Idemitsu Kosan Co., Ltd. · TSE:5019

Idemitsu Kosan — Q2 FY2025 Earnings Presentation

58 slides from Idemitsu Kosan's earnings presentation, Nov 11, 2025

  1. Slide 1: Presentation on Results for the 2nd Quarter FY2025

    Presentation on Results for the 2nd Quarter FY2025 November 11, 2025 Idemitsu Kosan Co.,Ltd.

  2. Slide 2: Table of Contents

    Table of Contents ◼ Topics ◼ Highlights ◼ Results for the 2Q FY2025 ◼ Forecasts for FY2025 ◼ Income and Expenses Structure of Petroleum Segment ※Adding this section to help you better understand our financial results ◼ Reference ✓ Financial results ✓ Volume ✓ Crude/product price and operation ✓ Busi

  3. Slide 3: Topics

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  4. Slide 4: Topics – Roadmap of Solid Electrolyte

    Topics – Roadmap of Solid Electrolyte ✓ Study of solid electrolyte is in progress as roadmap schedule ✓ Next step is investment decision of pilot plant (to be done within FY2025) 4

  5. Slide 5: Topics (1/3): Nghi Son Refinery in Vietnam

    Topics(1/3) ◼ Situation of Nghi Son Refinery in Vietnam ✓ For FY 2025, we expect continuous high utilization rates and profitability at the operating level. However, due to significant interest burden, we anticipate a net loss ✓ Equity income/loss for FY 2025 is expected to be zero due to the provis

  6. Slide 6: Topics (2/3): Polyolefin Integration MOU and Black Pellet Plant

    Topics(2/3) ◼ Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical Enter Into MOU on Integration of Sumitomo Chemical’s PP and LLDPE Businesses into Prime Polymer, Aiming to Strengthen the Competitiveness of the Domestic Polyolefin Business ✓ Mitsui Chemicals, Inc. (hereinafter “Mitsui”) and Sumi

  7. Slide 7: Topics (3/3): Space-grade CIGS solar cells on JAXA HTV-X1

    Topics(3/3) ◼ Our company's space-grade CIGS solar cells have been installed on the SDX demonstration unit aboard JAXA's new HTV-X1 space station supply vehicle ✓ Our company's space-grade CIGS*1 solar cells*2 have been installed on the exposed section*3 of the “SDX” in-orbit demonstration for next-

  8. Slide 8: Highlights

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  9. Slide 9: Results for 2Q FY2025

    Results for 2Q FY2025 ◼ Results for 2Q FY2025 (exc. Inventory impact)(Billion Yen) ✓ Both operating + equity income and net income FY2024 decreased, primarily due to deteriorating chemical FY2025 market conditions and falling coal prices ✓ Progress toward the earnings forecasts announced in May is p

  10. Slide 10: Profit excluding temporary factors based on FY2025 forecast

    Profit exc. temporary factors based on FY2025 forecast ◼ Net income exc. inventory impact (Billion Yen) Temporary factors (ROE：10%) (ROE：8.5%) (20) (5) (3) 173 unexploded (ROE：7%) 25 145 Time-lag and ordnance Time-lag in inventory impact 120 petroleum in basic chemical disposal Impact of drop in cru

  11. Slide 11: Results for 2Q FY2025: Shareholder returns

    Results for 2Q FY2025 ◼ Shareholder returns ➢ Dividends (¥/share) ¥18/share both interim and FY end 〈Policy in current 36 36 Mid-term plan〉 32 Minimum ¥36s/share 24 FY end 16 18 18 forecast FY end 12 interim 12 16 18 18 2022 2023 2024 2025 ➢ Total share folder return (¥ billions) Decided ¥30.0 share

  12. Slide 12: Results for 2Q FY2025

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  13. Slide 13: Market Conditions

    Market Conditions Dubai Crude Australian Coal Exchange Rate [USD/bbl] [USD/ton] [JPY/USD] Oil Price Spot Price (USD) 90.0 150.0 160.0 FY2025 FY2024 158.0 85.0 85.3 140.0 140.3 156.0 155.9 135.6 137.7 154.0 80.0 130.0 152.6 152.4 78.3 76.9 125.8 152.0 75.0 120.0 150.0 149.4 73.6 148.0 70.1 147.5 70.0

