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Tokyo Gas (9531) investor relations material
Tokyo Gas Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong FY26/3 results with consolidated net sales up 7.5% YoY to ¥2,834.7bn, driven by overseas business, energy solutions, and higher electricity sales, supported by extraordinary gains from asset sales and foreign currency translation adjustments.
Operating profit increased 48.5% to ¥197.7bn, and profit attributable to owners of parent jumped 205.8% to ¥226.8bn, aided by significant extraordinary income.
ROE reached 13.2% in FY26/3, well above the cost of equity, with a target of 9% by FY29/3 under a new medium-term plan focused on capital efficiency and shareholder returns.
Management emphasized portfolio realignment, capital structure optimization, and enhanced governance to drive sustainable profit growth and capital efficiency.
Financial highlights
FY26/3 net sales: ¥2,834.7bn (+7.5% YoY); operating profit: ¥197.7bn (+48.5% YoY); profit attributable to owners of parent: ¥226.8bn (+205.8% YoY); basic EPS: ¥654.76.
Equity ratio: 44.1%; net assets per share: ¥5,151.08.
FY27/3 forecasts: net sales ¥2,947.0bn (+4.0%), profit attributable to owners of parent ¥137.0bn (-39.6%), operating profit ¥186.0bn (-5.9%).
Extraordinary profit of ¥95.4bn included gains from asset divestments and foreign currency translation; extraordinary losses included ¥30.1bn in impairment losses.
Cash flows from operating activities: ¥451.8bn; investing: -¥206.9bn; financing: -¥296.3bn.
Outlook and guidance
FY27/3 profit is forecast to decline due to the absence of extraordinary gains, with segment profit expected to decrease slightly as higher overseas and urban development profits are offset by lower energy solution and network profits.
Dividend per share is forecast to rise to ¥120 in FY27/3, with a share buyback of up to ¥50bn planned for the first half.
ROE is projected at 8.0% for FY27/3, with a medium-term target of 9% by FY29/3.
City gas sales volume expected to decline 3.4% YoY; electric power sales volume to rise 1.7% YoY.
- Profits surged on US shale gas, electric power sales, and extraordinary gains.9531
Q3 202630 Jan 2026 - Profits soared on energy and asset gains; guidance, dividends, and buybacks all raised.9531
Q2 202629 Oct 2025 - Profits surged on energy and one-time gains, but comprehensive income declined.9531
Q1 202630 Jul 2025 - Profits plunged on lower prices and higher costs, but capital returns and guidance hold steady.9531
Q2 202513 Jun 2025 - Profits fell sharply in Q1 FY2024, but full-year guidance remains unchanged.9531
Q1 202513 Jun 2025 - Profits fell in FY2024 but are forecast to rebound strongly in FY2025 with higher returns.9531
Q4 20256 Jun 2025 - Profits dropped sharply on higher costs and lower prices, with asset sales and buybacks ongoing.9531
Q3 20255 Jun 2025
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