Slides
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November 12, 2025 Securities Code Tokyo 5020 ENEOS Group FY2025 Q2 Financial Results
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1 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 1. Highlights of Financial Results and Outlook 2. Progress of the Fourth Medium-Term Management Plan 3. Shareholder Returns 4. Business Environment 5. Financial Results for FY2025 H1 6. Full-Year Outlook for FY2025 7. Reference Agenda
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 2 Highlights of Financial Results and Outlook 1
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3 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ⚫ Profits increased mainly due to the improvements in the Petroleum Products business resulting from higher petroleum products margins and gains from the sale of maritime transportation business, despite reduced profits in the Oil and Natural Gas E&P business due to falling oil prices and yen appreciation Highlights of FY2025 H1 Financial Results (¥ bn) FY2024 H1 . FY2025 H1 Difference Operating profit 146.0 166.7 +20.7 Inventory valuation -62.2 -106.8 -44.6 Operating profit (excl. inventory valuation) 208.2 273.5 +65.3 Profit attributable to owners of the parent 68.2 64.8 -3.4 Profit attributable to owners of the parent (excl. inventory valuation) 111.7 139.6 +27.9 1 JX Advanced Metals 100% Base (See p.30 for details) Operating Profit (excl. inventory valuation) +65.3 Petroleum Products +123.4 Gain from the sale of maritime transportation business +76.7 Oil and Natural Gas E&P -19.4 High Performance Materials +0.3 Electricity +4.5 Renewable Energy -0.3 Other -43.2 Metals: Mainly equity reduction from 100% to 42% -48.8 Breakdown by Segment (See p.18–21 for details) 1
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4 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ⚫ Excluding inventory valuation, higher operating profit compared to the May estimates, primarily due to profit increase in the Petroleum Products business excluding time-lag effect and increased sales volume etc. in the Electricity business, despite a negative time-lag from falling oil prices ⚫ Lower operating profit compared to the May estimates, primarily due to deteriorating inventory valuation from falling oil prices Highlights of FY2025 Full-year Outlook (¥ bn) May Outlook . New Outlook Difference Operating profit 360.0 290.0 -70.0 Inventory valuation -50.0 -130.0 -80.0 Operating profit (excl. inventory valuation) 410.0 420.0 +10.0 Profit attributable to owners of the parent 185.0 135.0 -50.0 Profit attributable to owners of the parent (excl. inventory valuation) 220.0 225.0 +5.0 Operating Profit (excl. inventory valuation) +10.0 Petroleum Products ±0 Time-lag effect -27.0 Excl. time-lag effect +27.0 Oil and Natural Gas E&P -5.0 High Performance Materials +3.0 Electricity +9.0 Renewable Energy ±0 Other +3.0 Breakdown by Segment (See p. 25–28 for details)
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 5 Progress of the Fourth Medium-Term Management Plan 2
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6 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ROIC Improvement and Governance Enhancement: Restructuring Group Companies' Organizations and Systems ● Pursuing efficiency to achieve a robust management structure Restructuring Group companies’ organizations and systems ・Reevaluate Group companies from a zero-based perspective focusing on capital efficiency and strategic alignment, and restructure organizations and systems based on the evaluation results. For group companies retained, pursue profit improvement through ROIC management and governance enhancement. ◼ Policies for Restructuring ◼ Progress as of FY2025 H1 ・The number of substantive companies effectively decreased by three through measures such as the reorganization of ENEOS petroleum products sales subsidiaries. ・To strengthen Group governance, we are conducting a more in-depth review of