Interim report
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Third Quarter of the Fiscal Year Ending March 31, 2026 Brief Report of Consolidated Financial Statements (Japanese GAAP) * This document is an English translation of materials originally disclosed in Japanese and is provided for reference purpose only. February 2, 2026 Name of Listed Company : Osaka Gas Co., Ltd. Listed Exchanges: Prime Market of Tokyo Code No. : 9532 URL: https://www.osakagas.co.jp/en/ Representative Officer : Title: President Name: Masataka Fujiwara Contact : Title: Manager, Finance Dept. Name: Shinji Konno Scheduled Date of Dividend Payment : - Preparation of Supplementary Explanation Documents for Operating Results : Yes Holding of an Informational Meeting for Operating Results : Yes (for institutional investors and analysts) (Amounts less than one million yen are rounded down to the nearest million yen.) 1. Consolidated Financial Results for the Nine Months Ended December 31, 2025 (April 1, 2025 - December 31, 2025) (1) Consolidated Operating Results (% of change from the same period in the previous year.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended December 31, 2025 million yen % million yen % million yen % million yen % 1,438,830 -0.4 133,747 34.4 163,151 30.0 140,399 54.5 Nine months ended December 31, 2024 1,444,131 -4.4 99,507 -29.3 125,526 -28.1 90,882 -28.1 (Note) Comprehensive income: Nine months ended December 31, 2025 127,298 million yen (60.4% YoY) Nine months ended December 31, 2024 79,371 million yen (-66.7% YoY) Earnings per share Diluted earnings per share Nine months ended December 31, 2025 yen yen 357.97 - Nine months ended December 31, 2024 224.45 - (2) Consolidated Financial Position Total assets Net assets Shareholders' equity / Total assets million yen million yen % As of December 31, 2025 3,326,702 1,779,803 52.1 As of March 31, 2025 3,200,525 1,739,291 52.8 <Reference> Shareholders' equity: As of December 31, 2025 1,732,555 million yen As of March 31, 2025 1,688,794 million yen 2. Dividends Dividends per share End of First Quarter End of Second Quarter End of Third Quarter End of Fiscal Year Annual yen yen yen yen yen Year ended March 31, 2025 - 47.50 - 47.50 95.00 Year ending March 31, 2026 - 60.00 - Year ending March 31, 2026 (Forecast) 60.00 120.00 (Note) Revision of the dividend forecast from previously announced figures: None 3. F orecasts of Consolidated Financial Results for the Fiscal Year Ending March 31, 2026 (April 1, 2025 - March 31, 2026) (% of change from the previous fiscal year.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Earnings per share Full year million yen % million yen % million yen % million yen % yen 2,050,000 -0.9 160,000 -0.5 186,000 -1.9 142,000 5.6 363.17 (Note) Revision of the financial results forecasts from previously announced figures: None (Note) Among the repurchase of treasury shares resolved at the Board of Directors meeting held on May 8, 2025, the effect of the repurchase after January 1, 2026 is not included in the calculation of “Earnings per share” in the forecasts of consolidated financial results.
