Osaka Gas (9532) Q4 2026 earnings summary

Executive summary

• Ordinary profit and profit attributable to owners increased year-over-year, driven by strong International Energy performance, especially in the U.S., offsetting declines in domestic energy.

• Net sales for FY ended March 31, 2026, decreased 1.9% YoY to ¥2,030.3 billion, mainly due to lower city gas prices under the fuel cost adjustment system.

• ROIC and ROE improved, and the Medium-Term Management Plan is progressing as scheduled.

• Comprehensive income grew 15.8% YoY to ¥221.3 billion.

• Limited impact from Middle East instability on LNG procurement or energy supply; diversified sourcing and risk management in place.

Financial highlights

• FY26.3 net sales: ¥2,030.3B (down ¥38.7B YoY); ordinary profit: ¥204.5B (up ¥14.8B YoY); profit attributable to owners: ¥152.7B (up ¥18.3B YoY).

• EBITDA: ¥333.8B (up ¥24.9B YoY); EPS: ¥391.15 (up ¥57.84 YoY); shareholders’ equity per share: ¥4,705.00.

• Operating profit increased 8.8% YoY to ¥174.8B; operating profit margin rose to 8.6%.

• Free cash flow was ¥98.8B, up from ¥28.0B YoY.

• Annual dividend: ¥120/share (up ¥25 YoY).

Outlook and guidance

• FY27.3 forecasts: net sales ¥2,070.0B (+¥39.6B YoY), ordinary profit ¥190.0B (–¥14.5B YoY), profit attributable to owners ¥145.0B (–¥7.7B YoY).

• Operating profit projected to fall 14.2% YoY to ¥150.0B; EPS forecasted at ¥377.75.

• ROIC expected at 5.3%, ROE at 8.0%; annual dividend to rise to ¥130/share.

• Share buyback up to ¥80B planned for FY27.3.