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Creation of a more comfortable space on the Earth is
what Iwatani wishes and strives for.

Creation of a more
comfortable space 
on the Earth is
what Iwatani wishes 
and strives for.
Slogan
Become a person needed by society,
as those needed by society 
can prosper
Our corporate philosophy—Become a person needed by 
society, as those needed by society can prosper—expresses 
the business philosophy of our founder Naoji Iwatani. Inspired 
as an agricultural school student by Charles Darwin’s ideas, 
he founded his philosophy based on the principle that only 
companies capable of evolving and adapting to the world around 
them can survive in the marketplace.
After revolutionizing home fuel sources and dramatically reducing 
the amount of work required of homemakers in the kitchen, our 
core LPG business today is popular among both consumers and 
industry as a clean energy source that can be relied on even in 
emergencies. Industrial gases, another core business, is a vital 
social infrastructure essential to industrial development, used in 
the manufacture of nearly all of the products we see around us. 
Hydrogen, for which our founder worked to develop a market 
from scratch since 1941, today is fast taking root in society 
beyond industrial applications as the ultimate energy source for 
a decarbonized society.
Countless social challenges remain to be solved, including 
environmental issues such as global warming. Iwatani continues 
striving to achieve a sustainable, cyclical, and decarbonized 
society by constantly creating and providing the innovations and 
solutions needed by society.
Corporate Philosophy
01
01
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Contents
Introduction
Medium-Term Management Plan
Business Segment Strategies
ESG
Data
Corporate Philosophy
Contents
To Our Stakeholders
Iwatani’s History
Message from the President
ESG Data
Financial Highlights
Company Data
Climate Change Response
Promoting Environmental Management
Human Resource Strategy
Supply Chain Management and Human Rights
Health and Productivity Management and 
Occupational Health and Safety
Technology Strategy
Safety and Security Initiatives
Social Contribution Activities
Corporate Governance
Messages from Outside Member of the Board
Executive Officers
IR Activities
P.01
P.02
P.03
P.04
P.05
P.69
P.71
P.72
P.30
P.33
P.34
P.37
P.38
P.39
P.42
P.43
P.45
P.47
P.48
P.52
Medium-Term Management Plan: 
PLAN27 (2023 to 2027)
Capital Policies and Returns to Shareholders
Hydrogen Strategies
Carbon-Free Strategies
Domestic Energy & Service Strategies
Overseas Strategies
P.15
P.16
P.18
P.23
P.25
P.27
Three Business Fields
Integrated Energy Business
Industrial Gases & Machinery Business
Materials Business	
P.54
P.56
P.60
P.64
Value Creation Process
Value Creation Process
Value Creation Capital
Key Issues for Realizing the Long-Term Vision 
(Materiality)
P.10
P.11
P.12
 Editorial Policy 
Since FY2022, this Integrated Report has sought to promote understanding among an ever broader range of stakeholders. The report 
provides an overview of the Iwatani Group and its medium- to long-term business strategies from both financial and non-financial 
perspectives. It also presents our plans for medium- to long-term growth, addressing major initiatives and business strategies intended 
to create social value and strengthen corporate value. We will continue to enhance the Integrated Report and the information it 
provides to more clearly explain the Iwatani Group’s efforts to strengthen corporate value over the medium to long term.
 Forward-Looking Statements (Business and Other Risks) 
Forecasts of business performance and other forward-looking statements found in this Report involve risks and uncertainty. Please 
note that actual results may differ for various reasons from the forward-looking statements presented herein.
Period Covered
Most of the information provided in this Report concerns the period from April 1, 2023 through March 
31, 2024, the Group ﬁscal year. Some information also refers to events before and after this period.
Published
September 2024
Guidelines 
Referenced
● International Integrated Reporting Council (IIRC), International Integrated Reporting Framework
● Ministry of Economy, Trade and Industry of Japan, Guidance for Integrated Corporate Disclosure 
and Company-Investor Dialogues for Collaborative Value Creation
02
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Chairman and CEO
President
Contributing to Society as a Trusted Company by 
Creating New Value
Since our founding in 1930, Iwatani Corporation has provided a 
wide range of products and services for both daily life and industrial 
applications, including energy, industrial gases, and materials, based 
on our corporate philosophy: Become a person needed by society, 
as those needed by society can prosper. These efforts are grounded 
in our desire to contribute to society by creating new value society 
will need in the future. This is the major driving force underlying the 
progress of our businesses.
Since 1941, when we identified hydrogen as the ultimate clean 
energy source, we have pushed for progress toward widespread use 
of hydrogen energy. Under the corporate slogan adopted in 1970 on 
the 40th anniversary of our founding—Creation of a more comfortable 
space on the Earth is what Iwatani wishes and strives for—we strive 
to deliver solutions to the social issues posed by environmental 
issues, as well as help achieve the Sustainable Development Goals 
(SDGs), through contributing to create a carbon-free society based 
on hydrogen.
As a co-representative of the Japan Hydrogen Association established 
in December 2020 and as a key member of the Hydrogen Council 
established chiefly by global energy firms, we are acting to promote 
use of hydrogen around the world with the aim of moving toward a 
hydrogen energy-based society.
To stimulate new hydrogen demand, we are developing hydrogen-
refueling stations in Japan and in the United States in response to 
the spread of fuel cell vehicles (FCVs). We will focus on developing 
hydrogen-refueling stations for fuel cell commercial vehicles, 
including trucks and buses, as well as reducing operating costs by 
promoting self-service refueling.
We are securing new hydrogen demand by meeting customer 
needs to reduce carbon emissions through means including factory 
decarbonization and hydrogen supply as a fuel to enable real-world 
means of transportation and mobility, whether by train, marine craft, 
or other, at large scale.
Our efforts to secure CO2-free hydrogen sources include studying 
the commercialization of green liquid hydrogen production alongside 
our partners, including a power utility and a mining company in 
Australia. The Liquefied Hydrogen Supply Chain Commercialization 
Demonstration Project, in which we participate, has been selected by 
the New Energy and Industrial Technology Development Organization 
(NEDO) for funding from the Green Innovation Fund. The project will 
include feasibility studies on developing global liquid hydrogen supply 
chains integrating hydrogen production, liquefaction, shipping, 
marine transport, and receipt to establish the world’s first large-scale 
hydrogen liquefaction and transport technologies.
In Japan, we are participating in the Fukushima Plan for a New 
Energy Society, a project intended to produce green hydrogen using 
electric power generated from renewable energy sources. We are 
also studying a broad range of practical projects, including hydrogen 
production from plastic waste.
Our main LPG business has a customer base of more than 3.3 
million households across Japan. We support our customers’ lives 
in various aspects, including stable supplies, solutions, security, 
community contributions, and the environment. We are making 
energetic progress to achieve LPG decarbonization through various 
efforts, including research on decarbonization through supplying LPG 
mixed with hydrogen as well as propanation (synthetic green LPG 
production) as we head toward becoming the energy & living total 
service provider of choice for our customers and communities.
As we advance toward our 100th anniversary and beyond, we remain 
firmly committed to achieving sustained growth, and will continue to 
offer new value to all our stakeholders.
To Our Stakeholders
03
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

