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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. FY26/3 Q2 Financial Results ended September, 2025 October 29, 2025 TSE:9531
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 1 FY26/3 Q2 Financial Results ①Progress Toward Achieving 8% ROE ②Financial Results Overview ③Shareholder Returns for FY26/3 ④Segment Overview ⑤Overview of Consolidated Balance Sheets ⑥Progress of the FY24/3-FY26/3 Medium-Term Investment Plan 2 FY26/3 Q2 Financial Results in Detail (Data) ①FY26/3 Q2 vs FY25/3 Q2 ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results ③Change in Balance Sheets 3 Reference • Gas Gross Margin Sensitivity to Change in Crude Oil Price and Exchange Rate • Crude Oil Price / Exchange Rate < Cautionary Statement regarding Forward-looking Statements > Statements made in this presentation with respect to Tokyo Gas’s present plans, forecasts, strategies, and other information herein that are not expressions of historical fact are forward-looking statements about the future performance of the Company. The Company’s actual performance may greatly differ from these projections due to critical factors which include general economic conditions in Japan, crude oil prices, the weather, changes in the yen-dollar exchange rate, rapid technological innovations, and the Company’s responses to the progress of deregulation. 2 Index
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 3 1 FY26/3 Q2 Financial Results
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ①Progress Toward Achieving 8% ROE Other liabilities Profit attributable to owners of parent FY25/3 Results FY26/3 Forecast 741 hundred million yen 1,940 hundred million yen ROE 4.3% 11.8% Dividends increase in line with EPS growth: 100yen/share*1 Shares buyback for equity control: Additional 800 (2,000 in full year) • Reduction in Foreign currency translation adjustments due to winding up of Tokyo Gas Australia Pty Ltd.: 680 Increase in profits from US shale gas business and extraordinary profit, etc. PL BS ・ CF Advancing business portfolio management • Investments: 3,724 (portion for Growth investments: 2,638） • Asset/business divestitures, etc.: 353 Eagle Ford asset divestment, Real estate divestment, Divestment of cross-shareholdings, etc. Equity 15,720 Average for FY24-25 16,480 Interest- bearing debt 12,780 Total assets 36,550 Interest- bearing debt 13,362 Equity 17,254 Average for FY23-24 17,094 Non-controlling interests 760 Total assets 38,550 D/E Ratio 0.77 0.81 *1 Current forecast *2 Profit attributable to owners of parent + Depreciation and amortization Other liabilities Total Assets Equity Cash Flows Cash flows from operating activities*2 Cash flows from investing activities (Net) Free cash flow 4,610 -3,371 1,239 4 (unit: 100 million yen) (unit: 100 million yen) Non-controlling interests 790 (unit: 100 million yen) •Dividend increase in line with EPS growth.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 5 ②Financial Results Overview: FY26/3 Q2 Financial Results Summary Details on P.18 (unit: 100 million yen) FY26/3 Q2 Results FY25/3 Q2 Results Change Main factors Segment profit 929 407 522 Energy solution 999 550 449 City gas: Increase in profit due to reduced resource costs resulting from falling oil prices, etc. Electricity: Increase in profit driven by growth in sales volume of retail sales and wholesale and the absense of one-time costs, etc. Network -174 -165 -9 Increase in general expenses, etc. Overseas business 234 70 164 Increase in profit of US shale gas business due to higher sales unit price, etc. Urban Development 58 80 -22 Decrease in profit of hotel business due to temporary close, etc. Ordinary profit 862 273 589 ー Extraordinary profit/loss 845 49 796 Increase in profit due to the recognition of a foreign currency translation adjustmen gain associated with the resolution to wind up Tokyo Gas Australia Pty Ltd., sale of fixed assets of US shale gas business (TG Eagleford mining rights), etc. Profit attributable to owners of parent 1,296 160 1,136ー • Segment profit rose, buoyed by higher Energy solution profits from the change in city gas/electricity unit prices due to the impact from economic framework, etc., and by an increase in Overseas business profits stemming from the higher sales unit price of US shale gas business. • Profit attributable to owners of parent increased by 1,136 hundred million yen YoY as a result of rise in extraordinary profit due to a foreign currency translation adjustment gain associated with the resolution to wind up Tokyo Gas Australia Pty Ltd.recorded in 1Q and as well as the gain on divestments of fixed assets from the divestments of mining rights of US shale gas assets. • Segment profits are solidly on track with the fiscal year plan.