ENEOS : Presentation （774KB） （774KB）

‌Tokyo 5020‌

Securities Code

February 13, 2026

ENEOS Group

FY2025 Q3 Financial Results

1

‌Agenda

1. Highlights of Financial Results
2. Progress of the Fourth Medium-Term Management Plan
3. Business Environment
4. Financial Results for FY2025 Q3
5. Reference

‌2

1

Highlights of Financial Results

3

‌Highlights of FY2025 Q3 Financial Results

(¥ bn)				FY2024 1 Q1-Q3 Actual	.		FY2025 Q1-Q3 Actual	Difference
		Operating profit		302.5			270.8	-31.7
		Inventory valuation		-84.8			-120.6	-35.8
		Operating profit (excl. inventory valuation)		387.3			391.4		+4.1
		Profit attributable to owners of the parent		170.7			129.2	-41.5
		Profit attributable to owners of the parent (excl. inventory valuation)		230.1			213.6	-16.5

(See p.11-14 for details)

Operating Profit (excl. inventory valuation)	+4.1
Petroleum Products	+81.1
Gains from the sale of the maritime transportation business	+76.6
Oil and Natural Gas E&P	-27.0
High Performance Materials	+0.5
Electricity	+2.6
Renewable Energy	+0.1
Other	-53.2
Metals: Mainly equity reduction from 100% to 42%	-53.5

Breakdown by Segment

• Operating profit saw a YoY decrease of ¥31.7bnprimarily due to worsening inventory valuation effects from falling oil prices.

• Excluding inventory valuation, operating profit increased by ¥4.1bn YoY with higher petroleum products margins and gains from the sale of the maritime transportation business, despite reduced profits in the Oil and Natural Gas E&P business and the equity reduction of JX Advanced Metals.

• For the full-year outlook, the forecast announced in November remains unchanged, considering risks in Q4 such as resource prices and exchange rates.

‌4

2

Progress of the Fourth Medium-Term Management Plan

5

‌Initiatives to Strengthen the Base and Materials Businesses

	Petroleum Products	Refinery Utilization Rate (Excl. Periodic Repairs)
The refinery utilization rate (excl. periodic repairs) for Q1-Q3 was 78%, falling short of the planned level. However, the improvement trend continues through measures to reduce refinery issues (enhanced and accelerated inspections, improved maintenance planning, enhanced construction quality, reduced operational issues). We are aiming for a 90% refinery utilization rate (excl. periodic repairs) in FY2027 by ensuring the proven measures above, investing appropriate repair costs and utilizing AI/DX. Refinery Utilization Rate (%) 90 Q1-Q3 Total 85 85 81 83 78% 84 80 76 75 77 76 70 73 74 Incl. (71) (68) (62) (76) (70) (67) (70) (77) (82) pe6r5iodic repairs FY23 FY24 FY25 Full-Year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Jan.

	High Performance Materials	Expansion of S-SBR Production Capacity
We have decided to increase the production capacity of S-SBR, which is used for high-performance tires, by 10,000 tons at the Yokkaichi Plant (to be completed in December 2027). We aim to exceed market growth by leveraging our strengths in close joint development with major tire manufacturers and our global production/sales network. S-SBR Sales Volume Targeting a 6% CAGR 1 Market growth rate: 3% FY24 FY25 FY26 FY27 1 Compound annual growth rate

‌6

3

Business Environment

7

	Crude Oil (Dubai)		Exchange Rate
FY2025 Q1-Q3	67		149
(Changes)	(-12)		(-4)
FY2024 Q1-Q3	79		153

‌Crude Oil (Dubai) / Exchange Rate

Crude Oil (Dubai)

Exchange Rate

Exchange Rate (¥/$)

150

Crude Oil ($/B)

100

100 75

Dotted line: Q1-Q3 average

50 50

Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY2024 FY2025

8

‌Petroleum Products1and Paraxylene Margin Indexes

Paraxylene (PX) Margin Index

3

Petroleum Products Margin Index 2

(¥/L) ($/ton)

