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Presentation on Results for the 1st Quarter FY2026 August 7 , 2026 Idemitsu Kosan Co. , Ltd . Fidemitsu
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Inspiring the future with energy and materials Table of Contents 2 ◼ Progress in the Medium-term Management Plan ◼ Results for the 1st Quarter FY2026 ◼ Reference • Income and Expenses Structure of Petroleum Segment • Financial results • Volume • Crude/product price and operation • Business overview
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Inspiring the future with energy and materials ◼ Progress in the Medium-term Management Plan 3
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Inspiring the future with energy and materials Business Strategy Policy Pursuing an optimal balance of S+3E*¹ Rising demand for energy and materials in overseas growth markets, and increasingly complex supply chains Diversifying energy and materials needs driven by electrification / ICT Social challenges Balancing the low-carbon / decarbonization of energy and economic development (GX) Petroleum Basic chemicals Functional materials ResourcesPower / renewableenergy Business strategy for enhancing corporate value By persistently strengthening the foundation of our existing businesses, we will work to maintain a stable supply of energy and materials while maximizing earnings and improving capital efficiency To achieve CN and contribute to mid- to long- term energy security, we will address economic and technological challenges and commercialize low-carbon / decarbonization solutions To achieve sustainable growth, we will leverage our strengths and create new businesses in growing markets, including electrification / ICT and overseas GRIT*2 Exploiting existing businesses GROWTH Creating growth businesses CNX*³ Staging up low-carbon / decarbonization businesses *¹ Japan’s basic energy policy principle, which aims to achieve energy security, economic efficiency, and environmental sustainability, while ensuring safety as an absolute prerequisite *2 The power of perseverance garnered through Guts, Resilience, Initiative, and Tenacity *3 Carbon Neutral Transformation Ensuring energy security Medium-Term Management Plan (Excerpts) ◼ Achieve sustainable growth through the three themes (GRIT, GROWTH, and CNX) and contribute to the resolution of social challenges 4
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Inspiring the future with energy and materials GRIT: Exploiting Existing Businesses Logistics / Sales Profit before tax* (FY2030) Sales expansion Supply stabilization / efficiency improvements Business integration / reorganization Structural reforms for underperforming businesses +¥70 bn +¥40 bn * Excluding financial expenses • Ensure stable supply through broadening energy sources • Reduce costs through AI-based vessel scheduling and leveled deliveries • Ensure stable supply by maintaining refining capacity • Ensure safe and stable operations at refineries and complexes • Maintain stable operations at oil and gas fields and mines, and improve production efficiency • Stabilize logistics by securing transport personnel, vessels, and vehicles Resources Petroleum Basic chemicals Common Petroleum Petroleum Petroleum • Maintain dealers and SS networks • Optimize pricing in line with market conditions • Sales of lubricants for industrial and internal combustion engines • Comprehensive energy sales through each business’s customer base Petroleum Functional materials Petroleum Power / renewable energy Petroleum • Create integration synergies with Fuji Oil (reduce common costs, optimize procurement and sales) • Optimize production capacity by consolidating ethylene units • Strengthen Prime Polymer’s competitiveness through integration of the polyolefin business • Create integration synergies between SDS Biotech and AGRO KANESHO (strengthen sales capabilities in Japan and overseas) Petroleum Basic chemicals Basic chemicals Functional materials • Improve profitability and capital efficiency, and make withdrawal decisions Petroleum Basic chemicals Power / renewable energy Resources Basic chemicals Development / Procurement Refining / Manufacturing Medium-Term Management Plan (Excerpts) ◼ Persistently strengthen the value chain of existing businesses to achieve both “stable supply” and “high capital efficiency” 5
