ENEOS : Consolidated Financial Results for the Fiscal Year 2025 （434KB） （434KB）

May 14, 2026

Company name: ENEOS Holdings, Inc. Stock Exchange Listings: Tokyo and Nagoya Code number: 5020 URL: https://www.hd.eneos.co.jp/

Representative: Miyata Tomohide Representative Director, CEO

Contact person: Ose Takashi Group Manager, Investor Relations Group, Investor Relations Department Telephone: +81-3-6257-7075

Scheduled date of ordinary general meeting of shareholders: June 25, 2026 Scheduled date of filing of Securities Report: June 23, 2026 Scheduled date of commencement of dividend payments: June 26, 2026 Supplemental materials for the financial results: Yes

Financial results presentation: Yes (for institutional investors and analysts)

(Amounts of less than 1 million yen are rounded off.)

1. Consolidated Results for Fiscal Year 2025 (From April 1, 2025 to March 31, 2026)

   1. Operating Results (Percentage figures represent changes from the previous fiscal year.)

      	Revenue		Operating profit		Profit before tax		Profit for the year attributable to owners of the parent		Total comprehensive income for the year
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      FY2025	11,765,470	(4.5)	466,627	339.8	448,755	408.7	258,726	14.4	420,171	81.8
      FY2024	12,322,494	(0.2)	106,093	(72.2)	88,219	(76.0)	226,071	(21.5)	231,157	(56.1)

      	Basic profit per share	Diluted profit per share	Profit ratio to equity attributable to owners of the parent	Profit before tax ratio to total assets	Operating profit ratio to revenue
      	Yen	Yen	%	%	%
      FY2025	96.18	96.00	8.0	5.0	4.0
      FY2024	79.96	79.81	7.1	0.9	0.9

      (Reference) Equity in earnings of affiliates: FY2025: 81,022 million yen; FY2024: 9,625 million yen

      Note: In the fourth quarter of the previous fiscal year, the Metals Business consisting of the Company's former subsidiary JX Advanced Metals Corporation ("JXAM"), its subsidiaries and other such entities was classified as discontinued operations. Accordingly, revenue, equity in earnings of affiliates, operating profit, and profit before tax for the previous fiscal year are presented based on the amounts from continuing operations, excluding the discontinued operations. In addition, share of

      profit of investments accounted for using the equity method related to the Metals Business is included in continuing operations from this fiscal year.

   2. Financial Position

      	Total assets	Total equity	Total equity attributable to owners of the parent	Equity ratio attributable to owners of the parent	Equity attributable to owners of the parent per share
      	Millions of yen	Millions of yen	Millions of yen	%	Yen
      FY2025	9,094,314	3,758,201	3,369,775	37.1	1,252.75
      FY2024	8,789,377	3,470,563	3,100,660	35.3	1,152.50

   3. Cash Flows

   	Net cash flows from operating activities	Net cash flows from investing activities	Net cash flows from financing activities	Cash and cash equivalents at the end of the year
   	Millions of yen	Millions of yen	Millions of yen	Millions of yen
   FY2025	619,983	(251,951)	(361,034)	877,295
   FY2024	576,835	130,765	(630,414)	846,563

2. Dividends

   	Annual cash dividends per share					Total dividend amount	Dividend payout ratio (Consolidated)	Dividend ratio of equity attributable to owners of the parent (Consolidated)
   	End of 1st quarter	End of 2nd quarter	End of 3rd quarter	Year-End	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   FY2024	-	13.00	-	13.00	26.00	71,781	32.5	2.3
   FY2025	-	17.00	-	17.00	34.00	91,780	35.4	2.8
   FY2026 (Forecast)	-	17.00	-	17.00	34.00		22.0

   Note: Average number of shares issued during the period that forms the basis for the calculation of dividend payout ratio

   (consolidated) for FY2026 (forecast) specified above is calculated with the number of issued shares (excluding treasury stock) as of March 31, 2026.

3. Forecasts of Consolidated Results for Fiscal Year 2026 (From April 1, 2026 to March 31, 2027)

(Percentage figures represent changes from the previous fiscal year)

Note: Average number of shares issued during the period that forms the basis for the calculation of basic profit per share specified above is calculated with the number of issued shares (excluding treasury stock) as of March 31, 2026.

