Slides
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FY2026 H1 Financial Results INPEX CORPORATION ( Securities Code : 1605 ) August 7 , 2026 INPEX Energy for a brighter future
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1 Investor Meeting Schedule FY2026 H1 Financial Results Time (JST) Program Speakers 16:30-16:50 Business Overview Takayuki Ueda Representative Director, President & CEO 16:50-17:05 Consolidated Financial Results for the six months ended June 30, 2026 Consolidated Financial Forecasts for the year ending December 31, 2026 Daisuke Yamada Director, Executive Vice President, Finance & Accounting 17:05-17:30 Q&A Takayuki Ueda Representative Director, President & CEO Toshiaki Takimoto Director, Senior Executive Vice President, Corporate Strategy & Planning Daisuke Yamada Director, Executive Vice President, Finance & Accounting
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2 Cautionary Statement This presentation includes forward-looking information that reflects the plans and expectations of the Company. Such forward-looking information is based on the current assumptions and judgments of the Company in light of the information currently available to it, and involves known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Company’s performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, without limitation: Price volatility and change in demand in crude oil and natural gas Foreign exchange rate volatility Change in costs and other expenses pertaining to exploration, development and production The Company undertakes no obligation to publicly update or revise the disclosure of information in this presentation (including forward-looking information) after the date of this presentation.
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3 Business Overview Takayuki Ueda Representative Director, President & CEO
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4 Impact of the Middle East Conflict and Our Response At present, sales from our Abu Dhabi operations are facing certain constraints. However, the competitiveness of Middle Eastern crude oil remains unchanged, and Abu Dhabi continues to be positioned as one of our core business regions. We will continue to maintain a strong presence in our core regions while further strengthening our portfolio. Business Overview How has the Middle East conflict affected energy market dynamics? Further Strengthening a Diversified and Resilient Portfolio What is the current status of the Abu Dhabi business? Production Recovered to near normal levels FY2026 Sales Volume Outlook Approximately 30% lower than the May forecasts Diversification of supply sources Sustainability Reducing dependence on the Strait of Hormuz Potential Cost Increases from a Security-Focused Approach Crude Oil Abu Dhabi’s importance remains unchanged Ongoing investment in oil production expansion Gas Ichthys and Abadi benefit from proximity to Asia Do not depend on major chokepoints H1 2026 Sales Volume Down approximately 30% YoY Shipments Crude oil is being exported via Fujairah, Offshore fields continue to face partial shipping constraints How is INPEX responding? From Economic Efficiency to Security and Resilience Lower sales volumes in Abu Dhabi (Profit decrease) Demonstrated the Strength of INPEX’s Diversified Portfolio Higher profit from other projects driven by increased oil prices＜
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5 Business Overview FY2026 H1 Results and Full-year Forecasts Financial Results and Forecasts H1 Results: • Despite the impact of revenue decrease due to lower crude oil sales volumes amid the Middle East conflict, H1 profit was a record high ¥263.1 billion (up by ¥39.6 billion or 17.7% YoY) supported by higher oil prices and strong production performance at Ichthys LNG. Full-year Forecasts: • Despite continued uncertainty surrounding the Middle East situation, full-year profit is expected to be a record high ¥510.0 billion, supported mainly by higher sales prices and stable operations at Ichthys LNG. Cash Flow Allocation • Full-year CFFO* is expected to be ¥1,055.0 billion. • Cash reserves for Abadi LNG development is expected to be slightly above ¥770.0 billion at the end of FY2026. Investing Cash Flow • Full-year investing cash flow is expected to total approximately ¥859.0 billion ̶ Growth investment: Remains on track, including additional equity acquisitions in existing assets, acreage acquisitions in Australia, and expansion projects in Abu Dhabi ̶ Cash reserves for Abadi LNG development: Planning to set aside additional ¥200.0 billion this year • The ¥1.9 trillion three-year growth investment MTP target remains unchanged. Will continue to pursue growth investment opportunities, particularly in Abu Dhabi and Asia, that can contribute to profit and cash flow prior to the start-up of Abadi LNG in the early 2030s Shareholder Returns • Increased annual DPS to ¥112, up by ¥12 YoY. Resolved share buybacks amounting ¥140.0 billion. • Total shareholder return amount is a record high. Total payout ratio is expected to be approximately 53%. *CFFO (Cash flow from operating activities) includes Ichthys downstream IJV. Expenditures related to exploration activities h ave been reclassified from operating cash flow to investing cash flow. Differs from institutional accounting basis.
