Japan · Delayed Price · Currency is JPY Cosmo Energy Holdings Earnings Call Transcripts
Fiscal Year 2027
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Q1 ordinary profit reached ¥133.0B, while adjusted profit excluding inventory valuation effects was ¥122.1B, supported by time-lag gains and overseas product prices. The FY forecast is unchanged, but a negative time-lag effect may emerge from Q2.
Fiscal Year 2026
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FY2025 ordinary profit was ¥149.2B, or ¥165.7B excluding inventory effects, with ¥129B free cash flow. FY2026 ordinary profit is forecast at ¥115B amid Middle East uncertainty, while the ¥165 annual dividend is planned to continue.
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Q3 ordinary profit was ¥83.5bn, or ¥113.5bn excluding a ¥30.0bn inventory valuation loss; FY2025 guidance was unchanged. A ¥25bn buyback plus dividends brings the FY2025 shareholder return ratio to 60%.
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Q2 ordinary profit was ¥53.2bn, rising to ¥72.9bn excluding inventory valuation impacts; the FY2025 forecast was unchanged. Petroleum and Hail production supported operations, while FX, inflation and petrochemical inventory weighed on results.
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Q1 ordinary profit was ¥4.2bn, or ¥21.1bn excluding inventory valuation; reported parent-attributable profit was a ¥2.0bn loss. Full-year guidance was unchanged, while petroleum and E&P earnings faced time-lag and FX pressures.
Fiscal Year 2025
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Governance changes strengthened board oversight and integrated sustainability decisions into executive governance. Emissions targets remain in place as transition investments and the net-zero roadmap are reassessed; FY 2024 engagement reached 62 and digital personnel exceeded 1,000.
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FY 2024 adjusted ordinary profit hit a record ¥181.6bn, despite a ¥30.8bn inventory valuation drag. FY 2025 adjusted ordinary profit is forecast at ¥165bn, with higher capex and a ¥330/share dividend planned.
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Q3 ordinary profit excluding inventory valuation hit a record JPY 116.7bn, supported by petroleum and E&P. FY2024 shareholder returns rise to a JPY 330 dividend plus up to JPY 18bn in buybacks, for a 61% payout ratio.
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Q2 adjusted ordinary profit was ¥77.6bn, flat YoY, while an ¥18.8bn inventory loss reduced reported ordinary profit to ¥58.8bn. Full-year guidance was maintained; petrochemical restructuring and the HCP stake sale aim to improve profitability.
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Q1 ordinary profit excluding inventory valuation rose to ¥44.4bn, and results exceeded the May forecast, which remains unchanged. A ¥5.3bn extraordinary loss followed the offshore wind bidding withdrawal; petroleum margins strengthened while petrochemicals remained weak.
Fiscal Year 2024
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The ESG agenda links Vision 2030 to governance, GX, HRX and DX priorities. Decarbonization efforts include refinery emissions cuts, CCS, renewables, SAF and hydrogen, alongside talent development and digital plant initiatives.
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FY 2023 adjusted ordinary profit hit a record ¥162.2bn, while adjusted ROE reached 14.6% and free cash flow was ¥145.1bn. FY 2024 guidance pairs ¥160bn adjusted ordinary profit with a ¥119.5bn investment plan and ¥300/share dividend.
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Q3 FY2023 earnings were broadly on forecast, with petroleum gains offset by weaker petrochemicals and oil E&P. Priorities include refinery reliability, shareholder returns and expansion of wind, hydrogen and SAF businesses.
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First-half ordinary profit excluding inventory valuation was ¥77.9B, down ¥4.1B YoY, while FY2023 profit forecasts and the dividend were raised. Key pressures include weak petrochemical markets and Hail-related E&P volume declines.
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Q1 ordinary profit excluding inventory valuation was ¥27.1bn, while reported profit absorbed a ¥17.1bn inventory loss. The FY2023 dividend forecast rose to ¥250/share; guidance was unchanged as margins improved excluding time lag.
Fiscal Year 2023
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Sustainability priorities center on eight material issues, stronger governance and HR, DX and GX transformation. The roadmap targets a 30% reduction in Scope 1 and 2 emissions by 2030 and net zero including Scope 3 by 2050.