Idemitsu Kosan Co., Ltd. · TSE:5019
Idemitsu Kosan — Q1 FY2025 Earnings Presentation
44 slides from Idemitsu Kosan's earnings presentation, Aug 8, 2025
Slide 1: Presentation on Results for the 1st Quarter FY2025
Presentation on Results for the 1st Quarter FY2025 August 8, 2025 Idemitsu Kosan Co.,Ltd.
Slide 2: Table of Contents
Table of Contents Highlights Results for the 1Q FY2025 Topics Reference Financial results Volume Crude/product price and operation Business overview 2
Slide 3: Highlights
B Highlights €& idemitsu
Slide 4: Results for 1Q FY2025
Results for 1Q FY2025 Summary Operating + Equity Income (segment income) excluding inventory impact decreased by ¥48.3 billion y-o-y, mainly due to negative time lag because of drop in crude oil price, lower coal price and deteriorate in Basic Chemical products market margin 1Q results progres
Slide 5: Results for 1Q FY2025
Results for 1Q FY2025 © idemitsu
Slide 6: Main market conditions
Main 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 85.0 85.3 140.0 155.9 156.0 140.3 135.6 137.7 154.0 80.0 130.0 152.4 152.6 78.3 76.9 125.8 152.0 75.0 120.0 150.0 149.4 73.6 148.0 70.0 110.0
Slide 7: Overview
Overview Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] 1Q FY2024 1Q FY2025 Change Crude Oil (Dubai) 85.3 66.9 (18.4) (21.6%) Crude Oil (Brent)* 83.2 75.7 (7.5) (9.0%) Australian Coal Spot Price* 125.8 104.6 (21.2) (16.9%) Exchange Rate (TTM) 155.9 144.6 (11.3) (7.2%) *Brent prices and A
Slide 8: Segment Information
Segment Information Operating ＋ Equity Income 1Q 1Q Change FY2024 FY2025 Petroleum 95.8 (29.8) (125.7) － Excluding inventory impact 47.8 20.6 (27.2) (56.8%) Basic Chemicals 7.5 (4.5) (12.0) － Functional Materials 7.8 9.3 +1.5 +19.1% Power and Renewable Energy (3.0) (0.4) +2.6 － Resources* 24.8 11.
Slide 9: Segment Information
Segment Information Factors Affecting Operating + Equity Income (excluding inventory impact, y-o-y) [￥billions] Core products margin Affiliates, 82.2 etc. 6.8 Export (13.7) Margin etc. Vietnam, Non-core etc. products (14.1) 2.2 margin Norway (6.2) Volume Volume 2.6 1.5 Price (1.5) (0.5) (14.2) (3.
Slide 10: Segment Information: Petroleum
Segment Information [Petroleum] YoY -¥27.2 bn (1Q FY24：¥47.8 bn 1Q FY25：¥20.6 bn) [Y-o-y change in Petroleum sales volume [Trends in Domestic Petroleum Product spread*] (core products)] *Average spread of gasoline, diesel oil, kerosene, and heavy oil A (domestic spot –crude oil) [Thousand KL] (YoY)
Slide 11: Segment Information
Segment Information [Basic Chemicals] YoY-¥12.0 bn (1Q FY24: ¥7.5 bn 1Q FY25: -¥4.5 bn) Decreased due to deteriorate in product margin despite sales volume recovery by improving equipment problem mainly in SM [USD/ton] Product 1Q FY2024 1Q FY2025 Change Price Margin Price Margin Price Margin PX 1,
Slide 12: Segment Information: Oil E&P and Coal
Segment Information [Oil E&P] YoY -¥2.0 bn [Coal] YoY -¥10.9 bn (1Q FY24：¥6.5 bn 1Q FY25：¥4.5 bn) (1Q FY24：¥18.3 bn 1Q FY25：¥7.4 bn) <Crude Oil Production Volume <Coal Production Volume and Brent Crude Oil Price Trends> and Australian Coal Spot Price Trends> [Thousand BOE] [USD/bbl] [Thousand tons]
Slide 13: Balance Sheet
Balance Sheet [¥ billions] 3/31/2025 6/30/2025 Change 3/31/2025 6/30/2025 Change Total Current Cash and Deposits 165.8 126.2 (39.6) Liabilities 2,097.4 1,753.6 (343.8) Receivables, Total Fixed Inventory, etc. 2,484.1 2,113.7 (370.4) Liabilities 940.5 931.0 (9.5) Total Current Assets 2,649.9 2,239.9
Slide 14: Topics
€& idemitsu @ Topics Copyright © Idemitsu Kosan Co,Ltd. All Rights Reserved. 14
Slide 15: Topics (1/2)
Topics (1/2) Situation of Nghi Son Refinery in Vietnam Operating Income is estimated positive FY2025 due to continuous high utilization, however, net income is estimated negative due to interest burden Zero equity income/losses is estimated on consolidated basis due to the provision of allowan
Slide 16: Topics (2/2)
Topics (2/2) Development of mass production technology for solid electrolytes (all-solid-state battery materials) approved by METI as a “plan for ensuring supply of storage batteries” We are planning to increase the capacity of Plant 2, a small verification facility for developing mass productio
Slide 17: Reference
€& idemitsu ™@ Reference 17
Slide 18: Stock Price/PBR Performance
Financial Results Stock Price/PBR Performance [JPY] 1,200 Stock Price 1,000 800 600 400 200 0 April 2022 2022年4月 October 2022 2022年10月 April 2023 2023年4月 October 2023 2023年10月 April 2024 2024年4月 2024年10月 April 2025 October 2024 2025年4月 [x] 1.00 PBR 0.80 0.60 0.40 0.20 0.00 April 2022 2022年4月 October
Slide 19: Financial Results
Financial Results Financial Results Net Sales by segment [¥ billions] 1Q FY2024 1Q FY2025 Change Petroleum 1,875.2 1,518.8 (356.4) (19.0%) Basic Chemicals 159.4 121.7 (37.7) (23.6%) Functional Materials 127.3 124.2 (3.1) (2.5%) Power and Renewable Energy 27.5 23.7 (3.9) (14.1%) Resources* 69.7 52.