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Inspiring the future with energy and materials Progress on efforts to ensure Safe and Stable Operations at Refineries, Complexes, and Refining Companies 1/2 Higher Utilization Rates ⇒ Increased Production Volumes ① Higher Exports (Domestic sales assumed to be in line with demand) (Increase in Export Volumes x Overseas Market Prices) ② Lower Product Purchases (When products are imported) (Reduction in Product Purchase Volumes x Overseas Market Prices) Utilization Rate Earnings Impact FY2030: +¥20~30 billion (vs. FY2025) Production Domestic Sales Export Surplus amount Volume Balance Overview Product purchase ◼ Improving utilization rates is a key initiative in the Mid-Term Plan, representing the largest contribution to earnings growth and planned investments. Stable utilization rates above 90% are expected to drive earnings growth primarily through higher volumes. 6
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Inspiring the future with energy and materials Progress on efforts to ensure Safe and Stable Operations at Refineries, Complexes, and Refining Companies 2/2 85% 81% 92% 88% 84% 75% 80% 85% 90% 95% 1Q 2Q 3Q 4Q ◼ Aim to stably achieve utilization rates*1 of 90% or higher through measures that accelerate and advance existing initiatives *1: Utilization rates excluding scheduled turnarounds (BSD basis) F Y 2 0 2 5 F Y 2 0 2 6 86％ Utilization Rates (BSD Basis) (6 Refineries and Complexes, including Fuji Oil) ・ Utilization rates maintained in line with the previous year Initiatives to Improve Utilization Rates ・ Deployment of AI-based visual inspection technology for component inspections ・ Centralized management of equipment data and standardized maintenance processes using *“SDM-kun”*² ・ Accelerating equipment renewal cycles and enhancing redundancy of critical facilities ・ Placed experienced instructor and digitalizing the expertise of experienced employees to enhance the skills and responsiveness of younger personnel *2: In-house Maintenance Support System 7
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Inspiring the future with energy and materials GROWTH: Creating Growth Businesses Mobility services leveraging the nationwide service station network (Smart Yorozuya) Providing key materials and solutions in the electrification / ICT convergence domain Further global expansion (capturing growth in overseas markets) Circular businesses with an eye on the expansion of the circular economy Expand further thereafter Profit before tax* (FY2030) +¥60 bn 1 2 3 4 * Excluding financial expenses ◼ With an eye on sustainable growth, we will promote the creation and expansion of businesses in growth areas such as electrification / ICT, and overseas markets Medium-Term Management Plan (Excerpts) 8
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Inspiring the future with energy and materials Further Strengthening of the Petroleum Trading Business ◼ The IIA Group* is responsible for the petroleum trading business within the Idemitsu Group ・ Idemitsu's overseas petroleum business started in 1977 (nearly 50 years of history) ・ In addition to domestic supply-demand optimization, Idemitsu has expanded offshore-to-offshore trading by leveraging market inefficiencies and arbitrage opportunities in overseas markets ＊ IIA: IDEMITSU INTERNATIONAL(ASIA) PTE. LTD. North America: IDEMITSU APOLLO CORPORATION (IAC) Australia: Freedom Energy Holdings Pty Ltd Achieved significant progress against the full-year plan in 1Q by capitalizing on heightened market volatility, despite limited petroleum exports. Further earnings growth targeted during the current Mid-Term Plan through strategic investments in sales and supply networks. Revenue*1*2 approx. ¥3.5 trillion Total Assets*2 approx. ¥700 billion Operating Income*2 ¥30~40 billionVolumes*1 approx. 40 million KL. Freedom IAC IIA Our Locations *1 Includes intragroup transactions *2 Results of the Previous Mid-Term Plan 9
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Inspiring the future with energy and materials India/Middle East/Africa (IMEA) Business Strategy Target Profits for the IMEA region: ¥10 billion ◼ Driven by population growth, urbanization, and rising incomes, energy and material demand across India, the Middle East, and Africa is set to grow over the medium to long term, making these regions a potential new growth driver for Idemitsu. Idemitsu established the India, Middle East and Africa Business Development Office to pursue expansion in the IMEA region Idemitsu Lube Middle East Africa Idemitsu Asia Dubai Branch Middle East / Doha Office Idemitsu Lube India Idemitsu’s Global Locations and Allocation of Investment India, Middle East and Africa Business Development Office • Leveraging the business foundation in lubricants, etc. west of India to expand existing businesses (e.g., lubricants, high-performance asphalt, and agrochemicals and functional feed) and develop new businesses Asia / Middle East 38% Oceania 28% North / South America 28% Europe 5% Our locations Allocation of GROWTH overseas investment Total Investment: ¥350 billion 10