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6 0 5 10 15 20 0 5 Net Production Volume CAGR (%) Operating Cash Flow CAGR (%) INPEX BP Chevron COP Eni Equinor ExxonMobil OXY Repsol Santos Shell Total Woodside CAGR of Operating Cash Flow in US$ and Net Production Volume* (2015–2025) Future Growth in Net Production Volume* (Indexed from 2026) *Operating cash flow is based on each company’s disclosed figures (INPEX figures include the Ichthys downstream entity). Net production data for all companies other than INPEX are sourced from Wood Mackenzie. 2026 2030 2035 0.80 0.90 1.00 1.10 1.20 1.30 INPEX Average of Majors Average of Independent E&Ps Steady Growth Track Record and Outlook Compared with Peers Business Overview Future growth expected driven by short- and medium-term growth from the Abu Dhabi production capacity expansion and others, and longer-term growth from Abadi LNG and Ichthys Train 3 Net production volume is expected to increase from approximately 630 kboe/d today to 800 kboe/d in 2035. Operating cash flow is expected to reach ¥1.5 trillion (+67% vs FY2024). Delivered Steady Growth Over the Past Decade Driven by milestones such as the start-up of the Ichthys LNG Project, INPEX has steadily expanded its net production volume, while achieving the strongest growth in operating cash flow among its peer group. 800k Boed 630k Boed Operating Cash Flow of ¥1.5 trillion INPEX Majors Independent E&Ps
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7 During the first half of 2026, the project achieved key milestones, including the completion of FEED for SURF and GEP, as well as progress in marketing activities and regulatory approvals. In July 2026, EPC tendering commenced for SURF, GEP, FPSO, and OLNG. As a prerequisite for FID, INPEX will engage with the Indonesian government based on the post-FEED cost estimates and project schedule to secure project economics delivering a mid-teens Equity IRR. The project is targeting FID around mid-2027. Significant progress toward a targeted Abadi LNG FID in 2027 成長著しいアジアの エネルギー需要増に貢献 Business Overview 2026 2027 Early 2030s H1 H2 H1 H2 Production Start-up FID FEED SURF & GEP FEED completed EPC Tender FPSO & OLNG FEED ongoing FEED completion EPC Tender LNG Marketing HOAs signed with five buyers SPA negotiations ongoing SPA signing Financing Term sheet negotiation ongoing Receipt of commitment letter Regulatory Approvals Acquired AMDAL original (Environmental Approval) AMDAL Addendum incl. CCS application ongoing AMDAL Addendum acquisition
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8 Abadi LNG Groundbreaking Ceremony Business Overview A photo on Yamdena Island, the planned site of the OLNG development From left: Jarrad Blinco (Executive Project Director, INPEX Masela), Takayuki Ueda (President & CEO), Kenji Hasegawa (President Director Indonesia, INPEX Masela), Akihiro Watanabe (Senior Vice President, Asia Projects), and Koichi Okamoto (Senior Vice President, Global Marketing). Speech by President Prabowo
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9 Ichthys LNG • 64 LNG cargoes shipped in 1H 2026, with stable operations maintained. Despite a strike during labor negotiations, operational impacts were minimal, and an agreement was reached with the union through good- faith discussions. • Several temporary shutdowns planned in 2H 2026 for a low- pressure production facility (BCM) tie-in works. Supported by strong 1H production, full-year LNG cargo shipments are expected to exceed previous guidance (annual average of approximately 10 cargoes per month) by several cargoes. • Ichthys segment profit: ¥173.0 billion in 1H 2026; approximately ¥380.0 billion expected for FY2026. • Acquired interests in three Beetaloo Sub-basin permits. Potential gas source for Ichthys backfill and Train 3 expansion, currently under evaluation. Pilot production from the FSDA North/South blocks expected to commence around September 2026. Abu Dhabi • No damage reported to onshore or offshore facilities in which INPEX holds interests. Production has continued despite temporary adjustments according to the situation, with output recovering toward normal levels since June. • Issued EPC tender awards for the additional development of the Upper Zakum Oil Field as part of Abu Dhabi production expansion initiatives. • Signed a concession agreement for the gas cap development of the onshore Bab Oil Field. O&G Others • Acquired additional shares of INPEX Southwest Caspian Sea, Ltd., which holds an interest in Azerbaijan’s ACG oil field, making it a wholly owned subsidiary. • Malaysia: Acquired an interest in offshore Sarawak Block 2E. Exploration activities ongoing across other multiple blocks, with drilling planned from 2H 2026. • Indonesia: Awarded the Barong exploration block and executed a PSC. Business Overview Business Activities (1) Beetaloo FDSA North Block
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10 CCS Blue hydrogen/ammonia • Kashiwazaki Hydrogen Park (Niigata Prefecture), an integrated blue hydrogen and ammonia production and utilization demonstration project: Began supplying electricity generated by hydrogen in June 2026. CO₂ injection and ammonia production to start from August onward, followed by demonstration operations from September onward. • Nagaoka Methanation Demonstration Project: Clean gas production facilities certification obtained in January 2026. Demonstration operations and synthetic methane injection into the INPEX natural gas pipeline network commenced in February. Signed an agreement with the City of Nagaoka and other parties to transfer the clean gas certificates associated with the environmental value of the synthetic methane produced. • Metropolitan Area CCS: Started drilling the first appraisal well offshore Kujukuri, Chiba, in July 2026 to evaluate CO₂ storage capacity. A second appraisal well drilling is planned by March 2027. Continuing studies and evaluations with the aim of commencing CO₂ storage by the early 2030s. Power and Resources • At Potentia Energy in Australia, a joint venture with the Enel group, the Quorn Park Solar and Battery Storage Project is expected to commence operations in 2026, while the Warradarge Stage 2 Onshore Wind Farm is expected to become operational in 2027. • Through PT Supreme Energy Muara Laboh in Indonesia, expansion works are currently underway at the Muara Laboh Geothermal Power Plant, with commercial operations targeted to commence in 2027. Business Overview Business Activities (2) Drilling Rig “HAKURYU-10” for the Metropolitan Area CCS