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ②Financial Results Overview: FY26/3 Q2 Profit Variance Analysis (vs FY25/3 Q2) 6 Details on P.19 273 862 <Main factors for profit increase> ■Energy solution • Change in city gasvolume +28 • Decrease in city gas fixed costs +19 • Increase in LNG sales profit • Increase in trading profit • Change in electricity volume +28 • Change in electricity unit price -43 ■Network • Increase in fixed costs, etc. -7 ■Overseas business • Increase in profit from TG America Group +187 <Main factors for profit decrease> ■Consolidated adjustment, etc. • Increasein company-wide costs <Temperature> +62 ■Energy solution • Change in city gas volume due to temp effect +62 <Timelag> +162 • City gas +98 • LNG sales +17 • Electric Power +47 <Amortization of actuarial differences> +29 ■Energy solution • Decrease in electricity fixed costs, etc. +50 ■Overseas business • Decrease in equity method profit -25 ■Urban Development • Decrease in profit from hotel business -12 • Decrease in profit from real estate divestment -6 ■Non-operating profit +77 • Decrease in interest expense, Increase in foreign exchange gains and losses, etc. <Foreign exchange effect> - 31（144.82←161.14¥/$） <Extraordinary profit> • Gain on a foreign currency translation adjustment +680 • Gain on divestment of fixed assets +117 (Incl. gain on divestment of real estate -3) • Gain on divestment of investment securities +19 One-time and valuation gains/loss factors +53 Asset recycle +816 Change +589 （+215.6%） FY25/3 2Q results FY26/3 2Q results <Extraordinary profit> • Absence of compensation income for damage received in the prior period -20 One-off/Evaluative factors -20 Extraordinary profit/loss Ordinary profit (unit: 100 million yen) Adjustment items +253 Business activity- related +283 •Business activity-related
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ②Financial Results Overview: Revision of FY26/3 Forecast 7 Details on P.25 (unit: 100 million yen) FY26/3 Forecast Previous Forecast （as of July 30th） Change % Net sales 28,390 27,540 850 3.1 Operating profit 1,660 1,590 70 4.4 Segment profit （operating profit + equity income of subsidiaries） 1,680 1,680 0 0.0 Energy solution 1,329 1,226 103 8.4 Network 5 5 0 0.0 Overseas business 590 671 -81 -12.1 Urban Development 107 125 -18 -14.4 Ordinary profit 1,510 1,470 40 2.7 Extraordinary profit/loss 1,084 1,064 20 1.9 Profit attributable to owners of parent 1,940 1,830 110 6.0 • The segment profit forecast remains unchanged, given the solid progress achieved in 1H. Gas time lag effects and trading results through 2Q have been factored into the forecast for Energy solution profits, while anticipating profit declines in Overseas business frombattery storage business and entities accounted for using equity method. • Profit attributable to owners of parent was revised upward by 110 hundred million yen to 1,940 hundred million yen versus the previous forecast to reflect factors such as a decrease in corporate taxes of US subsidiary.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ③Shareholder Returns for FY26/3 Based on the new shareholder return policy, • Dividends per share is planned to be increased by ¥20 per share to ¥100 per share (¥50 per share interim dividends, ¥50 per share year-end dividends). • Regarding share buybacks, an additional 800 hundred million was resolved for the second half (totaling 2,000 hundred million yen for the full year, including the first half’s 1,200 hundred million yen). 70 80 100 (tentative) 0 20 40 60 80 100 120 140 3498 3498.5 3499 3499.5 3500 FY23 FY24 FY25 FY26 FY27 FY28 Reference：New shareholder return policy ⚫ We position dividend increases in line with medium- to long-term growth in earnings per share (EPS) as the core of our shareholder return policy. Under a progressive dividend approach, we aim to deliver the results of our growth to shareholders in a consistent and reliable manner. ⚫ We aim to enhance capital efficiency on a sustainable basis by optimally allocating surplus cash between strategic growth investments and share buybacks as part of our capital control strategy. （Purpose of revision） We position ROE as our most important management indicator, reflecting our commitment to enhancing corporate value over the medium to long term. In aiming to achieve an ROE of 10% around 2030, we recognize the need for optimal cash allocation not only to growth investments but also to shareholder returns as part of our capital control strategy. Accordingly, we have revised our shareholder return policy, shifting from a total return ratio-based approach to a more flexible allocation between growth investments and shareholder returns within our medium-term cash flow plan. 140 (target) Continuous EPS growth DPS growth （progressive dividend policy） Dividends per share Shares buyback ⚫ 1st half: 1,200 hundred million yen ⚫ 2nd half: 800 hundred million yen ⚫ Full year: 2,000 hundred million yen 8 Equity control
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ④Segment Overview: Energy Solution 0 200 400 600 800 1,000 1Q 2Q 3Q 4Q FY26/3 2Q: Results FY26/3 Full-year total: Forecast FY25/3: Results 0 50 100 150 200 250 300 1Q 2Q 3Q 4Q FY26/3 2Q: Results FY26/3 Full-year total: Forecast FY25/3: Results City gas Change in segment profits *Includes amortization of long- term prepaid expenses FY26/3 Q2 Results FY25/3 Q2 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales 11,960 10,878 1,082 9.9 24,660 23,699 961 4.1 23,404 1,256 5.4 City gas 7,328 7,810 -482 -6.2 15,282 14,196 1,086 7.7 16,164 -882 -5.5 Electric power 3,298 2,956 342 11.6 6,612 6,698 -86 -1.3 5,981 631 10.5 Segment profit (Operating profit + Equity income/loss of subsidiaries) 999 550 449 81.3 1,329 1,226 103 8.4 1,217 112 9.2 City gas 685 304 381 124.9 924 846 78 9.2 715 209 29.1 Electric power 177 120 57 47.8 262 262 0 0.0 241 21 8.4 Depreciation ー ー ー ー 734* 734* 0 0.0 705 29 4.1 Segment assets ー