Slides
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Presentation on Results for the 3rd Quarter FY2025 February 10, 2026 Idemitsu Kosan Co.,Ltd.
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Table of Contents Topics Highlights Results for the 3Q FY2025 Reference Income and Expenses Structure of Petroleum Segment Financial results Volume Crude/product price and operation Business overview 2
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Topics 3
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Topics(1/4) 4 Construction has started for Large Pilot Facility for Solid Electrolytes, a key material for All-Solid-State Battery The capacity will be several million tons per year. We will accelerate improvement of the performance of solid electrolyte and development of mass production technology for commercial production by 2027-2028 CG image of completed large pilot facility (The blue frame indicates the facility.) （Link to our disclosure document） https://www.idemitsu.com/jp/news/2025/260129_en.pdf
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Our strength in development of sulfide-based solid electrolytes The features of all-solid-state batteries and our development material Our strength in development of sulfide-based solid electrolytes “Sulfide-based solid electrolytes” satisfy the essential performance requirements for EVs The material that we are developing is highly flexible and adhesive to ensure high durability and maintain close contact between solid particles Our strength lies in the sulphur components as a by-product from refineries and in the manufacturing technology cultivated through existing businesses 5 NCM：Nickel, Cobalt, Manganese、LFP：Lithium iron phosphate
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Topics(2/4) Situation of Nghi Son Refinery in Vietnam For FY 2025, we expect continuous high utilization rates and profitability at the operating level. However, due to significant interest burden, we anticipate a net loss As for the sponsors loan, which accounts for approximately 60% of the interest burden, final discussions among sponsors are underway to reach a decision within this fiscal year on interest reduction measures such as shifting to simple interest ※NSRP will also pursue measures to improve its financial position, including diversifying crude oil procurement sources, securing power supply from external sources, and selling fuel for self-generation, aiming to achieve a net profit around 2030. ※No negative consolidated PL impact is expected at least until 2030 6 Consolidation of Fuji Oil Company as a Subsidiary To establish a production system with a long-term perspective, we made Fuji Oil Co., Ltd. (hereinafter “Fuji Oil”) a consolidated subsidiary through a tender offer on November 5 th Fuji Oil was delisted on January 20th. After the squeeze-out process, our shareholding ratio will be 92.5% ※At present, the confirmed synergies amount is ¥3 to 4 billion per year, but we will further strengthen group-wide production system optimization and the mutual utilization as well as centralization of infrastructure.
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7 Mitsui Chemicals, Idemitsu Kosan, and Sumitomo Chemical Concluded a Definitive Agreement for the Business Integration of Sumitomo Chemical’s PP and LLDPE Businesses into Prime Polymer Mitsui Chemicals, Idemitsu, and Sumitomo Chemical have entered into a Memorandum of Understanding regarding the integration of the polyolefin (PO) business operated by Prime Polymer, a joint venture between Mitsui and Idemitsu, with Sumitomo Chemical’s polypropylene (PP) business and linear low-density polyethylene (LLDPE) business in Japan The integration will be completed on April 1st , 2027 Final Agreement on consolidating Chiba Ethylene Complexes to Optimize Production Idemitsu and Mitsui Chemicals have agreed to consolidate their ethylene facilities into one unit at Mitsui’s existing site in July 2027 aim to further strengthen the competitiveness of their existing operations The domestic ethylene capacity will be reduced by around 30% due to the industry-wide closure of facilities published as of now Topics(3/4) （Link to our disclosure document） https://www.idemitsu.com/jp/news/2025/251219_1_en.pdf （Link to our disclosure document） https://www.idemitsu.com/jp/news/2025/251224_en.pdf
