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ENEOS ENEOS ENEOS Group FY2026 Q1 Financial Results Securities Code Tokyo 5020 August 7 , 2026 ENEOS Holdings , Inc. [ E ' - ne - ohs ] ENEOS Group Japan's Premier Energy and Materials Corporate Group
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1 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 1. Progress of the Fourth Medium-Term Management Plan – Portfolio Restructuring 2. Progress of the Fourth Medium-Term Management Plan – Transformation to a Robust Management Structure etc. 3. Financial Highlights 4. Business Environment 5. FY2026 Q1 Financial Results 6. Reference Agenda
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 2 Progress of the Fourth Medium-Term Management Plan Portfolio Restructuring 1
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3 Copyright © ENEOS Holdings, Inc. All Rights Reserved. U.S. C4 Materials Business M&A -Project Overview- Target ・100% of the shares of TPC Holdings, Inc. Location: Houston, Texas, USA Business: Separation and purification of C41 fractions, including butadiene, and the manufacture and sale of derivative products Seller ・Redwood Capital Management (40.5%) ・Monarch Alternative Capital (21.4%) ・PGIM (19.8%) and others Buyer ・ENEOS Holdings USA Inc. (Investment holding / Management) Profitability2 ・Operating Profit: Approximately 100 MUSD3［¥15.5 bn］ ・EBITDA: Approximately 200 MUSD3［¥31.0 bn］ Following the acquisition, we aim to generate synergies by leveraging and deploying our expertise in safe and reliable operations, thereby further enhancing profitability. Schedule Investment Scheme Overview 1 C4 hydrocarbons, including butadiene, butenes, and butanes 2 Converted into Japanese yen at an assumed exchange rate of 155 JPY/1 USD 3 Average FY2023-FY2025 actuals, excluding one-time factors ENEOS Holdings ENEOS Holdings USA 100% TPC Holdings, Inc. 100% ・Closing expected October 2026 Following the closing, the business and financial results will be managed under the High Performance Materials segment. ▼ TPC manufacturing facility: Houston operations Site
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4 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 510 534 0 500 1,000 1,500 2,000 TPC Lotte LG ENEOS Group Saudi Aramco BASF INEOS LyondellBasell Shell After acquisition CNPC Sinopec U.S. C4 Materials Business M&A -Overview of TPC Holdings- Synthetic rubber Packaging materials Gasoline blending base materials Lubricant additives Octane enhancerTire additives ⚫ Produces butadiene and C4 derivative products by separating and purifying crude C4 sourced from petrochemical companies and other suppliers. ⚫ Many of the key products hold the No.1 market share in North America. Following the acquisition, the combined butadiene production capacity is expected to rank third globally1. Key Products / North American Market Shares (Lower section of each box: End-use products) Global Butadiene Production Capacity Ranking (thousand tons/ year) 1 ENEOS estimates Butadiene No.1 1-Butene No.1 Raffinate No.1 PIB No.1 DIB No.1 MTBE No.3 Ranked 3rd Globally1 Company A Company B (after acquisition) Company C Company D Company E Company F Company G ENEOS Group Company H Company I TPC
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5 Copyright © ENEOS Holdings, Inc. All Rights Reserved. U.S. C4 Materials Business M&A -Strategic Rationale- ⚫ The Materials business is positioned as a key growth driver, and our entry into the steadily growing U.S. market will provide a new earnings platform. ⚫ The C4 business is a core area of strength for our Group. We will generate synergies by leveraging our expertise in safe and reliable operations, while pursuing additional M&A opportunities in North America to further grow and enhance the business, supported by our global customer base. Attractiveness of the U.S. Materials Market Our Strengths and Future Development Ethane cracker companies Crude C4 Butadiene producers Elastomer producers etc. Butadiene, etc. Up- stream Down- stream Our Group’s Business Areas and Strengths (Asia / Europe) Future Business Areas (North America) Pursue growth opportunities through additional M&A and strategic investments Access to low-cost, stable feedstock derived from shale gas A mature but still steadily growing market Low country riskU.S. chemical demand approx. 8x that of Japan (To be acquired)Mid- stream C4 Business Supply Chain World's 3rd-largest butadiene production capacity¹ (after acquisition) Proven expertise in safe, reliable operations Strong relationships with global customers Positioning of the Group and the Acquired Business in the C4 Supply Chain 1 ENEOS estimates