our portfolio, focusing on streamlining the number of companies by identifying those to be retained and those to be considered for divestment, exit, or internal restructuring. Petroleum Products 212 (23) 189 Oil and Natural Gas E&P 51 (34) 17 High Performance Materials 38 (1) 37 Electricity 15 (5) 10 Renewable Energy 60 (50) 10 Other 275 (3) 272 Number of consolidated subsidiaries As of March 31, 2025 (number of paper companies, etc. included) Number of substantive companies Of which, NIPPO Group: 260 companies Total 651 (116) 535 Mar. 31, 2025 651 companies Actual 535 companies Sep. 30, 2025 635 companies Actual 532 companies
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7 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ENEOS ENEOS Xplora ROIC Improvement and Governance Enhancement: Group Business Restructuring Natural Gas Business • Integrate natural gas business of ENEOS into ENEOS Xplora, enabling centralized management of natural gas business operations (April 2026) • Clarify business responsibilities, optimize the allocation of management resources, and selectively pursue investment opportunities, seeking to expand growth options such as strengthening trading that leverages the value chain from upstream to downstream Electricity and Renewable Energy Businesses ● Maximize Group-wide profits by integrating similar businesses within the Group • For ENEOS Power and ENEOS Renewable Energy, executives will serve concurrently at both companies, and certain administrative and business departments will be operated jointly • This will streamline shared functions while enabling both companies to pursue business synergies and new growth opportunities as a unified entity (Note: Disclosure segments will not be integrated for continuity purposes) ENEOS Holdings Other Divisions Other Divisions Upstream Midstream Downstream Indonesia Papua New Guinea Malaysia Malaysia (Petronas LNG 9 companies) 1 Contract names etc. will partly remain under ENEOS, but the organization and management will be transferred. (April 2026 and later) ENEOS Power ENEOS Renewable Energy LNG procurement Domestic bases Domestic sales business Transfer 1 Transfer 1 Executive Officers ・ Corporate Division ・ Business Divisions
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8 Copyright © ENEOS Holdings, Inc. All Rights Reserved. Promotion of AI Utilization ● Launched a dedicated AI Innovation Department in June 2025 to drive AI adoption. Explore the potential of AI utilization across all operations to enhance efficiency and streamline the organization through data-driven optimization. Key Initiatives Develop innovative materials Improve supply chain efficiency Optimize power supply and demand Enhance manufacturing processes Accelerate development of materials contributing to emission reduction in society from both internally and externally the company Maximize the use of renewable energy by adjusting the balance of power supply- demand Automate plant operations that are more stable and efficient than manual operations Optimize crude oil ship allocation that goes beyond experience-based calculations Strengthen AI governance while pursuing AI application across all operations to enhance efficiency and streamline the organization Automation of reporting and analysis of business conditions Advancement of marketing and sales strategies End-to-end supply chain optimization across supply and manufacturing Streamlining and automation of operations in administrative departments ◼ In collaboration with Preferred Networks, developed the MatlantisTM AI×Simulation platform, and started providing the new version (ver.7) ◼ Building a VPP system to centrally monitor and control resources such as storage batteries and EVs. For large- scale storage battery control, utilizing an optimized operation system equipped with proprietary AI ◼ Achieved the world's first continuous automated operation in an atmospheric distillation unit at a large-scale oil refining plant ◼ Developed and improved a proprietary system enabling rapid, high-quality planning to optimize complex allocations, which are challenging due to the sheer number of ports, ships, and crude oil types
