ENEOS : Consolidated Financial Results for the Second Quarter of Fiscal Year 2025 （473KB） （473KB）

November 12, 2025

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 filing of Semi-annual Securities Report: November 13, 2025 Scheduled date of commencement of dividend payments: December 5, 2025 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 the Second Quarter (First Half) of FY2025 (From April 1, 2025 to September 30, 2025)

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

      	Revenue		Operating profit		Profit before tax		Profit attributable to owners of the parent		Total comprehensive income
      	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      1H of FY2025	5,691,922	(5.3)	166,738	115.6	157,896	143.4	64,754	(5.0)	76,492	15.0
      1H of FY2024	6,012,030	-	77,336	-	64,874	-	68,168	(60.3)	66,523	(78.1)

      	Basic profit per share	Diluted profit per share
      	Yen	Yen
      1H of FY2025	24.07	24.03
      1H of FY2024	23.40	23.35

      Note: In 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, operating profit, and profit before tax for the first half of the previous fiscal year have been restated based on the amounts from continuing operations, excluding the discontinued operations. Therefore, the percentage of year-on-year change of each amount for the previous fiscal year is not shown. In addition, share of profit of investments accounted for using the equity method related to the Metals Business is included in continuing operations from the first half of the current 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
   	Millions of yen	Millions of yen	Millions of yen	%
   1H of FY2025	8,707,103	3,467,671	3,117,056	35.8
   FY2024	8,789,377	3,470,563	3,100,660	35.3

2. Dividends

   	Annual cash dividends per share
   	End of 1st quarter	End of 2nd quarter	End of 3rd quarter	Year-End	Total
   	Yen	Yen	Yen	Yen	Yen
   FY2024	-	13.00	-	13.00	26.00
   FY2025	-	17.00
   FY2025 (Forecast)			-	17.00	34.00

   Note: Revision to the most recent dividend forecast: Yes

   Regarding matters related to the revision to dividend forecasts, please refer to "Notice Regarding Dividends of Surplus (Interim Dividend) and Revisions to Year-End Dividend Forecast" announced today.

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

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

Note: Revision to the most recent consolidated earnings forecast: Yes

Regarding the revision to the forecasts of consolidated results, please refer to "Notification of Revisions to the Forecasts of Consolidated Results for the Fiscal Year 2025" announced today.

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 September 30, 2025.

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

Forecast for FY2025: 420,000 million yen (percentage change from the previous fiscal year: 156.6%) (Reference) Actual results for FY2024: 163,670 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)

      First Half of FY2025 ended September 30, 2025: 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

      First Half of FY2025 ended September 30, 2025: 16,847,603 shares FY2024 ended March 31, 2025: 342,480,503 shares

   3. Average number of shares issued during the period

      First Half of FY2025 ended September 30, 2025: 2,690,017,162 shares First Half of FY2024 ended September 30, 2024: 2,913,550,397 shares

      • Semi-annual financial results reports are exempt from review 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 (or corresponding period in the previous fiscal year) are not presented ("-") if either or both of the fiscal year (or period) under review and the previous fiscal year (or corresponding period) are negative, or if the percentage change is 1,000% or greater.

      Condensed Semi-annual Consolidated Financial Statements and Major Explanatory Notes Thereto
      1. Condensed Semi-annual Consolidated Statements of Financial Position

         		(Millions of yen)
         	FY2024 (As of March 31, 2025)	1H of FY2025 (As of September 30, 2025)
         ASSETS
         Current assets
         Cash and cash equivalents	846,563	847,223
         Trade and other receivables	1,404,083	1,327,096
         Inventories	1,589,786	1,537,798
         Other financial assets	86,988	155,604
         Other current assets	180,565	180,779
         Sub total	4,107,985	4,048,500
         Assets held for sale	99,553	-
         Total current assets	4,207,538	4,048,500
         Non-current assets
         Property, plant and equipment	3,037,260	3,112,518
         Goodwill	74,201	74,201
         Intangible assets	432,251	416,229
         Investments accounted for using the equity method	610,388	645,256
         Other financial assets	344,803	328,283
         Other non-current assets	36,945	38,226
         Deferred tax assets	45,991	43,890
         Total non-current assets	4,581,839	4,658,603
         TOTAL ASSETS	8,789,377	8,707,103