1930
Iwatani Naoji Shoten founded
1945
Iwatani Corporation 
established
1953
Marui Propane introduced
1958
Osaka Hydrogen Industries 
Co., Ltd. (now Iwatani 
Industrial Gases Corporation) 
established
1969
Cassette-Feu (a hose-free 
portable cooking stove) 
introduced
2006
Hydro Edge Co., Ltd. 
commences operating Japan’s 
largest liquid hydrogen 
production plant.
2013
First procurement of helium 
from Qatar
2014
Iwatani Hydrogen Refueling 
Station Amagasaki, Japan’s 
ﬁrst commercial hydrogen- 
refueling station, opens.
2021
Iwatani GateWay service 
introduced
2022
Feasibility testing of the world’s 
ﬁrst sea transport and loading/
unloading of liquid hydrogen 
between Australia and Japan
1980
Sakai LPG Import Terminal 
completed
1997
Acquired our ﬁrst mineral 
sands operator in Australia
2019
Start of hydrogen-refueling 
station operations in the 
United States
Launching Japan’s ﬁrst sales of propane gas for household use
In the past, the job of a homemaker was highly laborious, involving bringing ﬁrewood to the stove 
and dealing with soot and smoke. In 1953, Iwatani became the ﬁrst company to make propane 
gas available for household use in the Japan market, based on our founder Naoji Iwatani’s idea 
that increased use of propane would free homemakers from soot. With the completion of the 
Sakai LPG Import Terminal in 1980, our ﬁrst import terminal, we secured the rights to import LPG 
and established a position as a leading supplier in the industry.
From a hydrogen pioneer to a leading supplier of hydrogen
Our ﬁrst encounter with hydrogen took place in 1941, when we began supplying the gas to take 
advantage of surplus hydrogen produced in factories. We began supplying liquid hydrogen for use in 
rocket fuel in 1978 as a new energy application beyond its traditional industrial uses. In 2006, Hydro 
Edge, one of the world’s largest liquid hydrogen production plants, began operating. Since then, 
we’ve made steady contributions to establishing a hydrogen energy-based society, including 
opening more than 50 hydrogen-refueling stations and constructing supply chains for CO2-free 
hydrogen.
The graph depicts the trend in net sales.
Courtesy: HySTRA
The gas and energy businesses enrich our lives, support social progress, and lay a path to an enriched future. LPG, portable gas cooking stoves, helium, and hydrogen are examples.
As one of the first to identify the need for and the possibilities of gas and other energy sources, Iwatani has established stable supply networks and developed new products and technologies 
for using gas and other energy sources.
We will continue to make significant strides toward the future by ceaselessly pursuing the challenges of innovation to meet the world’s needs, chiefly in the areas of gas and energy.
Iwatani’s History
A History of Meeting Society’s Needs and Rising to the Challenge of Innovation
04
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

05
Message from the President
President Hiroshi Majima
FY2023 results: operating profit, ordinary profit, 
and net income reach new record highs
While our net sales in FY2023 fell for various reasons, including 
lower LPG import prices than in the previous year, lower selling 
prices, and declining sales of rechargeable battery materials 
for use in next-generation vehicles, operating profit reached 
a new record high due to the progress of the Industrial Gases 
& Machinery Business’s efforts since the previous year in 
addressing rising production costs, as well as improvements 
from the previous year in LPG market conditions. Other factors 
included the recording as non-operating expenses (income) of 
gain on negative goodwill from making Cosmo Energy Holdings 
Co., Ltd. an equity method affiliate. Both ordinary profit and net 
income reached record highs for the ninth consecutive year.
Under the PLAN27 medium-term management plan announced 
in June 2023, we are currently targeting the following financial 
targets: ROE of 10% or more; ROIC of 6% or more; and 
operating profit of 65 billion yen by FY2027. In FY2023, ROE was 
14.3% and ROIC was 6.7%, both exceeding the cost of capital. 
Operating profit for the year was 50.6 billion yen as we got off to 
a promising start toward the medium-term management plan’s 
target.
Our policy for the five-year period of PLAN27 is to advance 
investments in medium- to long-term growth in the hydrogen 
business and in other fields while actively investing in businesses 
that drive immediate revenues. We will continue to enhance the 
initiatives called for in PLAN27 while investing in future earnings.
Continuing to help create a more 
comfortable space on the Earth 
through steady investments in 
growth and business expansion 
toward the goals of the PLAN27 
medium-term management plan 
In front of a model of the hydrogen fuel cell ship Mahoroba
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

