Idemitsu ha
Slide 10: India/Middle East/Africa (IMEA) Business Strategy
India/Middle East/Africa (IMEA) Business Strategy ◼ Driven by population growth, urbanization, and rising incomes, energy and material demand across India, the Middle East, and Africa is set to grow over the medium to long term, making these regions a potential new growth driver for Idemitsu. Idemit
Slide 11: LNG Business Strategy
LNG Business Strategy ◼ Idemitsu established a new LNG Business Development Office in response to growing electricity demand driven by AI and data center-related industries, as well as increasing recognition of LNG as a practical solution toward low-carbon/decarbonization ◼ Idemitsu will acquire kno
Slide 12: Progress in other GROWTH and CNX 1/2
Progress in other GROWTH and CNX 1/2 ◼ Progress in Solid Electrolytes Automotive ・ Smooth progress in construction of the lithium sulfide production facility and the large-scale pilot facility for solid electrolytes used for all-solid-state lithium-ion batteries. The lithium sulfide facility is sche
Slide 13: Progress in other GROWTH and CNX 2/2
Progress in other GROWTH and CNX 2/2 ◼ JAXA’s Space Strategic Fund subsidy accelerated development of volume production technology for space CIGS solar batteries ・ JAXA’s Space Strategic Fund*1 selected Idemitsu's proposal, "Efficiency Improvement and Mass Production Technology Development for Space
Slide 14: Progress in Underperforming Businesses 1/2
Progress in Underperforming Businesses 1/2 ◼ Nghi Son Refinery (Vietnam) ・ A net profit was recorded in 1Q FY2026, with high utilization maintained by securing crude oil mainly from outside the Strait of Hormuz in coordination with Japanese and Vietnamese authorities and sponsors as well as positive
Slide 15: Progress in Underperforming Businesses 2/2
Progress in Underperforming Businesses 2/2 ◼ Basic Chemicals Business ・ Reached an agreement to consolidate the Chiba district ethylene plant into Mitsui Chemicals, Inc. in July 2027 ・ Reached an agreement to integrate the polyolefin business of Prime Polymer Co., Ltd. (a joint venture between Idemi
Slide 16: Results for the 1st Quarter FY2026
◼ Results for the 1st Quarter FY2026 Inspiring the future with energy and materials 16
Slide 17: Response to the Middle East Situation and Financial Impact
Response to the Middle East Situation and Financial Impact ◼ Response to the Situation in the Middle East ・ Procurement Alternative procurement arrangements are largely in place, with crude oil sourced mainly from the Middle East outside the Strait of Hormuz and from North America. ・ Production Stab
Slide 18: Results for 1Q FY2026
Results for 1Q FY2026 ◼ Results for 1Q FY2026 (excl. Inventory impact) (¥ billion) Year-on-Year FY2026 ・ Income before tax excluding financial expenses increased by ¥94 billion YoY, driven by a positive time-lag and strong overseas trading performance FY2025 156.1 ・Time-lag impact is +¥98.7 billion
Slide 19: Market Conditions
Market Conditions FY2026 FY2025 Dubai Crude Australian Coal Exchange Rate [USD/bbl] Oil Price [USD/ton] Spot Price [JPY/USD] (USD) 130.0 140.0 170.0 125.0 135.0 120.0 165.0 115.0 130.0 110.0 125.0 160.0 105.0 159.5 120.0 119.6 156.9 100.0 95.0 96.1 115.0 155.0 154.1 90.0 86.3 110.0 108.7 85.0 107.9
Slide 20: Overview