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9 Copyright © ENEOS Holdings, Inc. All Rights Reserved. Initiatives to Improve Refinery Utilization Rates The refinery utilization rate shows improvement trends with certain achievements in issues management; promoting maintenance operations reform through AI and DX for further enhancement. Measures to improve the refinery utilization rateHistorical refinery utilization rate, excl. the impact of periodic repairs • Refinery operational performance has not yet recovered to planned levels, but shows an improving trend due to countermeasures • Major unplanned shutdowns that occurred in the H1 have been resolved, but still aim for even higher refinery utilization rate and recurrence prevention through horizontal knowledge sharing 76 81 73 83 77 74 76 82 65 70 75 80 85 90 23年度 24年度1Q 24年度2Q 24年度3Q 24年度4Q 25年度1Q 25年度2Q 25年度10月 FY2023 Full Year FY2024 Q1 Q2 Q3 Q4 FY2025 Q1 Q2 October (71) (68) (62) (76) (70) (67) (70) (71) (Incl. periodic repairs) (%) • The four pillars of measures to reduce troubles (equipment strategy, inspection, construction quality, and operations) have yielded certain results and will continue to be steadily implemented • Established a dedicated organization to drive fundamental maintenance reform through AI and DX Enhance competitiveness by standardizing and advancing maintenance operations through proprietary systems • Planned operation improvement through investment (strengthen competitiveness through transportation management and productivity enhancement) • Shortening repair period by applying best practices to each site Refineries Company-wide proprietary system Automatically evaluates risks Consistent management of optimal maintenance actions through an integrated system Inspection Data Enhancing Competitiveness Improving equipment reliability through enhanced evaluation accuracy and efficiency Implement at Sakai Refinery Effect measurement and investment review Rollout to all refineries Future Plans
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10 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY25-FY27 Plan (4th Medium-Term Management Plan) FY2025 H1 Actual Capital investmentBusiness maintenance & Strategic investment (allocation determined) ¥1,560.0 bn ¥116.0 bn Strategic investment ¥15.8 bn Shareholder returnsAdditional returns — Dividends & share buybacks (allocation determined) ¥410.0 bn 1 Dividends ¥35.0 bn Cash Allocation ● To enhance corporate value, continue to evaluate investment opportunities, primarily in overseas fuel oil and low-carbon businesses, under a strict screening system Allocation Management Approximately ¥500.0 - ¥1,000.0 bn Progress and Initiatives in cash allocation 1 Allocate a total profit of ¥820.0 bn over the 3-year Mid-Term Plan with a total payout ratio of 50% Investment in U.S. biofuel business Par Pacific Corporation plans to produce approximately 150,000 KL of SAF annually at its Kapolei Refinery (investment amount: ¥7.4 bn) Execution Gate 3Gate 0 Gate 1 Gate 2 No Go No Go No Go No Go ◼ Progress as of FY2025 H1 ◼ Strategic investment utilizing allocation framework Evaluating candidate projects totaling several hundred billion yen ・A number of potential projects are in the process of moving toward execution (FS, FEED, etc.) and are undergoing evaluation from multiple perspectives
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 11 Shareholder Returns 3