06
In December 2023 and March 2024, we acquired shares of stock 
in Cosmo Energy Holdings Co., Ltd., making it an equity method 
affiliate.
We have a long transaction history with Cosmo Energy Holdings, 
including in the procurement of LPG, kerosene, and other 
resources in the energy field and purchases of raw materials for 
carbon dioxide in the industrial gases field. In March 2022, we 
concluded a basic agreement with Cosmo Energy Holdings to 
study partnering in the hydrogen business. Since then, we have 
advanced joint activities, such as joint ventures in the businesses 
of hydrogen-refueling stations and engineering. This stock 
acquisition reflects our conviction that the two companies will 
create new synergies and increase the corporate value of each 
company by deepening these joint efforts while combining the 
management resources and expertise of each company.
On April 23, 2024, the two companies concluded a business 
alliance agreement. The joint venture promotion committees 
established in both companies are currently discussing the 
details of this business alliance, which will focus on the areas 
of initiatives to realize a carbon-free society and strengthening 
relationships in existing business fields. In the area of hydrogen 
energy, in addition to existing cooperative relations, we’re 
considering leveraging the Cosmo Energy Group’s service station 
network to grow our network of hydrogen-refueling stations. 
We’re also building hydrogen supply networks to make the most 
of the business resources of both companies, including expertise 
and infrastructure, in the hydrogen business.
In the LPG business, we already have a transaction relationship 
with Gyxis Corporation, in which Cosmo Energy Holdings is an 
investor. Discussions are planned on topics such as the courses 
of action that the LPG business should target. In the industrial 
gases business, while procuring raw materials for carbon dioxide 
from Cosmo Oil Co., Ltd., we will study investments with an 
eye on enhancing procurement capabilities for such materials 
in response to their shortage in Japan due to factors such as 
the closing of petroleum plants. In the materials business, we 
import and sell materials such as lithium and cobalt. Additionally, 
Cosmo Energy Exploration & Production Co., Ltd. is considering 
lithium-related businesses in North America. We will seek out 
opportunities for joint efforts across a broad range of fields.
This acquisition of shares in Cosmo Energy Holdings is our 
largest investment ever, and the capital markets, also appear 
to be paying close attention to the possible consequences. We 
see it as an opportunity for growth, and our goal will be to reap 
the results of the business joint venture quickly through close 
discussions between the two partners.
Filling ceremony at the Iwatani Cosmo Hydrogen Refueling Station in Heiwajima
From left: President Yamada of Cosmo Energy Holdings, President Majima, 
Director-General Murase of the Agency for Natural Resources and Energy
Promoting initiatives in the areas of manufacturing, 
transport, and use, to realize a hydrogen energy-
based society
In May 2024, the Japanese government passed the Hydrogen 
Society Promotion Act*1, under which the government will 
cover the price differential between existing energy sources and 
hydrogen. The key points of this act include the requirement 
to propose schemes that involve not just producers but also 
consumers, and meeting the deadline of starting supply by 2030.
*1: Hydrogen Society Promotion Act: Act intended to promote the supply and use 
of resources such as low-carbon hydrogen (i.e., hydrogen produced through 
methods that generate lower CO2 emissions than traditional methods) to 
facilitate the transition to a low-carbon growth economy. Under this act, the 
Japanese government will make up the price differential vs. existing fuels for 
authorized corporate business plans for hydrogen production and imports. 
The Ministry of Economy, Trade and Industry is accepting applications from 
companies and is to approve one project before the end of the year.
Financial targets
289 287
FY2019
293
FY2020
282
321
400
FY2021
431 400
6.8%
11.2%
7.7%
11.7%
6.3%
10.8%
6.6%
12.1%
FY2022
498 506
6.7%
6% or higher
10% or higher
14.3%
FY2023
650
FY2027
PLAN20
PLAN23
PLAN27
Operating proﬁt excluding the impact of 
LPG import price ﬂuctuations
Operating proﬁt
Operating proﬁt
(Billion yen)
ROIC
ROE
Targets
ROE in FY2023 was up 3.1 pts. to 
14.3%, exceeding the capital cost 
ratio of 6.1%.
While ROIC in FY2023 was down 
0.1 pts. to 6.7%, it exceeded the 
WACC of 4.3%.
Operating proﬁt in FY2023 
trended favorably at 50.6 
billion yen, or 49.8 billion yen 
excluding the impact of LPG 
import price ﬂuctuations.
Hydrogen Strategies [➡ P.18]
Promoting a carbon-free society and creating new synergies through a business alliance 
with Cosmo Energy Holdings Co., Ltd.
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