         		(Millions of yen)
         	FY2024 (As of March 31, 2025)	1H of FY2025 (As of September 30, 2025)
         LIABILITIES
         Current liabilities
         Trade and other payables	1,570,172	1,543,329
         Bonds and borrowings	535,456	591,689
         Income taxes payable	39,097	59,573
         Lease liabilities	59,769	69,895
         Other financial liabilities	16,629	24,453
         Provisions	9,479	13,627
         Other current liabilities	297,213	296,038
         Sub total	2,527,815	2,598,604
         Liabilities directly associated with assets held for sale	69,751	-
         Total current liabilities	2,597,566	2,598,604
         Non-current liabilities
         Bonds and borrowings	1,801,327	1,655,218
         Liabilities for retirement benefits	102,319	100,530
         Lease liabilities	279,475	331,765
         Other financial liabilities	23,448	24,815
         Provisions	132,550	148,914
         Other non-current liabilities	44,537	47,067
         Deferred tax liabilities	337,592	332,519
         Total non-current liabilities	2,721,248	2,640,828
         Total liabilities	5,318,814	5,239,432
         EQUITY
         Common stock	100,000	100,000
         Capital surplus	935,428	687,518
         Retained earnings	2,072,028	2,104,785
         Treasury stock	(257,659)	(9,795)
         Other components of equity	250,863	234,548
         Total equity attributable to owners of the parent	3,100,660	3,117,056
         Non-controlling interests	369,903	350,615
         Total equity	3,470,563	3,467,671
         TOTAL LIABILITIES AND EQUITY	8,789,377	8,707,103

      2. Condensed Semi-annual Consolidated Statements of Profit or Loss and Condensed Semi-annual Consolidated Statements of Comprehensive Income or Loss

         (Condensed Semi-annual Consolidated Statements of Profit or Loss)

         		(Millions of yen)
         	1H of FY2024 (From April 1, 2024 to September 30, 2024)	1H of FY2025 (From April 1, 2025 to September 30, 2025)
         Continuing operations
         Revenue	6,012,030	5,691,922
         Cost of sales	5,542,104	5,203,235
         Gross profit	469,926	488,687
         Selling, general and administrative expenses	420,516	424,780
         Share of profit of investments accounted for using the equity method	3,203	21,875
         Other operating income	34,488	109,860
         Other operating expenses	9,765	28,904
         Operating profit	77,336	166,738
         Finance income	11,561	11,434
         Finance costs	24,023	20,276
         Profit before tax	64,874	157,896
         Income tax expense	15,176	65,712
         Profit from continuing operations	49,698	92,184
         Discontinued operations
         Profit from discontinued operations	46,209	-
         Profit	95,907	92,184
         Profit attributable to:
         Owners of the parent	68,168	64,754
         Non-controlling interests	27,739	27,430
         Profit	95,907	92,184
         		(Yen)
         Basic profit per share
         Continuing operations	10.59	24.07
         Discontinued operations	12.81	-
         Basic profit per share	23.40	24.07
         Diluted profit per share
         Continuing operations	10.56	24.03
         Discontinued operations	12.79	-
         Diluted profit per share	23.35	24.03

         (Condensed Semi-annual Consolidated Statements of Comprehensive Income or Loss)

         		(Millions of yen)
         1H of FY2024 (From April 1, 2024 to September 30, 2024)		1H of FY2025 (From April 1, 2025 to September 30, 2025)
         Profit	95,907	92,184
         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)	(6,772)	(2,793)
         Remeasurement gains (losses) on defined benefit plans	(2,049)	25
         Shares of other comprehensive income of investments accounted for using the equity method	60	2,008
         Total	(8,761)	(760)
         Items that may be reclassified subsequently to profit or loss
         Exchange differences on translation of foreign operations	(23,108)	(10,426)
         Changes in fair value of cash flow hedges	7,531	(1,834)
         Shares of other comprehensive income of investments accounted for using the equity method	(5,046)	(2,672)
         Total	(20,623)	(14,932)
         Other comprehensive income (loss), net of tax	(29,384)	(15,692)
         Total comprehensive income	66,523	76,492
         Comprehensive income attributable to:
         Owners of the parent	56,810	48,872
         Non-controlling interests	9,713	27,620
         Total comprehensive income	66,523	76,492

