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Copyright ©OSAKA GAS CO., LTD. All Rights Reserved. Financial Results for 3rd Quarter of FY2026.3 February 2, 2026 Osaka Gas Co., Ltd. Securities code 9532
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1 Index I. Summary of 3Q FY2026.3 Results and FY2026.3 Revised Forecasts 2 - 8 II. Changes and Variances 1. Year-on-Year Comparison of 3Q Results 9 – 14 2. Comparison between Previous Forecasts(Oct. 2025) and Revised Forecasts 15 – 20 3. FY2026.3 Projected Changes from FY2025.3 Results 21 – 26 III. Reference 27－31 Disclaimer This document has been translated from the Japanese original for reference purpose only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. Management information is available on Osaka Gas websites. Financial reports, integrated reports, fact books and road show materials can be accessed and downloaded at the following URL. https://www.osakagas.co.jp/en/ir/ Note regarding forward-looking statements: Certain statements contained herein are forward-looking statements, strategies, and plans, which reflect our judgment based on the information so far available. Actual results may differ materially from those discussed in such statements. Among the factors that could cause actual results to differ materially are: economic trends in Japan, sharp fluctuations in exchange rates and crude oil prices, and extraordinary weather conditions. The impact of share buyback announced on May 8, 2025, is taken into account in FY2026.3 forecasts announced on February 2, except for DOE, payout ratio, earnings per share, and book value per share, which have been prepared excluding the impact of share buyback executed on and after January 1, 2026. Note regarding gas sales volume: All gas sales volumes are indicated based on the standard heating value at 45 MJ/m3. Nabari Kintetsu Gas and Shingu Gas’s fiscal year ends on December 31.
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I. Summary of 3Q FY2026.3 Results and FY2026.3 Revised Forecasts Copyright © OSAKA GAS CO., LTD. All Rights Reserved. 2
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3 (billion yen) FY2026.3 3Q FY2025.3 3Q YoY Difference Net sales 1,438.8 1,444.1 -5.3 Ordinary profit 163.1 125.5 +37.6 Excluding time- lag profit/loss 144.4 120.0 +24.3 Profit attributable to owners of the parent 140.3 90.8 +49.5 EBITDA* 259.3 214.0 +45.2 YoY difference: +37.6 billion yen (billion yen) USA +20.5 ✓ Net sales were largely in line with the previous year. ✓ Ordinary profit increased, driven by strong performance in the International Energy segment—particularly at Freeport LNG and the U.S. upstream operations—as well as an expansion of time-lag gains in the Domestic Energy segment. ✓ Profit attributable to owners of parent increased, mainly reflecting extraordinary income, including gains on sale of shares in subsidiaries and associates. Summary of 3Q FY2026.3 Results * EBITDA = Operating profit + Share of profit (loss) of entities accounted for using equity method + Depreciation (including amortization of goodwill) 125.5 163.1 Gross profit of gas business +8.5 Time-lag profit +13.2 Increase in profits from Freeport LNG and Sabine in the U.S. FY25.3 3Q FY26.3 3Q Others -4.6
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4 YoY Comparison of 3Q Results YoY difference +37.6 billion yen 125.5→163.1 1 Segment profit 2 Including the impact of market valuation of derivatives: -0.5 (0.2→-0.3) 3 Excluding time-lag effects 4 Reflecting the consolidation of the Japanese consortium holding a minority stake in the gas business in India (P/L recognized since 2Q of FY25.3.) 5 Excluding share of profit (loss) of entities accounted for under the equity method ● Crude oil price -10.7$/bbl (83.7→72.9) ● Exchange -3.9 yen/$ (152.6→148.7) USA:+20.5(44.8→65.3) ＋ Increase in profits from Freeport LNG ＋ Increase in profits from Sabine Australia: -2.9(13.5→10.5) ー Decrease in profits from upstream businesses Others: -1.3(-3.3→-4.6) ー Impact from investing in gas distribution business in India4 Real estate development: +1.7(11.8→13.6) Information technology: +1.6(2.3→4.0) Chemical materials: -2.8(6.9→4.0) Others: +0.0(0.3→0.4) Time-lag profit/loss: +13.2 (5.4→18.7) Gas: +9.6(4.6→14.2) Electricity: +3.6(0.7→4.4) Gross profit of gas business3: +8.5(165.7→174.2) ＋ Improved competitiveness of our long-term LNG contracts relative to JLC Electricity3: -3.7(21.7→17.9) － Decrease in selling prices due to market conditions, mainly coal prices Others : +7.0(-154.8→-147.8) Main factors of increase/decrease Segment adjustments: -1.2(4.0→2.8) Non-operating profit/loss5: -3.0(6.7→3.7) Others -4.2 billion yen 10.8→6.5 Domestic Energy +25.0 billion yen1 38.0→63.1 International Energy +16.2 billion yen1,2 55.0→71.2 Life & Business Solutions +0.5 billion yen1 21.6→22.1 Breakdown of Change in Ordinary Profit