07
This law defines as low-carbon hydrogen any hydrogen produced 
with approximately 70% less CO2 emissions than grey hydrogen. 
It requires all hydrogen produced or imported to be low-carbon 
hydrogen. 
Grey hydrogen refers to hydrogen produced from fossil fuels. Grey 
hydrogen produced without emitting CO2 into the atmosphere, 
through means such as underground immobilization of CO2 from 
the production process, is called blue hydrogen, while hydrogen 
produced using renewable energy without emitting any CO2 
during the production process is called green hydrogen. In this 
way, hydrogen is color-coded by its production process. To 
procure low-carbon hydrogen, Iwatani is engaged in a project to 
build a CO2-free hydrogen supply chain. We’re studying ways to 
produce green hydrogen through electrolysis of water powered by 
renewable energy, chiefly solar power, in Queensland, Australia. 
In addition, our feasibility studies on commercial imports of large 
volumes of low-cost liquid hydrogen from overseas has been 
approved for funding from the Japanese government’s Green 
Innovation Fund. We are currently revising the basic design in 
preparation for a final investment decision.
We’re also moving forward, in cooperation with other firms, 
to develop the machinery needed to build hydrogen supply 
systems. Joint efforts are currently underway with Sumitomo 
Precision Products Co., Ltd. to develop large-scale liquid 
hydrogen vaporizers and with Mitsubishi Heavy Industries, Ltd. 
to develop liquid hydrogen pressurizing pumps. A joint research 
and development project with Toyo Kanetsu K.K. on large-scale 
liquid hydrogen storage tanks has been chosen to receive a NEDO 
subsidy. We expect supply of hydrogen from overseas sources to 
begin around 2030. We’re also striving to meet growing demand 
for decarbonization by enhancing the domestic supply capacity. 
We currently operate three liquid hydrogen plants in Japan, with 
a further plant under consideration. We’re currently planning 
to open a plant that will produce hydrogen from plastic waste, 
which is currently incinerated without recycling. This will lead to 
hydrogen production with greater reduction in greenhouse gas 
emissions than through natural gas reforming.
To date, we have focused on developing hydrogen-refueling 
stations for passenger fuel cell vehicles (FCVs). Now, in Tokyo 
and other locations, we’re developing hydrogen-refueling 
stations for commercial vehicles in response to expectations 
for the growing adoption of fuel cell trucks and buses. On April 
8, 2024, Iwatani Cosmo Hydrogen Station LLC, a joint venture 
with Cosmo Energy Holdings, opened its first hydrogen-refueling 
station in Tokyo’s Heiwajima.
The first hydrogen-refueling station opened inside a truck terminal 
in Japan, and can quickly supply the large volumes of hydrogen 
needed by large commercial vehicles like fuel cell trucks and 
buses. We plan to continue developing refueling stations in 
accordance with future production plans for commercial vehicles 
and prefectural plans.
We don’t just operate hydrogen-refueling stations—we are also 
hydrogen users. We’ve begun adopting and using fuel cell trucks 
and are the first in the industry to have begun using them to deliver 
cylinders of LPG and industrial gases, in Tokyo and Fukushima 
Prefecture. We plan additional adoption in the future, while also 
promoting efforts to reduce CO2 emissions in the supply chain.
With an eye toward growing applications in the mobility field 
as well, we will operate Japan’s first hydrogen fuel cell ship at 
Expo 2025 Osaka, Kansai, Japan. This fuel cell ship, currently 
under construction, will carry some 150 passengers. Its name, 
Mahoroba, comes from an old Japanese phrase meaning a nice 
place to live. We plan to begin test operations during 2024 as we 
prepare to operate the ship from April 2025.
Not only will the ship emit no CO2 emissions during operations, 
this fuel cell ship will provide comfortable passage free of 
odors, noise, and vibration. International conferences, seminars, 
ceremonies, and other activities related to hydrogen are also 
planned to take place during Expo 2025. With the world’s eyes 
focused on Osaka, we plan to take every step to ensure that this 
ship can demonstrate the full potential and appeal of hydrogen 
by capitalizing on its potential as a mobile pavilion.
Promoting non-financial strategies to support 
sustainable growth:
Climate change, human resources, technology
With nonfinancial information drawing increasing attention 
in assessing corporate long-term growth potential and 
sustainability, PLAN27 identifies non-financial strategies as a 
priority issue. We’re moving forward with initiatives in the areas 
of addressing climate change, human resource strategy, and 
technology strategy in particular. 
To address climate change, we’ve assessed risks and 
opportunities under individual scenarios and disclosed results 
of analysis through considering the business impacts of climate 
change under the Task Force on Climate-related Financial 
Disclosures (TCFD) framework.
We plan to reduce Group CO2 emissions in Japan by 50% vs. 
the FY2019 level by FY2030. However, around 80% of the 
Iwatani Group’s CO2 emissions in Japan come from industrial 
gas production plants. Greater production volumes will increase 
emissions. For this reason, in addition to promoting measures to 
reduce use of electricity during gas production, we’re pursuing 
various other initiatives, including the installation of solar panels 
at plants and the purchase of green electricity for office use.
Climate Change [➡ P.30]
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

