Interim report
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INPEX Consolidated Financial Results for the Six Months ended June 30 , 2026 [ IFRS ] Note : The following report is an English translation of the Japanese - language original . Company name Code number Representative : INPEX CORPORATION : 1605 Contact person FASF MEMBERSHIP August 7 , 2026 Stock Exchange on which the Company is listed : Tokyo Stock Exchange URL https://www.inpex.com : Takayuki Ueda , Representative Director , President & CEO : Shohei Yoshida , General Manager , Corporate Communications Unit TEL + 81-3-5572-0750 Scheduled date of filing Semi - annual Financial Report Scheduled date of payment of cash dividends Preparation of supplementary explanatory materials Meeting of financial results presentation : August 10 , 2026 : September 1 , 2026 Yes : Yes ( for institutional investors and securities analysts ) ( Amounts less than one million yen are rounded down ) 1. Consolidated Financial Results for the Six Months ended June 30 , 2026 ( January 1 , 2026 through June 30 , 2026 ) ( 1 ) Consolidated operating results ( Figures in % represent the changes from the corresponding period of the previous fiscal year ) Revenue Operating profit Profit before tax Profit For the six months ended June 30 , 2026 June 30 , 2025 Millions of yen 1,000,495 1,048,867 % ( 4.6 ) ( 11.9 ) Millions of yen 618,713 616,882 % 0.3 ( 11.9 ) Millions of yen 644,346 644,984 % ( 0.1 ) ( 9.6 ) Millions of yen % 284,558 242,308 17.4 14.9 Profit attributable to owners of parent Total comprehensive income Basic earnings Diluted earnings per share per share For the six months ended June 30 , 2026 June 30 , 2025 Millions of yen 263,147 223,527 % 17.7 5.1 Millions of yen 459,759 ( 180,570 ) % Yen Yen 226.33 186.65 226.14 186.52 ( 2 ) Consolidated financial position As of June 30 , 2026 December 31 , 2025 Total assets Millions of yen 8,386,904 7,735,198 Total equity Millions of yen 5,350,952 5,022,903 Equity attributable to owners of parent Ratio of equity attributable to owners of parent to total assets Millions of yen 5,102,570 % 60.8 4,747,158 61.4
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Cash dividends per share At 1st quarter end At 2nd quarter end At 3rd quarter end At fiscal year end Total Yen Yen Yen Yen Yen For the year ended December 31, 2025 － 50.00 － 50.00 100.00 For the year ending December 31, 2026 － 56.00 For the year ending December 31, 2026 (Forecasts) － 56.00 112.00 (Notes): 1. Changes in projected dividends for the year ending December 31, 2026 from the previous forecast: Yes 2. “Dividends” as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit “Dividends of Class A stock.” 3. For information regarding revision of dividend forecast, please refer to the press release “Notice Concerning Interim Dividend and Revision to Year- end Dividend Forecast” issued today (August 7, 2026). (Figures in % represent the changes from the previous fiscal year) Revenue Operating profit Profit before tax Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen For the year ending December 31, 2026 1,973,000 (1.9) 1,223,000 7.7 1,278,000 8.9 510,000 29.5 438.82 (Note): Changes in forecasts for consolidated financial results for the year ending December 31, 2026 from the previous forecast: Yes (1) Significant changes in scope of consolidation : None (2) Changes in accounting policies and changes in accounting estimates 1. Changes in accounting policies required by IFRS : None 2. Other changes in accounting policies : None 3. Changes in accounting estimates : None (3) Number of shares issued (Common stock) 1. Number of shares issued at the end of the period 1,259,136,067 shares as of June 30, 2026 (including treasury stock): 1,259,136,067 shares as of December 31, 2025 2. Number of treasury stock at the end of the period: 96,916,062 shares as of June 30, 2026 93,742,368 shares as of December 31, 2025 3. Average number of shares: 1,162,656,732 shares for the six months ended June 30, 2026 1,197,572,337 shares for the six months ended June 30, 2025 (Note): The shares held by “the Board Incentive Plan Trust” are included in number of treasury stock at the end of the period. (As of June 30, 2026: 969,322 shares As of December 31, 2025: 1,012,209 shares) 2. Dividends 3. Forecasts for Consolidated Financial Results for the year ending December 31, 2026 (January 1, 2026 through December 31, 2026) *Notes *This semi-annual earnings report is not subject to audit by certified public accountants or audit firms. *Explanation regarding the appropriate use of estimated consolidated financial results The aforementioned forecasts “3. Forecasts for Consolidated Financial Results for the year ending December 31, 2026” are based on the currently available information and contain many uncertainties. The final results might be significantly different from the forecasts due to changes in business conditions including oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax schemes. Regarding the forecasts, please refer to “1. Summary of Operating Results, etc. (4) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results” on page 4.
