Inpex Corporation TSE:1605

Inpex : Consolidated Financial Results（Support Material） (result20260513 b)

Published

Source: MarketScreener

Support Material Financial Results for the three months ended March 31, 2026

INPEX CORPORATION (Securities Code:1605) May 13, 2026





FY2026 Profit Forecast Revised Up Despite Wide-ranging Impacts from the Middle East Conflict

The rapid escalation of geopolitical tensions in the Middle East has created wide-ranging impacts on our crude oil supply chain. We have provided assumptions in ranges, considering the uncertainty in oil prices and fx going forward. We upwardly revised our full-year profit forecast to between ¥350.0 billion and ¥450.0 billion, up from the previous forecast of ¥330.0 billion. (See page 7,8)

INPEX, being Japan's key energy company, will continue to work proactively to ensure the stable supply of energy to Japan as well as to our other core business regions, including to Australia and South East Asia etc.

Status of INPEX's Oil and Gas Projects

Abu Dhabi: Producing oil.

Assumptions for ¥350.0 and ¥450.0 billion Forecasts

¥450.0 billion

Production and Shipment

  • No damage has been reported at the onshore and offshore production facilities in which INPEX holds equity interests. Measures are taken to continue operations while production is not at full scale.

  • Shipments continue from location outside the Arabian Gulf, without transiting the Strait of Hormuz.

Sales

INPEX will work closely with ADNOC and customers.

Investment

While closely monitoring the situation, INPEX continues investment to increase crude oil production.



Oil Price

$83

1st Half $86 2nd Half $80

Fx ¥156/$

Oil Price

$70

1st Half $79 2nd Half $61

Fx ¥154/$

¥350.0 billion

Ichthys (Australia): Producing mainly gas, partly oil.

  • Continuing stable production.

  • 32 LNG cargoes shipped in the first quarter.

    Other (Japan, Central Asia etc.): Producing oil and gas.

  • Continuing stable production.

During the event of disruptions, INPEX will fully leverage crude oil supply sources in Australia, Central Asia, and other regions.

Assuming a continued elevated oil price environment following the de-escalation of the conflict, driven by residual geopolitical risks, with prices gradually normalizing toward year-end.



Forecasting a significant increase in profit driven by higher oil prices and a weaker yen, partially offset by a decline in profit due to lower sales volume resulting from the Middle Eastern conflict etc.

Assuming a rapid normalization of oil price to pre-conflict levels, following the de-escalation of the conflict, due to easing supply-demand conditions.

Proft forecast down by ¥100.0 billion compared to the ¥450.0 billion forecast, mainly due to lower oil price and stronger yen assumptions.

2



Growth Investment and Shareholders Returns Policy

We forecast FY2026 growth investment of ¥800.0 billion, a little less than our previous forecast. Investments are progressing largely in line with plan, while we expect some deferral into the next fiscal year.

We will consider additional shareholder returns assessing the situation of the market, while committed to maintaining a total payout ratio of 50% or more as outlined in the Mid-term Business Plan 2025-2027.

INPEX will pursue both growth investment and shareholder returns, with aims to sustain shareholder returns through continued growth.

FY2026 Growth Investments Forecast FY2026 Shareholder Return Policy

(billions of yen)

305.0

282.0

63.0

60.0

63.0

53.0

Pillar for Growth 3

New Asset Acquisitions

850.0

39.0

106.0

800.0*

12.0

108.0

Key Investments Made

  • Committed to maintaining a total payout ratio of 50% or more and a progressive dividend policy, as outlined in the Mid-term Business Plan 2025-2027.

  • INPEX will consider additional shareholder returns assessing the external environment and the situation of the market.

274.0

Pillar for Growth 1

Expansion of Existing Assets

282.0

Exploration Abadi

Maintenance and Renewal

Acquisition of Additional Shares in INPEX South West Caspian Sea Petroleum Co., Ltd

Shareholder returns track record and forecasts

Dividends (billions of yen)

Total payout ratio

55.4%

Share buybacks (billions of yen)

Total payout ratio 50% or more

100.0

118.2

125.6

FY2025 Actual

FY2026 Forecast

（Previous）

FY2026 Forecast

（Revised）



INPEX farms in to prospective acreage in Beetaloo Sub-basin

Previous Forecast Revised Forecast

* As per $83/bbl case. $70/bbl case is 790 billion yen. See page 9.