Bar graph: Quarterly average Dotted lines: Q1-Q3 average

Paraxylene margin

Crude oil price of previous month

Bar graph: Quarterly average

Dotted line: Q1-Q3 average

25

800

20

15

600

10

5

400

200

0

Q1 Q2 Q3 Q4 Q1 Q2 Q3

0

Q1 Q2 Q3 Q4

Q1 Q2 Q3

FY2024 FY2025 FY2024 FY2025

1 Petroleum products: gasoline, kerosene, diesel fuel and fuel oil A

2 Calculated using the following formula as a reference for domestic market conditions

3 Calculated using the following formula as a reference for Asian market conditions.

ACP（Asian Contract Price）－ Crude Oil Price of previous month

Spot Price - All Japan Crude CIF (including petroleum tax and interest) If ACP is undecided, average spot price is used.

Note: The indexes above don't indicate our margins (Our selling price - Our cost)

‌9

4

Financial Results for FY2025 Q3 ‌FY2025 Q3 Financial Results Summary

FY2024 Q1-Q3 1

79

153

Crude oil (Dubai) ($ / B)

Exchange rate (¥ / $)

10

FY2025 Q1-Q3 Changes

67

149

-12 -15%

9,605.9

302.5

-84.8

-14.7

287.8

170.7

-4 -3%

Revenue (¥ bn)

Operating profit (¥ bn)

Inventory valuation (¥ bn)

Finance income (¥ bn)

Profit before tax (¥ bn)

-883.5 -9%

8,722.4

270.8

-120.6

-11.9

258.9

129.2

-31.7 -10%

-35.8 －

+2.8 －

-28.9 -10%

Profit attributable to owners of the parent

• Excl. inventory valuation

Operating profit

Profit attributable to owners of the parent

(¥ bn)

-41.5 -24%

(¥ bn)		387.3				391.4		+4.1	+1%
(¥ bn)		230.1				213.6		-16.5	-7%

1 Figures for FY2024 include discontinued operations in revenue, operating profit, finance income, and profit before tax

11

Changes

FY2025 Q1-Q3

FY2024 Q1-Q3

‌Operating Profit by Segment

(¥ bn)

Operating Profit

(excl. inventory valuation)

387.3

391.4

+4.1 +1%

Petroleum Products

73.4

118.7

+45.3 +62%

Inventory valuation	-84.8	-120.6	-35.8	-
Excl. inventory valuation	158.2	239.3	+81.1	+51%
Oil and Natural Gas E&P	72.7	45.7	-27.0	-37%
High Performance Materials	13.8	14.3	+0.5	+4%
Electricity	20.6	23.2	+2.6	+13%
Renewable Energy	0.4	0.5	+0.1	+25%

Other

Metals 1

NIPPO, consolidation adjustment, etc.

121.6

87.1 2

34.5

68.4

33.6

34.8

-53.2 -44%

-53.5 -61%

+0.3 +1%

1 Due to the deconsolidation of the Metals business, it is classified under Other segment from FY2025

2 Discontinued operation profit (equivalent to its operating profit)

Copyright © ENEOS Holdings, Inc. All Rights Reserved.

‌Operating Profit - Petroleum Products excl. inventory valuation

Operating Profit - Oil and Natural Gas E&P

Increased due to improved petroleum products margins

and one-time factor from the sale of the maritime transportation business

FY2024 Q1-Q3

(Excl. inventory valuation)

+81.1

FY2025 Q1-Q3

(Excl. inventory valuation)

(¥bn)

300.0

One-time factor

+76.6

Impact of

margin, expense, etc.

+31.9

150.0

Volume

impact

-24.9

Time-lag

effect

-2.5

0

158.2

239.3

Sales vol	ume (1,000	BD)
	FY24 Q1-Q3	FY25 Q1-Q3
Total	95		93
Gas	68	64
Oil	27	29

	FY24	FY25
	Q1-Q3	Q1-Q3
Brent FY	79	66
Brent CY	82	70
Dubai	79	67

▲1,000

Declined due to falling oil prices and strong yen

FY2024

Q1-Q3

-27.0

FY2025

Q1-Q3

(¥bn)

80.0

Volume impact

+3.4

40.0

Resource

prices impact

-17.1

Impact of

exchange rate, expense, etc.