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5 Summary of FY2026.3 Revised Forecasts ✓ Net sales, operating profit, ordinary profit, and profit attributable to owners of the parent remain unchanged from the previous forecasts announced on October 30, 2025. ✓ Taking into account recent market conditions and performance trends through the third quarter, we have revised, from the previous forecasts, our assumptions for the crude oil price and the exchange rate, as well as the profit breakdown of the Domestic Energy segment. Ordinary profit difference ±0.0 billion yen 186.0→186.0 Domestic Energy ±0.0 billion yen1 75.5→75.5 Gross profit of gas business3: -3.0 (252.9→249.9) － Declined competitiveness of our long-term LNG contracts relative to JLC Electricity3: +3.0 (20.0→23.0) ＋ Profits from electricity market transactions Others ±0.0 billion yen 2.5→2.5 International Energy ±0.0 billion yen1,2 74.0→74.0 Life & Business Solutions ±0.0 billion yen1 34.0→34.0 No revision Main factors of changes 1. Segment profit 2. Including profit on market valuation of derivatives 3. Excluding time-lag effects ● Crude oil price -0.8 $/bbl (71.8→71.0) Assumption from Jan. 2026: -5.0 $/bbl (70.0→65.0) ● Exchange rate +2.3 yen/$ (148.0→150.3) Assumption: from Jan. 2026: +5.0 yen/$(150.0→155.0)
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6 Electricity -16.8 Gross profit of gas business +7.1 Others -16.4 YoY difference: -3.6 billion yen USA +9.8 ✓ Net sales are projected to decrease year-on-year, mainly due to lower gas unit prices under the gas rate adjustment system. ✓ Ordinary profit is expected to decline year-on-year, mainly due to an increase in fixed costs in the electricity business. ✓ In contrast, the profit attributable to owners of the parent is expected to increase year-on-year, primarily due to a change in the entity recording profits from the U.S. renewable energy business. (billion yen) FY26.3 forecasts FY25.3 results Difference Net sales 2,050.0 2,069.0 -19.0 Ordinary profit 186.0 189.6 -3.6 Excluding time-lag effects 169.0 185.3 -16.3 Profit attributable to owners of the parent 142.0 134.4 +7.5 EBITDA 321.0 308.9 +12.0 ROIC1 (%) 5.7% 5.4% +0.3% ROE (%) 8.4% 8.2% +0.1% Shareholders’ equity ratio2 (%) 55.0% 55.5% -0.5% D/E ratio2 0.52 0.50 +0.02 Annual dividend (yen/share) 120.0 95.0 +25.0 189.6 186.0 (billion yen) Summary of FY2026.3 Forecasts vs FY2025.3 Results Time-lag profit +12.7 Increase in profits from Freeport LNG and Sabine in the U.S. FY26.3 forecasts FY25.3 results 1 ROIC = NOPAT / Invested capital (average of the beginning and the end of each fiscal year) NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes Invested capital = Shareholders' equity + Balance of interest-bearing debts (excluding risk-free leased Liabilities to us) 2 Calculated with 50% of issued hybrid bonds as equity.
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7 Comparison between FY2025.3 Results and FY2026.3 Forecasts Real estate development: +4.7 (14.2→18.9) Information technology: +1.4 (6.3→7.7) Chemical materials: -0.8 (7.5→6.6) Others: -0.1 (0.7→0.5) Time-lag profit/loss: +12.7 (4.2→17.0) Gas: +11.0 (2.9→14.0) Electricity: +1.7 (1.2→3.0) Gross profit of gas business3: +7.1 (242.7→249.9) ＋ Improved competitiveness of our long-term LNG contracts relative to JLC Electricity3: -16.8 (39.8→23.0) － Increase in fixed costs － Decrease in selling prices due to market conditions, mainly coal prices Others: -5.0 (-209.3→-214.4) － Increase in costs Ordinary profit YoY Difference -3.6 billion yen 189.6→186.0 Others -8.8 billion yen 11.3 →2.5 Domestic Energy -2.0 billion yen1 77.5→75.5 International Energy +2.0 billion yen1,2 71.9→74.0 Life & Business Solutions +5.2 billion yen1 28.7→34.0 Main factors of increase/decrease USA: +9.8 (59.4→69.3) ＋ Absence of losses from outage at Freeport LNG in FY25.3 Australia: -4.4 (17.6→13.1) － Decrease in profits from upstream businesses Others: -3.2 (-5.2→-8.4) ー Increase in expenses for gas distribution business in India Segment adjustments: -2.6 (3.1→0.5) Non-operating profit/loss4: -6.2 (8.2→2.0) 1 Segment profit 2 Including the impact of market valuation of derivatives: (FY25.3:1.3 billion yen) 3 Excluding time-lag effects 4 Excluding share of profit (loss) of entities accounted for using equity method ● Crude oil price -11.4 $/bbl (82.4→71.0) ● Exchange -2.3 yen/$ (152.6→150.3) Breakdown of Change in Ordinary Profit