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Cash dividends per share At 1st quarter end At 2nd quarter end At 3rd quarter end At fiscal year end Total Yen Yen Yen Yen Yen For the year ended December 31, 2025 － 20,000.00 － 20,000.00 40,000.00 For the year ending December 31, 2026 － 22,400.00 For the year ending December 31, 2026 (Forecasts) － 22,400.00 44,800.00 (Notes): 1. The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no stock split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock split is included in the Articles of Incorporation. 2. For information regarding revision of dividend forecast, please refer to the press release “Notice Concerning Interim Dividend and Revision to Year- end Dividend Forecast” issued today (August 7, 2026). Exhibit: Dividends of Class A stock
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1. Summary of Operating Results, etc. ……………………………………………………………………………………………... 2 (1) Summary of Consolidated Operating Results ……………………………………………………………………………....... 2 (2) Summary of Consolidated Financial Position ……………………………………………………………………………....... 3 (3) Summary of Cash Flows …………………………………………………………………………………………………....... 3 (4) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results ………………. 4 2. Condensed Semi-annual Consolidated Financial Statements and Principal Notes ……………………………………………… 5 (1) Condensed Semi-annual Consolidated Statement of Financial Position ……………………………………………………. 5 (2) Condensed Semi-annual Consolidated Statement of Profit or Loss and Condensed Semi-annual Consolidated Statement of Comprehensive Income ……………………………………………… 7 (3) Condensed Semi-annual Consolidated Statement of Changes in Equity ……………………………………………………. 9 (4) Condensed Semi-annual Consolidated Statement of Cash Flows …………………………………………………………… 11 (5) Notes to Condensed Semi-annual Consolidated Financial Statements ……………………………………………………… 13 (Notes on Going Concern Assumption) …………………………………………………………………………………………. 13 (Segment Information) …………………………………………………………………………………………………………… 13 3. Supplementary Information ……………………………………………………………………………………………………… 14 (1) Production, Orders Received and Sales Performance………………………………………………………………………… 14 Index of the Attachments - 1 -
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1. Summary of Operating Results, etc. (1) Summary of Consolidated Operating Results Regarding the Group’s consolidated financial results for the six months ended June 30, 2026, revenue decreased by ¥48.3 billion, or 4.6%, to ¥1,000.4 billion from the corresponding period of the previous fiscal year due to a decrease in sales volume of crude oil. Revenue of crude oil decreased by ¥85.1 billion, or 10.9%, to ¥694.9 billion, and revenue of natural gas increased by ¥20.5 billion, or 8.2%, to ¥271.9 billion. Sales volume of crude oil decreased by 16,331 thousand barrels, or 22.8%, to 55,170 thousand barrels, and sales volume of natural gas increased by 2,953 million cf, or 1.2%, to 256,808 million cf. Sales volume of overseas natural gas decreased by 1,292 million cf, or 0.6%, to 208,903 million cf, and sales volume of domestic natural gas increased by 114 million m3, or 9.7%, to 1,284 million m3 (47,905 million cf). The average sales price of overseas crude oil increased by U.S. $6.00, or 8.2%, to U.S.$79.51 per barrel. The average sales price of overseas natural gas increased by U.S.