Overview ◼ Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] 1Q FY2025 1Q FY2026 Change Crude Oil (Dubai) 66.9 96.1 +29.2 +43.6% Australian Coal Spot Price* 104.6 119.6 +15.0 +14.3% Exchange Rate (TTM) 144.6 159.5 +14.9 +10.3% *Australian coal spot prices are averages based on the calendar ye
Slide 21: Segment Information
Segment Information ◼ Income before Tax Excluding Financial Expense (excl. Inventory Impact, Y-o-Y) [¥ billions] Resources Basic 6.0 Petroleum Chemicals Functional Power and 95.5 2.1 Materials Renewables 6.3 Coal Others 156.1 (2.7) (0.3) (4.7) (2.3) Oil E&P 62.0 1Q FY2025 [+94.0] 1Q FY2026 Inspiring
Slide 22: Segment Information
Segment Information ◼ Factors Affecting Income before Tax Excluding Financial Expense (excl. Inventory Impact, Y-o-Y) [¥ billions] 1Q FY2025 1Q FY2026 Change Factors（excl. Inventory Impacts） +：Time-lag +98.7 [previous year (28.0)→this year +70.7], Trading +15.8, Petroleum 31.7 127.2 +95.5 Product ex
Slide 23: Balance Sheet
Balance Sheet [¥ billions] 3/31/2026 6/30/2026 Change 3/31/2026 6/30/2026 Change Cash and Deposits 381.8 377.7 (4.2) Total Current Liabilities 2,685.7 3,294.9 +609.2 Receivables, Total Non-current Inventory,etc. 2,729.7 3,468.4 +738.7 Liabilities 1,094.0 1,085.1 (8.9) Total Current Assets 3,111.5 3,
Slide 24: Sensitivity
Sensitivity ◼ Major Items Affecting Income before Tax by Changes in Assumptions • Impact of the fluctuation is +¥20.0 billions excluding inventory impact and +¥105.0 billions including inventory impact in the situation of rising Crude oil price by 10$/bbl and changing exchange rate by +5¥/$ through
Slide 25: Reference
◼ Reference Inspiring the future with energy and materials 25
Slide 26: Points of Petroleum Segments
Points of Petroleum Segments Crude oil Sales Refining ◆ Domestic purchase Delivery from ◆ Exports Middle East Approximately 1months Point➁Sales Margin Point➂Utilization (Sales price minus Crude price) Improving utilization＝positive due to Point➀Time-lag increasing export volume or decreasing Sales P
Slide 27: Structure of Time-lag and Inventory Impact
Structure of Time-lag and Inventory Impact Example) Impact in Apr Time-lag Inventory Impacts Apr Cost excluding inventory Mar Refining and Arriving （close to actual payment） Purchase and sales this month Loading Cost including inventory crude oil （cost in financial statement） Stockpile 70 day’s crud
Slide 28: Stock Price/PBR Performance
Stock Price/PBR Performance [JPY] 2,000 Stock Price (Monthly average) 1,500 1,000 500 0 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 [x] 1.20 1.00 PBR (Monthly average) 0.80 0.60 IFRS （from Apr-26） 0.40 0.20 0.00 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Inspiring the future with energy a
Slide 29: Financial Results
Financial Results ◼ Revenue by Segment [¥ billions] FY2025 FY2026 Change 1Q 1Q Petroleum 1,527.9 1,924.0 +396.1 +25.9% Basic Chemicals 98.6 112.8 +14.2 +14.4% Functional Materials 129.0 147.6 +18.6 +14.4% Power and Renewable Energy 24.7 19.4 (5.4) (21.7%) Resources* 52.2 65.9 +13.7 +26.3% Oil Explor
Slide 30: Sales Volume 1/2
Sales Volume 1/2 ◼ Petroleum [thousand KL,％] FY2025 FY2026 Change 1Q 1Q Gasoline 2,903 2,764 (139) (4.8%) Naphtha 227 145 (82) (36.1%) Jet Fuel 601 625 +24 +4.0% Kerosene 423 388 (35) (8.2%) Diesel Oil 2,364 2,316 (47) (2.0%) Heavy Fuel Oil A 658 633 (25) (3.7%) Heavy Fuel Oil C 360 382 +23 +6.3% To
Slide 31: Sales Volume 2/2
