サウジアラムコ：2026年1Q(1-3月)決算

Research evidence excerpt

サウジアラムコ：2026年1Q(1-3月)決算

2026年 5月 12日

図表1. 四半期決算概要と主要指標の推移

FY24 1Q FY24 2Q FY24 3Q FY24 4Q FY25 1Q FY25 2Q FY25 3Q FY25 4Q FY26 1Q YoY QoQ

業績概要 ($b)

Net Income 27.3 29.1 27.6 22.3 26.0 22.7 26.9 17.8 32.5 25.1% 83.1%

Adjusted net income 28.1 28.4 ― ― 26.6 24.5 28.0 25.1 33.6 26.2% 34.0%

EBIT 53.7 55.2 51.4 45.6 50.5 44.1 51.5 40.7 59.6 17.9% 46.5%

Upstream 54.8 55.8 52.8 50.3 51.4 44.4 51.5 47.9 54.2 5.4% 13.2%

Downstream 1.2 -0.3 -1.8 -2.1 0.5 0.6 1.4 -5.0 14.9 2838% -

Adjusted EBIT 53.8 55.0 52.5 48.0 51.3 46.1 52.9 47.8 60.1 17.1% 25.7%

Upstream 54.8 55.8 52.8 50.3 51.4 44.7 51.5 47.9 54.2 5.4% 13.2%

Downstream 0.6 -0.2 1.0 -0.1 1.4 2.6 2.6 3.0 5.0 260% 66.7%

Operating CF 33.6 31.1 35.2 35.8 31.7 27.5 36.1 40.8 30.7 -3.1% -24.8%

CAPEX -10.8 -12.1 -13.2 -14.2 -12.5 -12.3 -12.6 -13.4 -12.1 -3.6% -9.6%

FCF 22.8 19.0 22.0 21.6 19.2 15.2 23.6 27.5 18.6 -2.7% -32.2%

Dividend paid -31.1 -31.1 -31.1 -31.1 -21.4 -21.4 -21.4 -21.4 -21.9 2.5% 2.4%

- Base dividends -20.3 -20.3 -20.3 -20.3 -21.1 -21.1 -21.1 -21.1 -21.9 3.5% 3.5%

効率性・

財務健全性指標

ROACE 21.7% 21.8% 20.8% 20.2% 20.8% 18.7% 18.4% 19.8% 20.7%

Gearing -3.8% -0.5% 1.9% 4.5% 5.3% 6.5% 6.3% 3.8% 4.8%

生産数量、原油価格

mm

12.4 12.3 12.7 12.2 12.3 12.8 13.3 13.2 12.6 2.5% -4.4%

Hydrocarbon production boed

Brent crude oil price $/bbl 83.1 84.9 80.2 74.6 75.6 67.8 68.8 63.7 80.5 6.5% 26.5%

Realized oil prices $/bbl 83.0 85.7 79.3 73.1 76.3 66.7 70.1 64.1 76.9 0.8% 20.0%

出所: 会社資料、Bloomberg データ等よりみずほ証券エクイティ調査部作成

図表2. 四半期純利益・FCF・配当額とブレント原油価格の推移

($bn) ($/bbl)

50.0 120.0

45.0 110.0

40.0 100.0

35.0 90.0

30.0 80.0

25.0 70.0

20.0 60.0

15.0 50.0

10.0 40.0

5.0 30.0

0.0 20.0

3Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q

2018 2019 2020 2020 2021 2021 2022 2022 2023 2023 2024 2024 2025 2025 2025

Net Income FCF Dividend Brent oil price (RHS)