$0.21, or 4.2%, to U.S. $5.24 per thousand cf, and the average sales price of domestic natural gas decreased by ¥4.08, or 5.0%, to ¥77.00 per m3. The average exchange rate of the Japanese yen against the U.S. dollar on consolidated revenue depreciated by ¥10.00, or 6.7%, to ¥158.37 per U.S. dollar. The decrease of ¥48.3 billion in revenue was mainly derived from the following factors: regarding revenue of crude oil and natural gas, a decrease in sales volume pushing sales down of ¥169.5 billion to the decrease, an increase in unit sales price contributing ¥49.2 billion to the increase, the depreciation in the average exchange rate of the Japanese yen against the U.S. dollar contributing ¥55.6 billion to the increase, and an increase in revenue excluding crude oil and natural gas of ¥16.2 billion. Meanwhile, cost of sales decreased by ¥3.9 billion, or 0.9%, to ¥427.5 billion. Exploration expenses decreased by ¥0.9 billion, 14.9%, to ¥5.1 billion. Selling, general and administrative expenses increased by ¥4.8 billion, or 8.3%, to ¥62.5 billion. Other operating income increased by ¥40.4 billion, or 788.0%, to ¥45.6 billion. Other operating expenses increased by ¥0.1 billion, or 2.8%, to ¥7.0 billion. Share of profit of investments accounted for using equity method increased by ¥9.8 billion, 15.1%, to ¥74.9 billion. As a result, operating profit increased by ¥1.8 billion, or 0.3%, to ¥618.7 billion. Finance income decreased by ¥9.8 billion, or 14.0%, to ¥60.2 billion. Finance costs decreased by ¥7.3 billion, or 17.5%, to ¥34.6 billion. As a result, profit before tax decreased by ¥0.6 billion, or 0.1%, to ¥644.3 billion. Income tax expense decreased by ¥42.8 billion, or 10.7%, to ¥359.7 billion. Profit attributable to non-controlling interests increased by ¥2.6 billion, or 14.0%, to ¥21.4 billion. As a result of the above effects, profit attributable to owners of parent increased by ¥39.6 billion, or 17.7%, to ¥263.1 billion. Operating results by segment are as follows: 1) Oil & Gas Japan Although revenue increased by ¥6.7 billion, or 6.4%, to ¥112.6 billion due to an increase in sales volume of natural gas, profit attributable to owners of parent decreased by ¥9.4 billion, or 54.4%, to ¥7.8 billion mainly due to an increase in cost of sales. 2) Oil & Gas Overseas - Ichthys Project Revenue increased by ¥32.1 billion, or 17.5%, to ¥215.8 billion due to an increase in sales price of crude oil. Profit attributable to owners of parent increased by ¥34.0 billion, or 24.5%, to ¥173.0 billion. 3) Oil & Gas Overseas - Other Projects Although revenue decreased by ¥90.0 billion, or 12.0%, to ¥659.2 billion due to a decrease in sales volume of crude oil, profit attributable to owners of parent increased by ¥5.6 billion, or 7.8%, to ¥77.8 billion due to factors including a decrease in income tax expense. - 2 -
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(2) Summary of Consolidated Financial Position Total assets as of June 30, 2026 increased by ¥651.7 billion to ¥8,386.9 billion, compared to December 31, 2025. Current assets increased by ¥330.3 billion to ¥1,439.4 billion due to an increase in other financial assets, and others. Non-current assets increased by ¥321.3 billion to ¥6,947.4 billion due to an increase in oil and gas assets, and others. Meanwhile, total liabilities increased by ¥323.6 billion to ¥3,035.9 billion. Current liabilities increased by ¥251.1 billion to ¥1,090.8 billion and non-current liabilities increased by ¥72.4 billion to ¥1,945.1 billion. Total equity increased by ¥328.0 billion to ¥5,350.9 billion. Equity attributable to owners of parent increased by ¥355.4 billion to ¥5,102.5 billion. Non-controlling interests decreased by ¥27.3 billion to ¥248.3 billion. (3) Summary of Cash Flows The Group’s cash and cash equivalents amounted to ¥216.1 billion as of June 30, 2026, reflecting a net increase of ¥38.1 billion from ¥168.4 billion as of December 31, 2025, and the effect of exchange rate changes of ¥9.6 billion. Cash flows from operating, investing, and financing activities and their factors during the six months ended June 30, 2026 are as follows: 1) Cash flows from operating activities Net cash provided by operating activities amounted to ¥553.8 billion, up ¥125.9 billion from the corresponding period of the previous fiscal year, mainly due to a decrease in income taxes paid despite an increase in foreign exchange gain, which is a non-cash item. 2) Cash flows from investing activities Net cash used in investing activities amounted to ¥424.7 billion, up ¥60.4 billion from the corresponding period of the previous fiscal year, mainly due to an increase in payments for acquisition of development and production assets. 3) Cash flows from financing activities Net cash used in financing activities amounted to ¥91.0 billion, up ¥50.8 billion from the corresponding period of the previous fiscal year, mainly due to a net decrease in commercial paper despite a decrease in cash dividends paid to non-controlling interests. - 3 -
