November 11, 2025
Idemitsu Kosan Co.,Ltd.
Table of Contents
Topics
Highlights
Results for the 2Q FY2025
Forecasts for FY2025
Income and Expenses Structure of Petroleum Segment
※Adding this section to help you better understand our financial results
Reference
Financial results
Volume
Crude/product price and operation
Business overview
2
Topics
3
idemitsu Copyright0 ldemitsu koran Co., Ltd. All Rights Reserved.
Topics - Roadmap of Solid ElectrolyteStudy of solid electrolyte is in progress as roadmap schedule
Next step is investment decision of pilot plant (to be done within FY2025)
4
Topics (1/3)
Situation of Nghi Son Refinery in Vietnam
For FY 2025, we expect continuous high utilization rates and profitability at the operating level. However, due to significant interest burden, we anticipate a net loss
Equity income/loss for FY 2025 is expected to be zero due to the provisions for doubtful
accounts in prior years
As for the sponsors loan, which accounts for approximately 60% of the interest burden, final discussions among sponsors are underway to reach a decision within this fiscal year on interest reduction measures such as shifting to simple interest.
NSRP will also pursue measures to improve its financial position, including diversifying crude oil procurement sources, securing power supply from external sources, and selling fuel for self-generation, aiming to achieve a net profit around 2030.
No negative consolidated impact is expected at least until 2030
Consolidation of Fuji Oil Company as a Subsidiary
To streamline decision-making and establish a production system with a long-term perspective, we made Fuji Oil Co., Ltd. (hereinafter "Fuji Oil") a consolidated subsidiary through a tender offer on November 5.
At present, the confirmed synergies amount is ¥3 to 4 billion per year, but we will further
strengthen group-wide production system optimization and the mutual utilization as well as centralization of infrastructure.
（Link to our disclosure document）
https://ssl4.eir-parts.net/doc/5019/tdnet/2702153/00.pdf
5
Topics (2/3)
Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical Enter Into MOU on Integration of Sumitomo Chemical's PP and LLDPE Businesses into Prime Polymer, Aiming to Strengthen the Competitiveness of the Domestic Polyolefin Business
Mitsui Chemicals, Inc. (hereinafter "Mitsui") and Sumitomo Chemical Co., Ltd. (hereinafter "Sumitomo") have reached a basic agreement to integrate the polyolefin business of Prime Polymer Co., Ltd., a joint venture between our company and Mitsui, with Sumitomo's
domestic PP business and LLDPE*1 business.
（Link to our disclosure document）
https://ssl4.eir-parts.net/doc/5019/tdnet/2685684/00.pdf
*1 Linear Low-Density Polyethylene
World's Largest Scale Black Pellet Plant Starts Commercial Operation Vietnam's First Commercial Plant
With 120,000 ton Capacity to Support Decarbonization
Commenced commercial operation of its newly constructed plant in Gia Lai Province (formerly Binh Dinh Province), Vietnam, to produce black pellets ("BP"), a type of biomass fuel, on October 8
This plant has one of the world's largest annual production
capacity with an annual output of 120,000 tons.
（Link to our disclosure document）
https://ssl4.eir-parts.net/doc/5019/tdnet/2695592/00.pdf
Photo: BP plant of Idemitsu Green Energy Vietnam,
a wholly-owned subsidiary of Idemitsu
6
Topics (3/3)
Our company's space-grade CIGS solar cells have been installed on the SDX
demonstration unit aboard JAXA's new HTV-X1 space station supply vehicle
Our company's space-grade CIGS*1 solar cells*2 have been installed on the exposed section*3 of the "SDX" in-orbit demonstration for next-generation space solar cells conducted by the Japan Aerospace Exploration Agency (JAXA).
Through SDX, we verified the characteristics and power generation stability of space-grade CIGS solar cells in outer space.
*1 CIGS: A compound semiconductor formed from the initial letters of Cu (copper), In (indium), Ga (gallium), and Se (selenium)
*2 Solar cell: The smallest unit of a solar panel
*3 Exposed section: The part of a spacecraft directly exposed to outer space for demonstrations and other purposes
Conceptual image of technology
demonstration utilizing HTV-X1 (C)JAXA Sample of the CIGS solar cell for space
applications developed by our company
（Link to our disclosure document, Japanese only） https://www.idemitsu.com/jp/news/2025/251017.pdf
（Employee interview, Japanese only）https://www.idemitsu.com/jp/company/interview/innovation_center.html
7
Highlights
8
idemitsu Copyright0 ldemitsu koran Co., Ltd. All Rights Reserved.
