Tokyo Gas Co., Ltd. · TSE:9531

Tokyo Gas — Q3 FY2026/3 Earnings Presentation

38 slides from Tokyo Gas's earnings presentation, Jan 30, 2026

  1. Slide 1: FY26/3 Q3 Financial Results

    TSE:9531 FY26/3 Q3 Financial Results ended December, 2025 January 30, 2026 Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

  2. Slide 2: Index

    Index ①Progress Toward Achieving 8% ROE ②Financial Results Overview ③Segment Overview 1 FY26/3 Q3 Financial Results ④Overview of Consolidated Balance Sheets ⑤Progress of the FY24/3-FY26/3 Medium-Term Investment Plan FY26/3 Q3 Financial Results ①FY26/3 Q3 vs FY25/3 Q3 2 in Detail (Data) ②FY26/3 Forec

  3. Slide 3: FY26/3 Q3 Financial Results

    1 FY26/3 Q3 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% 11.4% 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 0.75 Total

  5. Slide 5: Financial Results Overview: FY26/3 Q3 Financial Results Summary

    Details on ②Financial Results Overview: FY26/3 Q3 Financial Results Summary P.18 • Segment profit rose, driven by higher Energy solution profits from the change in city gas unit prices due to time lag effect, growth in electric power sales volume, etc., and by an increase in Overseas business profit

  6. Slide 6: FY26/3 Q3 Profit Variance Analysis (vs FY25/3 Q3)

    Details on ②Financial Results Overview: FY26/3 Q3 Profit Variance Analysis (vs FY25/3 Q3) P.20 One-time or (unit: 100 million yen) valuation-related Ordinary profit Adjustment items factors +77 +288 Extraordinary profit/loss +926 Asset recycling Business activity- +1,179 related <Extraordinary profi

  7. Slide 7: Revision of FY26/3 Forecast

    Details on ②Financial Results Overview: Revision of FY26/3 Forecast P.26 • The segment profit forecast is revised upward by 196 hundred million yen from the previous forecast based on higher Overseas business profits stemming from the higher sales unit price of US shale gas business and higher Energ

  8. Slide 8: Segment Overview: Energy Solution

    ③Segment Overview: Energy Solution • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Profits rose due to time lag and temperature effect on gas side, and due to increased sales volume and absence of one-time costs of previous fiscal year on the electric power side. • FY26/3 Forecast (vs. Previous Forecas

  9. Slide 9: Segment Overview: Energy Solution (City Gas Sales Volume)

    Details on ③Segment Overview: Energy Solution (City Gas Sales Volume) P.23, 32 • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Although residential and commercial sales rose due to low temperatures through Q1 to Q3, sales as a whole shrank modestly due to decline in industrial and wholesale sales. • FY

  10. Slide 10: Segment Overview: Energy Solution (Electric power Sales Volume)

    Details on ③Segment Overview: Energy Solution (Electric power Sales Volume) P.23, 32 • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Sales volume increased due to a growth in the number of retail customers and high temperatures during the summer. • FY26/3 Forecast (vs. Previous Forecast): Revised upwar

  11. Slide 11: Segment Overview: Network

    ③Segment Overview: Network • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Profit rose due to increase in third-party access revenue. • FY26/3 Forecast (vs. Previous Forecast): Continue to pursue cost reductions and therefore previous forecast is unchanged. FY26/3 Forecast ROA 0.1％ (unit: 100 million y

  12. Slide 12: Segment Overview: Overseas Business

    ③Segment Overview: Overseas Business • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Both sales and profits increased due to higher sales unit price of US shale gas. • FY26/3 Forecast (vs. Previous Forecast): Revised upward to reflect higher sales unit price in US shale business and a drop in the yen o

  13. Slide 13: Segment Overview: Urban Development

    ③Segment Overview: Urban Development • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Profit declined due to the delay in the reopening of Park Hyatt Tokyo (reopened Dec. 9) and a rise in its renovation costs. • FY26/3 Forecast (vs. Previous Forecast): Although the segment profit forecast was revised do

  14. Slide 14: Segment Overview: Urban Development

    ③Segment Overview: Urban Development • We expect to divest a total of approximately 500 hudred million yen in assets during FY26/3, including the sale of GINZA gCUBE. We also plan to implement capital recycling in excess of 700 hundred million yen during the course of the FY27/3-FY29/3 Medium- term