-13.3

0

Oil prices ($/B)

45.7

72.7

12

‌Operating Profit - High Performance Materials

Operating Profit - Electricity

Increased with higher sales volumes of S-SBR, despite the decline in butadiene market price and increased expenses due to inflation

Increased due to the full operation of Goi Thermal Power Plant and increased sales volume, despite the reversal of one-time factor

(¥bn) 20.0

10.0

FY2024

Q1-Q3

+0.5

Volume impact

+1.0

Impact of margin, expense, etc.

-0.5

FY2025

Q1-Q3

(¥bn) 30.0

15.0

FY2024

Q1-Q3

Volume impact

+3.2

+2.6

Impact of margin, expense, etc.

+3.8

One-time factor

-4.4

FY2025

13

Q1-Q3

20.6

23.2

13.8

14.3

0 0

‌Operating Profit - Renewable Energy

Operating Profit - Other

Comparable to the previous year, as losses from upfront

project spending and stricter regulations on plant development were offset by new power plant start-ups and a reversal from last year's unfavorable weather

Declined due to the equity reduction of JX Advanced Metals, despite higher profits driven by rising copper prices and sales expansions of semiconductor and ICT materials

FY2024 Q1-Q3

+0.1

FY2025

14

121.6

Q1-Q3

FY2024 Q1-Q3

-53.2

FY2025 Q1-Q3

(¥bn) 4.0

Excl. impacts of plants under development and one-time factor

¥5.1 bn → ¥6.8 bn

(¥bn) 120.0

2.0

Power generation gain

+2.2

60.0

Metals business

NIPPO

-0.6

Consolidation adjustments etc.

68.4

+0.9

Impact of

-53.5

(87.1→33.6)

(30.1→29.5)

0.5

expense etc.

-1.1

0.4

0

One-time factor

-1.0

・Equity reduction (from 100% to 42％) -69.5

・Higher copper prices and

sales expansions of semiconductor

& ICT materials, etc. +16.0

0

15

‌Consolidated Cash Flows and Balance Sheets

Consolidated Balance Sheets

Consolidated Cash Flows

		FY2025 Q1-Q3
Operating profit (excl. inventory valuation)		391.4
Depreciation & amortization		243.8
Lease depreciation included		175.8
Other (working capital, tax payment, etc.)		-241.3
Cash flows from operating activities Excl. holiday impact		393.9 291.6
Capital investment		-219.2
Other 1		45.7
Cash flows from investing activities		-173.5
Free cash flows Excl. holiday impact		220.4 118.1
Dividends and other		-118.4
Net cash flows		102.0

(¥bn)

As of Mar. 31, 2025

Total equity attributable to owners of the parent

3,100.7

369.9

Other debt 2,642.8

Interest-bearing debt 2,676.0

Other assets 7,900.7

888.7

Non-controlling interests

Other assets

8,220.5

811.0

Cash and cash equivalents

Total: 8,789.4

As of Dec. 31, 2025

Net interest-bearing debt incl. lease liabilities 1,831.0
Interest-
bearing
debt
2,642.0
Other debt
2,828.4
373.7
Total equity
attributable to
owners of the
parent
3,187.4

Total: 9,031.5

(¥bn)

1 Incl. proceeds from the sale of the maritime transportation business (+78.8 bn)

		As of Mar. 31, 2025		As of Dec. 31, 2025
Equity ratio attributable to owners of the parent		35.3%		35.3％
Net D/E ratio 2 after adjusting for hybrid bonds		0.48		0.48

2 Including lease liabilities, and deducting non-controlling interests

Copyright © ENEOS Holdings, Inc. All Rights Reserved.