ー ー ー 15,830 15,830 0 0.0 15,918 -88 -0.6 Capital expenditure Total ー ー ー ー 908 908 0 0.0 785 123 15.7 Portion for growth investments ー ー ー ー 571 571 0 0.0 482 89 18.6 City gas ー ー ー ー 373 373 0 0.0 323 50 15.6 Electric power ー ー ー ー 183 183 0 0.0 186 -3 -1.7 Investments and financing (before offset) Total (growth investments) ー ー ー ー 234 234 0 0.0 287 -53 -18.5 City gas ー ー ー ー ー ー ー ー ー ー ー Electric power ー ー ー ー 100 100 0 0.0 246 -146 -59.1 Electric power Change in segment profits (unit: 100 million yen)(unit: 100 million yen) FY26/3 Full-year total FY26/3 Full-year total • FY26/3 2Q Results (vs. FY25/3 2Q Results): Profits rose due to economic framework effects, temperature effect, and accounting impacts related to trading business on the city gas side, and due to increased sales volume and absence of one-time costs of previous fiscal year on the electric power side. • FY26/3 Forecast: Revised upward to mainly reflect trading business results through 2Q. (unit: 100 million yen) FY26/3 Forecast ROA 8.4％ 9
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ④Segment Overview: Energy Solution (City Gas Sales Volume) Details on P.22, 30 VS. FY25/3 Q2 -23 mil.m3 （-0.4%） including temperature effect +83 mil.m3 （+1.6%） 728 758 1,520 1,549 1,604 2,327 2,363 4,643 4,414 4,681 1,120 1,111 2,315 2,277 2,267 952 918 2,754 2,784 2,663 0 2,000 4,000 6,000 8,000 10,000 12,000 FY26/3 Q2 FY25/3 Q2 FY26/3 Forecast Previous Forecast FY25/3 Results Residential Commercial Industrial Wholesale 5,127 5,150 11,232 11,21511,024 VS. Previous Forecast +208 mil.m3 （+1.9%） including temperature effect +27 mil.m3 （+0.2%） VS. FY25/3 Results +17 mil.m3 （+0.2%） including temperature effect +182 mil.m3 （+1.6%） FY26/3 Q2 FY26/3 Forecast City Gas sales volume （unit: mil.m3） Number of customers for city gas retail sales(Tokyo gas consolidated, 10 thousands) 2017.3 2018.3 2019.3 2020.3 2021.3 2022.3 2023.3 2024.3 2025.3 2025.6 2025.9 Number (Change) 1,026.9 （―） 1,020.9 （-6.0） 982.1 （-38.8） 912.9 （-69.2） 886.3 （-26.6） 868.8 （-17.5） 870.1 （+1.3） 878.9 （+8.8） 882.6 （+3.7） 885.9 （+3.3） 885.6 （-0.3） Full deregulation of the retail market (2017.4） • FY26/3 2Q Results (vs. FY25/3 2Q Results): Although residential and commercial sales rose from the temperature effect, sales as a whole shrank modestly due to decline in industrial and wholesale sales. • FY26/3 Forecast: Revised upward from previous forecast to reflect 2Q growth in power-generation demand for city gas. 10
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ④Segment Overview: Energy Solution (Electricity Sales Volume) 11 Details on P.22, 30 5,931 4,731 28,253 27,582 9,003 7,987 6,902 14,437 0 5,000 10,000 15,000 20,000 25,000 30,000 FY26/3 Q2 FY25/3 Q2 FY26/3 Forecast Previous Forecast FY25/3 Results Retail Sales Wholesale, etc. 3,090 3,190 3,314 3,475 3,612 3,697 3,766 3,871 3,975 4,022 4,077 4,152 4,229 4,269 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0 50 100 150 200 250 300 Quarter(number of customers) Cumulative(number of customers) VS. FY25/3 Q2 +2,285 mil. kWh （+19.6%） VS. Previous Forecast +671 mil. kWh （+2.4%） VS. FY25/3 Results +4,813 mil. kWh （+20.5%） FY26/3 Q2 FY26/3 Forecast 13,918 11,633 28,253 23,440 27,582 Electricity sales volume New electricity retail customers （unit: mil. kWh） *Number of billed customers for electric power retail sales. Quarter (thousands) Cumulative (thousands) • FY26/3 2Q Results (vs. FY25/3 2Q Results): Number of customers continued to steadily climb from 1Q, and retail and wholesale sales volume increased. • FY26/3 Forecast: Revised upward from plan to account for higher demand in 2Q driven by high summer temperatures.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. • FY26/3 2Q Results (vs. FY25/3 2Q Results): Profit shrank due to higher costs. • FY26/3 Forecast: Continue to pursue cost reductions and therefore previous forecast is unchanged. ④Segment Overview: Network 12 -200 -150 -100 -50 0 50 100 150 200 1Q 2Q 3Q 4Q FY26/3 2Q: Results FY26/3 Full-year total: Forecast FY25/3: Results (unit: 100 million yen) Change in segment profits FY26/3 Q2 Results FY25/3 Q2 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales 1,431 1,406 25 1.7 3,353 3,371 -18 -0.5 3,278 75 2.3 Segment profit (Operating profit + Equity income/loss of subsidiaries) -174 -165 -9 ― 5 5 0 0.0 -31 36 ― Depreciation ― ― ― ― 961* 961* 0 0.0 984 -23 -2.4 Segment assets ― ― ― ― 6,220 6,220 0 0.0 6,373 -153 -2.4 Capital expenditure (Infrastructure investments) ― ― ― ― 808 808 0 0.0 862 -54 -6.2 FY26/3 Forecast ROA 0.1% *Includes amortization of long-term prepaid expenses (unit: 100 million yen) FY26/3 Full-year total
