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JAPEX [ Explanatory Material ] Financial Results for the Three Months Ended June 30 , 2026 August 6 , 2026 Japan Petroleum Exploration Co. , Ltd. Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . Copyright © 2026 Japan Petroleum Exploration Co. , Ltd. ( JAPEX ) All Rights Reserved .
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Contents Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2026 Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Note: This material also serves as the presentation material for the financial results briefing for the institutional investors and analysts to be held on August 7, 2026. 2
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2026 Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 3
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅰ. Financial Highlights Financial Highlights Change 1Q FY 3/27 (a) 1Q FY 3/26 (a)Billion Yen (10.4)6.216.6Operating profit (15.0)5.720.8Ordinary profit (12.4)3.215.7Profit attributable to owners of parent Operating profit ︓ Decrease in crude oil sales volume (－) Increase in exploration expenses and costs due to alternative LNG procurement (－) Ordinary profit : Decrease in equity in earnings of affiliates (－) Shift to a valuation loss due to the reversal of the valuation gain on LNG derivatives at the previous fiscal year-end（－） FY3/27 Forecast Revision（vs. May 13 Forecasts） Change Aug. 6, 2026(f) May 13, 2026 (f)Billion Yen +5.046.041.0Operating profit +1.046.045.0Ordinary profit +5.065.060.0Profit attributable to owners of parent ー38.038.0 (Ref.) of which, base amount for 30% consolidated payout Shareholder Returns Dividend per share is 45.00 yen per year (interim 22.50 yen and year-end 22.50 yen), unchanged from the initial forecast We will review the forecast as necessary in the second quarter of the fiscal year ending March 31, 2027, based on the full-year earnings forecast and other factors, in line with our basic policy to pay dividends according to business results with a target consolidated payout ratio of 30%. The minimum annual dividend is 40.00 yen per share Business Progress 1Q FY3/27 Results（Year-on-Year） E&P Decided to acquire E&P license in Norway（Apr.） Completed exploratory drilling at offshore Hidaka area of Hokkaido Prefecture (Jun.) Decided to acquire tight oil and gas assets (Fundare) in the U.S. (Aug.) I/U Started fuel conversion to natural gas in Higashine Omori Industrial Park in Yamagata Prefecture (Jul.) 4 Operating profit ︓ Increase in crude oil sales prices, Increase in crude oil sales volume (+) Ordinary profit : Valuation loss due to the reversal of the valuation gain on LNG derivatives at the previous fiscal year-end（－） Profit attributable to owners of parent : Gain on sale of investment securities（+） CN Established a new company for the CCS Project in the Tomakomai area of Hokkaido Prefecture (Jul.) *1 *2 *1 Profit attributable to owners of the parent excluding gain on transfer of business [22 bn. yen after tax]. *2 Profit attributable to owners of the parent excluding gain on transfer of business and gain on sale of investment securities [27 bn. yen after tax].
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2026 Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 5
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅱ. Financial Results for the Fiscal Year Ended June 30, 2026 1Q FY3/27 Results (Year-on-Year) 6 Million Yen 1Q FY3/26(a) 1Q FY3/27(a) 82,844 65,114 (17,729) (21)% 25,321 19,603 (5,717) (23)% 16,699 6,202 (10,497) (63)% 20,810 5,773 (15,037) (72)% 15,714 3,240 (12,474) (79)% Oil Price and Exchange Rate 1Q FY3/26(a) 1Q FY3/27(a) Change WTI USD/bbl 71.46 71.98 +0.52 Crude oil price (CIF) USD/bbl 77.85 94.86 +17.01 Exchange rate JPY/USD 147.22 158.01 +10.79 Change Net sales Gross profit Operating profit Ordinary profit Profit attributable to owners of parent
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅱ. Financial Results for the Fiscal Year Ended June 30, 2026 Sales volume Net sales Sales volume Net sales E&P Business ー ー2 7 , 3 0 9 ー 24,126 ー ー (3,183) (12)% （Breakdown） Crude oil 2,393 25,410 2,179 23,455 (214) (9)% (1,955) (8)% ーCrude oil- Japan&Purchased 343 3,906 323 5,666 (20) (6)% +1,760 +45% ーCrude oil - Overseas*1 2,049 21,504 1,856 17,788 (193) (9)% (3,715) (17)% Natural gas - Overseas*2 Million cf 1,695 1,898 2,501 670 +806 +48% (1,228) (65)% 1Q FY3/26(a) 1Q FY3/27(a) Change Sales volume Net sales Thousand bbl UnitNet sales: Million Yen E&P Business Sales (Year-on-Year) Main factors for change [1] Increase in sales prices [2] Decrease in sales volume mainly due to the divestment of the Seagull Project in U.K. North Sea [3] Increase in sales volume from tight oil and gas development in the U.S. (Verdad) Absence of sales volume due to the divestment of the Seagull Project in U.K. North Sea *1 FY3/26: Amounts of overseas consolidated subsidiaries Japex Garraf Ltd., Japex (U.S.) Corp., JAPEX UK E&P Ltd.(Transferred all shares in July 2025) and JAPEX Norge AS. *1 FY3/27: Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp. and JAPEX Norge AS. *2 Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp., JAPEX UK E&P Ltd.(Transferred all shares in July 2025) and JAPEX Norge AS. 7 [3] [1] [2]