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11 Based on the record high full year forecasts and the view that the stock is undervalued, resolved to conduct a share buyback amounting ¥140.0 billion. Also, revised up the DPS forecasts to ¥112 from ¥100 YoY, up by ¥12. We will continue to pursue both growth and shareholder returns while maintaining sustainable shareholder distributions over the medium to long term. Shareholder Returns Business Overview 35.0 68.0 83.4 94.9 105.2 118.2 130.3 70.0 120.0 100.0 130.0 100.0 140.0 2020 2021 2022 2023 2024 2025 2026 (forecast) 138.0 203.4 194.9 235.2 218.2 270.3 Share buybacks (billions of yen) Dividends (billions of yen) 24 48 62 74 86 100 112 2020 2021 2022 2023 2024 2025 2026 (forecast) Total payout ratio Approx.53% Share buybacksDPS Annual DPS (¥) Record High Shareholder Return Policy ‘25-’27 Total payout ratio more than 50% Progressive dividendFY2026 Shareholder Returns (forecasts) Record High ¥112 ¥140.0 billion
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12 2025 to before the Middle East conflict: Oil prices remained stable at around $70/bbl. INPEX's share price increased, reflecting growth expectations such as the start of Abadi FEED and Profit Booster initiatives. After the Middle East conflict: INPEX's share price has fluctuated in line with volatile oil prices. While steadily achieving growth milestones, these developments have not been sufficiently reflected in the share price. We believe the current share price is undervalued. Valuation Does Not Fully Reflect Our Growth Prospects Business Overview ・Profit Booster initiatives ・Commencement of Abadi FEED ・Beetaloo interest acquired ・Abadi LNG offtake HOA signed ・Further growth initiatives in Abu Dhabi End of February 2026 End of June 2026 Ref. End of July 2026 PB ratio 0.9 0.7 0.8 Oil Price $73 $73 $90 Share price ¥3,800 ¥3,265 ¥3,627 2025/7/1 2025/10/1 2026/1/1 2026/4/1 2026/7/1 70 140 210 1,000 2,000 3,000 4,000 5,000 6,000 Share price(¥): right axis Oil price($):left axis U.S. and Israeli Strikes on Iran (Late February 2026) Closure of the Strait of Hormuz (Since March 2026) Strengthening Confidence in INPEX’s Growth Story Tangible progress at Abadi LNG Stable operations at Ichthys and progress on the Train 3 expansion Near-term earnings contribution projects, including developments in Abu Dhabi etc. “Driving Growth, Delivering Returns” Toward Closing the Valuation Discount Strengthening of Shareholder Returns
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13 Daisuke Yamada Director, Executive Vice President Finance & Accounting FY2026 H1 Financial Results
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14 Financial Highlights FY2026 H1 Financial Results H1 FY2025 H1 FY2026 Change % Change Average crude oil price (Brent) ($/bbl) 70.81 87.60 16.79 23.7% Average exchange rate (¥/$) 148.41 158.29 9.88 yen depreciation 6.7% depreciation Revenue (Billions of yen) 1,048.8 1,000.4 (48.3) (4.6%) Operating profit (Billions of yen) 616.8 618.7 1.8 0.3% Profit before tax (Billions of yen) 644.9 644.3 (0.6) (0.1%) Profit attributable to owners of parent (Billions of yen) *1 223.5 263.1 39.6 17.7% Basic earnings per share (EPS) (Yen) *2 186.65 226.33 39.68 21.3% December 31, 2025 June 30, 2026 Change % Change Equity attributable to owners of parent per share (BPS) (Yen) 4,073.44 4,390.36 316.92 7.8% *1 Profit contribution (segment profit) from Ichthys LNG for the six months ended June 30, 2025: 139.0 billion yen Profit contribution (segment profit) from Ichthys LNG for the six months ended June 30, 2026: 173.0 billion yen *2 Average number of INPEX shares issued and outstanding during the six months ended June 30, 2025: 1,197,572,337 shares Average number of INPEX shares issued and outstanding during the six months ended June 30, 2026: 1,162,656,732 shares
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15 Revenue by Major Products FY2026 H1 Financial Results H1 FY2025 H1 FY2026 Change % Change Crude Oil Revenue (Billions of yen) 780.1 694.9 (85.1) (10.9%) Sales volume (thousand bbl) 71,501 55,170 (16,331) (22.8%) Average unit price of overseas sales ($/bbl) 73.51 79.51 6.00 8.2% Average exchange rate (¥/$) 148.43 158.40 9.97 yen depreciation 6.7% depreciation Natural Gas (excluding LPG) Revenue (Billions of yen) 251.4 271.9 20.5 8.2% Sales volume (million cf) 253,855 256,808 2,953 1.2% Average unit price of overseas sales ($/thousand cf) 5.03 5.24 0.21 4.2% Average unit price of domestic sales (¥/m 3) 81.08 77.00 (4.08) (5.0%) Average exchange rate (¥/$) 148.05 158.33 10.28 yen depreciation 6.9% depreciation 780.1 (178.1) +49.3 +43.6 694.9 H1 FY2025 (85.1) (Billions of yen) Decrease in sales volume Increase in unit price Exchange rate H1 FY2026 Crude Oil 251.4 +8.5 (0.0) +12.0 271.9 H1 FY2025 ＋20.5 Increase in sales volume Decrease in unit price Exchange rate H1 FY2026 Natural Gas (excluding LPG) Revenue, Sales volume, Unit price and Exchange rate Analysis of Revenue
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16 Analysis of Profit (H1 FY2025 vs. H1 FY2026) FY2026 H1 Financial Results 223.5 (48.3) (3.5) +0.9 (4.8) +9.8 +40.0 +45.6 263.1 Increase in decommissioning-related costs, etc. Ichthys downstream IJV, etc. Decrease in tax expense due to lower crude oil sales and income, etc. ・Decrease in sales volume: (169.5) (Crude oil: (178.1), Natural gas: +8.5) ・Increase in unit price: +49.2 (Crude oil: +49.3, Natural gas: (0.0)) ・Exchange rate: +55.6 (Crude oil: +43.6, Natural gas: +12.0) ・Other: +16.2 *1 For the convenience of analyzing factors that cause changes in profit attributable to owners of parent, the items in the Consolidated Statements of Profit or Loss are rearranged and aggregated. *2 Impacts on income tax expense are listed separately, and impacts on profit attributable to non-controlling interests are included in “Other income (expenses)”. H1 FY2025 Profit attributable to owners of parent*1 Decrease in revenue Increase in cost of sales Decrease in exploration expenses Income tax expense*² Share of profit of investments accounted for using equity method Increase in SG&A H1 FY2026 Profit attributable to owners of parent*1 Other income (expenses) *² FX gain from Ichthys paid-in capital reduction, etc. (Billions of yen) +39.6 Despite a decrease in revenue due to lower sales volume caused by the conflict in the Middle East, profit for H1 FY2026 increased by ¥39.6 billion year on year to ¥263.1 billion, mainly reflecting higher unit prices, the weaker yen, and lower income tax expense.