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8 35.9 50.0 74.9 95.0 47.1 64.0 0 50 100 150 200 実績 26.3期 見通し 158.01 (billion yen) 209.01 ✓ In 3Q of FY26.3, investments for growth totaled 158.0 billion yen. ✓ The financial soundness indicators met the target levels, a shareholders’ equity ratio of 45% or higher and a D/E ratio of 0.8 or lower, as set in the Medium-Term Management Plan 2026. ✓ We remain committed to achieving sustainable development and increasing our corporate value in the medium to long term through investments for growth and enhancement of cash flow, profitability, and efficiency. FY25.3 year-end results FY26.3 3Q end results FY26.3 year-end forecasts Shareholders’ equity ratio2 55.5% 54.7% 55.0% (52.8%) (52.1%) (52.3%) D/E ratio2 0.50 0.53 0.52 (0.58) (0.61) (0.60) Investment for Growth: Results and Forecasts Investment for growth Financial soundness indicators FY26.3 3Q FY26.3 Forecasts Power plants (Gas-fired, biomass, etc.) Real estate development business, etc. Upstream business in the U.S. (Sabine), etc. 2 The figures are calculated with 50% of issued hybrid bonds (175 billion yen) as equity. The figures in parentheses are the numbers before the adjustment. 1 The investment for business growth includes investments in plants and equipment, investments in equity shares, and business loans for projects and startups. ■Domestic Energy ■International Energy ■LBS (Life & Business Solutions)
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Copyright © OSAKA GAS CO., LTD. All Rights Reserved. 9 II. Changes and Variances II-1. Year-on-Year Comparison of 3Q Results
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10 3Q FY2026.3 Results 1. Net Sales and Profit A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks 3Q 3Q 1,438.8 1,444.1 -5.3 -0.4% 133.7 99.5 +34.2 +34.4% Increase in profits from U.S. businesses, etc. 163.1 125.5 +37.6 +30.0% Increase in profits from U.S. businesses, etc. 144.4 120.0 +24.3 +20.3% Increase in profits from U.S. businesses, etc. 18.7 5.4 +13.2 +244.5% (Non-consolidated) Gas 14.2 4.6 +9.6 +206.1% (Non-consolidated) Electricity 4.4 0.7 +3.6 +480.4% 140.3 90.8 +49.5 +54.5% Extraordinary income such as gain on sale of shares of subsidiaries and associates, etc. 135.1 89.3 +45.7 +51.3% Extraordinary income such as gain on sale of shares of subsidiaries and associates, etc. 357.97 224.45 +133.52 +59.5% 259.3 214.0 +45.2 +21.1% 119.8 93.8 +26.0 +27.7% 1 Included in Domestic Energy. 2 EBITDA = Operating profit + Depreciation (including amortization of goodwill) + Share of profit/loss of entities accounted for using equity method 3 NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes A. FY26.3 B. FY25.3 A-B 3Q 3Q 72.9 83.7 -10.7 148.7 152.6 -3.9Exchange rate (yen/$) Crude oil price(JCC) ($/bbl) Average of preliminary monthly data up to December 2025 billion yen EBITDA2 NOPAT3 Time-lag effect1 Profit attributable to owners of the parent Net sales Operating profit Ordinary profit Remarks Excluding time-lag profit/loss Excluding time-lag profit/loss Earnings per share (EPS) (yen)
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11 3Q FY2026.3 Results 2. Asset, Equity, and Debt A. FY26.3 B. FY25.3 A-B 3Q end year end 3,326.7 3,200.5 +126.1 1,732.5 1,688.7 +43.7 4,477.2 4,254.1 +223.0 1,357.5 1,302.0 +55.4 1,050.7 972.4 +78.3 175.0 175.0 ±0.0 52.1% 52.8% -0.7% 54.7% 55.5% -0.8% 0.61 0.58 +0.03 0.53 0.50 +0.03 A. FY26.3 B. FY25.3 A-B 3Q 3Q 4.4% 3.6% +0.8% 3.9% 3.4% +0.5% 8.2% 5.7% +2.5% 7.4% 5.5% +1.9% billion yen Remarks Interest-bearing debts Hybrid bonds Shareholders' equity Book value per share (BPS) (yen) Total assets Shareholders' equity excluding accumulated other comprehensive Shareholders’ equity ratio After adjustment1 ROE ROIC2 Remarks Excluding time-lag profit/loss 2 ROIC = NOPAT / Invested capital (average of the beginning and the end of each fiscal year) NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes Invested capital = Shareholders' equity + Balance of interest-bearing debts (excluding risk-free leased liabilities) Debt/Equity ratio After adjustment1 1 Calculated with 50% of issued hybrid bonds as equity. Excluding time-lag profit/loss