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*Notes 1) Significant changes in the scope of consolidation during the nine months ended December 31, 2025 : Yes Newly included: 3 companies (Hanwa Sougou Bousai Co.,Ltd., Osaka City Elementary School Gym Air Conditioner PFI Co.,Ltd., ENAX,Inc.) Excluded: 11 companies (Osaka Gas Shore, LLC, Osaka Gas(Thailand)Co.,Ltd., OGP Energy Solutions Co.,Ltd., Osaka Gas Kleen Energy, LLC, Michigan Power MB, LLC, Osaka Gas Michigan Power, LLC, Michigan Power LP, LLC, Michigan Power GP, LLC, Michigan Power Limited Partnership, OGPA Lakewood, LLC, Living Mainte Service Osaka Co.,Ltd.) (2) Adoption of special accounting treatments for quarterly consolidated financial statements: Adopted (Note) For detailed information, please refer to "2. (3) Adoption of Special Accounting Treatments for Quarterly Consolidated Financial Statements" on Page 7 of the Attachment to this Brief Report of Consolidated Financial Statements. (3) Changes in accounting policies, changes in accounting estimates, and restatements (i) Changes in accounting policies due to revisions to accounting standards, etc.: None (ii) Changes in accounting policies other than (i) above: None (iii) Changes in accounting estimates: None (iv) Restatements: None (4) Issued shares (common shares) (i) Number of issued shares at the end of each period (including treasury shares): As of December 31, 2025 397,881,800 shares As of March 31, 2025 404,105,300 shares (ii) Number of treasury shares at the end of each period: As of December 31, 2025 10,905,985 shares As of March 31, 2025 7,127,258 shares (iii) Average number of shares during each period: Nine months ended December 31, 2025 392,212,078 shares Nine months ended December 31, 2024 404,916,993 shares *Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None *Notes on proper use of forecasts and other matters 1. Forward-looking statements contained in this document, including financial results forecasts, are based on information currently available to Osaka Gas Co., Ltd. (the "Company") and certain assumptions that the Company regards as reasonable. Actual results may differ significantly from these forecasts, due to various factors. As for notes regarding assumptions used for and the use of the financial results forecasts, please refer to "1. (3) Forecasts of Consolidated Financial Results" on Page 2 of the Attachment to this Brief Report of Consolidated Financial Statements. 2. The Company plans to hold a results briefing for institutional investors and analysts on February 2, 2026. Immediately after the briefing, the presentation materials will be made available on the Company's website.
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 1 Table of Contents for Attachment 1. Overview of Quarterly Consolidated Financial Results 2 (1) Consolidated Operating Results 2 (2) Consolidated Financial Position 2 (3) Forecasts of Consolidated Financial Results 2 2. Quarterly Consolidated Financial Statements and Notes 3 (1) Quarterly Consolidated Balance Sheets 3 (2) Quarterly Consolidated Statements of Income and Comprehensive Income 5 (3) Notes to the Quarterly Consolidated Financial Statements 7 (Going Concern Assumption) 7 (Significant Changes in the Value of Shareholders' Equity) 7 (Adoption of Special Accounting Treatments for Quarterly Consolidated Financial Statements) 7 (Segment Information) 8 (Notes on Quarterly Consolidated Statements of Cash Flows) 8
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 2 1. Overview of Quarterly Consolidated Financial Results (1) Consolidated Operating Results (Overview of Quarterly Operating Results) Consolidated net sales for the nine months ended December 31, 2025 was ¥1,438.8 billion, almost unchanged year-on-year. Consolidated ordinary profit increased by ¥37.6 billion year-on-year to ¥163.1 billion. This was primarily due to the positive impact of a time lag between fluctuations in raw material costs, etc. and their reflection in the unit selling prices(*) in the Domestic Energy Business. Profit attributable to owners of parent increased by ¥49.5 billion year-on-year to ¥140.3 billion. (*) There is a time lag between fluctuations in raw material costs and fuel costs and their reflection in the unit selling prices under the raw material and fuel costs adjustment system, which causes a temporary increase/decrease in profit. (billion yen) Consolidated results Compared with previous fiscal year increase/decrease increase/decrease rate (%) Net sales 1,438.8 -5.3 -0.4 Cost of sales 1,124.5 -48.3 -4.1 Selling, general and administrative expenses 180.5 +8.7 +5.1 Operating profit 133.7 +34.2 +34.4 Ordinary profit 163.1 +37.6 +30.0 Profit attributable to owners of parent 140.3 +49.5 +54.5 (Quarterly Domestic Gas Sales Breakdown) Nine months ended December 31, 2025 YoY Changes rate (%) Gas sales volume (million m3) Residential 1,006 +1.0 Non-residential, etc. 3,631 -0.7 Total 4,637 -0.3 Number of gas supply (thousands) 5,144 +1.0 [45MJ/m3] (Quarterly Domestic Electricity Sales Breakdown) Nine months ended December 31, 2025 YoY Changes rate (%) Electricity sales volume (GWh) Retail 5,553 +5.6 Wholesale, etc. 6,635 +1.9 Total 12,189 +3.5 Number of low-voltage electricity supply (thousands) 1,935 +2.5 (2) Consolidated Financial Position Total assets as of December 31, 2025 increased by ¥126.1 billion compared with March 31, 2025 to ¥3,326.7 billion. This was primarily due to an increase in inventories caused by seasonal factors and an increase in cash and deposits resulting from the issuance of commercial papers. Net assets totaled ¥1,779.8 billion and the ratio of shareholders’ equity to total assets was 52.1%. (3) Forecasts of Consolidated Financial Results No revisions have been made to the previous forecasts stated in Brief Report of Consolidated Financial Statements for the Second Quarter of the Fiscal Year Ending March 31, 2026 announced on October 30, 2025.