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Inspiring the future with energy and materials LNG Business Strategy ◼ Idemitsu established a new LNG Business Development Office in response to growing electricity demand driven by AI and data center-related industries, as well as increasing recognition of LNG as a practical solution toward low-carbon/decarbonization ◼ Idemitsu will acquire knowledge through investment projects and promote participation in specific business areas where it can leverage its strengths Aiming to establish a proprietary LNG value chain to achieve profits exceeding ¥10 billion in FY2030 Gas Production Lique- faction Marketing/ Trading Distri- bution Custo- mers Develop- ment Explor- ation Natural gas / LNG production through upstream investments LNG transportLNG sales MidOcean Energy, etc. LNG Supply Chain Step 1. Acquire LNG business knowledge and develop human resources through investment in partner companies ⇒ Decided a $500 million investment in MidOcean Energy Step 2. Enter the LNG business in areas where Idemitsu can leverage its strengths Step 3. Establish a proprietary LNG value chain Considering entry at Step 2 11
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Inspiring the future with energy and materials Progress in other GROWTH and CNX 1/2 ◼ Progress in Solid Electrolytes Automotive ・ Smooth progress in construction of the lithium sulfide production facility and the large-scale pilot facility for solid electrolytes used for all-solid-state lithium-ion batteries. The lithium sulfide facility is scheduled for completion in June 2027, followed by the solid electrolyte pilot facility later in 2027. ・ No changes to the schedule for practical application in 2027‐2028 Non-Automotive ・ Initiatives in non-automotive areas such as drones and humanoids are also being considered in parallel Li2S large-scale facility operation • Develop mass production technology through joint development with automobile and material manufacturers • Start operation of the largest pilot facility in Japan (planned to start operation in 2027–2028) Sulfur compo- nents Critical minerals (lithium) Lithium sulfide Solid electrolytes Our business Co-creation with partners All-solid-state batteries Further business expansion in the electrification / ICT convergence domain Expansion to other applications xEV Drones Robots Storagebatteries Reuse / recycle Steady business deployment through strategic partnerships with contractors, etc. 12
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Inspiring the future with energy and materials Progress in other GROWTH and CNX 2/2 ◼ JAXA’s Space Strategic Fund subsidy accelerated development of volume production technology for space CIGS solar batteries ・ JAXA’s Space Strategic Fund*1 selected Idemitsu's proposal, "Efficiency Improvement and Mass Production Technology Development for Space CIGS*2 Solar Batteries,“ to receive a subsidy of up to ¥3 billion*3 *1: Space Strategic Fund: JAXA’s fund established to provide medium- to long-term support for the technology development and commercialization efforts of private companies, universities, etc. in Japan's space sector *2: CIGS: A compound semiconductor named after the initials of Cu (copper), In (indium), Ga (gallium), and Se (selenium) *3: Maximum amount. Subject to change based on future stage-gate reviews, etc. Disclosure document available at: https://www.idemitsu.com/jp/news/2026/260618_en.pdf ◼ Commenced basic design of the second oil-conversion chemical recycling unit, accelerating the recycling of used plastics ・Idemitsu reached a decision to work with its subsidiary Chemical Recycle Japan Co., Ltd. (CRJ)start the basic design for the construction of a second oil-conversion chemical recycling*4 unit that uses used plastics as feedstock *4: A recycling method that manufactures products such as "chemical recycling chemicals" using CR oil, which is produced by converting used plastics into oil, as feedstock Disclosure document, Japanese only available at: https://www.idemitsu.com/jp/news/2026/260630_2.pdf Ichihara Office (First unit in commercial operation here) Today 2027~ Future Volume production Volume production facilities CommercializationR&D (volume production technology)R&D (basic technology) R&D center (laboratory level) Bench Plant To be launched during 2027 within the R&D facility Introduce volume production validation facility Decide based on market environment and status of technology development 13