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 6 Progress of the Fourth Medium-Term Management Plan Transformation to a Robust Management Structure etc. 2
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7 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ● Reduced the number of Group companies by 15 from March 31, 2025 to June 30, 2026 through non-core divestitures and restructuring. We aim to increase Group-wide ROIC by reducing the number of Group companies — targeting a reduction of roughly 100 — and by strengthening governance at those retained. March 31, 2025 Announced in May March 31, 2026 June 30, 2026 Number of companies reduced Consolidated subsidiaries 651 companies 625 companies 624 companies 27 companies NIPPO Group and paper companies, etc. 376 companies 363 companies 364 companies 12 companies Companies under review 275 companies 262 companies 260 companies 15 companies Plan to reduce the number of consolidated subsidiaries to approximately 170 Retention/exit assessment To be retained Vertical integration assessment Horizontal integration assessment Announced in May Restructuring Group Companies’ Organization and Structure Remaining Companies under Review Group Company Holding Policy Decision Process (a reduction of about 100 companies from March 31, 2025) Set requirements for governance and build an integrated governance structure linking Group companies, principal operating companies, and HD (CxOs). If it is not a core business of principal operating companies, If there is no rational reason to separate from principal operating companies, If there is no rational reason to retain as a separate company, We will not pursue transactions below fair value, even if that means a longer timeline. Sell at an appropriate price or withdraw from the business Absorb into a principal operating company Integrate or consolidate among Group companies
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8 Copyright © ENEOS Holdings, Inc. All Rights Reserved. Response to Recent Middle East Disruptions Maintaining a Stable Domestic Supply ⚫ Amid recent disruptions in the Middle East, we maintained a stable domestic energy supply on the strength of our fully integrated value chain — from crude procurement through refining, logistics and sales. ⚫ We will review our medium- to long-term crude procurement strategy from multiple perspectives, including energy security, while ensuring economic viability. Refinery Utilization Historical Refinery Utilization Rate (excl. periodic repairs) FY24 full-year FY25 Q1 Q2 Q3 Q4 FY26 Q1 July (%) • Refinery utilization rate excluding periodic repairs was 68% in Q1, reflecting the impact of the Middle East disruptions. Excluding this impact, utilization remained solid at 84%. We continue to target 90% by FY2027 through trouble reduction and capital investment aimed at raising utilization. FY2025 Average (Excl. Middle East impact) 80% Excl. Middle East impact 78 74 76 84 81 68 84 86 84 84 65 70 75 80 85 90 24年度 25年度1Q 25年度2Q 25年度3Q 25年度4Q 26年度1Q 2026年7月 • In Q1, Middle East crude imports through the Strait of Hormuz fell sharply amid disruptions to the waterway. • We nonetheless maintained a stable domestic energy supply by diversifying our sourcing, as follows: ✓ Increasing U.S. crude imports ✓ Sourcing Middle East crude via routes bypassing the Strait of Hormuz ✓ Utilizing national petroleum reserves and joint oil stockpiles with oil-producing countries Despite ongoing uncertainty in the Middle East, we remain committed to ensuring a stable energy supply.