‌16

5

Reference

17

		Revenue	9,089.0
		Operating Profit	214.0
		Profit	211.7
		Continuing operations	153.4
		Discontinued operations	58.3
		Profit attributable to owners of the parent	170.7

FY2024 FY2024 Financial Statements Q1-Q3 Actual
(¥ bn)				(Continuing operations)	(Discontinued operations1 )
Revenue		9,605.9		9,089.0	516.9
Operating Profit		302.5		214.0	88.5
Profit		211.7		153.4	58.3
1 Total of income of the form income from intra-group tra (operating profit of ¥1.4 bn		r Metals segment (op nsactions with JX Ad which is included in Ot		erating profit of ¥87.1 anced Metals her segment)	bn) and
Profit attributable to owners of the parent		170.7		As profit represents the continuing + discontinu no impact from the se	combined total of ed operations, there is gment classification

‌(Reference) Treatment of Income of Metals Business

• Following the partial sale of shares of JX Advanced Metals and its reclassification as an equity-method affiliate, income of the Metals business for FY2024 is presented as discontinued operations in the financial statements (i.e. operating profit does not include profit of the Metals business).

• However, this presentation shows the FY2024 results based on the figures announced in Feb. 2025 to ensure continuity from the past.

FY2024

Q1-Q3 Actual

FY2025

Financial Statements

Different

e

v

,

(¥ bn)

Excl. Metals business

18

‌Key Factors

FY 2024

FY2025

H1

Actual

Q1-Q3

Actual

Full-Year

Actual

H1

Actual

Q1-Q3

Actual

Full-Year

(Announced in Nov.)

Natural

(crude oil equivalent)

Power Exchange 2

All Segments Exchange Rate (¥ / $)	153	153	153	146	149	148
Petroleum Crude Oil (Dubai) ($ / B)	82	79	79	69	67	67
Products Sales volume of petroleum products (10,000 KL)	2,078	3,273	4,435	2,022	3,160	4,339
Oil and Sales volume (1,000 B / day)	92	95	95	93	93	94
Gas E&P Crude oil (Brent) ($ / B)	82	79	78	67	66	67
High Elastomer sales Performance volume index1 (%) Materials	103	100	101	101	103	102
Electricity Japan Electric (¥ / kWh)	12.4	12.6	12.7	11.7	11.5	-

1 Index calculated relative to the sales volume in FY2022, which is set as the base year (100%)

2 Average for Tokyo and Kansai areas

Copyright © ENEOS Holdings, Inc. All Rights Reserved.

‌Sensitivity Analysis

• Impact of index change on operating profit in FY2025 (October 2025 onwards)

  19

  Note: Reposted from Nov. announcement

  (¥bn)

  Index Change Impact

  Crude Oil (Dubai)

5 $/B Increase

	Excluding inventory valuation			Inventory valuation		Total
	Excluding Time-lag	Time-lag
Petroleum Products	-1.0	+15.0	+14.0	+50.0		+64.0
Oil and Natural Gas E&P	+3.0	-	+3.0	-		+3.0
High Performance Materials	-	-	-	-		-
Total	+2.0	+15.0	+17.0	+50.0		+67.0

Exchange Rate

5 ¥/$

Weaker yen

	Excluding inventory valuation			Inventory valuation		Total
	Excluding Time-lag	Time-lag
Petroleum Products	+2.0	+7.5	+9.5	+25.0		+34.5
Oil and Natural Gas E&P	+2.5	-	+2.5	-		+2.5
High Performance Materials	+0.5	-	+0.5	-		+0.5
Total	+5.0	+7.5	+12.5	+25.0		+37.5

20

‌Forward-Looking Statements

This notice contains certain forward-looking statements, however, actual results may differ materially from those reflected in any forward-looking statements, due to various factors, including but not limited to, the following:

1. macroeconomic conditions and changes in the competitive environment in the energy, resources and materials industries;

2. changes in laws and regulations; and

3. risks related to litigation and other legal proceedings