3



Consolidated Financial Results for the three months ended March 31, 2026

Financial Highlights

1Q FY2025

1Q FY2026

Change

% Change

Average crude oil price (Brent) ($/bbl)

74.98

78.38

3.40

4.5%

Average exchange rate (¥/$)

152.56

156.96

4.40 yen

depreciation

2.9%

depreciation

Revenue (Billions of yen)

536.8

501.8

(35.0)

(6.5%)

Operating profit (Billions of yen)

323.8

278.2

(45.6)

(14.1%)

Profit before tax (Billions of yen)

335.3

291.3

(44.0)

(13.1%)

Profit attributable to owners of parent (Billions of yen) *1

126.2

109.4

(16.8)

(13.4%)

Basic earnings per share (EPS) (Yen) *2

105.46

94.08

(11.38)

(10.8%)

December 31,

2025

March 31,

2026

Change % Change

Equity attributable to owners of parent per share (BPS) (Yen)

4,073.44

4,207.52

134.08 3.3%

*1 Profit contribution (segment profit) from Ichthys LNG for the three months ended March 31, 2025: 74.1 billion yen Profit contribution (segment profit) from Ichthys LNG for the three months ended March 31, 2026: 70.3 billion yen

*2 Average number of INPEX shares issued and outstanding during the three months ended March 31, 2025: 1,197,599,814 shares

Average number of INPEX shares issued and outstanding during the three months ended March 31, 2026: 1,162,984,491 shares

4



Consolidated Financial Results for the three months ended March 31, 2026

Revenue by Major Products

Revenue, Sales volume, Unit price and Exchange rate Analysis of Revenue

(Billions of yen)

1Q FY2025

1Q FY2026

Change % Change

Crude Oil

(10.1)

(41.1)

393.9

352.8

(41.1)

+10.1

Crude Oil

Revenue (Billions of yen)

393.9

352.8

(41.1)

(10.4%)

Sales volume (thousand bbl)

34,223

33,343

(880)

(2.6%)

Average unit price of overseas sales ($/bbl)

75.49

67.39

(8.10)

(10.7%)

Average exchange rate

(¥/$)

152.52

157.03

4.51 yen

depreciation

3.0%

depreciation

Revenue

136.1

133.6

(2.4)

(1.8%)

(Billions of yen)

Sales volume

125,583

130,018

4,435

3.5%

(million cf)

Natural Gas

Average unit price of

(excluding LPG)

overseas sales

5.16

5.04

(0.12)

(2.3%)

($/thousand cf)

Average unit price of

81.01

72.28

(8.73)

(10.8%)

domestic sales (¥/m3)

Average exchange rate

152.15

157.15

5.00 yen

3.3%

(¥/$)

depreciation

depreciation

1Q

FY2025

Decrease in

sales volume

Decrease in

unit price

Exchange

rate

1Q

FY2026

Natural Gas (excluding LPG)

3.0

(2.４)

136.1

133.6

(8.2)

+2.7

1Q FY2025

Increase in sales volume

Decrease in unit price

Exchange rate

1Q FY2026



Consolidated Financial Results for the three months ended March 31, 2026

Analysis of Profit (1Q FY2025 vs. 1Q FY2026)

Although oil prices rose in March, the time-lag effect led to lower unit prices and a decline in revenue.

Partially offset by a decrease in income tax expense, profit decreased by ¥16.8 billion year on year to ¥109.4 billion.

(Billions of yen) (16.8)

126.2

109.4

Decrease in tax expense due to

lower crude oil sales and income, etc.

Increase in decommissioning-related costs, etc.

・Decrease in sales volume: (7.0)

(Crude oil: (10.1), Natural gas: +3.0)

・Decrease in unit price: (49.4)

(Crude oil: (41.1), Natural gas: (8.2))

・Exchange rate: +12.8

(Crude oil: +10.1, Natural gas: +2.7)

・Other: +8.5



+27.3

FX gain from Ichthys paid-in capital reduction, etc.