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8 Next Medium-term Management Plan will be announced on March 17th ,2026 Completion of oil-chemical recycling facility that contributes to the realization of plastic Resources circulation Oil-chemical recycling facility, constructed by Chemical Recycle Japan Co. Ltd. that is Group company of Idemitsu Kosan, has been completed The facility, 20,000 tons/year processing capacity, will start commercial production in April 2026 Topics(4/4) （Link to our disclosure document, Japanese only） https://www.idemitsu.com/jp/news/2025/260119.pdf
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Highlights 9
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175.0 145.0116.9 105.7 168.5 143.5116.9 105.7 Results for 3Q FY2025 10 Results for 3Q FY2025 (exc. Inventory impact)(Billion Yen) Operating + Equity Income FY2024 FY2025 Both operating + equity income and net income decreased, primarily due to several major planned shutdown maintenance and falling coal prices 3Q progress of Operating + equity income is 67%, however, it is estimated that the forecast will be achieved due to increasing sales volume after shut down maintenance in Q4 etc. Progress of FY2025 (exc. Inventory impact)(Billion Yen) 11/11 Forecast 3Q progress Net Income Operating + Equity Income Net Income 2025FY Forecast FY forecast is not changed from the forecast announced in Nov. 67% 73%
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Results for 3Q FY2025 11
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125.8 135.6 140.3 137.7 104.6 100.5 108.7 107.9 90.0 100.0 110.0 120.0 130.0 140.0 150.0 1 2 3 4 5 6 7 8 9 10 11 12 155.9 149.4 152.4 152.6 144.6 147.5 154.1 140.0 142.0 144.0 146.0 148.0 150.0 152.0 154.0 156.0 158.0 160.0 4 5 6 7 8 9 10 11 12 1 2 3 85.3 78.3 73.6 76.9 66.9 70.1 63.8 60.0 65.0 70.0 75.0 80.0 85.0 90.0 4 5 6 7 8 9 10 11 12 1 2 3 Market Conditions Dubai Crude Oil Price Exchange Rate (USD)[USD/bbl] [JPY/USD] Australian Coal Spot Price[USD/ton] FY2025 FY2024 12 FY24：78.5 USD/bbl FY25 the latest forecast ：66.7 USD/bbl FY24：134.8 USD/ton FY25the latest forecast ：105.8 USD/ton FY24：152.6 JPY/USD FY25 the latest forecast ：145.5 JPY/USD
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Overview Crude Oil/Coal/Exchange Rate Consolidated Income Statement(Summary) [USD/bbl, USD/ton, JPY/USD] *Australian coal spot prices are averages based on the calendar year (Jan-Sep). *Gross average method of inventory valuation *Inventory impact represents the impact of inventory valuation and the reduction in book value of inventory assets [¥ billions] 3Q FY2024 3Q FY2025 Change Crude Oil (Dubai) 79.1 66.9 (12.2) (15.4%) Australian Coal Spot Price* 133.9 104.6 (29.3) (21.9%) Exchange Rate (TTM) 152.6 148.7 (3.9) (2.5%) 3Q FY2024 3Q FY2025 Change Net Sales 6,876.5 5,944.6 (931.9) (13.6%) Operating Income 123.3 36.7 (86.6) (70.2%) Inventory impact (23.1) (76.5) (53.5) － Equity Income 22.2 3.6 (18.6) (83.7%) Operating Income + Equity Income 145.4 40.3 (105.1) (72.3%) Excluding inventory impact 168.5 116.9 (51.7) (30.7%) Ordinary Income 165.8 55.0 (110.8) (66.8%) Extraordinary Income/Losses 1.1 9.3 +8.2 +754.3% Net Income Attributable to Owners of the Parent 127.5 52.6 (74.9) (58.7%) Excluding inventory impact 143.5 105.7 (37.8) (26.3%) 13
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168.5 (19.7) (6.4) 6.3 6.7 (3.2) (30.2) (5.1) 116.9 Segment Information Operating ＋ Equity Income (exc. inventory impact, y-o-y) 14 3Q FY 2024 3Q FY 2025 [¥/ billion] (51.6) Basic Chemicals Functional Materials Power and Renewables Resources (33.4) Coal Others Petroleum Oil E&P
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Segment Information Factors Affecting Operating + Equity Income (exc. inventory impact, y-o-y) 15 3Q FY2024 3Q FY2025 Change Factors（exc. inventory impacts） Petroleum 109.6 90.0 (19.7) +：Domestic margin+24.5, Export +15.1[volume +2.2, price +12.9] ()：Cost increase mainly due to shutdown maintenance etc.(34.6), Decline sales volume (14.3) Time-lag (10.4) [previous year(24.2)→this year(34.6)] Basic Chemicals (4.2) (10.6) (6.4) +：Cost etc. +9.2, volume +5.4, ()：Margin (19.7) [PX,MX (3.9), SM etc. (15.8)] Time-lag(1.3) [previous year(1.2)→this year(2.5)] Functional Materials 22.7 29.0 +6.3 +：Lubricants [favorable in overseas business], Agri-life[addition of Agro-Kanesho to the group etc.] Power and Renewables (7.1) (0.4) +6.7 +：Power[reversal of equipment problems in last year] etc. Resources* 59.6 26.2 (33.4) Oil E&P 13.6 10.4 (3.2) +：Operational costs ()：price, Volume Coal 46.0 15.8 (30.2) +：exchange rate +0.6 ()：price (25.3), Volume (3.1), Costs (2.4) Others (12.1) (17.3) (5.1) ()：increase cost for the new businesses Total 168.5 116.9 (51.6) *Fiscal year for IIN in Oil E&P and Coal included in the Resources Segment end in Dec.
