Inpex : Consolidated Financial Results (result20260513)

May 13, 2026

Company name : INPEX CORPORATION Stock Exchange on which the Company is listed : Tokyo Stock Exchange

Code number : 1605 URL https://www.inpex.com Representative : Takayuki Ueda, Representative Director, President & CEO

Contact person : Shohei Yoshida, General Manager, Corporate Communications Unit TEL+81-3-5572-0750

Scheduled date of payment of cash dividends : － Preparation of supplementary explanatory materials : Yes Meeting of quarterly financial results presentation : None

(Amounts less than one million yen are rounded down)

1. Consolidated Financial Results for the Three Months ended March 31, 2026 (January 1, 2026 through March 31, 2026)

   1. Consolidated operating results

      (Figures in % represent the changes from the corresponding period of the previous fiscal year)

      	Revenue		Operating profit		Profit before tax		Profit
      For the three months ended March 31, 2026 March 31, 2025	Millions of yen 501,803 536,899	% (6.5) (10.0)	Millions of yen 278,215 323,873	% (14.1) (14.8)	Millions of yen 291,352 335,359	% (13.1) (10.1)	Millions of yen 118,968 134,802	% (11.7) 9.1

      	Profit attributable to owners of parent		Total comprehensive income		Basic earnings per share	Diluted earnings per share
      For the three months ended March 31, 2026 March 31, 2025	Millions of yen 109,414 126,293	% (13.4) 3.7	Millions of yen 231,599 (140,434)	% - -	Yen 94.08 105.46	Yen 94.00 105.38

   2. Consolidated financial position

      	Total assets	Total equity	Equity attributable to owners of parent	Ratio of equity attributable to owners of parent to total assets
      As of	Millions of yen	Millions of yen	Millions of yen	%
      March 31, 2026	8,019,409	5,122,733	4,889,940	61.0
      December 31, 2025	7,735,198	5,022,903	4,747,158	61.4

2. Dividends

   	Cash dividends per share
   	At 1st quarter end	At 2nd quarter end	At 3rd quarter end	At fiscal year end	Total
   	Yen	Yen	Yen	Yen	Yen
   For the year ended December 31, 2025	-	50.00	-	50.00	100.00
   For the year ending December 31, 2026	-
   For the year ending December 31, 2026 (Forecasts)		54.00	-	54.00	108.00

   (Notes): 1. Changes in projected dividends for the year ending December 31, 2026 from the previous forecast: None

   2. "Dividends" as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit "Dividends of Class A stock."

3. Forecasts for Consolidated Financial Results for the year ending December 31, 2026 (January 1, 2026 through December 31, 2026)

   (Figures in % represent the changes from the corresponding period of the previous fiscal year)

   	Revenue			Operating profit				Profit before		tax	Profit attributable to owners of parent		Basic earnings per share
   	Millions of yen			%	Millions of yen 579,000 - 628,000		%	Millions of yen 604,000 - 654,000		%	Millions of yen 180,000 - 214,000	%		Yen
   For the six months ending June 30, 2026	1,044,000 - 1,087,000		-	(0.5) 3.6		-	(6.1) 1.8		-	(6.4) 1.4		(19.5) - (4.3)	-	154.77 184.01
   For the year ending December 31, 2026	-	2,004,000 2,291,000	(0.4) - 13.9	-	1,086,000 1,368,000	(4.4) - 20.5	-	1,134,000 1,416,000	(3.4) - 20.7	-	350,000 450,000	(11.1) - 14.3	-	300.95 386.94

   (Note): Changes in forecasts for consolidated financial results for the year ending December 31, 2026 from the previous forecast: Yes

   *Notes

   1. Significant changes in scope of consolidation : None

   2. Changes in accounting policies and accounting estimates

      1. Changes in accounting policies required by IFRS : None

      2. Other changes in accounting policies : None

      3. Changes in accounting estimates : None

   3. Number of shares issued (Common stock)

1. Number of shares issued at the end of the period 1,259,136,067 shares as of March 31, 2026 (including treasury stock): 1,259,136,067 shares as of December 31, 2025