As for the forecast of operating profit excluding inventory valuation factors*, please see the following.

Operating profit excluding inventory valuation factors:

Forecast for FY2026: 590,000 million yen (percentage change from the previous fiscal year: 24.4%) (Reference) Actual results for FY2025: 474,454 million yen

(*) The impact of inventory valuation on the cost of sales by using the weighted-average method and by writing down the book value.

1. Significant changes in the scope of consolidation during the term under review: None

2. Changes in accounting policies and in accounting estimates

   1. Changes in accounting policies required by the IFRS: None

   2. Changes in accounting policies other than (i) above: None

   3. Changes in accounting estimates: None

3. Number of shares issued (Common stock)

   1. Number of issued shares at the end of the period (including treasury stock) FY2025 ended March 31, 2026: 2,706,766,549 shares

      FY2024 ended March 31, 2025: 3,032,850,649 shares

   2. Number of shares of treasury stock at the end of the period FY2025 ended March 31, 2026: 16,873,857 shares

      FY2024 ended March 31, 2025: 342,480,503 shares

   3. Average number of shares issued during the period FY2025 ended March 31, 2026: 2,689,962,505 shares

      FY2024 ended March 31, 2025: 2,827,244,358 shares

      • This report is not subject to audit procedures conducted by certified public accountants or an audit corporation.

      • Explanation regarding appropriate use of forward-looking statements on results, and other specific comments (Note on Statements Regarding Prospective Matters)

        This material contains forward-looking statements; however, actual results may differ materially from those reflected in such forward-looking statements, due to various factors, including the following, but not limited to:

        (1) changes in macroeconomic conditions or changes in the competitive environment in the energy, resources and materials industries; (2) revisions to laws and strengthening of regulations; and (3) litigation and other similar risks.

      • Changes from the previous fiscal year are not presented ("-") if either or both of the fiscal year under review and the previous fiscal year are negative, or if the percentage change is 1,000% or greater.

      Consolidated Financial Statements and Major Explanatory Notes Thereto
      1. Consolidated Statements of Financial Position

         FY2024

         (Millions of yen)

         FY2025

         (As of March 31, 2025) (As of March 31, 2026)
         ASSETS
         Current assets
         Cash and cash equivalents	846,563	877,295
         Trade and other receivables	1,404,083	1,432,919
         Inventories	1,589,786	1,557,786
         Other financial assets	86,988	198,022
         Other current assets	180,565	226,834
         Sub total	4,107,985	4,292,856
         Assets held for sale	99,553	-
         Total current assets	4,207,538	4,292,856
         Non-current assets
         Property, plant and equipment	3,037,260	3,178,457
         Goodwill	74,201	74,201
         Intangible assets	432,251	400,227
         Investments accounted for using the equity method	610,388	696,931
         Other financial assets	344,803	337,211
         Other non-current assets	36,945	68,433
         Deferred tax assets	45,991	45,998
         Total non-current assets	4,581,839	4,801,458
         TOTAL ASSETS	8,789,377	9,094,314

         (Millions of yen)

         	FY2024 (As of March 31, 2025)	FY2025 (As of March 31, 2026)
         LIABILITIES
         Current liabilities
         Trade and other payables	1,570,172	1,566,265
         Bonds and borrowings	535,456	588,630
         Income taxes payable	39,097	76,007
         Lease liabilities	59,769	75,836
         Other financial liabilities	16,629	67,957
         Provisions	9,479	13,021
         Other current liabilities	297,213	323,547
         Sub total	2,527,815	2,711,263
         Liabilities directly associated with assets held for sale	69,751	-
         Total current liabilities	2,597,566	2,711,263
         Non-current liabilities
         Bonds and borrowings	1,801,327	1,602,865
         Liabilities for retirement benefits	102,319	86,002
         Lease liabilities	279,475	348,398
         Other financial liabilities	23,448	23,653
         Provisions	132,550	153,802
         Other non-current liabilities	44,537	40,588
         Deferred tax liabilities	337,592	369,542
         Total non-current liabilities	2,721,248	2,624,850
         Total liabilities	5,318,814	5,336,113
         EQUITY
         Common stock	100,000	100,000
         Capital surplus	935,428	687,372
         Retained earnings	2,072,028	2,283,207
         Treasury stock	(257,659)	(9,821)
         Other components of equity	250,863	309,017
         Total equity attributable to owners of the parent	3,100,660	3,369,775
         Non-controlling interests	369,903	388,426
         Total equity	3,470,563	3,758,201
         TOTAL LIABILITIES AND EQUITY	8,789,377	9,094,314