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12 3Q FY2026.3 Results 3. Investment and Cash Flow A. FY26.3 B. FY25.3 A-B 3Q 3Q 213.3 207.7 +5.6 55.2 43.6 +11.6 158.0 164.0 -5.9 47.1 24.2 +22.9 74.9 92.1 -17.2 35.9 47.5 -11.6 189.4 154.4 +34.9 99.9 95.3 +4.5 A. FY26.3 B. FY25.3 A-B 3Q 3Q 49.3 -70.2 +119.5 billion yen Remarks Life & Business Solutions Capital expenditures1 Domestic Energy International Energy Investment for quality improvement (A) Investment for growth (B) Depreciation (including amortization of goodwill) 1 Capital expenditures (included in investments) = Investments – Investments for subsidiaries and associates and M&A billion yen Remarks 2 Free cash flow = Cash flows from operating activities - Cash flows from investing activities Free cash flow2 Investment (A+B)
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13 3Q FY2026.3 Results 4. Customer Accounts and Sales Volume A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks year end year end 10,822 10,584 +238 +2.3% Gas1 5,489 5,387 +102 +1.9% Electricity2 2,488 2,386 +103 +4.3% Others 2,845 2,811 +34 +1.2% A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks 3Q 3Q 4,637 4,652 -15 -0.3% 1,006 996 +10 +1.0% 3,631 3,656 -25 -0.7% 5,144 5,095 +49 +1.0% 12,189 11,774 +415 +3.5% 5,553 5,261 +292 +5.6% 6,635 6,513 +123 +1.9% 1,935 1,888 +47 +2.5% A. FY26.3 B. FY25.3 A-B 3Q 3Q 21.8 21.7 +0.1 closing month and the account closing date, as the revenue for gas sales and electricity sales are estimated and recorded based on the Implementation Guidance on Accounting Standard for Revenue Recognition. thousands Number of customer accounts 1 Total of number of units for gas supply on consolidated basis and supply by equity-method affiliates (excluding supplies by one-touch wholesale customers) 2 Total number of low-voltage electricity supply on consolidated basis and supply by equity-method affiliates, etc. Non-residential Remarks Non-residential Domestic electricity sales volume (GWh)4 Residential Domestic gas sales volume (million m3)3,4 Residential Number of units for gas supply (thousands) Number of low-voltage electricity supply (thousands) 3 45MJ/m 3 4 Gas sales volume and electricity sales volume reflect the estimated usage amount for the period between the last meter reading day in the account Average temperature (℃)
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14 3Q FY2026.3 Results 5. Segment Sales and Profit A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks 3Q 3Q 1,438.8 1,444.1 -5.3 -0.4% 1,167.5 1,206.0 -38.5 -3.2% Decrease in sales from the lower unit selling price of LNG, etc. 105.4 91.6 +13.8 +15.1% 217.6 200.0 +17.5 +8.8% -51.7 -53.7 +1.9 - 163.1 125.5 +37.6 +30.0% 159.4 118.7 +40.6 +34.3% Domestic Energy 63.1 38.0 +25.0 +65.8% Time-lag effect, etc. Excluding time-lag profit/loss 44.4 32.6 +11.7 +36.1% Improved competitiveness of our long- term LNG contracts relative to JLC, etc. Electricity 17.9 21.7 -3.7 -17.3% Decrease in selling price due to market conditions, mainly the coal price, etc. International Energy 71.2 55.0 +16.2 +29.5% Increase in profits from U.S. businesses, etc. 22.1 21.6 +0.5 +2.7% Increase in profits from real estate development business, etc. Adjustments 2.8 4.0 -1.2 -29.8% 3.7 6.7 -3.0 -45.2% 18.7 5.4 +13.2 +244.5% 14.2 4.6 +9.6 +206.1% 4.4 0.7 +3.6 +480.4% -0.3 0.2 -0.5 - Life & Business Solutions Non-operating profit/loss2 (Non-consolidated) Electricity Profit/ｌoss on market valuation of derivatives4 1 Segment profit = Operating profit (loss) + Share of profit (loss) of entities accounted for using equity method 2 Excluding share of profit(loss) of entities accounted for using equity method 3 Included in the Domestic Energy. 4 Included in the International Energy. Profit/ｌoss on time-lag effect3 (Non-consolidated) Gas Segment profit1 Life & Business Solutions Adjustments Ordinary profit Net Sales Domestic Energy International Energy billion yen
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Copyright © OSAKA GAS CO., LTD. All Rights Reserved. 15 II. Changes and Variances II-2. Comparison between Previous Forecasts(Oct. 2025) and Revised Forecasts
