Slide 1: Presentation on Results for FY2025
Presentation on Results for FY2025 May 12, 2026 Idemitsu Kosan Co.,Ltd.
Slide 2: Table of Contents
Table of Contents Response to the situation in the Middle East Results for FY2025 Forecasts for FY2026 Topics Reference Income and Expenses Structure of Petroleum Segment Financial results Volume Crude/product price and operation Business overview 2
Slide 3: Response to the situation in the Middle East
Response to the situation in the Middle East Basic Policy in this situation Stable supply of oil and chemical related products in domestic market is our first priority Procurement Procure crude oil and naphtha from around the world including outside of the Middle East Production Maintain sta
Slide 4: Results for FY2025
@Results for FY2025 © idemitsu
Slide 5: Results for FY2025
Results for 3Q FY2025 Results for FY2025 (exc. Inventory impact) (Billion Yen) Year-on-year FY2025 ROE FY2024 10.6% Operating + equity income increased by 29.4 Billion ROE 7.1% Yen, primarily due to positive time-lag resulting from 214.7 244.1 sharp oil rise in Mar and improving in Power and 1
Slide 6: Market Conditions
Market Conditions Dubai Crude Australian Coal Exchange Rate [USD/bbl] [USD/ton] [JPY/USD] Oil Price Spot Price (USD) 130.0 150.0 160.0 FY2025 125.0 FY2024 158.0 120.0 140.3 156.9 140.0 115.0 156.0 155.9 135.6 137.7 110.0 154.1 154.0 130.0 152.6 105.0 152.4 125.8 152.0 100.0 95.0 120.0 150.0 149.4 90
Slide 7: Overview
Overview Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2024 FY2025 Change Crude Oil (Dubai) 78.5 71.8 (6.7) (8.5%) Australian Coal Spot Price* 134.8 105.4 (29.4) (21.8%) Exchange Rate (TTM) 152.6 150.7 (1.9) (1.2%) *Australian coal spot prices are averages based on the calendar year (
Slide 8: Segment Information
Segment Information Operating ＋ Equity Income (exc. inventory impact, y-o-y) [¥ billions] Basic Functional Power and Resources Chemicals Materials Renewables (44.2) Petroleum Oil 5.2 10.5 E&P Coal 55.1 1.1 (4.6) 1.7 244.1 214.7 (39.6) Others FY 2024 29.4 FY 2025 8
Slide 9: Segment Information
Segment Information Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y) [¥ billions] FY2024 FY2025 Change Factors（exc. inventory impacts） +：Time-lag 96.7 [previous year (18.5)→this year +78.2], Export +44.9[volume +3.2, price +41.6] Petroleum 152.0 207.1 +55.1 ()：Domestic ma
Slide 10: Balance Sheet
Balance Sheet [¥ billions] 3/31/2025 3/31/2026 Change 3/31/2022 3/31/2026 Change Total Current Cash and Deposits 165.8 212.3 46.5 Liabilities 2,097.4 2,351.4 254.0 Receivables, Total Fixed Inventory, etc. 2,484.1 2,753.4 269.3 Liabilities 940.5 1,026.3 85.8 Total Current Assets 2,649.9 2,965.7 315.8
Slide 11: Cash Flows
Cash Flows [¥ billions] Cash Flow from Operating Activities 392.4 Net Income before tax 222.1 Depreciation Expense 105.0 Change in Working Capital 123.0 Other (57.7) Cash Flow from Investing Activities (291.6) Purchase of tangible fixed assets (154.9) Other (136.7) Cash Flow from Financing Activitie
Slide 12: Investments
Investments Investment expenditures were ¥108.2 billion below the November forecast, mainly due to delayed payment timing for certain major projects, despite steady progress in investment decision-making [¥ billion] 11/11 FY2025 Forecast Change Results FY2025 CN 58.0 40.2 (17.8) Growth 160.0 90.4
Slide 13: Forecasts for FY2026