Results for 2Q FY2025
Results for 2Q FY2025 (exc. Inventory impact)(Billion Yen)
Both operating + equity income and net income decreased, primarily due to deteriorating chemical market conditions and falling coal prices
Progress toward the earnings forecasts announced in
May is proceeding at 60% and 65%, respectively
This fiscal year features numerous large-scale regular maintenances, but the Petroleum business is exceeding last year's performance due to the solid domestic margins
FY2024
FY2025
114 88.4 99.9 77.4
Operating + Equity
Income
Net
Income
Forecasts for FY2025 (exc. Inventory impact)(Billion Yen)
The impact of Trump tariffs occurred in Q1 as
anticipated at the beginning of current FY
Compared to the forecasts in May, Petroleum business has been firmer than expected although the outlook for Basic Chemicals has worsened
Full-year forecasts have been revised upward by ¥28 billion for operating + equity income and by ¥25 billion for net income
Revised
5/13 Forecast
Forecast
175
147 120 145
Operating + Equity Income
Net Income
9
Profit exc. temporary factors based on FY2025 forecast
Net income exc. inventory impact (Billion Yen)
Temporary factors
(ROE：10%) (ROE：8.5%) (20) (5) (3) 173
(ROE：7%)
120
25 145
Time-lag in petroleum
Time-lag and inventory impact in basic chemical
unexploded ordnance disposal
Impact of drop in crude oil price
Announced in May
The latest Forecast
The latest Forecast (exc. temporary factors)
ROE on net income exc. inventory effects for the revised full-year forecast is 8.5%. While it has not reached 10% at this point, normalizing the decline in crude oil prices and external temporary factors, the profit level is equivalent to 10%
Through initiatives to improve challenging businesses and strengthen profitability in existing businesses (such as refinery utilization enhancement and overseas trading), we aim to achieve a 10% ROE and a PBR of 1x at an early stage
10
Results for 2Q FY2025Shareholder returns
Dividends (¥/share) ¥18/s hare both interim and FY end
〈Policy in current Mid-term plan〉
Minimum ¥36s /share 24
FY end 12
32 36 36
16 18 18
FY end forecast
interim
12 16 18 18
2022 2023 2024 2025
Total share folder return (¥ billions) Decided ¥30.0 share buyback
based on revised FY2025 forecast
Total shareholder return ratio
〈Policy in current Mid-term plan〉
41％ 149％ 51%
74%
134.8
205.0
339.8
Over 50% total shareholder return ratio
186.1
share buyback
44.7
35.0
79.7
74.0
dividends
44.0
46.1
30.0
40.0
100.0 *
2023 2024 2025 2023-2025
*share buyback for revamp of the capital structure 11
Results for 2Q FY2025
idemitsu Copyright0 ldemitsu koran Co., Ltd. All Rights Reserved. 12
Market Conditions
[USD/bbl]
90.0
85.0
Dubai Crude Oil Price
FY2025 FY2024
85.3
[USD/ton]
150.0
140.0
Australian Coal Spot Price
140.3
[JPY/USD]
160.0
158.0
156.0155.9
Exchange Rate (USD)
80.0
78.3
130.0
76.9
135.6
125.8
137.7
154.0
152.0
152.4
152.6
75.0
70.0
65.0
66.9
70.1
73.6
120.0
110.0
100.0
104.6
100.5
108.7
150.0
148.0
146.0
144.0
142.0
149.4
147.5
144.6
60.0
4 5 6 7 8 9 10 11 12 1 2 3
FY24：78.5 USD/bbl FY25 the latest forecast
：66.7 USD/bbl
90.0
1 2 3 4 5 6 7 8 9 10 11 12
FY24：134.8 USD/ton
FY25the latest forecast
：105.8 USD/ton
140.0
4 5 6 7 8 9 10 11 12 1 2 3
FY24：152.6 JPY/USD
FY25 the latest forecast
：145.5 JPY/USD
13
Overview
Crude Oil/Coal/Exchange Rate
[USD/bbl, USD/ton, JPY/USD]
2Q FY2024
2Q FY2025
Change
Crude Oil (Dubai)
81.8
68.4
(13.4)
(16.4%)
Australian Coal Spot Price*
130.7
102.5
(28.2)
(21.5%)
Exchange Rate (TTM)
152.6
146.0
(6.6)
(4.3%)
*Australian coal spot prices are averages based on the calendar year (Jan-Jun).