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16 FY2026.3 Forecasts against Previous Forecasts 1. Net Sales and Profit 2 A. FY26.3 B. FY26.3 A-B (A-B)/B Remarks Revised Forecasts Previous Forecasts 2,050.0 2,050.0 ±0.0 ±0% 160.0 160.0 ±0.0 ±0% 186.0 186.0 ±0.0 ±0% 169.0 169.0 ±0.0 ±0% 17.0 17.0 ±0.0 ±0% (Non-consolidated) Gas 14.0 14.0 ±0.0 ±0% (Non-consolidated) Electricity 3.0 3.0 ±0.0 ±0% 142.0 142.0 ±0.0 ±0% 129.5 129.5 ±0.0 ±0% 363.17 361.90 +1.27 +0.4% 321.0 321.0 ±0.0 ±0% 151.2 151.2 ±0.0 ±0% 1 Included in Domestic Energy. 2 Forecasts for earnings per share have been prepared excluding the impact of the share buybacks executed on and after January 1, 2026. 3 EBITDA = Operating profit + Depreciation (including amortization of goodwill) + Share of profit/loss of entities accounted for using equity method 4 NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes A. FY26.3 B. FY26.3 A-B Revised Forecasts Previous Forecasts 71.0 71.8 -0.8 150.3 148.0 +2.3 Excluding time-lag profit/loss Excluding time-lag profit/loss Earnings per share (EPS) (yen)2 billion yen Net sales Operating profit Ordinary profit Remarks Crude oil price(JCC) ($/bbl) January to March 2026 : 65 $/bbl Exchange rate (yen/$) January to March 2026 : 155 yen/$ Time-lag effect1 Profit attributable to owners of the parent EBITDA3 NOPAT4
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17 FY2026.3 Forecasts against Previous Forecasts 2. Asset, Equity, and Debt A. FY26.3 B. FY26.3 A-B Revised Forecasts Previous Forecasts 3,256.0 3,231.0 +25.0 1,702.5 1,677.5 +25.0 4,399.7 4,275.5 +124.2 1,332.0 1,332.0 ±0.0 1,022.0 1,022.0 ±0.0 52.3% 51.9% +0.4% 55.0% 54.6% +0.3% 0.60 0.61 -0.01 0.52 0.53 -0.01 3.6% 3.6% -0.0% 2 Calculated with 50% of issued hybrid bonds as equity. A. FY26.3 B. FY26.3 A-B Revised Forecasts Previous Forecasts 5.7% 5.7% -0.0% Excluding time-lag profit/loss 5.2% 5.2% -0.0% 4.1% 4.1% ±0.0% 8.5% 8.6% -0.1% 5.6% 5.6% ±0.0% 8.4% 8.4% -0.1% 7.6% 7.7% -0.1%Excluding time-lag profit/loss Domestic Energy International Energy Life & Business Solutions Increase in overseas asset value due to yen depreciation After adjustment2 Interest-bearing debts billion yen Remarks Total assets Increase in overseas asset value due to yen depreciation Shareholders' equity excluding accumulated other comprehensive income 1 Forecasts for book value per share and DOE have been prepared excluding the impact of the share buybacks executed on and after January 1, 2026. Shareholders’ equity ratio After adjustment2 Debt/Equity ratio DOE1,3 3 DOE = Annual dividends per share (DPS) / Shareholders' equity excluding accumulated other comprehensive income per share (average of the beginning and the end of each fiscal year) ROE Remarks ROIC4 4 ROIC = NOPAT / Invested capital (average of the beginning and the end of each fiscal year) NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes Invested capital = Shareholders' equity + Balance of interest-bearing debts (excluding risk-free leased liabilities) Shareholders' equity Increase in foreign currency translation adjustments due to yen depreciation Book value per share (BPS) (yen)1
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18 FY2026.3 Forecasts against Previous Forecasts 3. Cash Flow and Investment A. FY26.3 B. FY26.3 A-B Revised Forecasts Previous Forecasts 299.0 299.0 ±0.0 90.0 90.0 ±0.0 209.0 209.0 ±0.0 64.0 64.0 ±0.0 95.0 95.0 ±0.0 50.0 50.0 ±0.0 271.0 271.0 ±0.0 137.0 137.0 ±0.0 A. FY26.3 B. FY26.3 A-B Revised Forecasts Previous Forecasts 314.0 314.0 ±0.0 254.0 254.0 ±0.0 60.0 60.0 ±0.0 2 The forecasts present investment amounts. 3 Free cash flow = Cash flows from operating activities - Cash flows from investing activities Cash flows from operating activities Cash flows from investing activities2 Free cash flow3 Depreciation (including amortization of goodwill) 1 Capital expenditures (included in investments) = Investments – Investments for subsidiaries and associates and M&A billion yen Remarks International Energy Life & Business Solutions Capital expenditures1 Investment for quality improvement (A) Investment for growth (B) Domestic Energy Remarks Investment (A+B) billion yen