© idemitsu ™Forecasts for FY2026 13
Slide 14: Assumptions for the FY2026 forecasts
Assumptions for the FY2026 forecasts Main assumptions FY2026 forecasts are based on the assumptions below, despite the difficulty in predicting the Middle East situation • The Strait of Hormuz will be open to navigate from 2Q onward, with the crude oil supply-demand balance gradually normalizing
Slide 15: Summary of FY2026 forecasts
Summary of FY2026 forecasts Adoption of IFRS IFRS will be adopted from FY2026 In connection with the adoption of IFRS, segment profit will be changed to “income before tax excluding finance costs.” [FY2026-] [-FY2025] Income before tax excluding Operating + Equity Income finance costs FY2026
Slide 16: FY2026 forecast excluding time-lag
FY2026 forecast excluding time-lag Net income in FY2026 forecast excluding time-lag is same level as FY2027 in medium term plan and ROE 12% in FY2027 is possible target [¥ billion] Time-lag ROE* ROE* (Petroleum and Basic Chemicals) 12.5% 12.0% 89.0 179.0 172.0 ROE* 6.1% 90.0 FY26 FY26 FY27 forecas
Slide 17: Forecasts for FY2026
Forecasts for FY2026 Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2025 FY2026 Results Forecasts Change Crude Oil (Dubai) 71.8 81.3 +9.5 +13.2% Australian Coal Spot Price * 105.4 126.1 +20.7 +19.6% Exchange Rate (TTM) 150.7 151.3 +0.6 +0.4% *Australian coal spot prices are averages ba
Slide 18: Segment Information
Segment Information Segment Profit (excl. Inventory impact) [¥ billions] FY2025 FY2026 Profit/loss before Operating + Equity tax, excluding Income finance costs Petroleum 207.1 105.0 Basic Chemicals (6.8) (30.0) Functional Materials 33.4 32.0 Power and Renewables (1.8) 4.0 Resources 33.1 45.0 Oil
Slide 19: Segment Information
Segment Information Segment Profit (excl. inventory impact, Compared to FY2025) Time-lag [¥ billions] Petroleum FY2025 78.2 → FY2026 (111.5) Petroleum Basic Chemicals FY2025 14.0 → FY2026 (16.4) 244.1 Time-lag Margin +45.0 (Sales price lag due to changing oil price) [¥ billions] Reduce major shutd
Slide 20: Sensitivity
Sensitivity Major items affecting income before tax by changes in assumptions Impact of the fluctuation is +¥16.0 Billions excluding inventory impact and +¥101.0 Billions including inventory impact in the situation of rising Crude oil price by 10$/bbl and changing exchange rate by +5¥/$ through
Slide 21: Balance Sheet Impact of IFRS Adoption
Presentation Balance Sheet Impact of IFRS Adoption of Mid-term Plan • With the adoption of IFRS, liabilities increase by approx. ¥260 billion, and total equity decreases by approx. ¥430 billion • As this impact is the result of a change in accounting standards, adjustments to the balance sheet will
Slide 22: Balance Sheet and Cash Flow forecasts
Balance Sheet and Cash Flow forecasts [¥ billions] 3/31/2027 3/31/2027 Cash Flow from Operating Activities 210.0 Current Net Income before tax 104.0 2,950 Liabilities 3,730 Assets Depreciation Expense 156.0 Other (50.0) Fixed 2,250 Net Assets 1,470 Assets Cash Flow from Investing Activities (255.0)
Slide 23: Investment forecasts
Investment forecasts Investment expenditures forecast is ¥265.0 Billions Investment categories will be revised from FY2026 Maintenance investment is ¥123.0 Billion, mainly included in GRIT and Business platform [¥ billions] FY2026 2026-2030 Forecast Mid-term Plan GRIT 127.0 830.0 GROWTH・CNX 123.
