Tokyo Gas Co., Ltd. · TSE:9531

Tokyo Gas — FY2026 Earnings Presentation

44 slides from Tokyo Gas's earnings presentation, Apr 28, 2026

  1. Slide 1: FY26/3 Financial Results

    TSE:9531 FY26/3 Financial Results ended March, 2026 April 28, 2026 Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

  2. Slide 2: Index

    Index 1-1 Progress Toward Achieving the FY29/3 ROE 9% Target Action Toward Corporate 1-2 Review of Our “Actions towards the Realization of 1 Value Enhancement Management Conscious of Cost of Capital and Stock Price” 1-3 ROIC by Segment 2-1 Financial Highlights 2-2 Shareholder Returns 2 Financial Hig

  3. Slide 3: Action Toward Corporate Value Enhancement

    1 Action Toward Corporate Value Enhancement Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 3

  4. Slide 4: 1-1 Progress Toward Achieving the FY29/3 ROE 9% Target

    【1-1 Progress Toward Achieving the FY29/3 ROE 9% Target】 FY26/3 Results FY27/3 Forecast ROE ROE 13.2% 8.0% Profit attributable to owners of parent Profit attributable to owners of parent 2,268 • Net profit is forecast to decrease due to the absence of 1,370 hundred million yen extraordinary profit.

  5. Slide 5: 1-2 Review of Our Actions towards Management Conscious of Cost of Capital (1)

    【1-2 Review of Our “Actions towards the Realization of Management Conscious of Cost of Capital and Stock Price” (1)】 【Assessment of our challenges】 • Under the Medium-term Management Plan (MTMP) for FY2023-2025 (ended FY26/3), we promoted the advancement of our management practices with an ROE of 8%

  6. Slide 6: 1-2 Review of Our Actions towards Management Conscious of Cost of Capital (2)

    【1-2 Review of Our “Actions towards the Realization of Management Conscious of Cost of Capital and Stock Price” (2)】 Specific actions taken to improve ROE ① Improving profitability & capital efficiency through ② Utilizing leverage through capital structure optimization portfolio realignment ⚫ Improv

  7. Slide 7: 1-3 ROIC by Segment

    【1-3 ROIC by Segment】 (unit: 100 million yen) FY26/3 Results FY27/3 Forecast FY29/3 Plan 3- yr Invested Invested Invested WACC ROIC ROIC ROIC capital capital capital Energy 14,157 6.9% 14,074 6.4% 13,000 6.0% 3.0% （Gas, Electric power, Network ） Solutions 2,609 5.2% 2,744 4.1% 4,100 5.0% 4.0% Overse

  8. Slide 8: Financial Highlights

    2 Financial Highlights Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 8

  9. Slide 9: 2-1 Financial Highlights: FY26/3 Results Summary

    Details on 【2-1 Financial Highlights】FY26/3 Results Summary P.22 • In FY26/3, the final year of the previous medium-term plan, both sales and profit increased YoY. • Segment profit increased by 625 hundred million yen YoY, driven by profit growth in Overseas business from the stabilization of earnin

  10. Slide 10: 2-1 FY26/3 Results Profit Variance Analysis (vs FY25/3)

    Details on 【2-1 Financial Highlights】FY26/3 Results Profit Variance Analysis (vs FY25/3) P.24 One-time or (unit: 100 million yen) valuation-related Ordinary profit Adjustment items factors +152 +208 Extraordinary profit/loss +1,027 Asset recycling Business activity- +1,238 related <Extraordinary pro

  11. Slide 11: 2-1 Financial Highlights: FY27/3 Forecast

    Details on 【2-1 Financial Highlights】FY27/3 Forecast P.30 • The forecast has been formulated by partially factoring in the current situation in the Middle East (JCC price assumption: H1 $100/bbl, H2 $70/bbl). • Profit growth is anticipated in Overseas business from a strong US shale gas business and

  12. Slide 12: 2-2 Shareholder Returns

    【2-2 Shareholder Returns】 • To achieve the ROE target of 9% set in the Medium-term Management Plan, we will promote equity control in parallel with profit growth. • Regarding shareholder returns, we will provide stable returns reflecting our growth through progressive dividends, and execute shares b

  13. Slide 13: 2-3 Consolidated Balance Sheet

    【2-3 Consolidated Balance Sheet】 Mar. 31, 2026 Mar. 31, 2027 (Forecast) (unit: 100 million yen) (unit: 100 million yen) (unit: 100 million yen) Total assets: 38,922 Total assets: 39,560 Change Main factors Other liabilities Total 638 Other liabilities assets Current Profit attributable to owners of