2. Number of treasury stock at the end of the period: 96,946,200 shares as of March 31, 2026

   93,742,368 shares as of December 31, 2025

3. Average number of shares: 1,162,984,491 shares for the three months ended March 31, 2026 1,197,599,814 shares for the three months ended March 31, 2025

(Note): The shares held by "the Board Incentive Plan Trust" are included in number of treasury stock at the end of the period. (As of March 31, 2026: 999,480 shares As of December 31, 2025: 1,012,209 shares)

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

*Explanation regarding the appropriate use of estimated consolidated financial results

The aforementioned forecasts "3. Forecasts for Consolidated Financial Results for the year ending December 31, 2026" are based on the currently available information and contain many uncertainties. The final results might be significantly different from the forecasts due to changes in business conditions including oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax schemes. Regarding the forecasts, please refer to "1. Summary of Operating Results, etc. (3) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results" on page 3.

Exhibit:

Dividends of Class A stock

(Note): The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no stock split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock split is included in the Articles of Incorporation.

Index of the Attachments

1. Summary of Operating Results, etc. 2

   1. Summary of Consolidated Operating Results 2

   2. Summary of Consolidated Financial Position… 2

   3. Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results 3

2. Condensed Quarterly Consolidated Financial Statements and Principal Notes 4

   1. Condensed Quarterly Consolidated Statement of Financial Position… 4

   2. Condensed Quarterly Consolidated Statement of Profit or Loss and

      Condensed Quarterly Consolidated Statement of Comprehensive Income 6

   3. Condensed Quarterly Consolidated Statement of Changes in Equity 8

   4. Notes to Condensed Quarterly Consolidated Financial Statements 10

      (Notes on Going Concern Assumption) 10

      (Notes on Condensed Quarterly Consolidated Statement of Cash Flows) 10

      (Segment Information) 10

3. Supplementary Information 11

   1. Production, Orders Received and Sales Performance 11

1. Summary of Operating Results, etc.

   1. Summary of Consolidated Operating Results

      Regarding the Group's consolidated financial results for the three months ended March 31, 2026, revenue decreased by ¥35.0 billion, or 6.5%, to ¥501.8 billion from the corresponding period of the previous fiscal year due to a decrease in sales price. Revenue of crude oil decreased by ¥41.1 billion, or 10.4%, to ¥352.8 billion, and revenue of natural gas decreased by ¥2.4 billion, or 1.8%, to ¥133.6 billion. Sales volume of crude oil decreased by 880 thousand barrels, or 2.6%, to 33,343 thousand barrels, and sales volume of natural gas increased by 4,435 million cf, or 3.5%, to 130,018 million cf. Sales volume of overseas natural gas increased by 4,718 million cf, or 4.8%, to 103,201 million cf, and sales volume of domestic natural gas decreased by 8 million m3, or 1.0%, to 719 million m3(26,817 million cf). The average sales price of overseas crude oil decreased by US$8.10, or 10.7%, to US$67.39 per barrel. The average sales price of overseas natural gas decreased by US$0.12, or 2.3%, to US$5.04 per thousand cf, and the average sales price of domestic natural gas decreased by ¥8.73, or 10.8%, to ¥72.28 per m3. The average exchange rate of the Japanese yen against the U.S. dollar on consolidated revenue depreciated by ¥4.60, or 3.0%, to ¥157.00 per U.S. dollar.

      The decrease of ¥35.0 billion in revenue was mainly derived from the following factors: regarding revenue of crude oil and natural gas, a decrease in sales volume pushing sales down of ¥7.0billion to the decrease, a decrease in unit sales price contributing ¥49.4 billion to the decrease, the depreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing ¥12.8 billion to the increase, and an increase in revenue excluding crude oil and natural gas of ¥8.5 billion.

      Meanwhile, cost of sales increased by ¥13.0 billion, or 6.0%, to ¥230.2 billion. Exploration expenses decreased by ¥1.6 billion, or 42.9%, to ¥2.2 billion. Selling, general and administrative expenses increased by ¥1.4 billion, or 4.7%, to ¥32.2 billion. Other operating income increased by ¥3.3 billion, or 60.6%, to ¥8.7 billion. Other operating expenses increased by ¥0.1 billion, or 9.4%, to ¥2.1 billion. Share of profit of investments accounted for using equity method decreased by ¥0.8 billion, or 2.4%, to ¥34.4 billion. As a result, operating profit decreased by ¥45.6 billion, or 14.1%, to ¥278.2 billion.

