Iwatani Corporation TSE:8088

Iwatani : Supplementary Explanation for 3Q FY25

Published

Source: MarketScreener



Financial Results for 3Q FY2025 (Results for the 9 Months Ended December 31st, 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.

February 10, 2026

Iwatani Corporation

〔Security Code 8088〕

Copyright © Iwatani Corporation. All rights reserved.

3Q FY2025 Overview

Copyright © Iwatani Corporation. All rights reserved. 1

Highlights

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

Summary of Financial Results for FY2025 3Q

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

    Materials business, as well as the impact of the new consolidation.

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

  • Revision of full-year financial forecasts. (Announced on 2/10)

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 FY2024 3Q have decreased by 1.852 billion

yen each from the amounts announced last year.

All data for FY2024 3Q presented in this document reflect the above-mentioned information.

  • Operating profit quarterly trends (100 million yen)

191

109

84

97

77

64

43

1Q 2Q 3Q 4Q

1Q 2Q 3Q 4Q

Net sales

641.1 billion yen YoY +16.7 billion yen +2.7%

Operating profit

20.4 billion yen YoY (6.6) billion yen (24.4)%

Ordinary profit

29.5 billion yen YoY (7.8) billion yen (21.0)%

Profit attributable to owners of parent

26.7 billion yen

YoY +0.2 billion yen +0.9%

Copyright © Iwatani Corporation. All rights reserved.

FY2024 FY2025 2

Consolidated Operating Results

  • Net sales

    Integrated

    100

    (100 million yen)

    6,243 Energy

    95

    Others

    Industrial

    Gases & Machinery

    Materials

    (38)

    9 6,411

    FY25 3Q

    FY24 3Q YoY

    Results (A) - (B)

    (B) (A) / (B)

    FY25

    Forecasts*2

    Progress

    Results

    (A)

    Net sales

    6,411

    6,243

    +167

    +2.7%

    8,880

    72.2%

    Gross profit

    1,655

    1,648

    +7

    +0.4%

    -

    -

    Operating profit

    204

    271

    (66)

    (24.4)%

    358

    57.3%

    Operating profit

    excluding impact

    of LPG import

    260

    278

    (17)

    (6.3)%

    417

    62.5%

    price fluctuation

    Non-operating

    profit

    90

    102

    (12)

    (11.9)%

    -

    -

    Equity gains of

    affiliated companies

    related to Cosmo

    43

    61

    (18)

    (29.4)%

    79

    -

    Energy HD*1

    Ordinary profit

    295

    373

    (78)

    (21.0)%

    482

    61.3%

    Profit attributable

    to owners of parent

    267

    265

    +2

    +0.9%

    405

    66.1%

    FY24 3Q FY25 3Q

    • Operating profit

Integrated

271

Energy

(47)

Industrial Gases & Machinery

Materials 11

204

*1:including increases and decreases arising from asset disposals

*2:Announced on Feb.10th 2026

(28)

(1)

Others,

Adjustments

FY24 3Q FY25 3Q

and other transactions of the Cosmo Energy HD., which were

measured at fair value upon application of the equity method

Copyright © Iwatani Corporation. All rights reserved. 3

FY25 3Q

Results (A)

FY24 3Q

Results (B)

YoY

(A) - (B)

YoY

(A) / (B)

FY25

Forecasts

Progress

Net sales

6,411

6,243

+167

+2.7%

8,880

72.2%

  • Integrated Energy

2,519

2,558

(38)

(1.5)%

3,700

68.1%

  • Industrial Gases & Machinery

2,053

1,957

+95

+4.9%

2,694

76.2%

  • Materials

1,590

1,490

+100

+6.7%

2,170

73.3%

  • Others

246

236

+9

+4.1%

316

78.1%

Operating profit

204

271

(66)

(24.4)%

358

57.3%

  • Integrated Energy

29

76

(47)

(61.5)%

130

22.7%

  • Industrial Gases & Machinery

93

122

(28)

(23.4)%

138

67.9%

  • Materials

85

87

(1)

(2.1)%

118

72.7%

  • Others, Adjustments

(4)

(15)

+11

-

(28)

-

Operating profit excluding impact of LPG import price fluctuation

260

278

(17)

(6.3)%

417

62.5%

Equity gains of affiliated companies

related to Cosmo Energy HD

43

61

(18)

(29.4)%

79

-

Ordinary profit

295

373

(78)

(21.0)%

482

61.3%

Profit attributable to owners of parent

267

265

+2

+0.9%

405

66.1%

Copyright © Iwatani Corporation. All rights reserved.

