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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. FY26/3 Q3 Financial Results ended December, 2025 January 30, 2026 TSE:9531
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 1 FY26/3 Q3 Financial Results ①Progress Toward Achieving 8% ROE ②Financial Results Overview ③Segment Overview ④Overview of Consolidated Balance Sheets ⑤Progress of the FY24/3-FY26/3 Medium-Term Investment Plan 2 FY26/3 Q3 Financial Results in Detail (Data) ①FY26/3 Q3 vs FY25/3 Q3 ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results 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 *Tokyo Gas America Ltd., and its affiliated consolidated subsidiaries have adopted Generally Accepted Accounting Principles in the U.S. (U.S. GAAP) in place of International Financial Reporting Standards (IFRS) from the end of FY25/3. Accordingly, the results for FY25/3 Q3 have been restated after the retrospective application of the change in accounting policies.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 3 1 FY26/3 Q3 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% 11.4% Dividends increase in line with EPS growth: 100yen/share*1 Shares buyback for equity control: 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: 3,604 (portion for Growth investments: 2,583） • Asset/business divestitures, etc.: 543 Divestment of US shale gas assets (Eagle Ford and Terryville), real estate, cross-shareholdings, etc. Equity 16,640 Period average 16,947 Interest- bearing debt 12,480 Total assets 37,670 Interest- bearing debt 13,362 Equity 17,254 Period average 17,094 Non-controlling interests 760 Total assets 38,550 D/E Ratio 0.77 0.75 *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 -3,060 1,550 4 (unit: 100 million yen) (unit: 100 million yen) Non-controlling interests 800 (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 Q3 Financial Results Summary Details on P.18 (unit: 100 million yen) • Segment profit rose, driven by higher Energy solution profits from the change in city gas unit prices due to time lag effect, growth in electric power sales volume, 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 1,327 hundred million yen as a result of reflecting the 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 Q1, gain on divestments of fixed assets including real estate, and recognition of an impairment loss in some domestic renewable energy projects in Q3. • Segment profits are solidly on track with the fiscal year plan. FY26/3 Q3 Results FY25/3 Q3 Results Change Main Factors 20,396 18,437 1,959 1,382 737 645 1,397 793 604 Energy solution 1,359 963 396 Gas: Increase in profit by the change in city gas unit prices due to time lag effect, etc. Electic power: Increase in profit driven by growth in sales volume of retail sales and wholesale and the absence of one-time costs, etc. Network - 190 - 221 31 Increase in third-party access revenue, etc. Overseas business 483 137 346 Increase in profit of US shale gas business due to higher sales unit price, etc. Urban development 18 109 - 91 Increase in hotel renovation related costs, decrease in profit of hotel business due to temporary close, etc. 1,333 650 683 895 - 31 926 Increase in profit due to the recognition of a foreign currency translation adjustment gain associated with the resolution to wind up Tokyo Gas Australia Pty Ltd., divestment of fixed assets including real estate, decrease in profit due to an impairment loss in some domestic renewable energy projects, etc. 1,662 335 1,327Profit attributable to owners of parent Net sales Operating profit Segment profit (Operating profit + equity method profit/loss) Ordinary profit Extraordinary profit/loss
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ②Financial Results Overview: FY26/3 Q3 Profit Variance Analysis (vs FY25/3 Q3) 6 Details on P.20 <Main factors for profit increase> ■Energy solution • Change in city gasvolume +53 • Decrease in city gas fixed costs +11 • Increase in LNG sales profit • Change in electric power volume +148 ■Network • Increase in third-party access revenue, etc. +31 ■Overseas business • Increase in profit from TG America Group +373* <Main factors for profit decrease> ■Energy solution • Decrease in trading profit • Change due to electric power fuel cost adjustment system, etc. -120 • Increase in electric power fixed costs ■Consolidated adjustment, etc. • Increase in company-wide costs <Temperature> +42 ■Energy solution • Change in city gas volume +42 <Time lag> +202 ■Energy solution • City gas +137 • LNG sales +24 • Electric power +41 <Amortization of actuarial differences> +44 ■Energy solution • Decrease in electric power fixed costs, etc. +83 ■Overseas business • Decrease in equity method profit -30 ■Urban development • Increase in hotel renovation related costs -42 • Decrease in profit from hotel business -29 • Decrease in profit from real estate divestment -7 ■Non-operating profit +79 • Decrease in interest expense, increase in foreign exchange gains and losses, etc. <Foreign exchange effect> +23（148.89←142.82¥/$） <Extraordinary