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Balance Sheet [¥ billions] Net D/E ratio 0.62 0.80 +0.17 Net Interest- bearing debt 1,071.2 1,401.4 +330.2 Equity ratio 36.0% 33.5% (2.6%) 3/31/2025 12/31/2025 Change 3/31/2025 12/31/2025 Change Cash and Deposits 165.8 239.9 +74.1 Total Current Liabilities 2,097.4 2,431.8 +334.4 Receivables, Inventory, etc. 2,484.1 2,683.9 +199.8 Total Fixed Liabilities 940.5 1,034.2 +93.7 Total Current Assets 2,649.9 2,923.8 +273.9 Total Liabilities 3,037.9 3,466.0 +428.1 Tangible Fixed Assets 1,374.0 1,509.9 +135.9 Shareholders’ Equity and Other Comprehensive Income 1,720.4 1,759.7 +39.3 Other Fixed Assets 751.7 824.3 +72.6 Noncontrolling Interests 17.3 32.4 +15.1 Total Fixed Assets 2,125.7 2,334.2 +208.5 Total Net Assets 1,737.7 1,792.0 +54.3 Total Assets 4,775.6 5,258.0 +482.4 Total Liabilities and Net Assets 4,775.6 5,258.0 +482.4 16
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Reference 17
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Profit exc. temporary factors based on FY2025 forecast Net income exc. inventory impact (Billion Yen) Announced in May The latest Forecast Temporary factors Time-lag in petroleum Time-lag and inventory impact in basic chemical unexploded ordnance disposal (ROE：7%) (ROE：8.5%) (ROE：10%) (20) (5) (3) Impact of drop in crude oil price 18 The latest Forecast (exc. temporary factors) 120 25 145 173 ROE on net income exc. inventory effects for the revised full-year forecast is 8.5%. While it has not reached 10% at this point, normalizing the decline in crude oil prices and external temporary factors, the profit level is equivalent to 10% Through initiatives to improve challenging businesses and strengthen profitability in existing businesses (such as refinery utilization enhancement and overseas trading), we aim to achieve a 10% ROE and a PBR of 1x at an early stage Presentation on Results for the 2nd Quarter FY2025
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44.7 46.1 44.0 134.835.0 40.0 30.0 205.0 100.079.7 186.1 74.0 339.8 2023 2024 2025 2023-2025 12 16 18 18 12 16 18 1824 32 36 36 2022 2023 2024 2025 Shareholder returns Shareholder returns Dividends (¥/share) ¥18/share both interim and FY end Total share folder return (¥ billions) Decided ¥30.0 share buyback based on FY2025 forecast announced in Nov dividends share buyback Total shareholder return ratio FY end interim FY end forecast 41％ 149％ 51% 74% *share buyback for revamp of the capital structure 〈Policy in current Mid-term plan〉 Minimum ¥36s/share * 19 〈Policy in current Mid-term plan〉 Over 50% total shareholder return ratio Presentation on Results for the 2nd Quarter FY2025
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Premise of income and expenses of Petroleum segment 3Q FY2025 Net Sales 5,944.6 Operating Income 36.7 Inventory impact (76.5) Equity Income 3.6 Operating Income + Equity Income 40.3 Excluding inventory impact 116.9 Ordinary Income 55.0 Extraordinary Income/Losses 9.3 Net Income Attributable to Owners of the Parent 52.6 Excluding inventory impact 105.7 Our company is structurally susceptible to inventory impacts and temporary time-lags arising from fluctuations in crude oil prices. Consolidated Income Statement (Summary) 20 Our target is based on excluding inventory impacts income due to 70 day‘s mandatory crude oil stockpiling requirement please refer to P22 for the structure of inventory impact Temporary time-lag arising from fluctuations in crude oil price is included in excluding inventory impacts imcome Please refer to P21 for business structure of Petroleum Segment please refer to P22 for the structure of time-lag [¥/ billion]
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Points of Petroleum Segments Crude oil purchase Refining Sales domestic ExportsDelivery from Middle East Approximately 1months 【Price】 【Volume】 Crude cost Based on crude oil price when it is loaded at Middle East Sales Price Refer to current crude price Point➀time-lag Production Domestic Sales Export Surplus amount Point➂Utilization Crude oil price as of loading at Middle East Point➁sales margin (Sales price minus Crude price) Rise in crude oil price :positive Drop in crude oil price :negative Robust Margin ＝Stable profit Improving utilization＝positive due to increasing export volume or decreasing product purchase volume Product purchase 21 Crude oil price as of sales timing