  14. Slide 14: 2-4 Cash Allocation

    【2-4 Cash Allocation】 • Total investment net of cash-in from investment recovery and asset sales, is planned at 4,145 hundred million yen, a level in line with the Medium-term Management Plan (gross investment: 4,777 hundred million yen). • We will execute selective investments necessary for profit

  15. Slide 15: Supplementary Information

    3 Supplementary Information Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 15

  16. Slide 16: 3-1 Segment Overview: Energy Solution

    【3-1 Segment Overview】Energy Solution • FY26/3 Results (vs. FY25/3 Results): Gas profit increased, due to improved gross profit per unit from advantageous procurement and time lag effect, and higher sales volume from temperature effects. For electric power, profit also increased due to improved unit

  17. Slide 17: 3-1 Energy Solution (City Gas Sales Volume)

    Details on 【3-1 Segment Overview】Energy Solution (City Gas Sales Volume) P.27,35 • FY26/3 Results (vs. FY25/3 Results): Although residential and commercial sales increased due to low temperature effects, sales as a whole decreased as a result of a broader decline in industrial and wholesale sales. •

  18. Slide 18: 3-1 Energy Solution (Electric Power Sales Volume)

    Details on 【3-1 Segment Overview】Energy Solution (Electric power Sales Volume) P.27,35 • FY26/3 Results (vs. FY25/3 Results): Sales volume increased, driven by an increase in retail customers and the impact of high summer temperatures. • FY27/3 Forecast (vs. FY26/3 Results): Sales volume is forecast

  19. Slide 19: 3-1 Segment Overview: Network

    【3-1 Segment Overview】Network • FY26/3 Results (vs. FY25/3 Results): Profit increased due to an increase in third-party access revenue and a drop in depreciation. • FY27/3 Forecast (vs. FY26/3 Results): Although further efforts will be made to reduce costs, profit is forecast to decrease due to a ri

  20. Slide 20: 3-1 Segment Overview: Overseas Business

    【3-1 Segment Overview】Overseas Business • FY26/3 Results (vs. FY25/3 Results): Profit increased driven by higher sales unit prices in US shale gas business. • FY27/3 Forecast (vs. FY26/3 Results): Profit is forecast to increase, due to a stable profit in US shale gas business through hedging and low

  21. Slide 21: 3-1 Segment Overview: Urban Development

    【3-1 Segment Overview】Urban Development • FY26/3 Results (vs. FY25/3 Results): Profit decreased due to increased costs related to the renovation of Park Hyatt Tokyo (reopened Dec. 9, 2025). • FY27/3 Forecast (vs. FY26/3 Results): Profit is forecast to increase, driven by the completion of the renova

  22. Slide 22: 3-2 FY26/3 vs FY25/3: Sales, Profit, etc.

    【3-2 FY26/3 vs FY25/3】Sales, Profit, etc. (+/- indicate impact on profit, unit: 100 million yen) FY26/3 Results FY25/3 Results Change % Net sales 28,347 26,368 1,979 7.5 Operating profit 1,976 1,330 646 48.5 Segment profit 2,011 1,386 625 45.1 (Operating profit + equity method profit/loss) Ordinary

  23. Slide 23: 3-2 FY26/3 vs FY25/3: Sales, Profit by Segments

    【3-2 FY26/3 vs FY25/3】Sales, Profit by Segments (unit: 100 million yen) *5 Segment Profit Net Sales (Operating profit + equity method profit/loss) FY26/3 FY25/3 FY26/3 FY25/3 Change % Change % Results Results Results Results Energy solution*1 24,861 23,404 1,457 6.2 1,502 1,217 285 23.5 (including e

  24. Slide 24: 3-2 FY26/3 vs FY25/3: Ordinary Profit Analysis

    【3-2 FY26/3 vs FY25/3】Ordinary Profit Analysis (unit: 100 million yen) Segment profit One-time or valuation Business activity-related Adjustment items +625 related factors （+45.1%） ●Gas +149 2,011←1,386 ➢Increase in city gas gross profit +224 • Change in volume (excl. change due to temp • Change in

  25. Slide 25: 3-2 FY26/3 vs FY25/3: Assets, Cash Flow, etc.

    【3-2 FY26/3 vs FY25/3】Assets, Cash Flow, etc. (unit: 100 million yen) FY26/3 Results FY25/3 Results Change % Total assets 38,922 38,550 372 1.0 Equity 17,174 17,254 -80 -0.5 Equity ratio 44.1% 44.8% -0.7% ー Factoring in hybrid bonds/loans 45.2% 45.8% -0.6% ー Interest-bearing debt 12,772 13,362 -590

