Overview of Business Results of FY2025

May 12, 2026

Listed company: Cosmo Energy Holdings Co., Ltd. Listed: Tokyo Stock Exchange Securities code: 5021 URL https://www.cosmo-energy.co.jp/ Representative: Shigeru Yamada, Representative Director & Group CEO

Contact: Masahiro Oikawa, General Manager of Corporate Communication Department Phone: 03-6743-7538

Scheduled date of annual shareholders' meeting: June 25, 2026 Scheduled date of commencement of dividend payment: June 26, 2026 Scheduled date of annual securities report filing: June 24, 2026

Creation of supplementary results materials: Yes

Results briefing: Yes (for analysts and institutional investors)

Note: Figures less than 1 million yen are rounded down

1. Consolidated Financial Results for FY2025 (April 1, 2025 to March 31, 2026)

   1. Consolidated Operating Results (% indicates changes from the corresponding period of the previous fiscal year)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      FY2025 FY2024	million yen 2,677,582 2,799,947	％ -4.4 2.6	million yen 144,790 128,249	％ 12.9 -14.0	million yen 149,247 150,758	％ -1.0 -6.7	million yen 74,023 57,671	％ 28.4 -29.7

      Note： Comprehensive income FY2025：86,151 million yen (81.5％) FY2024：47,467 million yen (-52.1％)

      	Net income per share	Diluted net income per share	Net income to net worth	Ordinary profit to total assets	Operating profit to net sales
      FY2025 FY2024	yen sen 453.06 336.39	yen sen - -	％ 12.4 9.7	％ 6.9 6.9	％ 5.4 4.6

      Reference： Share of profit(loss) of entities accounted for using equity method FY2025：209 million yen FY2024：3,134 million yen

      Note：The Company conducted a 2-for-1 split of its common shares, effective October 1, 2025. Net income per share has been calculated as if the share split had been conducted at the beginning of the previous consolidated fiscal year.

   2. Consolidated Financial Position

      	Total assets	Net assets	Net worth ratio	Net assets per share
      	million yen	million yen	％	yen sen
      FY2025	2,196,556	735,761	27.6	3,817.76
      FY2024	2,156,605	707,477	27.1	3,537.69

      Reference： Net worth FY2025：606,220 million yen FY2024：584,782 million yen

      Note：The Company conducted a 2-for-1 split of its common shares, effective October 1, 2025. Net assets per share has been calculated as if the share split had been conducted at the beginning of the previous consolidated fiscal year.

   3. Consolidated Cash Flows

   	CF from operating activities	CF from investing activities	CF from financing activities	Cash and cash equivalents at the end of the period
   	million yen	million yen	million yen	million yen
   FY2025	213,737	-84,699	-81,934	81,770
   FY2024	137,118	-145,688	-69,027	34,905

2. Dividend Payment Results and Forecast

   	Dividend per share					Total amount of dividends paid/ payable (annual)	Dividend payout (consolidated)	Rate of dividend to net assets (consolidated)
   	As of Q1-end	As of Q2-end	As of Q3-end	As of Fiscal Year-end	Annual
   	yen sen	yen sen	yen sen	yen sen	yen sen	million yen	％	％
   FY2024	-	150.00	-	180.00	330.00	27,944	49.1	4.7
   FY2025	-	150.00	-	90.00	-	26,751	36.4	4.5
   FY2026 (forecast)	-	75.00	-	90.00	165.00		59.6

   Note：The Company executed a 2-for-1 split of its common shares, effective October 1, 2025. The interim dividend per share for the first half of the fiscal year ending March 31, 2026 is calculated based on the number of shares before the share split. The year-end dividend for the fiscal year ending March 31, 2026 is based on the amount that takes into account the impact of the share split. The annual dividend is not provided, because it cannot simply be derived by adding the interim and year-end dividends due to the share split. The payout ratio (consolidated) and the dividends to net assets (consolidated) ratio has been calculated as if the stock split had been conducted at the beginning of the consolidated fiscal year under review. This calculation assumes that the annual dividend per share for the fiscal year ended March 31, 2026 is 165 yen.

3. Consolidated Business Forecast for FY2027 (April 1, 2026 to March 31, 2027)

(% indicates changes from the corresponding period of the previous fiscal year)

Notes

1. Significant changes in the scope of consolidation during the period: Yes New: － company (Company name: －)

   Exclusion: 1 company (Company name: Yokkaichi Kasumi Power Co., Ltd.)

   Note：Please refer to 3. Consolidated Financial Statements and Significant Notes (5) Notes to consolidated financial statements (Notes to changes in scope of consolidation or application of the equity method) on page 13 of the Accompanying Materials for details.

