Idemitsu Kosan Co., Ltd. · TSE:5019
Idemitsu Kosan — Q3 FY2025 Earnings Presentation
49 slides from Idemitsu Kosan's earnings presentation, Feb 10, 2026
Slide 1: Presentation on Results for the 3rd Quarter FY2025
Presentation on Results for the 3rd Quarter FY2025 February 10, 2026 Idemitsu Kosan Co.,Ltd.
Slide 2: Table of Contents
Table of Contents Topics Highlights Results for the 3Q FY2025 Reference Income and Expenses Structure of Petroleum Segment Financial results Volume Crude/product price and operation Business overview 2
Slide 3: Topics
€& idemitsu @ Topics Copyright © Idemitsu Kosan Co,Ltd. All Rights Reserved.
Slide 4: Topics(1/4)
Topics(1/4) 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 of mass production technolog
Slide 5: Our strength in development of sulfide-based solid electrolytes
Our strength in development of sulfide-based solid electrolytes The features of all-solid-state batteries and our development material “Sulfide-based solid electrolytes” satisfy the essential performance requirements for EVs The material that we are developing is highly flexible and adhesive t
Slide 6: Topics(2/4)
Topics(2/4) 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 As for the sponsors loan, which accounts for approximately 60% of the i
Slide 7: Topics(3/4)
Topics(3/4) Final Agreement on consolidating Chiba Ethylene Complexes to Optimize Production Idemitsu and Mitsui Chemicals have agreed to consolidate their ethylene facilities into one unit at Mitsui’s existing site in July 2027 aim to further strengthen the competitiveness of their existing ope
Slide 8: Topics(4/4)
Topics(4/4) Completion of oil-chemical recycling facility that contributes to the realization of plastic Resources circulation Oil-chemical recycling facility, constructed by Chemical Recycle Japan Co. Ltd. that is Group company of Idemitsu Kosan, has been completed The facility, 20,000 tons/y
Slide 9: Highlights
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Slide 10: Results for 3Q FY2025
Results for 3Q FY2025 Results for 3Q FY2025 (exc. Inventory impact)(Billion Yen) FY2024 FY2025 Both operating + equity income and net income decreased, primarily due to several major planned 168.5 143.5 116.9 105.7 shutdown maintenance and falling coal prices Operating + Equity Net Income Income
Slide 11: Results for 3Q FY2025
© idemitsu @Results for 3Q FY2025 11
Slide 12: 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 158.0 140.3 85.0 85.3 140.0 156.0 155.9 135.6 137.7 154.1 154.0 80.0 130.0 152.6 152.4 78.3 76.9 125.8 152.0 75.0 120.0 150.0 149.4 73.6 148.0 147.5 70.
Slide 13: Overview
Overview Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] 3Q FY2024 3Q FY2025 Change Crude Oil (Dubai) 79.1 66.9 (12.2) (15.4%) Australian Coal Spot Price* 133.9 104.6 (29.3) (21.9%) Exchange Rate (TTM) 152.6 148.7 (3.9) (2.5%) *Australian coal spot prices are averages based on the calenda
Slide 14: Segment Information
Segment Information Operating ＋ Equity Income (exc. inventory impact, y-o-y) [¥/ billion] Resources Power and (33.4) Petroleum Basic Functional Chemicals Materials Renewables 168.5 Oil E&P 6.3 6.7 Coal (19.7) (3.2) Others (6.4) 116.9 (30.2) (5.1) 3Q 3Q FY 2024 (51.6) FY 2025 14
Slide 15: Segment Information
Segment Information Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y) 3Q 3Q Change Factors（exc. inventory impacts） FY2024 FY2025 +：Domestic margin+24.5, Export +15.1[volume +2.2, price +12.9] ()：Cost increase mainly due to shutdown maintenance etc.(34.6), Petroleum 109.6 9
Slide 16: Balance Sheet
Balance Sheet [¥ billions] 3/31/2025 12/31/2025 Change 3/31/2025 12/31/2025 Change Total Current Cash and Deposits 165.8 239.9 +74.1 Liabilities 2,097.4 2,431.8 +334.4 Receivables, Total Fixed Inventory, etc. 2,484.1 2,683.9 +199.8 Liabilities 940.5 1,034.2 +93.7 Total Current Assets 2,649.9 2,923.8
Slide 17: Reference
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Slide 18: Profit exc. temporary factors based on FY2025 forecast
Presentation on Results for the 2nd Quarter FY2025 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 (ROE：7%) 25 145 Time-lag and unexploded ordnance 120 Time-lag in petroleum inventory impa
Slide 19: Shareholder returns
Presentation on Results for the 2nd Quarter FY2025 Shareholder returns 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 18 18 16 forecast FY end 12 interim 12 16 18 18 2022 2023 2024 2025 Total sha
Slide 20: 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] 3Q FY2025 Net Sales 5,944.6 Our target is based on excludin
Slide 21: 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 22: 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 23: 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 91% 92% management 90% 2. Enhancing Equipment Management Ensuring equipme