      2. Consolidated Statements of Profit or Loss and Consolidated Statements of Comprehensive Income or Loss

         (Consolidated Statements of Profit or Loss)

         (Millions of yen)

         	FY2024 (From April 1, 2024 to March 31, 2025)	FY2025 (From April 1, 2025 to March 31, 2026)
         Continuing operations
         Revenue	12,322,494	11,765,470
         Cost of sales	11,218,729	10,542,049
         Gross profit	1,103,765	1,223,421
         Selling, general and administrative expenses	860,496	872,351
         Share of profit of investments accounted for using the equity method	9,625	81,022
         Other operating income	86,030	144,945
         Other operating expenses	232,831	110,410
         Operating profit	106,093	466,627
         Finance income	23,684	20,782
         Finance costs	41,558	38,654
         Profit before tax	88,219	448,755
         Income tax expense	30,867	141,534
         Profit from continuing operations	57,352	307,221
         Discontinued operations
         Profit from discontinued operations	229,569	-
         Profit for the year	286,921	307,221

         Profit for the year attributable to:
         Owners of the parent	226,071	258,726
         Non-controlling interests	60,850	48,495
         Profit for the year	286,921	307,221
         		(Yen)
         Basic profit per share
         Continuing operations	3.94	96.18
         Discontinued operations	76.02	-
         Basic profit per share	79.96	96.18
         Diluted profit per share
         Continuing operations	3.93	96.00
         Discontinued operations	75.88	-
         Diluted profit per share	79.81	96.00

         (Consolidated Statements of Comprehensive Income or Loss)

         FY2024

         (From April 1, 2024

         to March 31, 2025)

         (Millions of yen)

         FY2025

         (From April 1, 2025

         to March 31, 2026)

         Profit for the year 286,921 307,221

         Other comprehensive income (loss), net of tax

Items that will not be reclassified to profit or loss

Changes in fair value of financial assets measured at fair

value through other comprehensive income (loss)

(11,823)

6,902

Proceeds from sales of property, plant and equipment (excluding oil and gas assets)

Decrease (increase) in short-term loans to associates and others, net

37,493 16,519

26,441 (56,300)

loans)

change in scope of consolidation scope of consolidation

(Millions of yen)

Net increase (decrease) in cash and cash equivalents included in assets held for sale

(8,148) 8,148

Cash and cash equivalents at end of the year 846,563 877,295

(Notes on a Going Concern Assumption)

Not applicable

(Segment Information)

1. Outline of the Reporting Segments

   The ENEOS Group's business segments consist of those constituent units of the ENEOS Group for which separate financial information is available that are subject to periodic review for the board of directors (the chief operating decision maker) to determine the distribution of management resources and to evaluate business performance. The ENEOS Group treats "Petroleum Products," "Oil and Natural Gas Exploration and Production ("E&P")," "High Performance Materials," "Electricity," and "Renewable Energy" as business segments and reporting segments. The business activities not included in the reporting segments are collectively contained in the "Other" category.

   During the fourth quarter of the previous fiscal year, JXAM was listed on the Tokyo Stock Exchange Prime Market. In connection with the listing of shares, the Company sold a portion of its shares in JXAM and classified it from a subsidiary to an equity method affiliate. As a result, the Metals Business was classified as discontinued operations.

   Accordingly, segment information for the previous fiscal year states the amounts excluding the Metals Business and including only continuing operations, and segment information for this fiscal year includes share of profit of investments accounted for using the equity method for the Metals Business as continuing operations in the "Other" category.