(35.0)

(13.9)

+1.6

(1.4)

+0.3 +4.3

1Q FY2025

Profit

attributable to

owners of parent*1

Decrease in revenue

Increase in cost of sales

Decrease in exploration expenses

Increase in SG&A

Share of profit of investments accounted for using equity method

Other income (expenses)*2

Income tax expense*2

1Q FY2026

Profit

attributable to

owners of parent*1

*1 For the convenience of analyzing factors that cause changes in profit attributable to owners of parent, the items in the Consolidated Statements of Profit or Loss are rearranged and aggregated.

*2 Impacts on income tax expense are listed separately, and impacts on profit attributable to non-controlling interests are included in "Other income (expenses)".



Consolidated Financial Forecasts for the year ending December 31, 2026

Revised Forecasts

Taking into account the heightened uncertainty in crude oil prices and foreign exchange rates due to the Middle East conflict, assumptions for both oil prices and exchange rates have been set in a range. Consequently, the full-year profit forecast has been revised upward to between ¥350.0 billion and ¥450.0 billion.

Full Year*1

Previous Forecasts (As of February 2026)

Revised Forecasts

(As of May 2026)

Crude Oil $83 Case

Change (vs. Previous)

Crude Oil $70 Case

Change (vs. Previous)

Average crude oil price (Brent) ($/bbl)

63.0

83.0

20.0

70.0

7.0

31.7%

11.1%

Average exchange rate (¥/$)

151.0

156.0

5yen depreciation

3.3% depreciation

154.0

3yen depreciation

2.0% depreciation

Revenue (Billions of yen)

1,893.0

2,291.0

398.0

2,004.0

111.0

21.0%

5.9%

Operating profit (Billions of yen)

957.0

1,368.0

411.0

1,086.0

129.0

42.9%

13.5%

Profit before tax (Billions of yen)

1,000.0

1,416.0

416.0

1,134.0

134.0

41.6%

13.4%

Profit attributable to owners of parent*2 (Billions of yen)

330.0

450.0

120.0

350.0

20.0

36.4%

6.1%

ROIC (%)

WACC is estimated to be approximately 6%

6.0

8.0

2.0

6.4

0.4

ROE (%)

The cost of equity is estimated to be approximately 8%

7.0

9.3

2.3

7.4

0.4

Net debt/equity ratio*3

0.39

0.33

(0.06)

0.35

(0.04)

*1 Forecasts for the first half and second half in FY2026 are referred on page 15.



*2 Profit contribution (segment profit) from Ichthys Project for FY2026 is approx. 275.0~330.0 billion yen (forecasted).

*3 (Debt + Lease liabilities - Cash and cash equivalents) /Equity, including Ichthys downstream IJV and differs from institutional accounting basis. 7



Consolidated Financial Forecasts for the year ending December 31, 2026

Analysis of Change in Profit Forecasts (Previous vs. Revised)

(Billions of yen)

1Q Performance variance & Other projects

+22.2

External factors

(Middle East Conflict & Market conditions)

+97.8

Profit forecast in a range

(100.0)

（Yen/US$）

・Previous 151.0

・Revised 156.0

+107.9 +9.4

(19.5)

Temporary price divergence due to timing differences in market fluctuations

（Yen/US$）

・Revised 156.0

・Revised 154.0



450.0

(62.7)

・Impact of crude oil prices and exchange rates

・Increase in Ichthys sales volume, etc.

+27.1

（US$/bbl）

・Previous 63.0

・Revised 80.0

(4.9)

(3.3) (34.0)

330.0

（US$/bbl）

・Revised 83.0

・Revised 70.0

350.0

・Decrease in sales volume caused by the Middle East Conflict, etc.

・Temporary price divergence due to timing differences in market fluctuations

(Billions of yen)

Profit Booster full-year impacts

Previous forecasts (as of Feb 2026)

Revised forecasts

（$83 case）

Revised forecasts

（$70 case）

Impact of investment incentives

Approx. 65.0

Approx. 45.0

Approx. 45.0

TA recycling

Approx. 30.0

Approx. 55.0

Approx. 40.0

Total

Approx. 95.0

Approx. 100.0

Approx. 85.0



Profit attributable to owners of parent (Forecasts as of February 2026)

Variance between 1Q FY2026 forecasts and actual*

Other projects

Impact from crude oil price

Impact from exchange rate

Project factors

Profit attributable to owners of parent (Crude oil $83 case )