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(Millions of yen) Revenue Operating profit Profit before tax Profit attributable to owners of parent Previous Forecasts: A 2,004,000 – 2,291,000 1,086,000 – 1,368,000 1,134,000 – 1,416,000 350,000 – 450,000 Revised Forecasts: B 1,973,000 1,223,000 1,278,000 510,000 Increase (Decrease): B-A (31,000) – (318,000) 137,000 – (145,000) 144,000 – (138,000) 160,000 – 60,000 Percentage change (%) (1.5) – (13.9) 12.6 – (10.6) 12.7 – (9.7) 45.7 – 13.3 Previous Forecasts Revised Forecasts Crude oil price (Brent) First Half average: US$79.0 – 86.0/bbl First Half average (actual): US$87.6/bbl Second Half average: US$61.0 – 80.0/bbl Second Half average: US$75.0/bbl - 3rd quarter average: US$62.0 – 85.0/bbl - 3rd quarter average: US$80.0/bbl - 4th quarter average: US$60.0 – 75.0/bbl - 4th quarter average: US$70.0/bbl Full Year average: US$70.0 – 83.0/bbl Full Year average: US$81.4/bbl Exchange rate First Half average: ¥156.0 – 158.0/US$ First Half average (actual): ¥158.3/US$ Second Half average: ¥152.0 – 154.0/US$ Second Half average: ¥160.0/US$ Full Year average: ¥154.0 – 156.0/US$ Full Year average: ¥159.2/US$ (4) Explanation Regarding Future Forecast Information Such as Forecasts for Consolidated Financial Results The Company has revised its consolidated financial forecasts for the fiscal year ending December 31, 2026, mainly reflecting the stable production of the Ichthys Project and revisions to its assumptions for crude oil prices and foreign exchange rates from the third quarter onward, while uncertainties surrounding the situation in the Middle East remain. Forecasts for consolidated financial results for the year ending December 31, 2026 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. - 4 -
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(Millions of yen) Accounts As of December 31, 2025 As of June 30, 2026 Assets Current assets Cash and cash equivalents 168,407 216,190 Trade and other receivables 263,055 205,460 Inventories 68,389 90,791 Income taxes receivable 19,397 44,827 Loans receivable 54,305 44,008 Other financial assets 477,393 744,375 Other current assets 58,145 93,818 Total current assets 1,109,093 1,439,473 Non-current assets Oil and gas assets 3,888,982 4,039,385 Other property, plant and equipment 25,576 50,455 Goodwill 46,551 48,851 Intangible assets 31,360 31,971 Investments accounted for using equity method 1,024,925 1,134,793 Loans receivable 1,409,382 1,446,168 Other financial assets 116,765 109,124 Asset for retirement benefits 980 1,264 Deferred tax assets 62,145 65,925 Other non-current assets 19,434 19,491 Total non-current assets 6,626,104 6,947,431 Total assets 7,735,198 8,386,904 2. Condensed Semi-annual Consolidated Financial Statements and Principal Notes (1) Condensed Semi-annual Consolidated Statement of Financial Position - 5 -
