Inpex Corporation · TSE:1605
Inpex — Inpex Corp Ord — FY2025 Earnings Presentation
44 slides from Inpex's earnings presentation, Feb 12, 2026
Slide 1: Financial Results for the year ended December 31, 2025
Financial Results for the year ended December 31, 2025 INPEX CORPORATION (Securities Code:1605) February 12, 2026
Slide 2: Investor Meeting on the Financial Results for the year ended December 31, 2025
Investor Meeting on the Financial Results for the year ended December 31, 2025 Time (JST) Program Speakers Takayuki Ueda 16:30-16:40 Business Overview Representative Director, President & CEO Consolidated Financial Results for the year ended December 31, 2025 Daisuke Yamada 16:40-16:55 Director, Sen
Slide 3: Cautionary Statement
Cautionary Statement This presentation includes forward-looking information that reflects the plans and expectations of the Company. Such forward-looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves k
Slide 4: Business Overview
Business Overview Takayuki Ueda Representative Director, President & CEO 3
Slide 5: FY2025 Highlights (1)
Business Overview FY2025 Highlights (1) Profit attributable to owners of parent, adjusted for oil price and foreign exchange impacts, reached a record high in FY2025. Share price rose by approximately 60% over the past year, outperforming the TOPIX. Profit attributable to owners of parent, adjusted
Slide 6: FY2025 Highlights (2)
Business Overview FY2025 Highlights (2) Initiatives and Performance in FY2025 Outlook for FY2026 Announced INPEX Vision 2035, articulating plans for both Profit is forecasted at ¥330.0 billion down by ¥63.8 billion future growth and shareholder returns. YoY, mainly due to reflection of lower cru
Slide 7: External Environment Changes and the Reassessment of the Importance of Fossil Fuels
Business Overview External Environment Changes and the Reassessment of the Importance of Fossil Fuels The external environment has shifted from a strong emphasis on “energy decarbonization and sustainability” to a greater focus on “energy security and affordability.” Amid these changes, the importan
Slide 8: LNG Supply and Demand Outlook
Business Overview LNG Supply and Demand Outlook Global LNG demand in 2035 is expected to increase from the current level of approximately 400 million tonnes per annum to around 700 million tonnes. Demand will be concentrated in the Asia–Oceania region, accounting for about 60% of the total. Supply s
Slide 9: Business Activities – Oil and Gas Business –
Business Overview Business Activities – Oil and Gas Business – At Ichthys LNG Project, although the shutdown maintenance experienced some delay during the re-startup, all planned activities were successfully completed. We continue to conduct stable operations. Abadi LNG Project, next pillar for grow
Slide 10: Business Activities – Lower-carbon solutions, Energy and Resources fields –
Business Overview Business Activities – Lower-carbon solutions, Energy and Resources fields – Aa part of our lower-carbon solutions, we have established Kashiwazaki Hydrogen Park and plan to commence demonstration operations around the middle of 2026. Net electric power generation capacity increased
Slide 11: FY2026 Profit and Shareholder Returns
Business Overview FY2026 Profit and Shareholder Returns Profit for FY2026 is expected to be ¥330.0 billion, representing a decrease of ¥63.8 billion YoY compared with FY2025. Meanwhile, core earnings*, excluding the impacts of crude oil prices, foreign exchange rates, and one-off factors, are expect
Slide 12: Consolidated Financial Results for the year ended December 31, 2025
Consolidated Financial Results for the year ended December 31, 2025 Daisuke Yamada Director, Senior Managing Executive Officer, Senior Vice President Finance & Accounting 11
Slide 13: FY2025 Financial Highlights
Consolidated Financial Results for the year ended December 31, 2025 FY2025 Financial Highlights FY2024 FY2025 Change % Change Average crude oil price (Brent) ($/bbl) 79.86 68.19 (11.67) (14.6%) 2.07 yen 1.4% Average exchange rate (¥/$) 151.69 149.62 appreciation appreciation Revenue (Billions of yen
Slide 14: Revenue by Major Products
Consolidated Financial Results for the year ended December 31, 2025 Revenue by Major Products Revenue, Sales volume, Unit price and Exchange rate Analysis of Revenue (Billions of yen) FY2024 FY2025 Change % Change Crude Oil (181.7) Revenue +70.2 1,712.0 1,530.2 (181.7) (10.6%) (Billions of yen) (230
Slide 15: Analysis of Profit (FY2024 vs. FY2025)
Consolidated Financial Results for the year ended December 31, 2025 Analysis of Profit (FY2024 vs. FY2025) A decrease in revenue due to lower oil prices and yen appreciation and a reduction in income tax expense led to a profit of ¥393.8 billion for FY2025, down by ¥33.5 billion compared to FY2024.