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. • FY26/3 2Q Results (vs. FY25/3 2Q Results): Rise in sales and profits due to US shale gas business driven by higher sales unit price. • FY26/3 Forecast: Revised downward. Although the shale gas business is performing robustly, this revision reflects lower battery storage business earnings due to deteriorating market conditions, and impact of temporary decline in revenue of power generation and other businesses of entities accounted for using equity method. • Divested US TG Eagleford mining rights (recorded as extraordinary profit). Further improvements will be made to asset efficiency. ④Segment Overview: Overseas Business 13 0 100 200 300 400 500 600 700 1Q 2Q 3Q 4Q FY26/3 2Q: Results FY26/3 Full-year total: Forecast FY25/3: Results Reference data for US shale gas business (unit: 100 million yen) Change in segment profits Proved Reserves (Tcfe) ※1 4.3 ※1 As of December 31, 2024 FY26/3 Forecast Previous Forecast FY25/3 Results Production (Bcfe/day) 1.2 1.2 1.2 Operation Cost ($/mcfe) ※2 1.0 1.0 1.0 Capex ($MM/yr) 870 870 650 ※2 Operation Cost is Sum of LOE, MGT, Prod/Ad Val Taxes and G&A FY26/3 Forecast Previous Forecast HH Price Assumption ($/MMBtu) ※3 3.2 3.2 Gas Hedge (%) Approx. 80 Approx. 80 Price Sensitivity (EBIT $MM ±$0.1/MMBtu) ※4 ±3 ±5 ※3 1MMBtu ≒ 1Mcf ※4 Sensitivity since the initial forecast FY26/3 Q2 Results FY25/3 Q2 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales 1,102 887 215 24.3 2,268 2,354 -86 -3.7 1,812 456 25.1 Segment profit (Operating profit + Equity income/loss of subsidiaries) 234 70 164 234.2 590 671 -81 -12.1 228 362 158.0 Depreciation ― ― ― ― 893* 893* 0 0.0 845 48 5.6 Segment assets ― ― ― ― 11,240 11,240 0 0.0 11,953 -713 -6.0 Capital expenditure (Growth investments) ― ― ― ― 1,354 1,354 0 0.0 1,306 48 3.7 Investments and financing (Growth investments) ― ― ― ― 177 177 0 0.0 58 119 202.1 FY26/3 Forecast ROA 5.1% *Includes amortization of long-term prepaid expenses (unit: 100 million yen) FY26/3 Full-year total
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ④Segment Overview: Urban Development 14 0 50 100 150 200 250 300 1Q 2Q 3Q 4Q FY26/3 2Q: Results FY26/3 Full-year total: Forecast FY25/3: Results Executed divestments of business-related land under the following divestments policy: (unit: 100 million yen) Change in segment profits Asset divestments (Unchanged from “Action Policy Toward Continuous Corporate Value Enhancement (March 26, 2025)” Decisions are made under the premise of allowing all shareholders to benefit from the stable income and real estate value in the long term • Regional symbiosis and integration with the energy business • Importance to maintain regional resilience and stable supply • Necessity of profit/cashflow from asset for overall TG portfolio • Returns consistent with normal real estate businesses • Value creation opportunities in the mid-to-long term *Includes amortization of long- term prepaid expenses FY26/3 Q2 Results FY25/3 Q2 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Segment net sales Total 285 303 -18 -5.7 817 832 -15 -1.8 778 39 5.0 Leasing business, etc. 285 296 -11 -3.7 603 618 -15 -2.4 587 16 2.6 Divestments 0 6 -6 ― 214 214 0 0.0 190 24 12.2 Fixed assets (real estate) divestment Divestments 7 10 -3 -33.7 276 276 0 0.0 19 257 ― (Reference) Net sales from urban dev. business 293 314 -21 -6.7 1,093 1,108 -15 -1.4 798 295 36.9 Total divestments 7 17 -10 -58.8 490 490 0 0.0 210 280 132.7 Segment profit Total 58 80 -22 -27.0 107 125 -18 -14.4 240 -133 -55.5 Leasing business, etc. 58 74 -16 -20.6 18 36 -18 -50.0 125 -107 -85.7 Gain on divestments 0 6 -6 ― 89 89 0 0.0 114 -25 -22.2 Fixed assets (real estate) divestment Gain on divestments 5 8 -3 -31.0 218 218 0 0.0 14 204 1,457 (Reference) Profit from urban dev. business 64 88 -24 -27.3 325 343 -18 -5.2 254 71 27.8 Gain on divestments 5 14 -9 -61.8 307 307 0 0.0 128 179 139.0 Depreciation ― ― ― ― 13,074* 13,074* 0 0.0 11,537 1,537 13.3 Segment assets Total ― ― ― ― 3,510 3,510 0 0.0 3,279 231 7.0 Leasing business, etc. ― ― ― ― 2,990 2,990 0 0.0 2,879 111 3.9 Real estate for sale ― ― ― ― 520 520 0 0.0 400 120 30.0 Capital expenditure (growth investments) ― ― ― ― 24,706 24,706 0 0.0 25,863 -1,157 -4.5 Investments and financing (growth investments) ― ― ― ― 5,290 5,290 0 0.0 7,656 -2,366 -30.9 Premise Synergy Economics Decisions are made under the premise of allowing all shareholders to benefit from the stable income and real estate value in the long term ・Regional symbiosis and integration with the energy business ・Importance to maintain regional resilience and stable supply ・Necessity of profit/cashflow from asset for overall TG portfolio ・Returns consistent with normal real estate businesses ・Value creation opportunities in the mid-to-long term (unit: 100 million yen) FY26/3 Full-year total • FY26/3 2Q Results (vs. FY25/3 2Q Results): Profit decreased due to closure of Park Tower Hotel Co., Ltd. for renovations (from May 2024). • FY26/3 Forecast: Revised downward to account for delayed hotel reopening (scheduled for December 9) and increase in renovation costs. • As with 2Q, gain on divestments of fixed assets (extraordinary profit) is expected in 2H from divestments of real estate assets. FY26/3 Forecast ROA 9.6%
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ⑤Overview of Consolidated Balance Sheet 6,721 Interest- bearing debt 13,379 Equity 15,854 695 Noncurrent assets 27,278 (unit: 100 million yen) (unit: 100 million yen) ） Current assets 9,373 Other liabilities Non-controlling interests 7,173 Interest- bearing debt 13,362 Equity 17,254 760 Noncurrent assets 28,079 Current assets 10,471 Total assets: 36,651 Total assets: 38,550 Other liabilities Sep. 30, 2025 Mar. 31, 2025 (unit: 100 million yen) 15 Change Main factors Total assets -1,899 Current assets -1,098 (Notes and accounts receivable – trade, and contract assets -560, Other current assets -508) Non-current assets -801 (Property, plant and equipment -216, Intangible assets -589, Investments and other assets +4) Equity -1,400 Shares buyback -1,199, Dividend payments -168, Profit attributable to owners of parent +1,296, Foreign currency translation adjustment -1,205 Non-controlling interests Details on P.33