  14. Slide 14: Overview

    Overview ◼ Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] 2Q FY2024 2Q FY2025 Change Crude Oil (Dubai) 81.8 68.4 (13.4) (16.4%) Australian Coal Spot Price* 130.7 102.5 (28.2) (21.5%) Exchange Rate (TTM) 152.6 146.0 (6.6) (4.3%) *Australian coal spot prices are averages based on the calenda

  15. Slide 15: Segment Information

    Segment Information ◼ Operating ＋ Equity Income (exc. inventory impact, y-o-y) [¥/ billion] Resources Power and [(25.6)] Petroleum Basic Functional Chemicals Materials Renewables Oil 7.7 5.1 E&P Coal 114.0 3.0 (2.0) (11.2) Others 88.4 (23.7) (4.6) 2Q 2Q FY 2024 [(25.6)] FY 2025 15

  16. Slide 16: Segment Information: Factors Affecting Operating + Equity Income

    Segment Information ◼ Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y) 2Q 2Q Change Factors（exc. inventory impacts） FY2024 FY2025 +：time-lag +13.1 [previous year(27.1)→this year(14.0)] Petroleum 62.8 70.5 +7.7 Domestic margin+13.9, Export +6.2[volume (0.8), price +7.0] ()：C

  17. Slide 17: Balance Sheet

    Balance Sheet [¥ billions] 3/31/2025 9/30/2025 Change 3/31/2025 9/30/2025 Change Total Current Cash and Deposits 165.8 122.2 (43.6) Liabilities 2,097.4 1,796.9 (300.5) Receivables, Total Fixed Inventory, etc. 2,484.1 2,250.6 (233.5) Liabilities 940.5 978.5 +38.0 Total Current Assets 2,649.9 2,372.8

  18. Slide 18: Cash Flows

    Cash Flows Cash Flow from Operating Activities 75.6 Net Income before tax 41.3 Depreciation Expense 50.5 Change in Working Capital 35.2 Other (51.4) Cash Flow from Investing Activities (99.7) Purchase of tangible fixed assets (61.5) Other (38.2) Cash Flow from Financing Activities (8.2) Change in bo

  19. Slide 19: Forecasts for FY2025

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  20. Slide 20: Forecasts for FY2025

    Forecasts for FY2025 ◼ Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] 5/13 Revised Assumptions Forecast Forecast Change (from Oct.) Crude Oil (Dubai) 65.0 66.7 +1.7 +2.6% 65.0 Australian Coal Spot Price * 95.0 104.6 +9.6 +10.1% 105.0 Exchange Rate (TTM) 145.0 145.5 +0.5 +0.3% 145.0 *Austra

  21. Slide 21: Segment Information: Compared to the 5/13 forecasts

    Segment Information ◼ Operating + Equity Income (exc. inventory impact, Compared to the 5/13 forecasts) [¥/ billion] Resources [0.0] Petroleum Basic Oil 50.0 Chemicals Functional Power and E&P Coal Materials Renewables 2.0 Others 175.0 (16.0) (3.0) (1.0) (2.0) (2.0) 147.0 5/13 Revised Forecast [+28.

  22. Slide 22: Segment Information: Factors Affecting Operating + Equity Income

    Segment Information ◼ Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y) [¥/ billion] 5/13 Revised Change Factors（exc. inventory impacts） Forecast Forecast Petroleum 90.0 140.0 +50.0 +：Domestic margin+35.0, others+15.0[mainly non-core products] ()：time-lag/inventory impacts(7

  23. Slide 23: Investment

    Investment [¥/ billion] 5/13 The latest Forecast forecast FY2025 FY2025 CN 73.0 58.0 Growth 248.0 160.0 Strategic 321.0 218.0 Maintenance 125.0 115.0 Total 446.0 333.0 ※Amount based on expenditures ✓ The latest FY2025 forecast decreases by ¥113 billion due to postpone some M&As and cautious approach

  24. Slide 24: Income and Expenses Structure of Petroleum Segment

    ◼Income and Expenses structure of Petroleum Segment 24

  25. Slide 25: Premise of income and expenses of Petroleum segment

    Premise of income and expenses of Petroleum segment Our company is structurally susceptible to inventory impacts and temporary time-lags arising from fluctuations in crude oil prices. ◼ Consolidated Income Statement (Summary) [¥/ billion] 2Q FY2025 Net Sales 3,805.7 ✓ Our target is based on excludin