Impact from crude oil price

Impact from exchange rate

Project factors

Profit attributable to owners of parent (Crude oil $70 case )

* Further details are referred on page 12. 8



Consolidated Financial Forecasts for the year ending December 31, 2026

Cash Flow*1

(Billions of yen)

Previous Forecasts (As of February 2026)

Revised Forecasts

(As of May 2026)

Crude Oil $83 Case

Change (vs. Previous)

Crude Oil $70 Case

Change (vs. Previous)

CFFO *2

842.0

1,079.0

237.0

950.0

108.0

Cash Flow from Investment (including exploration investment)

(862.0)

(800.0)

62.0

(790.0)

72.0

Growth Investment

(850.0)

(800.0)

50.0

(790.0)

60.0

Pillar for Growth 1

Expansion of oil and natural gas sector, primarily focusing on LNG business

(809.0)

(787.0)

22.0

(777.0)

32.0

Pillar for Growth 2

Lower-carbon solutions leveraging CCS and hydrogen

(2.0)

(1.0)

1.0

(1.0)

1.0

Pillar for Growth 3

Initiatives in renewable and power fields leveraging INPEX's distinctive capabilities

(39.0)

(12.0)

27.0

(12.0)

27.0

Others (purchase and disposal of investment securities etc.)

(12.0)

0.0

12.0

0.0

12.0

Free Cash Flow

(20.0)

279.0

299.0

160.0

180.0

Financial Cash Flow

19.0

(280.0)

(299.0)

(161.0)

(180.0)

Shareholder Returns*3

(165.0)

(225.0)

(60.0)

(175.0)

(10.0)

Cash and cash equivalents at end of the year*4

200.0

200.0*5

-

200.0*5

-

*1 Cash Flow Includes Ichthys downstream IJV and differs from institutional accounting basis.

*2 In order to present a cash flow that more accurately reflects the actual business activities of our company, expenditures related to exploration activities have been excluded.

*3 FY2025 year end dividend (50 yen) + FY2026 interim dividend (54 yen) etc.

*4 Cash and cash equivalents indicates cash, deposits and securities within 3 months.

*5 Expected balance of securities over three months at the end of FY2026 are about 550.0 billion yen under both 83$/bbl and 70$/bbl cases.



Consolidated Financial Forecasts for the year ending December 31, 2026

ROIC by Segment*

(%)

Previous Forecasts

(As of February 2026)

Revised Forecasts

(As of May 2026)

Crude Oil $83

Case

Change

(vs. Previous)

Crude Oil $70

Case

Change

(vs. Previous)

O&G Japan

(0.4)

(0.4)

-

(0.4)

-

O&G Overseas Ichthys

6.7

9.4

2.7

7.7

1.0

O&G Overseas Others

5.9

9.4

3.5

7.7

1.8

Others

(4.8)

(1.8)

3.0

(1.8)

3.0

Renewable Energy

(2.3)

(1.5)

0.8

(1.4)

0.9

CCS and Hydrogen etc. (R&D expenses, etc.)

-

-

-

-

-

Consolidated

6.0

8.0

2.0

6.4

0.4

* Invested capital and adjusted profit for each of the segments are referred on page 16.



Appendix



1Q FY2026

Analysis of Change in Profit (Previous Forecasts vs. Actual)

(Billions of yen)

Business activities factors

+8.5

External factors (Middle East Conflict & Market conditions)

+18.7

+18.1

+1.8

(1.2)

+7.4

+1.1

109.4

82.3

Increase in sales volume, etc.

(US$/bbl)

・Forecast 64.0

・Actual 78.4

Decrease in sales volume caused by the Middle East Conflict, etc.

(Yen/US$)

・Forecast 154.0

・Actual 157.0

1Q FY2026

Profit attributable to owners of parent (Forecasts as of February 2026)

Ichthys Other projects

Impact from crude oil price

Impact from exchange rate

Project factors

1Q FY2026

Profit attributable to owners of parent (Actual)



1Q FY2026

Ichthys Project Cargoes Shipped by Product Type

Ichthys LNG continued stable production from the beginning of the year. From mid- to late 2026, connection and commissioning work for the Booster Compressor Module (a low-pressure production facility) is scheduled to take place. Planned LNG shipments are around 10 cargoes per month throughout the year.

