Inpex Corporation · TSE:1605
Inpex — Inpex Corp Ord — H1 2026 Earnings Presentation
38 slides from Inpex's earnings presentation, Aug 7, 2026
Slide 1: FY2026 H1 Financial Results
FY2026 H1 Financial Results INPEX CORPORATION (Securities Code:1605) August 7, 2026
Slide 2: Investor Meeting Schedule
FY2026 H1 Financial Results Investor Meeting Schedule Time (JST) Program Speakers Takayuki Ueda 16:30-16:50 Business Overview Representative Director, President & CEO Consolidated Financial Results for the six months ended June 30, 2026 Daisuke Yamada 16:50-17:05 Director, Executive Vice President,
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: Impact of the Middle East Conflict and Our Response
Business Overview Impact of the Middle East Conflict and Our Response At present, sales from our Abu Dhabi operations are facing certain constraints. However, the competitiveness of Middle Eastern crude oil remains unchanged, and Abu Dhabi continues to be positioned as one of our core business regio
Slide 6: FY2026 H1 Results and Full-year Forecasts
Business Overview FY2026 H1 Results and Full-year Forecasts H1 Results: • Despite the impact of revenue decrease due to lower crude oil sales volumes amid the Middle East conflict, H1 profit was a record high ¥263.1 billion (up by ¥39.6 billion or 17.7% YoY) supported by higher oil prices and Financ
Slide 7: Steady Growth Track Record and Outlook Compared with Peers
Business Overview Steady Growth Track Record and Outlook Compared with Peers CAGR of Operating Cash Flow in US$ and Net Production Volume* (2015–2025) Future Growth in Net Production Volume* (Indexed from 2026) Operating Cash Flow CAGR (%) 1.30 800k 20 INPEX Boed Majors 1.20 Operating INPEX 15 Indep
Slide 8: Significant progress toward a targeted Abadi LNG FID in 2027
Business Overview Significant progress toward a targeted Abadi LNG FID in 2027 During the first half of 2026, the project achieved key milestones, including the completion of FEED for SURF and GEP, as well as progress in marketing activities and regulatory approvals. In July 2026, EPC tendering comm
Slide 9: Abadi LNG Groundbreaking Ceremony
Business Overview Abadi LNG Groundbreaking Ceremony A photo on Yamdena Island, the planned site of the OLNG development Speech by President Prabowo From left: Jarrad Blinco (Executive Project Director, INPEX Masela), Takayuki Ueda (President & CEO), Kenji Hasegawa (President Director Indonesia, INPE
Slide 10: Business Activities (1)
Business Overview Business Activities (1) • 64 LNG cargoes shipped in 1H 2026, with stable operations maintained. Despite a strike during labor negotiations, operational impacts were minimal, and an agreement was reached with the union through good- faith discussions. • Several temporary shutdowns p
Slide 11: Business Activities (2)
Business Overview Business Activities (2) • Kashiwazaki Hydrogen Park (Niigata Prefecture), an integrated blue hydrogen and ammonia production and utilization demonstration project: Began supplying electricity generated by hydrogen in June 2026. CO₂ injection and ammonia production to start from Aug
Slide 12: Shareholder Returns
Business Overview Shareholder Returns Based on the record high full year forecasts and the view that the stock is undervalued, resolved to conduct a share buyback amounting ¥140.0 billion. Also, revised up the DPS forecasts to ¥112 from ¥100 YoY, up by ¥12. We will continue to pursue both growth and
Slide 13: Valuation Does Not Fully Reflect Our Growth Prospects
Business Overview Valuation Does Not Fully Reflect Our Growth Prospects 2025 to before the Middle East conflict: Oil prices remained stable at around $70/bbl. INPEX's share price increased, reflecting growth expectations such as the start of Abadi FEED and Profit Booster initiatives. After the Middl
Slide 14: FY2026 H1 Financial Results
FY2026 H1 Financial Results Daisuke Yamada Director, Executive Vice President Finance & Accounting 13
Slide 15: Financial Highlights
