ENEOS (5020) Q1 2025 earnings summary

Executive summary

• Q1 FY2024 operating income excluding inventory valuation was JPY 113.1 billion; net income excluding inventory valuation was JPY 55.2 billion, slightly down year-on-year due to the absence of last year's one-off Caserones sale profit.

• Revenue for 1Q FY2024 was ¥3,166.3 billion, down 1.6% year-over-year; operating profit rose 60.5% to ¥150.8 billion.

• Profit attributable to owners of the parent increased 78.2% to ¥81.6 billion; basic EPS was ¥27.59, up from ¥15.19.

• 1Q results are generally in line with the full-year plan, with no change to the previously announced full-year forecast.

• Refinery operational issues were reduced, staying below the 4% UCL target.

Financial highlights

• Operating income excluding inventory valuation for Q1 was JPY 113.1 billion; net income was JPY 55.2 billion.

• Net sales for FY2024 1Q were ¥3,166.3 billion, down 2% year-over-year.

• Operating profit margin improved, with operating profit at ¥150.8 billion versus ¥94.0 billion last year.

• Net cash from operating activities was ¥63.8 billion, down from ¥141.4 billion year-over-year.

• Total assets increased to ¥10,194.6 billion; total equity rose to ¥3,800.1 billion.

Outlook and guidance

• Full-year operating income forecast (excluding inventory valuation) remains at JPY 400 billion, with Q1 results on track.

• FY2024 revenue forecast is ¥14,600 billion, up 5.4% year-over-year.

• Dividend forecast unchanged at ¥22 per share for FY2024.