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Inspiring the future with energy and materials Progress in Underperforming Businesses 1/2 ◼ Nghi Son Refinery (Vietnam) ・ A net profit was recorded in 1Q FY2026, with high utilization maintained by securing crude oil mainly from outside the Strait of Hormuz in coordination with Japanese and Vietnamese authorities and sponsors as well as positive time-lag and inventory impacts ・ The sponsors are engaging in efforts to reduce the interest rate burden, such as converting subordinated loans to simple interest. Discussions have resumed after prioritizing operational responses to the Middle East situation, with completion expected during FY2026. ・ Repayment of senior loan principal by NSRP is expected to result in equity-method investment income in FY2026 through the reversal of previously recognized provisions Nghi Son Refinery 14
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Inspiring the future with energy and materials Progress in Underperforming Businesses 2/2 ◼ Basic Chemicals Business ・ Reached an agreement to consolidate the Chiba district ethylene plant into Mitsui Chemicals, Inc. in July 2027 ・ Reached an agreement to integrate the polyolefin business of Prime Polymer Co., Ltd. (a joint venture between Idemitsu and Mitsui Chemicals, Inc.) with Sumitomo Chemical Co., Ltd.'s domestic PP business and LLDPE* business Absorption-type company split transferring the target businesses to Prime Polymer is expected to be completed by April 2027 *: Linear Low-Density Polyethylene ◼ Power and Renewable Energy Business ・ Restructuring the North American power business ◼ Other Business Updates ・ Sold QLC Produce Co., Ltd., a rehabilitation-focused day service operator in which Idemitsu had invested as part of its new business development initiatives, to TOKAI Co., Ltd. 15
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Inspiring the future with energy and materials ◼ Results for the 1st Quarter FY2026 16
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Inspiring the future with energy and materials Response to the Middle East Situation and Financial Impact ◼ Response to the Situation in the Middle East ・ Procurement Alternative procurement arrangements are largely in place, with crude oil sourced mainly from the Middle East outside the Strait of Hormuz and from North America. ・ Production Stable operations maintained at refineries and complexes, with utilization rates in line with the previous year. Well-established crude evaluation capabilities and operational expertise contributed to sustained utilization while processing alternative crude supplies. ・ Sales Additional costs required to ensure a stable supply were properly passed on to product prices. In 1Q, priority was given to domestic supply, with fuel exports kept at limited levels. As crude oil procurement and stable operations have been maintained, petroleum exports are expected to resume from 2Q onward. ◼ 1Q Financial Impact from the Middle East Situation ・ Year-on-year profit increased due to the time-lag impact; excluding this impact, the impact was broadly neutral. ・ Vessel delays caused by the Middle East situation extended the time-lag period, resulting in a positive time-lag impact. 1Q results were broadly in line with the plan, despite both positive and negative impacts from the Middle East situation. Based on the crude oil price assumptions used in the forecast, a negative time-lag impact is expected from 2Q onward. 17
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Inspiring the future with energy and materials 140.0 90.0 156.1 103.5 62.0 62.4 156.1 103.5 Results for 1Q FY2026 ◼ Results for 1Q FY2026 (excl. Inventory impact) (¥ billion) Income before tax excluding financial expense FY2025 FY2026 Income attributable to owners of the parent Year-on-Year Compared to Forecasts Announced in May 5/12 Forecast 1Q FY2026 Results ・ Income before tax excluding financial expenses increased by ¥94 billion YoY , driven by a positive time-lag and strong overseas trading performance ・Time-lag impact is +¥98.7 billion YoY (on an income before tax excluding financial expenses basis) ・ 1Q results exceeded the level implied by the full-year earnings forecast ・ Assuming crude oil prices decline to $65/bbl by 4Q, a negative time-lag impact is expected from 2Q onward ・ The earnings forecast remains unchanged at this stage due to uncertainty surrounding fiscal year-end crude oil prices, which affect the time-lag impacts Income before tax excluding financial expense Income attributable to owners of the parent 18