Slide 16: Consolidated Financial Forecasts for the year ending December 31, 2026
Consolidated Financial Forecasts for the year ending December 31, 2026 Daisuke Yamada Director, Senior Managing Executive Officer, Senior Vice President Finance & Accounting 15
Slide 17: FY2026 Financial Forecasts
Consolidated Financial Forecasts for the year ending December 31, 2026 FY2026 Financial Forecasts The full-year profit for FY2026 is forecast at ¥330.0 billion. Full Year *1 FY2025 FY2026 Change % Change Actual Forecasts Average crude oil price (Brent) ($/bbl) 68.19 63.0 (5.19) (7.6%) 1.38 yen 0.9%
Slide 18: Analysis of Change in Profit Forecasts (FY2025 vs. FY2026)
Consolidated Financial Forecasts for the year ending December 31, 2026 Analysis of Change in Profit Forecasts (FY2025 vs. FY2026) Despite safe and reliable operations at the Ichthys and other key projects, the full-year profit for FY2026 is forecast at ¥330.0 billion (a decrease of ¥63.8 billion fro
Slide 19: Sensitivities of crude oil price and foreign exchange fluctuation
Consolidated Financial Forecasts for the year ending December 31, 2026 Sensitivities of crude oil price and foreign exchange fluctuation Sensitivities of crude oil price and foreign exchange fluctuation on consolidated profit attributable to owners of parent for the year ending December 31, 2026*1 （
Slide 20: Cash Flow
Consolidated Financial Forecasts for the year ending December 31, 2026 Cash Flow*1 FY2025 FY2026 Change (Billions of yen) Actual Forecasts (Billions of yen) CFFO *2 862.6 842.0 (20.6) Cash Flow from Investment (including exploration investment) (724.6) (862.0) (137.4) 842.0 Growth Investment (386.9)
Slide 21: Breakdown of Growth Investments
Consolidated Financial Forecasts for the year ending December 31, 2026 Investment Criteria (Reference) Breakdown of Growth Investments Growth Pillar 1 (Oil & Natural Gas): EIRR in the mid-teens at FID Growth Pillar 2 (CCS and Hydrogen):EIRR of around 10% Growth Pillar 3 (Renewable Energy and Power):
Slide 22: ROIC by Segment
Consolidated Financial Forecasts for the year ending December 31, 2026 ROIC by Segment* FY2025 FY2026 Change (%) Actual Forecasts O&G Japan 8.3 (0.4) (8.7) O&G Overseas Ichthys 7.5 6.7 (0.8) O&G Overseas Others 9.9 5.9 (4.0) Others (9.5) (4.8) 4.7 Renewable Energy etc. (5.0) (2.3) 2.7 CCS and Hydrog
Slide 23: Progress Update for “Sustainable Growth of Corporate Value”
Progress Update for “Sustainable Growth of Corporate Value” Toshiaki Takimoto Director, Senior Executive Vice President Corporate Strategy & Planning 22
Slide 24: FY2025 Progress Status
Sustainable Growth of Corporate Value FY2025 Progress Status As a result of the share price increase over the past year, the P/B ratio has improved to 0.77. We will continue to strengthen initiatives aimed at achieving a P/B ratio of over 1x (0.94 as of February 10). Year-End PBR, Share Price and BP
Slide 25: Enhancing Capital Efficiency / Building Confidence in Future Growth
Sustainable Growth of Corporate Value Enhancing Capital Efficiency / Building Confidence in Future Growth We are strengthening our earnings base through existing businesses and projects that will drive future business growth in compliance with our investment discipline. In addition, we aim to enhanc