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9 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ● In addition to the previously announced Petroleum Refining and Sales businesses M&A, the management allocation framework has been utilized to fund the U.S. C4 Materials business M&A and other investments. ● The remaining allocation capacity will be allocated to the options expected to deliver the greatest contribution to long-term corporate value, including both growth investments and shareholder returns. (Reference) Cash Allocation Progress of Cash Allocation Fuel Products/ Trading Assets Chemicals/ Materials Natural Gas Share Buybacks/ Dividends ：Review gates G-0 G-1 G-2 G-3 Investment decision Start of review Businesses that enhance competitiveness and generate synergies in existing businesses Mainly Overseas Mainly Overseas Overseas Mainly Domestic Shareholder Returns Allocate Capital to the Options with the Greatest Potential to Enhance Long-Term Corporate Value (Across Growth Investments and Shareholder Returns) Our Cash Allocation Approach FY25-FY26FY2025 Actual FY2026 Estimate Business maintenance & strategic investment 3.1 5.8 8.9 Management allocation utilized 0.2 6.8 7.0 Capital investment (incl. decided M&A1) 3.3 12.5 15.8 Dividends2 0.9 0.9 1.8 Dividend per share ¥34/share ¥34/share Share buybacks 0.5 0.5 Additional returns equivalent to those calculated based on a two-year total payout ratio of 50% Approx. 1.0 Approx. 1.0 Shareholder returns 0.9 Approx. 2.4 Approx. 3.3 Announced in May To be considered based on performance, including method. 1 １Incl. Petroleum Refining & Sales businesses M&A in Southeast Asia/Australia (to be recorded in FY2027), U.S. C4 materials business M&A, re-entry into the Malaysia LNG Tiga project, etc. 2 Based on the resolution date Growth Investments （ Key Areas Under Consideration ）(¥100 bn) Compare Expected Returns and Capital Efficiency Evaluating multiple deals valued at several hundred billion yen (currently being screened under the stage-gate system)
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 10 Financial Highlights 3
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11 Copyright © ENEOS Holdings, Inc. All Rights Reserved. Refinery trouble recovery, stronger overseas market etc. ＋41.6 287.4 482.6 +152.3 +432.3 ＋11.6 ＋14.6＋6.4 -5.3 195.2＋280.0 FY2026 Full-year Outlook ◼ FY2026 full-year outlook unchanged from May announcement ✓ Q1 results exceeded the plan, led by stronger overseas product margins. However, conditions in the Middle East have yet to normalize, contrary to our full-year outlook assumption that the impact would be limited to April–May 2026. While favorable margins may persist, the net earnings impact — spanning both crude procurement and exports — cannot yet be reliably quantified. We therefore maintain our full-year outlook. Highlights of FY2026 Q1 Financial Results 135.1 50.3 （¥bn） -84.8 Operating Profit Operating profit excl. inventory valuation (Inventory Valuation) FY2025 Q1 Actual Announced this time FY2026 Q1 Actual Time-lag1 +83.4 Oil and Natural Gas E&P （15.5→27.1） Other （19.6→34.2） High Performance Materials （5.3→11.7） Electricity/ Renewable Energy （8.3→3.0） Petroleum Products （86.4→211.4） 1 The time-lag includes period shifts caused by the impact of the Middle East situation. ● Operating profit increased year on year, driven by the Petroleum Products business, reflecting positive time-lag effects, a significant recovery from refinery troubles, and stronger overseas market conditions.
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 12 Business Environment 4
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13 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 40 60 80 100 120 140 140 145 150 155 160 165 Q1 Q2 Q3 Q4 Q1 FY2026FY2025 Crude Oil (Dubai) / Exchange Rate Exchange Rate (¥/$) Crude Oil (Dubai) Exchange Rate Crude Oil ($/B) Dotted line: Quarterly average Crude Oil (Dubai) Exchange Rate FY2026 Q1 96 159 (Changes) (+29) (+14) FY2025 Q1 67 145