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅱ. Financial Results for the Fiscal Year Ended June 30, 2026 Sales volume Net sales Sales volume Net sales I/U Business ー ー 39,765 ー 34,799 ー ー (4,965) (12)% （Breakdown） Natural gas - Japan 7,104 17,079 6,658 14,964 (445) (6)% (2,115) (12)% ーProduced in Japan 3,243 ー 3,189 ー (53) (2)% ー ー LNG Thousand Ton 35 4,155 38 4,912 +2 +7% +756 +18% Electricity Million kWh 784 11,918 473 8,512 (311) (40)% (3,406) (29)% Other* ー ー 6,611 ー6 , 4 1 1 ー ー (200) (3)% Million cf UnitNet sales: Million Yen 1Q FY3/26(a) 1Q FY3/27(a) Change Sales volume Net sales I/U Business Sales (Year-on-Year) Main factors for change [1] Decrease in sales volume and sales prices [2] Decrease in sales volume * Including biomass fuel sales, net sales from commissioned transportation of natural gas and commisioned regasification of LNG. 8 [1] [2]
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅱ. Financial Results for the Fiscal Year Ended June 30, 2026 Operating Profit (Year-on-Year) Note) The amounts in the operating profit breakdown by business segment are the figures for the Groupʼs internal management. 9 E&P Business Overseas: (2.9) bn. 10.1 bn. → 7.2 bn. •The divestment of the Seagull Project in U.K. North Sea (－) •Increase in sales volume from offshore blocks in Norway (+) Japan: (2.5) bn. 4.9 bn. → 2.4 bn. •Increase in crude oil sales prices (+) •Increase in exploration expenses (－) I/U Business (4.9) bn. 4.4 bn. → (0.4) bn. •Increase in costs due to alternative LNG procurement (－) Other* (0.1) bn. (2.8) bn. → (3.0) bn. * Operating profit not belonging to the above business units (CN, contracting, oil products and commodities, and others) less headquarters administrative expenses. (3.0) (0.4) 2.4 7.2 6.2 (2.8) 4.4 4.9 10.1 16.6 (5.0) 0.0 5.0 10.0 15.0 20.0 Other I/U E&P-Japan E&P-Overseas OP total 1Q FY3/26(a) 1Q FY3/27(a) （Billion Yen）
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅱ. Financial Results for the Fiscal Year Ended June 30, 2026 Net income Net income FY3/26 1Q(a) E&P Overseas E&P Japan I/U Other Foreign exchange gains/ loss Equity method profit/ loss Others Extraordinaty income/ loss Income taxes Profit attributable to non-controlling interest FY3/27 1Q(a) FY3/26 1Q(a) 10.1 4.9 4.4 (2.8) 0.3 1.7 2.0 (0.0) 5.0 0.0 FY3/27 1Q(a) 7.2 2.4 (0.4) (3.0) 0.9 0.3 (1.6) 0.0 1.7 0.8 Operating Profit* (10.4) bn. Non-operating income (4.5)bn. (2.9) (2.5) (4.9) (0.1) +0.6 (1.4) (3.6) +0.0 +3.3 (0.7) 15.7 3.2 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 （Billion Yen） Analysis of Net Income change (Year-on-Year) J Norge +1.3 bn. Japex Garraf (0.7) bn. JUK (3.0) bn. LNG derivative gains/ losses (3.0) bn. Note) The amounts in the operating profit breakdown by business segment are the figures for the Groupʼs internal management. 10
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅰ. Financial Highlights Ⅱ. Financial Results for the Three Months Ended June 30, 2026 Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 11
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 FY3/27 Forecasts （vs. May 13 Forecasts) 12 Million Yen Initial(f) May 13, 2026 Revised(f) Aug. 6, 2026 303,000 314,000 +11,000 +4% 87,000 94,000 +7,000 +8% 41,000 46,000 +5,000 +12% 45,000 46,000 +1,000 +2% 60,000 65,000 +5,000 +8% Oil Price and Exchange Rate Initial(f) May 13, 2026 Revised(f) Aug. 6, 2026 Change WTI USD/bbl 73.00 74.10 +1.10 Crude oil price (CIF) USD/bbl 74.91 77.20 +2.29 Exchange rate JPY/USD 152.90 153.70 +0.80 Change Net sales Gross profit Operating profit Ordinary profit Profit attributable to owners of parent