Consolidated Income Statement(Summary)
[¥ billions]
2Q FY2024
2Q FY2025
Change
Net Sales
4,504.0
3,805.7
(698.4)
(15.5%)
Operating Income
97.3
25.8
(71.5)
(73.4%)
Inventory impact
(0.6)
(59.5)
(58.9)
-
Equity Income
16.1
3.1
(13.0)
(81.0%)
Operating Income
+ Equity Income
113.4
28.9
(84.5)
(74.5%)
Excluding inventory impact
114.0
88.4
(25.6)
(22.4%)
Ordinary Income
124.9
35.3
(89.6)
(71.8%)
Extraordinary Income/Losses
5.9
6.0
+0.1
+1.8%
Net Income Attributable to
Owners of the Parent
99.4
36.1
(63.3)
(63.7%)
Excluding inventory impact
99.9
77.4
(22.5)
(22.5%)
*Gross average method of inventory valuation
*Inventory impact represents the impact of inventory valuation and the reduction in book value of inventory assets 14
Segment Information
Operating ＋ Equity Income (exc. inventory impact, y-o-y)
Petroleum
7.7
Basic Chemicals
Functional Materials
Power and Renewables
Oil
Resources [(25.6)]
[¥/ billion]
114.0
(11.2)
3.0 5.1
E&P
(2.0)
Coal
Others
88.4
(23.7) (4.6)
2Q
FY 2024
2Q FY 2025
[(25.6)]
15
Segment Information
Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y)
2Q FY2024 | 2Q FY2025 | Change | Factors （exc. inventory impacts） | |
Petroleum | 62.8 | 70.5 | +7.7 | +：time-lag +13.1 [previous year(27.1)→this year(14.0)] Domestic margin+13.9, Export +6.2[volume (0.8), price +7.0] ()：Cos t increase mainly due to shutdown maintenance (25.5) |
Basic Chemicals | 3.4 | (7.7) | (11.2) | +：volume +4.5, time-lag+0.8[previous year(3.1)→this year(2.3)] , others +2.9 ()：margin (19.4)[PX,MX (5.9), SM etc. (13.5)] |
Functional Materials | 16.0 | 19.0 | +3.0 | +：Lubricants [favorable in overseas business ], Agri-life[addition of Agro-Kanesho to the group etc.] ()：Functional Chemicals[deteriorate margin due to capacity expansion in China] |
Power and Renewables | (5.8) | (0.7) | +5.1 | +：Power[reversal of equipment problems in last year], Solar, Overseas |
Resources* | 42.8 | 17.1 | (25.6) | |
Oil E&P | 9.9 | 8.0 | (2.0) | +：Operational costs ()：price, Volume |
Coal | 32.8 | 9.2 | (23.7) | +：exchange rate +0.5 ()：price (18.9), Volume (3.7), Costs (1.6) |
Others | (5.1) | (9.6) | (4.6) | ()：increas e cost for the new businesses |
Total | 114.0 | 88.4 | (25.6) |
*Fiscal year for IIN in Oil E&P and Coal included in the Resources Segment end in Dec.
16
Balance Sheet
[¥ billions]
3/31/2025 | 9/30/2025 | Change | 3/31/2025 | 9/30/2025 | Change | ||
Cash and Deposits | 165.8 | 122.2 | (43.6) | Total Current Liabilities | 2,097.4 | 1,796.9 | (300.5) |
Receivables, Inventory, etc. | 2,484.1 | 2,250.6 | (233.5) | Total Fixed Liabilities | 940.5 | 978.5 | +38.0 |
Total Current Assets | 2,649.9 | 2,372.8 | (277.1) | Total Liabilities | 3,037.9 | 2,775.4 | (262.5) |
Tangible Fixed Assets | 1,374.0 | 1,390.4 | +16.4 | Shareholders' Equity and Other Comprehensive Income | 1,720.4 | 1,726.4 | +6.0 |
Other Fixed Assets | 751.7 | 762.7 | +11.0 | Noncontrolling Interests | 17.3 | 24.1 | +6.8 |
Total Fixed Assets | 2,125.7 | 2,153.1 | +27.4 | Total Net Assets | 1,737.7 | 1,750.5 | +12.8 |
Total Assets | 4,775.6 | 4,525.9 | (249.7) | Total Liabilities and Net Assets | 4,775.6 | 4,525.9 | (249.7) |
Net D/E ratio | 0.62 | 0.66 | +0.04 |
Net Interest- bearing debt | 1,071.2 | 1,139.9 | +68.7 |
Equity ratio | 36.0% | 38.1% | 2.1% |
17
Cash Flows
Cash Flow from Operating Activities 75.6 | |
Net Income before tax 41.3 Depreciation Expense 50.5 Change in Working Capital 35.2 Other (51.4) | |
Cash Flow from Investing Activities (99.7) | |
Purchase of tangible fixed assets (61.5) Other (38.2) | |
Cash Flow from Financing Activities (8.2) | |
Change in borrowings 16.4 Dividend payments and share buyback (22.1) Other (2.5) | |
Translation gains/losses 2.0 |
Change in cash and deposits (30.3) |
Cash and Cash Equivalents 120.6
18
Forecasts for FY2025
idemitsu Copyright0 ldemitsu koran Co., Ltd. All Rights Reserved. 19
Forecasts for FY2025Crude Oil/Coal/Exchange Rate
[USD/bbl, USD/ton, JPY/USD]
5/13
Forecast
Revised
Forecast
Change
Crude Oil (Dubai)
65.0
66.7
+1.7
+2.6%
Australian Coal Spot Price *
95.0
104.6
+9.6
+10.1%
Exchange Rate (TTM)
145.0
145.5
+0.5
+0.3%
Assumptions (from Oct.)