profit> • Gain on a foreign currency translation adjustment +680 • Gain on divestment of fixed assets +482 (including gain on divestment of real estate +368) • Gain on divestment of investment securities +17 One-time or valuation-related factors +77 Asset recycling +1,179 Change +683 （+105.1%） FY25/3 Q3 results FY26/3 Q3 results <Extraordinary profit> • Absence of compensation income for damage received in the prior period -20 <Extraordinary loss> • Absence of loss on valuation of investment securities in the prior period +86 • Impairment loss in a portion of domestic renewable energy business, etc. One-time or valuation-related factors -253 Extraordinary profit/loss +926 Ordinary profit (unit: 100 million yen) Adjustment items +288 Business activity- related +318 650 1,333 *Simple sum before elimination of intra-company transactions and exclude equity method profit. Includesforeign exchange effect shown separately.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ②Financial Results Overview: Revision of FY26/3 Forecast 7 Details on P.26 (unit: 100 million yen) • The segment profit forecast is revised upward by 196 hundred million yen from the previous forecast based on higher Overseas business profits stemming from the higher sales unit price of US shale gas business and higher Energy solution profits due to improved gas gross margin. • Profit attributable to owners of parent remains unchanged despite higher gains on real estate divestments, due to the recognition of extraordinary loss resulting from an impairment loss in some domestic renewable energy projects. FY26/3 Forecast Previous Forecast （as of October 29th） Change % 28,900 28,390 510 1.8 1,850 1,660 190 11.4 1,876 1,680 196 11.7 Energy solution 1,431 1,329 102 7.7 Network 5 5 0 0.0 Overseas business 700 590 110 18.6 Urban development 82 107 - 25 - 23.4 1,710 1,510 200 13.2 922 1,084 - 162 - 14.9 1,940 1,940 0 0.0Profit attributable to owners of parent Extraordinary profit/loss Net sales Operating profit Segment profit (Operating profit + equity method profit/loss) Ordinary profit
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ③Segment Overview: Energy Solution 0 500 1,000 1,500 Q1 Q2 Q3 Q4 FY26/3 (Full-year total, 4Q: Forecast) FY25/3 Results 0 100 200 300 Q1 Q2 Q3 Q4 FY26/3 (Full-year total: Forecast) FY25/3 Results ■Change in segment profit (Gas) *Includes amortization of long-term prepaid expenses ■Change in segment profit (Electric Power) (unit: 100 million yen)(unit: 100 million yen) Full-year total Full-year total • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Profits rose due to time lag and temperature effect on 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 (vs. Previous Forecast): Revised upward, mainly reflecting improved gas gross margin and cost reduction efforts. (unit: 100 million yen) FY26/3 Forecast ROA 8.9％ 8 FY26/3 Q3 Results FY25/3 Q3 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % 18,090 16,557 1,533 9.3 25,074 24,660 414 1.7 23,404 1,670 7.1 Gas 11,177 11,723 - 546 - 4.7 15,597 15,282 315 2.1 16,164 - 567 - 3.5 Electric power 4,838 4,349 489 11.2 6,689 6,612 77 1.2 5,981 708 11.8 Gas 901 581 320 55.1 987 924 63 6.8 715 272 37.9 Electric power 248 167 81 48.3 262 262 0 0.0 241 21 8.4 Depreciation ― ― ― ― 734 734 0 - 0.0 705 29 4.1 Segment assets ― ― ― ― 16,090 15,830 260 1.6 15,918 172 1.1 Total ― ― ― ― 785 908 - 123 - 13.6 785 0 - 0.0 Portion for growth investments ― ― ― ― 508 571 - 63 - 11.2 482 26 5.3 Gas ― ― ― ― 325 373 - 48 - 13.0 323 2 0.6 Electric power ― ― ― ― 161 183 - 22 - 12.1 186 - 25 - 13.6 Total (Growth investments) ― ― ― ― 234 234 0 0.0 287 - 53 - 18.5 Gas ― ― ― ― ― ― ー ー ― ー ー Electric power ― ― ― ― 100 100 0 0.0 246 - 146 - 59.1 Net sales Segment profit (Operating profit + equity method profit/loss) Investments and financing (before offset) 1,359 963 214 17.6 Capital expenditure 7.7 1,21741.0 1,431 1,329 102396 * *
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ③Segment Overview: Energy Solution (City Gas Sales Volume) Details on P.23, 32 VS. FY25/3 Q3 -13 mil. m3 （-0.2%） including temperature effect +121 mil. m3 （+1.5%） 1,142 1,193 1,543 1,520 1,604 3,501 3,517 4,678 4,643 4,681 1,611 1,604 2,297 2,315 2,267 1,694 1,647 2,741 2,754 2,663 0 2,000 4,000 6,000 8,000 10,000 12,000 FY26/3 Q3 FY25/3 Q3 FY26/3 Forecast Previous Forecast FY25/3 Results Residential Commercial Industrial Wholesale VS. Previous Forecast +26 mil. m3 （+0.2%） including temperature effect -17 mil. m3 （-0.2%） VS. FY25/3 Results +43 mil. m3 （+0.4%） including temperature effect +165 mil. m3 （+1.5%） FY26/3 Q3 FY26/3 Forecast ■City gas sales volume （unit: mil. m3） ■Number of customers for city gas retail sales(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 2025.12 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） 887.1 (+1.5) Full deregulation of the retail market (2017.4） • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Although residential and commercial sales rose due to low temperatures through Q1 to Q3, sales as a whole shrank modestly due to decline in industrial and wholesale sales. • FY26/3 Forecast (vs. Previous Forecast): Revised upward to reflect growth in power-generation demand for city gas in Q3. 9 7,948 7,961 11,258 11,21511,232
