ENEOS (5020) Q3 2026 earnings summary

Executive summary

• Operating profit for the first nine months of FY2025 was ¥270.8 billion, down ¥31.7 billion year-on-year due to inventory valuation losses from lower oil prices, but excluding inventory effects, operating profit rose ¥4.1 billion, driven by improved petroleum margins and a one-time gain from the sale of the maritime transportation business.

• Profit attributable to owners of the parent declined ¥41.5 billion year-on-year to ¥129.2 billion, with basic profit per share at ¥48.04.

• Total comprehensive income for the period was ¥212.8 billion, a 19.6% decrease from the prior year.

Financial highlights

• Revenue for Q1–Q3 FY2025 was ¥8,722.4 billion, down 9% year-on-year; operating profit was ¥270.8 billion, down 10%.

• Excluding inventory valuation, operating profit was ¥391.4 billion (+1% YoY); profit attributable to owners of the parent was ¥129.2 billion (-24% YoY).

• Gross profit for the third quarter was ¥777.4 billion, down from ¥803.8 billion year-over-year.

• Net cash flows from operating activities improved to ¥393.9 billion, while investing activities used ¥173.5 billion and financing activities used ¥304.8 billion.

• Inventory valuation loss widened by ¥35.8 billion year-over-year.

Outlook and guidance

• Full-year forecast remains unchanged from November, with caution on Q4 risks including resource price volatility and exchange rate fluctuations.

• Full-year FY2025 revenue is forecast at ¥11,400 billion, down 7.5% year-over-year, with operating profit projected at ¥290 billion and profit attributable to owners of the parent at ¥135 billion, a 40.3% decrease.

• Operating profit excluding inventory valuation factors is forecast at ¥420 billion, up 156.6% from the previous year.

• Dividend forecast for FY2025 is ¥34.00 per share, up from ¥26.00 in FY2024.