65.0
105.0
145.0
*Australian coal spot prices are averages based on the calendar year (Jan-Dec).
Consolidated Income Statement(Summary)
[¥ billions]
5/13
Forecast
Revised Forecast
Change
Net Sales
7,900.0
7,950.0
+50.0
+0.6%
Operating Income
37.0
68.0
+31.0
+83.8%
Inventory impact
(100.0)
(100.0)
±0
-
Equity Income
10.0
7.0
(3.0)
(30.0%)
Operating Income
+ Equity Income
47.0
75.0
+28.0
+59.6%
Excluding inventory impact
147.0
175.0
+28.0
+19.0%
Ordinary Income
56.0
85.0
+29.0
+51.8%
Extraordinary Income/Losses
9.0
11.0
+2.0
+22.2%
Net Income Attributable to Owners of the Parent
50.0
75.0
+25.0
+50.0%
Excluding inventory impact
120.0
145.0
+25.0
+20.8%
*Gross average method of inventory valuation
*"Inventory impact" represents the impact of inventory valuation and the reduction in book value of inventory assets 20
Segment Information
Operating + Equity Income
(exc. inventory impact, Compared to the 5/13 forecasts)
Petroleum
Basic
Resources [0.0]
[¥/ billion]
50.0
Chemicals Functional
Materials
Power and Renewables
Oil
E&P
2.0
Coal
Others
175.0
147.0
(16.0) (3.0) (1.0)
(2.0) (2.0)
5/13
Forecast
Revised Forecast
[+28.0]
21
Segment Information
Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y)
[¥/ billion]
5/13
Forecast
Revised
Forecast
Change
Factors （exc. inventory impacts）
Petroleum
90.0
140.0
+50.0
+：Domestic margin+35.0, others+15.0[mainly non-core products]
Basic Chemicals
6.0
(10.0)
(16.0)
()：time-lag/inventory impacts (7.0),
margin(40)[PX,MX +6.0, SM etc. (10.0)]
volume decrease by unexploded ordnance disposal(3.5) others (1.5)
Functional Materials
36.0
33.0
(3.0)
()：Functional Chemicals[deteriorate margin due to capacity expansion in China]
Power and Renewables
1.0
0.0
(1.0)
()：Power[equipment problems]
Resources*
34.0
34.0
±0.0
Oil E&P
11.0
13.0
+2.0
+：Operational costs etc.
Coal
23.0
21.0
(2.0)
()：Volume etc.
Others
(20.0)
(22.0)
(2.0)
Total
147.0
175.0
+28.0
*Fiscal year for Oil E&P and Coal included in the Resources Segment end in Dec. 22
Investment[¥/ billion]
5/13
The latest
Forecast
forecast
FY2025
FY2025
CN
73.0
58.0
Growth
248.0
160.0
Strategic
321.0
218.0
Maintenance
125.0
115.0
Total
446.0
333.0
※Amount based on expenditures
The latest FY2025 forecast decreases by ¥113 billion due to postpone some M&As and cautious approach to decision-making on new decarbonization-related investments in light of changing circumstances.
23
Income and Expenses structure of Petroleum Segment
24
Premise of income and expenses of Petroleum segmentOur company is structurally susceptible to inventory impacts and temporary time-lags arising from fluctuations in crude oil prices.