      3. Condensed Semi-annual Consolidated Statements of Changes in Equity

         First Half of FY2024 (April 1, 2024 - September 30, 2024)

         						(Millions of Yen)
         Other components of equity
         Common stock		Capital surplus	Retained earnings	Treasury stock	Changes in fair value of financial assets measured at fair value through other comprehensive income (loss)	Changes in fair value of cash flow hedges
         Balance as of April 1, 2024	100,000	942,308	1,891,573	(25,652)	81,537	687
         Profit	-	-	68,168	-	-	-
         Other comprehensive income (loss)	-	-	-	-	4,127	13,013
         Total comprehensive income (loss)	-	-	68,168	-	4,127	13,013
         Purchase of treasury stock	-	-	-	(134,617)	-	-
         Disposal of treasury stock	-	(181)	-	181	-	-
         Cash dividends	-	-	(32,923)	-	-	-
         Share-based payment transactions	-	176	-	-	-	-
         Equity transactions with non- controlling interests, etc.	-	53	-	-	(10)	11
         Change in scope of consolidation	-	-	-	-	-	-
         Transfer from other components of equity to retained earnings	-	-	(2,370)	-	377	-
         Transfer from other components of equity to non-financial assets	-	-	-	-	-	(2,695)
         Changes due to business combination	-	-	-	-	-	-
         Other	-	(8,295)	-	-	-	-
         Total transactions with owners	-	(8,247)	(35,293)	(134,436)	367	(2,684)
         Balance as of September 30, 2024	100,000	934,061	1,924,448	(160,088)	86,031	11,016
         Other components of equity
         Exchange differences on translation of foreign operations		Remeasurement (losses) gains on defined benefit plans	Total	Total equity attributable to owners of the parent	Non-controlling interests	Total equity
         Balance as of April 1, 2024	236,760	-	318,984	3,227,213	476,605	3,703,818
         Profit	-	-	-	68,168	27,739	95,907
         Other comprehensive income (loss)	(26,505)	(1,993)	(11,358)	(11,358)	(18,026)	(29,384)
         Total comprehensive income (loss)	(26,505)	(1,993)	(11,358)	56,810	9,713	66,523
         Purchase of treasury stock	-	-	-	(134,617)	-	(134,617)
         Disposal of treasury stock	-	-	-	0	-	0
         Cash dividends	-	-	-	(32,923)	(21,429)	(54,352)
         Share-based payment transactions	-	-	-	176	-	176
         Equity transactions with non-controlling interests, etc.	(2)	-	(1)	52	(246)	(194)
         Change in scope of consolidation	-	-	-	-	16	16
         Transfer from other components of equity to retained earnings	-	1,993	2,370	-	-	-
         Transfer from other components of equity to non-financial assets	-	-	(2,695)	(2,695)	(1,324)	(4,019)
         Changes due to business combination	-	-	-	-	6,839	6,839
         Other	-	-	-	(8,295)	(953)	(9,248)
         Total transactions with owners	(2)	1,993	(326)	(178,302)	(17,097)	(195,399)
         Balance as of September 30, 2024	210,253	-	307,300	3,105,721	469,221	3,574,942

         First Half of FY2025 (April 1, 2025 - September 30, 2025)