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Structure of Time-lag and Inventory Impact Costs：based on crude oil price in Mar( Sales Price：refer to crude oil price in Apr Crude oil price variance between Apr and Mar is time-lag Rise in crude oil price：positive impact Drop in crude oil price：negative impact Delivery dates Approximately 1month 70 day’s crude oil stockpiling requirement Cost including inventory （cost in financial statement） Cost excluding inventory （close to actual payment） Cost excluding inventory：crude arriving in Apr Cost including inventory：crude including stockpile before Mar Variance between cost excluding inventory and cost including inventory is inventory impacts Rise in crude oil price：positive inventory impact Drop in crude oil price：negative inventory impact Time-lag Inventory impacts Stockpile Mar Purchase and Loading crude oil Apr Refining and sales Arriving this month Example) impact in Apr 22
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78% 82% 78% 92% 85% 83% 91% 70% 75% 80% 85% 90% 95% 1Q 2Q 3Q 4Q Initiatives to Improve Refinery Utilization Rates Refinery Utilization Rates（BSD*1） Through the implementation of the four key measures, the utilization rate for current FY improved compared to last FY Currently developing a roadmap to achieve stable high utilization rates for the next medium-term management plan. Four Key Measures for Stable and Safe Operations *1 BSD: exc. regular maintenances，*2 CDF：Cognite Data Fusion Current FY Last FY 1. Enhancing Safety Management Strengthening the implementation of process safety management 2. Enhancing Equipment Management Ensuring equipment integrity through damage factor review Improving equipment reliability through critical equipment review 3. Enhancing Operational Management Deepening HR aspects through strengthening education and training Improving on-site responsiveness through enhanced OJT training, emergency response drills, etc. 4. Promoting Digital Technology Utilizing centralized data, operational efficiency, and advanced capabilities through our proprietary maintenance support system and CDF*2 utilization 23
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0.00 0.20 0.40 0.60 0.80 1.00 1.20 2022年4月 2022年10月 2023年4月 2023年10月 2024年4月 2024年10月 2025年4月 2025年10月 0 500 1,000 1,500 2022年4月 2022年10月 2023年4月 2023年10月 2024年4月 2024年10月 2025年4月 2025年10月 [JPY] [x] Stock Price PBR Financial Results Stock Price/PBR Performance April 2022 October 2022 October 2023 October 2024 October 2025April 2025April 2024 24 April 2023 April 2022 October 2022 October 2023 October 2024 October 2025April 2025April 2024April 2023
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Financial Results Net Sales by segment Financial Results [¥ billions] *Fiscal year for IIN in Oil E&P and Coal included in the Resources Segment end in Dec. 3Q FY2024 3Q FY2025 Change Petroleum 5,760.5 4,982.7 (777.8) (13.5%) Basic Chemicals 430.7 355.6 (75.0) (17.4%) Functional Materials 380.9 373.0 (7.9) (2.1%) Power and Renewable Energy 95.9 72.7 (23.2) (24.2%) Resources* 200.2 150.0 (50.2) (25.1%) Oil Exploration and Production 31.0 29.0 (2.0) (6.4%) Coal 169.3 121.0 (48.3) (28.5%) Others/Reconciliation 8.3 10.6 +2.4 +28.6% Total 6,876.5 5,944.6 (931.9) (13.6%) 25
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Financial Results Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] Financial Results 26 FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q Petroleum 47.8 62.8 109.6 152.0 20.6 70.5 90.0 Equity income 5.1 10.8 15.3 13.7 2.0 0.4 0.6 Basic Chemicals 7.5 3.4 (4.2) (8.0) (4.5) (7.7) (10.6) Equity income (0.3) 0.3 1.0 2.0 1.2 1.2 1.5 Functional Materials 7.8 16.0 22.7 28.2 9.3 19.0 29.0 Equity income 0.1 0.3 0.3 0.3 (0.0) (0.3) (0.0) Power and Renewable Energy (3.0) (5.8) (7.1) (12.3) (0.4) (0.7) (0.4) Equity income (0.3) (0.6) (0.7) (0.9) 0.3 (0.3) 0.5 Resources ‐Oil Exploration and Production 6.5 9.9 13.6 18.7 4.5 8.0 10.4 Equity income 3.1 5.6 7.1 9.2 1.6 3.5 3.7 -Coal 18.3 32.8 46.0 58.7 7.4 9.2 15.8 Equity income (0.0) (0.1) (0.2) (0.3) (0.0) (0.0) (0.2) Others/Reconciliation (2.8) (5.1) (12.1) (22.7) (3.1) (9.6) (17.3) Equity income (0.0) (0.2) (0.7) (1.5) (0.6) (1.4) (2.5) Total 82.2 114.0 168.5 214.7 33.8 88.4 116.9 Equity income 7.6 16.1 22.2 22.6 4.3 3.1 3.6