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 3 2. Quarterly Consolidated Financial Statements and Notes (1）Quarterly Consolidated Balance Sheet (million yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 82,810 135,276 Notes and accounts receivable - trade, and contract assets 317,852 262,836 Inventories 204,987 262,116 Other 208,768 236,737 Allowance for doubtful accounts (1,639) (1,425) Total current assets 812,779 895,541 Non-current assets Property, plant and equipment Buildings and structures, net 207,431 242,173 Machinery, equipment and vehicles, net 708,617 771,481 Land 269,815 268,386 Construction in progress 212,405 142,825 Other, net 29,408 37,459 Total property, plant and equipment 1,427,677 1,462,326 Intangible assets 92,377 75,344 Investments and other assets Investment securities 569,252 561,781 Other 299,170 332,512 Allowance for doubtful accounts (730) (803) Total investments and other assets 867,691 893,490 Total non-current assets 2,387,746 2,431,161 Total assets 3,200,525 3,326,702
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 4 (million yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes and accounts payable - trade 103,690 100,592 Other 306,094 440,357 Total current liabilities 409,785 540,949 Non-current liabilities Bonds payable 500,999 491,016 Long-term borrowings 363,939 312,029 Retirement benefit liability 17,394 17,594 Other 169,115 185,309 Total non-current liabilities 1,051,448 1,005,949 Total liabilities 1,461,234 1,546,898 Net assets Shareholders' equity Share capital 132,166 132,166 Capital surplus 19,902 19,759 Retained earnings 1,173,020 1,250,451 Treasury shares (23,034) (44,841) Total shareholders' equity 1,302,054 1,357,535 Accumulated other comprehensive income Valuation difference on available-for-sale securities 56,187 71,622 Deferred gains or losses on hedges 70,747 94,155 Revaluation reserve for land (2,395) (2,423) Foreign currency translation adjustment 216,648 170,205 Remeasurements of defined benefit plans 45,552 41,461 Total accumulated other comprehensive income 386,739 375,020 Non-controlling interests 50,497 47,247 Total net assets 1,739,291 1,779,803 Total liabilities and net assets 3,200,525 3,326,702
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 5 (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income (million yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Net sales 1,444,131 1,438,830 Cost of sales 1,172,874 1,124,533 Gross profit 271,256 314,296 Selling, general and administrative expenses 171,749 180,548 Operating profit 99,507 133,747 Non-operating income Interest income 8,430 9,500 Dividend income 6,609 4,623 Share of profit of entities accounted for using equity method 19,262 25,702 Other 10,825 6,400 Total non-operating income 45,128 46,227 Non-operating expenses Interest expenses 11,445 10,617 Other 7,663 6,204 Total non-operating expenses 19,109 16,822 Ordinary profit 125,526 163,151 Extraordinary income Gain on sale of non-current assets - 1,964 Gain on sale of shares of subsidiaries and associates - 12,655 Insurance claim income - 6,830 Total extraordinary income - 21,450 Profit before income taxes 125,526 184,602 Income taxes 34,740 44,452 Profit 90,785 140,149 Loss attributable to non-controlling interests (97) (250) Profit attributable to owners of parent 90,882 140,399