FY2026

January

February

March

April

May

June

July

August

September

October

November

December

Total

LNG

10

9

13

11

-

-

-

-

-

-

-

-

43

Plant Condensate

（Onshore）

1

2

2

2

-

-

-

-

-

-

-

-

7

Field Condensate

（Offshore）

3

2

3

3

-

-

-

-

-

-

-

-

11

LPG

4

2

4

3

-

-

-

-

-

-

-

-

13

2018

2019

2020

2021

2022

2023

2024

2025

LNG

11

104

122

117

112

129

116

112

Plant Condensate

（Onshore）

1

19

22

21

21

23

20

20

Field Condensate

（Offshore）

4

29

34

32

29

29

28

27

LPG

2

27

34

32

30

34

30

30

1Q FY2026

Net Production Volume*1

Crude Oil, Condensate and LPG

（368 thousand BOE/day）

O&G Japan

2 （1%）

O&G Overseas 366 （99%）

Ichthys Project 37 （10%）

Other Projects 328 （90%）

Natural Gas

1,410 million cf/day (268 thousand BOE/day)

O&G Japan 73 （5%）



Crude Oil and Natural gas Total

(635 thousand BOE/day)

O&G Japan 15 （2%）

O&G Overseas 620 （98%）

Ichthys Project 244 （39%）

Other Projects 376 （61%）

O&G Overseas 1,337 （95%）

Ichthys Project 1,078 （81%）

Other Projects

259 （19%）

Net Production Volume Outlook for FY2026

As of February 655 thousand BOE/day

As of May

629 thousand

BOE/day *2

*1 The production volume under the production sharing contracts corresponds to the net economic take of the INPEX Group.

*2 Based on $83/bbl case.



Consolidated Financial Forecasts for the year ending December 31, 2026

2nd Half

(Reference information)

Previous Forecasts (As of

February 2026)

Revised Forecasts

(As of May 2026)

Crude Oil

$83 Case

Change

(vs. Previous)

Crude Oil

$70 Case

Change

(vs. Previous)

Average crude oil price (Brent) ($/bbl)

62.5

80.0

17.5

28.0%

61.0

(1.5)

(2.4%)

Average exchange rate

149.5

154.0

4.5yen

depreciation

152.0

2.5yen

depreciation

(¥/$)

3.0%

depreciation

1.7%

depreciation

Revenue (Billions of yen)

922.0

1,204.0

282.0

30.6%

960.0

38.0

4.1%

Operating profit (Billions of yen)

481.0

740.0

259.0

53.9%

507.0

26.0

5.4%

Profit before tax (Billions of yen)

500.0

762.0

262.0

52.4%

530.0

30.0

6.0%

Profit attributable to

56.0

owners of parent (Billions of yen)

180.0

236.0

31.1%

170.0

(10.0)

(5.6%)

Revised Forecasts

1st Half

Previous Forecasts (As of February

2026)

Revised Forecasts

(As of May 2026)

Crude Oil

$83 Case

Change

(vs. Previous)

Crude Oil

$70 Case

Change

(vs. Previous)

Average crude oil price (Brent) ($/bbl)

63.5

86.0

22.5

35.4%

79.0

15.5

24.4%

Average exchange rate

(¥/$)

152.5

158.0

5.5yen

depreciation

3.6%

depreciation

156.0

3.5yen

depreciation

2.3%

depreciation

Revenue (Billions of yen)

971.0

1,087.0

116.0

11.9%

1,044.0

73.0

7.5%

Operating profit (Billions of yen)

476.0

628.0

152.0

31.9%

579.0

103.0

21.6%

Profit before tax (Billions of yen)

500.0

654.0

154.0

30.8%

604.0

104.0

20.8%

Profit attributable to

64.0

owners of parent (Billions of yen)

150.0

214.0

42.7%

180.0

30.0

20.0%



1Q FY2026

Invested Capital*1 and Adjusted Profit*2 by Segment

(Billions of yen)

Previous Forecasts

(As of February 2026)

Revised Forecasts

(As of May 2026)

Crude Oil

$83 Case

Change

(vs. Previous)

Crude Oil

$70 Case

Change

(vs. Previous)

O&G Japan

Invested

Capital

272.7

246.9

(25.8)