         						(Millions of Yen)
         Other components of equity
         Common stock		Capital surplus	Retained earnings	Treasury stock	Changes in fair value of financial assets measured at fair value through other comprehensive income (loss)	Changes in fair value of cash flow hedges
         Balance as of April 1, 2025	100,000	935,428	2,072,028	(257,659)	67,878	11,751
         Profit	-	-	64,754	-	-	-
         Other comprehensive income (loss)	-	-	-	-	(1,302)	(3,548)
         Total comprehensive income (loss)	-	-	64,754	-	(1,302)	(3,548)
         Purchase of treasury stock	-	-	-	(546)	-	-
         Disposal of treasury stock	-	(280)	-	280	-	-
         Cancellation of treasury stock	-	(248,130)	-	248,130	-	-
         Cash dividends	-	-	(35,023)	-	-	-
         Share-based payment transactions	-	169	-	-	-	-
         Equity transactions with non- controlling interests, etc.	-	760	-	-	420	-
         Change in scope of consolidation	-	-	-	-	-	-
         Transfer from other components of equity to retained earnings	-	-	3,026	-	(2,999)	-
         Transfer from other components of equity to non-financial assets	-	-	-	-	-	2,173
         Other	-	(429)	-	-	-	-
         Total transactions with owners	-	(247,910)	(31,997)	247,864	(2,579)	2,173
         Balance as of September 30, 2025	100,000	687,518	2,104,785	(9,795)	63,997	10,376
         Other components of equity
         Exchange differences on translation of foreign operations		Remeasurement (losses) gains on defined benefit plans	Total	Total equity attributable to owners of the parent	Non-controlling interests	Total equity
         Balance as of April 1, 2025	171,234	-	250,863	3,100,660	369,903	3,470,563
         Profit	-	-	-	64,754	27,430	92,184
         Other comprehensive income (loss)	(11,059)	27	(15,882)	(15,882)	190	(15,692)
         Total comprehensive income (loss)	(11,059)	27	(15,882)	48,872	27,620	76,492
         Purchase of treasury stock	-	-	-	(546)	-	(546)
         Disposal of treasury stock	-	-	-	0	-	0
         Cancellation of treasury stock	-	-	-	-	-	-
         Cash dividends	-	-	-	(35,023)	(17,432)	(52,455)
         Share-based payment transactions	-	-	-	169	-	169
         Equity transactions with non-controlling interests, etc.	-	-	420	1,180	(30,082)	(28,902)
         Change in scope of consolidation	-	-	-	-	(1,432)	(1,432)
         Transfer from other components of equity to retained earnings	-	(27)	(3,026)	-	-	-
         Transfer from other components of equity to non-financial assets	-	-	2,173	2,173	2,326	4,499
         Other	-	-	-	(429)	(288)	(717)
         Total transactions with owners	-	(27)	(433)	(32,476)	(46,908)	(79,384)
         Balance as of September 30, 2025	160,175	-	234,548	3,117,056	350,615	3,467,671

      4. Condensed Semi-annual Consolidated Statements of Cash Flows

         		(Millions of yen)
         1H of FY2024 (From April 1, 2024 to September 30, 2024)		1H of FY2025 (From April 1, 2025 to September 30, 2025)
         Cash flows from operating activities:
         Profit before tax	64,874	157,896
         Profit before tax from discontinued operations	66,879	-
         Depreciation, depletion and amortization	182,938	160,677
         Impairment loss	2,093	2,598
         Interest income and dividends income	(11,712)	(13,190)
         Interest expenses	25,046	19,599
         Share of loss (profit) of investments accounted for using the equity method	(31,902)	(21,875)
         Loss (gain) on sale of shares of subsidiaries	(457)	(76,710)
         (Increase) decrease in trade and other receivables	312,509	94,954
         (Increase) decrease in inventories	(92,692)	50,192
         Increase (decrease) in trade and other payables	(352,047)	(10,879)
         Interest and dividends received	25,027	23,510
         Interest paid	(25,925)	(19,444)
         Income taxes refund (paid)	(28,582)	(52,067)
         Other	(8,386)	19,018
         Net cash flows from (used in) operating activities	127,663	334,279
         Cash flows from investing activities:
         Purchase of investment securities	(9,859)	(10,670)
         Proceeds from the sale of investment securities	2,875	15,712
         Purchase of property, plant and equipment	(167,183)	(129,404)
         Decrease (increase) in short-term loans to associates and others, net	(8,062)	(60,093)
         Payment for acquisition of subsidiaries resulting in change in scope of consolidation	(22,288)	(910)
         Proceeds from sale of subsidiaries resulting in change in scope of consolidation	-	68,252
         Proceeds from sale of investments accounted for using equity method	55,444	-
         Other	(8,638)	(5,849)
         Net cash flows from (used in) investing activities	(157,711)	(122,962)

