Iwatani Corporation TSE:8088

Iwatani : Supplementary Explanation for 1st Half FY25

Published

Source: MarketScreener

FY2025 1stHalf Financial Results(Results for the Six Months Ended September 30, 2025)

(Forward-Looking Statements)

This material contains forward-looking statements based on expectations and are not guarantees or assurances of future performance.

Accordingly, please be fully aware that results may differ materially from those expectations.

Copyright © Iwatani Corporation. All rights reserved.

November 20, 2025 Iwatani Corporation [Securities code 8088]

Contents

  1. FY2025 1st Half Overview

    -Highlights

    -Consolidated Operating Results

    -Consolidated Operating Results (Segment Analysis)

    -Operating Profit Analysis of Each Segment

    -Consolidated Balance Sheet

    -Consolidated Statements of Cash Flows

  2. FY2025 Forecasts

    -Forecasts for the fiscal year ending March 31, 2026

    -Forecasts of Each Segment

    -Returns to Shareholders

  3. Progress of Medium-Term Management Plan: “PLAN27”

    -Progress of Priority Measures

    FY2025 1stHalf OverviewHighlights

    Net sales increased. Operating profit and ordinary profit decreased; however, profit attributable to owners of parent increased.

    Summary of Financial Results for the 1stHalf of FY2025

    Materials business, despite the decrease in LPG sales price due to lower import prices.

    Due to the finalization of the amount of “negative goodwill” related to the additional acquisition of Cosmo Energy

    Holdings, the ordinary profit and profit attributable to owners of parent for the 1stHalf of FY2024 have decreased by

    1.645 billion yen each from the amounts announced last year.

    All data for 1stHalf of FY2024 presented in this document reflect the above-mentioned information.

    • Net sales increased, driven by strong sales of products for the industrial field, mainly in the

    • Operating profit declined due to lower profitability in helium and the negative impact of LPG import price fluctuations.

    • Full-year financial forecasts: no change

    • Operating profit quarterly trends (100 million yen)

191

109

84

77

64

43

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

Net sales

409.1 billion yen YoY +9.1 billion yen +2.3%

Operating profit

10.7 billion yen YoY (5.3) billion yen (33.3)%

Ordinary profit

18.0 billion yen YoY (2.6) billion yen (12.8)%

Profit attributable to owners of parent

20.3 billion yen

YoY +6.8 billion yen +51.1%

Copyright © Iwatani Corporation. All rights reserved.

FY2024 FY2025 3

  • Net sales

58

4,000

Integrated

Energy

(7)

38

2

Others

4,091

Materials

Industrial

Gases &

Consolidated Operating Results

(100 million yen)

FY25 1H

Results

(A)

FY24 1H

Results

(B)

YoY

  1. - (B)

  1. / (B)

    FY25 Progress Forecasts

    Net sales 4,091

    Gross profit 1,065

    Operating

    4,000 +91

    +2.3%

    -

    -

    Machinery

    491

    21.9%

    491

    28.3%

    FY24 1H

    FY25 1H

    - - ■Operating profit

    Integrated

    161 Energy

    Industrial

    106 - Gases &

    Machinery

    (34) Materials 3 107

    631 28.5% (21) (0) Others

    488 41.6%

    FY24 1H FY25 1H

    1,066 (0)

    (0.1)%

    (53)

    9,364 43.7%

    profit 107

    Operating profit

    161

    (33.3)%

    excluding impact of LPG import price fluctuation

    Non-operating profit

    Equity gains of affiliated companies related to Cosmo Energy HD

    Ordinary profit

    Profit attributable to owners of parent

    138

    72

    47

    180

    203

    171 (33)

    (19.3)%

    44 +27

    +61.0%

    19 +28

    +146.3%

    206 (26)

    (12.8)%

    134 +68

    +51.1%

    Consolidated Operating Results (Segment Analysis) (100millionyen)

    FY25 1H

    Results (A)

    FY24 1H

    Results (B)

    YoY

    (A) - (B)

    YoY

    (A) / (B)

    FY25

    Forecasts

    Progress

    Net sales

    4,091

    4,000

    +91

    +2.3%

    9,364

    43.7%

    1,564

    1,572

    (7)

    (0.5)%

    4,060

    38.5%

    1,324

    1,285

    +38

    +3.0%

    2,759

    48.0%

    1,049

    991

    +58

    +5.8%

    2,235

    47.0%

    152

    150

    +2

    +1.5%

    310

    49.1%

    Operating profit

    107

    161

    (53)

    (33.3)%

    491

    21.9%

    (2)

    32

    (34)

    -

    219

    -

    58

    79

    (21)

    (27.1)%

    188

    31.0%

    60

    61

    (0)

    (1.0)%

    129

    47.1%

    (9)

    (12)

    +3

    -

    (45)