246.8

(25.9)

Adjusted

Profit

(1.1)

(1.0)

0.1

(1.1)

-

O&G Overseas Ichthys

Invested

Capital

3,969.2

3,979.6

10.4

3,945.0

(24.2)

Adjusted

Profit

264.1

373.5

109.4

304.4

40.3

O&G Overseas Others

Invested

Capital

1,773.3

1,768.5

(4.8)

1,753.1

(20.2)

Adjusted

Profit

105.4

166.7

61.3

135.8

30.4

Others

Invested

Capital

181.2

186.7

5.5

187.0

5.8

Adjusted

Profit

(8.6)

(3.3)

5.3

(3.3)

5.3

Renewable Energy

Invested

Capital

175.6

175.2

(0.4)

175.4

(0.2)

Adjusted

Profit

(4.0)

(2.5)

1.5

(2.5)

1.5

CCS and Hydrogen etc. (R&D expenses, etc.)

Invested

Capital

-

-

-

-

-

Adjusted

Profit

(10.5)

(9.6)

0.9

(9.6)

0.9

Consolidated

Invested

Capital

6,778.9

6,769.7

(9.2)

6,738.3

(40.6)

Adjusted

Profit

405.7

541.4

135.7

433.8

28.1

*1 Invested capital : Annual average of the total of capital stock, interest-bearing liabilities as recorded in consolidated financial statements, including project finance of the Ichthys downstream IJV.

*2 Adjusted profit : Profit before deduction of interest expense, impairment loss etc., profit/loss attributable to non-controlling interests.

16



1Q FY2026

Condensed Consolidated Statement of Financial Position

Foreign exchange rate sensitivity of translation adjustments related to overseas operations:

¥1 depreciation of the yen at the fiscal

year-end would increase the balance by

¥29.0 billion.

Of which the total of interest-bearing debt is 1,397.6 billion yen.

Total of net interest-bearing debt including the off-balanced Ichthys downstream IJV is 1,660.1 billion yen. Net D/E ratio including the off-balanced Ichthys downstream IJV is 0.34.

(Billions of yen)

December 31,

2025

March 31,

2026

Change % Change

Summary of financial information for Ichthys downstream IJV, a joint venture (100% basis, including the Company's equity share 67.82%) is as follows:

(Billions of yen)

  • Current assets: 278.1

  • Non-current assets*: 4,549.4

  • Current liabilities: 408.9

  • Non-current liabilities: 3,135.6

  • Equity: 1,282.9

* Non-current assets include interest expenses which are not included in CAPEX, and capitalized costs before FID.

Current assets

1,109.0

1,228.2

119.1

10.7%

Non-current assets

6,626.1

6,791.1

165.0

2.5%

(Oil and gas assets)

3,888.9

3,956.4

67.4

1.7%

(Investments accounted for using the equity method)

1,024.9

1,073.1

48.2

4.7%

(Loans receivable)

1,409.3

1,439.6

30.3

2.2%

Total assets

7,735.1

8,019.4

284.2

3.7%

Current liabilities

839.6

992.1

152.4

18.2%

Non-current liabilities

1,872.6

1,904.5

31.8

1.7%

Equity

5,022.9

5,122.7

99.8

2.0%

(Exchange differences on translation of foreign operations)

876.4

1,024.7

148.3

16.9%

Closing exchange rate (¥/US$)

156.54

159.93

3.39

2.2%

(Non-controlling interests)

275.7

232.7

(42.9)

(15.6%)

Total liabilities and equity

7,735.1

8,019.4

284.2

3.7%



1Q FY2026

Condensed Consolidated Statement of Profit or Loss

(Billions of yen) 1Q FY2025 1Q FY2026 Change % Change

Revenue 536.8 501.8 (35.0) (6.5%)



Increase in sales volume: (7.0) Decrease in unit price: (49.4)

Exchange rate: +12.8

Others: +8.5

Cost of sales (217.1) (230.2) (13.0) 6.0%

Gross profit 319.7 271.5 (48.1) (15.1%)

Cost of sales for crude oil: (144.5) Change: +1.1

Cost of sales for natural gas: (79.8) Change: (12.1)

Exploration expenses (3.8) (2.2) 1.6 (42.9%)