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Financial Results Quarterly segment income (Q on Q, exc. inventory impact) [¥ billions] Financial Results 27 FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q Petroleum 47.8 14.9 46.9 42.4 20.6 49.8 19.5 Equity income 5.1 5.7 4.4 (1.5) 2.0 (1.5) 0.2 Basic Chemicals 7.5 (4.1) (7.6) (3.8) (4.5) (3.2) (2.8) Equity income (0.3) 0.6 0.7 1.0 1.2 0.0 0.3 Functional Materials 7.8 8.2 6.7 5.6 9.3 9.7 10.0 Equity income 0.1 0.2 0.0 (0.0) (0.0) (0.3) 0.3 Power and Renewable Energy (3.0) (2.8) (1.3) (5.2) (0.4) (0.3) 0.4 Equity income (0.3) (0.3) (0.0) (0.3) 0.3 (0.6) 0.8 Resources ‐Oil Exploration and Production 6.5 3.4 3.7 5.1 4.5 3.5 2.4 Equity income 3.1 2.6 1.5 2.1 1.6 1.9 0.2 -Coal 18.3 14.6 13.2 12.7 7.4 1.8 6.6 Equity income (0.0) (0.0) (0.1) (0.1) (0.0) (0.0) (0.1) Others/Reconciliation (2.8) (2.3) (7.1) (10.5) (3.1) (6.6) (7.6) Equity income (0.0) (0.2) (0.5) (0.8) (0.6) (0.8) (1.1) Total 82.2 31.9 54.5 46.2 33.8 54.6 28.4 Equity income 7.6 8.5 6.1 0.4 4.3 (1.3) 0.6
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Sales Volume Petroleum *Export includes bond sales of jet fuel and heavy fuel oil C Volume [thousand KL,％] 3Q FY2024 3Q FY2025 Change Gasoline 9,529 9,225 (304) (3.2%) Naphtha 339 676 +337 +99.3% Jet Fuel 1,829 1,794 (35) (1.9%) Kerosene 1,768 1,874 +105 +6.0% Diesel Oil 7,687 7,344 (343) (4.5%) Heavy Fuel Oil A 2,187 2,045 (142) (6.5%) Heavy Fuel Oil C 1,315 1,232 (82) (6.3%) Total Domestic Sales Volume 24,654 24,190 (464) (1.9%) Exported Volume 4,058 4,561 +503 +12.4% Total Sales Volume 28,712 28,751 +39 +0.1% 28
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Sales Volume Basic Chemicals Functional Materials Power/Renewable Energy Volume [kt,%] [KKL,kt,%] [Mkwh,%] *Lubricants include sales overseas 3Q FY2024 3Q FY2025 Change Basic Chemicals 2,198 2,211 +13 +0.6% 3Q FY2024 3Q FY2025 Change Lubricants 829 800 (30) (3.6%) Performance Chemicals 346 321 (25) (7.2%) 3Q FY2024 3Q FY2025 Change Retail Power Sales 1,272 1,332 +60 +4.7% 29
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Production Volume Resources (Oil E&P) Resources (Coal) Volume [KBOED,%] *The numbers reflect our rights and ownership ratios based on our equity share *The numbers reflect our rights and ownership ratios *The number shows Jan-Sep volume as fiscal year ends in Dec. [kt,%] 3Q FY2024 3Q FY2025 Change Vietnam 13.7 13.7 +0.0 +0.0% Norway 12.6 10.5 (2.1) (16.6%) Total('000BOED) 26.3 24.2 (2.1) (7.9%) Total('000BOE) 7,219 6,637 (583) (8.1%) 3Q FY2024 3Q FY2025 Change Coal 4,369 4,036 (333) (7.6%) *The numbers shows Jan-Sep volume for Norway while Apr-Dec volume for Vietnam 30
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Forecasts for FY2025 (announced in Nov 2025) Crude Oil/Coal/Exchange Rate Consolidated Income Statement(Summary) [USD/bbl, USD/ton, JPY/USD] *Australian coal spot prices are averages based on the calendar year (Jan-Dec). *Gross average method of inventory valuation *“Inventory impact” represents the impact of inventory valuation and the reduction in book value of inventory assets [¥ billions] 5/13 Forecast 11/11 Forecast Change Assumptions (from Oct.) Crude Oil (Dubai) 65.0 66.7 +1.7 +2.6% 65.0 Australian Coal Spot Price * 95.0 104.6 +9.6 +10.1% 105.0 Exchange Rate (TTM) 145.0 145.5 +0.5 +0.3% 145.0 5/13 Forecast 11/11 Forecast Change Net Sales 7,900.0 7,950.0 +50.0 +0.6% Operating Income 37.0 68.0 +31.0 +83.8% Inventory impact (100.0) (100.0) ±0 － Equity Income 10.0 7.0 (3.0) (30.0%) Operating Income + Equity Income 47.0 75.0 +28.0 +59.6% Excluding inventory impact 147.0 175.0 +28.0 +19.0% Ordinary Income 56.0 85.0 +29.0 +51.8% Extraordinary Income/Losses 9.0 11.0 +2.0 +22.2% Net Income Attributable to Owners of the Parent 50.0 75.0 +25.0 +50.0% Excluding inventory impact 120.0 145.0 +25.0 +20.8% 31
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Assumption Items Assumption （2H FY25 ） Range of fluctuation Segment Operating income impact (¥ billions) Excluding inventory impact Crude oil price 65.0$/bbl ±10$/bbl Petroleum ±32 Singapore product margin ー ±5$/bbl ±6 Exchange rate 145.0¥/$ ±5¥/$ ±8 Inventory impact Crude oil price 65.0$/bbl ±10$/bbl Petroleum ±68 Exchange rate 145.0¥/$ ±5¥/$ ±16.5 Sensitivity 32 Major items affecting operating profit by changes in assumptions (4Q) * Only performance impacts on products made in domestic refineries are shown. In addition to the above, income will also be affected by sales of overseas affiliates
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10 30 50 70 90 110 130 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Crude Oil Prices(Dubai) [USD/bbl] Crude price 33