  15. Slide 15: Overview of Consolidated Balance Sheet

    ④Overview of Consolidated Balance Sheet Dec. 31, 2025 Mar. 31, 2025 (unit: 100 million yen) (unit: 100 million yen) (unit: 100 million yen) Total assets: 37,158 Total assets: 38,550 Change Main factors Other liabilities Current assets -762 Other liabilities (Other current assets -617, Notes and acco

  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 (unit: 100 million yen) FY24/3-26/3 Cumulative Annual Targets of FY26/3 FY25/3 FY24/3 Medium-term Forecast Forecast Results Results Management Plan Growth investments 6,500 8,855 2,583 2,470 3,801 Portion for decarbonization-related 2,300 1,

  17. Slide 17: FY26/3 Q3 Financial Results in Detail (Data)

    2 FY26/3 Q3 Financial Results in Detail (Data) Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 17

  18. Slide 18: FY26/3 Q3 vs FY25/3 Q3: Sales, Profit, etc.

    ①FY26/3 Q3 vs FY25/3 Q3: Sales, Profit, etc. (+/- indicate impact on profit, unit: 100 million yen) FY26/3 Q3 Results FY25/3 Q3 Results Change % Net sales 20,396 18,437 1,959 10.6 Operating profit 1,382 737 645 87.5 Segment profit (Operating profit + equity method profit/loss) 1,397 793 604 76.0 Ord

  19. Slide 19: FY26/3 Q3 vs FY25/3 Q3: Sales, Profit by Segments

    ①FY26/3 Q3 vs FY25/3 Q3: Sales, Profit by Segments (unit: 100 million yen) Segment Profit Net Sales*5 (Operating profit + equity method profit/loss) FY26/3 Q3 FY25/3 Q3 FY26/3 Q3 FY25/3 Q3 Change % Change % Results Results Results Results *1 Energy solution 18,090 16,557 1,533 9.3 1,359 963 396 41.0

  20. Slide 20: FY26/3 Q3 vs FY25/3 Q3: Ordinary Profit Analysis

    ①FY26/3 Q3 vs FY25/3 Q3: Ordinary Profit Analysis (unit: 100 million yen) Segment profit One-time or valuation Business activity-related Adjustment items +604 related factors （+76.0%） ●Gas +320 1,397←793 ➢Increase in city gas gross margin +232 • Change in volume (excl. change due to temp • Change in

  21. Slide 21: FY26/3 Q3 vs FY25/3 Q3: Assets, Cash Flow, etc.

    ①FY26/3 Q3 vs FY25/3 Q3: Assets, Cash Flow, etc. (unit: 100 million yen) FY26/3 Q3 Results FY25/3 Q3 Results Change % Total assets 37,158 38,550 - 1,392 - 3.6 Equity 16,125 17,254 - 1,129 - 6.5 Equity ratio 43.4% 44.8% - 1.4% ー Factoring in hybrid bonds/loans 44.5% 45.8% - 1.3% ー Interest-bearing de

  22. Slide 22: FY26/3 Q3 vs FY25/3 Q3: Financial Indicators

    ①FY26/3 Q3 vs FY25/3 Q3: Financial Indicators FY26/3 Q3 Results FY25/3 Q3 Results Change % Total assets turnover*1 (times) 0.54 0.47 0.07 ー EPS (\/share) 474.54 85.96 388.58 452.0 BPS*2 (\/share) 4,743.47 4,669.38 74.09 1.6 *1 Total assets, Equity are based upon average in each period *2 Figures in

  23. Slide 23: FY26/3 Q3 vs FY25/3 Q3: Sales Volume/Number of Customers

    ①FY26/3 Q3 vs FY25/3 Q3: Sales Volume/Number of Customers FY26/3 Q3 Results FY25/3 Q3 Results Change % Gas sales volume (million m 3) 11,316 11,248 68 0.6 City gas sales volume 7,948 7,961 - 13 - 0.2 Residential 1,694 1,647 47 2.8 Commercial 1,611 1,604 7 0.5 Industrial 3,501 3,517 - 16 - 0.4 Indust

  24. Slide 24: FY26/3 Q3 vs FY25/3 Q3: Analysis of Gas Gross Profit

    ①FY26/3 Q3 vs FY25/3 Q3: Analysis of Gas Gross Profit (unit: 100 million yen) FY26/3 Q3 FY25/3 Q3 Change % Results Results Gas sales 8,419 8,785 - 366 - 4.2 Gas raw materials and supplies 5,208 5,807 - 599 - 10.3 Gas gross profit 3,210 2,978 232 7.8 Volume, etc. 95 Temp. effect 42 Other 53 Time lag