Slide 24: Stock Price/PBR Performance
Financial Results Stock Price/PBR Performance [JPY] 1,500 Stock Price 1,000 500 0 April 2022 October 2022年4月 2022 April 2022年10月 2023 October 2023年4月 2023 2024年4月 2023年10月 April 2024 October 2024年10月20242025年4月 October 2025 April 2025 2025年10月 [x] 1.20 1.00 PBR 0.80 0.60 0.40 0.20 0.00 2022年4月 April
Slide 25: Financial Results
Financial Results Financial Results Net Sales by segment [¥ billions] 3Q FY2024 3Q FY2025 Change Petroleum 5,760.5 4,982.7 (777.8) (13.5%) Basic Chemicals 430.7 355.6 (75.0) (17.4%) Functional Materials 380.9 373.0 (7.9) (2.1%) Power and Renewable Energy 95.9 72.7 (23.2) (24.2%) Resources* 200.2 1
Slide 26: Financial Results
Financial Results Financial Results Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q Petroleum 47.8 62.8 109.6 152.0 20.6 70.5 90.0 Equity income 5.1 10.8 15.3 13.7 2.0 0.4 0.6 Basic Chemicals 7.5 3.4 (4.2) (8.0) (4.5) (7.7) (10.6) Equity
Slide 27: 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 Petroleum 47.8 14.9 46.9 42.4 20.6 49.8 19.5 Equity income 5.1 5.7 4.4 (1.5) 2.0 (1.5) 0.2 Basic Chemicals 7.5 (4.1) (7.6) (3.8) (4.5) (3.2) (2.8) Equity inc
Slide 28: Sales Volume
Volume Sales Volume Petroleum [thousand KL,％] 3Q FY2024 3Q FY2025 Change Gasoline 9,529 9,225 (304) (3.2%) Naphtha 339 676 +337 +99.3% Jet Fuel 1,829 1,794 (35) (1.9%) Kerosene 1,768 1,874 +105 +6.0% Diesel Oil 7,687 7,344 (343) (4.5%) Heavy Fuel Oil A 2,187 2,045 (142) (6.5%) Heavy Fuel Oil C 1,3
Slide 29: Sales Volume
Volume Sales Volume Basic Chemicals [kt,%] 3Q FY2024 3Q FY2025 Change Basic Chemicals 2,198 2,211 +13 +0.6% Functional Materials [KKL,kt,%] 3Q FY2024 3Q FY2025 Change Lubricants 829 800 (30) (3.6%) Performance Chemicals 346 321 (25) (7.2%) *Lubricants include sales overseas Power/Renewable Ene
Slide 30: Production Volume
Volume Production Volume Resources (Oil E&P) [KBOED,%] 3Q FY2024 3Q FY2025 Change Vietnam 13.7 13.7 +0.0 +0.0% Norway 12.6 10.5 (2.1) (16.6%) Total('000BOED) 26.3 24.2 (2.1) (7.9%) Total('000BOE) 7,219 6,637 (583) (8.1%) *The numbers reflect our rights and ownership ratios based on our equity shar
Slide 31: Forecasts for FY2025 (announced in Nov 2025)
Forecasts for FY2025 (announced in Nov 2025) Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] 5/13 11/11 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
Slide 32: Sensitivity
Sensitivity Major items affecting operating profit by changes in assumptions (4Q) Operating income Assumption Range of Assumption Items Segment impact （2H FY25 ） fluctuation (¥ billions) Crude oil price 65.0$/bbl ±10$/bbl ±32 Excluding Singapore product inventory margin ー ±5$/bbl Petroleum ±6 impa
Slide 33: 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 33
Slide 34: 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 34
Slide 35: 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 35
Slide 36: 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 36
Slide 37: 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 50 120 100 40 80 30 60 20 40 10 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 37
Slide 38: 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 3Q FY2024 3Q FY2025 Change Mx spread Naptha PX 270 255 ▲15 1,200 PX MX 162 123 ▲39 MX 500 1,000 400 800 300 600 200 400 100 200 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-
Slide 39: 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 3Q FY2024 3Q FY2025 Change 1,400 700 SM 452 319 ▲133 BZ 309 135 ▲174 1,200 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Apr-20 Apr-21 Apr-22 Apr-2
Slide 40: Operational Data
Operation Operational Data Refinery Utilization（QoQ） FY 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2024 FY2024 FY2024 FY2024 FY2024 FY2025 FY2025 FY2025 BCD*1 76％ 66% 72% 78% 89% 78% 72% 80% BSD*1 82% 78% 82% 78% 92% 85% 83% 91% *1 BCD：inc. regular maintenances, BSD： exc. regular maintenances Number of Service Statio
Slide 41: 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 968 KBD *1) (Lubricants, Performance Chemicals, Electronic Domestic fuel oil sales volume Materials, Bitumen (High Performance Asphalt), 34
Slide 42: 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 195 40 45 Aichi 165 60 50 Showa Yokkaichi Yokkaichi 255 45 61 75.0% Sekiyu Toa Oil Keihin 70 42 27 100.0% Fuji Oil Sodegaura 143 4
Slide 43: 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.
Slide 44: 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 45: 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
Slide 46: 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)
Slide 47: 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 48: 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 49: 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