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0 5 10 15 20 25 30 0 20 40 60 80 100 120 140 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Spread Crude oil Gasoline Gasoline-Crude Oil(Domestic spot price and spread) [Spread：JPY/L][Price :JPY/L] Product market price 34
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0 5 10 15 20 25 30 0 20 40 60 80 100 120 140 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Spread Crude oil Diesel oil Diesel-Crude Oil(Domestic spot price and spread) [Spread：JPY/L][Price :JPY/L] Product market price 35
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-5 0 5 10 15 20 25 30 35 40 0 20 40 60 80 100 120 140 160 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Spread Dubai Gasoline Gasoline-Crude Oil(Singapore spot price and spread) [Spread：USD/bbl][Price :USD/bbl] Product market price 36
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0 10 20 30 40 50 60 70 0 20 40 60 80 100 120 140 160 180 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Spread Dubai Diesel Oil Diesel-Crude Oil(Singapore spot price and spread) [Spread：USD/bbl][Price :USD/bbl] Product market price 37
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0 100 200 300 400 500 600 0 200 400 600 800 1,000 1,200 1,400 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 PX spread Mx spread Naptha PX MX Para-Xylene, Mixed Xylene-Naphtha (price and spread) [Spread：USD/ton][Price :USD/ton] Product market price 38 Product 3Q FY2024 3Q FY2025 Change PX 270 255 ▲15 MX 162 123 ▲39
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0 100 200 300 400 500 600 700 800 0 200 400 600 800 1,000 1,200 1,400 1,600 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 SM spread BZ spread Naptha SM BZ Styrene Monomer-Naphtha (price and spread) [Spread：USD/ton][Price :USD/ton] Product market price 39 Product 3Q FY2024 3Q FY2025 Change SM 452 319 ▲133 BZ 309 135 ▲174
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*1 BCD：inc. regular maintenances, BSD： exc. regular maintenances Operational Data Operation FY 2024 BCD*1 76％ BSD*1 82% 1Q FY2024 2Q FY2024 3Q FY2024 4Q FY2024 1Q FY2025 2Q FY2025 3Q FY2025 66% 72% 78% 89% 78% 72% 80% 78% 82% 78% 92% 85% 83% 91% FY 2021 FY 2022 FY 2023 FY 2024 3Q FY2025 6,216 6,136 5,986 5,918 5,852 Number of Service Stations Refinery Utilization（QoQ） 40
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*1 excluding Nghi Son’s capacity *2 Bond jet fuel and Bond heavy fuel oil C are included in the exports ∎ Functional Materials Segment (Lubricants, Performance Chemicals, Electronic Materials, Bitumen (High Performance Asphalt), Agri life, Lithium Solid Electrolytes) Lubricants (sales volume):1.1 mil KL/year Engineering plastics(sales volume):200,000 tons/year OLED materials(production capacity): 26 tons/year Overview of the Company FY2024, actual or as of the end of March 2025 ∎ Petroleum Segment Refining Capacity 968 KBD *1) Domestic fuel oil sales volume 34 million KL/year *2) Number of service stations 5,900 ∎ Basic Chemicals Segment (Production Capacity*1) ) Ethylene 1 mil tons/year Para-Xylene 0.84 mil tons/year Mixed Xylene 0.69mil tons/year Styrene monomers 0.79 mil tons/year ∎ Power and Renewable Energy Segment Power generation capacity 1.93GW - Renewable energy 0.83GW ∎ Resources Segment Crude oil production 26,000 BD Thermal coal production 5.79 mil tons/year Business Overview 41
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Operating Company Refinery Refining Capacity RH FCC RFCC FLG EUREKA Equity Ratio Japan Idemitsu Hokkaido 140 42 33Kosan Chiba 195 40 45 Aichi 165 60 50 Showa YokkaichiYokkaichi 255 45 61 75.0%Sekiyu Toa Oil Keihin 70 42 27 100.0% Fuji Oil Sodegaura 143 42 33 75.0% 968 187 84 189 27 33 Overseas Nghi Son Refinery Nghi Son *1,2 200 105 80 35.1% and Petrochemical LLC （Thanh Hoa, Vietnam） 200 105 80 Petroleum Segment [KB/D] *1 Capacity before equity ratio reflection Business Overview 42
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Basic Chemicals Segment [mil tons/year] Operating Company Equity Ratio Ethylene Para-Xylene Mixed Xylene Styrene Monomer Japan Idemitsu Kosan Chiba 0.374 0.265 0.210 Aichi 0.357 0.170 Tokuyama 0.623 0.214 0.340 Showa Yokkaichi Yokkaichi 0.518 75.0% Sekiyu Total 0.997 0.836 0.688 0.550 Overseas Idemitsu SM Pasir Gudang 0.240 70.0% (Malaysia) Sdn. Bhd. （Johor, Malaysia） Nghi Son Refinery Nghi Son 0.700 35.1% and Petrochemical LLC （Thanh Hoa,Vietnam） Total 0.700 0.240 Business Overview *1 Capacity before equity ratio reflection 43