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Sales volume Net sales Sales volume Net sales E&P Business ー ー 112,736 ー 120,374 ーー + 7 , 6 3 7 + 7 % （Breakdown） Crude oil 11,754 106,492 12,148 113,442 +394 +3% +6,950 +7% ーCrude oil- Japan&Purchased 1,312 15,195 1,320 16,651 +7 +1% +1,455 +10% ーCrude oil-Overseas*1 10,441 91,296 10,827 96,791 +386 +4% +5,494 +6% Natural gas-Overseas*2 Million cf 16,913 6,243 20,137 6,931 +3,223 +19% +687 +11% Net sales: Million Yen Change Sales volume Net sales Thousand bbl Initial(f) May 13, 2026 Revised(f) Aug. 6, 2026 Unit E&P Business Sales Forecasts（vs. May 13 Forecasts) Main factors for change [1] Increase in sales prices [2] Increase in sales volume from tight oil and gas development (Fundare) in the U.S. and offshore blocks in Norway *1 Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp. and JAPEX Norge AS. *2 Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp. and JAPEX Norge AS. 13 [1] [2]
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Sales volume Net sales Sales volume Net sales I/U Business ー ー1 6 6 , 8 8 3 ー 170,161 ー ー +3,277 +2% （Breakdown） Natural gas - Japan 31,637 73,767 31,316 74,172 (321) (1)% +405 +1% ーProduced in Japan 13,273 ー 13,464 ー +191 +1% ー ー LNG Thousand Ton 249 25,181 247 25,465 (1) (1)% +284 +1% Electricity Million kWh 2,813 42,423 2,877 44,543 +64 +2% +2,119 +5% Other* ー ー2 5 , 5 1 1 ー 25,978 ー ー +467 +2% Net sales: Million Yen Change Sales volume Net sales Million cf Initial(f) May 13, 2026 Revised(f) Aug. 6, 2026 Unit I/U Business Sales Forecasts（vs. May 13 Forecasts) Main factors for change [1] Increase in sales volume and sales prices 14 * Including biomass fuel sales, net sales from commissioned transportation of natural gas and commisioned regasification of LNG. [1]
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Operating Profit Forecasts （vs. May 13 Forecasts) Note) The amounts in the operating profit breakdown by business segment are the figures for the Groupʼs internal management. 15 E&P Business Overseas: +4.7 bn. 38.2 bn. → 42.9 bn. •Increase in crude oil sales prices (+) •Increase in crude oil and natural gas sales volume from tight oil and gas development (Fundare) in the U.S. and offshore blocks in Norway (+) Japan: +1.8 bn. 13.8 bn. → 15.7 bn. •Increase in crude oil and natural gas sales volume and sales prices* (+) * Natural gas sales price is the internal transaction price from the E&P Business to the I/U Business I/U Business (1.0) bn. 1.2 bn. → 0.1bn. •Increase in LNG procurement costs (－) Other* (0.5) bn. (12.2) bn. → (12.8) bn. •Increase in general and administrative expenses, etc. (－) * Operating profit not belonging to the above business units (CN, contracting, oil products and commodities, and others) less headquarters administrative expenses. (12.8) 0.1 15.7 42.9 46.0 (12.2) 1.2 13.8 38.2 41.0 (20.0) (10.0) 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Other I/U E&P-Japan E&P-Overseas OP total Initial(f) May 13, 2026 Revised(f) Aug 06, 2026 （Billion Yen）
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Net income Net income FY3/27(f) May 13 E&P Overseas E&P Japan I/U Other Foreign exchange gains/ loss Equity method profit/ loss Others Extraordinaty income/ loss Income taxes Profit attributable to non-controlling interest FY3/27(f) Aug. 6 FY3/27(f) May 13 38.2 13.8 1.2 (12.2) ー 3.0 1.0 31.0 15.5 0.5 FY3/27(f) Aug. 6 42.9 15.7 0.1 (12.8) ー 2.9 (2.9) 38.5 18.1 1.4 Non-operating income (4.0)bn.Operating Profit* +5.0 bn. +4.7 +1.8 (1.0) (0.5) ー (0.1) (3.9) +7.5 (2.6) (0.9) 60.0 65.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 （Billion Yen） Analysis of Change in Net Income Forecasts (vs. May 13 Forecasts) JUS +2.9 bn. J Norge +1.9 bn. Loss on valuation of LNG derivatives (1.2) bn. Interest expenses (0.8) bn. Gain on sales of investment securities +7.5 bn. Note) The amounts in the operating profit breakdown by business segment are the figures for the Groupʼs internal management. 16
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 FY3/27 Forecasts (Year-on-Year) 17 Million Yen FY3/26(a) FY3/27(f) Aug. 6 340,336 314,000 (26,336) (8)% 76,741 94,000 +17,258 +22% 38,915 46,000 +7,084 +18% 61,556 46,000 (15,556) (25)% 53,427 65,000 +11,572 +22% Oil Price and Exchange Rate FY3/26(a) FY3/27(f) Aug. 6 Change WTI USD/bbl 64.90 74.10 +9.20 Crude oil price (CIF) USD/bbl 71.89 77.20 +5.31 Exchange rate JPY/USD 149.85 153.70 +3.85 Change Net sales Gross profit Operating profit Ordinary profit Profit attributable to owners of parent