      Finance income decreased by ¥2.1 billion, or 6.9%, to ¥28.9 billion. Finance costs decreased by ¥3.7 billion, or 19.3%, to ¥15.8 billion. As a result, profit before tax decreased by ¥44.0 billion, or 13.1%, to ¥291.3 billion.

      Income tax expense decreased by ¥28.1 billion, or 14.0%, to ¥172.3 billion. Profit attributable to non-controlling interests increased by ¥1.0 billion, or 12.3%, to ¥9.5 billion. As a result of the above effects, profit attributable to owners of parent decreased by ¥16.8 billion, or 13.4%, to ¥109.4 billion.

      Operating results by segment are as follows:

      1. Oil & Gas Japan

         Revenue decreased by ¥7.1 billion, or 11.0%, to ¥57.9 billion due to a decrease in sales price. Profit attributable to owners of parent decreased by ¥9.3 billion, or 82.6%, to ¥1.9 billion.

      2. Oil & Gas Overseas - Ichthys Project

         Although revenue increased by ¥7.1 billion, or 7.8%, to ¥98.6 billion due to an increase in sales volume, profit attributable to owners of parent decreased by ¥3.8 billion, or 5.2%, to ¥70.3 billion due to factors including an increase in income tax expense.

      3. Oil & Gas Overseas - Other Projects

         Revenue decreased by ¥36.0 billion, or 9.6%, to ¥340.7 billion due to a decrease in sales price. Profit attributable to owners of parent decreased by ¥0.4 billion, or 1.3%, to ¥35.1 billion.

   2. Summary of Consolidated Financial Position

      Total assets as of March 31, 2026 increased by ¥284.2 billion to ¥8,019.4 billion, compared to December 31, 2025. Current assets increased by ¥119.1 billion to ¥1,228.2 billion due to an increase in income taxes receivable, and others. Non-current assets increased by ¥165.0 billion to ¥6,791.1 billion due to an increase in oil and gas assets, and others.

      Meanwhile, total liabilities increased by ¥184.3 billion to ¥2,896.6 billion. Current liabilities increased by ¥152.4 billion to ¥992.1 billion and non-current liabilities increased by ¥31.8 billion to ¥1,904.5 billion.

      Total equity increased by ¥99.8 billion to ¥5,122.7 billion. Equity attributable to owners of parent increased by ¥142.7 billion to

      ¥4,889.9 billion. Non-controlling interests decreased by ¥42.9 billion to ¥232.7 billion.

   3. Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results

   The Company revised its consolidated financial forecasts for the six months ending June 30, 2026 and the fiscal year ending December 31, 2026, reflecting stable operations at the Ichthys Project and other assets, and a review of the assumptions for crude oil prices and foreign exchange rates from the second quarter onward.

   Given the heightened uncertainty surrounding the situation in the Middle East, the assumptions for crude oil prices and foreign exchange rates, as well as the consolidated financial forecast figures, have been revised and disclosed on a range basis.

   	Revenue	Operating profit	Profit before tax	Profit attributable to owners of parent
   Previous Forecasts: A	971,000	476,000	500,000	150,000
   Revised Forecasts: B	1,044,000 - 1,087,000	579,000 - 628,000	604,000 - 654,000	180,000 - 214,000
   Increase (Decrease): B-A	73,000 - 116,000	103,000 - 152,000	104,000 - 154,000	30,000 - 64,000
   Percentage change (%)	7.5 - 11.9	21.6 - 31.9	20.8 - 30.8	20.0 - 42.7

   1. Forecasts for consolidated financial results for the six months ending June 30, 2026

      	Revenue	Operating profit	Profit before tax	Profit attributable to owners of parent
      Previous Forecasts: A	1,893,000	957,000	1,000,000	330,000
      Revised Forecasts: B	2,004,000 - 2,291,000	1,086,000 - 1,368,000	1,134,000 - 1,416,000	350,000 - 450,000
      Increase (Decrease): B-A	111,000 - 398,000	129,000 - 411,000	134,000 - 416,000	20,000 - 120,000
      Percentage change (%)	5.9 - 21.0	13.5 - 42.9	13.4 - 41.6	6.1 - 36.4