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12 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2025 Plan Shareholder Returns ● Based on favorable financial results and steady progress toward the Medium-Term Management Plan, increase the FY2025 annual dividend by ¥4 to ¥34 (interim dividend: ¥17, year-end dividend: ¥17) Return Policy Return Policy during the Fourth Medium-Term Management Plan Period 【Total payout ratio】 【Dividends】 Progressive dividends starting from a base of ¥30/share Excluding inventory valuation, allocate at least 50% of profit through dividends and share buybacks • FY2025 financial results and progress on various Medium-Term Management Plan initiatives remain solid, including achieving some success in reducing refinery issues. No change No change Returning profits to shareholders continues to be an important management issue. With the basic policy of implementing returns reflecting medium-term consolidated performance and forecasts, strive to continue to provide stable dividends. Second Medium-Term Management Plan ¥22/share FY2023 FY2024FY2020 FY2021 FY2022 FY2025 FY2026 FY2027 Third Medium-Term Management Plan ¥22/share ¥22/share ¥26/share ¥34/share Fourth Medium-Term Management Plan ¥22/share (FY2025) ¥30/share Annual Dividend Trend (Announced in May) (Announced this time) • Strategic investments under the Allocation Management framework are in the execution process for many candidate projects, with limited implementation in the first half. Set FY2025 annual dividend at ¥34, an increase of ¥4
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 13 Business Environment 4
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14 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 50 75 100 50 100 150 Q1 Q2 Q3 Q4 Q1 Q2 Exchange Rate (¥/$) Crude Oil (Dubai) Exchange Rate Crude Oil (Dubai)・ Exchange Rate Crude oil (Dubai) Exchange Rate FY2025 H1 69 146 (Changes) (-13) (-7) FY2024 H1 82 153 Dotted line: H1 average FY2025FY2024 Crude Oil ($/B)
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15 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 0 200 400 600 800 April 2024 October April 2025 0 5 10 15 20 25 April 2024 October April 2025 Paraxylene (PX) Margin Index Petroleum Products Margin Index (¥/L) ($/ton) Crude oil price of previous month Paraxylene margin Bar graph: Quarterly average Dotted lines: H1 average Bar graph: Quarterly average Dotted line: H1 average 2 3 FY2024 FY2025 Q1 Q2 Q3 Q4 Q2 Petroleum Products and Paraxylene Margin Indexes 1 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Spot Price – All Japan Crude CIF (including petroleum tax and interest) If ACP is undecided, average spot price is used. 2 Calculated using the following formula as a reference for domestic market conditions 3 Calculated using the following formula as a reference for Asian market conditions. ACP（Asian Contract Price）－ Crude Oil Price of previous month Note: The indexes above are different from our margins (Our selling price - Our cost) 1 Petroleum products: gasoline, kerosene, diesel fuel and fuel oil A
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 16 Financial Results for FY2025 H1 5
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17 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2024 H1 FY2025 H1 Changes Crude oil (Dubai) ($ / B) 82 69 -13 -16% Exchange rate (¥ / $) 153 146 -7 -5% Revenue (¥ bn) 6,348.4 5,691.9 -656.5 -10% Operating profit (¥ bn) 146.0 166.7 +20.7 +14% Inventory valuation (¥ bn) -62.2 -106.8 -44.6 － Finance income (¥ bn) -14.2 -8.8 +5.4 － Profit before tax (¥ bn) 131.8 157.9 +26.1 +20% Profit attributable to owners of the parent (¥ bn) 68.2 64.8 -3.4 -5% ◼ Excl. inventory valuation Operating profit (¥ bn) 208.2 273.5 +65.3 +31% Profit attributable to owners of the parent (¥ bn) 111.7 139.6 +27.9 +25% FY2025 H1 Financial Results Summary 1 Figures for FY2024 include discontinued operations in revenue, operating profit, finance income, and profit before tax 1