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Sales volume Net sales Sales volume Net sales E&P Business ー ー 109,257 ー 120,374 ー ー +11,117 +10% （Breakdown） Crude oil 10,651 104,967 12,148 113,442 +1,496 +14% +8,475 +8% ーCrude oil- Japan&Purchased 1,542 17,114 1,320 16,651 (221) (14)% (463) (3)% ーCrude oil-Overseas *1 9,109 87,852 10,827 96,791 +1,718 +19% +8,938 +10% Natural gas-Overseas*2 Million cf 5,233 4,289 20,137 6,931 +14,904 +285% +2,641 +62% Net sales: Million Yen Change Sales volume Net sales Thousand bbl FY3/26(a) FY3/27 Revised(f) Unit E&P Business Sales Forecasts (Year-on-Year) Main factors for change [1] Increase in sales volume from tight oil and gas development (Verdad, Fundare) in the U.S. and offshore blocks in Norway Suspension of production remuneration and crude oil shipments at Garraf Oil Field in Iraq Decrease in sales volume due to the divestment of the Seagull Project in U.K. North Sea [2] Increase in sales volume from tight oil and gas development (Verdad, Fundare) in the U.S. and offshore blocks in Norway *1 FY3/26: Amounts of overseas consolidated subsidiaries Japex Garraf Ltd., Japex (U.S.) Corp., JAPEX UK E&P Ltd.(Transferred all shares in July 2025) and JAPEX Norge AS. *1 FY3/27: Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp. and JAPEX Norge AS. *2 Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp., JAPEX UK E&P Ltd.(Transferred all shares in July 2025) and JAPEX Norge AS. 18 [1] [2]
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Sales volume Net sales Sales volume Net sales I/U Business ー ー 172,349 ー 170,161 ー ー (2,187) (1)% （Breakdown） Natural gas - Japan 32,770 73,345 31,316 74,172 (1,454) (4)% +827 +1% ーProduced in Japan 13,930 ー 13,464 ー (466) (3)% ー ー LNG Thousand Ton 231 23,112 247 25,465 +16 +7% +2,353 +10% Electricity Million kWh 3,361 48,460 2,877 44,543 (483) (14)% (3,916) (8)% Other* ー ー 27,430 ー 25,978 ー ー (1,451) (5)% Million cf Net sales: Million Yen Change Sales volume Net sales FY3/26(a) FY3/27 Revised(f) Unit I/U Business Sales Forecasts (Year-on-Year) Main factors for change [1] Increase in sales prices [2] Decrease in sales volume 19 * Including biomass fuel sales, net sales from commissioned transportation of natural gas and commisioned regasification of LNG. [2] [1]
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Operating Profit Forecasts (Year-on-Year) Note) The amounts in the operating profit breakdown by business segment are the figures for the Groupʼs internal management. 20 E&P Business Overseas: +23.0 bn. 19.9 bn. → 42.9 bn. •Increase in sales volume from tight oil and gas development in the U.S. (+) •Suspension of production remuneration and crude oil shipments at Garraf Oil Field in Iraq(－) •Decrease in sales volume from the Seagull Project in U.K. North Sea (－) Japan: +1.6 bn. 14.0 bn. → 15.7bn. I/U Business (16.3) bn. 16.4 bn. → 0.1 bn. •Increase in costs due to alternative LNG procurement (－) Other* (1.2) bn. (11.6) bn. → (12.8) bn. •Increase in general and administrative expenses, etc. (－) * Operating profit not belonging to the above business units (CN, contracting, oil products and commodities, and others) less headquarters administrative expenses. (12.8) 0.1 15.7 42.9 46.0 (11.6) 16.4 14.0 19.9 38.9 (20.0)(10.0) 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Other I/U E&P-Japan E&P-Overseas OP total FY3/26(a) FY3/27(f) Revised （Billion Yen）
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Net income Net income FY3/26(a) E&P Overseas E&P Japan I/U Other Foreign exchange gains/ loss Equity method profit/ loss Others Extraordinaty income/ loss Income taxes Profit attributable to non-controlling interest FY3/27(f) Revised FY3/26(a) 19.9 14.0 16.4 (11.6) 8.2 4.1 10.3 2.0 7.8 2.2 FY3/27(f) Revised 42.9 15.7 0.1 (12.8) ー 2.9 (2.9) 38.5 18.1 1.4 Non-operating income (22.6)bn.Operating Profit* +7.0 bn. +23.0 +1.6 (16.3) (1.2) (8.2) (1.2) (13.2) +36.4 (10.2) +0.8 53.4 65.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 （Billion Yen） Analysis of Change in Net Income Forecasts (Year-on-Year) JUS +25.4 bn. J Norge +3.8 bn. Japex Garraf (3.4) bn. JUK (2.4) bn. JAPEX (6.2) bn. Japex Garraf (1.8) bn. LNG derivative gains/ losses (8.9) bn. Interest expenses (3.4) bn. Gain on transfer of business +31.0 bn. Gain on sales of investment securities +7.5 bn. Note) The amounts in the operating profit breakdown by business segment are the figures for the Groupʼs internal management. 21