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Lubricants Performance Chemicals ◆Product categories ・Automotive lubricants (engine oil, etc.) ・Grease ・Industrial lubricants (hydraulic actuation oil, cutting oil, etc.) ◆Product categories ・Engineering plastics, adhesives materials, solvents and functional materials ◆Major products, applications, features ・Engineering plastics (Product) PC/Polycarbonates ◆Global business with a focus on automotive lubricants ・#8 global share ・Over 50% overseas sales ◆R&D centers ・Japan and overseas (US, China, etc.) (Applications) smartphones, lenses, automotive lights, etc. (Features) highest impact resistance among plastics (Product) SPS/ Syndiotactic Polystyrene resin (Applications) automotive electronic parts, kitchen appliances, etc. (Features) lightweight and offers excellent heat resistance, electrical properties, chemical resistance, and hydrolysis resistance ・Adhesive materials (Product) Hydrogenated petroleum resin (Applications) Tackifier for hot-melt adhesives Functional Materials Segment (1/2) ◆Global lubricant network ・Manufacturing/sales/R&D network in 28 countries ・Strengthening existing facilities and developing new facilities Business Overview Daytime Running Lamp （DRL） Automotive parts Disposable diapers and other hygiene products 44
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Electronic Materials ◆Product categories ・Organic EL materials ・Display semiconductor materials etc. ◆OLED manufacturing/customer support ・Establishing factories and customer support centers in Asia and reinforcing relationships with display manufacturers, etc. to further expand the organic EL materials business in Asia ・Aiming to develop and commercialize oxidative semiconductor materials which are expected to conserve energy and enhance image quality of display products Bitumen (High Performance Asphalt) ◆Asphalt manufacturer which aims to develop state-of-the-art technologies ・Recycling, longer life, carbon neutrality ◆Product categories ・Engineering/construction asphalt ・Industrial asphalt ・Value-added asphalt for roads Agri life ◆Product categories ・Chemical pesticides (Daconil 1000*1, etc.) ・Plant-derived pesticides ・Functional Feeds (RUMINUP*2, etc.） Functional Materials Segment (2/2) Japan: 2 tons (Omaezaki factory) Korea: 12 tons (Paju plant) China: 12 tons (Chengdu plant) *2 An animal husbandry material containing cashew nut shell liquid that has the effect of reducing methane gas in cattle burps Maybright (Value-added asphalt for roads) Todaiji Temple Business Overview RUMINUP M Daconil 1000 ® *1 Protective disinfectants less affecting organism that has the stable effect toward various crops and damage owing to disease 45
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Power /Renewable Energy Segment ◆Owning 829 thousand KW(Japan:315, Overseas:514) of renewable energy generation capacity ◆Operating businesses such as wholesale and retail sales for high and low pressure, based on the company’s own generation ◆Terminated production in June 2022 ◆Shifting to a system integrator which engages in solar power generator design, construction, maintenance and recycling Power Solar Business Overview Category Power Plant Operating Company Stake Owned Power generation capacity* (%) (10,000 KW) Solar 34 domestic locations Idemitsu, other ー 18.7 Biomass Keihin Biomass Power Plant (Kanagawa) Keihin Biomass Power 100 4.9 Tosa Power Plant (Kochi) Tosa Green Power 50 0.3 Fukui Green Power (Fukui) Fukui Green Power 10 0.1 Tokuyama Biomass Power Plant (Yamaguchi) Idemitsu ー 5.0 Wind Rokkasho Village Village Wind Farm (Aomori) Futamata Wind Development 40 2.0 Geothermal Takigami Binary Power Plant (Oita)* Idemitsu Oita Geothermal 100 0.5 Renewable (Japan) 31.5 Fire Ohgishima Power Station (Kanagawa) Ohgishima Power 25 30.5 Mizue Thermal Power Plant (Kanagawa) Toa Oil 100 27.6 Aichi Refinery Power Plant (Aichi) Idemitsu ー 25.0 Domestic 114.9 Solar Overseas (North America, Vietnam, etc.) ー ー 51.4 Fire Overseas ー ー 27.1 Overseas 78.5 Total 193.4 *Reflects Idemitsu’s stake *Idemitsu has been supplying the steam for power generation to the Takigami Power Station of Kyushu Electric Power Co., Inc. since start of operation 46