FY2026 H1 Financial Results Financial Highlights H1 FY2025 H1 FY2026 Change % Change Average crude oil price (Brent) ($/bbl) 70.81 87.60 16.79 23.7% 9.88 yen 6.7% Average exchange rate (¥/$) 148.41 158.29 depreciation depreciation Revenue (Billions of yen) 1,048.8 1,000.4 (48.3) (4.6%) Operating pro
Slide 16: Revenue by Major Products
FY2026 H1 Financial Results Revenue by Major Products Revenue, Sales volume, Unit price and Exchange rate Analysis of Revenue (Billions of yen) H1 H1 Change % Change Crude Oil FY2025 FY2026 (85.1) Revenue 780.1 694.9 (85.1) (10.9%) +43.6 (Billions of yen) +49.3 Sales volume (178.1) 71,501 55,170 (16
Slide 17: Analysis of Profit (H1 FY2025 vs. H1 FY2026)
FY2026 H1 Financial Results Analysis of Profit (H1 FY2025 vs. H1 FY2026) Despite a decrease in revenue due to lower sales volume caused by the conflict in the Middle East, profit for H1 FY2026 increased by ¥39.6 billion year on year to ¥263.1 billion, mainly reflecting higher unit prices, the weaker
Slide 18: FY2026 Consolidated Financial Forecasts
FY2026 Consolidated Financial Forecasts Daisuke Yamada Director, Executive Vice President Finance & Accounting 17
Slide 19: Highlights of the Consolidated Financial Forecasts
FY2026 Consolidated Financial Forecasts Highlights of the Consolidated Financial Forecasts Despite continuing uncertainties surrounding the Middle East situation, profit forecasts for the fiscal year was revised up to ¥510.0 billion, an increase of ¥60.0 billion from the May forecasts, primarily ref
Slide 20: Analysis of Change in Profit Forecasts (Previous vs. Revised)
FY2026 Consolidated Financial Forecasts Analysis of Change in Profit Forecasts (Previous vs. Revised) External factors Business activities (Middle East Conflict & factors Others Market conditions) +29.3 +20.0 +10.7 (Billions of yen) +20.0 +12.4 +21.3 +16.9 +6.9 (17.5) Recognition and reversal of Inc
Slide 21: Cash Flow
FY2026 Consolidated Financial Forecasts Cash Flow*1 Previous Forecasts Revised Forecasts *2 Change (Billions of yen) as of May 2026 as of August 2026 CFFO*3 1,079.0 1,055.0 (24.0) Cash Flow from Investment*3 (800.0) (859.0) (59.0) Growth Investment (800.0) (676.0) 124.0 Pillar for Growth 1 (787.0) (
Slide 22: Investing Cash Flow - Breakdown and Forecasts
FY2026 Consolidated Financial Forecasts Investing Cash Flow - Breakdown and Forecasts Investing cash flow is expected to be ¥859.0 billion (up ¥59.0 billion from the May forecasts) ・ Of this, ¥200.0 billion is planned to be set aside as cash reserves for Abadi LNG development - End-2026 balance, sli
Slide 23: ROIC by Segment
FY2026 Consolidated Financial Forecasts ROIC by Segment*1 Previous Forecasts Revised Forecasts Change (%) as of May 2026*2 as of August 2026 O&G Japan (0.4) 3.5 3.9 O&G Overseas Ichthys 9.4 10.3 0.9 O&G Overseas Others 9.4 7.8 (1.6) Others (1.8) (7.1) (5.3) Renewable Energy etc. (1.5) (0.5) 1.0 CCS
Slide 24: Appendix
INPEX Appendix Copyright © 2026 INPEX CORPORATION. All rights reserved. 23
Slide 25: Targets: Progress against MTP 2025-2027
Appendix Progress against MTP 2025-2027 FY2026 H1 FY2026 FY2025-2027 FY2035 Targets Actual Forecasts MTP Targets Brent Oil Price (US$ per barrel) 87.60 81.4 70 - Assump- tions Exchange rate (JPY/US$) 158.29 159.2 135 - Prioritize safety in Major Incidents*1 1 Zero Zero operations Interim DPS: A prog
Slide 26: Analysis of Change in H1 Profit (Previous Forecasts vs. Actual)
Appendix Analysis of Change in H1 Profit (Previous Forecasts vs. Actual) (Billions of yen) External factors (Middle East Conflict & Market conditions) Performance difference Timing difference +4.7 +23.2 +21.2 +21.2 +11.5 +18.3 +11.7 +0.3 Timing difference in sales costs (14.0) Increase in sales volu
Slide 27: H1 Results and H2 Forecasts
Appendix H1 Results and H2 Forecasts Forecasts as of % H2 Forecasts as of Forecasts as of % H1 Results Change Change May 2026* Change (Reference information) May 2026* August 2026 Change Average crude oil Average crude oil price (Brent) ($/bbl) 86.0 87.60 1.6 1.9% price (Brent) ($/bbl) 80.0 75.0 (5.