  25. Slide 25: FY26/3 Q3 vs FY25/3 Q3: Main Consolidated Subsidiaries

    ①FY26/3 Q3 vs FY25/3 Q3: Main Consolidated Subsidiaries (unit: 100 million yen) Company name FY26/3 Q3 Results FY25/3 Q3 Results Change % Tokyo Gas Co.,Ltd. 15,008 16,311 - 1,303 - 8.0 Tokyo Gas Engineering *1 1,748 1,622 126 7.8 Solutions Group Net sales Tokyo Gas America Group*1 1,703 1,182 521 44

  26. Slide 26: FY26/3 Forecast vs Previous Forecast: 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 28,900 28,390 510 1.8 26,368 2,532 9.6 Operating proft 1,850 1,660 190 11.4 1,330 520 39.0 Segment profit 1,876 1,680 19

  27. Slide 27: FY26/3 Forecast: Sales, Profit by Segments

    ② FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Sales, Profit by Segments (unit: 100 million yen) vs Previous *5 Segment profit Net sales (Operating profit + equity method profit/loss) Forecast FY26/3 Previous FY26/3 Previous Change ％ Change ％ Forecast Forecast Forecast Forecast *1 Energ

  28. Slide 28: FY26/3 Forecast vs Previous Forecast: Ordinary Profit Analysis

    vs Previous ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Ordinary Profit Analysis Forecast (unit: 100 million yen) vs Previous Forecast Segment profit ⚫ Gas +63: +196 ➢ Increase in city gas gross margin +22: （+11.7%） 1,876←1,680 ・Change in volume, etc. +111 (incl. change due to temp ef

  29. Slide 29: FY26/3 Forecast vs FY25/3 Results: Ordinary Profit Analysis

    vs FY25/3 ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Ordinary Profit Analysis Results (unit: 100 million yen) vs FY25/3 Segment profit Results ⚫ Gas +272: +490 ➢ Increase in city gas gross margin +158: （+35.3%） 1,876←1,386 ・Change in volume, etc. +93 (incl. change due to temp effect

  30. Slide 30: 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 FY25/3 Change % Change % Forecast Forecast Results Total assets 37,670 36,550 1,120 3.1 38,550 - 880 - 2.3 Equity 16,640 15,720 920 5.9 17,254 - 614 - 3.6 Equity ratio 44.2% 43.

  31. Slide 31: FY26/3 Forecast: Financial Indicators

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Financial Indicators FY26/3 Previous FY25/3 Change % Change % Forecast Forecast Results Total assets turnover*1 (times) 0.76 0.76 -0.00 ― 0.68 0.08 ― ROA*1 (%) 5.1% 5.2% -0.1% ― 1.9% 3.2% ― ROE*1 (%) 11.4% 11.8% -0.4% ― 4.3% 7.1% ― WACC (%)

  32. Slide 32: 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 (million m3) 15,852 15,962 -110 -0.7 15,686 166 1.1 City gas sales volume 11,258 11,232 26 0.2 11,215 43 0.4 Residential 2,7

  33. Slide 33: FY26/3 Forecast: Analysis of Gas Gross Profit

    ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Analysis of Gas Gross Profit (unit: 100 million yen) FY26/3 Previous FY25/3 Change % Change % Forecast Forecast Results Gas sales 12,003 11,922 81 0.7 12,562 - 559 - 4.4 Gas raw materials and supplies 7,518 7,459 59 0.8 8,235 - 717 - 8.7 Gas

  34. Slide 34: 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 FY25/3 Company name Change % Change % Forecast Forecast Results Tokyo Gas Engineering 2,361 2,339 22 0.9 2,263 98 4.3 Solutions Group*1 Tokyo Gas America Group*1,2 2,428

  35. Slide 35: Reference

    3 Reference Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 35

  36. Slide 36: 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 $1/bbl (unit: 100 million yen) Impact on Earnings Q4 Gas sales: 0, Period Q4 0 Gas raw materials and supplies: 0 Impact of depreciation of the yen by ¥1/$ (unit: 100 mill

  37. Slide 37: 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

  38. Slide 38: Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

    Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 38

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