Slide 24: Topics
€& idemitsu @ Topics Copyright © Idemitsu Kosan Co,Ltd. All Rights Reserved. 24
Slide 25: Topics(1/3)
Topics(1/3) Decision Taken to Invest in MidOcean Energy for Full-Scale Entry into the LNG Business Capturing business opportunities in growth sectors through strategic partnerships Decided to make an investment of USD 500 million in MidOcean Energy a liquefied natural gas (LNG) company, establis
Slide 26: Topics(2/3)
Topics(2/3) Situation of Nghi Son Refinery in Vietnam For FY 2025, it is continuing high utilization rates and profitability at the operating level. However, due to significant interest burden, we anticipate a net loss Following the Middle East situation, necessary measures have been implement
Slide 27: Topics(3/3)
Topics(3/3) Commercial operation begins for an oil-conversion chemical recycling facility contributing to the recycling of used plastics Oil-chemical recycling facility, constructed by Chemical Recycle Japan Co. Ltd. that is Group company of Idemitsu Kosan, began commercial operation on April 27
Slide 28: Reference
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Slide 29: Development of Solid State Electrolyte
Development of Solid State Electrolyte Construction has started for Large Pilot Facility for Solid Electrolytes, a key material for All-Solid-State Battery The capacity will be several hundred tons per year. We will accelerate improvement of the performance of solid electrolyte and development o
Slide 30: 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
Slide 31: 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 crud
Slide 32: 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% 92% management 2. Enhancing Equipment Management 90% Ensuring equipme
Slide 33: Stock Price/PBR Performance
Financial Results Stock Price/PBR Performance [JPY] 2,000 Stock Price (Monthly average) 1,500 1,000 500 0 April-22 October-22 April-23 October-23 April-24 October-24 April-25 October-25 April-26 [x] 1.20 PBR (Monthly average) 1.00 0.80 0.60 0.40 0.20 0.00 April-22 October-22 April-23 October-23 Apri
Slide 34: Financial Results
Financial Results Financial Results Net Sales by segment [¥ billions] FY2024 FY2025 Change Petroleum 7,696.4 6,793.4 (903.0) (11.7%) Basic Chemicals 587.2 491.4 (95.8) (16.3%) Functional Materials 503.4 503.2 (0.2) (0.0%) Power and Renewable Energy 127.6 98.2 (29.4) (23.0%) Resources* 265.2 203.5
Slide 35: Financial Results
Financial Results Financial Results Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Petroleum 47.8 62.8 109.6 152.0 20.6 70.5 90.0 207.1 Equity income 5.1 10.8 15.3 13.7 2.0 0.4 0.6 2.6 Basic Chemicals 7.5 3.4 (4.2) (8.0) (4.5) (7.7)
Slide 36: Financial Results
Financial Results Financial Results Quarterly segment income (Q on Q, exc. inventory impact) [¥ billions] FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Petroleum 47.8 14.9 46.9 42.4 20.6 49.8 19.5 117.1 Equity income 5.1 5.7 4.4 (1.5) 2.0 (1.5) 0.2 2.0 Basic Chemicals 7.5 (4.1) (7.6) (3.8) (4.5) (3.2) (2.
Slide 37: Sales Volume
Volume Sales Volume Petroleum [thousand KL,％] FY2024 FY2025 Change Gasoline 12,355 12,000 (356) (2.9%) Naphtha 648 834 +186 +28.7% Jet Fuel 2,409 2,355 (54) (2.2%) Kerosene 3,379 3,491 +111 +3.3% Diesel Oil 10,028 9,686 (342) (3.4%) Heavy Fuel Oil A 3,135 2,950 (185) (5.9%) Heavy Fuel Oil C 1,792
Slide 38: Sales Volume
Volume Sales Volume Basic Chemicals [kt,%] FY2024 FY2025 Change Basic Chemicals 3,050 3,004 (46) (1.5%) Functional Materials [KKL,kt,%] FY2024 FY2025 Change Lubricants 1,098 1,067 (31) (2.8%) Performance Chemicals 470 413 (57) (12.1%) *Lubricants include sales overseas Power/Renewable Energy [
Slide 39: Production Volume
Volume Production Volume Resources (Oil E&P) [KBOED,%] FY2024 FY2025 Change Vietnam 13.5 13.4 (0.1) (1.0%) Norway 16.5 11.2 (5.2) (31.8%) Total('000BOED) 30.0 24.6 (5.4) (17.9%) Total('000BOE) 9,473 8,979 (494) (5.2%) *The numbers reflect our rights and ownership ratios based on our equity share *
Slide 40: Sales Volume forecasts
Volume Sales Volume forecasts Petroleum [thousand KL,％] FY2025 FY2026 Change Results Forecast Gasoline 12,000 11,690 (310) (2.6%) Naphtha 834 1,090 +256 +30.7% Jet Fuel 2,355 2,580 +225 +9.5% Kerosene 3,491 3,370 (121) (3.5%) Diesel Oil 9,686 9,670 (16) (0.2%) Heavy Fuel Oil A 2,950 2,890 (60) (2.