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 23－25年度 中計目標 2025年度見通し FY24/3-FY26/3 FY26/3 Investments (100 million yen) Growth investments 6,500 8,910 2,638 2,470 3,801 (portion for decarbonization- related investments) 2,300 1,341 265 371 703 （FY24/3-FY26/3） Infrastructure investments 3,500 3,320 1,145 1,165 1,008 （FY24/3-FY26/3） Consolidated adjustment ― -69 -59 -4 -5 Total (before offset) 10,000 12,160 3,724 3,630 4,804 （FY24/3-FY26/3） Total (offset) 10,000 9,669 3,371 2,424 3,874 （FY24/3-FY26/3） ⑥Progress of the FY24/3-FY26/3 Medium-Term Investment Plan 16 FY26/3 ForecastTargets of Medium-term Management Plan for FY24/3-26/3 FY25/3 Results FY24/3 Results
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 17 2 FY26/3 Q2 Financial Results in Detail (Data)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 18 ①FY26/3 Q2 vs FY25/3 Q2: Sales, Profit, etc. ■Reference: Economic framework, temperature ■Reference: Pension assets (expected annual rate of return: 2%) (+/- indicate impact on profit, unit: 100 million yen) FY26/3 Q2 Results FY25/3 Q2 Results Change % Exchange rate （¥/$） 146.03 152.77 -6.74 -4.4 Crude oil price （$/bbl） 73.67 86.73 -13.06 -15.1 Avg. temperature （℃） 23.9 24.1 -0.2 ― FY26/3 Q2 Results FY25/3 Q2 Results Change % Net Sales 13,475 12,216 1,259 10.3 Operating profit 952 394 558 141.8 Segment Profit （operating profit + equity income of subsidiaries） 929 407 522 128.3 Ordinary profit 862 273 589 215.6 Extraordinary profit/loss 845 49 796 ― Profit attributable to owners of parent 1,296 160 1,136 708.8 Adjustment items Temperature effect 10 -52 62 ― Time lag effect 244 82 162 ― City gas 143 45 98 LNG sales 32 15 17 Electric Power 69 22 47 Amortization of actuarial differences 80 51 29 ― FY26/3 Q2 Investment yield (costs deducted) 2.34% Year-end assets (100 million yen) 2,340
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 19 ①FY26/3 Q2 vs FY25/3 Q2: Ordinary Profit Analysis ●Electricity +57 ●City gas +381 Increase in electricity gross margin +32 Increase in city gas gross margin +188 Change +589 （+215.6%） FY25/3 Q2 Results 273 FY26/3 Q2 Results 862 Nonoperating profit +67 *excluding equity income of subsidiaries Consolidated adjustment, etc. -60 ・ Change in volume +28 (Increase in retail sales/wholesale, etc.) ・Change in unit price (excl. （time lag effect of fuel cost adjustment system) -43 ・Increase in company-wide costs ・Increase in profit from TG America Group +187*(288←101: Increase in sales unit price of US shale gas business due to rise in gas price and hedging effects) *Consolidated figures are simple sums before elimination of intra-company transactions and exclude equity method profit Adjustment items One-time and valuation gains/loss factors ・ Decrease in fixed costs +19 ・Change in volume (excl. change due to temp effect) +28 Increase in LNG sales profit (Net sales) -166: Change in volume, etc. +48, Chane in unit price -214 (Resource costs, etc.) +354: Decrease in raw material costs due to the impact from economic framework（incl. exchange rate 118, crude oil price +120） (Net sales) +308: Retail sales +149 (Change in volume +208, Change in unit price -59） Wholesales, etc. +159 (Change in volume +220, Change in unit price -61) (Procurement costs) -276: Change in volume -400, Change in unit price +124 Business activity-related ・Change in volume due to temp effect +62 ・Time lag effect +98 ・Time lag effect of fuel cost adjustment system +47 ・Decrease in fixed costs +50 ・Increase in fixed costs ・Decrease in interest expense +46 ・Increase in foreign exchange gains and losses +31, etc. ・Decrease in profit from hotel business -12 ・Decrease in profit from real estate divestment -6, etc. ・Decrease in equity method profit -25 (Trading business) Segment Profit +522 （+128.3%） 929←407 Energy Solution +449 （+81.3%） 999←550 Overseas +164 （+234.2%） 234←70 Urban Development -22 （-27.0%） 58←80 Network -9 （ー） -174←-165 ・Time lag effect +17 Increase in trading profit(Impact on Accounting Treatment and Related Matters) (unit: 100 million yen) *+/- indicate contributions to profit.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ①FY26/3 Q2 vs FY25/3 Q2: Assets, Cash Flow, etc. (unit: 100 million yen) (unit: 100 million yen) FY26/3 Q2 Results (Sep. 30, 2025) FY25/3 Results (Mar.31, 2025) Change % Total assets 36,651 38,550 -1,899 -4.9 Equity 15,854 17,254 -1,400 -8.1 Equity ratio 43.3% 44.8% -1.5% ― Factoring in hybrid bonds/loans 44.4% 45.8% -1.4% ― Interest-bearing debt 13,379 13,362 17 0.1 Hybrid bond/loan component 833 833 0 0.0 FY26/3 Q2 Results FY25/3 Q2 Results Change % Profit attributable to owners of parent 1,296 160 1,136 708.8 Depreciation*1,2 1,357 1,294 63 4.9 Operating cash flow*3 2,654 1,455 1,199 82.4 Capital expenditure*1 1,294 1,509 -215 -14.3 Investments and Financing (after offset) 69 -786 855 ― 20 *1 Amounts for capital expenditure and depreciation are after offsetting of internal transactions *2 Depreciation includes amortization of long-term prepaid expenses *3 Operating cash flow is calculated using the simplified accounting treatment of “Net profit attributable to the parent + Depreciation and amortization” (simplified accounting treatment; differs from amount in Consolidated