Selling, general and administrative expenses (30.7) (32.2) (1.4) 4.7%

Other operating income 5.4 8.7 3.3 60.6%

Operating profit 323.8 278.2 (45.6) (14.1%)

Other operating expenses (1.9) (2.1) (0.1) 9.4% Share of profit of investments accounted for using the equity method 35.2 34.4 (0.8) (2.4%)

Finance income 31.1 28.9 (2.1) (6.9%)

Finance costs (19.6) (15.8) 3.7 (19.3%)

Profit before tax 335.3 291.3 (44.0) (13.1%)

Income tax expense (200.5) (172.3) 28.1 (14.0%)

Profit attributable to non-controlling interests 8.5 9.5 1.0 12.3%

Profit attributable to owners of parent 126.2 109.4 (16.8) (13.4%)



1Q FY2026

Other Income and Expenses / Finance Income and Costs

(Billions of yen)

1Q FY2025

1Q FY2026

Change

% Change

Note

Other operating income

5.4

8.7

3.3

60.6%

Foreign exchange gain

0.1

6.4

6.2

-

Other

5.3

2.3

(2.9)

(55.7%)

Other operating expenses

(1.9)

(2.1)

(0.1)

9.4%

Other

(1.9)

(2.1)

(0.1)

9.4%

Finance income

31.1

28.9

(2.1)

(6.9%)

Interest income

26.5

26.5

(0.0)

(0.1%)

Dividend income

0.3

0.3

0.0

4.5%

Other

4.2

2.1

(2.1)

(49.5%)

Includes gain on valuation of derivatives*

Finance costs

(19.6)

(15.8)

3.7

(19.3%)

Interest expenses

(17.1)

(14.0)

3.0

(17.7%)

Other

(2.5)

(1.7)

0.7

(30.2%)

* The Company recognizes the estimated present value of costs related to future removal and abandonment of oil and natural gas production facilities, etc. as asset retirement obligations. There may be fluctuations in profit or loss due to changes in the discount rate used to revaluate the present value of asset retirement obligations at the end of each quarter. To neutralize the profit or loss impact, the group has been utilizing derivative transactions (interest rate swaps). Gain or loss on valuation of derivatives arising from these transactions is recognized as finance income or finance costs, and they are offset by the profit or loss resulting from the revaluation

of the asset retirement obligations for the purpose of neutralization. As a result, the impact on profit attributable to owners of parent is immaterial.



1Q FY2026

Revenue

(Billions of yen) Product 1Q FY2025 1Q FY2026 Change % Change

Oil & Gas

Japan

Crude Oil

0.6

0.2

(0.4)

(63.1%)

Natural Gas (excluding LPG)

58.8

51.9

(6.8)

(11.7%)

Other

5.5

5.7

0.1

2.5%

Total

65.0

57.9

(7.1)

(11.0%)

Australia & Southeast Asia

Crude Oil

49.4

45.7

(3.7)

(7.5%)

Natural Gas (excluding LPG)

69.6

72.0

2.4

3.5%

Other

-

3.7

3.7

-

Total

119.0

121.5

2.4

2.1%

Europe

Crude Oil

18.5

18.0

(0.5)

(2.8%)

Natural Gas (excluding LPG)

6.6

8.7

2.0

31.4%

Other

0.0

0.3

0.2

513.4%

Total

25.2

27.0

1.8

7.2%

Abu Dhabi and others (Middle East, NIS etc.)

Crude Oil

322.9

288.8

(34.1)

(10.6%)

Natural Gas (excluding LPG)

0.9

0.8

(0.0)

(6.7%)

Other

0.0

1.0

0.9

-

Total

323.9

290.6

(33.2)

(10.3%)

Other

Crude Oil

2.2

-

(2.2)

(100.0%)

Natural Gas (excluding LPG)

0.1

0.0

(0.0)

(57.2%)

Other

1.0

4.4

3.4

317.3%

Total

3.4

4.5

1.0

30.6%

Total

Crude Oil

393.9

352.8

(41.1)

(10.4%)

Natural Gas (excluding LPG)

136.1

133.6

(2.4)

(1.8%)

Other

6.7

15.3

8.5

125.8%

Total

536.8

501.8

(35.0)

(6.5%)