Consolidated Income Statement (Summary)
[¥/ billion]
2Q FY2025
Net Sales
3,805.7
Operating Income
Inventory impact
25.8
(59.5)
Equity Income
3.1
Operating Income
+ Equity Income
28.9
Excluding inventory impact
88.4
Ordinary Income
35.3
Extraordinary Income/Losses
6.0
Net Income Attributable to
Owners of the Parent
36.1
Excluding inventory impact
77.4
Our target is based on excluding inventory impacts income due to 70 day's mandatory crude oil stockpiling requirement
please refer to P27 for the structure of inventory impact
Temporary time-lag arising from fluctuations in crude oil price is included in excluding inventory impacts imcome
Please refer to P26 for business structure of Petroleum
Segment
please refer to P27 for the structure of time-lag
25
Points of Petroleum Segments
Crude oil purchase
Delivery from Middle East Approximately 1months
Sales
Refining ◆ domestic
Exports
Point➀time-lag
Rise in crude oil price
:positive
Drop in crude oil price
:negative
Crude oil price as of loading at Middle East
Point➁sales margin
Sales Price | |
Refer to | |
current crude | |
price | |
Crude | |
cost | |
Based on | |
crude oil price | |
when it is | |
loaded at | |
Middle East |
(Sales price minus Crude price)
Robust Margin
＝Stable profit
Crude oil price as of sales timing
Product purchase
Point➂Utilization
Improving utilization＝positive due to increasing export volume or decreasing
product purchase volume
Export
Domestic Sales
Surplus amount
Production
【Price】 【Volume】
26
Structure of Time-lag and Inventory Impact
Example) impact in Apr
Cost excluding inventory
（close to actual
payment）
Cost including inventory
（cost in financial statement）
Apr Refining and sales
Time-lag Inventory impacts
Mar
Purchase and Loading crude oil
Arriving this month
70 day's mandatory
Stockpile
70 day's crude oil
stockpiling requirement
Delivery dates
Approximately 1month
Costs：based on crude oil price in Mar( Sales Price：refer to crude oil price in Apr
Crude oil price variance between Apr and Mar is time-lag
Rise in crude oil price：positive impact
Drop in crude oil price：negative impact
Cost excluding inventory：crude arriving in Apr Cost including inventory：crude including stockpile before Mar
Variance between cost excluding inventory and cost including inventory is inventory impacts
Rise in crude oil price：positive inventory impact
Drop in crude oil price：negative inventory impact
27
Initiatives to Improve Refinery Utilization Rates
Refinery Utilization Rates（BSD*1）
Four Key Measures
for Stable and Safe Operations
Enhancing Safety Management
Strengthening the implementation of process safety management
Enhancing Equipment Management
Ensuring equipment integrity through damage factor
review
Improving equipment reliability through critical equipment review
Enhancing Operational Management
Deepening HR aspects through strengthening education and training
Improving on-site responsiveness through enhanced
OJT training, emergency response drills, etc.
Promoting Digital Technology
Utilizing centralized data, operational efficiency, and advanced capabilities through our proprietary maintenance support system and CDF*2 utilization
Through the implementation of the four key measures, the utilization rate for
current FY improved compared to last FY
Currently developing a roadmap to achieve stable high utilization rates for the next medium-term management plan.
Current FY
Last FY
*1 BSD: exc. regular maintenances，*2 CDF：Cognite Data Fusion 28
4Q
3Q
2Q
1Q
70%
75%
78%
80% 78%
82%
83%
85%
85%
90%
92%
95%
Reference
idemitsu Copyright0 ldemitsu koran Co., Ltd. All Rights Reserved. 29
[JPY] 1,200
1,000
800
600
400
200
2024年10月
2025年10月
2025年4月
2024年4月
0
Stock Price/PBR PerformanceStock Price
Financial Results
2022年4月
2022年10月
2023年4月
2023年10月
April 2022 October 2022 April 2023 October 2023
[x] 1.00
April 2024
October 2024
April 2025
October 2025
PBR
0.80
0.60
0.40
0.20
0.00
2022年4月
2022年10月
2023年4月
2023年10月
April 2022 October 2022 April 2023 October 2023
2024年4月
April 2024
2024年10月
October 2024
2025年4月
April 2025
2025年10月
October 2025
30
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Disclaimer
Idemitsu Kosan Co. Ltd. published this content on November 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 11, 2025 at 06:39 UTC.