08
Turning to our human resource strategy and technology strategy, 
we recognize that human resources represent the source of 
continuous value creation. Accordingly, we are striving to be an 
organization in which each and every employee can grow and 
thrive. Amid the increasing diversity of individual values, the 
workstyles employees seek out have evolved in recent years. 
We see the need to develop an environment in which employees 
can build their own careers autonomously. As opportunities for 
employees to acquire knowledge, we offer systematic training 
programs focusing on the development of human resources 
for digital transformation (DX), as well as the internal Iwatani 
Technology and Safety University, where courses are taught 
by visiting lecturers from the public and private sectors. We’re 
considering technological development in partnership with 
universities to further strengthen our technological capabilities. 
We will seek to promote the exchange of technologies and 
human resources in various ways, including joint research with 
students in doctorate and other programs who have an interest 
in the subjects of our research and opportunities for employees 
to study at university.
A new training center is scheduled to be completed in Kobe, 
Hyogo Prefecture, in October 2024, as part of our continuing 
efforts to emphasize HR development. 
At the same time, employees need to feel a sense of psychological 
stability within an organization in order to demonstrate their 
abilities to the fullest. As a first step toward this goal, we undertook 
an engagement survey of employees to gauge their expectations 
and satisfaction and to better visualize the current state of 
the organization. We will strive to achieve a highly productive 
organization in which employees can work with a strong sense of 
motivation, based on an understanding among management and 
employees alike of what can be done to improve the organizational 
culture and by taking action accordingly.
Human Resource Strategy [➡ P.34]
Actively investing in growth and increasing 
dividends steadily with growth in earnings
The basic concept of capital allocation identified in PLAN27 
calls for investments that target sustained growth, including the 
development of a CO2-free hydrogen supply chain, by raising 
funds through bonds and borrowing from financial institutions, 
in addition to the cash flow generated from operations over 
the course of the years covered by the plan. Internationally, in 
FY2023, in addition to mergers and acquisitions involving LPG 
retail and metalworking businesses in Japan, we built and 
expanded industrial gas production facilities, grew the CFC 
business, and expanded resource concessions in the materials 
business, all intended to be investments that grow earnings and 
contribute to the next stage of growth.
Our policy on returns to shareholders calls for a payout ratio of 
20% or higher in FY2027, alongside progressive dividends that 
do not decrease. In FY2023, we paid dividends of 130 yen, up 35 
yen from the previous year. Our payout ratio was 15.8%.
Beginning in FY2024, we also plan to pay dividends that reflect 
the effects on profit of making Cosmo Energy Holdings an equity 
method affiliate. We will continue to provide steady returns to our 
shareholders in ways that reflect profit growth.
Capital Policies and Returns to Shareholders [➡ P.16]
Steady and dramatic progress with all stakeholders 
toward the 100th anniversary of our founding
Our long-term vision for 2030, the 100th anniversary of our 
founding, is to operate as a corporate group that continues to 
contribute to the creation of a more comfortable space on the 
Earth. The period covered by PLAN27 is an important time in which 
we will advance the strategies to achieve this long-term vision.
We got off to a strong start in FY2023, the first year of PLAN27. 
To maintain this progress, it will be vital to fulfill our corporate 
responsibilities while engaging in businesses needed by society, 
based on our corporate philosophy: Become a person needed 
by society, as those needed by society can prosper. We will 
continue to make investments that lead to growth and strive 
toward sustained growth in corporate value through businesses 
that seek to deliver solutions to society’s challenges. 
We are grateful for the continuing understanding and support of 
our stakeholders.
September 2024
President
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

09
Value Creation Process
Contents
Value Creation Process
Value Creation Capital
Key Issues for Realizing the Long-Term Vision
P.10
P.11
P.12
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

* Figures are for FY2023, end of March 2024.
Business Environment
Resources and Energy
● Securing stable supplies of 
resources and energy
● Growing geopolitical risks
● Responses to depopulation and 
aging society
● Diversiﬁcation of consumer values
● Growing demand for social 
sustainability
Society
● Measures against climate 
change and natural disasters
● Transition to 
carbon-free society
Environment
Management Capital
INPUT
Business Activities
BUSINESS MODEL
ENVIRONMENT
Integrated Energy
Materials
Industrial Gases 
& Machinery
Business expansion 
to achieve solutions 
to social issues and 
sustained growth
Basic Policy
LPG / Electricity sales and
city gas safety services /
Gas equipment, lifestyle products /
Portable gas cooking stoves and
cassette gas canisters
Functional plastics products / 
Resources / Advanced materials / 
Metals / Electronic materials
Industrial gases 
(e.g., air separation gases, 
hydrogen, helium) / 
Gas production and 
supply facilities and 
industrial machinery
Corporate Philosophy
Become a person needed by society, 
as those needed by society can prosper
Iwatani Code of
Corporate Ethics
The Iwatani Group 
Environmental Charter
Customers, Suppliers
Hydrogen market share in Japan
(including liquid hydrogen)
Approx. 70%
Helium market
share in Japan
Approx. 50%
Employees
Global Environment
Annual training costs
per employee
¥118,000
Percentage of childcare leave
taken by male employees
55.9%
Enhancing disaster resilience through improving Core LPG Centers
Providing services that contribute to social solutions
Industry, Local Communities
Creation of a more comfortable space 
on the Earth 
Long-term vision:
Shareholders
CO² emissions from
business activities
Approx. 220,000 t
CO² emissions reductions in society through use of eco-friendly products
(e.g., fuel conversion, hydrogen supply for FCVs, growth in PKS sales)
Approx. 750,000 t
ROE
14.3%
ROIC
6.7%
Payout ratio
15.8%
Iwatani nonconsolidated
Development of
a CO²-free hydrogen supply chain 
Provision of infrastructure and services
that support local communities
Enhancement of the management
foundations to promote
sustained growth
Promotion of
a resource-circulating society
● Nationwide LPG and industrial gas networks to realize 
stable supplies
Manufacturing Capital
● Technological development capabilities at the Iwatani 
R&D Center and the Iwatani Advanced Hydrogen 
Technology Center 
● Gas and energy handling technologies and advanced 
safety structures
Intellectual Capital
● Nationwide customer base in the LPG business
● Strong LPG and industrial gas dealership networks
● Strong relationships with overseas suppliers
● Hydrogen business alliances
Social and Relationship Capital
● Energy use in Japan
(total converted to caloric value):
Natural Capital
1,736 TJ
● Total assets
● Equity ratio
Financial Capital
¥834.3 billion
43.4%
Human Capital
● Consolidated number of employees:
● Promoting diversity and inclusion
● Certiﬁed and specialized human resources supporting 
manufacturing and safety
● HR development systems to achieve continuing growth 
for employees
11,332
Business Results, Value Provided to Stakeholders
OUTPUT/OUTCOME
Basis for Value Creation
LPG wholesale/
retail market share in Japan
No.1
Ratio of
female managers 
6.9%
Operating proﬁt (excluding the impact
of LPG import price ﬂuctuations)
¥49.8 billion
Value Creation Process
10
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