1Q FY2026

Sales Volume

Product

1Q FY2025

1Q FY2026

Change

% Change

Oil & Gas

Japan

Crude Oil (thousand bbl)

62

24

(38)

(61.0%)

Natural Gas (excluding LPG) (million cf)

27,100

26,817

(283)

(1.0%)

Australia & Southeast Asia

Crude Oil (thousand bbl)

4,256

3,751

(505)

(11.9%)

Natural Gas (excluding LPG) (million cf)

92,417

96,614

4,198

4.5%

Europe

Crude Oil (thousand bbl)

1,575

1,615

41

2.6%

Natural Gas (excluding LPG) (million cf)

3,422

4,153

732

21.4%

Abu Dhabi and others (Middle East, NIS etc.)

Crude Oil (thousand bbl)

28,330

27,952

(378)

(1.3%)

Natural Gas (excluding LPG) (million cf)

2,645

2,433

(212)

(8.0%)

Total

Crude Oil (thousand bbl)

34,223

33,343

(880)

(2.6%)

Natural Gas (excluding LPG) (million cf)

125,583

130,018

4,435

3.5%



1Q FY2026

Net Production Volume*

Product

1Q FY2025

1Q FY2026

Change

% Change

Oil & Gas

Japan

Crude Oil (thousand bbl)

203

178

(25)

(12.4%)

Natural Gas (million cf)

7,300

6,541

(759)

(10.4%)

Iodine (ton)

148

154

5

3.6%

Electric power generation (million kWh)

51

6

(45)

(88.6%)

Australia & Southeast Asia

Crude Oil (thousand bbl)

4,284

3,979

(305)

(7.1%)

Natural Gas (million cf)

108,565

113,513

4,948

4.6%

Europe

Crude Oil (thousand bbl)

1,544

1,572

28

1.8%

Natural Gas (million cf)

2,982

4,409

1,426

47.8%

Abu Dhabi and others (Middle East, NIS etc.)

Crude Oil (thousand bbl)

29,622

27,354

(2,268)

(7.7%)

Natural Gas (million cf)

2,638

2,449

(189)

(7.2%)

Sulfur (thousand ton)

48

29

(19)

(40.4%)

Other

Electric power generation (million kWh)

595

859

263

44.2%

Total

Crude Oil (thousand bbl)

35,653

33,082

(2,571)

(7.2%)

Natural Gas (million cf)

121,484

126,911

5,427

4.5%

Iodine (ton)

148

154

5

3.6%

Sulfur (thousand ton)

48

29

(19)

(40.4%)

Electric power generation (million kWh)

647

865

218

33.7%

* The volume of LPG produced overseas is included in "Crude Oil."



Other Reference Information

FY2025 Ichthys Upstream and Downstream P&L etc.

Revenue

334,854

Depreciation and amortization

(109,040)

Share of profit of investments accounted for using equity method

60,501

Segment Profit

270,801

Oil (Field Condensate) sold to customers

Sales Volume

11,147

Thousand bbl

Revenue

118,392

Million yen

Unit Price

$70.99/bbl

Oil/Gas

CPF

Upstream Business

INPEX Ichthys Pty Ltd（IIPL） IIPL holds 67.82% upstream interests

FPSO

890km Gas Export Pipeline

Downstream Business

Ichthys LNG Pty Ltd（ILNGPL）

ILNGPL holds 100% downstream interests

Equity accounted joint venture (67.82% INPEX owned) LNG, LPG and condensate sold to customers

Onshore LNG Plant

196,676 $4.29/thousand cf Million yen

306,630

Million cf

Feed gas sold to ILNGPL

Sales Volume Revenue Unit Price

Ichthys LNG Pty Ltd (ILNGPL, Downstream entity) P&L and BS (Millions of yen)

Ichthys Project Segment Profit (Millions of yen)

Production Wells



Source: Consolidated Financial Results, https://www.inpex.com/english/ir/library/upload/result20260212.pdf

ILNGPL 100%

Revenue 823,820

Depreciation and amortization (143,349)

Profit 89,209

Total assets 4,637,960

Total liabilities 3,420,996

Total equity 1,216,964

Source: Consolidated financial statements 2025, https://www.inpex.com/assets/documents/english/ir/library/securities/securities20260421_en.pdf

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