Financial Summary for the Fiscal Year Ending December 2025 [IFRS] (Consolidated)

Overview of Financial Results

For the fiscal year ending December 2025, consolidated revenue was USD 4,581,232 thousand (up 9.4% YoY), operating income was USD 437,607 thousand (up 35.5% YoY), and net income attributable to owners of parent was USD 360,677 thousand (up 63.6% YoY). This was mainly driven by new orders for FPSO construction projects for Shell Brasil Petróleo Ltda and ExxonMobil Guyana Limited, as well as steady project progress. Order intake grew significantly to USD 9,263,552 thousand (up 646.6% YoY), and order backlog also increased substantially to USD 18,588,729 thousand (up 43.6% YoY). Operating cash flow declined to USD 244,035 thousand compared to the previous year, but cash and cash equivalents increased to USD 1,326,950 thousand.

Dividend Status and Future Outlook

The annual dividend for the fiscal year ending December 2025 was 140 yen (80 yen at year-end, 80 yen in the prior year), resulting in a payout ratio of 16.9%. The dividend forecast for the fiscal year ending December 2026 anticipates an increase to 200 yen annually (100 yen year-end). The consolidated earnings forecast for the fiscal year ending December 2026 expects revenue of USD 4,600,000 thousand (up 0.4% YoY), operating income of USD 460,000 thousand (up 5.1% YoY), and net income attributable to owners of parent of USD 370,000 thousand (up 2.6% YoY). Crude oil prices are expected to hover around USD 60 per barrel with continued development of deepwater mining blocks.