Statement of Cash Flows)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 21 ①FY26/3 Q2 vs FY25/3 Q2: Financial Indicators *1 Total assets, Equity are based upon average in each period *2 Figures in B/S items for FY24 are as of the end of FY25 (end of March 2025) FY26/3 Q2 Results FY25/3 Q2 Results Change % Total assets turnover*1 (times) 0.36 0.31 0.05 ― EPS (¥/share) 366.15 40.82 325.33 797.0 BPS*2 (¥/share) 4,589.30 4,669.38 -80.08 -1.7 (unit: 100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 22 ①FY26/3 Q2 vs FY25/3 Q2: Sales Volume/Number of Customers FY26/3 Q2 Results FY25/3 Q2 Results Change % Gas sales volume (unit: million m3) 7,292 7,492 - 200 ▲ 2.7 City gas sales volume 5,127 5,150 - 23 ▲ 0.4 Residential 952 918 34 3.7 Commercial 1,120 1,111 9 0.8 Industrial 2,327 2,363 - 36 ▲ 1.5 Industrial 1,374 1,423 - 49 ▲ 3.5 Power generation 953 940 13 1.4 Wholesale 728 758 - 30 ▲ 4.0 LNG sales volume (thousands t) 894 912 - 18 ▲ 2.0 LNG sales volume (mil. m3) 1,118 1,141 - 23 - 2.0 Gas volume used in-house under tolling arrangement (mil. m3) 1,047 1,202 - 155 12.9 Number of customers (meters) (10 thousands)* 12,616 12,496 120 1.0 Electricity sales volume (unit: mil. kWh) 13,918 11,633 2,285 19.6 Retail sales 7,987 6,902 1,085 15.7 Wholesale, etc. 5,931 4,731 1,200 25.4 *Number of meters installed for gas supply Residential +34mil.m3（+3.7%） Temperature effect +49mil.m3 Number of days -5mil.m3 Number of customers +3mil.m3 Others -13mil.m3 Commercial +9mil.m3 (+0.8%) Temperature effect +31mil.m3 Number of days -13mil.m3 Number of customers +12mil.m3 Others -21mil.m3 Industrial -36mil.m3 (-1.5%) Industrial -49mil.m3 Power generation +13mil.m3 Wholesale -30mil.m3 (-4.0%) Temperature effect +3mil.m3 Others -33mil.m3 Decrease in wholesale demand, etc.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 23 ①FY26/3 Q2 vs FY25/3 Q2: Analysis of Gas Gross Profit (Non-consolidated) FY26/3 Q2 Results FY25/3 Q2 Results Change % Gas Sales 5,358 5,532 -174 -3.2 Gas raw materials and supplies 3,352 3,755 -403 -10.7 Gas gross profit 2,006 1,777 229 12.9 (unit: 100 million yen) Volume, etc. 131 Temp. effect 62 Other 69 Time lag effect 98
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 24 ①FY26/3 Q2 vs FY25/3 Q2: Main Consolidated Subsidiaries *1 Consolidated figures are simple sums before elimination of intra-company transactions *2 Includes Equity method profit/loss (unit: 100 million yen) Company name FY26/3 Q2 Results FY25/3 Q2 Results Change % Net sales Tokyo Gas Co.,Ltd. 9,885 10,947 -1,062 -9.7 Tokyo Gas Engineering Solutions Group*1 1,138 1,054 84 7.9 Tokyo Gas America Group*1 1,100 885 215 24.3 Other 6,999 4,006 2,993 74.7 Consolidated subsidiaries total 9,237 5,946 3,291 55.3 Company name FY26/3 Q2 Results FY25/3 Q2 Results Change % Operating profit Tokyo Gas Co.,Ltd. 516 269 247 91.7 Tokyo Gas Engineering Solutions Group*1 115 99 16 15.7 Tokyo Gas America Group*1,2 258 94 164 173.4 Other 25 -80 105 ― Consolidated subsidiaries total 400 114 286 250.8
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 25 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Sales, Profit, etc. ■Reference: Economic framework, Temperature ■Reference: Pension assets (expected annual rate of return: 2%) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales 28,390 27,540 850 3.1 26,368 2,022 7.7 Operating profit 1,660 1,590 70 4.4 1,330 330 24.7 Segment profit (operating profit + equity income of subsidiaries) 1,680 1,680 0 0.0 1,386 294 21.2 Ordinary profit 1,510 1,470 40 2.7 1,135 375 32.9 Extraordinary profit 1,084 1,064 20 1.9 - 73 1,157 ― Profit attributable to owners of parent 1,940 1,830 110 6.0 741 1,199 161.5 Adjustment items Temperature effect -12 0 -12 ― -120 108 ― Timelag effect 333 134 199 ― 101 232 ― City gas 227 88 139 73 154 LNG sales 39 22 17 8 31 Electric Power 67 24 43 20 47 Amortization of actuarial differences 161 161 0 ― 103 58 ― FY25/3 FY24/3 FY23/3 Investment yield (costs deducted) 0.01% 2.21% -1.90% Discount rate Annuity portion 1.94% 1.15% 0.81% Lump-sum portion 1.35% 0.63% 0.37% Year-end assets (100 million yen) 2,330 2,400 2,430 FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Exchange rate（¥/$） 148.01 150.00 -1.99 -1.3 152.62 -4.61 -3.0 Crude oil price（$/bbl） 74.34 75.00 -0.66 -0.9 82.41 -8.07 -9.8 Avg. temperature（℃） 17.2 16.5 0.7 ― 17.6 -0.4 ― (unit: 100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 26 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Ordinary Profit Analysis vs Previous Forecast ⚫ Decrease in loss on valuation of derivatives, Increase in interest received, etc. ⚫ Decrease in sales due to decrease in third-party access revenue, Decrease in fixed costs, etc. ⚫ Decrease in profit from TG America Group -22* (652←674: Decrease in profit from battery storage business) ⚫ Decrease in equity method profit -61, etc. *Consolidated figures are simple sums before elimination of intra-company transactions and exclude equity method profit ⚫ Decrease in profit from hotel business, etc. Change +40 （+2.7%） FY26/3 Forecast (Previous) 1,470 FY26/3 Forecast 1,510 Segment Profit ±0 （±0.0%） 1,680←1,680 *+/- indicate contributions to profit. Energy Solution +103 （+8.4%） 1,329←1,226 Nonoperating profit +40 *excluding equity income of subsidiaries Overseas -81 （-12.1%） 590←671 Consolidated adjustment, etc. -4 Urban Development -18 （-14.4%） 107←125 