    -

    Operating profit excluding impact of LPG import price fluctuation

    138

    171

    (33)

    (19.3)%

    491

    28.3%

    Equity gains of affiliated companies

    related to Cosmo Energy HD

    47

    19

    +28

    +146.3%

    106

    -

    Ordinary profit

    180

    206

    (26)

    (12.8)%

    631

    28.5%

    Profit attributable to owners of parent

    203

    134

    +68

    +51.1%

    488

    41.6%

    • Integrated Energy

    • Industrial Gases & Machinery

    • Materials

    • Others

    • Integrated Energy

    • Industrial Gases & Machinery

    • Materials

    • Others, Adjustments

    Impact of LPG Import Price Fluctuations

    Assumption

    ①

    Wholesale price is linked to LPG import price.

    Assumption

    ②

    Term from import to sale is approx. three months.

    LPG import price

    -LPG from Middle East(CP)

    -LPG from the US(MB)

    linked to

    Wholesale price

    Gas-producing country

    Iwatani's LPG

    import & storage terminal

    LPG users

    Legally required reserves:40 days

Approx. three months

LPG import price fluctuation

Produces short-term impact on performance(due to market fluctuations)

Cheap inventory sold at high price

Basis for selling price

Cost basis

Earnings

booster effect

Rising phase

(If LPG import prices return to original levels, impact will be zero.)

Expensive inventory sold at low price

Basis for selling price

Earnings

depressor effect

Cost basis

Falling phase

Operating Profit Analysis of Integrated Energy

(million yen)

Main factors

Results

FY25 1H

Results (A)

FY24 1H

Results (B)

YoY

(A) - (B)

YoY

(A) / (B)

FY25

Forecasts (C)

Progress

(A) / (C)

Net sales

Operating profit

Operating profit excluding impact of LPG import price fluctuation

156,492

157,263

(770)

(0.5)%

406,000

38.5%

(211)

3,270

(3,482)

-

21,900

-

2,911

4,327

(1,416)

(32.7)%

21,900

13.3%

  • Impact of LPG import price fluctuation (2,070)

(100 million

yen)

1Q

2Q

1H

3Q

4Q

Full

year

FY25 1Q

(11.8)

(19.4)

(31.2)

-

-

-

FY24 1Q

(0.7)

(9.8)

(10.5)

+3.6

+9.1

+2.1

Changes

(11.1)

(9.6)

(20.7)

-

-

-

Analysis of changes in operating profit

3,270

80

(2,070)

(780)

(110)

30

(630)

(211)

    • Retail +80

      -increase in sales volume, partly due to the impact of new consolidation

    • Wholesale (780)

      -decrease in sales volume of LPG

    • Industrial (110)

      -increase in sales volume due to new customer acquisitions, whereas costs rose

    • Energy-related equipment +30

      -solid sales of water heaters, installation works,

      etc.

    • Portable gas cooking stove, cassette gas canister (630)

      -decrease in sales in Japan and China

      Results

      Main factors

      7,988

      (220)

      Analysis of changes in operating profit

      1,650

      (2,890)

      (700)

      5,823

      • Air separation gases (220)

        FY25 1H

        Results (A)

        FY24 1H

        Results (B)

        YoY

        (A) - (B)

        YoY

        (A) / (B)

        FY25

        Forecasts (C)

        Progress

        (A) / (C)

        Net sales

        Operating profit

        132,447

        128,583

        +3,864

        +3.0%

        275,900

        48.0%

        5,823

        7,988

        (2,165)

        (27.1)%

        18,800

        31.0%

        -decrease in the profitability due to sluggish demand in China

      • Hydrogen business +1,650

        -increase in sales of hydrogen and hydrogen-

        related equipment

      • Specialty gases (2,890)

        -decline in the profitability due to weakening in helium markets

      • Gas-related equipment (700)

        -decrease in sales of equipment for the automotive and semiconductor industries

        Results

        Main factors

        Analysis of changes in operating profit

        6,133 100

        230

        (350) (40)

        6,074

      • Functional plastics products +100

        FY25 1H

        Results (A)

        FY24 1H

        Results (B)

        YoY

        (A) - (B)

        YoY

        (A) / (B)

        FY25

        Forecasts (C)

        Progress

        (A) / (C)

        Net sales

        Operating profit

        104,955

        99,155

        +5,800

        +5.8%

        223,500

        47.0%

        6,074

        6,133

        (59)

        (1.0)%

        12,900

        47.1%

        -increase in sales volume of eco-friendly PET

        resins

        -solid sales of resin products

      • Resources & advanced materials (350)

        -increase in sales of rare earths and other items due to the efforts to ensure stable supply

        -decline in the profitability of our own mining

        sites of mineral sands in Australia

      • Metals + 230

        -increase in sales of stainless steel due to the impact of new consolidation

      • Electronic materials (40)

-sluggish sales of high-performance film materials