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ③Segment Overview: Energy Solution (Electric power Sales Volume) 10 8,780 6,626 28,328 28,253 9,003 11,777 10,169 14,437 0 5,000 10,000 15,000 20,000 25,000 30,000 FY26/3 Q3 FY25/3 Q3 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 4,294 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0 50 100 150 200 250 300 Quarter (left axis) Cumulative (right axis) VS. FY25/3 Q3 +3,761 mil. kWh （+22.4%） VS. Previous Forecast +75 mil. kWh （+0.3%） VS. FY25/3 Results +4,888 mil. kWh （+20.9%） FY26/3 Q3 FY26/3 Forecast 20,556 16,795 28,328 23,440 ■Electric power sales volume ■Number of electric power retail customers （unit: mil. kWh） *Number of billed customers for electric power retail sales Quarter (thousands) Cumulative (thousands) • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Sales volume increased due to a growth in the number of retail customers and high temperatures during the summer. • FY26/3 Forecast (vs. Previous Forecast): Revised upward to reflect the growth in retail sales volume in Q3. 28,253 Details on P.23, 32
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Profit rose due to increase in third-party access revenue. • FY26/3 Forecast (vs. Previous Forecast): Continue to pursue cost reductions and therefore previous forecast is unchanged. ③Segment Overview: Network 11 -200 -100 0 100 200 Q1 Q2 Q3 Q4 FY26/3 (Full-year total, 4Q: Forecast) FY25/3 Results (unit: 100 million yen) ■Change in segment profit *Includes amortization of long-term prepaid expenses (unit: 100 million yen) Full-year total FY26/3 Forecast ROA 0.1％ 800 850 900 950 1,000 FY23/3 FY24/3 FY25/3 FY26/3 Forecast ■Change in depreciation (unit: 100 million yen) FY26/3 Q3 Results FY25/3 Q3 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales 2,203 2,163 40 1.9 3,332 3,353 - 21 - 0.6 3,278 54 1.6 - 190 - 221 31 ― 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 ― ― ― ― 808 808 0 0.0 862 - 54 - 6.2Capital expenditure (Infrastructure investments) Segment profit (Operating profit + equity method profit/loss) * *
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Both sales and profits increased due to higher sales unit price of US shale gas. • FY26/3 Forecast (vs. Previous Forecast): Revised upward to reflect higher sales unit price in US shale business and a drop in the yen on the exchange market. • In addition to the divestment of Eagle Ford mining rights, the Terryville assets will also be sold off (to be recorded as extraordinary profit for Q4). Further improvements will be made to asset efficiency. ③Segment Overview: Overseas Business 12 0 200 400 600 800 Q1 Q2 Q3 Q4 FY26/3 (Full-year total, 4Q: Forecast) FY25/3 Results ■Reference data for US shale gas business (unit: 100 million yen) ■Change in segment profit *Includes amortization of long-term prepaid expenses (Reference) Exchange rate (¥/$): <Sep.30,2024> 142.82, <FY26/3 Forecast (Previous)> 150, <Sep.30, 2025> 148.89, <FY26/3 Forecast> 156.54 (unit: 100 million yen) Full-year total 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 Previous Forecast HH price assumption ($/MMBtu)*3 3.2 Gas hedge (%) Approx. 80 Price sensitivity (EBIT $MM ±$0.1/MMBtu)*4 ±3 *3 1MMBtu ≒ 1Mcf *4 Sensitivity since then-latest forecast FY26/3 Forecast ROA 6.0％ FY26/3 Q3 Results FY25/3 Q3 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Net sales 1,683 1,186 497 41.9 2,425 2,268 157 6.9 1,812 613 33.8 483 137 346 252.9 700 590 110 18.6 228 472 206.1 Depreciation ― ― ― ― 900 893 7 0.8 845 55 6.5 Segment assets ― ― ― ― 11,250 11,240 10 0.1 11,953 - 703 - 5.9 ― ― ― ― 1,373 1,354 19 1.4 1,306 67 5.2 ― ― ― ― 177 177 0 0.0 58 119 202.1 Segment profit (Operating profit + equity method profit/loss) Capital expenditure (Growth investments) Investments and financing (Growth investments) * *
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ③Segment Overview: Urban Development 13 -100 100 300 Q1 Q2 Q3 Q4 FY26/3 (Full-year total, 4Q: Forecast) FY25/3 Results ■Change in segment profit *Includes amortization of long-term prepaid expenses (unit: 100 million yen) Full-year total • FY26/3 Q3 Results (vs. FY25/3 Q3 Results): Profit declined due to the delay in the reopening of Park Hyatt Tokyo (reopened Dec. 9) and a rise in its renovation costs. • FY26/3 Forecast (vs. Previous Forecast): Although the segment profit forecast was revised downward to account for a decrease in the number of sale of real estate for sale, the forecast of profit from urban development business was revised upward due to the recording of extraordinary profit from the sale of GINZA gCUBEin Q3. • We will advance our capital recycling efforts by continuing to sell off real estate for sale in Q4 (to be recorded in segmentprofit). (unit: 100 million yen) FY26/3 Forecast ROA 13.2％ FY26/3 Q3 Results FY25/3 Q3 Results Change % FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % 430 460 - 30 - 6.4 735 817 - 82 - 10.0 778 - 43 - 5.6 Segment net sales Leasing business, etc. 430 439 - 9 - 2.0 604 603 1 0.3 587 17 2.9 Divestments 0 20 - 20 ― 130 214 - 84 - 39.1 190 - 60 - 31.7 Fixed assets (real estate) divestment Divestments 382 10 372 ― 388 276 112 40.7 19 369 ― 813 471 342 72.7 1,123 1,093 30 2.8 798 325 40.7 from urban dev. business Total divestments 382 31 351 ― 518 490 28 5.8 210 308 146.2 18 109 - 91 - 82.8 82 107 - 25 - 23.4 240 - 158 - 65.9 Segment profit Leasing business, etc. 18 102 - 84 - 81.5 21 18 3 20.7 125 - 104 - 82.7 Gain on divestments 0 7 - 7 ― 60 89 - 29 - 32.3 114 - 54 - 47.3 Fixed assets (real estate) divestment Gain on divestments 368 8 360 ― 365 218 147 67.7 14 351 ― 387 117 270 228.8 447 325 122 37.7 254 193 76.1 Gain on divestments 368 15 353 ― 425 307 118 38.7 128 297 231.5 ― ― ― ― 129 130 - 1 - 1.2 115 14 12.0 ― ― ― ― 3,500 3,510 - 10 - 0.3 3,279 221 6.7 Segment assets Leasing business, etc. ― ― ― ― 2,990 2,990 0 0.0 2,879 111 3.9 Real estate for sale ― ― ― ― 510 520 - 10 - 1.9 400 110 27.5 ― ― ― ― 237 247 - 10 - 4.0 258 - 21 - 8.3 ― ― ― ― 52 52 0 0.0 76 - 24 - 30.9 Capital expenditure (Growth investments) Investments and financing (Growth investments) Total Depreciation Total Total (Reference) Net sales (Reference) Profit from urban dev. business * *
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 14 ■Capital recycling policy Property Gross floor area/ Site area Schedule completion year Use Tamachi*1 Approx. 152,800㎡/ Approx. 28,000㎡ (Connecting walkway construction) FY29/3 *Main building completed Office, commercial, etc. Shinjuku Park Tower Approx. 264,100㎡/ Approx. 25,000㎡ (Major renovation) Around 2030 Office, commercial, hotel, etc. Gofukubashi*2 To Be Determined Around 2029 Office, commercial, etc. Toyosu*3 To Be Determined/ approx. 18ha Opening: May, 2016 Next phase opening: Early 2030s Office, hotel, residential, commercial, etc. (Reference) Development schedule for major properties ■Progress of capital recycling Results/ Forecast Reference FY26/3 Real estate divestment (Forecast) approx. 500 hundred million yen GINZA gCUBE, etc. Asset transfers to private REIT （FY26/3 Q3） AUM approx. 376 hundred million yen Primarily residential properties ③Segment Overview: Urban Development (Unchanged from “Action Policy Toward Continuous Corporate Value Enhancement”, March 26, 2025) 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 *1 A three-company joint project with Mitsui Fudosan Co., Ltd. and MITSUBISHI ESTATE CO., LTD. *2 A four-company joint project with Tokyo Tatemono Co., Ltd. and others *3 Partners to be determined. Energy supply from the Toyosu Smart Energy Center, etc., has begun • We expect to divest a total of approximately 500 hudredmillion yen in assets during FY26/3, including the sale of GINZA gCUBE. We also plan to implement capital recycling in excess of 700 hundred million yen during the course of the FY27/3-FY29/3 Medium- term Management Plan as we strive to steadily increase our profits and capital efficiency . • The schedule for major property development is as indicated in the table below. Development is being advanced to increase the value of the urban development segment and owned properties. After the projects are completed, we will determine the appropriate handling of them in a timely manner, in the light of our capital recycling policy , market conditions, and other factors.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ④Overview of Consolidated Balance Sheet 6,377 Interest- bearing debt 13,925 Equity 16,125 729 Noncurrent assets 27,448 (unit: 100 million yen) (unit: 100 million yen) Current assets 9,709 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: 37,158 Total assets: 38,550 Other liabilities Dec. 31, 2025 Mar. 31, 2025 (unit: 100 million yen) 15 Change Main factors Total assets - 1,392 Current assets -762 (Other current assets -617, Notes and accounts receivable – trade, and contract assets -452, etc.) Non-current assets -631 (Property, plant and equipment -440, Intangible assets -346, Investments and other assets +155) Equity - 1,129 Shares buyback -1,540, Dividend payments -341, Profit attributable to owners of parent +1,662, Foreign currency translation adjustment -988, etc. Non-controlling interests
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ⑥Progress of the FY24/3-FY26/3 Medium-Term Investment Plan 16 Targets of Medium-term Management Plan Forecast FY26/3 Forecast FY25/3 Results FY24/3 Results 6,500 8,855 2,583 2,470 3,801 Portion for decarbonization-related investments 2,300 1,316 240 371 703 3,500 3,260 1,086 1,165 1,008 ― - 75 - 65 - 4 - 5 10,000 12,040 3,604 3,630 4,804 10,000 9,359 3,060 2,424 3,874 Annual Investments Growth investments Infrastructure investments Consolidated adjustment FY24/3-26/3 Cumulative Total (offset) Total (before offset) (unit: 100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 17 2 FY26/3 Q3 Financial Results in Detail (Data)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 18 ①FY26/3 Q3 vs FY25/3 Q3: 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 