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Ⅲ. Revised Financial Forecasts for the Fiscal Year Ending March 31, 2027 Cash Flows and Debt *1 Including lease obligations, retirement benefit liabilities and contingent liabilities. *2 The total of operating profit, depreciation, interest and dividends received based on investment cash flow statement. 22 May 13 Aug. 6 AB B - A C B - C Cash flows from operating activities 73,832 81,000 +7,167 102,976 (2 1,976) Profit before income taxes 76,000 84,500 +8,500 63,557 +20,942 Depreciation 38,067 38,000 (67) 47,050 (9,050) Loss (gain) on sale of short-term and long-term investment securities/ Valuation gains and losses - (7,541) (7,541) (706) (6,834) Recovery of recoverable accounts - - - 25,658 (25,658) Cash flows from investing activities (57,970) (74,000) (16,029) (20 0,494) +126,494 Purchase of property, plant and equipment (46,779) (43,000) +3,779 (28,630) (14,369) Proceeds from sale and redemption of investment securities - 9,500 +9,500 286 +9,213 Proceeds from (or Payments for) sale (or purchase) of shares of subsidiaries resulting in change in scope of consolidation - (48,000) (48,000) (140,788) +92,788 Payments of recoverable accounts (37,808) (20,600) +17,208 (28,465) +7,865 Proceeds from transfer of business 31,000 31,000 - - +31,000 Cash flows from financing activities 11,105 40,000 +28,894 6,007 +33 ,992 Proceeds from borrowings/ Repayments of borrowings 51,953 61,500 +9,546 150 +61,350 Proceeds from issuance of bonds - 20,000 +20,000 - +20,000 Cash and cash equivalents at end of period 76,921 97,000 +20,078 49,954 +47,045 Interest-bearing debt*1 68,419 97,000 ー 37,152 ー EBITDA*2 86,036 91,000 ー 95,515 ー Debt-to-EBITDA ratio 0.8 1.1 ー 0.4 ー Million Yen FY3/27(f) FY3/26(a)Change Change
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 1. Net Sales 2. Financial Results 3. Segment Profit 4. Segment Sales 5. Price Assumptions 6. Sensitivities Analysis 7. Business Overview 8. Integrated Report and IR Materials, etc. 9. Glossary 23
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 1. Net Sales - ①E&P *1 FY3/26: Amounts of overseas consolidated subsidiaries Japex Garraf Ltd., Japex (U.S.) Corp., JAPEX UK E&P Ltd. (Transferred all shares in July 2025) and JAPEX Norge AS. *1 FY3/27: Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp. and JAPEX Norge AS. *2 Amounts of overseas consolidated subsidiaries Japex (U.S.) Corp. JAPEX UK E&P Ltd.(Transferred all shares in July 2025) and JAPEX Norge AS. *3 Domestic sales price average of crude oil referring to crude oil price (CIF). 24 FY3/27(a) May 13 Aug. 6 27,309 109,257 24,126 112,736 120,374 2,393 10,651 2,179 11,754 12,148 25,410 104,967 23,455 106,492 113,442 Sales volume of Crude oil -Japan&Purchased (Thousand bbl) 343 1,542 323 1,312 1,320 Net sales 3,906 17,114 5,666 15,195 16,651 Sales volume of Crude oil - Overseas*1 (Thousand bbl) 2,049 9,109 1,856 10,441 10,827 Net sales 21,504 87,852 17,788 91,296 96,791 1,695 5,233 2,501 16,913 20,137 1,898 4,289 670 6,243 6,931 71.46 64.90 71.98 73.00 74.10 77.85 71.89 94.86 74.91 77.20 Sales volume of Natural gas -Overseas*2 (Million cf) Million Yen Sales volume of Crude oil (Thousand bbl) Net sales Net sales Sales WTI（USD/bbl） Crude oil price (CIF) *3 (USD/bbl) FY3/27(f)FY3/26(a) Full Year 1Q Full year 1Q
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 1. Net Sales - ②I/U * Including biomass fuel sales, net sales from commissioned transportation of natural gas and commissioned regasification of LNG. 25 FY3/27(a) May 13 Aug. 6 39,765 172,349 34,799 166,883 170,161 7,104 32,770 6,658 31,637 31,316 17,079 73,345 14,964 73,767 74,172 3,243 13,930 3,189 13,273 13,464 35 231 38 249 247 4,155 23,112 4,912 25,181 25,465 784 3,361 473 2,813 2,877 11,918 48,460 8,512 42,423 44,543 6,611 27,430 6,411 25,511 25,978 86,836 85,455 93,327 91,200 92,800 Million Yen FY3/26(a) FY3/27(f) Full year 1Q Full Year 1Q Net sales Other* JLC Price (JPY / ton) Net sales Sales volume of Electricity (Million kWh) Sales Sales volume of Natural gas – Japan (Million cf) Net sales Sales volume of Natural gas produced in Japan (Million cf) Sales volume of LNG (Thousand ton)
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 2. Financial Results 26 FY3/27(a) May 13 Aug. 6 82,844 340,336 65,114 303,000 314,000 E&P Business 27,309 109,257 24,126 112,736 120,374 I/U Business 39,765 172,349 34,799 166,883 170,161 Other 15,769 58,730 6,188 23,380 23,464 57,522 263,595 45,510 216,000 220,000 25,321 76,741 19,603 87,000 94,000 251 1,965 3,929 6,600 7,600 8,369 35,860 9,472 39,400 40,400 16,699 38,915 6,202 41,000 46,000 4,110 22,641 (429) 4,000 － Interest income 533 2,283 315 1,000 1,100 Interest expenses (410) (560) (549) (3,200) (4,000) Equity method profit (loss) 1,766 4,114 307 3,000 2,900 Foreign exchange gains (losses) 318 8,201 921 － － Other 1,903 8,601 (1,424) 3,200 － 20,810 61,556 5,773 45,000 46,000 (3) 2,001 0 31,000 38,500 20,807 63,557 5,773 76,000 84,500 5,067 7,894 1,722 15,500 18,100 25 2,235 810 500 1,400 15,714 53,427 3,240 60,000 65,000 Profit before income taxes Income taxes Profit attributable to non-controlling interests Profit attributable to owners of parent Ordinary profit Extraordinary income (loss) Non-operation income (expense) Cost of sales Gross profit Exploration expenses SG&A expenses Operating profit Net sales Full Year 1Q Full year FY3/27(f) Million Yen FY3/26(a) 1Q