   2. Forecasts for consolidated financial results for the year ending December 31, 2026

   The above forecasts are calculated based on the following assumptions:

   (Millions of yen)

   (Millions of yen)

   	Previous Forecasts		Revised Forecasts
   	First Half average:	US$63.5/bbl	First Half average:	US$79.0 - 86.0/bbl
   Crude oil price (Brent)	Second Half average:	US$62.5/bbl US$63.0/bbl US$62.0/bbl	Second Half average:	US$61.0 - 80.0/bbl US$62.0 - 85.0/bbl US$60.0 - 75.0/bbl
   	Full Year average:	US$63.0/bbl	Full Year average:	US$70.0 - 83.0/bbl
   Exchange rate	First Half average: Second Half average: Full Year average:	¥152.5/US$ ¥149.5/US$ ¥151.0/US$	First Half average: Second Half average: Full Year average:	¥156.0 - 158.0/US$ ¥152.0 - 154.0/US$ ¥154.0 - 156.0/US$

   • 3rd quarter average:

   • 4th quarter average:

   • 3rd quarter average:

   • 4th quarter average:

   Crude oil prices at which the Company sells products vary depending on crude oil type and differ from Brent crude oil prices. Crude oil price differences are determined by the quality of each crude oil type, etc., and are also affected by market conditions.

2. Condensed Quarterly Consolidated Financial Statements and Principal Notes

   1. Condensed Quarterly Consolidated Statement of Financial Position

      (Millions of yen)

      Assets

      Current assets

      Accounts As of December 31, 2025 As of March 31, 2026

      Cash and cash equivalents	168,407	210,485
      Trade and other receivables	263,055	253,821
      Inventories	68,389	68,183
      Income taxes receivable	19,397	65,502
      Loans receivable	54,305	57,246
      Other financial assets	477,393	519,292
      Other current assets	58,145	53,693
      Total current assets	1,109,093	1,228,227
      Non-current assets Oil and gas assets	3,888,982	3,956,424
      Other property, plant and equipment	25,576	35,053
      Goodwill	46,551	49,060
      Intangible assets	31,360	31,684
      Investments accounted for using equity method	1,024,925	1,073,183
      Loans receivable	1,409,382	1,439,685
      Other financial assets	116,765	121,255
      Asset for retirement benefits	980	1,108
      Deferred tax assets	62,145	63,795
      Other non-current assets	19,434	19,929
      Total non-current assets	6,626,104	6,791,181
      Total assets	7,735,198	8,019,409

      Liabilities and equity Liabilities

      Current liabilities

      (Millions of yen)

      Accounts As of December 31, 2025 As of March 31, 2026

      Trade and other payables	217,690	228,216
      Bonds and borrowings	541,482	640,821
      Other financial liabilities	37,183	56,701
      Income taxes payable	13,040	32,669
      Asset retirement obligations	15,885	15,732
      Other current liabilities	14,381	18,013
      Total current liabilities	839,663	992,155
      Non-current liabilities
      Bonds and borrowings	703,264	697,375
      Other financial liabilities	46,589	52,054
      Liability for retirement benefits	1,358	1,435
      Asset retirement obligations	477,817	479,241
      Deferred tax liabilities	628,151	658,692
      Other non-current liabilities	15,448	15,720
      Total non-current liabilities	1,872,631	1,904,520
      Total liabilities	2,712,295	2,896,675
      Equity
      Common stock	290,809	290,809
      Capital surplus	454,020	408,059
      Retained earnings	3,345,830	3,395,571
      Treasury stock	(221,629)	(231,584)
      Other components of equity	878,127	1,027,084
      Total equity attributable to owners of parent	4,747,158	4,889,940
      Non-controlling interests	275,745	232,792
      Total equity	5,022,903	5,122,733
      Total liabilities and equity	7,735,198	8,019,409