Q3 Results FY25/3 Q3 Results Change % 20,396 18,437 1,959 10.6 1,382 737 645 87.5 1,397 793 604 76.0 1,333 650 683 105.1 895 - 31 926 ― 1,662 335 1,327 395.8 Temperature effect - 33 - 75 42 ― Time lag effect 282 80 202 City gas 182 45 137 LNG sales 34 10 24 Electric Power 66 25 41 Amortization of actuarial differences 121 77 44 ― ― Operating profit Ordinary profit Extraordinary profit/loss Net sales Adjustment items (Ordinary profit basis) Profit attributable to owners of parent Segment profit (Operating profit + equity method profit/loss) FY26/3 Q3 Results FY25/3 Q3 Results Change % Exchange rate (¥/$) 148.71 152.64 - 3.93 - 2.6 Crude oil price ($/bbl) 72.93 83.67 - 10.74 - 12.8 Avg. temperature (℃) 20.4 20.7 - 0.3 ― FY26/3 Q3 Investment yield (cost deducted) 3.81% Year-end assets (100 million yen) 2,360
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 19 ①FY26/3 Q3 vs FY25/3 Q3: Sales, Profit by Segments FY26/3 Q3 Results FY25/3 Q3 Results Change % FY26/3 Q3 Results FY25/3 Q3 Results Change % 18,090 16,557 1,533 9.3 1,359 963 396 41.0 Gas*2 11,177 11,723 - 546 - 4.7 901 581 320 55.1 Electric power 4,838 4,349 489 11.2 248 167 81 48.3 2,203 2,163 40 1.9 - 190 - 221 31 ― 1,683 1,186 497 41.9 483 137 346 252.9 (Equity method profit/loss） ― ― ― ― 8 38 - 30 - 78.2 430 460 - 30 - 6.4 18 109 - 91 - 82.8 Divestment*3 ― 20 - 20 ― ― 7 - 7 ― - 2,011 - 1,929 - 82 ― - 274 - 194 - 80 ― 20,396 18,437 1,959 10.6 1,397 793 604 76.0 (Equity method profit/loss） ― ― ― ― 14 56 - 42 - 74.3 Adjustment *4 Consolidated Net Sales *5 Segment Profit (Operating profit + equity method profit/loss) Energy solution *1 (including equity method profit/loss) Network Overseas business Urban development (including equity method profit/loss) (unit: 100 million yen) *1 Includes city gas, LNG sales, trading, electric power, engineering solutions, etc *2 Includes city gas, LNG sales, and trading *3 For proceeds and gain/loss from the sale of fixed assets (real estate) recorded as non-operating/extraordinary items, refer to P.13 *4 Adjustments in segment profits include mainly corporate expenses not allocated to the segments *5 Segment sales include internal transactions made between business units
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 20 ①FY26/3 Q3 vs FY25/3 Q3: Ordinary Profit Analysis ●Electric Power +81 ●Gas +320 ➢Increase in electric power gross margin+68 ➢Increase in city gas gross margin +232 Change +683 （+105.1%） FY25/3 Q3 Results 650 FY26/3 Q3 Results 1,333 Nonoperating profit +79 *excluding equity method profit/loss Consolidated adjustment, etc. -80 • Change in volume +148 (Increase in retail sales/wholesale, etc.) • Change in unit price (excl. time lag effect of fuel cost adjustment system) -120 • Increase in company-wide costs • Increase in profit from TG America Group +373* (517←144: Increase in sales unit price of US shale gas business due to rise in gas price and hedging effects) *Simple sum before elimination of intra-company transactions and exclude equity method profit. Includesforeign exchange effect shown separately. Adjustment items One-time or valuation related factors ➢Decrease in city gas fixed costs +11 • Change in volume (excl. change due to temp effect) +53 ➢Increase in LNG sales profit (Net sales) -366: Change in volume, etc. +46, Change in unit price -412 (Resource costs, etc.) +599: Decrease in raw material costs due to the impact from economic framework（incl. impact from exchange rate +101, from crude oil price +270） (Net sales) +480: Retail sales +224 (Change in volume +340, in unit price -116） Wholesales, etc. +257 (Change in volume +415, in unit price -158) (Procurement costs) -412: Change in volume -607, Change in unit price +195 Business activity-related • Change in volume due to temp. effect +42 • Time lag effect +137 • Time lag effect of fuel cost adjustment system +41 • Decrease in fixed costs +83 • Increase in third-party access revenue, etc.+31 • Decrease in interest expense +61 • Increase in foreign exchange gains and losses +29, etc. • Increase in hotel renovation related costs -42 • Decrease in profit from hotel business -29 • Decrease in profit from real estate divestment -7 etc. • Decrease in equity method profit -30 (Trading business, etc.) • Foreign exchange effect +23 (148.89←142.82¥/$ ） Segment profit +604 （+76.0%） 1,397←793 Energy solution +396 （+41.0%） 1,359←963 Overseas +346 （+252.9%） 483←137 Urban development -91 （-82.8%） 18←109 Network +31 （ー） -190← -221 • Time lag effect +24 ➢Decrease in trading profit(Impact on accounting treatment and related matters) (unit: 100 million yen) *+/- indicate contributions to profit. ➢Increase in fixed costs
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. ①FY26/3 Q3 vs FY25/3 Q3: Assets, Cash Flow, etc. (unit: 100 million yen) (unit: 100 million yen) 21 *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) FY26/3 Q3 Results FY25/3 Q3 Results Change % 37,158 38,550 - 1,392 - 3.6 16,125 17,254 - 1,129 - 6.5 43.4% 44.8% - 1.4% ー Factoring in hybrid bonds/loans 44.5% 45.8% - 1.3% ー 13,925 13,362 563 4.2 Hybrid bond/loan component 833 833 ー ー Total assets Equity Equity ratio Interest-bearing debt FY26/3 Q3 Results FY25/3 Q3 Results Change % Profit attributable to owners of parent 1,662 335 1,327 395.8 Depreciation*1,2 2,001 1,909 92 4.8 3,663 2,245 1,418 63.2 2,075 2,155 - 80 - 3.7 156 - 758 914 ーInvestments and Financing (after offset) Operating cash flow*3 Capital expenditure *1