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Inspiring the future with energy and materials Market Conditions 159.5 144.6 147.5 154.1 156.9 140.0 145.0 150.0 155.0 160.0 165.0 170.0 1 2 3 4 5 6 7 8 9 10 11 12 104.6 100.5 108.7 107.9 119.6 90.0 95.0 100.0 105.0 110.0 115.0 120.0 125.0 130.0 135.0 140.0 1 2 3 4 5 6 7 8 9 10 11 12 96.1 66.9 70.1 63.8 86.3 60.0 65.0 70.0 75.0 80.0 85.0 90.0 95.0 100.0 105.0 110.0 115.0 120.0 125.0 130.0 1 2 3 4 5 6 7 8 9 10 11 12 FY2026 FY2025 Dubai Crude Oil Price Exchange Rate (USD)[USD/bbl] [JPY/USD] Australian Coal Spot Price[USD/ton] FY25：71.8 USD/bbl FY26 the latest forecast：81.3 USD/bbl FY25：105.4 USD/ton FY26 the latest forecast ：126.1 USD/ton FY25：150.7 JPY/USD FY26 the latest forecast ：151.3 JPY/USD 19
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Inspiring the future with energy and materials Overview ◼ Crude Oil/Coal/Exchange Rate ◼ Consolidated Financial Highlights *Income before tax excluding financial expense: Income before financing and income tax‐ Interest income‐ Foreign exchange gains and losses on investments [USD/bbl, USD/ton, JPY/USD] 1Q FY2025 1Q FY2026 Change Crude Oil (Dubai) 66.9 96.1 +29.2 +43.6% Australian Coal Spot Price* 104.6 119.6 +15.0 +14.3% Exchange Rate (TTM) 144.6 159.5 +14.9 +10.3% *Australian coal spot prices are averages based on the calendar year (Jan-Mar). 1Q FY2025 1Q FY2026 Change Revenue 1,835.7 2,271.8 +436.0 +23.8% Operating Income (4.0) 307.5 +311.5 － Inventory impact (50.5) 166.6 +217.1 － Income before tax excluding financial expense* 11.5 322.6 +311.1 +2,696.5% Excluding inventory impact 62.0 156.1 +94.0 +151.6% Income before tax 21.5 316.9 +295.4 +1,376.2% Income attributable to owners of the parent 27.3 217.5 +190.2 +696.0% Excluding inventory impact 62.4 103.5 +41.2 +66.0% [¥ billions] *Gross average method of inventory valuation *Inventory impact represents the impact of inventory valuation and the reduction in book value of inventory assets 20
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Inspiring the future with energy and materials 95.5 2.1 (2.7) (2.3) 6.3 (0.3) (4.7) 62.0 156.1 Segment Information ◼ Income before Tax Excluding Financial Expense (excl. Inventory Impact, Y-o-Y) 1Q FY2025 1Q FY2026[+94.0] Basic Chemicals Functional Materials Power and Renewables Resources 6.0 Coal Others Petroleum Oil E&P [¥ billions] 21
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Inspiring the future with energy and materials Segment Information ◼ Factors Affecting Income before Tax Excluding Financial Expense (excl. Inventory Impact, Y-o-Y) [¥ billions] 1Q FY2025 1Q FY2026 Change Factors（excl. Inventory Impacts） Petroleum 31.7 127.2 +95.5 +：Time-lag +98.7 [previous year (28.0)→this year +70.7], Trading +15.8, Product exports/imports (Incl. Overseas Price-Linked Domestic Sales) +13.2 ()：Decline sales volume (5.7), Domestic margin (5.5), Higher fuel loss costs etc. (21.0) Basic Chemicals (2.0) 0.1 +2.1 +：Margin +2.0, Inventory impact +6.6, Costs etc. +0.8 ()：Volume (7.3) Functional Materials 17.2 14.5 (2.7) +：Performance Chemicals (sales of lower-cost inventory) ()：Lubricants (One-time factor: Gain on step acquisition recognized in FY2025) Power and Renewable Energy 1.0 (1.3) (2.3) +：Biomass fuel procurement derivative gains +1.7 ()：Shutdown maintenance of Toa Oil and power plant outage Resources* 12.9 18.9 +6.0 Oil Exploration and Production 5.3 11.6 +6.3 +：Increased condensate volumes in Vietnam Coal 7.6 7.4 (0.3) +：Volume +2.9, Price +1.1 ()：Exchange rate (2.1), Costs etc.(2.3) Others/Reconciliation 1.3 (3.4) (4.7) Total 62.0 156.1 +94.0 *Fiscal year for IIN in Oil E&P and Coal included in the Resources Segment end in Dec. 22
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Inspiring the future with energy and materials Balance Sheet [¥ billions] 3/31/2026 6/30/2026 Change 3/31/2026 6/30/2026 Change Cash and Deposits 381.8 377.7 (4.2) Total Current Liabilities 2,685.7 3,294.9 +609.2 Receivables, Inventory,etc. 2,729.7 3,468.4 +738.7 Total Non-current Liabilities 1,094.0 1,085.1 (8.9) Total Current Assets 3,111.5 3,846.1 +734.6 Total Liabilities 3,779.7 4,380.0 +600.3 Property, plant and equipment 1,480.0 1,481.1 +1.1 Equity attributable to owners of the parent 1,462.6 1,646.6 +184.0 Other Non-current Assets 677.7 729.7 +52.0 Non-controlling Interests 27.0 30.4 +3.4 Total Non-current Assets 2,157.7 2,210.9 +53.1 Total Equity 1,489.6 1,677.0 +187.4 Total Assets 5,269.2 6,057.0 +787.7 Total Liabilities and Equity 5,269.2 6,057.0 +787.7 Net D/E ratio 1.03 1.17 +0.14 Net Interest-bearing debt 1,505.6 1,918.8 +413.2 Equity ratio 27.8% 27.2% (0.6%) 23
