Financial results summary

(As of November 13, 2025)

Regarding the Company’s consolidated financial results for the nine months ended September 30, 2025, revenue decreased by ¥226.9 billion, or 13.0%, to ¥1,520.6 billion from the corresponding period of the previous fiscal year due to a decrease in sales price of crude oil. Revenue of crude oil decreased by ¥173.6 billion, or 13.1%, to ¥1,154.0 billion, and revenue of natural gas decreased by ¥55.4 billion, or 13.9%, to ¥342.6 billion. Sales volume of crude oil increased by 2,931 thousand barrels, or 2.8%, to 108,559 thousand barrels, and sales volume of natural gas decreased by 26,277 million cf, or 7.2%, to 339,813 million cf. Sales volume of overseas natural gas decreased by 14,270 million cf, or 4.9%, to 279,239 million cf, and sales volume of domestic natural gas decreased by 322 million m 3 , or 16.5%, to 1,623 million m 3 (60,574 million cf). The average sales price of overseas crude oil decreased by U.S.$11.22, or 13.5%, to U.S.$71.77 per barrel. The average sales price of overseas natural gas decreased by U.S.$0.41, or 7.4%, to U.S.$5.15 per thousand cf, and the average sales price of domestic natural gas increased by ¥2.84, or 3.7%, to ¥80.15 per m3 . The average exchange rate of the Japanese yen against the U.S. dollar on consolidated revenue appreciated by ¥3.36, or 2.2%, to ¥148.10 per U.S. dollar.
The decrease of ¥141.9 billion in revenue was mainly derived from the following factors: regarding revenue of crude oil and natural gas, an increase in sales volume contributing ¥2.6 billion to the increase, a decrease in unit sales price contributing ¥119.0 billion to the decrease, the appreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing ¥25.5 billion to the decrease, and a decrease in revenue excluding crude oil and natural gas of ¥0.07 billion.
The decrease of ¥226.9 billion in revenue was mainly derived from the following factors: regarding revenue of crude oil and natural gas, an increase in sales volume contributing ¥3.8 billion to the increase, a decrease in unit sales price contributing ¥201.6 billion to the decrease, the appreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing ¥31.2 billion to the decrease, and an increase in revenue excluding crude oil and natural gas of ¥2.1 billion.
Meanwhile, cost of sales decreased by ¥66.6 billion, or 9.5%, to ¥635.0 billion. Exploration expenses decreased by ¥38.5 billion, or 74.9%, to ¥12.8 billion. Selling, general and administrative expenses decreased by ¥18.6 billion, or 18.7%, to ¥80.9 billion.
Other operating income decreased by ¥8.6 billion, or 24.4%, to ¥26.8 billion. Other operating expenses decreased by ¥0.2 billion, or 4.3%, to ¥6.3 billion. Share of profit of investments accounted for using equity method decreased by ¥33.6 billion, or 35.7%, to ¥60.7 billion. As a result, operating profit decreased by ¥145.1 billion, or 14.3%, to ¥872.9 billion. Other operating income for the nine months ended September 30, 2025 includes an amount of ¥24.3 billion arising from the reclassification of a part of the cumulative exchange differences on translation of foreign operations from equity to profit or loss, following the paid-in capital reductions of the equity interest in INPEX Holdings Australia Pty Ltd, which constitutes the Ichthys LNG Project.
Finance income decreased by ¥14.7 billion, or 13.1%, to ¥98.1 billion. Finance costs decreased by ¥23.3 billion, or 28.2%, to ¥59.2 billion. As a result, profit before tax decreased by ¥136.5 billion, or 13.0%, to ¥911.8 billion.
Income tax expense decreased by ¥147.4 billion, or 19.8%, to ¥597.3 billion. Profit attributable to non-controlling interests increased by ¥6.9 billion, or 48.9%, to ¥21.1 billion. As a result of the above effects, profit attributable to owners of parent increased by ¥3.9 billion, or 1.4%, to ¥293.4 billion.

Operating results by segment are as follows:
Because of organizational restructuring on October 1, 2024, reportable segments have been changed, and for comparative analysis with the nine months ended September 30, 2024, the figures have been prepared based on the reportable segments after the change.

Total assets as of September 30, 2025 decreased by ¥177.6 billion to ¥7,203.2 billion, compared to December 31, 2024. Current assets increased by ¥178.3 billion to ¥1,048.5 billion due to an increase in other financial assets, and others. Non-current assets decreased by ¥355.9 billion to ¥6,154.6 billion due to a decrease in oil and gas assets, and others.
Meanwhile, total liabilities increased by ¥225.7 billion to ¥2,468.8 billion. Current liabilities increased by ¥171.4 billion to ¥705.1 billion and non-current liabilities increased by ¥54.2 billion to ¥1,763.6 billion.
Total equity decreased by ¥403.4 billion to ¥4,734.4 billion. Equity attributable to owners of parent decreased by ¥336.2 billion to ¥4,485.5 billion. Non-controlling interests decreased by ¥67.1 billion to ¥248.8 billion

The Company revised its consolidated financial forecasts for the fiscal year ending December 31, 2025. The revision reflects safe and reliable operations in the key projects during the nine months ended September 30, 2025, as well as updated assumptions on the sales volume, crude oil prices and foreign exchange rates for the fourth quarter.

The above forecasts are calculated based on the following assumptions:

Crude oil prices at which the Company sells products vary depending on crude oil type and differ from Brent crude oil prices.
Crude oil price differences are determined by the quality of each crude oil type, etc., and are also affected by market conditions.