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18 Copyright © ENEOS Holdings, Inc. All Rights Reserved. (¥ bn) FY2024 H1 FY2025 H1 Changes Operating Profit (excl. inventory valuation) 208.2 273.5 +65.3 +31% Petroleum Products -7.5 71.3 +78.8 － Inventory valuation -62.2 -106.8 -44.6 － Excl. inventory valuation 54.7 178.1 +123.4 +226% Oil and Natural Gas E&P 46.7 27.3 -19.4 -42% High Performance Materials 9.1 9.4 +0.3 +3% Electricity 14.2 18.7 +4.5 +32% Renewable Energy 1.4 1.1 -0.3 -21% Other 82.1 38.9 -43.2 -53% Metals 1 66.8 18.0 -48.8 -73% NIPPO, consolidation adjustment, etc. 15.3 20.9 +5.6 +37% Operating Profit by Segment 2 Discontinued operation profit (equivalent to its operating profit) 1 Due to the deconsolidation of the Metals business, it is classified under Other segment from FY2025 2
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 19 Increased due to improved petroleum products margins and one-time factor from the sale of the maritime transportation business. FY2024 H1 (Excl.inventory valuation) FY2025 H1 (Excl.inventory valuation) Declined due to strong yen and falling oil prices, despite increased sales volume. ▲1,000 Volume impact -13.8 Time-lag effect +15.0 0 Impact of margin, expense, etc. +45.5 178.1 +123.4 27.3 46.7 FY2024 H1 Volume impact +4.7 0 25.0 50.0 FY2025 H1 Resource prices impact -8.7 Impact of exchange rate, expense, etc. -15.4 - 19.4 54.7 Impact of one-time factor +76.7 100.0 200.0 Operating Profit – Petroleum Products excl. inventory valuation Operating Profit – Oil and Natural Gas E&P (¥bn) (¥bn) Sales volume (1,000 BD) FY24 H1 FY25 H1 Total 92 93 Gas 66 63 Oil 26 30 Oil prices ($/B) FY24 H1 FY25 H1 FY Brent CY Brent 82 83 67 71 Dubai 82 69
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 20 Increased due to the full operation of Goi Thermal Power Plant and increased sales volume, despite the reversal of one-time factor. 0 15.0 Increased with higher sales volumes of profitable products, while profitability deteriorated due to factors such as the decline in butadiene market price and increased expenses due to inflation. 9.1 Volume impact +0.9 9.4 Impact of margin, expense, etc. -0.6 +0.3 30.0 0 7.5 15.0 +4.5 Operating Profit – ElectricityOperating Profit – High Performance Materials FY2024 H1 FY2025 H1 FY2024 H1 FY2025 H1 (¥bn) (¥bn) 14.2 Volume impact +2.1 One-time factor -4.4 18.7 Impact of margin, expense, etc. +6.8
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 21 Largely on par with the previous year, excluding the impact of equity reduction of JX Advanced Metals after the sale of its shares. NIPPO -0.1 (18.3→18.2) 38.9 82.1 Consolidation adjustments etc. +5.7 Metals business -48.8 (66.8→18.0) Decreased mainly due to project-related advance expenditures and impairment charge related to stricter regulations on development, despite an improvement due to the new operation of power plants and the reversal of unfavorable weather conditions in FY2024. 0 40.0 80.0 - 0.3 - 43.2 Impact of expense etc. -2.1 1.1 Power generation gain +2.8 One-time factor -1.0 1.4 Excl. impacts of plants under development and one-time factor ¥4.2 bn 0 2.5 5.0 Excl. impacts of plants under development and one-time factor ¥5.7 bn Operating Profit – OtherOperating Profit – Renewable Energy FY2024 H1 FY2025 H1 FY2024 H1 FY2025 H1 (¥bn) (¥bn)
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22 Copyright © ENEOS Holdings, Inc. All Rights Reserved. Other assets 7,818.7 888.4 Consolidated Cash Flows and Balance Sheets Consolidated Cash Flows 1 Incl. proceeds from the sale of the maritime transportation business (+¥68.3 bn) Interest- bearing debt 2,648.6 Other debt 2,590.8 Total equity attributable to owners of the parent 3,117.1 Consolidated Balance Sheets Total: 8,707.1 As of Mar. 31, 2025 Total: 8,789.4 As of Sep. 30, 2025 Non- controlling interests Cash and cash equivalents As of Mar. 31, 2025 As of Sep. 30, 2025 Equity ratio attributable to owners of the parent 35.3% 35.8% Net D/E ratio after adjusting for hybrid bonds 0.48 0.47 Net interest-bearing debt incl. lease liabilities 1,760.2 (¥bn) 2 Including lease liabilities, and deducting non-controlling interests 2 Interest- bearing debt 2,676.0 Other debt 2,642.8 Total equity attributable to owners of the parent 3,100.7 888.7 Other assets 7,900.7 FY2025 H1 (¥bn) Operating profit (excl. inventory valuation) 273.5 Depreciation & amortization 160.7 Lease depreciation included 116.7 Other (working capital, tax payment, etc.) -99.9 Cash flows from operating activities 334.3 Capital investment -131.8 Other 8.8 Cash flows from investing activities -123.0 Free cash flows 211.3 Dividends and other -79.4 Net cash flows 131.9 1 369.9 350.6