2. Changes in accounting policies, changes in accounting estimates, restatements

   1. Changes in accounting policies due to revisions to accounting standards, etc.: None

   2. Changes in accounting policies other than those set out in 1): None

   3. Changes in accounting estimates: Yes

   4. Restatements: None

      Note：Please refer to 3. Consolidated Financial Statements and Significant Notes (5) Notes to consolidated financial statements (Notes to changes in accounting estimates) on page 13 of the Accompanying Materials for details.

3. Number of shares issued (common shares)

   1. Number of shares issued at the end of the period (including treasury shares) FY2025 165,041,722 shares FY2024 176,707,522 shares

   2. Number of treasury shares at the end of the period

      FY2025 6,252,207 shares FY2024 11,406,906 shares

   3. Average number of shares outstanding during the period

FY2025 163,386,165 shares FY2024 171,441,212 shares

Note：The Company conducted a 2-for-1 split of its common shares, effective October 1, 2025. Number of shares issued, Treasury shares and Average number of shares have been calculated as if the share split had been conducted at the beginning of the previous consolidated fiscal year.

Note：This summary of financial results is not subject to audits by certified public accountants or auditing firms. Note：Explanation regarding the proper use of business forecasts and other special notes

The business forecast above has been created based on the information available as of the date of the publication of this summary. Actual results may be

different from the forecast due to a variety of factors. For more information about the results forecast, please see 1. Overview of Operating Results, etc. (4) Outlook on page 4 of the accompanying materials.

Supplementary results materials will be posted on the Company's website on May 12, 2026.

Accompanying Materials ‒ Contents

1. Overview of Operating Results, etc.

   Page

   1. Summary of Operating Results …………………………………………………………………………………………… 2

   2. Summary of Financial Position …………………………………………………………………………………………… 3

   3. Summary of cash flows …………………………………………………………………………………………………… 3

   4. Outlook …………………………………………………………………………………………………………………… 4

2. Basic Policy for the Selection of Accounting Standards ……………………………………………………………………… 4

3. Consolidated Financial Statements and Significant Notes

   1. Consolidated balance sheet ………………………………………………………………………………………………. 5

   2. Consolidated statement of income and consolidated statement of comprehensive income

      (Consolidated statement of income) ………………………………………………………………………………………. 7

      (Consolidated statement of comprehensive income) ……………………………………………………………………… 8

   3. Consolidated statement of changes in equity ……………………………………………………………………………… 9

   4. Consolidated statement of cash flows ……………………………………………………………………………………. 11

   5. Notes to consolidated financial statements

(Notes to the going concern assumption) …………………………………………………………………………………. 13

(Notes to changes in scope of consolidation or application of the equity method) ………………………………………. 13

(Notes to changes in accounting estimates) ………………………………………………………………………… 13

(Notes to Segment information, etc.) ………………………………………………………………………………………. 13

(Notes to Per share information) …………………………………………………………………………………………… 15

(Notes to Significant subsequent events) 15

1. Overview of Operating Results, etc.

1. Summary of Operating Results

   During the fiscal year under review, the Japanese economy recovered modestly, partly due to the effects of various policy measures in an improving employment and income environment. On the other hand, we need to closely monitor the impact of the situation in the Middle East, fluctuations in financial and capital markets, the effect of the U.S. policy trends and other factors. There were signs of a recovery in capital spending and consumer spending, and consumer prices increased moderately. Under these conditions, domestic demand for petroleum products was in gradual decline.

   The price of Dubai crude oil fell from approximately the $75 per barrel range at the beginning of the fiscal year, due mainly to OPEC+ countries' decision to increase production and concerns regarding the deterioration of the global economy. Although it subsequently rose temporarily due mainly to geopolitical risks in the Middle East and U.S. sanctions on Russia, the price continued to trend downward due to OPEC+ countries' continuation of increased oil production, concerns regarding U.S.-China trade friction, the estimated global easing of oil supply and demand, and other factors. As of the end of the fiscal year, however, it had surged to the $121 per barrel range due to the intensifying Middle East situation, including Iran's blockade of the Strait of Hormuz.

   As for exchange rates, the Japanese yen temporarily increased from approximately the ¥149 per dollar range at the beginning of the fiscal year to approximately the ¥140 range, partly reflecting concerns regarding the economic downturn caused by the U.S. tariff policy. On the other hand, it remained weak against the backdrop of escalated tensions in the Middle East, fading expectations regarding U.S. interest rate reductions and concerns about Japan's deteriorating fiscal health. The yen fell to approximately the

   ¥159 per dollar range at the end of the fiscal year, remaining weak even after the new year began due to the fading expectations regarding the reduction in U.S. interest rates and the Bank of Japan's increase in interest rates, as well as the outbreak of the Middle East crisis.