*Announced on Feb.10th2026

4

Assumption

①

Wholesale price is linked to LPG import price.

[LPG from Middle East(CP), LPG from the US(MB)]

Assumption

②

Term from import to sale is approx. three months.

(Legally required reserves:40 days)

Cost basis

Earnings

booster effect

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

⇒If LPG import prices return to original levels, the impact will be zero.

*Actual impact on performance varies depending on inventory volume, time of sale, sales volume, etc.

Cost basis

Earnings

depressor effects

Basis for

selling price

Falling Phase

Basis for selling price

Rising Phase



Change in inventory valuation method

First-In, First-Out method (until FY2025 2Q)

Current Month

Price

Price

  1. Month Ago Price

  2. Months Ago

    Price

  3. Months Ago

Cost basis :

the oldest inventory

Weighted average method (from FY2025 3Q)

Current Month Inventory

Current Month

Price

Inventory

Procured up to the Prev. Month

Avg. Price at

Prev. Month End

Cost basis :

weighted average of current month import price and prior month-end average inventory cost.



Results

Main factors

  • Impact of LPG import price fluctuation (4,870)

    (100 million yen)

    1Q

    2Q

    3Q

    1Q-3Q

    total

    4Q

    Full

    year

    FY25 1Q

    (11.8)

    (19.4)

    (24.4)

    (55.6)

    -

    -

    FY24 1Q

    (0.7)

    (9.8)

    +3.6

    (6.9)

    +9.1

    +2.1

    Changes

    (11.1)

    (9.6)

    (28.0)

    (48.7)

    -

    -

    Analysis of changes in operating profit

7,673

1,200 330

*Announced on Feb.10th2026

  • Retail +1,200

    FY25 3Q

    Results (A)

    FY24 3Q

    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

    251,991

    255,811

    (3,820)

    (1.5)%

    370,000

    68.1%

    2,957

    7,673

    (4,715)

    (61.5)%

    13,000

    22.7%

    8,521

    8,370

    +151

    +1.8%

    18,930

    45.0%

    -increase in sales volume and profitability of LPG

  • Wholesale (440)

    -decrease in sales volume of LPG

  • Industrial (40)

    -increase in sales volume due to new customer

    acquisitions, whereas costs rose

  • Energy-related equipment +330

    -solid sales of LPG-powered emergency

    (4,870)

    (440)

    (40)

    (890)

    2,957

    generators, water heaters, etc.

    • Portable gas cooking stove, cassette gas

      canister (890)

      -decrease in sales in Japan and China

      FY243Q Impact ofLPG

      importprice

      fluctuation

      Retail Wholesale Industrial Energy-related

      equipment

      Portablegas

      cookingstove, cassettegas canisters

      FY253Q

      Results

      Main factors

      12,232

      (210)

      Analysis of changes in operating profit

2,630

(4,930)

FY25 3Q

Results (A)

FY24 3Q

Results (B)

YoY

(A) - (B)

YoY

(A) / (B)

FY25

Forecasts (C)

Progress

(A) / (C)

Net sales

Operating profit

205,395

195,797

+9,598

+4.9%

269,400

76.2%

9,368

12,232

(2,864)

(23.4)%

13,800

67.9%

*Announced on Feb.10th2026

9,368

(350)

  • Air separation gases (210)

    -decrease in the profitability due to sluggish demand in China

  • Hydrogen business +2,630

    -increase in sales of hydrogen and hydrogen-

    related equipment

  • Specialty gases (4,930)

    -decline in the profitability due to weakening in helium markets

  • Gas-related equipment (350)

    -decrease in sales of equipment for the automotive industries

    FY24 3Q Airseparation gases

    Hydrogen business

    Speciality gases

    Gas-related equipment

    FY25 3Q

    Results

    Main factors

    8,757

    Analysis of changes in operating profit

170

150

FY25 3Q

Results (A)

FY24 3Q

Results (B)

YoY

(A) - (B)

YoY

(A) / (B)

FY25

Forecasts (C)

Progress

(A) / (C)

Net sales

Operating profit

159,072

149,067

+10,005

+6.7%

217,000

73.3%

8,576

8,757

(180)

(2.1)%

11,800

72.7%

*Announced on Feb.10th2026

8,576

  • Functional plastics products +170

    -increase in sales volume of eco-friendly PET

    resins

    -solid sales of resin products for food packaging

  • Resources & advanced materials (360)

    -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 + 150

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

    (360) (140)

    • Electronic materials (140)

-sluggish sales of high-performance film materials

FY24 3Q Functional plastics products

Resources& advances materials

Metals Electronic materials

FY25 3Q

FY2025 Forecasts