Slide 28: Net Production Volume and Production Cost per BOE Produced
Appendix Net Production Volume (boe per day) and Production Cost per BOE Produced Net Production Volume (boe per day)*1 Production Cost per BOE Produced*2 （thousand boed） (US$/boe) Oil & Gas Japan Oil & Gas Overseas (Ichthys Project) Incl. royalty Excl. royality Oil & Gas Overseas (Other Projects) 6
Slide 29: FY2026 Invested Capital and Adjusted Profit Forecasts by Segment
Appendix FY2026 Invested Capital*1 and Adjusted Profit*2 Forecasts by Segment Forecasts as of Forecasts as of Change (Billions of yen) May 2026*3 August 2026 Invested Capital 246.9 232.4 (14.5) O&G Japan Adjusted Profit (1.0) 8.1 9.1 Invested Capital 3,979.6 4,048.8 69.2 O&G Overseas Ichthys Adjuste
Slide 30: Ichthys Project Cargoes Shipped by Product Type
Appendix Ichthys Project Cargoes Shipped by Product Type Stable production continued from the beginning of 2026. From September 2026, connection and commissioning work for the Booster Compressor Module (low-pressure production facilities) will be undertaken in phases. Supported by strong 1H producti
Slide 31: Condensed Consolidated Statement of Financial Position
Appendix Condensed Consolidated Statement of Financial Position December 31, June 30, Change % Change (Billions of yen) 2025 2026 Current assets Summary of financial information for 1,109.0 1,439.4 330.3 29.8% Ichthys downstream IJV, a joint venture (100% basis, including the Company’s Non-current a
Slide 32: Condensed Consolidated Statement of Profit or Loss
Appendix Condensed Consolidated Statement of Profit or Loss (Billions of yen) H1 FY2025 H1 FY2026 Change % Change Revenue 1,048.8 1,000.4 (48.3) (4.6%) Decrease in sales volume: (169.5) Increase in unit price: +49.2 Cost of sales (431.5) (427.5) 3.9 (0.9%) Exchange rate: +55.6 Others: +16.2 Gross pr
Slide 33: Other Operating Income and Expenses / Finance Income and Costs
Appendix Other Operating Income and Expenses / Finance Income and Costs (Billions of yen) H1 FY2025 H1 FY2026 Change % Change Note Other operating income 5.1 45.6 40.4 788.0% Foreign exchange gain － 37.6 37.6 － Other 5.1 7.9 2.7 54.1% Other operating expenses (6.8) (7.0) (0.1) 2.8% Foreign exchange
Slide 34: Revenue
Appendix Revenue (Billions of yen) Product H1 FY2025 H1 FY2026 Change % Change Crude Oil 1.3 0.9 (0.4) (33.4%) Natural Gas (excluding LPG) 94.8 98.8 3.9 4.2% Japan Other 9.6 12.9 3.2 33.3% Total 105.9 112.6 6.7 6.4% Crude Oil 90.7 117.2 26.5 29.2% Australia & Natural Gas (excluding LPG) 143.0 150.9
Slide 35: Sales Volume
Appendix Sales Volume Product H1 FY2025 H1 FY2026 Change % Change Crude Oil (thousand bbl) 129 62 (67) (52.1%) Japan Natural Gas (excluding LPG) (million cf) 43,660 47,905 4,245 9.7% Crude Oil (thousand bbl) 8,389 7,788 (601) (7.2%) Australia & Southeast Asia Natural Gas (excluding LPG) (million cf)
Slide 36: Net Production Volume
Appendix Net Production Volume* Product H1 FY2025 H1 FY2026 Change % Change Crude Oil (thousand bbl) 388 319 (69) (17.8%) Natural Gas (million cf) 14,060 11,234 (2,826) (20.1%) Japan Iodine (ton) 298 248 (51) (17.1%) Electric power generation (million kWh) 57 33 (24) (41.5%) Crude Oil (thousand bbl)
Slide 37: Building a Sustainable Company: Our ESG Initiatives
Appendix Building a Sustainable Company: Our ESG Initiatives Video message from the CEO Sustainability Report 2025 Integrated Report 2025 • Presented a video message from the CEO, highlighting our • Management messages provide insights into our growth strategy, commitment to stable energy supply, sa
Slide 38: 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