   Under these operating conditions, in line with the Seventh Consolidated Medium-Term Management Plan with the slogan "Oil & New ~ Next Stage" that sets out four basic policies: "Secure profitability to enable reinvestment," "Expand growth driver toward the future," "Improve financial condition" and "Strengthen Group management foundation," we achieved a PBR of 1 on a three-year average basis by seeking improvement in profitability, enhancement of capital policy, and expansion of growth business.

   As a result of such activities, the Company posted consolidated net sales for the fiscal year under review of 2,677.6 billion yen (down 122.3 billion yen year on year), operating profit of 144.8 billion yen (up 16.6 billion yen year on year), ordinary profit of

   149.2 billion yen (down 1.6 billion yen year on year), and profit attributable to owners of parent of 74.0 billion yen (up 16.3 billion yen year on year).

   The following is segment information.

   Net sales and profit/loss in reportable segments (Unit：billion yen)

   	Petroleum Business	Petrochemical Business	Oil Exploration and Production Business	Renewable Energy Business	Other and adjustment	Consolidated
   Net sales	2,385.6	332.8	130.4	16.5	-187.6	2,677.6
   Segment profit/loss	76.3	-3.1	65.3	2.8	8.0	149.2

   Petroleum Business

   In the petroleum business segment, due mainly to the effect of fluctuations in crude oil prices, the segment reported net sales of 2,385.6 billion yen (down 121.3 billion yen year on year) and a segment profit was 76.3 billion yen (up 14.5 billion yen year on year). Segment profit excluding the effect of inventory valuation was 92.8 billion yen (up 0.2 billion yen year on year).

   Petrochemical Business

   In the petrochemical business segment, due mainly to a continued sluggish product market, the segment reported net sales of 332.8 billion yen (down 7.4 billion yen year on year) and a segment loss of 3.1 billion yen (a segment loss of 5.0 billion yen in the previous year).

   Oil Exploration and Production Business

   In the oil exploration and production business segment, due mainly to the fall in crude oil prices from the same period of the previous year, the segment reported net sales of 130.4 billion yen (down 4.2 billion yen year on year) and a segment profit of 65.3 billion yen (down 17.1 billion yen year on year).

   Renewable Energy Business

   In the renewable energy business segment, due mainly to the commencement of operations at new onshore project sites, the segment reported net sales of 16.5 billion yen (up 3.2 billion yen year on year) and a segment profit of 2.8 billion yen (up 1.5 billion yen year on year).

2. Summary of Financial Position

   (Assets)

   Current assets were 1,080.9 billion yen at the end of the fiscal year under review, remaining at the same level as at the end of the previous fiscal year. Non-current assets were 1,115.5 billion yen at the end of the fiscal year under review, an increase of 38.1 billion yen from the end of the previous fiscal year. This mainly reflects an increase of 32.6 billion yen in property, plant and equipment.

   As a result, total assets were 2,196.6 billion yen at the end of the fiscal year under review, up 40.0 billion yen from the end of the previous fiscal year.

   (Liabilities)

   Current liabilities were 994.9 billion yen at the end of the fiscal year under review, up 49.4 billion yen from the end of the previous fiscal year. This mainly reflects an increase of 29.3 billion yen in short-term loans payable. Non-current liabilities amounted to

   465.9 billion yen, a decrease of 37.8 billion yen from the end of the previous fiscal year. This mainly reflects a decrease of 74.4 billion yen in long-term loans payable.

   As a result, total liabilities were 1,460.8 billion yen, up 11.7 billion yen from the end of the previous fiscal year. (Net assets)

   Net assets were 735.8 billion yen at the end of the fiscal year under review, up 28.3 billion yen from the end of the previous fiscal year. This was mainly due to the posting of a profit of 74.0 billion yen attributable to owners of parent and the acquisition of treasury shares of 29.7 billion yen.

   As a result, the equity ratio stood at 27.6% (compared to 27.1% at the end of the previous fiscal year).

3. Summary of cash flows

Consolidated cash and cash equivalents ("cash") at the end of the fiscal year under review were 81.8 billion yen, an increase of 46

.9 billion yen from the end of the previous fiscal year.

The following is a summary of cash flows and major factors for the fiscal year under review.

(Cash flows from operating activities)

Cash provided by operating activities stood at 213.7 billion yen (cash provided of 137.1 billion yen in the previous fiscal year), mainly reflecting profit before income taxes.

(Cash flow from investing activities)

Cash used in investing activities came to 84.7 billion yen (cash used of 145.7 billion yen in the previous fiscal year), mainly due to the purchase of property, plant and equipment.

(Cash flow from financing activities)

Cash used in financing activities came to 81.9 billion yen (cash used of 69.0 billion yen in the previous fiscal year) mainly due to the repayments of long-term loans payable.