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17 FY2026 Consolidated Financial Forecasts Daisuke Yamada Director, Executive Vice President Finance & Accounting
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18 Highlights of the Consolidated Financial Forecasts Full Year*1 Previous Forecasts as of May 2026*2 Revised Forecasts as of August 2026 Change % Change Average crude oil price (Brent) ($/bbl) 83.0 81.4 (1.6) (1.9%) Average exchange rate (¥/$) 156.0 159.2 3.2 yen depreciation 2.1% depreciation Revenue (Billions of yen) 2,291.0 1,973.0 (318.0) (13.9％) Operating profit (Billions of yen) 1,368.0 1,223.0 (145.0) (10.6%) Profit before tax (Billions of yen) 1,416.0 1,278.0 (138.0) (9.7%) Profit attributable to owners of parent (Billions of yen) 450.0 510.0 60.0 13.3％ ROIC (%) Estimated WACC approx. 6% 8.0 8.2 0.2 - ROE (%) Estimated Cost of equity approx. 8% 9.3 10.5 1.2 - Net debt/equity ratio*3 *Includes Ichthys downstream IJV and differs from institutional accounting basis 0.33 0.37 0.04 - *1 First half results and the second half forecasts in FY2026 are referred on page 26. *2 Crude oil $83 case. *3 {Debt + Lease liabilities -(Cash and deposits + Securities within 3 months)} /Equity *4 Profit contribution (segment profit) from Ichthys Project for FY2026 is forecasted to be approx. 380.0 billion yen. FY2026 Consolidated Financial Forecasts Despite continuing uncertainties surrounding the Middle East situation, profit forecasts for the fiscal year was revised up to ¥510.0 billion, an increase of ¥60.0 billion from the May forecasts, primarily reflecting higher realized sales prices and the stable production of the Ichthys LNG Project.
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19 450.0 510.0 +6.9 +21.3 +16.9 +12.4 +20.0 (17.5) Ichthys External factors (Middle East Conflict & Market conditions) +10.7 Increase in sales volume Business activities factors +29.3 Others +20.0 Other Projects Variance between 2Q FY2026 forecasts and actual, etc. Recognition and reversal of impairment on existing assets, ARO, etc. Analysis of Change in Profit Forecasts (Previous vs. Revised) FY2026 Consolidated Financial Forecasts FY2026 Profit attributable to owners of parent (Previous forecasts announced in May 2026) Impact from crude oil price Impact from exchange rate Project Factors One-Off P&L FY2026 Profit attributable to owners of parent (Revised forecasts) ・ Lower sales volume and higher sales costs in Abu Dhabi projects ・Profit Booster （US$/bbl） ・Previous 83.0 ・Revised 81.4 （Yen/US$） ・Previous 156.0 ・Revised 159.2 (Billions of yen) Profit Booster full-year impacts Previous forecasts （$83 case） Revised forecasts Impact of investment incentives Approx. 45.0 Approx. 30.0 TA recycling Approx. 55.0 Approx. 65.0 Total Approx. 100.0 Approx. 95.0 (Billions of yen)
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20 Cash Flow*1 FY2026 Consolidated Financial Forecasts (Billions of yen) Previous Forecasts as of May 2026 *2 Revised Forecasts as of August 2026 Change CFFO*3 1,079.0 1,055.0 (24.0) Cash Flow from Investment*3 (800.0) (859.0) (59.0) Growth Investment (800.0) (676.0) 124.0 Pillar for Growth 1 Expansion of oil and natural gas sector, primarily focusing on LNG business (787.0) (666.0) 121.0 Pillar for Growth 2 Lower-carbon solutions leveraging CCS and hydrogen (1.0) (1.0) - Pillar for Growth 3 Initiatives in renewable and power fields leveraging INPEX’s distinctive capabilities (12.0) (9.0) 3.0 Others (purchase and disposal of investment securities etc.) 0.0 (183.0) *6 (183.0) Free Cash Flow 279.0 196.0 (83.0) Financial Cash Flow (280.0) (197.0) 83.0 Shareholder Returns*4 (225.0) (273.0) (48.0) Cash and cash equivalents at end of the year*5 200.0 200.0*7 - *1 Cash Flow Includes Ichthys downstream IJV and differs from institutional accounting basis. *2 Crude oil $83 case *3 In order to present a cash flow that more accurately reflects the actual business activities of our company, expenditures related to exploration activities have been reclassified from operating cash flow to investing cash flow. *4 FY2025 year end dividend (50 yen), FY2026 interim dividend (56 yen) + share buybacks. *5 Cash and cash equivalents indicates cash, deposits and securities within 3 months. *6 Including ¥200.0 billion build-up of cash reserves for Abadi LNG development. *7 Expected balance of securities over three months, which is not included in balance of cash and cash equivalents as of the end of FY2026, is slightly above ¥770.0 billion.