  26. Slide 26: 3-2 FY26/3 vs FY25/3: Financial Indicators

    【3-2 FY26/3 vs FY25/3】Financial Indicators 【Revised on June 30, 2026】 FY26/3 Results FY25/3 Results Change % Total assets turnover*1 (times) 0.73 0.68 0.05 ー ROA *1 (%) 5.9% 1.9% 3.9% ー ROE *1 (%) 13.2% 4.3% 8.8% ー WACC (%) 3.4% 3.2% 0.2% ー EPS (\/share) 654.76 192.22 462.54 240.6 BPS (\/share) 5,15

  27. Slide 27: 3-2 FY26/3 vs FY25/3: Sales Volume/Number of Customers

    【3-2 FY26/3 vs FY25/3】Sales Volume/Number of Customers FY26/3 Results FY25/3 Results Change % Gas sales volume (million m3) 15,612 15,686 -74 -0.5 City gas sales volume 11,175 11,215 -40 -0.4 Residential 2,719 2,663 56 2.1 Commercial 2,275 2,267 8 0.3 Industrial 4,630 4,681 -51 -1.1 Industrial 2,778

  28. Slide 28: 3-2 FY26/3 vs FY25/3: Analysis of Gas Gross Profit

    【3-2 FY26/3 vs FY25/3】Analysis of Gas Gross Profit (unit: 100 million yen) FY26/3 Results FY25/3 Results Change % Gas sales 11,910 12,562 -652 -5.2 Gas raw materials and supplies 7,388 8,263 -875 -10.6 Gas gross profit 4,523 4,299 224 5.2 Volume, etc. 191 Temp. effect 67 Other 124 Time lag effect 33

  29. Slide 29: 3-2 FY26/3 vs FY25/3: Main Consolidated Subsidiaries

    【3-2 FY26/3 vs FY25/3】Main Consolidated Subsidiaries (unit: 100 million yen) Company name FY26/3 Results FY25/3 Results Change % Tokyo Gas Co.,Ltd. 20,727 22,394 -1,667 -7.4 Tokyo Gas Engineering 2,355 2,263 92 4.1 Solutions Group*1 Net sales Tokyo Gas America Group*1 2,436 1,806 630 34.9 Other 15,0

  30. Slide 30: 3-3 FY27/3 Forecast vs FY26/3 Results: Sales, Profit, etc.

    【3-3 FY27/3 Forecast vs FY26/3 Results】Sales, Profit, etc. (unit: 100 million yen) FY27/3 Forecast FY26/3 Results Change % Net sales 29,470 28,347 1,123 4.0 Operating proft 1,860 1,976 - 116 - 5.9 Segment profit 1,950 2,011 - 61 - 3.1 (Operating profit + equity method profit/loss) Ordinary profit 1,

  31. Slide 31: 3-3 FY27/3 Forecast: Sales, Profit by Segments

    【3-3 FY27/3 Forecast vs FY26/3 Results】Sales, Profit by Segments (unit: 100 million yen) *6 Segment Profit Net Sales (Operating profit + equity method profit/loss) FY27/3 FY26/3 FY27/3 FY26/3 Change % Change % Forecast Results Forecast Results *1 Energy solution 25,394 24,861 533 2.1 1,402 1,502 - 1

  32. Slide 32: 3-3 FY27/3 Forecast: Ordinary Profit Analysis

    【3-3 FY27/3 Forecast vs FY26/3 Results】Ordinary Profit Analysis (unit: 100 million yen) Segment profit ⚫ Gas +235: -61 ➢ Increase in city gas gross profit +59: （-3.1%）  Change in volume, etc. -11 (incl. change due to temp effect +24), time lag effect +70 1,950←2,011 (Net sales) +603: Increase in un

  33. Slide 33: 3-3 FY27/3 Forecast: Assets, Cash Flow, etc.

    【3-3 FY27/3 Forecast vs FY26/3 Results】Assets, Cash Flow, etc. (unit: 100 million yen) FY27/3 Forecast FY26/3 Results Change % Total assets 39,560 38,922 638 1.6 Equity 17,040 17,174 - 134 - 0.8 Equity ratio 43.1% 44.1% - 1.0% ― Factoring in hybrid bonds/loans 44.1% 45.2% - 1.1% ― Interest-bearing d

