Results: Tokyo Gas, Osaka Gas, Nippon Gas

Research evidence excerpt

Results: Tokyo Gas, Osaka Gas, Nippon Gas

Results: Tokyo Gas, Osaka Gas, Global Markets Research 30 July 2026

Nippon Gas

EQUITY: JAPAN UTILITIES

Research Analysts

Tokyo Gas: Strong showing for US shale gas Japan utilities & oil

Shinichi Yamazaki - NSC

shinichi.yamazaki.a3@nomura.comQuick Note +81 3 6703 1133

Tokyo Gas [9531] (Neutral): Results released at 14:15 JST on 30 July, briefing held

at 15:30

First impression slightly positive: Overseas segment performs well

Tokyo Gas posted 27/3 Q1 recurring profits of ¥49.6bn (down 13% y-y), beating the 29

July QUICK consensus estimate of ¥41.0bn and our forecast of ¥44.3bn. The y-y decline

in profits was due to higher fixed costs at the electric power business and time lag losses

stemming from higher crude oil prices. Outperformance versus our forecast was due to

increased profits at the overseas segment thanks to higher selling prices at the US shale

gas business. The company retained its full-year recurring profit guidance of ¥173.0bn,

versus the QUICK consensus forecast of ¥161.3bn and our forecast of ¥149.5bn. Our first

impression is slightly positive owing to Q1 recurring profits coming in ahead of our

forecast and strong performance at the overseas segment in particular.

Osaka Gas [9532] (Buy): Results released at 14:00 JST on 30 July, briefing held at

17:00

First impression slightly positive: Q1 segment profits beat our forecast

Osaka Gas reported 27/3 Q1 segment profits (operating profits + equity-method income)

of ¥41.2bn (down ¥17.8bn y-y), beating our forecast of ¥36.5bn. The y-y decline in profits

was due to time lag losses caused by higher crude oil prices. Outperformance versus our

forecast was due to a smaller-than-expected decline in profits at the US electric power