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21 Investing Cash Flow - Breakdown and Forecasts FY2026 Investing Cash Flow Forecasts 200.0 282.0 279.0 397.0 275.0 108.0 112.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1000.0 Forecast as of May Forecast as of August 800.0 859.0 (Billions of yen) Pillar for Growth 1: Key Investments Profit Contribution Investment Segment Description Investment Amount Timing of Profit Contribution New Asset Acquisitions Acquires Interest in Block 2E Off The Coast of Sarawak, Malaysia $350MM*2 FY2027 onwards Expansion of Existing Assets Acquires Shares in INPEX South West Caspian Sea Petroleum Approx. ¥60 Billion*2 FY2026 onwards Issues EPC Tender Awards on Upper Zakum Further Development Undisclosed Before the start-up of Abadi LNG Signs Concession Agreement on Bab Gas Cap Development Undisclosed Before the start-up of Abadi LNG Exploration Farms in to prospective acreage in Beetaloo Sub-basin Up to $208MM*2 After the start- up of Abadi LNG*3 FY2026 Consolidated Financial Forecasts Maintenance and Renewal Expansion of Existing Assets Abadi Exploration New Asset Acquisitions Pillar for Growth 1 787.0 *1 Financial Results for the six months ended June 30, 2025 End-2024 Balance: ¥200 billion + Additional Accumulation of ¥400-600 billion (2025-2027). *2 Acquisition cost. Beetaloo acquisition costs are incurred in line with work progress. *3 Small-scale pilot production to start in 2026． Investing cash flow is expected to be ¥859.0 billion (up ¥59.0 billion from the May forecasts) ・ Of this, ¥200.0 billion is planned to be set aside as cash reserves for Abadi LNG development - End-2026 balance, slightly above ¥770.0 billion: achieving the earlier projection of ¥600.0–800.0 billion at 2027 year-end*1 one year ahead of schedule Pillar for Growth 1 666.0 Cash reserves for Abadi LNG development
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22 ROIC by Segment*1 FY2026 Consolidated Financial Forecasts (%) Previous Forecasts as of May 2026*2 Revised Forecasts as of August 2026 Change O&G Japan (0.4) 3.5 3.9 O&G Overseas Ichthys 9.4 10.3 0.9 O&G Overseas Others 9.4 7.8 (1.6) Others (1.8) (7.1) (5.3) Renewable Energy etc. (1.5) (0.5) 1.0 CCS and Hydrogen etc. (R&D expenses, etc.) - - - Consolidated 8.0 8.2 0.2 *1 Invested capital and adjusted profit for each of the segments are referred on page 28. *2 Crude oil $83 case.
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23 Appendix
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24 *1 Fatalities, serious injuries and major leaks (PSE Tier-1) occurring in operator projects *2 (Dividend payment amount + planned share buybacks amount) / Profit attributable to owners of parent *3 CFFO (Cash flow from operating activities) includes Ichthys downstream IJV. Expenditures related to exploration activities have been reclassified from operating cash flow to investing cash flow. Differs from institutional accounting basis. *4 Scope 1 and 2 Progress against MTP 2025-2027 Appendix FY2026 H1 Actual FY2026 Forecasts FY2025-2027 MTP Targets FY2035 Targets Assump- tions Brent Oil Price (US$ per barrel) 87.60 81.4 70 - Exchange rate (JPY/US$) 158.29 159.2 135 - Targets Major Incidents*1 1 Prioritize safety in operations Zero Zero Shareholder returns Interim DPS: 56 yen Announced ¥140.0 billion share buybacks Annual DPS: 112 yen Total payout ratio*2: approx. 53% A progressive annual dividend payout starting with 90 yen Aiming for a total payout ratio *2 of 50% or more Strengthen shareholder returns in line with growth in financial performance CFFO*3 686.6 billion yen 1,055.0 billion yen 2,200 billion yen or more (3-year cumulative) 60% increase （vs. 2024 levels） Net Carbon Intensity*4 - 29kg/boe 35% reduction （vs. 2019 levels） 60% reduction （vs. 2019 levels） ROE - 10.5% Greater than the Cost of Equity 10% or more ROIC - 8.2% Greater than the WACC 10% or more
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25 214.0 263.1 +0.3 +18.3 +11.7 +11.5 +21.2 (14.0) (US$/bbl) ・Forecast 86.0 ・Actual 87.6 Increase in sales volume, etc. Timing difference in sales costs Timing difference +21.2 External factors (Middle East Conflict & Market conditions) +4.7 (Billions of yen) Increase in sales volume, etc. Ichthys Other Projects ・Lower sales volume in Abu Dhabi projects ・Profit Booster Analysis of Change in H1 Profit (Previous Forecasts vs. Actual) Appendix Profit attributable to owners of parent (previous forecasts） Impact from crude oil price Impact from exchange rate Profit attributable to owners of parent (actual) Project Factors Timing difference (Yen/US$) ・Forecasts 158.0 ・Actual 158.3 Performance difference +23.2