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 3. Segment Profit *1 FY3/26: Including the Sakhalin Oil and Gas Development Co., Ltd.and Energi Mega Pratama Inc. *1 FY3/27: Including the Sakhalin Oil and Gas Development Co. and EMPG e b a n gL t d . *2 Mainly intersegment elimination and corporate expense. Furthermore, corporate expense represents mainly general and administrative expenses and experiment and research expense that are not allocated to reporting segments. *3 Segment profit (loss) is reconciled to operating profit in the consolidated statements of income. 27 FY3/27(a) May 13 Aug. 6 Operating profit (loss) 9,420 30,869 2,329 15,758 16,655 Equity method profit (loss) (131) 193 (47) (19) (47) Operating profit (loss) 6,864 17,082 6,548 39,639 42,556 Equity method profit (loss) 952 2,931 786 3,133 3,597 Operating profit (loss) 3,104 1,626 1,340 1,042 3,017 Equity method profit (loss) ----- Operating profit (loss) 621 2,968 (109) (494) (497) Equity method profit (loss) ----- Operating profit (loss) - - - - - Equity method profit (loss) 946 990 (431) (114) (650) (3,312) (13,632) (3,906) (14,945) (15,733) Amounts on consolidated statement of income*3 Operating profit 16,699 38,915 6,202 41,000 46,000 FY3/26(a) FY3/27(f) Million Yen 1Q Full Year 1Q Full year Japan North America Europe Middle East Other *1 Adjustments and Eliminations*2
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 4. Segment Sales 28 Japan North America Europe Middle East Total Japan North America Europe Middle East Total Crude oil 3,906 15,757 4,896 849 25,410 5,666 15,208 2,548 31 23,455 Natural gas - overseas - 545 1,352 - 1,898 - 425 245 - 670 Subtotal 3,906 16,303 6,249 849 27,309 5,666 15,633 2,794 31 24,126 Natural gas - Japan 17,079 - - - 17,079 14,964 - - - 14,964 LNG 4,155 - - - 4,155 4,912 - - - 4,912 Electricity 11,918 - - - 11,918 8,512 - - - 8,512 Biomass fuel 5,310 - - - 5,310 5,192 - - - 5,192 Others 1,300 - - - 1,300 1,218 - - - 1,218 Subtotal 39,765 - - - 39,765 34,799 - - - 34,799 Contracting 1,046 - - - 1,046 4,097 - - - 4,097 Oil products and 14,270 - - - 14,270 1,706 - - - 1,706 Others 452 - - - 452 384 - - - 384 Subtotal 15,769 - - - 15,769 6,188 - - - 6,188 59,441 16,303 6,249 849 82,844 46,655 15,633 2,794 31 65,114 I/U Business Other Businesses Total E&P Business Million Yen FY3/26 1Q(a) FY3/27 1Q(a)
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 5. Price Assumptions *1 Domestic sales price average of crude oil referring to crude oil (CIF). *2 Actual. 29 from Jan. 2025 to Mar. 2026 from Jan. 2026 to Mar. 2027 Market Price Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Jan.-Mar. FY3/26(a) ー 77.85 71.17 72.66 67.19 71.89 Initial(f) May 13 ー 83.43 76.23 70.00 70.00 74.91 Revised(f) Aug. 6 94.86 75.00 70.00 70.00 77.20 FY3/26(a) 71.46 63.87 65.03 59.23 ー 64.90 Initial(f) May 13 71.98 90.00 65.00 65.00 ー 73.00 Revised(f) Aug. 6 71.98 89.30 70.00 65.00 ー 74.10 FY3/26(a) ー 86,836 84,018 83,862 87,103 85,455 Initial(f) May 13 ー 93,700 103,000 84,700 83,300 91,200 Revised(f) Aug. 6 ー 93,327 106,900 86,800 83,700 92,800 FY3/26(a) ー 147.22 145.83 150.47 156.07 149.85 Initial(f) May 13 ー 157.63 152.94 150.00 150.00 152.90 Revised(f) Aug. 6 ー 158.01 155.00 150.00 150.00 153.70 Upper: Middle/ Lower: Exchange rate JPY/USD JLC price JPY/ton WTI USD/bbl Crude oil price (CIF) *1 USD/bbl Full Year *2 *2 *2 *2
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 6. Sensitivities Analysis 【Assumptions】 • Changes in equity method profit/loss are not considered in the above amount • In addition to the impact of exchange rate fluctuations shown on the above, translation adjustments of foreign-currency-denominated receivables and payables also may occur • Actual profits are influenced by various other factors besides crude oil prices and exchange rates 30 Fluctuation Impacts on operating profit Main factors for change positive factor “+” / negative factor “-” WTI USD 70.00 /bbl USD 65.00 /bbl USD 75.00 /bbl USD 70.00 /bbl JPY 155.00 /USD JPY 150.00 /USD(from Oct. 2026 to Mar . 2027） Increase by 1USD/bbl +570 Million Yen + Sales of oil and gas － Increase in LNG procurement cost +490 Million Yen + Sales of oil and gas － Increase in LNG procurement cost 1 weaker JPY against USD FY3/27(f) Aug. 6 Assumptions Crude oil price Crude oil price (CIF), Brent Exchange rate (from Jul. to Sep. 2026） (from Jul. to Sep. 2026） (from Oct. 2026 to Mar . 2027） (from Oct. 2026 to Mar . 2027） (from Jul. to Sep. 2026）