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 14 5 FY2026 Q1 Financial Results
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15 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2025 Q1 Actual FY2026 Q1 Actual Changes Crude oil (Dubai) ($ / B) 67 96 +29 +43% Exchange rate (¥ / $) 145 159 +14 +10% Revenue (¥ bn) 2,870.0 3,407.8 +537.8 +19% Operating profit (¥ bn) 50.3 482.6 +432.3 +859% Inventory valuation (¥ bn) -84.8 195.2 +280.0 － Net finance costs (¥ bn) -5.9 -4.9 +1.0 － Profit before tax (¥ bn) 44.4 477.7 +433.3 +976% Profit attributable to owners of the parent (¥ bn) -14.5 415.0 +429.5 － ◼ Excl. inventory valuation Operating profit (¥ bn) 135.1 287.4 +152.3 +113% Profit attributable to owners of the parent (¥ bn) 44.9 278.4 +233.5 +520% FY2026 Q1 Financial Results Summary
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16 Copyright © ENEOS Holdings, Inc. All Rights Reserved. (¥ bn) FY2025 Q1 Actual FY2026 Q1 Actual Changes Operating Profit (excl. inventory valuation) 135.1 287.4 +152.3 +113% Petroleum Products 1.6 406.6 +405.0 － Inventory valuation -84.8 195.2 +280.0 － Excl. inventory valuation 86.4 211.4 +125.0 +145% Oil and Natural Gas E&P 15.5 27.1 +11.6 +75% High Performance Materials 5.3 11.7 +6.4 +121% Electricity 8.0 2.7 -5.3 -66% Renewable Energy 0.3 0.3 ±0 － Other 19.6 34.2 +14.6 +74% Metals 8.0 22.0 +14.0 +175% NIPPO, consolidation adjustment, etc. 11.6 12.2 +0.6 +5% Operating Profit by Segment
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 17 Earnings increased, supported by a significant reduction in refinery troubles and stronger overseas product market conditions, despite the absence of gains from the sale of the marine transportation business and lower export volumes due to the Middle East situation. Earnings increased on higher resource prices and a weaker yen. ▲1,000 27.1 15.5 0 15.0 30.0 +11.6 0 +125.0 150.0 300.0 86.4 211.4 1 The time-lag includes period shifts caused by the impact of the Middle East situation. Refinery trouble recovery, strong overseas product market conditions, etc. Operating Profit – Petroleum Products excl. inventory valuation Operating Profit – Oil and Natural Gas E&P FY2025 Q1 Actual (Excl. inventory valuation) FY2026 Q1 Actual (Excl. inventory valuation) FY2025 Q1 Actual FY2026 Q1 Actual (¥bn) (¥bn) Sales volume (1,000 BD) FY25 Q1 FY26 Q1 Total 95 92 Gas 66 69 Oil 29 23 Oil prices ($/B) FY25 Q1 FY26 Q1 Brent FY Brent CY 67 75 97 78 Dubai 67 96 Volume impact -14.9 One-time factor -63.4 Time-lag effect1 +83.4 Impact of margin, expense, etc. +119.9 Volume impact -1.6 Resource prices impact +1.7 Exchange rate, expense, etc. +11.5
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 18 8.0 2.7 Earnings decreased, mainly due to the expiry of the interconnection line scheme and higher power procurement costs. 0 5.0 10.0 -5.3 Earnings increased, mainly due to higher butadiene prices. 5.3 11.7 +6.4 0 10.0 20.0 FY2025 Q1 Actual FY2026 Q1 Actual FY2025 Q1 Actual FY2026 Q1 Actual Operating Profit – High Performance Materials Operating Profit – Electricity (¥bn) (¥bn) Volume impact -0.2 Impact of margin, expense, etc. +6.6 Volume impact -0.5 Impact of margin, expense, etc. -4.8
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 19 34.2 19.6 Earnings increased, reflecting higher equity earnings from JX Advanced Metals. Earnings were flat year on year, as the reversal of FY2025 impairment losses offset the impact of less favorable sunlight and wind conditions. 0 25.0 50.0 ±0 +14.6 Excl. impacts of plants under development and one-time factor ¥2.8 bn Excl. impacts of plants under development ¥2.1 bn FY2025 Q1 Actual FY2026 Q1 Actual FY2025 Q1 Actual FY2026 Q1 Actual Operating Profit – Renewable Energy Operating Profit – Other (¥bn) (¥bn) NIPPO -4.1 (11.7→7.6) Consolidation adjustments, etc. +0.6 Metals business +18.1 (8.0→26.1) Impact of expense, etc. +0.5 Power generation business -0.5 0.30.3 -0.5 0 0.5 Incl. impairment losses (+0.6)