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 22 ①FY26/3 Q3 vs FY25/3 Q3: 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 Q3 Results FY25/3 Q3 Results Change % Total assets turnover*1 (times) 0.54 0.47 0.07 ー EPS (\/share) 474.54 85.96 388.58 452.0 BPS*2 (\/share) 4,743.47 4,669.38 74.09 1.6
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. FY26/3 Q3 Results FY25/3 Q3 Results Change % 11,316 11,248 68 0.6 7,948 7,961 - 13 - 0.2 Residential 1,694 1,647 47 2.8 Commercial 1,611 1,604 7 0.5 3,501 3,517 - 16 - 0.4 Industrial 2,074 2,131 - 57 - 2.7 Power generation 1,427 1,386 41 3.0 Wholesale 1,142 1,193 - 51 - 4.3 1,428 1,237 191 15.4 1,785 1,546 239 15.4 1,584 1,740 - 156 - 9.0 12,653 12,525 128 1.0 Gas sales volume (million m 3) City gas sales volume Industrial LNG sales volume (thousands t) LNG sales volume (million m 3) Gas volume used in-house under tolling arrangement (million m 3) Number of customers (meters) (thousands)* ①FY26/3 Q3 vs FY25/3 Q3: Sales Volume/Number of Customers *Number of meters installed for gas supply ◼Residential +47mil. m 3 (+2.8%) Temperature effect +77mil. m3 Number of days -7mil. m3 Number of customers +4mil. m3 Others -27mil. m3 ◼Commerci al +7mil. m 3 (+0.5%) Temperature effect +36mil. m3 Number of days -15mil. m3 Number of customers +17mil. m3 Others -31mil. m3 ◼Wholesale -51mil. m3 (-4.3%) Temperature effect +8mil. m3 Others -59mil. m3 Decrease in wholesale demand, etc 20,556 16,795 3,761 22.4 11,777 10,169 1,608 15.8 8,780 6,626 2,154 32.5 Retail sales Wholesale, etc. Electricity sales volume (million kWh) 23
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. FY26/3 Q3 Results FY25/3 Q3 Results Change % Gas sales 8,419 8,785 - 366 - 4.2 Gas raw materials and supplies 5,208 5,807 - 599 - 10.3 Gas gross profit 3,210 2,978 232 7.8 24 ①FY26/3 Q3 vs FY25/3 Q3: Analysis of Gas Gross Profit (unit: 100 million yen) 95 Temp. effect 42 Other 53 137 Volume, etc. Time lag effect
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 25 ①FY26/3 Q3 vs FY25/3 Q3: 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) FY26/3 Q3 Results FY25/3 Q3 Results Change % 15,008 16,311 - 1,303 - 8.0 Tokyo Gas Engineering Solutions Group*1 1,748 1,622 126 7.8 Tokyo Gas America Group *1 1,703 1,182 521 44.0 Other 10,627 7,264 3,363 46.3 14,080 10,069 4,011 39.8 FY26/3 Q3 Results FY25/3 Q3 Results Change % 611 324 287 88.7 Tokyo Gas Engineering Solutions Group*1 178 151 27 17.8 Tokyo Gas America Group *1,2 514 142 372 261.3 Other - 22 54 - 76 － 671 348 323 92.5 Net sales Operating profit Tokyo Gas Co.,Ltd. Company name Company name Consolidated subsidiaries total Consolidated subsidiaries total Tokyo Gas Co.,Ltd.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 26 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%) (unit: 100 million yen) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % 28,900 28,390 510 1.8 26,368 2,532 9.6 1,850 1,660 190 11.4 1,330 520 39.0 1,876 1,680 196 11.7 1,386 490 35.3 1,710 1,510 200 13.2 1,135 575 50.5 922 1,084 - 162 - 14.9 - 73 995 ― 1,940 1,940 0 0.0 741 1,199 161.5 Temperature effect - 23 - 12 - 11 ― - 120 97 ― Timelag effect 213 333 - 120 101 112 City gas 138 227 - 89 73 65 LNG sales 34 39 - 5 8 26 Electric power 41 67 - 26 20 21 Amortization of actuarial differences 161 161 0 ― 103 58 ― ― ― Net sales Operating proft Ordinary profit Extraordinary profit/loss Profit attributable to owners of parent Adjustment items (Ordinary profit basis) Segment profit (Operating profit + equity method profit/loss) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Exchange rate (\/$) 151.54 148.01 3.52 2.4 152.62 -1.08 -0.7 Crude oil price ($/bbl) 71.25 74.34 -3.08 -4.1 82.41 -11.16 -13.5 Avg. temperature (℃) 17.2 17.2 0.0 ― 17.6 -0.4 ― FY25/3 FY24/3 FY23/3 0.01% 2.21% - 1.90% Annuity portion 1.94% 1.15% 0.81% Lump-sum portion 1.35% 0.63% 0.37% 2,330 2,400 2,430 Investment yield (cost deducted) Discount rate Year-end assets (100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 27 ② FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Sales, Profit by Segments (unit: 100 million yen) *1 Includes city gas, LNG sales, trading, electric power, engineering solutions, etc *2 Includes city gas, LNG sales, and trading *3 For proceeds and gain/loss from the sale of fixed assets (real estate) recorded as non-operating/extraordinary items, refer to P.13 *4 Adjustments in segment profits include mainly corporate expenses not allocated to the segments *5 Segment sales include internal transactions made between business units FY26/3 Forecast Previous Forecast Change ％ FY26/3 Forecast Previous Forecast Change ％ 25,074 24,660 414 1.7 1,431 1,329 102 7.7 Gas*2 15,597 15,282 315 2.1 987 