Slide 26: Sustainable Growth of Cash Flow
Sustainable Growth of Corporate Value Sustainable Growth of Cash Flow - Building on stable cash-generation capabilities and making strategic investments in the oil and natural gas business Growth Investments 2025-2027: Focus on Abadi, exploration, Cash Flow Growth Image expansion, and new asset acqu
Slide 27: Strengthening Shareholder Returns and Dialogue with Investors
Sustainable Growth of Corporate Value Strengthening Shareholder Returns and Dialogue with Investors Under the current Mid-term Business Plan, announced a progressive dividend policy and a total return ratio of 50% or more, and steadily executing these commitments. Continuing flexible share buybacks
Slide 28: Appendix
INPEX Appendix Copyright © 2026 INPEX CORPORATION. All rights reserved. 27
Slide 29: Targets
Appendix Progress against Mid-term Business Plan 2025-2027 FY2025-2027 FY2025 FY2026 Medium-term Business FY2035 Targets Actual Forecasts Plan Targets Brent Oil Price (US$/bbl) 68.19 63.0 70 - Assump- tions Exchange rate (JPY/US$) 149.62 151.0 135 - Major Incidents*1 2 Zero Zero Zero A progressive a
Slide 30: Analysis of Change in Profit (Forecast announced in November vs. Actual)
Appendix Analysis of Change in Profit (Forecast announced in November vs. Actual) (Billions of yen) Market factors Business activities factors Other factors +4.6 +11.9 (12.7) +5.7 +6.2 +2.1 +2.5 (12.7) (US$/bbl) (Yen/US$) ・Forecast 67.5 ・Forecast 148.6 Decrease in OPEX and ・Actual 68.2 ・Actual 149.6
Slide 31: Public Offering Proceeds Returned through Active and Flexible Buybacks
Appendix Public Offering Proceeds Returned through Active and Flexible Buybacks In the fiscal year ended March 2011, the Company raised approximately ¥520.0 billion through a public equity offering (520 million shares*). Following the steady increase in cash flows driven by stable production at the
Slide 32: Net Production Volume (boe per day) and Production Cost per BOE Produced
Appendix Net Production Volume (boe per day) and Production Cost per BOE Produced Net Production Volume (boe per day)*1 Production Cost per BOE Produced*2 （thousand boed） (US$/boe) Oil & Gas Japan Oil & Gas Overseas (Ichthys Project) Incl. royalty Excl. royality Oil & Gas Overseas (Other Projects) 6
Slide 33: First Half and Second Half Forecasts
Appendix First Half and Second Half Forecasts FY2025 FY2026 % Second half FY2025 FY2026 % First half Change Change Actual Forecasts Change (Reference information) Actual Forecasts Change Average crude oil Average crude oil price (Brent) ($/bbl) 70.81 63.5 (7.31) (10.3%) price (Brent) ($/bbl) 65.57 6
Slide 34: Invested Capital and Adjusted Profit by Segment
Appendix Invested Capital*1 and Adjusted Profit*2 by Segment FY2025 FY2026 Change (Billions of yen) Actual Forecast Invested Capital 267.7 272.7 5.0 O&G Japan Adjusted Profit 22.2 (1.1) (23.3) Invested Capital 4,278.9 3,969.2 (309.7) O&G Overseas Ichthys Adjusted Profit 321.4 264.1 (57.3) Invested C
Slide 35: Ichthys project Cargoes Shipped by Product Type
Appendix Ichthys project Cargoes Shipped by Product Type In 2026, although there will be no large-scale shutdown maintenance, commissioning activities for booster compressor modules (low-pressure production facilities) startup is scheduled. Planned LNG shipments are around 10 cargoes per month. FY20