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 23 Full-Year Outlook for FY2025 6 [Assumptions for October 2025 and Beyond] Crude Oil (Dubai): $65/barrel Exchange Rate: ¥150/USD
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24 Copyright © ENEOS Holdings, Inc. All Rights Reserved. May Outlook New Outlook Changes Crude oil(Dubai) ($ / B) 75 67 -8 -11% Exchange rate (¥ / $) 140 148 +8 +6% Revenue (¥ bn) 11,700.0 11,400.0 -300.0 -3% Operating profit (¥ bn) 360.0 290.0 -70.0 -19% Inventory valuation (¥ bn) -50.0 -130.0 -80.0 － Finance income (¥ bn) -15.0 -15.0 － － Profit before tax (¥ bn) 345.0 275.0 -70.0 -20% Profit attributable to owners of the parent (¥ bn) 185.0 135.0 -50.0 -27% ◼ Excluding inventory valuation Operating profit (¥ bn) 410.0 420.0 +10.0 +2% Profit attributable to owners of the parent (¥ bn) 220.0 225.0 +5.0 +2% FY2025 Full -Year Outlook Summary 65 150 H2
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25 Copyright © ENEOS Holdings, Inc. All Rights Reserved. (¥ bn) May Outlook New Outlook Changes Operating Profit (excl. inventory valuation) 410.0 420.0 +10.0 +2% Petroleum Products 190.0 110.0 -80.0 -42% Inventory valuation -50.0 -130.0 -80.0 － Excl. inventory valuation 240.0 240.0 － － Oil and Natural Gas E&P 55.0 50.0 -5.0 -9% High Performance Materials 13.0 16.0 +3.0 +23% Electricity 23.0 32.0 +9.0 +39% Renewable Energy 1.0 1.0 － － Other 78.0 81.0 +3.0 +4% Metals 25.0 33.0 +8.0 +32% NIPPO, consolidation adjustment, etc. 53.0 48.0 -5.0 -9% FY2025 Full -Year Operating Profit by Segment
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 26 Outlook remains in line with the negative time-lag and lower sales volume, offset by improved margins. FY25 Full-year (May Outlook) Lower outlook by ¥5.0 bn due to a drop in oil prices, despite weaker yen. ▲1,000 Sales volume (1,000 BD) (Full-year) May Outlook New Outlook Total 97 94 Gas 68 64 Oil 29 30 Oil prices ($/B) (Full-year) May Outlook New Outlook FY Brent CY Brent 77 77 67 69 Dubai 75 67 Volume impact -23.0 Time-lag effect -27.0 0 Impact of margin, expense, etc. +50.0 ±0 50.055.0 Volume impact -0.9 0 30.0 60.0 Resource prices impact -13.0 Impact of exchange rate, expense, etc. +8.9 -5.0 240.0 150.0 300.0 Operating Profit – Petroleum Products excl. inventory valuation Operating Profit – Oil and Natural Gas E&P FY25 Full-year (New Outlook) (¥bn) (¥bn) FY25 Full-year (May Outlook) FY25 Full-year (New Outlook) 240.0
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 27 23.0 Operating Profit – Electricity Raised outlook by ¥9.0 bn due to higher sales volume, lower procurement costs through review of pricing indices, and expense reduction. Volume impact +2.8 0 20.0 (¥bn) Impact of expense etc. +3.1 32.0 Raised outlook by ¥3.0 bn due to weaker yen and margin improvements, etc., despite expected lower sales volume. 13.0 Volume impact -3.3 16.0 Impact of margin, expense, etc. +6.3 +3.0 Operating Profit – High Performance Materials 40.0 0 (¥bn) 10.0 20.0 +9.0 Impact of margin +3.1 FY25 Full-year (May Outlook) FY25 Full-year (New Outlook) FY25 Full-year (May Outlook) FY25 Full-year (New Outlook)
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 28 Raised outlook by ¥3.0 bn mainly due to increased earnings at JX Advanced Metals resulting from the weaker yen and higher copper prices. NIPPO ±0 (46.0→46.0) 81.078.0 Metals business +8.0 (25.0→33.0) Outlook remains in line with facilities issues and impairment charges from stricter development regulations, offset by favorable sunlight and decrease in expenses. 0 50.0 100.0 ±0 +3.0 (¥bn) Impact of expense etc. +1.3 1.0 Power generation gain -0.3 One-time factor -1.0 (¥bn) 1.0 0 1.5 3.0 Excl. impacts of plants under development and one-time factor ¥8.0 bn Consolidation adjustments etc. -5.0 Operating Profit – OtherOperating Profit – Renewable Energy Excl. impacts of plants under development and one-time factor ¥9.0 bn FY25 Full-year (May Outlook) FY25 Full-year (New Outlook) FY25 Full-year (May Outlook) FY25 Full-year (New Outlook)