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(Millions of yen) Accounts As of December 31, 2025 As of June 30, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 217,690 231,638 Bonds and borrowings 541,482 661,817 Other financial liabilities 37,183 42,386 Income taxes payable 13,040 124,342 Asset retirement obligations 15,885 15,048 Other current liabilities 14,381 15,605 Total current liabilities 839,663 1,090,839 Non-current liabilities Bonds and borrowings 703,264 656,506 Other financial liabilities 46,589 105,377 Liability for retirement benefits 1,358 1,471 Asset retirement obligations 477,817 482,627 Deferred tax liabilities 628,151 682,366 Other non-current liabilities 15,448 16,761 Total non-current liabilities 1,872,631 1,945,111 Total liabilities 2,712,295 3,035,951 Equity Common stock 290,809 290,809 Capital surplus 454,020 406,725 Retained earnings 3,345,830 3,544,466 Treasury stock (221,629) (231,536) Other components of equity 878,127 1,092,104 Total equity attributable to owners of parent 4,747,158 5,102,570 Non-controlling interests 275,745 248,382 Total equity 5,022,903 5,350,952 Total liabilities and equity 7,735,198 8,386,904 - 6 -
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(Millions of yen) Accounts For the six months ended June 30, 2025 For the six months ended June 30, 2026 Revenue 1,048,867 1,000,495 Cost of sales (431,543) (427,583) Gross profit 617,323 572,911 Exploration expenses (6,107) (5,196) Selling, general and administrative expenses (57,693) (62,505) Other operating income 5,136 45,613 Other operating expenses (6,876) (7,067) Share of profit (loss) of investments accounted for using equity method 65,098 74,958 Operating profit 616,882 618,713 Finance income 70,054 60,251 Finance costs (41,952) (34,618) Profit before tax 644,984 644,346 Income tax expense (402,675) (359,788) Profit 242,308 284,558 Profit attributable to Owners of parent 223,527 263,147 Non-controlling interests 18,781 21,410 Profit 242,308 284,558 Earnings per share Basic earnings per share (Yen) 186.65 226.33 Diluted earnings per share (Yen) 186.52 226.14 (2) Condensed Semi-annual Consolidated Statement of Profit or Loss and Condensed Semi-annual Consolidated Statement of Comprehensive Income Condensed Semi-annual Consolidated Statement of Profit or Loss - 7 -
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(Millions of yen) Accounts For the six months ended June 30, 2025 For the six months ended June 30, 2026 Profit 242,308 284,558 Other comprehensive income Items that will not be reclassified to profit or loss Exchange differences on translation of foreign operations － 1,982 Financial assets measured at fair value through other comprehensive income (73) (3,746) Total items that will not be reclassified to profit or loss (73) (1,763) Items that may be reclassified subsequently to profit or loss Cash flow hedges 3,520 (948) Exchange differences on translation of foreign operations (420,497) 176,904 Financial assets measured at fair value through other comprehensive income 1,513 (565) Share of other comprehensive income of investments accounted for using equity method (7,343) 1,575 Total items that may be reclassified subsequently to profit or loss (422,805) 176,965 Total other comprehensive income (422,879) 175,201 Comprehensive income (180,570) 459,759 Comprehensive income attributable to Owners of parent (182,884) 426,964 Non-controlling interests 2,313 32,795 Comprehensive income (180,570) 459,759 Condensed Semi-annual Consolidated Statement of Comprehensive Income - 8 -
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(Millions of yen) Equity attributable to owners of parent Common stock Capital surplus Retained earnings Treasury stock Other components of equity Exchange differences on translation of foreign operations Cash flow hedges As of January 1, 2025 290,809 458,254 3,073,530 (131,235) 1,127,203 17,062 Profit － － 223,527 － － － Other comprehensive income － － － － (404,029) (3,822) Total comprehensive income － － 223,527 － (404,029) (3,822) Purchase of treasury stock － － － (386) － － Disposal of treasury stock － (3) － 3 － － Dividends － － (51,532) － － － Changes in ownership interest in subsidiaries － (1,454) － － 679 － Disposal of subsidiaries － － － － － － Share-based payment transactions － 119 － － － － Transfer from other components of equity to retained earnings － － (1,760) － － － Total transactions with owners － (1,339) (53,293) (383) 679 － As of June 30, 2025 290,809 456,915 3,243,765 (131,618) 723,853 13,240 Equity attributable to owners of parent Non-controlling interests Total Other components of equity Total Financial assets measured at fair value through other comprehensive income Total As of January 1, 2025 (13,820) 1,130,446 4,821,805 316,027 5,137,833 Profit － － 223,527 18,781 242,308 Other comprehensive income 1,440 (406,411) (406,411) (16,467) (422,879) Total comprehensive income 1,440 (406,411) (182,884) 2,313 (180,570) Purchase of treasury stock － － (386) － (386) Disposal of treasury stock － － － － － Dividends － － (51,532) (76,972) (128,504) Changes in ownership interest in subsidiaries － 679 (775) 1,636 860 Disposal of subsidiaries － － － (56) (56) Share-based payment transactions － － 119 － 119 Transfer from other components of equity to retained earnings 1,760 1,760 － － － Total transactions with owners 1,760 2,439 (52,575) (75,392) (127,968) As of June 30, 2025 (10,619) 726,474 4,586,346 242,948 4,829,295 (3) Condensed Semi-annual Consolidated Statement of Changes in Equity For the six months ended June 30, 2025 - 9 -
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(Millions of yen) Equity attributable to owners of parent Common stock Capital surplus Retained earnings Treasury stock Other components of equity Exchange differences on translation of foreign operations Cash flow hedges As of January 1, 2026 290,809 454,020 3,345,830 (221,629) 876,410 11,471 Profit － － 263,147 － － － Other comprehensive income － － － － 167,501 626 Total comprehensive income － － 263,147 － 167,501 626 Purchase of treasury stock － － － (9,975) － － Disposal of treasury stock － (67) － 67 － － Dividends － － (58,320) － － － Changes resulting from additions to consolidation － － － － － － Changes in ownership interest in subsidiaries － (47,308) － － 43,970 － Share-based payment transactions － 81 － － － － Transfer from other components of equity to retained earnings － － (6,191) － 6,191 － Total transactions with owners － (47,294) (64,511) (9,907) 50,161 － As of June 30, 2026 290,809 406,725 3,544,466 (231,536) 1,094,074 12,098 Equity attributable to owners of parent Non-controlling interests Total Other components of equity Total Financial assets measured at fair value through other comprehensive income Total As of January 1, 2026 (9,755) 878,127 4,747,158 275,745 5,022,903 Profit － － 263,147 21,410 284,558 Other comprehensive income (4,312) 163,816 163,816 11,385 175,201 Total comprehensive income (4,312) 163,816 426,964 32,795 459,759 Purchase of treasury stock － － (9,975) － (9,975) Disposal of treasury stock － － － － － Dividends － － (58,320) (3,860) (62,180) Changes resulting from additions to consolidation － － － 49 49 Changes in ownership interest in subsidiaries － 43,970 (3,337) (56,347) (59,685) Share-based payment transactions － － 81 － 81 Transfer from other components of equity to retained earnings － 6,191 － － － Total transactions with owners － 50,161 (71,551) (60,158) (131,710) As of June 30, 2026 (14,067) 1,092,104 5,102,570 248,382 5,350,952 For the six months ended June 30, 2026 - 10 -
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(Millions of yen) Accounts For the six months ended June 30, 2025 For the six months ended June 30, 2026 Cash flows from operating activities Profit before tax 644,984 644,346 Depreciation and amortization 179,667 207,243 Increase (decrease) in asset retirement obligations 2,499 (4,512) Finance costs (income) (28,101) (25,633) Foreign exchange loss (gain) (4,647) (37,044) Share of loss (profit) of investments accounted for using equity method (65,098) (74,958) Decrease (increase) in inventories 3,592 (20,740) Decrease (increase) in trade and other receivables 43,374 44,271 Increase (decrease) in trade and other payables (11,379) (3,569) Other operating activities 10,821 22,970 Subtotal 775,711 752,373 Interest received 50,093 54,109 Dividends