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Inspiring the future with energy and materials Sensitivity ◼ Major Items Affecting Income before Tax by Changes in Assumptions • Impact of the fluctuation is +¥20.0 billions excluding inventory impact and +¥105.0 billions including inventory impact in the situation of rising Crude oil price by 10$/bbl and changing exchange rate by +5¥/$ through FY2026 *Time-lag and Inventory Impact are affected by assumption in 4Q, therefore the impact is fluctuation of assumption in 4Q * In the petroleum segment, 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 Assumption Items Assumption Range of fluctuation Segment Profit before tax impact (¥ billions) Excluding inventory impact Crude Oil Orice (Time-lag) 4Q:65$/bbl +10$/bbl Petroleum +28.0 Crude Oil Price (excl, Time-lag) 2-4Q:75$/bbl +10$/bbl (12.0) Exchange rate (Time-lag) 4Q:150¥/$ +5¥/$ +7.0 Exchange rate (excl,Time-lag) 2-4Q:150¥/$ +5¥/$ (3.0) +20.0 Inventory Impact Crude Oil Price 4Q:65$/bbl +10$/bbl Petroleum +70.0 Exchange rate 4Q:150¥/$ +5¥/$ +15.0 +85.0 Total +105.0 24
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Inspiring the future with energy and materials ◼ Reference 25
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Inspiring the future with energy and materials 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 Crude oil price as of sales timing 26
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Inspiring the future with energy and materials 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 27
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Inspiring the future with energy and materials 0 500 1,000 1,500 2,000 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26 Stock Price/PBR Performance [JPY] [x] Stock Price (Monthly average) PBR (Monthly average) IFRS （from Apr-26） 28
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Inspiring the future with energy and materials Financial Results ◼ Revenue by Segment FY2025 1Q FY2026 1Q Change Petroleum 1,527.9 1,924.0 +396.1 +25.9% Basic Chemicals 98.6 112.8 +14.2 +14.4% Functional Materials 129.0 147.6 +18.6 +14.4% Power and Renewable Energy 24.7 19.4 (5.4) (21.7%) Resources* 52.2 65.9 +13.7 +26.3% Oil Exploration and Production 10.4 16.7 +6.3 +60.9% Coal 41.8 49.1 +7.4 +17.7% Others/Reconciliation 3.3 2.1 (1.3) (37.6%) Total 1,835.7 2,271.8 +436.0 +23.8% [¥ billions] *Fiscal year for IIN in Oil E&P and Coal included in the Resources Segment end in Dec. 29
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Inspiring the future with energy and materials Sales Volume 1/2 ◼ Petroleum FY2025 1Q FY2026 1Q Change Gasoline 2,903 2,764 (139) (4.8%) Naphtha 227 145 (82) (36.1%) Jet Fuel 601 625 +24 +4.0% Kerosene 423 388 (35) (8.2%) Diesel Oil 2,364 2,316 (47) (2.0%) Heavy Fuel Oil A 658 633 (25) (3.7%) Heavy Fuel Oil C 360 382 +23 +6.3% Total Domestic Sales Volume 7,535 7,254 (281) (3.7%) Exported Volume 1,193 1,281 +88 +7.4% Total Sales Volume 8,728 8,534 (193) (2.2%) [thousand KL,％] *Export includes bond sales of jet fuel and heavy fuel oil C 30
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Inspiring the future with energy and materials FY2025 1Q FY2026 1Q Change Lubricants 267 274 +6 +2.4% Performance Chemicals 105 101 (4) (4.1%) Sales Volume 2/2 ◼ Functional Materials ◼ Power/Renewable Energy [kt,%] [thousand KL,kt,%] [Mkwh,%] *Lubricants include sales overseas FY2025 1Q FY2026 1Q Change Basic Chemicals 765 628 (137) (17.9%) FY2025 1Q FY2026 1Q Change Retail Power Sales 411 414 +4 +0.7% ◼ Basic Chemicals 31
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Inspiring the future with energy and materials Production Volume ◼ Resources (Coal) [KBOED,%] *The numbers reflect our rights and ownership ratios based on our equity share *The numbers reflect our rights and ownership ratios (80% until August FY2025; 90% from September FY2025) *The number shows Jan-Mar volume as fiscal year ends in Dec. [kt,%] *The numbers shows Jan-Mar volume for Norway while Apr-Jun volume for Vietnam FY2025 1Q FY2026 1Q Change Vietnam 14.7 17.0 +2.3 +15.9% Norway 11.3 13.0 +1.7 +14.6% Total('000BOED) 26.0 30.0 +4.0 +15.3% Total('000BOE) 2,354 2,714 +361 +15.3% FY2025 1Q FY2026 1Q Change Coal 1,306 1,505 +199 +15.3% ◼ Resources (Oil E&P) 32
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Inspiring the future with energy and materials Sales Volume Forecasts 1/2 ◼ Petroleum *Export volume forecast will be announced when it becomes possible to conduct a reasonable assessment of the potential business impact of the situation in the Middle East [thousand KL,％] FY2025 Results FY2026 Forecast Change Gasoline 12,000 11,690 (310) (2.6%) Naphtha 834 1,170 +336 +40.0% Jet Fuel 2,355 2,490 +135 +5.7% Kerosene 3,491 3,370 (121) (3.3%) Diesel Oil 9,686 9,670 (16) (0.1%) Heavy Fuel Oil A 2,950 2,890 (60) (2.0%) Heavy Fuel Oil C 1,674 1,650 (24) (1.4%) Total Domestic Sales Volume 32,990 32,940 (50) (0.2%) 33
