Key Takeaways from Q4 Results Briefing

研报英文原文证据摘录

Key Takeaways from Q4 Results Briefing

Japan | Utilities

Iwatani EquityMayResearch22, 2026

FLASH NOTEKey Takeaways from Q4 Results Briefing

Iwatani held its 4Q briefing today (10:30 JST), noting that despite Middle RATING HOLD

East developments, helium and LPG are being stably sourced from other PRICE ¥2,109^

regions. While the company assumes an LPG import price of $549/t for PRICE TARGET | % TO PT ¥1,800 | -15%

FY3/27, current prices are around $750/t, providing an earnings tailwind. 52W HIGH-LOW ¥2,180 - ¥1,442

Although we think achieving PLAN27 might be challenging, improving FLOAT (%) | ADV MM (USD) 300.2% | 2,251.88

market conditions are viewed positively. MARKET CAP ¥120.6B | $759.8M

TICKER 8088 JP

FY3/26 Results: Full-year OP excluding market factors was ¥44.0bn (YoY -4.3%), exceeding ^Prior trading day's closing price unless otherwise noted.

the company plan of ¥41.7bn. By segment, Integrated Energy and Industrial Gas & Machinery

outperformed plan, while Materials underperformed. In Integrated Energy, wholesale LPG

volumes declined and cassette gas sales were weak both domestically and overseas, but retail

LPG saw volume growth and improved profitability. Energy-related equipment also performed

well, exceeding plan. In Industrial Gas & Machinery, air separation gases saw strong sales

to electronic components and optical fiber, while the hydrogen business remained solid.

In Materials, profitability declined at its Australian mineral sands operations, weighing on

earnings.

FY3/27 Plan: Assuming JPY150/$, the company plans OP (excl. market factors) of ¥48.8bn

(YoY +10.8%), with all segments expected to achieve sales and profit growth. Integrated Energy

targets +15% profit growth, driven by LPG M&A-led customer expansion and increased demand