11
* Figures are for FY2023, end of March 2024.
● Sustained earning ability and steady enhancements in ﬁnancial foundations
● Utilizing interest-bearing debt in active investment
● Maintaining an external credit rating of A
Sound ﬁnancial foundations to enable proactive investment in growth
● Total assets 
¥834.3 billion 
● Operating proﬁt 
¥49.8 billion
(excluding the impact of LPG import price ﬂuctuations)
● Equity ratio  
43.4%
● Net D/E ratio  
0.60 
● External ﬁnancial rating 
A+
(Japan Credit Rating Agency)


● Stable supply structures utilizing extensive internal and external networks
● LPG business: Import, ﬁlling, and transport facilities nationwide
● Industrial gases business: Domestic and international supply chains
LPG and industrial gases networks to realize stable supply
● LPG sites (As of May 31, 2024)
Import terminals 5 sites / Pressurized terminals (LPG terminals) 2 sites
Filling stations 108 sites / Core LPG Centers* included above 61 sites
 
* Core LPG Centers: Disaster-resistant centers equipped with seismic retroﬁtting, emergency power generators, and other improvements
● Industrial gas sites
 
Industrial gas centers 21 sites / Hydrogen plants 11 sites / Air-separation plants 9 sites
 
Helium centers 2 sites / Liqueﬁed carbon dioxide plants, etc. 6 sites
Overseas sites 11 sites
● Hydrogen-refueling stations  Japan 51 sites / Overseas 8 sites
Japan


● Technological strengths amassed by the Iwatani R&D Center over the years in gas and energy ﬁelds
● R&D to realize a carbon-free society, advanced by the Iwatani Advanced Hydrogen Technology Center
Technological development facilities to support our businesses; 
Gas and Energy handling technologies built up over the years
● Joint R&D projects with national projects and public research institutes 
9 projects in total
● Center visitors  5,350 persons from 1,397 companies


● Dealership network to deliver value nationwide
● Enhancing relationships with suppliers essential to creating new value and ensuring stable supply
Bonds of trust with customers and trading partners serving as 
the foundation for growth
● LPG customers
 
Wholesale customers: 3.3 million households
 
Direct sales customers included above: 
 
1.11 million households
● Strong ties to dealerships
 
Marui-Kai members*1: 1,400 
 
Iwatani-Kai members*2 184 
*1 LPG dealership network  *2 Industrial gases dealership network 


	

● Decarbonization of business activities
● Providing products and services to decarbonize customer business activities
Efforts to achieve a carbon-free society
● Contributions to CO2 emissions reductions
 
CO2 emissions from business activities: approx. 220 thousand tons
 
CO2 reductions in society through environmental products: approx. 750 thousand tons


● Maintaining an environment in which diverse human resources can demonstrate their abilities to the fullest
● Providing various training programs to support individual growth
Diverse human resources capable of tackling the challenges of creating new value; 
specialized human resources to support sustained growth
● Consolidated number of employees  11,332
● Ratio of female new graduates in career track  16.3% (FY2024 [nonconsolidated])
● Investment in HR development  Approx. ¥150 million/year
● Certiﬁed and specialized human resources supporting manufacturing and safety 
 