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20 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2026 Q1 Actual （¥ bn） Operating profit (excl. inventory valuation） 287.4 Depreciation & amortization 82.7 Lease depreciation included Other (working capital, etc.) -311.5 Cash flows from operating activities 58.6 Capital investment -133.9 Other -5.2 Cash flows from investing activities -139.1 Free cash flows -80.5 Dividends and other -93.1 Net cash flows -173.7 Consolidated Cash Flows Interest-bearing debt 2,387.9 Other liabilities 3,105.5 Total equity attributable to owners of the parent 3,747.2 504.9 Other assets 9,121.0 Consolidated Balance Sheets Total：9,625.9 As of March 31, 2026 Total：9,094.3 As of June 30, 2026 Non- controlling interest Cash and cash equivalents As of March 31, 2026 As of June 30, 2026 Equity ratio attributable to owners of the parent 37.1% 38.9% Net D/E ratio1 0.42 0.44 Net interest-bearing debt incl. lease liabilities 1,883.0 after adjusting for hybrid bonds （¥ bn） 1 Including lease liabilities and deducting non-controlling interest （60.5） 385.3 Interest-bearing debt 2,615.7 Other liabilities 2,720.4 Total equity attributable to owners of the parent 3,369.8 911.9 Other assets 8,182.4 388.4 Consolidated Cash Flows and Balance Sheets
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Copyright © ENEOS Holdings, Inc. All Rights Reserved. 21 Reference 6
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22 Copyright © ENEOS Holdings, Inc. All Rights Reserved. FY2025 FY2026 Q1 Actual Full-year Actual Q1 Actual Full-year May estimates All segments Exchange rate (¥ / $) 145 151 159 155 Petroleum Products Crude oil (Dubai) ($ / B) 67 72 96 85 Sales volume of Petroleum Products (10,000 KL) 978 4,306 954 4,150 Oil and Natural Gas E&P Sales volume (crude oil equivalent) (1,000 B / day) 95 95 92 89 Crude oil (Brent) ($ / B) 67 69 97 86 High Performance Materials Elastomers sales volume index 1 (%) 103 105 111 110 Electricity Japan Electric Power Exchange 2 (¥ / kWh) 10.6 11.5 16.5 － 1 Index calculated relative to the sales volume in FY2022, which is set as the base year (100%) Key Factors 2 Average of the Tokyo and Kansai areas
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23 Copyright © ENEOS Holdings, Inc. All Rights Reserved. 0 10 20 30 40 50 60 2025年4月 10月 2026年4月 0 200 400 600 800 2025年4月 10月 2026年4月 （¥/L） （$/ton） FY2025 FY2026 Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4 Q1 FY2025 FY2026 Petroleum Products and Paraxylene Margin Indexes Petroleum Products Margin Index 1 Paraxylene (PX) Margin Index 2 Crude oil price of previous month Paraxylene margin Bar graph: Quarterly average Dotted lines: Full-year average Bar graph: Quarterly average Dotted line: Full-year average Spot Price – All Japan Crude CIF (including petroleum tax and interest) If ACP is undecided, average spot price is used. 1 Calculated using the following formula as a reference for domestic market conditions ACP(Asian Contract Price)－ Crude Oil Price of previous month These indexes are market-based reference indicators and do not indicate our margins (Our selling price - Our cost). 2 Calculated using the following formula as a reference for Asian market conditions.
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24 Copyright © ENEOS Holdings, Inc. All Rights Reserved. ◼ Impact of index change on operating profit in FY2026 (April 2026 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 -3.0 +15.0 +12.0 +50.0 +62.0 Oil and Natural Gas E&P +9.0 - +9.0 - +9.0 High Performance Materials - - - - - Total +6.0 +15.0 +21.0 +50.0 +71.0 Excluding inventory valuation Inventory valuation TotalExcluding time-lag Time-lag Petroleum Products +3.0 +7.5 +10.5 +20.0 +30.5 Oil and Natural Gas E&P +4.0 - +4.0 - +4.0 High Performance Materials +0.5 - +0.5 - +0.5 Total +7.5 +7.5 +15.0 +20.0 +35.0 Note: Reposted from May announcement
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25 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