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19 FY2026.3 Forecasts against Previous Forecasts 4. Customer Accounts and Sales Volume A. FY26.3 B. FY26.3 A-B (A-B)/B Remarks Revised Forecasts Previous Forecasts 11,007 11,007 ±0 ±0% A. FY26.3 B. FY26.3 A-B (A-B)/B Remarks Revised Forecasts Previous Forecasts 6,598 6,598 ±0 ±0% 1,669 1,669 ±0 ±0% 4,929 4,929 ±0 ±0% 16,602 16,602 ±0 ±0% A. FY26.3 B. FY26.3 A-B Revised Forecasts Previous Forecasts 17.6 17.6 ±0.0 2 Gas sales volume and electricity sales volume reflect the estimated usage amount for the period between the last meter reading day in the account closing month and the account closing date, as the revenue for gas sales and electricity sales are estimated and recorded based on the Implementation Guidance on Accounting Standard for Revenue Recognition. Remarks Average temperature (℃) 1 45MJ/m3 Domestic gas sales volume (million m3)1,2 Residential Non-residential Domestic electricity sales volume (GWh)2 Number of customer accounts (thousands)
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20 FY2026.3 Forecasts against Previous Forecasts 5. Segment Sales and Profit A. FY26.3 B. FY26.3 A-B (A-B)/B Remarks Revised Forecasts Previous Forecasts 2,050.0 2,050.0 ±0.0 ±0% 1,650.0 1,650.0 ±0.0 ±0% 140.0 140.0 ±0.0 ±0% 320.0 320.0 ±0.0 ±0% -60.0 -60.0 ±0.0 - 186.0 186.0 ±0.0 ±0% 184.0 184.0 ±0.0 ±0% Domestic Energy 75.5 75.5 ±0.0 ±0% Excluding time-lag profit/loss 58.5 58.5 ±0.0 ±0% Electricity 23.0 20.0 +3.0 +15.0% Increase in profits from electricity market transactions, etc. International Energy 74.0 74.0 ±0.0 ±0% 34.0 34.0 ±0.0 ±0% Adjustments 0.5 0.5 ±0.0 ±0% 2.0 2.0 ±0.0 ±0% 17.0 17.0 ±0.0 ±0% 14.0 14.0 ±0.0 ±0% 3.0 3.0 ±0.0 ±0% billion yen Net Sales Domestic Energy International Energy Profit/ｌoss on time-lag effect3 (Non-consolidated) Gas (Non-consolidated) Electricity 1 Segment profit = Operating profit (loss) + Share of profit (loss) of entities accounted for using equity method 3 Included in the Domestic Energy. Life & Business Solutions Adjustments Ordinary profit Non-operating profit/loss2 Segment profit1 Life & Business Solutions 2 Excluding share of profit(loss) of entities accounted for using equity method
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Copyright © OSAKA GAS CO., LTD. All Rights Reserved. 21 II. Changes and Variances II-3. FY2026.3 Projected Changes from FY2025.3 Results
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22 FY2026.3 Forecasts 1. Net Sales and Profit A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks Forecasts 2,050.0 2,069.0 -19.0 -0.9% Decrease in sales from the lower unit selling price of city gas, etc. 160.0 160.7 -0.7 -0.5% 186.0 189.6 -3.6 -1.9% Increase in fixed costs in the electricity business, etc. 169.0 185.3 -16.3 -8.8% Increase in fixed costs in the electricity business, etc. 17.0 4.2 +12.7 +297.3% (Non-consolidated) Gas 14.0 2.9 +11.0 +366.7% (Non-consolidated) Electricity 3.0 1.2 +1.7 +134.5% 142.0 134.4 +7.5 +5.6% Time-lag effect, etc. *2 129.5 133.2 -3.7 -2.8% Increase in fixed costs in the electricity business, etc. 363.17 333.31 +29.86 +9.0% 321.0 308.9 +12.0 +3.9% 151.2 138.7 +12.4 +9.0% 1 Included in Domestic Energy. 2 The projected decrease in ordinary profit and the expected increase in profit attributable to owners of the parent are largely due to a change in the entity recording profits from the U.S. renewable energy business. 4 EBITDA = Operating profit + Depreciation (including amortization of goodwill) + Share of profit/loss of entities accounted for using equity method 5 NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes A. FY26.3 B. FY25.3 A-B Forecasts 71.0 82.4 -11.4 150.3 152.6 -2.3 3 Forecasts for earnings per share have been prepared excluding the impact of the share buybacks executed on and after January 1, 2026. Crude oil price(JCC) ($/bbl) January to March 2026 : 65 $/bbl billion yen EBITDA4 NOPAT5 Time-lag effect1 Profit attributable to owners of the parent Net sales Operating profit Ordinary profit Exchange rate (yen/$) January to March 2026 : 155 yen/$ Remarks Excluding time-lag profit/loss Excluding time-lag profit/loss Earnings per share (EPS) (yen)3
