Osaka Gas (9532) Q3 2025 earnings summary

Executive summary

• Net sales and profits declined year-over-year due to lower LNG sales volume and gas prices, despite higher electricity sales volume in Domestic Energy.

• Ordinary profit dropped by 49.0 billion yen or 28.1% year-over-year to 125.5 billion yen, mainly from reduced time-lag profit.

• Profit attributable to owners decreased by 35.5 billion yen or 28.1% year-over-year to 90.8 billion yen.

• Comprehensive income fell 66.7% year-over-year to 79.4 billion yen.

• Financial soundness maintained with shareholders' equity ratio above 45% and D/E ratio below 0.8, in line with management targets.

Financial highlights

• 3Q FY2025.3 net sales: 1,444.1 billion yen (down 4.4% YoY); ordinary profit: 125.5 billion yen (down 28.1% YoY); EPS: 224.4 yen (down 26.3% YoY).

• EBITDA for 3Q: 214.0 billion yen (down 14.3% YoY); NOPAT: 93.8 billion yen (down 28.2% YoY).

• Total assets at 3Q end: 3,249.9 billion yen (up 269.8 billion yen YoY); interest-bearing debt increased by 215.1 billion yen.

• Free cash flow for 3Q: -70.2 billion yen, a decrease of 126.1 billion yen from the previous year.

• Net assets rose to 1,638.4 billion yen; shareholders' equity ratio at 49.0%.

Outlook and guidance

• FY2025.3 full-year forecasts unchanged: net sales 1,986.0 billion yen, ordinary profit 153.0 billion yen, profit attributable to owners 112.0 billion yen.

• Operating profit projected at 123.5 billion yen, down 28.4% YoY; EPS forecast at 276.64 yen.

• Annual dividend forecast raised to 95 yen/share; share buyback of 40 billion yen planned.

• Exchange rate assumption for 4Q revised to 150 yen/$ due to yen depreciation.

• No revisions have been made to previously announced forecasts.