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Business Overview Production Oil/Gas Reserves 1. Producing and selling crude oil/gas in Vietnam and Norway 2. Exploration and development of gas in Vietnam and other parts of Southeast Asia to shift to production of natural gas, which will become an important energy source in a decarbonizing society Resources Segment (Gas and Oil E&P) *1 Total reserves in Norwegian oil fields and Vietnamese gas fields *2 Reserves reflect Idemitsu’s rights and ownership ratios ◆Rights owned in oil/gas fields and sales destinations ◆Reserves *1,2 [million BOE] Business Overview Reserve Estimation Standards ・Idemitsu’s reserves estimation is conducted based on PRMS (Petroleum Resources Management System) standards ・PRMS standards were established jointly by the Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC), the American Association of Petroleum Geologists (AAPG), and the Society of Petroleum Evaluation Engineers (SPEE) and is recognized as an international standard ・Reserves defined by PRMS standards are categorized into 1) proved, 2) probable, and 3) possible reserves. Idemitsu’s reserves estimate is calculated as the total of proved and probable reserves (1+2) Proved Reserves ・The definition of proved reserves is recognized as the most conservative among definitions used widely in the petroleum/gas industry ・Proved reserves are those quantities of petroleum/gas which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable under current economic conditions and operating methods ・When probabilistic methods are used, there should be at least a 90% probability of recovery that the quantities actually recovered will equal or exceed proved reserves Probable Reserves ・Probable reserves are those unproved reserves which analysis of geological and engineering data suggests are more likely than not to be recoverable ・When probabilistic methods are used, there should be at least a 50% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable reserves Name of field Rights Owner Destination Vietnam Sao Vang and Dai Nguyet gas field Idemitsu Gas Production (Vietnam) Co.,Ltd. *43.08％ owned Asia Norway Snorre INPEX Idemitsu Norge AS Europe Tordis/Vigdis Fram H-Nord Byrding Vega Duva 47 0 50 100 150 2022 2023 2024
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Resource Segment (Coal) Business Overview Business Overview Business Structure Reforms [Business Strategy] ◆Stable supply and profit maximization by leveraging the highly competitive Boggabri Mine ◆Engage in low-carbon solution businesses such as Idemitsu Green Energy Pellets ◆Leverage management resources built up over years of experience in Australia to transition to new businesses such as rare metals, renewable energy, hydrogen/ammonia, etc. １．Mining Operations Owning an Australian coal mine (Boggabri Mine) and has established a whole supply chain from production to sales, providing a stable supply of high-quality coal mainly to Japan [Overview of Boggabri Mine] Location: New South Wales Coal quality: thermal coal (80%), raw coal (SS/PCI) (20%) Port for shipments: Newcastle Harbor (about 360 km by train) ◆Idemitsu Green Energy Pellets (black pellets) ・CO 2 emissions can be reduced by replacing coal with black pellets in fuel used at coal-fired power stations ・Succeeded in a mixed combustion to replace 20-30% of coal fuel with black pellets ・Commenced operation of a commercial plant that produces 120,000 tons/year in Vietnam in FY25, aiming to reach 3,000,000 tons/year by 2030 Vietnam Commercial Plant *Mining operations at Muswellbrook Mine were terminated in Mar 2023 and Ensham Mine was sold in 2023 ◆New businesses in Australia ・Rare metals: Invested in Vecco, which engages in vanadium operations in Australia ・Renewable energy: Commercialization verification of pumped storage hydroelectric power generation at the post-mining Muswellbrook coal mine site 48
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Precaution statement about forecasts Any information about forecasts for the Company’s operating results, management strategy and management policy contained in this documents other than historical facts is prepared, according to judgments made by the top management of the Company based on information available as of the publication of the document. Actual business environments contain potential risk factors and uncertainties including economic situations, crude oil prices, trends in petroleum products, market conditions, currency exchange rates and interest rates. Consequently, actual operating results of the Company may substantially differ from forecasts due to changes in the important factors mentioned above. 49