Japan Petroleum Exploration : Consolidated Financial Results for the Nine Months Ended December 31, 2025(298.6 KB)

February 12, 2026

Note: The following is an English translation of the Japanese-language original.

Company name: Japan Petroleum Exploration Co., Ltd. Listing: Prime Market, Tokyo Stock Exchange Securities code: 1662

URL: https://www.japex.co.jp/en/

Representative: YAMASHITA Michiro, Representative Director and President

Inquiries: MATSUMOTO Akinori, General Manager, Corporate Communication Office Telephone: +81-3-6268-7111 (from overseas)

Scheduled date to commence dividend payments: -

Presentation of supplementary material on financial results: Yes

Holding of financial results presentation meeting (for institutional investors and analysts): Yes

(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated financial results for the nine months ended December 31, 2025 (April 1, 2025 – December 31, 2025)

   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Nine months ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      December 31, 2025	260,318	(5.3)	32,080	(27.9)	49,264	5.2	39,779	(46.6)
      December 31, 2024	274,820	19.5	44,510	11.6	46,810	(2.8)	74,440	103.9

      Note: Comprehensive income: Nine months ended December 31, 2025:	50,685 million yen	(149.2%)
      Nine months ended December 31, 2024:	20,336 million yen	((69.8)%)

      	Basic earnings per share	Diluted earnings per share
      Nine months ended	Yen	Yen
      December 31, 2025	155.43	-
      December 31, 2024	288.14	-

      Note: JAPEX conducted a 5-for-1 stock split of shares of common stock on October 1, 2024. Basic earnings per share were calculated assuming that the stock split was conducted at the beginning of the previous fiscal year.

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio
   As of December 31, 2025 As of March 31, 2025	Millions of yen 713,555 681,598	Millions of yen 594,720 557,257	% 79.1 77.4

   Reference: Equity As of December 31, 2025: 564,368 million yen As of March 31, 2025: 527,744 million yen

2. Cash dividends

   	Annual dividends
   	First quarter	Second quarter	Third quarter	Fiscal year-end	Annual
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	125.00	-	30.00	-
   Fiscal year ending March 31, 2026	-	20.00	-
   Fiscal year ending March 31, 2026 (Forecast)				20.00	40.00

   Notes: 1. Revisions to the latest forecasts of cash dividends: None

   2. JAPEX conducted a 5-for-1 stock split of shares of common stock on October 1, 2024. The year-end dividend per share for the fiscal year ended March 31, 2025 is stated after considering the effect of such the stock split, and the total annual dividend is

   expressed as “–.” If the stock split was not conducted, the year-end dividend for the fiscal year ended March 31, 2025 would be

   150.00 yen, and the total annual dividend would be 275.00 yen.

3. Consolidated financial forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 – March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the consolidated financial forecasts most recently announced: Yes

* Notes

1. Significant changes in the scope of consolidation during the nine months under review: Yes New inclusion: one company (Peoria Resources, LLC)

   Exclusion: two companies (JAPEX UK E&P LIMITED, Japex Energy Co., Ltd.)

   Note: For details, please refer to “(3) Notes to quarterly consolidated financial statements (Changes in the scope of consolidation or the scope of application of the equity method)” of “2. Quarterly consolidated financial statements and significant notes thereto” on page 10 of the attached material.

2. Application of specific accounting for preparing quarterly consolidated financial statements: Yes

   Note: For details, please refer to “(3) Notes to quarterly consolidated financial statements (Notes to specific accounting for preparing quarterly consolidated financial statements)” of “2. Quarterly consolidated financial statements and significant notes thereto” on page 10 of the attached material.

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of December 31, 2025 257,000,380 shares

      As of March 31, 2025 257,000,380 shares

   2. Number of treasury shares at the end of the period

      As of December 31, 2025 1,042,430 shares

      As of March 31, 2025 1,087,980 shares

   3. Average number of shares during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 255,938,927 shares

Nine months ended December 31, 2024 258,346,327 shares

Note: JAPEX conducted a 5-for-1 stock split of shares of common stock on October 1, 2024. Total number of issued shares at the end of the period, number of treasury shares at the end of the period and average number of shares during the period were calculated assuming that the stock split was conducted at the beginning of the previous fiscal year.