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Inspiring the future with energy and materials Sales Volume Forecasts 2/2 ◼ Functional Materials ◼ Power/Renewable Energy [kt,%] [thousand KL,kt,%] [Mkwh,%] *Lubricants include sales overseas FY2025 Results FY2026 Forecast Change Basic Chemicals 3,004 3,530 +526 +17.5% FY2025 Results FY2026 Forecast Change Lubricants 1,067 1,090 +23 +2.2% Performance Chemicals 413 420 +7 +1.7% FY2025 Results FY2026 Forecast Change Retail Power Sales 1,805 1,890 +85 +4.7% ◼ Basic Chemicals 34
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Inspiring the future with energy and materials FY2025 Results FY2026 Forecast Change Vietnam 13.4 12.1 (1.3) (9.4%) Norway 11.2 12.5 +1.3 +11.2% Total('000BOED) 24.6 24.6 ±0.0 ±0.0% Total('000BOE) 8,979 8,980 +1.0 +0.0% Production Volume Forecasts ◼ Resources (Coal) [KBOED,%] *The numbers reflect our rights and ownership ratios based on our equity share *The numbers reflect our rights and ownership ratios (80% until August FY2025; 90% from September FY2025) *The number shows Jan-Dec volume as fiscal year ends in Dec. [kt,%] *The numbers shows Jan-Dec volume for Norway while Apr-Mar volume for Vietnam FY2025 Results FY2026 Forecast Change Coal 5,660 6,300 +640 +11.3% ◼ Resources (Oil E&P) 35
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Inspiring the future with energy and materials Crude Oil Prices [USD/bbl] 10 30 50 70 90 110 130 150 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Brent Dubai 36
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Inspiring the future with energy and materials Gasoline-Crude Oil (Domestic Spot Price and Spread) -20 -10 0 10 20 30 40 50 60 0 20 40 60 80 100 120 140 160 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Spread Crude oil Gasoline [Spread：JPY/L][Price :JPY/L] 37
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Inspiring the future with energy and materials Diesel-Crude Oil (Domestic Spot Price and Spread) [Spread：JPY/L][Price :JPY/L] -20 -10 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 Apr-26 Spread Crude oil Diesel oil 38
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Inspiring the future with energy and materials Gasoline-Crude Oil (Singapore Spot Price and Spread) -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 Apr-26 Spread Dubai Gasoline [Spread：USD/bbl][Price :USD/bbl] 39
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Inspiring the future with energy and materials Diesel-Crude Oil (Singapore Spot Price and Spread) [Spread：USD/bbl][Price :USD/bbl] 0 10 20 30 40 50 60 70 80 90 100 0 50 100 150 200 250 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Apr-26 Spread Dubai Diesel Oil 40
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Inspiring the future with energy and materials Para-Xylene, Mixed Xylene-Naphtha (Price and Spread) [Spread：USD/ton][Price :USD/ton] 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 Apr-26 PX spread Mx spread Naptha PX MX Product 1Q FY2025 1Q FY2026 Change PX 223 271 +48 MX 120 120 ±0 41
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Inspiring the future with energy and materials Styrene Monomer-Naphtha (Price and Spread) [Spread：USD/ton][Price :USD/ton] 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 Apr-26 SM spread BZ spread Naptha SM BZ Product 1Q FY2025 1Q FY2026 Change SM 363 377 +14 BZ 151 138 (13) 42
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Inspiring the future with energy and materials Operational Data *1 BCD : incl. regular maintenances, BSD : excl. regular maintenances FY 2022 FY 2023 FY 2024 FY 2025 FY2026 1Q 6,136 5,986 5,918 5,835 5,757 ◼ Number of Service Stations ◼ Refinery Utilization Rates（QoQ） FY2025 1Q FY2025 2Q FY2025 3Q FY2025 4Q FY2026 1Q BCD*1 71% 71% 82％ 87% 72% BSD*1 85% 81% 92% 88% 84% 43
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Inspiring the future with energy and materials *1 excluding Nghi Son’s capacity, including Fuji Oil’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, 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 FY2025, actual or as of the end of Jun 2026 ∎ Petroleum Segment Refining Capacity 931 KBD *1) Domestic petroleum sales volume 33 million KL/year *2) Number of service stations 5,757 ∎ Basic Chemicals Segment (Production Capacity *1) Ethylene 1 mil tons/year Para-Xylene 0.84 mil tons/year Styrene monomers 0.79 mil tons/year ∎ Power and Renewable Energy Segment Power generation capacity 1.91GW - Renewable energy 0.92GW ∎ Resources Segment Crude oil production 25,000 BD Thermal coal production 5.66 mil tons/year Overview of the Company 44
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Inspiring the future with energy and materials Operating Company Refinery Refining Capacity RH FCC RFCC FLG EUREKA Equity Ratio Idemitsu Kosan Japan Hokkaido 140 42 33 Chiba 200 40 45 Aichi 163 60 50 Showa YokkaichiSekiyu Yokkaichi 225 48 61 75.0% Toa Oil Keihin 60 42 27 100.0% Fuji Oil Sodegaura 143 42 33 92.5% 931 190 84 189 27 33 Overseas Nghi Son Refinery and Petrochemical LLC Nghi Son *1,2 （Thanh Hoa, Vietnam） 200 105 80 35.1% 200 105 80 *1：Capacity before equity ratio reflection [KB/D] Petroleum Segment 45