   The details of the main products and services or business activities of each reporting segment and the "Other" category are as follows:

   Petroleum Products	Petroleum refining & marketing, basic chemical products, lubricants, gas, and hydrogen
   Oil and Natural Gas E&P	Exploration and development of oil, natural gas, or other mineral and energy resources; recovery, processing, storage, purchase, sale and transport of oil, natural gas, or other mineral and energy resources or their by-products; and capture, transport, storage, and utilization of carbon dioxide
   High Performance Materials	Synthetic rubber, special synthetic rubber, rechargeable battery materials, emulsion, thermoplastic elastomer, high performance monomer, and high performance polymer
   Electricity	Power generation business, procurement and sale of electricity, city gas, overseas renewable energy, and VPP
   Renewable Energy	Wind power generation, solar power generation, and biomass power generation
   Other	Asphalt paving, civil engineering work, construction work, manufacturing and marketing of non-ferrous metal products, functional materials, and thin-film materials, non-ferrous metal recycling, real estate leasing business, and affairs common to ENEOS Group companies, including fund procurement

2. Information on Revenue, Profit or Loss, Assets, Liabilities, and Other Items from Each Reporting Segment

   FY2024 (From April 1, 2024 to March 31, 2025)

   (Millions of yen)

   	Petroleum Products	Oil and Natural Gas E&P	High Performance Materials	Electricity
   Revenue
   Revenue from external customers (Note 2)	10,902,305	242,813	344,262	313,228
   Inter-segment revenue or transfers (Note 3)	77,390	-	2,776	6,670
   Total	10,979,695	242,813	347,038	319,898
   Segment profit (loss) (Note 4)	(50,705)	87,407	17,671	20,970
   Segment assets	5,621,315	1,215,581	313,970	240,850
   Segment liabilities	3,855,094	387,581	186,521	160,926
   Other items:
   Depreciation, depletion and amortization	192,436	72,472	8,126	7,275
   Impairment loss	172,899	7,482	-	-
   Share of profit (loss) of investments accounted for using the equity method	(12,213)	17,563	405	(157)
   Investments accounted for using the equity method (Note 5)	120,174	91,823	8,096	24,995
   Capital expenditures on property, plant and equipment, and intangible assets (Note 6)	175,621	65,347	13,139	21,338

   (Millions of yen)

   	Renewable Energy	Total reporting segments	Other	Adjustments (Note 7)	Recorded amount on consolidated financial statements
   Revenue
   Revenue from external customers (Note 2)	43,338	11,845,946	476,548	-	12,322,494
   Inter-segment revenue or transfers (Note 3)	704	87,540	25,930	(113,470)	-
   Total	44,042	11,933,486	502,478	(113,470)	12,322,494
   Segment profit (loss) (Note 4)	(16,906)	58,437	50,414	(2,758)	106,093
   Segment assets	566,718	7,958,434	3,342,463	(2,511,520)	8,789,377
   Segment liabilities	351,953	4,942,075	2,727,584	(2,350,845)	5,318,814
   Other items:
   Depreciation, depletion and amortization	21,525	301,834	13,782	4,560	320,176
   Impairment loss	17,472	197,853	117	(164)	197,806
   Share of profit (loss) of investments accounted for using the equity method	(277)	5,321	4,481	(177)	9,625
   Investments accounted for using the equity method (Note 5)	12,079	257,167	353,221	-	610,388
   Capital expenditures on property, plant and equipment, and intangible assets (Note 6)	28,772	304,217	11,094	61,766	377,077

   (Notes) 1. The accounting policy for the reporting segments is the same as the accounting policy for preparing the consolidated financial statements.

   1. Revenue from external customers includes income generated from contracts with customers as well as income generated from other sources.

   2. Inter-reporting segment revenue or transfers are based on actual market prices.

   3. Segment profit (loss) is stated as operating profit (loss) in the consolidated statements of profit or loss.

   4. Investments accounted for using the equity method under "Other" of 353,221 million yen are primarily associated with

      investments in JXAM, which became an equity method affiliate.

   5. Capital expenditure includes acquisition of the right-of-use assets.

   6. The adjustments include the following:

      1. The segment profit (loss) adjustment of (2,758) million yen includes the net amount of 1,150 million yen, which is the

         income and expenses of the entire Company not allocated to the reporting segments or the "Other" category.