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26 H1 Results and H2 Forecasts H1 Forecasts as of May 2026* Results Change % Change Average crude oil price (Brent) ($/bbl) 86.0 87.60 1.6 1.9% Average exchange rate (¥/$) 158.0 158.29 0.29 yen depreciation 0.2% depreciation Revenue (Billions of yen) 1,087.0 1,000.4 (86.6) (8.0%) Operating profit (Billions of yen) 628.0 618.7 (9.3) (1.5%) Profit before tax (Billions of yen) 654.0 644.3 (9.7) (1.5%) Profit attributable to owners of parent (Billions of yen) 214.0 263.1 49.1 22.9% H2 (Reference information) Forecasts as of May 2026* Forecasts as of August 2026 Change % Change Average crude oil price (Brent) ($/bbl) 80.0 75.0 (5.0) (6.3%) Average exchange rate (¥/$) 154.0 160.0 6.0 yen depreciation 3.9% depreciation Revenue (Billions of yen) 1,204.0 972.6 (231.4) (19.2%) Operating profit (Billions of yen) 740.0 604.3 (135.7) (18.3%) Profit before tax (Billions of yen) 762.0 633.7 (128.3) (16.8%) Profit attributable to owners of parent (Billions of yen) 236.0 246.9 10.9 4.6% Appendix *Crude oil $83 case.
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27 Net Production Volume (boe per day) and Production Cost per BOE Produced Appendix *1 The production volume under the production sharing contracts entered into by the INPEX Group corresponds to the net econom ic take of the INPEX Group. *2 Production cost per boe produced: Production cost divided by boe produced in the fiscal year. 17 16 213 211 400 411 631 638 632 FY2024 FY2025 FY2026 (forecast) Oil & Gas Japan Oil & Gas Overseas (Ichthys Project) Oil & Gas Overseas (Other Projects) （thousand boed） Production Cost per BOE Produced*2Net Production Volume (boe per day)*1 12.9 12.4 11.2 5.2 5.3 5.7 FY2024 FY2025 FY2026 (forecast) Incl. royalty Excl. royality (US$/boe)
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28 FY2026 Invested Capital*1 and Adjusted Profit*2 Forecasts by Segment *1 Invested capital: Annual average of the total of capital stock, interest-bearing liabilities as recorded in consolidated financial statements, including project finance of the Ichthys downstream IJV. *2 Adjusted profit: Profit before deduction of interest expense, impairment loss etc., profit/loss attributable to non-controlling interests. *3 Crude oil $83 case. (Billions of yen) Forecasts as of May 2026*3 Forecasts as of August 2026 Change O&G Japan Invested Capital 246.9 232.4 (14.5) Adjusted Profit (1.0) 8.1 9.1 O&G Overseas Ichthys Invested Capital 3,979.6 4,048.8 69.2 Adjusted Profit 373.5 419.0 45.5 O&G Overseas Others Invested Capital 1,768.5 1,753.4 (15.1) Adjusted Profit 166.7 137.5 (29.2) Others Invested Capital 186.7 168.6 (18.1) Adjusted Profit (3.3) (11.9) (8.6) Renewable Energy Invested Capital 175.2 174.7 (0.5) Adjusted Profit (2.5) (0.8) 1.7 Hydrogen and CCUS (inclusive of R&D expenses etc.) Invested Capital - - - Adjusted Profit (9.6) (13.7) (4.1) Consolidated Invested Capital 6,769.7 6,972.5 202.8 Adjusted Profit 541.4 573.5 32.1 Appendix
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29 Ichthys Project Cargoes Shipped by Product Type Appendix 2018 2019 2020 2021 2022 2023 2024 2025 LNG 11 104 122 117 112 129 116 112 Plant Condensate （Onshore） 1 19 22 21 21 23 20 20 Field Condensate （Offshore） 4 29 34 32 29 29 28 27 LPG 2 27 34 32 30 34 30 30 FY2026 January February March April May June July August September October November December Total LNG 10 9 13 11 10 11 12 - - - - - 76 Plant Condensate （Onshore） 1 2 2 2 2 1 2 - - - - - 12 Field Condensate （Offshore） 3 2 3 3 2 3 2 - - - - - 18 LPG 4 2 4 3 3 3 3 - - - - - 22 Stable production continued from the beginning of 2026. From September 2026, connection and commissioning work for the Booster Compressor Module (low-pressure production facilities) will be undertaken in phases. Supported by strong 1H production, 2026 full-year LNG cargo shipments are expected to exceed previous guidance (annual average of approximately 10 cargoes per month) by several cargoes. In 2027, a planned shutdown of approximately 1.5 months is scheduled from mid-July, mainly for the inspection of LNG Train 1.