  34. Slide 34: 3-3 FY27/3 Forecast: Financial Indicators

    【3-3 FY27/3 Forecast vs FY26/3 Results】Financial Indicators FY27/3 Forecast FY26/3 Results Change % Total assets turnover*1 (times) 0.75 0.73 0.02 ― ROA*1 (%) 3.5% 5.9% - 2.4% ― ROE*1 (%) 8.0% 13.2% - 5.2% ― WACC (%) 4.3% 3.4% 0.9% ― EPS (\/share) 418.07 654.76 - 236.69 - 36.1 BPS (\/share) 5,229.95

  35. Slide 35: 3-3 FY27/3 Forecast: Sales Volume/Number of Customers

    【3-3 FY27/3 Forecast vs FY26/3 Results】Sales Volume/Number of Customers FY27/3 Forecast FY26/3 Results Change % 3 Gas sales volume (million m ) 15,135 15,612 - 477 - 3.1 City gas sales 10,790 11,175 - 385 - 3.4 Residential 2,704 2,719 - 15 - 0.6 Commercial 2,223 2,275 - 52 - 2.3 Industrial 4,327 4,6

  36. Slide 36: 3-3 FY27/3 Forecast: Analysis of Gas Gross Profit

    【3-3 FY27/3 Forecast vs FY26/3 Results】Analysis of Gas Gross Profit (unit: 100 million yen) FY27/3 Forecast FY26/3 Results Change % Gas sales 12,513 11,910 603 5.1 Gas raw materials and supplies 7,931 7,388 543 7.4 Gas gross profit 4,582 4,523 59 1.3 Volume, etc. - 11 Temp. effect 24 Other - 35 Time

  37. Slide 37: 3-3 FY27/3 Forecast: Main Consolidated Subsidiaries

    【3-3 FY27/3 Forecast vs FY26/3 Results】Main Consolidated Subsidiaries (unit: 100 million yen) Company name FY27/3 Forecast FY26/3 Results Change % Tokyo Gas Engineering 2,434 2,355 79 3.4 Solutions Group*1 *1,2 Net sales Tokyo Gas America Group 2,467 2,436 31 1.3 Other 14,987 15,007 - 20 - 0.1 Conso

  38. Slide 38: 3-4 FY24/3-FY26/3 Medium-Term Investment Plan / Results

    【3-4 FY24/3-FY26/3 Medium-Term Investment Plan / Results】 (unit: 100 million yen) FY24/3-26/3 Cumulative Annual Results Targets of Medium-term FY26/3 FY25/3 FY24/3 Results Management Results Results Results Plan Growth investments 6,500 8,555 2,284 2,470 3,801 Portion for decarbonization-related 2,3

  39. Slide 39: 3-5 Change in Asset Composition

    【3-5 Change in Asset Composition】 (unit: 100 million yen) Mar. 31, 2026 % Mar. 31, 2025 % Change % Main Factors 【Assets】 Cash and deposits -572, Notes and accounts receivable - trade, and contract assets -175, Current assets 10,347 26.6% 10,471 27.2% -124 -1.2 Other current assets +428, Raw material

  40. Slide 40: 3-6 City Gas Gross Profit Sensitivity to Crude Oil Price / Exchange Rate

    【3-6 City Gas Gross Profit Sensitivity to Change in Crude Oil Price / Exchange Rate】 Impact of rising JCC (Japan Crude Cocktail Prices) by $1/bbl *Sensitivity to our crude oil price assumptions: H1 average $100/bbl, H2 average $70/bbl (unit: 100 million yen) Impact on Earnings Q1 Q2 Q3 Q4 Full year

  41. Slide 41: 3-7 Crude Oil Price / Exchange Rate

    【3-7 Crude Oil Price / Exchange Rate / Temperature】 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

  42. Slide 42: 3-7 Temperature

    【3-7 Crude Oil Price / Exchange Rate / Temperature】 Temperature 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 (℃) FY26/3 FY25/3 Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 42

  43. Slide 43: 3-8 Time lag profit/loss (City Gas)

    【3-8 Time lag profit/loss (City Gas)】 Conceptual diagram of time lag profit/loss (city gas) Revenues Costs FY25/3 Results FY26/3 Results Time lag profit: 73 hundred million yen Time lag profit: 106 hundred million yen Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 43

  44. Slide 44: Copyright © TOKYO GAS Co., Ltd. All Rights Reserved.

    Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 44

Tokyo Gas — FY2026 Earnings Presentation on 6ix