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23 FY2026.3 Forecasts 2. Asset, Equity, and Debt A. FY26.3 B. FY25.3 A-B Forecasts year end 3,256.0 3,200.5 +55.5 1,702.5 1,688.7 +13.7 4,399.7 4,254.1 +145.6 1,332.0 1,302.0 +29.9 1,022.0 972.4 +49.5 52.3% 52.8% -0.5% 55.0% 55.5% -0.5% 0.60 0.58 +0.02 0.52 0.50 +0.02 3.6% 3.0% +0.6% A. FY26.3 B. FY25.3 A-B Forecasts 5.7% 5.4% +0.3% Excluding time-lag profit/loss 5.2% 5.3% -0.1% 4.1% 4.2% -0.2% 8.5% 7.5% +1.0% 5.6% 5.3% +0.2% 8.4% 8.2% +0.1% 7.6% 8.0% -0.4% 1 Forecasts for book value per share and DOE have been prepared excluding the impact of the share buybacks executed on and after January 1, 2026. 2 Calculated with 50% of issued hybrid bonds as equity. billion yen Remarks Life & Business Solutions After adjustment2 Interest-bearing debts Remarks Shareholders' equity Book value per share (BPS) (yen)1 Total assets Shareholders' equity excluding accumulated other comprehensive income Shareholders’ equity ratio After adjustment2 Debt/Equity ratio DOE3 Change in shareholder return policy (DOE Level) 4 ROIC = NOPAT / Invested capital (average of the beginning and the end of each fiscal year) NOPAT = Ordinary profit + Interest expenses - Interest income - Income taxes Invested capital = Shareholders' equity + Balance of interest-bearing debts (excluding risk-free leased liabilities ROE ROIC4 3 DOE = Annual dividends per share (DPS) / Shareholders' equity excluding accumulated other comprehensive income per share (average of the beginning and the end of each fiscal year) Forecast for DOE does not reflect the effect of the share buyback executed on and after January 1, 2026. Domestic Energy International Energy Excluding time-lag profit/loss
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24 FY2026.3 Forecasts 3. Cash Flow and Investment A. FY26.3 B. FY25.3 A-B Forecasts 299.0 283.1 +15.8 90.0 73.7 +16.2 209.0 209.4 -0.4 64.0 34.1 +29.8 95.0 112.9 -17.9 50.0 62.3 -12.3 271.0 221.7 +49.2 137.0 127.5 +9.4 A. FY26.3 B. FY25.3 A-B Forecasts 314.0 283.6 +30.3 254.0 255.6 -1.6 60.0 28.0 +31.9 Investment for quality improvement (A) Investment (A+B) billion yen Remarks Capital expenditures1 Depreciation (including amortization of goodwill) International Energy Life & Business Solutions Investment for growth (B) Domestic Energy Free cash flow3 2 The forecasts present investment amounts. Cash flows from operating activities Cash flows from investing activities2 1 Capital expenditures (included in investments) = Investments – Investments for subsidiaries and associates and M&A billion yen Remarks 3 Free cash flow = Cash flows from operating activities - Cash flows from investing activities
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25 FY2026.3 Forecasts 4. Customer Accounts and Sales Volume A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks Forecasts year end 11,007 10,711 +297 +2.8% A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks Forecasts 6,598 6,650 -52 -0.8% 1,669 1,659 +11 +0.7% 4,929 4,992 -63 -1.3% 16,602 16,982 -380 -2.2% A. FY26.3 B. FY25.3 A-B Forecasts 17.6 18.2 -0.6 Remarks Domestic gas sales volume (million m3)1,2 Residential Non-residential Number of customer accounts (thousands) Average temperature (℃) 1 45MJ/m3 2 Gas sales volume and electricity sales volume reflect the estimated usage amount for the period between the last meter reading day in the account closing month and the account closing date, as the revenue for gas sales and electricity sales are estimated and recorded based on the Implementation Guidance on Accounting Standard for Revenue Recognition. Domestic electricity sales volume (GWh)2
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26 FY2026.3 Forecasts 5. Segment Sales and Profit A. FY26.3 B. FY25.3 A-B (A-B)/B Remarks Forecasts 2,050.0 2,069.0 -19.0 -0.9% 1,650.0 1,737.9 -87.9 -5.1% Decrease in sales from the lower unit selling price of city gas, etc. 140.0 128.1 +11.8 +9.2% 320.0 282.4 +37.5 +13.3% -60.0 -79.5 +19.5 - 186.0 189.6 -3.6 -1.9% 184.0 181.3 +2.6 +1.4% Domestic Energy 75.5 77.5 -2.0 -2.6% Excluding time-lag profit/loss 58.5 73.2 -14.7 -20.2% Electricity 23.0 39.8 -16.8 -42.3% Increase in fixed costs, etc. International Energy 74.0 71.9 +2.0 +2.9% 34.0 28.7 +5.2 +18.2% Increase in profits from real estate development business, etc. Adjustments 0.5 3.1 -2.6 -84.0% 2.0 8.2 -6.2 -75.8% 17.0 4.2 +12.7 +297.3% 14.0 2.9 +11.0 +366.7% 3.0 1.2 +1.7 +134.5% (Non-consolidated) Gas (Non-consolidated) Electricity 1 Segment profit = Operating profit (loss) + Share of profit (loss) of entities accounted for using equity method 2 Excluding share of profit(loss) of entities accounted for using equity method Profit/ｌoss on time-lag effect3 International Energy Life & Business Solutions Adjustments Net Sales Domestic Energy billion yen Ordinary profit Non-operating profit/loss2 Segment profit1 Life & Business Solutions 3 Included in the Domestic Energy.