   2. Condensed Quarterly Consolidated Statement of Profit or Loss and Condensed Quarterly Consolidated Statement of Comprehensive Income

      Condensed Quarterly Consolidated Statement of Profit or Loss

      (Millions of yen)

      Accounts For the three months ended For the three months ended March 31, 2025 March 31, 2026
      Revenue	536,899	501,803
      Cost of sales	(217,196)	(230,253)
      Gross profit	319,702	271,550
      Exploration expenses	(3,858)	(2,202)
      Selling, general and administrative expenses	(30,761)	(32,220)
      Other operating income	5,478	8,795
      Other operating expenses	(1,953)	(2,138)
      Share of profit (loss) of investments accounted for using equity method	35,265	34,431
      Operating profit	323,873	278,215
      Finance income	31,129	28,985
      Finance costs	(19,643)	(15,848)
      Profit before tax	335,359	291,352
      Income tax expense	(200,557)	(172,384)
      Profit	134,802	118,968
      Profit attributable to
      Owners of parent	126,293	109,414
      Non-controlling interests	8,508	9,553
      Profit	134,802	118,968
      Earnings per share
      Basic earnings per share (Yen)	105.46	94.08
      Diluted earnings per share (Yen)	105.38	94.00

      Condensed Quarterly Consolidated Statement of Comprehensive Income

      Accounts For the three months ended March 31, 2025

      (Millions of yen) For the three months ended

      March 31, 2026

      Profit 134,802 118,968

      Other comprehensive income

      Items that will not be reclassified to profit or loss

      Exchange differences on translation of foreign operations － 319

      Financial assets measured at fair value through other

      comprehensive income

      265 1,613

      Total items that will not be reclassified to profit or loss 265 1,933

      Items that may be reclassified subsequently to profit or loss
      Cash flow hedges	592	(452)
      Exchange differences on translation of foreign operations	(272,998)	111,738

      791	(316)
      (3,887)	(272)
      (275,502)	110,697

      Financial assets measured at fair value through other comprehensive income

      Share of other comprehensive income of investments accounted for using equity method

      Total items that may be reclassified subsequently to profit or loss

      Total other comprehensive income	(275,236)	112,631
      Comprehensive income	(140,434)	231,599
      Comprehensive income attributable to Owners of parent	(139,239)	213,933
      Non-controlling interests	(1,195)	17,665
      Comprehensive income	(140,434)	231,599

   3. Condensed Quarterly Consolidated Statement of Changes in Equity For the three months ended March 31, 2025

      Equity attributable to owners of parent

      (Millions of yen)

      Other components of equity

      Common stock Capital surplus Retained earnings Treasury stock

      Exchange differences on translation of

      Cash flow hedges

      					foreign operations
      As of January 1, 2025	290,809	458,254	3,073,530	(131,235)	1,127,203	17,062
      Profit	-	-	126,293	-	-	-
      Other comprehensive income	-	-	-	-	(263,295)	(3,294)
      Total comprehensive income	-	-	126,293	-	(263,295)	(3,294)
      Purchase of treasury stock	-	-	-	(0)	-	-
      Dividends	-	-	(51,532)	-	-	-
      Changes in ownership interest in subsidiaries	-	(1,421)	-	-	679	-
      Disposal of subsidiaries	-	-	-	-	-	-
      Share-based payment transactions	-	27	-	-	-	-
      Total transactions with owners	-	(1,394)	(51,532)	(0)	679	-
      As of March 31, 2025	290,809	456,859	3,148,292	(131,235)	864,587	13,768

      Equity attributable to owners of parent Other components of equity

      Financial assets measured at

      Total

      Non-controlling interests

      Total

      fair value through other comprehensive income

      Total

      As of January 1, 2025	(13,820)	1,130,446	4,821,805	316,027	5,137,833
      Profit	-	-	126,293	8,508	134,802
      Other comprehensive income	1,056	(265,533)	(265,533)	(9,703)	(275,236)
      Total comprehensive income	1,056	(265,533)	(139,239)	(1,195)	(140,434)
      Purchase of treasury stock	-	-	(0)	-	(0)
      Dividends	-	-	(51,532)	(76,972)	(128,504)
      Changes in ownership interest in subsidiaries	-	679	(742)	1,592	849
      Disposal of subsidiaries	-	-	-	(56)	(56)
      Share-based payment transactions	-	-	27	-	27
      Total transactions with owners	-	679	(52,247)	(75,436)	(127,684)
      As of March 31, 2025	(12,763)	865,591	4,630,318	239,395	4,869,714