924 63 6.8 Electric power 6,689 6,612 77 1.2 262 262 0 0.0 3,332 3,353 - 21 - 0.6 5 5 0 0.0 2,425 2,268 157 6.9 700 590 110 18.6 (Equity method profit/loss) ー ー ー ー 11 12 - 1 - 8.3 735 817 - 82 - 10.0 82 107 - 25 - 23.4 Divestment*3 130 214 - 84 - 39.1 60 89 - 29 - 32.3 - 2,666 - 2,708 42 ー - 342 - 351 9 ー 28,900 28,390 510 1.8 1,876 1,680 196 11.7 (Equity method profit/loss) ー ー ー ー 21 22 - 1 - 4.5 Net sales *5 Segment profit (Operating profit + equity method profit/loss) Energy solution *1 (including equity method profit/loss) Network Overseas business Urban development *3 (including equity method profit/loss) Adjustment *4 Consolidated FY26/3 Forecast FY25/3 Results Change ％ FY26/3 Forecast FY25/3 Results Change ％ 25,074 23,404 1,670 7.1 1,431 1,217 214 17.6 Gas*2 15,597 16,164 - 567 - 3.5 987 715 272 37.9 Electric power 6,689 5,981 708 11.8 262 241 21 8.4 3,332 3,278 54 1.6 5 - 31 36 ー 2,425 1,812 613 33.8 700 228 472 206.1 (Equity method profit/loss) ー ー ー ー 11 39 - 28 - 72.0 735 778 - 43 - 5.6 82 240 - 158 - 65.9 Divestment*3 130 190 - 60 - 31.7 60 114 - 54 - 47.3 - 2,666 - 2,905 239 ー - 342 - 268 - 74 ー 28,900 26,368 2,532 9.6 1,876 1,386 490 35.3 (Equity method profit/loss) ー ー ー ー 21 55 - 34 - 62.0 Overseas business Net Sales *5 Segment Profit (Operating profit + equity method profit/loss) Urban development *3 (including equity method profit/loss) Adjustment *4 Consolidated Energy solution *1 (including equity method profit/loss) Network vs Previous Forecast vs FY25/3 Results
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 28 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Ordinary Profit Analysis vs Previous Forecast ⚫ Decrease in interest expense, etc. ⚫ Decrease in third-party access revenue, Decrease in fixed costs, etc. ⚫ Increase in profit from TG America Group +93* (767←674: Increase in sales unit price of US shale gas business due to rise in gas price, etc.) ⚫ Decrease in equity method profit -1, etc. *Simple sums before elimination of intra-company transactions and exclude equity method profit ⚫ Decrease in profit from real estate divestment, etc. Change +200 （+13.2%） FY26/3 Forecast (Previous) 1,510 FY26/3 Forecast 1,710 Segment profit +196 （+11.7%） 1,876←1,680 *+/- indicate contributions to profit. Energy solution +102 （+7.7%） 1,431←1,329 Nonoperating profit +4 *excluding equity method profit/loss Overseas +110 （+18.6%） 700←590 Consolidated adjustment, etc. +9 Urban development -25 （-23.4%） 82←107 Network ±0 （±0.0） 5←5 ⚫ Gas +63: ➢ Increase in city gas gross margin +22: ・Change in volume, etc. +111 (incl. change due to temp effect -11), time lag effect -89 (Net sales) +81: Increase in unit price due to resource costs adjustment (Resource costs, etc.) -59: Increase in raw material costs due to the impact from economic framework（incl. impact from exchange rate -185, from crude oil price +47） ➢ Decrease in city gas fixed costs +9 ➢ Increase in LNG sales profit, etc. ⚫ Electric power ±0: ➢ Increase in electric power gross margin +19: ・Change in volume -3, Change in unit price +22 (time lag effect of fuel cost adjustment system -26, etc.) (Net sales) -5: Retail sales +12 (Change in volume +27, in unit price -15) Wholesales, etc. -17 (Change in volume -20, in unit price +3） (Procurement costs) +24: Change in volume -10, Change in unit price +34 ➢ Increase in fixed costs, etc. -19 (unit: 100 million yen) vs Previous Forecast
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 29 vs FY25/3 Results ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Ordinary Profit Analysis ⚫ Decrease in interest expense, Decrease in interest received, etc. ⚫ Increase in third-party access revenue, etc. ⚫ Increase in profit from TG America Group ＋515*（767←252: Increase in sales unit price of US shale gas business due to rise in gas price, etc.) ⚫ Decrease in equity method profit -28, etc. *Simple sums before elimination of intra-company transactions and exclude equity method profit ⚫ Decrease in profit from real estate divestment, Increase in hotel renovation related costs, etc. Change +575 （+50.5%） FY25/3 Results 1,135 FY26/3 Forecast 1,710 Nonoperating profit +85 *excluding equity method profit/loss Segment profit +490 （+35.3%） 1,876←1,386 Energy solution +214 （+17.6%） 1,431←1,217 Overseas +472 （+206.1%） 700←228 Consolidated adjustment, etc. -74 Urban development -158 （-65.9%） 82←240 Network +36 （－） 5← -31 ⚫ Gas +272: ➢ Increase in city gas gross margin +158: ・Change in volume, etc. +93 (incl. change due to temp effect +97), time lag effect +65 (Net sales) -559: Decrease in unit price due to resource costs adjustment (Resource costs, etc.) +717: Decrease in raw material costs due to the impact from economic framework (incl. impact from exchange rate -22, from crude oil price +387) ➢ Increase in city gas fixed costs -11 ➢ Increase in LNG sales profit, etc. ⚫ Electric power +21: ➢ Increase in electric power gross margin +8: ・Change in volume +247, Change in unit price -240 (time lag effect of fuel cost adjustment system +21, etc.) (Net sales) +527: Retail sales +124 (Change in volume +386, in unit price -262) Wholesales, etc. +403 (Change in volume +679, in unit price -276） (Procurement costs) -520: Change in volume -817, Change in unit price +297 ➢ Decrease in fixed costs, other effects on income and expenses, etc. +13 *+/- indicate contributions to profit. vs FY25/3 Results (unit: 100 million yen)
