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INPEX (1605) investor relations material

INPEX Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • FY2025 profit attributable to owners of parent, adjusted for oil price and FX, reached a record ¥393.8 billion, despite a YoY decrease of ¥33.5 billion due to lower oil prices and yen appreciation.

  • Revenue for FY2025 was ¥2,011.3 billion, down 11.2% YoY, mainly due to lower crude oil sales prices despite higher sales volume.

  • Operating profit declined by 10.7% to ¥1,135.4 billion.

  • Comprehensive income dropped sharply to ¥166.2 billion from ¥878.1 billion the previous year, reflecting significant negative other comprehensive income.

  • Share price surged 60% over the year, outperforming the TOPIX's 22% rise, even as Brent crude oil prices fell 18%.

Financial highlights

  • Profit before tax was ¥1,173.4 billion, down 9.7% YoY; EPS decreased 4.2% to ¥330.82.

  • ROE dropped from 9.5% to 8.2%; ROIC from 8.4% to 7.3%.

  • Net production volume increased to 638,000 boe/d in FY2025; production cost per BOE decreased to $12.4.

  • Cost of sales decreased by 5.5% to ¥864.5 billion, and exploration expenses dropped by 68.6% to ¥16.7 billion.

  • Cash flows from operating activities increased to ¥693.9 billion, while cash and cash equivalents at year-end were ¥168.4 billion.

Outlook and guidance

  • FY2026 profit forecasted at ¥330.0 billion, down ¥63.8 billion YoY, mainly due to lower crude oil price assumptions.

  • Revenue expected at ¥1,893.0 billion (down 5.9% YoY); operating profit at ¥957.0 billion (down 15.7%).

  • Annual dividend per share planned at ¥108, up from ¥100 in FY2025; total shareholder return ratio to remain at 50% or more.

  • CFFO projected at ¥842.0 billion, with significant growth investments in oil and gas planned.

Ichthys capital reduction: Abadi funding impact?
2026 exploration strategy shift and rationale?
Major 2025 investment outlays and their purpose?
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Frequently asked questions

INPEX Corporation is a Japanese energy company engaged primarily in the exploration, development, and production of oil and natural gas. The company operates across various regions, including Asia and Oceania, Eurasia, the Middle East, Africa, and the Americas. INPEX also manages downstream activities such as natural gas liquefaction and operates LNG terminals and pipelines in Japan. Additionally, the company is expanding its portfolio to include renewable energy projects focusing on geothermal and solar power generation. This broad operational base supports its aim to provide stable energy supplies while transitioning towards lower-emission energy sources. The company is headquartered in Minato-ku, Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.

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