      For the three months ended March 31, 2026

      Equity attributable to owners of parent

      (Millions of yen)

      Other components of equity

      Common stock Capital surplus Retained earnings Treasury stock

      Exchange differences on translation of

      Cash flow hedges

      					foreign operations
      As of January 1, 2026	290,809	454,020	3,345,830	(221,629)	876,410	11,471
      Profit	-	-	109,414	-	-	-
      Other comprehensive income	-	-	-	-	103,945	(724)
      Total comprehensive income	-	-	109,414	-	103,945	(724)
      Purchase of treasury stock	-	-	-	(9,975)	-	-
      Disposal of treasury stock	-	(20)	-	20	-	-
      Dividends	-	-	(58,320)	-	-	-
      Changes resulting from additions to consolidation	-	-	-	-	-	-
      Changes in ownership interest in subsidiaries	-	(45,963)	-	-	43,085	-
      Share-based payment transactions	-	22	-	-	-	-
      Transfer from other components of equity to retained earnings	-	-	(1,353)	-	1,353	-
      Total transactions with owners	-	(45,960)	(59,673)	(9,955)	44,438	-
      As of March 31, 2026	290,809	408,059	3,395,571	(231,584)	1,024,795	10,747

      Equity attributable to owners of parent Other components of equity

      Financial assets measured at

      Total

      Non-controlling interests

      Total

      fair value through other comprehensive income

      Total

      As of January 1, 2026	(9,755)	878,127	4,747,158	275,745	5,022,903
      Profit	-	-	109,414	9,553	118,968
      Other comprehensive income	1,297	104,518	104,518	8,112	112,631
      Total comprehensive income	1,297	104,518	213,933	17,665	231,599
      Purchase of treasury stock	-	-	(9,975)	-	(9,975)
      Disposal of treasury stock	-	-	-	-	-
      Dividends	-	-	(58,320)	(3,860)	(62,180)
      Changes resulting from additions to consolidation	-	-	-	49	49
      Changes in ownership interest in subsidiaries	-	43,085	(2,877)	(56,807)	(59,685)
      Share-based payment transactions	-	-	22	-	22
      Transfer from other components of equity to retained earnings	-	1,353	-	-	-
      Total transactions with owners	-	44,438	(71,150)	(60,618)	(131,769)
      As of March 31, 2026	(8,458)	1,027,084	4,889,940	232,792	5,122,733

   4. Notes to Condensed Quarterly Consolidated Financial Statements (Notes on Going Concern Assumption)

   None

   (Notes on Condensed Quarterly Consolidated Statement of Cash Flows)

   The condensed quarterly consolidated statement of cash flows has not been provided for the three months ended March 31, 2026. Amounts of depreciation and amortization are as follows:

   For the three months ended March 31, 2025

   (Millions of yen)

   For the three months ended March 31, 2026

   Depreciation and amortization 89,232 101,893

   (Segment Information)

   Reportable segment profit represents profit attributable to owners of parent as presented in the condensed quarterly consolidated statement of profit or loss. Intersegment transactions follow pricing based on arm's-length principles.

   The revenue and profit for the Group's reportable segments are as follows:

   For the three months ended March 31, 2025 (January 1, 2025 through March 31, 2025)

   Reportable segments

   (Millions of yen)

   Oil & Gas

   Oil & Gas Overseas

   Other* Total Adjustments Consolidated

   	Japan	Ichthys Project	Other Projects
   Revenue Revenue from external customers	65,099	91,522	376,798	3,478	536,899	-	536,899
   Intersegment revenue	-	5,672	-	1,058	6,731	(6,731)	-
   Total	65,099	97,195	376,798	4,537	543,630	(6,731)	536,899
   Segment profit (loss)	11,336	74,170	35,571	(173)	120,904	5,389	126,293

   Note: The "Other" category consists of the operating segments that are not included in the reportable segments, and includes the renewable energy & power-related business and the CCS & hydrogen business, etc.

