INPEX (1605) Q3 2025 earnings summary

Executive summary

• Achieved nine-month profit of ¥293.4 billion, up 1.4% year-over-year, despite a 13% revenue decline due to lower oil prices and yen appreciation.

• Operating profit fell 14.3% to ¥872.9 billion, and profit before tax dropped 13% to ¥911.8 billion.

• Revised full-year net profit forecast upward by ¥20 billion to ¥390 billion, reflecting stable operations and cost optimization.

• Completed scheduled shutdown maintenance at Ichthys LNG, with production resuming after a slight delay; Abadi LNG entered FEED phase.

Financial highlights

• Revenue for 3Q FY2025 was ¥1,520.6 billion, down 13% year-over-year; operating profit fell 14.3% to ¥872.9 billion.

• Profit attributable to owners of parent rose 1.4% to ¥293.4 billion, with EPS up to ¥245.37.

• Gross profit margin declined to 58.2% from 59.9% year-over-year.

• Cost of sales declined 9.5% to ¥635.0 billion; exploration expenses dropped 74.9% to ¥12.8 billion.

• Total assets as of September 30, 2025, were ¥7,203.2 billion, down from ¥7,380.9 billion at year-end 2024.

Outlook and guidance

• Full-year net profit forecast revised to ¥390 billion; ROE expected at 8.4%, exceeding cost of equity.

• Revenue forecast for FY2025 is ¥2,000 billion, with operating profit of ¥1,120 billion.

• Net production volume outlook for FY2025 is 638 thousand BOE/day.

• Dividend forecast for 2025 is ¥100 per share, up from ¥86 in 2024.

• Forecasts reflect updated assumptions for sales volume, Brent crude at $67.5/bbl, and exchange rate at ¥147.0/$.