received 18,165 10,830 Interest paid (22,967) (22,159) Income taxes paid (393,094) (241,265) Net cash provided by (used in) operating activities 427,908 553,888 Cash flows from investing activities Payments into time deposits (10,817) (674,062) Proceeds from withdrawal of time deposits 17,521 214,315 Payments for acquisition of exploration and evaluation assets (10,943) (21,603) Payments for acquisition of development and production assets (123,473) (208,062) Payments for purchases of other property, plant and equipment (1,964) (11,769) Payments for purchases of investments (328,220) (12) Proceeds from sale and redemption of investments 110,177 237,988 Payments for purchases of investments accounted for using equity method (25,174) (1,665) Net decrease (increase) in short-term loans receivable 486 356 Long-term loans made (1,984) (299) Collection of long-term loans receivable 21,268 26,433 Other investing activities (11,142) 13,678 Net cash provided by (used in) investing activities (364,267) (424,704) (4) Condensed Semi-annual Consolidated Statement of Cash Flows - 11 -
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(Millions of yen) Accounts For the six months ended June 30, 2025 For the six months ended June 30, 2026 Cash flows from financing activities Net increase (decrease) in commercial papers 53,934 (58,130) Net increase (decrease) in short-term borrowings 98,000 104,622 Proceeds from long-term borrowings － 60,000 Repayments of long-term borrowings (51,375) (48,214) Redemption of bonds － (10,000) Repayments of lease liabilities (12,675) (6,145) Purchase of treasury stock (386) (9,975) Cash dividends paid (51,510) (58,301) Capital contribution from non-controlling interests 860 273 Cash dividends paid to non-controlling interests (76,972) (3,860) Payments for acquisition of interests in subsidiaries from non-controlling interests － (59,910) Other financing activities (0) (1,383) Net cash provided by (used in) financing activities (40,126) (91,024) Net increase (decrease) in cash and cash equivalents 23,514 38,159 Cash and cash equivalents at beginning of the year 241,675 168,407 Effect of exchange rate changes on cash and cash equivalents (2,737) 9,623 Cash and cash equivalents at end of the period 262,452 216,190 - 12 -
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(5) Notes to Condensed Semi-annual Consolidated Financial Statements (Notes on Going Concern Assumption) None (Millions of yen) Reportable segments Other* Total Adjustments ConsolidatedOil & Gas Japan Oil & Gas Overseas Ichthys Project Other Projects Revenue Revenue from external customers 105,907 183,676 749,213 10,071 1,048,867 － 1,048,867 Intersegment revenue － 10,790 － 1,749 12,540 (12,540) － Total 105,907 194,467 749,213 11,820 1,061,408 (12,540) 1,048,867 Segment profit (loss) 17,286 139,001 72,273 (5,331) 223,229 297 223,527 (Millions of yen) Reportable segments Other* Total Adjustments ConsolidatedOil & Gas Japan Oil & Gas Overseas Ichthys Project Other Projects Revenue Revenue from external customers 112,663 215,840 659,200 12,791 1,000,495 － 1,000,495 Intersegment revenue － 13,420 － 1,814 15,235 (15,235) － Total 112,663 229,261 659,200 14,605 1,015,730 (15,235) 1,000,495 Segment profit (loss) 7,881 173,071 77,879 2,436 261,269 1,878 263,147 (Segment Information) Reportable segment profit represents profit attributable to owners of parent as presented in the condensed semi-annual consolidated statement of profit or loss. Intersegment transactions follow pricing based on arm’s-length principles. The revenue and financial results for the Group’s reportable segments are as follows: For the six months ended June 30, 2025 (January 1, 2025 through June 30, 2025) Note: The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the renewable energy & power- related business and the CCS & hydrogen business, etc. For the six months ended June 30, 2026 (January 1, 2026 through June 30, 2026) Note: The “Other” category consists of the operating segments that are not included in the reportable segments, and includes the renewable energy & power- related business and the CCS & hydrogen business, etc. - 13 -