Slide 20: Financial Results: Quarterly segment income (cumulative)
Financial Results Financial Results Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] FY24 FY25 1Q 2Q 3Q 4Q 1Q Petroleum 47.8 62.8 109.6 152.0 20.6 Equity income 5.1 10.8 15.3 13.7 2.0 Basic Chemicals 7.5 3.4 (4.2) (8.0) (4.5) Equity income (0.3) 0.3 1.0 2.0 1.2 Functional
Slide 21: Financial Results: Quarterly segment income (Q on Q)
Financial Results Financial Results Quarterly segment income (Q on Q, exc. inventory impact) [¥ billions] FY24 FY25 1Q 2Q 3Q 4Q 1Q Petroleum 47.8 14.9 46.9 42.4 20.6 Equity income 5.1 5.7 4.4 (1.5) 2.0 Basic Chemicals 7.5 (4.1) (7.6) (3.8) (4.5) Equity income (0.3) 0.6 0.7 1.0 1.2 Functional Mater
Slide 22: Sales Volume
Volume Sales Volume Petroleum [thousand KL,％] 1Q FY2024 1Q FY2025 Change Gasoline 2,984 2,903 (81) (2.7%) Naphtha 104 227 +123 +118.4% Jet Fuel 608 601 (7) (1.1%) Kerosene 390 423 +33 +8.5% Diesel Oil 2,478 2,364 (114) (4.6%) Heavy Fuel Oil A 674 658 (16) (2.4%) Heavy Fuel Oil C 421 360 (62) (14.6
Slide 23: Sales Volume
Volume Sales Volume Basic Chemicals [kt,%] 1Q FY2024 1Q FY2025 Change Basic Chemicals 769 765 (4) (0.5%) Functional Materials [KKL,kt,%] 1Q FY2024 1Q FY2025 Change Lubricants 274 267 (7) (2.4%) Performance Chemicals 138 105 (33) (23.7%) *Lubricants include sales overseas Power/Renewable Energy
Slide 24: Production Volume
Volume Production Volume Resources (Oil E&P) [KBOED,%] 1Q FY2024 1Q FY2025 Change Vietnam 15.5 14.7 (0.8) (5.1%) Norway 13.5 11.3 (2.2) (16.3%) Total('000BOED) 29.0 26.0 (3.0) (10.3%) Total('000BOE) 2,641 2,354 (287) (10.9%) *The numbers reflect our rights and ownership ratios based on our equity
Slide 25: Sensitivity
Sensitivity Major items affecting operating profit by changes in assumptions (2-4Q) Operating income Assumption Range of Assumption Items Segment impact （FY25） fluctuation (¥ billions) Crude oil price 65.0$/bbl ±10$/bbl ±30 Singapore product Excluding margin ー ±5$/bbl Petroleum ±26 inventory impac
Slide 26: Crude Oil Prices (Dubai and Brent)
Crude price Crude Oil Prices(Dubai and Brent) [USD/bbl] 130 Brent 110 Dubai 90 70 50 30 10 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 26
Slide 27: 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 25 Gasoline 100 20 80 15 60 10 40 5 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 27
Slide 28: 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 25 Diesel oil 100 20 80 15 60 10 40 5 20 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 28
Slide 29: 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 35 Dubai 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 29
Slide 30: 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 30
Slide 31: 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 Mx spread Naptha PX 1,200 MX 500 1,000 400 800 300 600 200 400 100 200 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 31
Slide 32: Styrene Monomer-Naphtha
Product market price Styrene Monomer-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,600 800 SM spread Naptha SM 1,400 700 1,200 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 32
Slide 33: Operational Data
Operation Operational Data Refineries Utilization 1Q 1Q FY21 FY22 FY23 FY24 FY24 FY25 66％ 77% 83％ 78％ 76％ 78％ [71％]* *on BCD basis including regular maintenances *Refining operation at Yamaguchi Refinery (120KBD) was terminated in March 2024. The official capacity was changed after July 2024. The
Slide 34: Forecasts for FY2025 (unchanged from the announcement on 5/13)
Forecasts for FY2025 (unchanged from the announcement on 5/13) Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2024 FY2025 Change Crude Oil (Dubai) 78.5 65.0 (13.5) (17.2%) Crude Oil (Brent)* 80.7 67.0 (13.7) (17.0%) Australian Coal Spot Price * 134.8 95.0 (39.8) (29.5%) Exchange Rate (
Slide 35: Segment Information for FY2025 (unchanged from 5/13)
Segment Information for FY2025 (unchanged from the announcement on 5/13) Operating ＋ Equity Income [¥ billions] FY2024 FY2025 Change Petroleum 122.1 (10.0) (132.1) － Excluding inventory impact 152.0 90.0 (62.0) (40.8%) Basic Chemicals (8.0) 6.0 +14.0 － Functional Materials 28.2 36.0 +7.8 +27.5% Po
Slide 36: 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 825 KBD *1,2) (Lubricants, Performance Chemicals, Electronic Domestic fuel oil sales volume Materials, Bitumen (High Performance Asphalt),
Slide 37: Petroleum Segment
Business Overview Petroleum Segment [KB/D] Refining Operating Company Refinery RH FCC RFCC FLG 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% 825 187 42 189 27 Overseas Nghi
Slide 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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