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix Production Volume (JAPEXʼs net)*1StatusProduction typeInterest Share （JAPEXʼs net）Oil and gas field/Project title (Operator)No. 10,777 boedProductionCrude oil/ Natural gasDiffer by interestJapan: Domestic oil and gas fields -Total of 10 locations in Hokkaido, Akita, Yamagata, and NiigataA 900 boed*2Production/ DevelopmentCrude oil30% (16.5%)Iraq: Garraf oil field (PETRONAS Carigali Iraq Holding B.V.)1 ―Development―100％ (50%)Indonesia: Gebang Block (EMP Gebang Ltd.)2 2,014 boedExploration/Production/ DevelopmentCrude oilDiffer by interestNorway: Offshore Blocks (Equinor ASA, etc.*3)3 UndisclosedProduction/ DevelopmentCrude oil30% (4.59％) *4Russia: Sakhalin-1 Project (Sakhalin-1 Limited Liability Company: S1LLC) 4 33,241 boedProduction/ Development Crude oil/ Natural gasDiffer by interestNorth America: Tight Oil Development -Peoria assets (Peoria Resources, LLC, etc.*3)5 11,305 boedProduction/ DevelopmentCrude oilDiffer by interestNorth America: Tight Oil Development -JUS assets (EOG Resources Inc., etc.*3)6 E&P business site Japan 10 Fields Overseas 6 Sites 7. Business Overview ① E&P Field JAPEX Group E&P Business 3 5 1 2 A ４ 6 *1 Average daily Production for FY2026 (No.3,6: Jan.-Mar. 2026, No.5: Feb. 26-Mar. 2026). *2 Crude oil volume equivalent to cos t recovery and remuneration fees. *3 Operatorsdiffer by interest. Main operators listed. *4 Pursuant to Government of the Russian Federation order on Nov. 2022, Sakhalin Oil and Gas Development Co., Ltd.(SODECO) was approved to subscribe for 30% equity of the S1LLC. 31
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix Features of JAPEX's domestic gas supply network High-pressure gas pipeline network 2LNG terminals for ocean-going carriers Capable to supply from Sea of Japan and Pacific Ocean Domestic gas supply Domestic produced gas and regasified LNG supply via pipelines Receive, storage, regasify, and deliver LNG LNG satellite system: tank trucks, domestic vessels Third-party or consignment use of our gas pipelines and LNG terminals etc. Respond to diversification of domestic gas supply Support fuel switching to natural gas from other fossil fuels Propose and provide energy services in cooperation with city gas suppliers LNG procurement Procure competitive LNG with a combination of term and spot contracts Overseas LNG supply infrastructure Project Participation: Freeport LNG Project in Texas, U.S.A. 7. Business Overview ② I/U Field - Gas Supply Note) Scheduled to transfer the gas manufacturing, sales, and pipeline businesses in Hokkaido to Hokkaido Electric Power Co., Inc. in FY3/2027. 32
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 6 A 8 9 Ⅱ 7 5 1 32 4 I Other renewable energy project PHOTON Sustainable Solar Investment Limited Partnership (funding up to 10 billion yen in PV generation projects including non-FIT projects, 50% of our investment ratio) A MOU was concluded with Iino Kaiun Kaisha regarding joint projects for solar power plants (to install solar power generation facilities with a cumulative output of approximately 30 MW by 2030). Concluded our first off-site PPA as a specified wholesale supplier (Sep. 2025) 7. Business Overview ③ I/U Field - Electricity Power plants and power storage facility in development and operation ShareTotal output-GrossTypeLocationNameN o. 33%1,180,000 kWNatural gas (LNG) Shinchi Town, FukushimaFukushima Natural Gas Power PlantA 33.8%19,800 kWBiomass (wood chip) Abashiri City, Hokkaido Abashiri Biomass No.2&3 Power Plants1 33.3%13,000 kWPVTomakomai City, Hokkaido Hokkaido Tomakomai Solar Power Plant2 100%1,800 kWPVTomakomai City, Hokkaido Mega solar power generation at JAPEX Hokkaido District Office 3 20%13,000 kWPVTomakomai City, HokkaidoYufutsu Solar Power Plant4 100%300 kWPVNiigata City, NiigataNiigata Matsuhama PV Power Plant5 100%250 kWPVMitsuke City, NiigataMitsuke PV Power Plant6 39.9%50,000 kWBiomass (wood pellet)Tahara City, AichiTahara Biomass Power Plant7 39.9%74,950 kWBiomass (wood pellet) Shimonoseki City, YamaguchiChofu Biomass Power Plant8 28.28%50,00 kWBiomass (wood pellet)Ozu City, EhimeOzu Biomass Power Plant9 100%20,000 kW Capacty:approx.106,000kWh Power storage facility Tomakomai City, Hokkaido JAPEX Tomakomai Battery Energy Storage SystemⅠ 100%1,999 kW Capcity:approx.6,000kWh Power storage facilityChiba City, ChibaJAPEX Mihama Battery Energy Storage SystemⅡ 33 Power plants 10 Sites Total output(Gross) 1,403,100kW （Renewable energy 9 Sites 223,100kW） Power storage facilities 2 SitesTotal output(Gross) 0,021,999kW Gas power plant Renewable power plant Renewable power plant (under construction) Power storage facility Power storage facility (under construction) JAPEX Mihama Battery Energy Storage System Fukushima Natural Gas Power Plant