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Copyright © OSAKA GAS CO., LTD. All Rights Reserved. 27 III. Reference
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28 Range of fluctuation (for the rest of the fiscal year) Segment Segment Impact Net impact on consolidated ordinary profit Crude oil price (JCC) +1 USD/bbl International Energy No impact -0.02 billion yen Domestic Energy Negative Exchange rate +1 JPY/USD (yen depreciation) International Energy No impact -1.0 billion yen Domestic Energy Negative Range of fluctuation Impact on residential gas sales volume Atmospheric and water temperatures +1 degree Celsius -7% Sales Volume & Profit Sensitivity to External Factors Atmospheric and water temperatures Crude oil price and exchange rate The table shows the potential impact of changes in each indicator from January 1, 2026, onward on the results for the current fiscal year.
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29 60 70 80 90 100 4月 7月 10月 1月 130 140 150 160 4月 7月 10月 1月 Time-lag lossTime-lag profit ($/bbl) FY25.3 FY25.3 (yen/$) (billion yen) FY24.3 FY25.3 FY26.3 1Q 2Q 3Q 4Q Full year 1Q 2Q 3Q 4Q Full year 1Q 2Q 3Q (3Q Cumulative) Full year forecast Time-lag profit/loss 32.3 5.8 -1.4 -8.1 28.5 4.2 0.5 0.6 -1.1 4.2 14.0 5.0 -0.4 18.7 17.0 Gas 23.1 1.1 -1.7 -7.9 14.6 3.1 1.5 0.0 -1.6 2.9 10.7 4.3 -0.8 14.2 14.0 Electricity 9.2 4.6 0.3 -0.2 13.9 1.0 -1.0 0.6 0.5 1.2 3.2 0.7 0.3 4.4 3.0 【Time-lag profit/loss (Gas) 】 FY26.3 FY26.3 FY26.3 Forecast Time-lag profit 14.0 billion yen FY26.3 3Q Time-lag profit 14.2 billion yen Crude Oil Price, Exchange Rate, and Time-Lag Effect Crude Oil Price (JCC) Exchange Rate Time-lag effect (Quarterly results) JanuaryOctoberJulyAprilJanuaryOctoberJulyApril FY24.3 Time-lag profit 14.6 billion yen FY25.3 Time-lag profit 2.9 billion yen Revenues Costs FY26.3 4Q Assumption 65 $/bbl FY26.3 4Q Assumption 155 yen/$
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30 Foreign Currency Translation Adjustment Non- current assets 2,217.6 Non- current assets 2,387.7 Non- current assets 2,431.1 Current assets 762.4 Current assets 812.7 Current assets 895.5 Net assets 1,604.9 Net assets 1,739.2 Net assets 1,779.8 Non-current liabilities 981.1 Non-current liabilities 1,051.4 Non-current liabilities 1,005.9 Current liabilities 393.9 Current liabilities 409.7 Current liabilities 540.9 FY25.3 Year-End Results Interest-bearing debts 1,050.7 Shareholders’ equity ratio1 55.9% (52.9%) 55.5% (52.8%) 54.7% (52.1%) D/E ratio1 0.51 (0.59) 0.50 (0.58) 0.53 (0.61) FY24.3 Year-End Results Total assets 2,980.1 Total assets 3,200.5 (billion yen) 1 The figures are calculated with 50% of issued hybrid bonds (175 billion yen) as equity. The figures in parentheses are the numbers before the adjustment. 2 Figures in parentheses show the increase/decrease from the end of FY25.3. 3 Reflecting our overseas subsidiaries' December 31 year-end, exchange rates are applied as of the end of December for the full year and the end of September for 3Q. FY26.3 3Q-End Results Total assets 3,326.7 FY24.3 year-end FY25.3 year-end FY26.3 3Q end2 Foreign currency translation adjustments (billion yen) 140.5 216.6 170.2 (-46.4) Exchange rate3 141.8 yen/$ 158.2 yen/$ 148.9 yen/$ （‐9.3) Reference Foreign currency translation adjustments Actual changes ✓ The fluctuation range for the Foreign Currency Translation Adjustment account changes by 40 billion yen to 50 billion yen in response to a 10 yen depreciation of the yen.
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31 Item (month of publication) URL IR Information Website Daigas Group>IR Information https://www.daigasgroup.com/en/ir/ ■Fact Book 2025 (October 2025) Daigas Group>IR Information>Fact Book ■Integrated Report 2025 (September 2025) Daigas Group>IR Information>Integrated Report ■Business Plan for FY2026.3 (March 2025) Daigas Group>IR Information>Management Vision/Business Plans> Annual Business Plan ■Energy Transition 2050 (February 2025) (Material) Daigas Group>IR Information>Management Vision/Business Plans> Challenges to Carbon Neutrality (Video) The video presentation ■Medium-Term Management Plan 2026 (March 2024) Daigas Group>IR Information>Management Vision/Business Plans> Medium- and Long-Term Business Plans IR Reference Materials
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Copyright © OSAKA GAS CO., LTD. All Rights Reserved.