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 30 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 % 37,670 36,550 1,120 3.1 38,550 - 880 - 2.3 16,640 15,720 920 5.9 17,254 - 614 - 3.6 44.2% 43.0% 1.2% ― 44.8% - 0.6% ― Factoring in hybrid bonds/loans 45.3% 44.1% 1.2% ― 45.8% - 0.5% ― 12,480 12,780 - 300 - 2.3 13,362 - 882 - 6.6 Hybrid bond/loan component 833 833 0 ― 833 0 ― 0.75 0.81 - 0.06 ― 0.77 - 0.02 ― Factoring in hybrid bonds/loans 0.71 0.77 - 0.06 ― 0.73 - 0.02 ― Total assets Equity Equity ratio Interest-bearing debt D/E ratio FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Profit attributable to owners of parent 1,940 1,940 0 ― 741 1,199 161.8 Depreciation*1,2 2,670 2,670 0 ― 2,682 - 12 - 0.4 4,610 4,610 0 ― 3,424 1,186 34.6 3,140 3,260 - 120 - 3.7 3,207 - 67 - 2.1 63 401 - 338 - 84.3 - 751 814 ― Capital expenditure *1 Investments and Financing (after offset) Operating cash flow *3
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 31 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 FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Total assets turnover *1 (times) 0.76 0.76 -0.00 ― 0.68 0.08 ― ROA*1 (%) 5.1% 5.2% -0.1% ― 1.9% 3.2% ― ROE*1 (%) 11.4% 11.8% -0.4% ― 4.3% 7.1% ― WACC (%) 3.5% 3.5% 0.0% ― 3.2% 0.3% ― EPS (\/share) 560.15 561.55 -1.40 -0.3 192.22 367.93 191.4 BPS*1 (\/share) 5,003.28 4,770.06 233.22 4.9 4,669.38 333.90 7.2 Total return ratio *2,3,4 ― ― ― ― 202.5% ― ―
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 32 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Sales Volume/Number of Customers FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Gas sales volume (million m3) 15,852 15,962 -110 -0.7 15,686 166 1.1 11,258 11,232 26 0.2 11,215 43 0.4 Residential 2,741 2,754 -13 -0.5 2,663 78 2.9 Commercial 2,297 2,315 -18 -0.8 2,267 30 1.3 4,678 4,643 35 0.7 4,681 -3 -0.1 Industrial 2,816 2,908 -92 -3.2 2,860 -44 -1.5 Power generation 1,862 1,735 127 7.3 1,821 41 2.3 Wholesale 1,543 1,520 23 1.5 1,604 -61 -3.8 LNG sales volume (thousands t) 1,828 1,824 4 0.2 1,696 132 7.8 2,285 2,280 5 0.2 2,121 164 7.8 2,309 2,450 -141 -5.8 2,350 -41 -1.8 Number of customers (meters) (thousands) * 12,693 12,691 2 0.0 12,564 129 1.0 LNG sales volume (million m3) Gas volume used in-house under tolling arrangement (million m3) City gas sales volume Industrial Electric power sales volume (million kWh) 28,328 28,253 75 0.3 23,440 4,888 20.9 ― ― ― ― 14,437 ― ― ― ― ― ― 9,003 ― ― Retail sales Wholesale, etc. *Number of meters installed for gas supply
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 33 ②FY26/3 Forecast vs Previous Forecast / vs FY25/3 Results: Analysis of Gas Gross Profit (unit: 100 million yen) FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Gas sales 12,003 11,922 81 0.7 12,562 - 559 - 4.4 Gas raw materials and supplies 7,518 7,459 59 0.8 8,235 - 717 - 8.7 Gas gross profit 4,485 4,463 22 0.5 4,327 158 3.7 111 Temp. effect - 11 Other 122 - 89 Volume, etc. Time lag effect 93 Temp. effect 97 Other - 4 65Time lag effect Volume, etc.
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 34 ②FY26/3 Forecast vs Previous Forecast/ vs FY25/3 Results: Main Consolidated Subsidiaries (unit: 100 million yen) *1 Consolidated figures are simple sums before elimination of intra-company transactions *2 Includes equity method profit/loss FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Tokyo Gas Engineering Solutions Group *1 2,361 2,339 22 0.9 2,263 98 4.3 Tokyo Gas America Group*1,2 2,428 2,273 155 6.8 1,806 622 34.4 Other 14,322 13,574 748 5.5 10,316 4,006 38.8 19,112 18,186 926 5.1 14,386 4,726 32.9 Company name Net sales Consolidated subsidiaries total FY26/3 Forecast Previous Forecast Change % FY25/3 Results Change % Tokyo Gas Engineering Solutions Group *1 178 170 8 4.7 178 0 0.0 Tokyo Gas America Group*1,2 762 643 119 18.5 233 529 227.0 Other 165 164 1 0.6 531 - 366 - 68.9 1,106 979 127 13.0 943 163 17.3 Operating profit Consolidated subsidiaries total Company name
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 35 3 Reference
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 36 Gas Gross Margin Sensitivity to Change in Crude Oil Price and Exchange Rate Impact of rising JCC (Japan Crude Cocktail Prices) by $1/bbl Impact of depreciation of the yen by ¥1/$ (unit: 100 million yen) (unit: 100 million yen) Impact on Earnings Q4 Period Q4 0 Gas sales: 0, Gas raw materials and supplies: 0 Impact on Earnings Q4 Period Q4 - 8 Gas sales: 2, Gas raw materials and supplies: -10 *Economic framework for FY26/3 Q4 crude oil price: approx. $66/bbl, exchange rate:¥160/$
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Copyright © TOKYO GAS Co., Ltd. All Rights Reserved. 37 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. 38