Sales Volume 2/2 ◼ Basic Chemicals [kt,%] FY2025 FY2026 Change 1Q 1Q Basic Chemicals 765 628 (137) (17.9%) ◼ Functional Materials [thousand KL,kt,%] FY2025 FY2026 Change 1Q 1Q Lubricants 267 274 +6 +2.4% Performance Chemicals 105 101 (4) (4.1%) *Lubricants include sales overseas ◼ Power/Renewable En
Slide 32: Production Volume
Production Volume ◼ Resources (Oil E&P) [KBOED,%] FY2025 FY2026 Change 1Q 1Q Vietnam 14.7 17.0 +2.3 +15.9% Norway 11.3 13.0 +1.7 +14.6% Total('000BOED) 26.0 30.0 +4.0 +15.3% Total('000BOE) 2,354 2,714 +361 +15.3% *The numbers reflect our rights and ownership ratios based on our equity share *The num
Slide 33: Sales Volume Forecasts 1/2
Sales Volume Forecasts 1/2 ◼ Petroleum [thousand KL,％] FY2025 FY2026 Change Results Forecast Gasoline 12,000 11,690 (310) (2.6%) Naphtha 834 1,170 +336 +40.0% Jet Fuel 2,355 2,490 +135 +5.7% Kerosene 3,491 3,370 (121) (3.3%) Diesel Oil 9,686 9,670 (16) (0.1%) Heavy Fuel Oil A 2,950 2,890 (60) (2.0%)
Slide 34: Sales Volume Forecasts 2/2
Sales Volume Forecasts 2/2 ◼ Basic Chemicals [kt,%] FY2025 FY2026 Change Results Forecast Basic Chemicals 3,004 3,530 +526 +17.5% ◼ Functional Materials [thousand KL,kt,%] FY2025 FY2026 Change Results Forecast Lubricants 1,067 1,090 +23 +2.2% Performance Chemicals 413 420 +7 +1.7% *Lubricants includ
Slide 35: Production Volume Forecasts
Production Volume Forecasts ◼ Resources (Oil E&P) [KBOED,%] FY2025 FY2026 Change Results Forecast Vietnam 13.4 12.1 (1.3) (9.4%) Norway 11.2 12.5 +1.3 +11.2% Total('000BOED) 24.6 24.6 ±0.0 ±0.0% Total('000BOE) 8,979 8,980 +1.0 +0.0% *The numbers reflect our rights and ownership ratios based on our e
Slide 36: Crude Oil Prices
Crude Oil Prices [USD/bbl] 150 Brent Dubai 130 110 90 70 50 30 10 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Inspiring the future with energy and materials 36
Slide 37: Gasoline-Crude Oil (Domestic Spot Price and Spread)
Gasoline-Crude Oil (Domestic Spot Price and Spread) [Price :JPY/L] [Spread：JPY/L] 160 60 Spread 140 Crude oil 50 Gasoline 120 40 100 30 80 20 60 10 40 0 20 -10 0 -20 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Inspiring the future with energy and materials 37
Slide 38: Diesel-Crude Oil (Domestic Spot Price and Spread)
Diesel-Crude Oil (Domestic Spot Price and Spread) [Price :JPY/L] [Spread：JPY/L] 180 70 Spread 160 Crude oil 60 Diesel oil 140 50 120 40 100 30 80 20 60 10 40 0 20 -10 0 -20 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Inspiring the future with energy and materials 38
Slide 39: Gasoline-Crude Oil (Singapore Spot Price and Spread)
Gasoline-Crude Oil (Singapore Spot Price and Spread) [Price :USD/bbl] [Spread：USD/bbl] 160 40 Spread 140 Dubai 35 Gasoline 30 120 25 100 20 80 15 60 10 40 5 20 0 0 -5 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Inspiring the future with energy and materials 39
Slide 40: Diesel-Crude Oil (Singapore Spot Price and Spread)
Diesel-Crude Oil (Singapore Spot Price and Spread) [Price :USD/bbl] [Spread：USD/bbl] 250 100 Spread Dubai 90 Diesel Oil 200 80 70 150 60 50 100 40 30 50 20 10 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Inspiring the future with energy and materials 40
Slide 41: Para-Xylene, Mixed Xylene-Naphtha (Price and Spread)
Para-Xylene, Mixed Xylene-Naphtha (Price and Spread) [Price :USD/ton] [Spread：USD/ton] 1,400 600 PX spread Product 1Q FY2025 1Q FY2026 Change Mx spread PX 223 271 +48 Naptha 1,200 MX 120 120 ±0 PX 500 MX 1,000 400 800 300 600 200 400 100 200 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Inspi