High-pressure gas production safety managers: 896
 
High-pressure gas sales managers: 325


Value Creation Capital
Value creation in the Iwatani Group can be traced to six types of capital: financial, manufacturing, intellectual, human, social and relationship, and natural capital. 
By effectively combining these types of capital in business activities based on our corporate philosophy and management policies, we strive both to find solutions 
to social issues and to deliver new value to society. As a result, we will build a virtual circle consisting of our own growth and social value creation through our 
accumulated capital to serve as a source of new value creation, and seek to achieve sustained enhancement of corporate value.
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Key Issues for Realizing the Long-Term Vision (Materiality)
Materiality Topics
Materiality Identification Process
Based on our Corporate Philosophy—Become a person needed by society, as those needed by society can prosper—the Iwatani Group will strive to achieve sustained growth and to deliver solutions to 
social issues, thereby completing the four component processes of our Long-Term Vision for 2030.
We have also identified materiality topics as key issues for realizing the Long-Term Vision.
Identifying issues
● Identifying issues gleaned from the Sustainable Development Goals (SDGs) and items evaluated by environmental, social, and governance (ESG) rating agencies
Determining the importance
of various issues
● Analyzing the importance of issues in light of the corporate philosophy, the Iwatani Code of Corporate Ethics, and management strategies
Identifying materiality
● Identifying as each materiality judged to be important both to society and stakeholders and to the Iwatani Group
Materiality
Business Environment
Long-Term Vision
Corporate group that continues to
contribute to the creation of
a more comfortable space on the Earth
Our Vision for FY2030
Enhancement of the management 
foundations to promote 
sustained growth
Provision of infrastructure 
and services that support 
local communities
Promotion of 
a resource-circulating 
society
Development of 
a CO²-free hydrogen 
supply chain
Resources and Energy
Securing stable supplies of resources
and energy
Growing geopolitical risks
Environment
Measures against climate change
and natural disasters
Transition to carbon-free society
Society
Responses to depopulation and aging society
Diversiﬁcation of consumer values
Growing demand for social sustainability
Develop an environment and 
systems in which diverse 
human resources can thrive
Develop more transparent 
governance
Create businesses that will 
lead to the realization of 
a sustainable society
Promote innovation with 
the use of technologies 
and expertise
Provide infrastructure and 
services that will enrich 
people’s lives
12
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Materiality
Related SDGs
Related Priority Measures
●Promote commercialization of a CO2-free hydrogen supply chain
●Develop and expand low-/zero-carbon solutions
●Deliver stable supplies of resources and strengthen resource circulating businesses
●Maintain resilient LPG supply chains and strengthen disaster prevention measures
●Embody Iwatani GateWay concept
●Extend cartridge gas business overseas and develop new products
●Establish systems to enhance employee engagement
●Create workplace environments where diversity is accepted and valued
●Recruit and develop people who respond to change and continue to create value
●Fulﬁll the functions of the Board of Directors and secure its diversity
●Promote dialogue with stakeholders
●Strengthen risk management system
●Develop and market technologies for the social implementation of hydrogen
●Establish and implement green LPG technology
●Develop applications for and strengthen quality control and safety of industrial gases
Create businesses that will lead to the realization of a sustainable society
Provide infrastructure and services that will enrich people’s lives
Develop an environment and systems in which diverse human resources can thrive
Develop more transparent governance
Promote innovation with the use of technologies and expertise
●Hydrogen Strategies
●Carbon-Free Strategies
●Overseas Strategies
●Climate Change Response
(non-ﬁnancial strategies)
[➡P.18]
[➡P.23]
[➡P.27]
[➡P.30]
●Domestic Energy &
Service Strategies
●Overseas Strategies
[➡P.25]
[➡P.27]
[➡P.18]
[➡P.23]
[➡P.39]
●Hydrogen Strategies
●Carbon-Free Strategies
●Technology Strategy
(non-ﬁnancial strategies)
●Human Resource Strategy
(non-ﬁnancial strategies)
[➡P.34]
●Corporate Governance
●Messages from Outside Member
of the Board
●IR Activities
[➡P.45]
[➡P.47]
[➡P.52]
The medium-term management plan, PLAN27, establishes five priority measures based on the five identified materiality topics.
We will make progress on addressing the materiality topics by achieving the priority measures and targets of PLAN27.
Key Issues for Realizing the Long-Term Vision (Materiality)
13
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

14
Medium-Term Management Plan
Contents
Medium-Term Management Plan: 
PLAN27 (2023 to 2027)
Capital Policies and Returns to Shareholders
Hydrogen Strategies
Carbon-Free Strategies
Domestic Energy & Service Strategies
Overseas Strategies
P.15
P.16
P.18
P.23
P.25
P.27
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