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix 7. Business Overview ④ CN Field 1 A 4 2 3 Major InitiativesCountryNo. Commissioned a CCS engineering design work in Higashi-Niigata area, as the “Engineering Design Work for Advanced CCS Projects” in FY2024（Sep. 2024） Commissioned a CCS engineering design work in Tomakomai area, as the “Engineering Design Work for Advanced CCS Projects” in FY2024 （Oct. 2024） Commenced exploratory drilling operations off the coast of Tomakomai City, Hokkaido Prefecture under the CCS business act（Nov. 2025) Established a new company for the CCS Project in the Tomakomai area (Jul. 2026) JapanA Signed a Memorandum of Understanding with SKK Migas for cooperation in realizing Hub & Cluster CCS/CCUS in Indonesia（Sep. 2023） Joint Study Agreement for a Feasibility Assessment on BECCS in South Sumatra, Indonesia with Marubeni, Pertamina, PHE （Aug. 2024） Commencement of Inter-Well CO2 Injection Test at Sukowati oil field, Indonesia （Oct. 2024） Indonesia1 Commission a CCS engineering design work in Sarawak, Malaysia as the “Engineering Design Work for Advanced CCS Projects” in FY2024 （Sep. 2024）Malaysia2 Capital participation in Blue Spruce Operating LLC of the U.S. to participate in our first CCS business study project in advanced overseas country（Oct. 2023）U.S.3 Signed MOU to foster growth and collaboration in energy market throughout with Invest Alberta Corporation （Mar. 2024）Canada4 Ongoing initiatives to participate in/ promote 34
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix Please visit our website for the integrated report and IR materials. Integrated Report Disclosure Materials Archive Performance information, etc. Financial Results https://www.japex.co.jp/en/ir/library/result/ Explanatory Materials https://www.japex.co.jp/en/ir/library/explanatory/ Securities Report https://www.japex.co.jp/en/ir/library/report/ Financial highlights for 5 years https://www.japex.co.jp/en/ir/figure/ * Download 10-Year Business Performance Data https://www.japex.co.jp/ir/uploads/JAPEX_10yearFinancialData_e.xlsx Shareholder Returns (Dividends) https://www.japex.co.jp/en/ir/stock/dividend/ Integrated Report https://www.japex.co.jp/en/ir/library/integratedreport/ The latest issue (Integrated Report 2025, published in October 2025) is available directly via the following link https://www.japex.co.jp/ir/uploads/pdf/JAPEX_IR2025_e.pdf 8. Integrated Report and IR Materials, etc. 35
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Appendix Abbreviations Main Subsidiaries and Affiliates 9. Glossary Barrels of Oil Equivalent (per Day)boe(d) Carbon dioxide Capture and StorageCCS Carbon dioxide Capture, Utilization and StorageCCUS Cost, Insurance and Freight CIF Carbon neutralCN Exploration and ProductionE&P Infrastructure / UtilityI/U Japan Crude CocktailJCC West Texas IntermediateWTI U.S. / Tight oil developmentJapex (U.S.) Corp.JUS Norway / Offshore Blocks JAPEX Norge ASJ Norge Iraq / Garraf Oil FieldJapex Garraf Ltd.Japex Garraf Natural gas-fired electric power generation BusinessFukushima Gas Power Co., Ltd.FGP Russia / Sakhalin-1 ProjectSakhalin Oil & Gas Development Co., Ltd. SODECO Indonesia / Gebang BlockEMP Gebang Ltd.EMPG Freeport LNG Project in Texas, U.S.A.Gulf Coast LNG Holdings LLCGCLH 36
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved. Cautionary Statement This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical facts and these are made by the managementʼs judgement based on the obtainable information at the time of the disclosure. Actual results may significantly differ from those future outlooks due to various factors. This document is not intended to invite investment. Copyright: All information contained herein is protected by copyright, and may not be copied or reproduced without prior consent of JAPEX. Note: ・Abbreviations used herein are as follows: (a) = Actual results (f) = Forecasts FY = Fiscal Year (FY3/27, for instance, means 12 months ending March 31, 2027) ・Figures in parentheses in “Operating profit,” “Ordinary profit,” “ Equity method profit,” and “ Profit attributable to owners of parent" represent losses in each category. Any inquiries about the information contained herein or other Investor Relations questions are requested to be directed to: Corporate Communication Office, Japan Petroleum Exploration Co., Ltd. (JAPEX) Tokyo, JAPAN TEL: +81-3-6268-7111 37
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Copyright © 2026 J apan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.