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 29 Reference 7
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30 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2024 H1 Actual (¥ bn) Revenue 6,012.0 Operating Profit 77.3 Profit 95.9 Continuing operations 49.7 Discontinued operations 46.2 Profit attributable to owners of the parent 68.2 FY2024 H1 Actual (¥ bn) (Continuing operations) (Discontinued operations1 ) Revenue 6,348.4 6,012.0 336.4 Operating Profit 146.0 77.3 68.7 Profit 95.9 49.7 46.2 Profit attributable to owners of the parent 68.2 ⚫ Following the partial sale of shares of JX Advanced Metals and its reclassification as an equity-method affiliate, income of Metals business for FY2024 is presented as discontinued operations in the financial statements (i.e. operating profit does not include profit of Metals business). ⚫ On the other hand, this presentation shows the FY2024 results based on the figures announced in Nov. 2024 to ensure continuity from the past. (Reference) Treatment of Income of Metals Business Financial Statements in Nov. 2025 Results Announced in Nov. 2024 1 Total of income of the former Metals segment (operating profit of ¥66.8 bn) and income from intra-group transactions with JX Advanced Metals (operating profit of ¥1.9 bn, which is included in Other segment) Excl. Metals business Different As profit represents the combined total of continuing + discontinued operations, there is no impact of the segment classification
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31 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2024 FY2025 H1 Full-Year H1 Full-Year New Outlook All segments Exchange Rate (¥ / $) 153 153 146 148 Petroleum Products Crude Oil (Dubai) ($ / B) 82 79 69 67 Sales volume of petroleum products (10,000 KL) 2,078 4,435 2,022 4,339 Oil and Natural Gas E&P Sales volume (crude oil equivalent) (1,000 B / day) 92 95 93 94 Crude oil (Brent) ($ / B) 82 78 67 67 High Performance Materials Elastomer sales volume index (%) 103 101 101 102 Electricity Japan Electric Power Exchange (¥ / kWh) 12.4 12.7 11.7 - 1 Index calculated relative to the sales volume in FY2022, which is set as the base year (100%) Key Factors 2 Average for the Tokyo and Kansai areas 2 1
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32 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ◼ Impact of index change on operating profit in FY2025 (October 2025 onwards) (¥bn) Index Change Impact Crude Oil (Dubai) 5 $/B Increase Exchange Rate 5 ¥/$ Weaker yen Sensitivity Analysis Excluding inventory valuation Inventory valuation TotalExcluding Time-lag Time-lag Petroleum Products -1.0 +15.0 +14.0 +50.0 +64.0 Oil and Natural Gas E&P +3.0 - +3.0 - +3.0 High Performance Materials - - - - - Total +2.0 +15.0 +17.0 +50.0 +67.0 Excluding inventory valuation Inventory valuation TotalExcluding Time-lag Time-lag Petroleum Products +2.0 +7.5 +9.5 +25.0 +34.5 Oil and Natural Gas E&P +2.5 - +2.5 - +2.5 High Performance Materials +0.5 - +0.5 - +0.5 Total +5.0 +7.5 +12.5 +25.0 +37.5
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33 Copyright © ENEOS Holdings, Inc. All Rights Reserved. This notice contains certain forward-looking statements, however, actual results may differ materially from those reflected in any forward-looking statements, due to various factors, including but not limited to, the following: (1) macroeconomic conditions and changes in the competitive environment in the energy, resources and materials industries; (2) changes in laws and regulations; and (3) risks related to litigation and other legal proceedings Forward-Looking Statements