Slide 36: Condensed Consolidated Statement of Financial Position
Appendix Condensed Consolidated Statement of Financial Position December 31, December 31, Change % Change (Billions of yen) 2024 2025 Current assets Summary of financial information for 870.2 1,109.0 238.8 27.5% Ichthys downstream IJV, a joint venture (100% basis, including the Company’s Non-current
Slide 37: Ichthys Paid-in Capital Reductions
Appendix Ichthys Paid-in Capital Reductions Foreign exchange (FX) gains and deferred tax liabilities (DTL) were recognized in the current period, following the paid-in capital reductions of the equity interest in INPEX Holdings Australia Pty Ltd, which constitutes the Ichthys LNG Project. These paid
Slide 38: Condensed Consolidated Statement of Profit or Loss
Appendix Condensed Consolidated Statement of Profit or Loss (Billions of yen) FY2024 FY2025 Change % Change Revenue 2,265.8 2,011.3 (254.4) (11.2%) Increase in sales volume: +36.5 Decrease in unit price: (269.3) Cost of sales (915.3) (864.5) 50.7 (5.5%) Exchange rate: (26.0) Others: +4.4 Gross profi
Slide 39: Other Income and Expenses / Finance Income and Costs
Appendix Other Income and Expenses / Finance Income and Costs (Billions of yen) FY2024 FY2025 Change % Change Note Other operating income 35.8 84.1 48.2 134.7% Gain on reversal of impairment loss － 41.2 41.2 － Foreign exchange gain 7.4 32.4 25.0 337.0% Gain on transfer of participating interests 15.
Slide 40: Revenue
Appendix Revenue (Billions of yen) Product FY2024 FY2025 Change % Change Crude Oil 3.7 2.6 (1.0) (28.7%) Natural Gas (excluding LPG) 192.7 168.8 (23.9) (12.4%) Japan Other 20.4 20.6 0.2 1.2% Total 216.9 192.1 (24.7) (11.4%) Crude Oil 194.3 152.9 (41.4) (21.3%) Australia & Natural Gas (excluding LPG)
Slide 41: Sales Volume
Appendix Sales Volume Product FY2024 FY2025 Change % Change Crude Oil (thousand bbl) 317 255 (62) (19.5%) Japan Natural Gas (excluding LPG) (million cf) 91,961 80,159 (11,802) (12.8%) Crude Oil (thousand bbl) 15,819 14,398 (1,420) (9.0%) Australia & Southeast Asia Natural Gas (excluding LPG) (millio
Slide 42: Net Production Volume
Appendix Net Production Volume* Product FY2024 Y2025 Change % Change Crude Oil (thousand bbl) 804 763 (41) (5.0%) Natural Gas (million cf) 30,111 27,904 (2,207) (7.3%) Japan Iodine (ton) 558 599 40 7.2% Electric power generation (million KWh) 189 69 (120) (63.5%) Crude Oil (thousand bbl) 16,141 15,5
Slide 43: ESG Initiatives in FY2025 – Key Topics
Appendix ESG Initiatives in FY2025 – Key Topics Selected for major ESG indices adopted by GPIF etc., including: MSCI Japan ESG Select Leaders Index, MSCI Nihonkabu ESG Select Leaders Index ESG FTSE JPX Blossom Japan Index, FTSE JPX Blossom Japan Sector Relative Index, FTSE４Good Developed Index
Slide 44: At INPEX, our energy is helping shape a brighter future.
At INPEX, our energy is helping shape a brighter future. We are embracing today’s opportunities for ever cleaner and secure energy, supporting a sustainable tomorrow. Proudly contributing to positive economic and social outcomes, we are powering human progress and improving lives. Energy for a brigh