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Inspiring the future with energy and materials Basic Chemicals Segment [mil tons/year] Operating Company Equity Ratio Ethylene Para-Xylene Styrene Monomer Japan Idemitsu Kosan Chiba 0.374 0.265 0.210 Aichi 0.357 Tokuyama 0.623 0.214 0.340 Total 0.997 0.836 0.550 Overseas Idemitsu SM (Malaysia) Sdn. Bhd. Pasir Gudang （Johor, Malaysia） 0.240 70.0% Nghi Son Refinery and Petrochemical LLC Nghi Son （Thanh Hoa,Vietnam） 0.700 35.1% Total 0.700 0.240 *1 Capacity before equity ratio reflection 46
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Inspiring the future with energy and materials Functional Materials Segment 1/2 Lubricants Performance Chemicals ◼ Product categories ・ Automotive lubricants (engine oil, etc.) ・ Grease ・ Industrial lubricants (hydraulic actuation oil, cutting oil, etc.) ◼ Global business with a focus on automotive lubricants ・ #8 global share ・Over 50% overseas sales ◼ R&D centers ・ Japan and overseas (US, China, etc.) ・ Manufacturing/sales/R&D network in 28 countries ・ Strengthening existing facilities and developing new facilities ◼ Product categories ・ Engineering plastics, adhesives materials, solvents and functional materials ◼ Major products, applications, features ・ Engineering plastics (Product) PC/Polycarbonates (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 【Global lubricant network】 Daytime Running Lamp （DRL） Disposable diapers and other hygiene products Automotive parts 47
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Inspiring the future with energy and materials Electronic Materials Agri Life ◼ 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 ◼ Product categories ・ Chemical pesticides (Daconil 1000*1, etc.) ・ Plant-derived pesticides ・ Functional Feeds (RUMINUP*2, etc.） 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 *1 Protective disinfectants less affecting organism that has the stable effect toward various crops and damage owing to disease RUMINUP M Daconil 1000 Functional Materials Segment 2/2 48
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Inspiring the future with energy and materials Power /Renewable Energy Segment ◆Owning 917 thousand KW(Japan:319, Overseas:598) 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 【Solar】 ◆Terminated production in June 2022 ◆Shifting to a system integrator which engages in solar power generator design, construction, maintenance and recycling Category Power Plant Operating Company Stake Owned Power generation capacity* (%) (10,000 KW) Solar 34 domestic locations Idemitsu, other ー 19.1 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) 31.9 Fire Ohgishima Power Station (Kanagawa) Ohgishima Power 25 30.5 Mizue Thermal Power Plant (Kanagawa) Toa Oil 100 27.7 Aichi Refinery Power Plant (Aichi) Idemitsu ー 25.2 Domestic 115.3 Solar Overseas (North America, Vietnam, etc.) ー ー 59.8 Fire Overseas ー ー 16.3 Overseas 76.1 Total 191.4 *Reflects Idemitsu’s stake *Idemitsu has been supplying the steam for power generation to the Takigami Power Station of Kyushu Electric Power Co., Incl. since start of operation 49
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Inspiring the future with energy and materials Resources Segment (Gas and Oil E&P) Business Overview Production Oil/Gas Reserves ◼ Producing and selling crude oil/gas in Vietnam and Norway ◼ 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 ◆Rights owned in oil/gas fields and sales destinations 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 Hod/Valhall ◆Reserves *1,2 [million BOE] 0 50 100 2023 2024 2025 *1 Total reserves in Norwegian oil fields and Vietnamese gas fields *2 Reserves reflect Idemitsu’s rights and ownership ratios ◆ 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 50
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Inspiring the future with energy and materials Resource Segment (Coal) 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. ◼ 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 (70%), raw coal (SS/PCI) (30%) Port for shipments: Newcastle Harbor (about 360 km by train) ◼ Idemitsu Green Energy Pellets (black pellets) ・ CO2 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 ◼ 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 *Mining operations at Muswellbrook Mine were terminated in Mar 2023 and Ensham Mine was sold in 2023 Vietnam Commercial Plant 51
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Inspiring the future with energy and materials 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. 52