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

• Proper use of financial forecasts, and other special matters

The forward-looking statements, including the financial forecasts shown in this document are based on information currently available to our company and on certain assumptions deemed to be reasonable. As such, they do not constitute guarantees by our company of future performance. Actual performance and other results may differ materially from these forecasts due to various factors.

For the suppositions that form the assumptions for financial forecasts and cautions concerning the use thereof, please refer to “(3) Explanation of consolidated financial forecasts and other forward-looking statements” of “1. Overview of operating results and others” on page 5 of the attached material to the quarterly financial results report.

(Attached Material)

1. Overview of operating results and others

1. Overview of operating results for the nine months ended December 31, 2025

   During the nine months ended December 31, 2025, net sales was ¥260,318 million, a decrease of ¥14,502 million (-5.3%) year on year. Gross profit was ¥59,351 million, a decrease of ¥11,815 million (-16.6%)

   year on year. Main factors behind the year-on-year decrease for net sales and gross profit include a drop in crude oil and natural gas sales prices, and a decrease in sales volume for LNG.

   Exploration expenses was ¥1,111 million, a decrease of ¥1,423 million (-56.1%) year on year. Selling, general and administrative expenses was ¥26,159 million, an increase of ¥2,037 million (+8.4%) year on year. As a result, operating profit was ¥32,080 million, a decrease of ¥12,430 million (-27.9%) year on year.

   Ordinary profit was ¥49,264 million, an increase of ¥2,453 million (+5.2%) year on year, due mainly to a reversal from a share of loss of entities accounted for using equity method to a share of profit and an increase in foreign exchange gains.

   Profit before income taxes decreased by ¥42,282 million year on year to ¥50,466 million, mainly due to the absence of gain on sale of investment securities recorded in the same period of the previous fiscal year. Profit attributable to owners of parent decreased by ¥34,660 million year on year to ¥39,779 million.

   Below is a breakdown of net sales.

   1. E&P Business

      Net sales from the E&P Business came to ¥82,734 million, a decrease of ¥13,005 million (-13.6%) year on year, mainly due to a drop in crude oil prices.

   2. Infrastructure/Utility Business

      Net sales from the Infrastructure/Utility Business came to ¥126,386 million, a decrease of ¥2,759 million (-2.1%) year on year. This was mainly the result of a decrease in sales volume for LNG.

   3. Other Businesses

      Net sales from other businesses, such as the contract services (drilling and geological surveys, etc.), sale of oil products, including liquefied petroleum gas (LPG), fuel oil and the like, as well as other subcontracted tasks, came to ¥51,197 million, an increase of ¥1,263 million (+2.5%) year on year.

2. Overview of financial position for the nine months ended December 31, 2025

   Total assets at the end of the third quarter increased by ¥31,957 million from the previous fiscal year-end to ¥713,555 million.

   Current assets increased by ¥31,427 million from the previous fiscal year-end. This was mainly due to increases in cash and deposits and securities. Non-current assets increased by ¥530 million from the previous fiscal year-end. This was mainly due to an increase in investment securities, owing to a rise in their market values, and an increase in other under investments and other assets, due to the recording of long-term loans receivable included in this item, despite a decrease in property, plant and equipment.

   Liabilities decreased by ¥5,505 million from the previous fiscal year-end to ¥118,835 million.

   Current liabilities decreased by ¥11,248 million from the previous fiscal year-end. This was mainly due to a decrease in income taxes payable. Non-current liabilities increased by ¥5,742 million from the previous fiscal year-end. This was mainly due to an increase in deferred tax liabilities due to the rise in market value of investment securities.

   Net assets increased by ¥37,463 million from the previous fiscal year-end to ¥594,720 million. This was mainly due to increases in retained earnings and valuation difference on available-for-sale securities, despite a decrease in foreign currency translation adjustment.

3. Explanation of consolidated financial forecasts and other forward-looking statements

The consolidated financial forecasts for the fiscal year ending March 31, 2026 have been revised from the forecasts announced on November 12, 2025.

Please refer to the “Notice of Financial Forecasts Revision” disclosed on February 12, 2026, the same day of this report.

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