  26. 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 Point➀time-lag (Sales price minus Crude price) Improving utilization＝positive due to Rise in crude oil price Sales Price Robust Mar

  27. 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 Purchase and sales this payment） month Loading Cost including inventory crude oil （cost in financial Stockpile statement） 70 day‘s mand

  28. Slide 28: Initiatives to Improve Refinery Utilization Rates

    Initiatives to Improve Refinery Utilization Rates ◼ Refinery Utilization Rates（BSD*1） ◼ Four Key Measures for Stable and Safe Operations 1. Enhancing Safety Management 95% ✓ Strengthening the implementation of process safety 92% management 90% 2. Enhancing Equipment Management ✓ Ensuring equipment i

  29. Slide 29: Reference

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  30. Slide 30: Stock Price/PBR Performance

    Financial Results Stock Price/PBR Performance [JPY] 1,200 1,000 Stock Price 800 600 400 200 0 2022年4月 April 2022年10月 2022 October 2022 2023年4月 2023年10月 April 2023 October 2024年4月 2023 April 2024年10月 2024 October 2025年4月 2024 April 2025 2025年10月 October 2025 [x] 1.00 PBR 0.80 0.60 0.40 0.20 0.00 2022

  31. Slide 31: Financial Results: Net Sales by segment

    Financial Results Financial Results ◼ Net Sales by segment [¥ billions] 2Q FY2024 2Q FY2025 Change Petroleum 3,750.7 3,167.8 (583.0) (15.5%) Basic Chemicals 294.6 235.2 (59.4) (20.2%) Functional Materials 250.8 247.9 (2.9) (1.1%) Power and Renewable Energy 65.5 51.6 (13.9) (21.2%) Resources* 136.0 9

  32. Slide 32: Quarterly segment income (cumulative)

    Financial Results Financial Results ◼ Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q Petroleum 47.8 62.8 109.6 152.0 20.6 70.5 Equity income 5.1 10.8 15.3 13.7 2.0 0.4 Basic Chemicals 7.5 3.4 (4.2) (8.0) (4.5) (7.7) Equity income (0.3) 0.3 1

  33. Slide 33: Quarterly segment income (Q on Q)

    Financial Results Financial Results ◼ Quarterly segment income (Q on Q, exc. inventory impact) [¥ billions] FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q Petroleum 47.8 14.9 46.9 42.4 20.6 49.8 Equity income 5.1 5.7 4.4 (1.5) 2.0 (1.5) Basic Chemicals 7.5 (4.1) (7.6) (3.8) (4.5) (3.2) Equity income (0.3) 0.6 0.7

  34. Slide 34: Sales Volume: Petroleum

    Volume Sales Volume ◼ Petroleum [thousand KL,％] 2Q FY2024 2Q FY2025 Change Gasoline 6,392 6,240 (151) (2.4%) Naphtha 160 438 +278 +174.0% Jet Fuel 1,247 1,217 (30) (2.4%) Kerosene 665 666 +1 +0.2% Diesel Oil 5,019 4,838 (182) (3.6%) Heavy Fuel Oil A 1,322 1,253 (69) (5.2%) Heavy Fuel Oil C 833 797 (

  35. Slide 35: Sales Volume: Chemicals, Materials, Power

    Volume Sales Volume ◼ Basic Chemicals [kt,%] 2Q FY2024 2Q FY2025 Change Basic Chemicals 1,478 1,477 (1) (0.1%) ◼ Functional Materials [KKL,kt,%] 2Q FY2024 2Q FY2025 Change Lubricants 542 531 (11) (2.0%) Performance Chemicals 242 207 (35) (14.5%) *Lubricants include sales overseas ◼ Power/Renewable E

  36. Slide 36: Production Volume

    Volume Production Volume ◼ Resources (Oil E&P) [KBOED,%] 2Q FY2024 2Q FY2025 Change Vietnam 14.0 13.5 (0.5) (3.6%) Norway 12.9 11.0 (1.9) (14.7%) Total('000BOED) 26.9 24.5 (2.4) (8.9%) Total('000BOE) 4,908 4,462 (446) (9.1%) *The numbers reflect our rights and ownership ratios based on our equity sh