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30 Condensed Consolidated Statement of Financial Position (Billions of yen) December 31, 2025 June 30, 2026 Change % Change Current assets 1,109.0 1,439.4 330.3 29.8% Non-current assets 6,626.1 6,947.4 321.3 4.8% (Oil and gas assets) 3,888.9 4,039.3 150.4 3.9% (Investments accounted for using equity method) 1,024.9 1,134.7 109.8 10.7% (Loans receivable) 1,409.3 1,446.1 36.7 2.6% Total assets 7,735.1 8,386.9 651.7 8.4% Current liabilities 839.6 1,090.8 251.1 29.9% Non-current liabilities 1,872.6 1,945.1 72.4 3.9% Equity 5,022.9 5,350.9 328.0 6.5% (Exchange differences on translation of foreign operation) 876.4 1,094.0 217.6 24.8% Closing exchange rate (¥/US$) 156.54 162.45 5.91 3.8% (Non-controlling interests) 275.7 248.3 (27.3) (9.9%) Total liabilities and equity 7,735.1 8,386.9 651.7 8.4% Summary of financial information for Ichthys downstream IJV, a joint venture (100% basis, including the Company’s equity share 67.82%) is as follows: (Billions of yen) • Current assets: 190.5 • Non-current assets *: 4,586.8 • Current liabilities: 346.9 • Non-current liabilities: 3,069.6 • Equity: 1,360.7 * Non-current assets include interest expenses which are not included in CAPEX, and capitalized costs before FID. Of which the total of interest-bearing debt is 1,427.5 billion yen. Total of net interest-bearing debt including the off-balanced Ichthys downstream IJV is 1,673.2 billion yen. Net D/E ratio including the off-balanced Ichthys downstream IJV is 0.33. Foreign exchange rate sensitivity of Exchange differences on translation of foreign operations: ¥1 depreciation of the yen at the fiscal year-end would increase the balance by ¥26.0 billion. Appendix
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31 Condensed Consolidated Statement of Profit or Loss (Billions of yen) H1 FY2025 H1 FY2026 Change % Change Revenue 1,048.8 1,000.4 (48.3) (4.6%) Cost of sales (431.5) (427.5) 3.9 (0.9%) Gross profit 617.3 572.9 (44.4) (7.2%) Exploration expenses (6.1) (5.1) 0.9 (14.9%) Selling, general and administrative expenses (57.6) (62.5) (4.8) 8.3% Other operating income 5.1 45.6 40.4 788.0% Other operating expenses (6.8) (7.0) (0.1) 2.8% Share of profit of investments accounted for using equity method 65.0 74.9 9.8 15.1% Operating profit 616.8 618.7 1.8 0.3% Finance income 70.0 60.2 (9.8) (14.0%) Finance costs (41.9) (34.6) 7.3 (17.5%) Profit before tax 644.9 644.3 (0.6) (0.1%) Income tax expense (402.6) (359.7) 42.8 (10.7%) Profit attributable to non-controlling interests 18.7 21.4 2.6 14.0% Profit attributable to owners of parent 223.5 263.1 39.6 17.7% Cost of sales for crude oil: (264.7) Change: +30.8 Cost of sales for natural gas: (150.0) Change: (23.4) Decrease in sales volume: (169.5) Increase in unit price: +49.2 Exchange rate: +55.6 Others: +16.2 Appendix
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32 (Billions of yen) H1 FY2025 H1 FY2026 Change % Change Note Other operating income 5.1 45.6 40.4 788.0% Foreign exchange gain － 37.6 37.6 － Other 5.1 7.9 2.7 54.1% Other operating expenses (6.8) (7.0) (0.1) 2.8% Foreign exchange loss (2.8) － 2.8 (100.0%) Other (4.0) (7.0) (3.0) 73.9% Finance income 70.0 60.2 (9.8) (14.0%) Interest income 52.8 56.2 3.3 6.4% Dividend income 4.2 1.2 (3.0) (70.8%) Gain on subsequent measurement of financial assets*1 3.8 － (3.8) (100.0%) Other 9.0 2.8 (6.2) (69.1%) Includes gain on valuation of derivatives*2 Finance costs (41.9) (34.6) 7.3 (17.5%) Interest expense (33.0) (28.6) 4.3 (13.3%) Loss on subsequent measurement of financial assets*1 － (0.7) (0.7) － Other (8.8) (5.2) 3.6 (41.3%) Includes loss on valuation of derivatives*2 Other Operating Income and Expenses / Finance Income and Costs *1 In accordance with IFRS 9 “Financial Instruments” implemented to foreign consolidated subsidiaries, the gain or loss is recognized mainly due to modification of financial assets that do not result in derecognition, revisions to estimated future cash flows of financial assets, and other factors. It includes the gain or loss incurred from transactions with joint ventures, and such gain or loss is adjusted for shares of profit of investments accounted for using equity method and tax effect accounting. As a result, the impact on profit attributable to owners of parent is immaterial. *2 The Company recognizes the estimated present value of costs related to future removal and abandonment of oil and natural gas production facilities, etc. as asset retirement obligations. There may be fluctuations in profit or loss due to changes in the discount rate used to revaluate the present value of asset retirement obligations at the end of each quarter. To neutralize the profit or loss impact, the group has been utilizing derivative transactions (interest rate swaps). Gain or loss on valuation of derivatives arising from these transactions is recognized as finance income or finance costs, and they are offset by the profit or loss resulting from the revaluation of the asset retirement obligations for the purpose of neutralization. As a result, the impact on profit attributable to owners of parent is immaterial. Appendix