Slide 42: Styrene Monomer-Naphtha (Price and Spread)
Styrene Monomer-Naphtha (Price and Spread) [Price :USD/ton] [Spread：USD/ton] 1,600 800 SM spread Product 1Q FY2025 1Q FY2026 Change BZ spread SM 363 377 +14 1,400 700 Naptha BZ 151 138 (13) SM 1,200 BZ 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26
Slide 43: Operational Data
Operational Data ◼ Refinery Utilization Rates（QoQ） FY2025 FY2025 FY2025 FY2025 FY2026 1Q 2Q 3Q 4Q 1Q BCD*1 71% 71% 82％ 87% 72% BSD*1 85% 81% 92% 88% 84% *1 BCD : incl. regular maintenances, BSD : excl. regular maintenances ◼ Number of Service Stations FY FY FY FY FY2026 2022 2023 2024 2025 1Q 6,136
Slide 44: Overview of the Company
Overview of the Company FY2025, actual or as of the end of Jun 2026 ∎ Petroleum Segment ∎ Functional Materials Segment Refining Capacity 931 KBD *1) (Lubricants, Performance Chemicals, Electronic Domestic petroleum sales volume Materials, Agri life, Lithium Solid Electrolytes) 33 million KL/year
Slide 45: Petroleum Segment
Petroleum Segment [KB/D] Refining Operating Company Refinery RH FCC RFCC FLG EUREKA Equity Ratio Capacity Japan Hokkaido 140 42 33 Idemitsu Kosan Chiba 200 40 45 Aichi 163 60 50 Showa Yokkaichi Sekiyu Yokkaichi 225 48 61 75.0% Toa Oil Keihin 60 42 27 100.0% Fuji Oil Sodegaura 143 42 33 92.5% 931 190
Slide 46: Basic Chemicals Segment
Basic Chemicals Segment [mil tons/year] Operating Company Styrene Equity Ratio Ethylene Para-Xylene Monomer Japan Chiba 0.374 0.265 0.210 Idemitsu Kosan Aichi 0.357 Tokuyama 0.623 0.214 0.340 Total 0.997 0.836 0.550 Overseas Idemitsu SM Pasir Gudang 0.240 70.0% (Malaysia) Sdn. Bhd. （Johor, Malaysia）
Slide 47: Functional Materials Segment 1/2
Functional Materials Segment 1/2 Lubricants Performance Chemicals ◼ Product categories ◼ Product categories ・ Automotive lubricants (engine oil, etc.) ・ Engineering plastics, adhesives materials, ・ Grease solvents and functional materials ・ Industrial lubricants ◼ Major products, applications, featu
Slide 48: Functional Materials Segment 2/2
Functional Materials Segment 2/2 Electronic Materials Agri Life ◼ Product categories ◼ Product categories ・ Organic EL materials ・ Chemical pesticides (Daconil 1000*1, etc.) ・ Display semiconductor materials etc. ・ Plant-derived pesticides ・ Functional Feeds (RUMINUP*2, etc.） ◼ OLED manufacturing/cu
Slide 49: Power /Renewable Energy Segment
Power /Renewable Energy Segment Stake Owned Power generation capacity* Category Power Plant Operating Company (%) (10,000 KW) Solar 34 domestic locations Idemitsu, other ー 19.1 Biomass Keihin Biomass Power Plant (Kanagawa) Keihin Biomass Power 100 4.9 Tosa Power Plant (Kochi) Tosa Green Power 50 0.3
Slide 50: Resources Segment (Gas and Oil E&P)
Resources Segment (Gas and Oil E&P) Business Overview Production Oil/Gas Reserves ◼ Producing and selling crude oil/gas in Vietnam ◆Reserves *1,2 and Norway [million BOE] 100 ◼ Exploration and development of gas in Vietnam and other parts of Southeast Asia to shift to 50 production of natural gas, w
Slide 51: Resource Segment (Coal)
Resource Segment (Coal) Business Overview Business Structure Reforms ◼ [Business Strategy] ◼ Idemitsu Green Energy Pellets (black pellets) ・ Stable supply and profit maximization by ・ CO2 emissions can be reduced by replacing coal with leveraging the highly competitive Boggabri Mine black pellets in
Slide 52: 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