  37. Slide 37: Sales Volume Forecast: Petroleum

    Volume Sales Volume Forecast ◼ Petroleum [thousand KL,％] 5/13 Revised Change Forecast Forecast Gasoline 12,060 12,100 +40 +0.3% Naphtha 590 620 +30 +5.1% Jet Fuel 2,450 2,390 (60) (2.4%) Kerosene 3,350 3,340 (10) (0.3%) Diesel Oil 9,900 9,800 (100) (1.0%) Heavy Fuel Oil A 2,990 2,990 - - Heavy Fuel

  38. Slide 38: Sales Volume Forecast: Chemicals, Materials, Power

    Volume Sales Volume Forecast ◼ Basic Chemicals [kt,%] 5/13 Revised Change Forecast Forecast Basic Chemicals 3,400 3,270 (130) (3.8%) ◼ Functional Materials [KKL,kt,%] 5/13 Revised Change Forecast Forecast Lubricants 1,080 1,080 - - Performance Chemicals 510 440 (70) (13.7%) *Lubricants include sales

  39. Slide 39: Production Volume Forecast

    Volume Production Volume Forecast ◼ Resources (Oil E&P) [KBOED,%] 5/13 Revised Change Forecast Forecast Vietnam 13.4 13.3 (0.1) (0.7%) Norway 11.4 10.9 (0.5) (4.4%) Total('000BOED) 24.8 24.2 (0.6) (2.4%) Total('000BOE) 9,060 8,850 (210) (2.3%) *The numbers reflect our rights and ownership ratios bas

  40. Slide 40: Sensitivity

    Sensitivity ◼ Major items affecting operating profit by changes in assumptions (3-4Q) Operating income Assumption Range of Assumption Items Segment impact （2H FY25 ） fluctuation (¥ billions) Crude oil price 65.0$/bbl ±10$/bbl ±32 Singapore product Excluding margin ー ±5$/bbl Petroleum ±14 inventory i

  41. Slide 41: Segment Information: Latest forecast vs previous year

    Segment Information ◼ Operating ＋ Equity Income (exc. inventory impact, The latest forecast vs previous year) Resources [¥/ billion] [(43.4)] Functional Power and Renewables Oil Materials Petroleum Basic 12.3 E&P 214.7 Coal Chemicals 4.8 (5.7) Others (12.0) (2.0) 0.7 175.0 (37.7) Revised Forecast FY

  42. Slide 42: Crude Oil Prices (Dubai)

    Crude price Crude Oil Prices(Dubai) [USD/bbl] 130 110 90 70 50 30 10 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 42

  43. Slide 43: 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 Spread Crude oil 120 Gasoline 25 100 20 80 15 60 10 40 5 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 43

  44. Slide 44: 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 Spread Crude oil 120 Diesel oil 25 100 20 80 15 60 10 40 5 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 44

  45. Slide 45: 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 Spread Dubai 35 140 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 45

  46. Slide 46: 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 Spread 160 Dubai 60 Diesel Oil 140 50 120 40 100 80 30 60 20 40 10 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 46

  47. Slide 47: 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-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 47

  48. Slide 48: Styrene Monomer-Naphtha

    Product market price Styrene Monomer-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,600 800 SM spread Naptha 1,400 SM 700 1,200 600 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 48

  49. Slide 49: Operational Data

    Operation Operational Data ◼ Refinery Utilization（QoQ） FY 1Q 2Q 3Q 4Q 1Q 2Q 2024 FY2024 FY2024 FY2024 FY2024 FY2025 FY2025 BCD*1 76％ 66% 72% 78% 89% 78% 72% BSD*1 82% 78% 82% 78% 92% 85% 83% *1 BCD：inc. regular maintenances, BSD： exc. regular maintenances ◼ Number of Service Stations FY FY FY FY 2Q

  50. Slide 50: 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),

  51. Slide 51: 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

  52. Slide 52: 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.

  53. Slide 53: 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

  54. Slide 54: 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

  55. Slide 55: 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)

  56. Slide 56: 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

  57. Slide 57: 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

  58. Slide 58: 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

Idemitsu Kosan — Q2 FY2025 Earnings Presentation on 6ix