   For the three months ended March 31, 2026 (January 1, 2026 through March 31, 2026)

   Reportable segments

   (Millions of yen)

   Oil & Gas

   Oil & Gas Overseas

   Other* Total Adjustments Consolidated

   	Japan	Ichthys Project	Other Projects
   Revenue Revenue from external customers	57,921	98,633	340,705	4,543	501,803	-	501,803
   Intersegment revenue	-	5,896	-	1,114	7,011	(7,011)	-
   Total	57,921	104,530	340,705	5,658	508,815	(7,011)	501,803
   Segment profit (loss)	1,967	70,342	35,102	(1,481)	105,930	3,484	109,414

   Note: The "Other" category consists of the operating segments that are not included in the reportable segments, and includes the renewable energy & power-related business and the CCS & hydrogen business, etc.

3. Supplementary Information

1. Production, Orders Received and Sales Performance

   1. Actual production

      The following table shows actual production by segment:

      Segment		Category	For the three months ended March 31, 2025	For the three months ended March 31, 2026
      Oil & Gas Japan		Crude oil	203Mbbls (2Mbbls per day)	178Mbbls (2Mbbls per day)
      		Natural gas	7,300MMcf (81MMcf per day)	6,541MMcf (73MMcf per day)
      		Subtotal	1,533Mboe (17Mboe per day)	1,370Mboe (15Mboe per day)
      		Iodine	148t	154t
      		Electric power generation	51million kWh	6million kWh
      Oil & Gas Overseas	Ichthys Project	Crude oil	3,324Mbbls (37Mbbls per day)	3,357Mbbls (37Mbbls per day)
      		Natural gas	91,344MMcf (1,015MMcf per day)	97,059MMcf (1,078MMcf per day)
      		Subtotal	21,027Mboe (234Mboe per day)	21,986Mboe (244Mboe per day)
      	Other Projects	Crude oil	32,126Mbbls (357Mbbls per day)	29,548Mbbls (328Mbbls per day)
      		Natural gas	22,841MMcf (254MMcf per day)	23,311MMcf (259MMcf per day)
      		Subtotal	36,302Mboe (403Mboe per day)	33,822Mboe (376Mboe per day)
      		Sulfur	48Mtons	29Mtons
      Other		Electric power generation	595million kWh	859million kWh
      Total		Crude oil	35,653Mbbls (396Mbbls per day)	33,082Mbbls (368Mbbls per day)
      		Natural gas	121,484MMcf (1,350MMcf per day)	126,911MMcf (1,410MMcf per day)
      		Subtotal	58,861Mboe (654Mboe per day)	57,177Mboe (635Mboe per day)
      		Iodine	148t	154t
      		Sulfur	48Mtons	29Mtons
      		Electric power generation	647million kWh	865million kWh

      Notes: 1. The volume of LPG produced overseas is included in "Crude oil."

      1. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.

      2. The production by the Company's affiliates, etc. is included in the figures above.

      3. The production volume of crude oil and natural gas under the production sharing contracts entered into by the Group corresponds to the net economic take of the Group. Figures calculated by multiplying the gross production volume by the Company's interest share are 37,483 Mbbls (416 Mbbls per day) of crude oil, 122,019 MMcf (1,356 MMcf per day) of natural gas, and in total 60,828 Mboe (676 Mboe per day) for the three months ended March 31, 2025, and 34,732 Mbbls (386 Mbbls per day) of crude oil, 129,781 MMcf (1,442 MMcf per day) of natural gas, and in total 59,376 Mboe (660 Mboe per day) for the three months ended March 31, 2026.

      4. "Boe" means barrels of oil equivalent.

      5. "Iodine" is refined by other company on consignment.

      6. Figures are rounded to the nearest whole number.

   2. Orders received

      Disclosure on this information is omitted because the amount of orders received is accounted for a minor portion of total sales.

   3. Actual sales

The following table shows sales by segment:

(Millions of yen)