      2. The loss of 2,511,520 million yen in the segment assets adjustment is due primarily to eliminating intersegment receivables by offsetting.

      3. The loss of 2,350,845 million yen in the segment liabilities adjustment is due primarily to eliminating intersegment liabilities by offsetting.

      4. Adjustment to capital expenditures on property, plant and equipment, and intangible assets of 61,766 million yen is associated with discontinued operations.

FY2025 (From April 1, 2025 to March 31, 2026)

(Millions of yen)

(Millions of yen)

(Notes) 1. The accounting policy for the reporting segments is the same as the accounting policy for preparing the consolidated financial statements.

1. Revenue from external customers includes income generated from contracts with customers as well as income generated from other sources.

2. Inter-reporting segment revenue or transfers are based on actual market prices.

3. Segment profit (loss) is stated as operating profit (loss) in the consolidated statements of profit or loss.

4. The segment profit (loss) of 92,759 million yen under "Other" includes share of profit of investments accounted for using the equity method for the Metals Business consisting of JXAM, which became an equity method affiliate, as well as its subsidiaries and other such entities.

5. Investments accounted for using the equity method under "Other" of 405,493 million yen are primarily associated with

   investments in JXAM, which became an equity method affiliate.

6. Capital expenditure includes acquisition of the right-of-use assets.

7. The adjustments include the following:

   1. The segment profit (loss) adjustment of (1,470) million yen includes the net amount of 871 million yen, which is the income

      and expenses of the entire Company not allocated to the reporting segments or the "Other" category.

   2. The loss of 2,627,157 million yen in the segment assets adjustment is due primarily to eliminating intersegment receivables by offsetting.

   3. The loss of 2,433,996 million yen in the segment liabilities adjustment is due primarily to eliminating intersegment liabilities by offsetting.

Adjustments from the total amount of segment profit (loss) to profit (loss) before tax are as follows.

(Millions of yen)

(Per Share Information)

(Note) The Company shares held by the Board Incentive Plan Trust are recognized as treasury stock, and thus the pertinent number of shares is excluded from the average number of shares of common stock during the fiscal year in calculating basic profit per share.

(Significant Subsequent Events)

1. Acquisition of shares in subsidiaries of Chevron Corporation

   Based on the resolution of the board of directors meeting held on May 14, 2026, the Company entered into Share Purchase Agreements with various indirect subsidiaries of Chevron Corporation ("Chevron") to acquire 100% of Chevron's downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam and Indonesia.

   This share acquisition is part of the "portfolio restructuring" initiative, which is promoted as a key strategy in the ENEOS Group's Fourth Medium-Term Management Plan. It aims to strengthen our business foundation by capturing growth markets, and to expand our revenue base and seize future growth opportunities.

   Regarding the details, please refer to the press release titled "Notice Concerning Acquisition of Shares in Chevron's Singapore, Malaysia, Philippines, Australia, Vietnam and Indonesia downstream subsidiaries (to Make Them a Subsidiaries)" announced today.

2. Acquisition of Treasury Shares and Cancellation of Treasury Shares

   At the board of directors meeting held on May 14, 2026, the Company resolved to acquire treasury shares pursuant to Article 156 of the Companies Act of Japan (the "Companies Act") as modified and applied in accordance with Article 165, Paragraph 3 of the Companies Act and to cancel its treasury shares pursuant to

   Article 178 of the Companies Act. The specific details of the cancellation will be resolved at a board of directors meeting after the completion of the acquisition of treasury shares.

   Regarding the details, please refer to the press release titled "Notice of Resolution to Acquire Treasury Shares and Cancellation of Treasury Shares" announced today.

3. Application for Tender Offer of Treasury Shares by JXAM

The Company has decided to tender a portion of the common shares it owns in response to the tender offer for treasury shares conducted by JXAM.

Regarding the details, please refer to the press release titled "Notice Regarding Application for Tender Offer of Treasury Shares by JX Advanced Metals Corporation and Recording of Gains Associated with This Application" announced on May 11, 2026.