Network ±0 （±0.0） 5←5 ⚫ City gas +78: Increase in city gas gross margin +10: Change in volume, etc. -129 (incl. change due to temp effect -12), time lag effect +139 (Net sales) -45: Decrease in unit price due to resource costs adjustment, etc. (Resource costs, etc.) +55: Decrease in raw material costs due to the impact from economic framework（incl. exchange rate +66, crude oil price +75） Decrease in fixed costs +10 Decrease in LNG sales profit, etc. Increase in trading profit(reflects FY26/3 2Q actual results) ⚫ Electricity ±0: Increase in electricity gross margin +10: Change in volume -64, Change in unit price +74 (time lag effect of fuel cost adjustment system +43, etc.) (Net sales) -41: Retail sales +220 (Change in volume +268, Change in unit price -48) Wholesales, etc. -261 (Change in volume -208, Change in unit price -53） (Procurement costs) +51: Change in volume -124, Change in unit price +175 Decrease in fixed costs, etc. -10 (unit: 100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 27 vs FY25/3 Results ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Ordinary Profit Analysis ⚫ Decrease in interest expense, etc. ⚫ Increase in sales due to increase in third-party access revenue, etc. ⚫ Increase in profit from TG America Group ＋400*（652←252: Increase in profit from US shale gas business) ⚫ Equity method profit -27, etc. *Consolidated figures are simple sums before elimination of intra-company transactions and exclude equity method profit ⚫ Decrease in profit from real estate business, Increase in cost of hotel business, etc. Change +375 （+32.9%） FY25/3 Results 1,135 FY26/3 Forecast 1,510 Nonoperating profit +81 *excluding equity income of subsidiaries Segment Profit +294 （+21.2%） 1,680←1,386 Energy Solution +112 （+9.2%） 1,329←1,217 Overseas +362 （+158.0%） 590←228 Consolidated adjustment, etc. -83 Urban Development -133 （-55.5%） 107←240 Network +36 （－） 5←-31 ⚫ City gas +209: Increase in city gas gross margin +136: Change in volume, etc. -18 (incl. change due to temp effect +108), time lag effect +154 (Net sales) -640: Decrease in unit price due to resource costs adjustment, etc. (Resource costs, etc.) +776: Decrease in raw material costs due to the impact from economic framework (incl. exchange rate +170, crude oil price +364) Increase in fixed costs -20 Increase in LNG sales profit, etc. ⚫ Electricity +21: Decrease in electricity gross margin -10: Change in volume -1, Change in unit price -9 (time lag effect of fuel cost adjustment system +47, etc.) (Net sales) +534: Retail sales +113 (Change in volume +293, Change in unit price -180) Wholesales, etc. +421 (Change in volume +578, Change in unit price -157） (Procurement costs) -544: Change in volume -872、 Change in unit price +328 Decrease in fixed costs, other effects on income and expenses, etc. +30 (unit: 100 million yen) *+/- indicate contributions to profit.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 28 ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Assets, Cash Flow, etc. *1 Amounts for capital expenditure and depreciation are after offsetting of internal transactions *2 Depreciation includes amortization of long-term prepaid expenses *3 Operating cash flow is calculated using the simplified accounting treatment of “Net profit attributable to the parent + Depreciation and amortization” (simplified accounting treatment; differs from amount in Consolidated Statement of Cash Flows) (unit: 100 million yen) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Total assets 36,550 36,670 -120 -0.3 38,550 -2,000 -5.2 Equity 15,720 15,790 -70 -0.4 17,254 -1,534 -8.9 Equity ratio 43.0% 43.1% -0.1% ― 44.8% -1.8% ― Factoring in hybrid bonds/loans 44.1% 44.2% -0.1% ― 45.8% -1.7% ― Interest-bearing debt 12,780 12,880 -100 -0.8 13,362 -582 -4.4 Hybrid bond/loan component 833 833 0 0.0 833 0 0.0 D/E ratio 0.81 0.82 -0.01 ― 0.77 0.04 ― Factoring in hybrid bonds/loans 0.77 0.77 0.00 ― 0.73 0.04 ― FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Profit attributable to owners of parent 1,940 1,830 110 6.0 741 1,199 161.8 Depreciation*1,2 2,670 2,670 0 0.0 2,682 -12 -0.4 Operating cash flow*3 4,610 4,500 110 2.4 3,424 1,186 34.6 Capital expenditure*1 3,260 3,260 0 0.0 3,207 53 1.7 Investments and Financing (after offset) 401 401 0 0.0 -751 1,152 ―
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 29 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Financial Indicators *1 Total assets, Equity are based upon average in each period *2 FYn Total return ratio = ((FYn total annual dividend) + (FYn+1 stock repurchases)) / (FYn profit attributable to owners of the parent) *3 Total return on net income, excluding shares buyback carried out as part of capital policy, was 40.7% in FY25/3 *4 The FY26/3 forecast excludes items done as capital policy (unit: 100 million yen) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Total assets turnover*1 (times) 0.76 0.73 0.02 ― 0.68 0.08 ― ROA*1 (%) 5.2% 4.9% 0.3% ― 1.9% 3.3% ― ROE*1 (%) 11.8% 11.1% 0.7% ― 4.3% 7.5% ― WACC (%) 3.5% 3.5% 0.0% ― 3.2% 0.3% ― EPS (¥/share) 561.55 524.79 36.77 7.0 192.22 369.34 192.1 BPS*1 (¥/share) 4,770.06 4,593.41 176.65 3.8 4,669.38 100.68 2.2 Total return ratio*2,3,4 ― Approximately 40% ― ― 202.5% ― ―