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Segment Category For the six months ended June 30, 2025 For the six months ended June 30, 2026 Oil & Gas Japan Crude oil 388Mbbls 319Mbbls (2Mbbls per day) (2Mbbls per day) Natural gas 14,060MMcf 11,234MMcf (78MMcf per day) (62MMcf per day) Subtotal 2,950Mboe 2,434Mboe (16Mboe per day) (13Mboe per day) Iodine 298t 248t Electric power generation 57million kWh 33million kWh Oil & Gas Overseas Ichthys Project Crude oil 7,048Mbbls 6,678Mbbls (39Mbbls per day) (37Mbbls per day) Natural gas 197,184MMcf 197,716MMcf (1,089MMcf per day) (1,092MMcf per day) Subtotal 45,195Mboe 44,475Mboe (250Mboe per day) (246Mboe per day) Other Projects Crude oil 64,774Mbbls 58,572Mbbls (358Mbbls per day) (324Mbbls per day) Natural gas 48,170MMcf 46,038MMcf (266MMcf per day) (254MMcf per day) Subtotal 73,624Mboe 67,021Mboe (407Mboe per day) (370Mboe per day) Sulfur 84Mtons 53Mtons Other Electric power generation 1,120million kWh 1,472million kWh Total Crude oil 72,210Mbbls 65,568Mbbls (399Mbbls per day) (362Mbbls per day) Natural gas 259,414MMcf 254,988MMcf (1,433MMcf per day) (1,409MMcf per day) Subtotal 121,769Mboe 113,930Mboe (673Mboe per day) (629Mboe per day) Iodine 298t 248t Sulfur 84Mtons 53Mtons Electric power generation 1,177million kWh 1,506million kWh Notes: 1. The volume of LPG produced overseas is included in “Crude oil.” 2. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity. 3. The production by the Company’s affiliates, etc. is included in the figures above. 4. The production volume of crude oil and natural gas under the production sharing contracts entered into by the Group corresponds to the net economic take of the Group. Figures calculated by multiplying the gross production volume by the Company’s interest share are 75,687 Mbbls (418 Mbbls per day) of crude oil, 263,068 MMcf (1,453 MMcf per day) of natural gas, and in total 125,973 Mboe (696 Mboe per day) for the six months ended June 30, 2025, and 69,046 Mbbls (381 Mbbls per day) of crude oil, 258,475 MMcf (1,428 MMcf per day) of natural gas, and in total 118,037 Mboe (652 Mboe per day) for the six months ended June 30, 2026. 5. “Boe” means barrels of oil equivalent. 6. “Iodine” is refined by other company on consignment. 7. Figures are rounded to the nearest whole number. 3. Supplementary Information (1) Production, Orders Received and Sales Performance 1) Actual production The following table shows actual production by segment: - 14 -
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(Millions of yen) Segment Category For the six months ended June 30, 2025 For the six months ended June 30, 2026 Sales volume Revenue Sales volume Revenue Oil & Gas Japan Crude oil 129Mbbls 1,362 62Mbbls 908 Natural gas (excluding LPG) 43,660MMcf 94,856 47,905MMcf 98,837 Other 9,688 12,917 Subtotal 105,907 112,663 Oil & Gas Overseas Ichthys Project Crude oil 6,532Mbbls 70,406 6,514Mbbls 97,495 Natural gas (excluding LPG) 179,230MMcf 113,270 176,780MMcf 118,345 Subtotal 183,676 215,840 Other Projects Crude oil 64,840Mbbls 702,229 48,594Mbbls 594,523 Natural gas (excluding LPG) 30,965MMcf 43,237 32,123MMcf 54,714 Other 3,745 9,962 Subtotal 749,213 659,200 Other Crude oil － 6,102 － 2,043 Natural gas (excluding LPG) － 126 － 97 Other 3,842 10,650 Subtotal 10,071 12,791 Total Crude oil 71,501Mbbls 780,101 55,170Mbbls 694,970 Natural gas (excluding LPG) 253,855MMcf 251,490 256,808MMcf 271,995 Other 17,276 33,530 Total 1,048,867 1,000,495 2) Orders received Disclosure on this information is omitted because the amount of orders received is accounted for a minor portion of total sales. 3) Actual sales The following table shows sales by segment: - 15 -