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33 Revenue Appendix (Billions of yen) Product H1 FY2025 H1 FY2026 Change % Change Oil & Gas Japan Crude Oil 1.3 0.9 (0.4) (33.4%) Natural Gas (excluding LPG) 94.8 98.8 3.9 4.2% Other 9.6 12.9 3.2 33.3% Total 105.9 112.6 6.7 6.4% Australia & Southeast Asia Crude Oil 90.7 117.2 26.5 29.2% Natural Gas (excluding LPG) 143.0 150.9 7.8 5.5% Other 3.2 4.8 1.5 47.4% Total 237.1 273.1 35.9 15.2% Europe Crude Oil 33.5 48.1 14.5 43.5% Natural Gas (excluding LPG) 11.6 20.1 8.5 73.3% Other 0.0 0.6 0.5 504.4% Total 45.2 68.9 23.6 52.2% Abu Dhabi and others (Middle East, NIS etc.) Crude Oil 648.3 526.5 (121.7) (18.8%) Natural Gas (excluding LPG) 1.7 1.8 0.1 6.5% Other 0.3 4.5 4.1 ー Total 650.4 532.9 (117.4) (18.1%) Other Crude Oil 6.1 2.0 (4.0) (66.5%) Natural Gas (excluding LPG) 0.1 0.0 (0.0) (22.7%) Other 3.8 10.6 6.8 177.2% Total 10.0 12.7 2.7 27.0% Total Crude Oil 780.1 694.9 (85.1) (10.9%) Natural Gas (excluding LPG) 251.4 271.9 20.5 8.2% Other 17.2 33.5 16.2 94.1% Total 1,048.8 1,000.4 (48.3) (4.6%)
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34 Sales Volume Appendix Product H1 FY2025 H1 FY2026 Change % Change Oil & Gas Japan Crude Oil (thousand bbl) 129 62 (67) (52.1%) Natural Gas (excluding LPG) (million cf) 43,660 47,905 4,245 9.7% Australia & Southeast Asia Crude Oil (thousand bbl) 8,389 7,788 (601) (7.2%) Natural Gas (excluding LPG) (million cf) 199,022 195,033 (3,989) (2.0%) Europe Crude Oil (thousand bbl) 3,102 3,230 128 4.1% Natural Gas (excluding LPG) (million cf) 5,866 8,775 2,909 49.6% Abu Dhabi and others (Middle East, NIS etc.) Crude Oil (thousand bbl) 59,881 44,090 (15,791) (26.4%) Natural Gas (excluding LPG) (million cf) 5,307 5,095 (212) (4.0%) Total Crude Oil (thousand bbl) 71,501 55,170 (16,331) (22.8%) Natural Gas (excluding LPG) (million cf) 253,855 256,808 2,953 1.2%
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35 * The volume of LPG produced overseas is included in “Crude Oil.” Net Production Volume* Appendix Product H1 FY2025 H1 FY2026 Change % Change Oil & Gas Japan Crude Oil (thousand bbl) 388 319 (69) (17.8%) Natural Gas (million cf) 14,060 11,234 (2,826) (20.1%) Iodine (ton) 298 248 (51) (17.1%) Electric power generation (million kWh) 57 33 (24) (41.5%) Australia & Southeast Asia Crude Oil (thousand bbl) 8,951 7,961 (991) (11.1%) Natural Gas (million cf) 233,853 229,941 (3,912) (1.7%) Europe Crude Oil (thousand bbl) 3,027 3,147 121 4.0% Natural Gas (million cf) 6,181 8,703 2,523 40.8% Abu Dhabi and others (Middle East, NIS etc.) Crude Oil (thousand bbl) 59,844 54,142 (5,702) (9.5%) Natural Gas (million cf) 5,320 5,109 (211) (4.0%) Sulfur (thousand ton) 84 53 (31) (36.8%) Other Electric power generation (million kWh) 1,120 1,472 353 31.5% Total Crude Oil (thousand bbl) 72,210 65,568 (6,642) (9.2%) Natural Gas (million cf) 259,414 254,988 (4,426) (1.7%) Iodine (ton) 298 248 (51) (17.1%) Sulfur (thousand ton) 84 53 (31) (36.8%) Electric power generation (million kWh) 1,177 1,506 329 28.0%
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36 • Management messages provide insights into our growth strategy, initiatives to enhance corporate value, and the effectiveness of our governance framework. • Updates on major projects and employee perspectives demonstrate the connection between our people and businesses, while highlighting initiatives that support sustainable corporate value creation. • “INPEX at a Glance” and “A History of Value Creation” showcase our current position and the strengths we have built over time, while illustrating the key drivers of value creation that underpin future growth. Sustainability Report 2025 Integrated Report 2025 Building a Sustainable Company: Our ESG Initiatives Appendix • Presented a video message from the CEO, highlighting our commitment to stable energy supply, safety as the highest priority, and decarbonization efforts. • Featured a dialogue between an Outside Director and our employees on the theme “Can Diversity Enhance Corporate Value?”, along with an introduction to our biodiversity conservation initiatives in Japan. • Enhanced nature-related disclosures in line with the international TNFD framework. Video message from the CEO