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 30 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Sales Volume/Number of Customers *Number of meters installed for gas supply FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Gas sales volume (unit: mil. m3) 15,962 15,665 297 1.9 15,686 276 1.8 City gas sales volume 11,232 11,024 208 1.9 11,215 17 0.2 Residential 2,754 2,784 -30 -1.1 2,663 91 3.4 Commercial 2,315 2,277 38 1.6 2,267 48 2.1 Industrial 4,643 4,414 229 5.2 4,681 -38 -0.8 Industrial 2,908 2,954 -46 -1.5 2,860 48 1.7 Power generation 1,735 1,460 275 18.8 1,821 -86 -4.7 Wholesale 1,520 1,549 -29 -1.9 1,604 -84 -5.2 LNG sales volume (thousands t) 1,824 1,571 253 16.1 1,696 128 7.5 LNG sales volume (mil. m3) 2,280 1,964 316 16.1 2,121 159 7.5 Gas volume used in-house under tolling arrangement (mil. m3) 2,450 2,677 -227 -8.5 2,350 100 4.2 Number of customers (meters) (10 thousands)* 12,691 12,687 4 0.0 12,564 127 1.0 Electricity sales volume (unit: mil. kWh) 28,253 27,582 671 2.4 23,440 4,813 20.5 Retail sales ― ― ― ― 14,437 ― ― Wholesale, etc. ― ― ― ― 9,003 ― ―
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 31 ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Analysis of Gas Gross Profit (Non-consolidated) (unit: 100 million yen) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Gas Sales 11,708 11,739 -31 -0.3 12,337 -629 -5.1 Gas raw materials and supplies 7,459 7,514 -55 -0.7 8,301 -842 -10.1 Gas gross profit 4,249 4,225 24 0.6 4,036 213 5.3 Volume, etc. -115 Temp. effect -12 Other -103 Time lag effect 139 Volume, etc. 59 Temp. effect 108 Other -49 Time lag effect 154
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 32 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Main Consolidated Subsidiaries (unit: 100 million yen) Company name FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales Tokyo Gas Engineering Solutions Group*1 2,339 2,360 -21 -0.9 2,263 76 3.4 Tokyo Gas America Group*1,2 2,273 2,367 -94 -4.0 1,806 467 25.8 Other 13,574 12,597 977 7.8 10,316 3,258 31.6 Consolidated subsidiaries total 18,186 17,325 861 5.0 14,386 3,800 26.4 Company name FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Operating profit Tokyo Gas Engineering Solutions Group*1 170 160 10 6.4 178 -8 -4.1 Tokyo Gas America Group*1,2 643 691 -48 -8.5 233 410 171.0 Other 164 246 -82 -33.1 531 -367 -69.0 Consolidated subsidiaries total 979 1,098 -119 -11.9 943 36 2.7 *1 Consolidated figures are simple sums before elimination of intra-company transactions *2 Includes Equity method profit/loss
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 33 ③Change in Balance Sheets (unit: 100 million yen) Sep. 30, 2025 % Mar. 31, 2025 % Change % Main Factors 【Assets】 Current assets 9,373 25.6% 10,471 27.2% -1,098 -10.5 Notes and accounts receivable - trade, and contract assets -560, Other current assets -508 Noncurrent assets 27,278 74.4% 28,079 72.8% -801 -2.9 (Property, plant and equipment, intangible assets) Depreciation -1,326, Foreign exchange -634, Capital expenditure +1,294 (Investments and other assets) Investment securities - 42, Other investments +63 Total Assets 36,651 100.0% 38,550 100.0% -1,899 -4.9 【Liabilities】 Interest-bearing debt 13,379 36.5% 13,362 34.7% 17 0.1 (Commercial papers) Issuance +4,450, Redemption -3,550 (Bonds payable) Foreign exchange -86 (Long-term loans payable) New borrowings +668, Payment -1,335, Foreign exchange -107 Provision for retirement benefits 568 1.6% 581 1.5% -13 -2.4 Notes and accounts payable-trade 947 2.6% 1,025 2.7% -78 -7.7 Other liabilities 5,206 14.2% 5,565 14.4% -359 -6.5 Other current liabilities -484 Total Liabilities 20,100 54.8% 20,536 53.3% -436 -2.1 【Net Assets】 Shareholders' equity 13,964 38.1% 14,039 36.4% -75 -0.5 Shares buyback -1,199, Dividend payments -168、 Profit attributable to owners of parent +1,296 Accumulated other comprehensive income 1,889 5.2% 3,214 8.3% -1,325 -41.2 Foreign currency translation adjustment -1,205 Non-controlling interests 695 1.9% 760 2.0% -65 -8.5 Total Net Assets 16,550 45.2% 18,014 46.7% -1,464 -8.1 Equity ratio 43.3% (Sep. 30, 2025) <- 44.8% (Mar. 31, 2025) Total (Liabilities and Net Assets) 36,651 100.0% 38,550 100.0% -1,899 -4.9
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 34 3 Reference
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 35 Gas Gross Margin Sensitivity to Change in Crude Oil Price and Exchange Rate Impact of rising JCC (Japan Crude Cocktail Prices) by $1/bbl Impact on Earnings Q3 Q4 Full year Period Q3 -1 -9 -10 Gas sales: 3, Gas raw materials and supplies: -13 Q4 ― -1 -1 Gas sales: 0, Gas raw materials and supplies: -1 Full year -1 -10 -11 Gas sales: 3, Gas raw materials and supplies: -14 Impact of depreciation of the yen by ¥1/$ Impact on Earnings Q3 Q4 Full year Period Q3 -6 +7 +1 Gas sales: 11, Gas raw materials and supplies: -10 Q4 ― -9 -9 Gas sales: 2, Gas raw materials and supplies: -11 Full year -6 -2 -8 Gas sales: 13, Gas raw materials and supplies: -21 (unit: 100 million yen) (unit: 100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 36 Crude Oil Price, Exchange Rate Crude oil price（Japan Crude Cocktail Prices） Exchange rate 40.00 50.00 60.00 70.00 80.00 90.00 100.00 110.00 120.00 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY26/3 FY25/3 FY24/3 120.00 125.00 130.00 135.00 140.00 145.00 150.00 155.00 160.00 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY26/3 FY25/3 FY24/3 （$/bbl） （¥/$）
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 37