Slide 41: Sales Volume forecasts
Volume Sales Volume forecasts Basic Chemicals [kt,%] FY2025 FY2026 Change Results Forecast Basic Chemicals 3,004 3,530 +526 +17.5% Functional Materials [KKL,kt,%] FY2025 FY2026 Change Results Forecast Lubricants 1,067 1,090 +23 +2.2% Performance Chemicals 413 420 +7 +1.7% *Lubricants include sal
Slide 42: Production Volume forecasts
Volume 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% *The numbers reflect our rights and ownership ratios based on
Slide 43: Crude Oil Prices(Dubai)
Crude price Crude Oil Prices(Dubai) [USD/bbl] 150 130 110 90 70 50 30 10 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 43
Slide 44: 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] 160 60 Spread 140 Crude oil Gasoline 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 44
Slide 45: 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] 160 70 Spread Crude oil 140 60 Diesel oil 120 50 100 40 80 30 60 20 40 10 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 45
Slide 46: 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 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 46
Slide 47: 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] 250 70 Spread Dubai 60 Diesel Oil 200 50 150 40 30 100 20 50 10 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 47
Slide 48: 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 Product FY2024 FY2025 Change Mx spread Naptha PX 253 259 +6 1,200 PX MX 149 120 (29) MX 500 1,000 400 800 300 600 200 400 100 200 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr
Slide 49: Styrene Monomer-Naphtha
Product market price Styrene Monomer-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,600 800 SM spread BZ spread Naptha SM BZ Product FY2024 FY2025 Change 1,400 700 SM 434 330 (104) BZ 286 128 (158) 1,200 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Ap
Slide 50: Operational Data
Operation Operational Data Refinery Utilization（QoQ） FY FY FY2024 FY2024 FY2024 FY2024 FY2025 FY2025 FY2025 FY2025 2024 2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q BCD*1 76％ 79% 66% 72% 78% 89% 78% 72% 80％ 87% BSD*1 82% 86% 78% 82% 78% 92% 85% 83% 91% 87% *1 BCD：inc. regular maintenances, BSD： exc. regular maint
Slide 51: Overview of the Company
Business Overview Overview of the Company FY2025, actual or as of the end of April 2026 ∎ Petroleum Segment ∎ Functional Materials Segment Refining Capacity 931 KBD *1) (Lubricants, Performance Chemicals, Electronic Domestic fuel oil sales volume Materials, Agri life, Lithium Solid Electrolytes)
Slide 52: Petroleum Segment
Business Overview Petroleum Segment [KB/D] Refining Operating Company Refinery RH FCC RFCC FLG EUREKA Equity Ratio Capacity Japan Idemitsu Hokkaido 140 42 33 Kosan Chiba 200 40 45 Aichi 163 60 50 Showa Yokkaichi Yokkaichi 225 48 61 75.0% Sekiyu Toa Oil Keihin 60 42 27 100.0% Fuji Oil Sodegaura 143 4
Slide 53: 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 Fuji Oil Sodegaura 0.310 9
Slide 54: 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 55: Functional Materials Segment (2/2)
Business Overview 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 manu
Slide 56: 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 19.1 Biomass Keihin Biomass Power Plant (Kanagawa) Keihin Biomass Power 100 4.9 Tosa Power Plant (Kochi)
Slide 57: 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 58: 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 59: 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