         		(Millions of yen)
         	1H of FY2024 (From April 1, 2024 to September 30, 2024)	1H of FY2025 (From April 1, 2025 to September 30, 2025)
         Cash flows from financing activities:
         Increase (decrease) in short-term borrowings, net	(142)	12,238
         Proceeds from long-term borrowings and issuance of bonds	122,274	7,728
         Repayments of long-term borrowings and redemption of bonds	(224,898)	(112,312)
         Repayments of lease liabilities	(40,972)	(43,980)
         Purchase of treasury stock	(134,601)	(390)
         Purchase of treasury stock of subsidiaries	-	(28,158)
         Cash dividends paid	(32,923)	(35,023)
         Dividends to non-controlling interests	(21,429)	(17,432)
         Other	(740)	1,584
         Net cash flows from (used in) financing activities	(333,431)	(215,745)
         Net increase (decrease) in cash and cash equivalents	(363,479)	(4,428)
         Cash and cash equivalents at beginning of the period	775,906	846,563
         Net foreign exchange differences of cash and cash equivalents	4,289	(3,060)
         Net increase (decrease) in cash and cash equivalents included in assets held for sale	(7,903)	8,148
         Cash and cash equivalents at end of the period	408,813	847,223

      5. Explanatory Notes to the Condensed Semi-annual Consolidated Financial Statements

(Applied Framework for Financial Reporting)

The Company's condensed semi-annual consolidated financial statements (condensed semi-annual consolidated statements of financial position, condensed semi-annual consolidated statements of profit or loss, condensed semi-annual consolidated statements of comprehensive income or loss, condensed semi-annual consolidated statements of changes in equity, condensed semi-annual consolidated statements of cash flows, and notes) attached to the Consolidated Financial Results for the Second Quarter (First Half) of Fiscal Year 2025 have been prepared in accordance with the guidelines for preparing financial results and quarterly financial results of Tokyo Stock Exchange, Inc. and Nagoya Stock Exchange, Inc., and some of the disclosure items and notes required by IAS 34 "Interim Financial Reporting" are omitted.

(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. On March 19, 2025, 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 in the previous fiscal year.

   Accordingly, segment information for the first half of the previous fiscal year has been restated to exclude the Metals Business and include only continuing operations, and segment information for the first half of the current 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 buttery 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 and Other Items from Each Reporting Segment First Half of FY2024 (April 1, 2024 - September 30, 2024)

   (Millions of yen)

   	Petroleum Products	Oil and Natural Gas E&P	High Performance Materials	Electricity
   Revenue
   Revenue from external customers (Note 1)	5,333,830	122,038	170,006	142,275
   Inter-segment revenue or transfers (Note 2)	37,267	223	1,494	2,635
   Total	5,371,097	122,261	171,500	144,910
   Segment profit (loss) (Note 3)	(7,520)	46,698	9,062	14,184

   (Millions of yen)

   	Renewable Energy	Total reporting segments	Other	Adjustments (Note 4)	Recorded amount on consolidated financial statements
   Revenue
   Revenue from external customers (Note 1)	22,427	5,790,576	221,454	-	6,012,030
   Inter-segment revenue or transfers (Note 2)	4	41,623	11,701	(53,324)	-
   Total	22,431	5,832,199	233,155	(53,324)	6,012,030
   Segment profit (loss) (Note 3)	1,360	63,784	19,653	(6,101)	77,336

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

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

   2. Segment profit (loss) is stated as operating profit in the condensed semi-annual consolidated statements of profit or loss.

   3. The segment profit (loss) adjustment of (6,101) million yen includes the net amount of (5,120) million yen, which is the income and expenses of the entire Company not allocated to the reporting segments or the "Other" category.

First Half of FY2025 (April 1, 2025 - September 30, 2025)

(Millions of yen)

(Millions of yen)

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

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

2. Segment profit (loss) is stated as operating profit in the condensed semi-annual consolidated statements of profit or loss.

3. The segment profit (loss) adjustment of (1,495) million yen includes the net amount of (10) million yen, which is the income and expenses of the entire Company not allocated to the reporting segments or the "Other" category.

4. The segment profit (loss) of 40,450 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 affiliated company accounted for using the equity method, as well as its subsidiaries and other such entities.

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

(Millions of yen)