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 6 Quarterly Consolidated Statement of Comprehensive Income (million yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 90,785 140,149 Other comprehensive income Valuation difference on available-for-sale securities (11,227) 15,348 Deferred gains or losses on hedges 5,438 20,750 Revaluation reserve for land - (28) Foreign currency translation adjustment (3,411) (46,551) Remeasurements of defined benefit plans (4,289) (4,111) Share of other comprehensive income of entities accounted for using equity method 2,076 1,742 Total other comprehensive income (11,414) (12,851) Comprehensive income 79,371 127,298 (Breakdown) Comprehensive income attributable to owners of parent 81,169 128,680 Comprehensive income attributable to non-controlling interests (1,798) (1,382)
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 7 (3) Notes to the Quarterly Consolidated Financial Statements ( Going Concern Assumption) Not applicable (Significant Changes in the Value of Shareholders' Equity) Nine months ended December 31, 2025 (April 1, 2025 - December 31, 2025) Not applicable (Adoption of Special Accounting Treatments for Quarterly Consolidated Financial Statements) (Calculation of tax expenses) The effective tax rates (after applying tax effect accounting) expected to be imposed on income before income taxes applicable to the tax year in which this third quarter is included were estimated based on reasonable assumptions. Tax expenses were then calculated by multiplying the income before income taxes by the estimated effective tax rates.
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Osaka Gas Co.,Ltd.（9532） Brief Report of Consolidated Financial Statements for the Nine Months Ending March 31,2026 8 (Segment Information) I. Nine months ended December 31, 2024 (April 1, 2024 - December 31, 2024) 1. Net sales and profit (loss) for each reportable segment (million yen) Domestic Energy International Energy Life & Business Solutions Total Ad justments (Note 1) Consolidated (Note 2) Net sales 1,206,062 91,692 200,089 1,497,844 (53,713) 1,444,131 Segment profit Operating profit 36,789 37,050 21,602 95,442 4,064 99,507 Share of profit of entities accounted for using equity method 1,279 17,982 - 19,262 - 19,262 Total 38,069 55,032 21,602 114,704 4,064 118,769 Notes: 1. Adjustments primarily represent the elimination of intersegment transactions. 1. Segment profit (loss) is aligned with the operating profit (loss) on the quarterly consolidated statements of income by adjusting the share of profit (loss) of entities accounted for using equity method. 2. Information on impairment losses for non-current assets and goodwill, etc. for each reportable segment N ot applicable II. Nine months ended December 31, 2025 (April 1, 2025 - December 31, 2025) 1. Net sales and profit (loss) for each reportable segment (million yen) Domestic Energy International Energy Life & Business Solutions Total Ad justments (Note 1) Consolidated (Note 2) Net sales 1,167,501 105,498 217,615 1,490,615 (51,785) 1,438,830 Segment profit Operating profit 61,094 47,614 22,184 130,893 2,853 133,747 Share of profit of entities accounted for using equity method 2,029 23,673 - 25,702 - 25,702 Total 63,123 71,287 22,184 156,596 2,853 159,450 Notes: 1. Adjustments primarily represent the elimination of intersegment transactions. 1. Segment profit (loss) is aligned with the operating profit (loss) on the quarterly consolidated statements of income by adjusting the share of profit (loss) of entities accounted for using equity method. 2. Information on impairment losses for non-current assets and goodwill, etc. for each reportable segment N ot applicable (Notes on Quarterly Consolidated Statements of Cash Flows) No quarterly consolidated statement of cash flows for the nine months ended December 31, 2025 is prepared. The following outlines depreciation (including amortization expenses of intangible assets, other than goodwill) for the nine months ended December 31, 2025. Nine months ended December 31, 2024 Nine months ended December 31, 2025 Depreciation 94,691 million yen 99,923 million yen