FY2022 results
FY2023 results
FY2027 targets
Operating profit
[figures in brackets exclude  
the impact of LPG import 
price fluctuations]
¥40.0 billion
[¥43.1 billion]
¥50.6 billion
[¥49.8 billion]
¥65.0 billion
ROE
11.2%
14.3%
10% or higher
ROIC
6.8%
6.7%
6% or higher
Medium-Term Management Plan: PLAN27 (2023 to 2027)
Basic 
Policy
Theme
Establishing a hydrogen energy-
based society
Business expansion to achieve “solutions to social issues” 
and “sustained growth”
Priority Measures
Progress on and Positioning of the Medium-Term Management Plan
Progress Toward Targets 
Since FY2000, based on our eight medium-term management plans, we have made steady progress with 
business structural reforms, improvements in earnings capability, and our financial makeup. Following 
preceding periods in which we lay the foundations and shifted to an aggressive posture, PLAN27 covers a 
crucial period for achieving the goals of the Long-Term Vision.
Enhancing earning potential
Improving ﬁnancial foundations
PLAN12
PLAN15
PLAN20
PLAN18
PLAN23
Groundwork
Investment for growth
Shift to offense
PLAN27
Ordinary proﬁt
Capital investment
Long-Term
Vision
Medium-Term 
Management 
Plan “PLAN27”
(FY2023–FY2027)
Strategy and 
implementation based on 
the Long-Term Vision
Hydrogen 
Strategies
● Expand liquid hydrogen business that captures 
growing carbon-free-related demand
● Develop CO²-free hydrogen supply chains
➡ P.18
Carbon-free 
Strategies
● Expand business by promoting low-/zero-carbon 
solutions business
● Invest in the realization of a carbon-free society
➡ P.23
Domestic 
Energy & Service 
Strategies
● Expand market share and streamline distribution by 
utilizing LPG business infrastructure
● Provide services that contribute to solving social 
issues of local communities
➡ P.25
Overseas 
Strategies
● Leverage strengths of individual segments to 
expand business in respective regions
➡ P.27
Non-financial 
Strategies
● Climate Change Response
➡ P.30
● Human Resource Strategy
➡ P.34
● Technology Strategy
➡ P.39
15
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Capital Policies and Returns to Shareholders
Perspective on Capital Policies
We plan to invest a total of ¥470.0 billion*1 over the course of five years by raising funds from operating 
cash flows and via interest-bearing debt. We will prioritize investments to achieve sustained growth and 
realize a hydrogen energy-based society, founded on the premise of steady growth in earnings in our 
core businesses. To maintain low capital costs, we will draw on interest-bearing debt in place of equity 
financing. While maintaining our external financial rating of A to secure our fundraising capabilities, we 
have adopted a policy of using interest-bearing debt up to a maximum net DER of 0.7.
● Secure financial soundness and use financial leveraging (net DER of 0.7 or less)
● Proactive investment toward the realization of a hydrogen energy-based 
society and sustained growth
● Progressive dividend with a target payout ratio of 20% or higher*2
PLAN27 Basic approach to capital allocation
Increase in cash flow from 
operations
● Stable cash generation based on steady growth of foundational businesses
Capital structure optimization
● Secure financial soundness and use financial leverage
Secure financing capability by maintaining ‘A’ rating from external agencies
Use interest-bearing debt with a cap of net DER 0.7
Promotion of growth 
investment & Improvement 
of profitability
● Proactive investment that will help expand profit
● Investment in development of liquid hydrogen supply chain
● Selection of investments that takes profitability into account
Returns to shareholders
● Increase dividends steadily in line with growth while securing investment 
capital
*2 Based on net income excluding the impact of LPG import price fluctuations (FY2027 target)
*1 Excluding acquisition of additional shares of Cosmo Energy Holdings
Cash in
Increase in 
operating fund
¥16.3 billion
Strategy
Investment
Details
Hydrogen Strategies
¥6.4 billion
-building hydrogen-refueling station
-hydrogen-related equipment
Carbon-free 
Strategies
 ¥0.7 billion
-fuel cell and solar power generation equipment for 
in-house use
Domestic Energy & 
Services Strategies
¥1.2 billion 
-M&A in retail business
Overseas Strategies
¥11.8 billion 
-strengthening industrial gas production and supply in 
China, Stoutheast Asia, etc.
Foundational 
Businesses
¥141.7 billion
-acquisition of additional shares of Cosmo Energy HD
Maintenance/
repairs
¥10.8 billion 
-repairs of LPG related facilities
Total
Investment: ¥172.8 billion
FY2023 Cash Allocation
Cash out
Investments
¥172.8 billion
Dividends
¥5.4 billion
Others
¥3.0 billion
Interest-bearing 
debt
¥115.0 billion
Depreciation
¥29.2 billion
Net income
¥47.3 billion
16
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Perspective on Returns to Investors 
Capital Policies and Returns to Shareholders
*1 We plan to implement a four-for-one stock split on common stock with a basis date of September 30, 2024, and an effective date of October 1, 2024. Amounts shown predate this stock split.
*2 Excluding dividends on the effects on profits of making Cosmo Energy Holdings an equity method affiliate
FY2021
Payout ratio
16.3%
17.1%
15.8%
FY2023
FY2022
FY2024
FY2027
95
85
130*2
130
Approx. 
160*2
Trend in Dividends per Share (¥) *1
① above
② above 
Our basic policy on dividends of surplus calls for returns to shareholders through continuous, stable 
dividends while investing the surplus to support growth strategies, thereby maximizing corporate 
value and meeting the needs of shareholders.
The PLAN27 medium-term management plan calls for steady growth in dividends to reflect growth 
in profit, targeting a payout ratio of 20% or higher (based on net income excluding the impact 
of LPG import price fluctuations) by FY2027, the final year of the plan, based on payments of 
progressive dividends, without rollbacks.
In March 2024, Cosmo Energy Holdings was added to the scope of application of the equity method. 
As a result, we plan to pay dividends in the categories shown at right.
Dividend policy
① Net income excluding the effects on profits of making Cosmo Energy 
Holdings an equity method affiliate (unrelated to PLAN27)
● Progressive dividends with a payout ratio of 20% or higher*
	
* Based on net income excluding the impact of LPG import price fluctuations FY2027 target
② Effects on profits of making Cosmo Energy Holdings an equity method 
affiliate
● Paying dividends of 20% of the net income of Cosmo Energy Holdings, excluding effects of 
inventory valuation, multiplied by our equity stake
PLAN27: 
20% or
 higher
17
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Hydrogen Strategies

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

Basic Policy
Targets and Progress
Transport
Use
Manufacture
Transport
Overseas hydrogen 
production
Hydrogen import 
tankers
Manufacture
Domestic production 
plants
Industrial hydrogen 
supplies
Decarbonization 
demonstration
Transporting liquid 
hydrogen by trailer
Pipeline supplies
Transport
Hydrogen receiving 
terminals
Hydrogen power 
generation demonstration
Hydrogen-refueling 
stations and 
related equipment
Fuel cell (FC) 
vehicles
FC buses
Commercial FC trucks
We’re promoting initiatives across the entire supply chain in the areas of manufacturing, transport, and use to help establish a hydrogen 
energy-based society.
Hydrogen energy has come to be recognized as essential 
to environmental and climate initiatives. But establishing a 
hydrogen energy-based society will require the generation of 
demand as well as measures that ensure the stable supply 
of low-cost, low-carbon hydrogen. With this in mind, national 
and local governments have introduced various subsidy 
programs. In May 2024, the Japanese government passed 
the Hydrogen Society Promotion Act. This law seeks to realize 
stable supplies of large volumes of low-carbon hydrogen 
and other supplies to consumers at low cost through various 
measures, including government support that focuses on price 
differentials relative to other energy sources and support for 
facility development, with the government bridging the price 
differential and providing support for supply facilities, including 
receiving facilities and piping. Further, plans are underway 
to launch full-scale initiatives this year under the Liquefied 
Hydrogen Supply Chain Commercialization Demonstration 
Project in which we participate, which has been selected for 
funding from the Green Innovation Fund, with the year 2030 
set for achievement of the project’s goals.
By taking full advantage of the technologies for handling 
compressed and liquid hydrogen developed by us over many 
years, together with Japan’s only liquid hydrogen supply 
network, we plan to deliver hydrogen to customers to build 
a hydrogen energy-based society. In this way, we are working 
to establish an integrated global supply chain, from upstream 
to downstream.
Establishing a Hydrogen Energy-Based Society
Manabu Tsuyoshi
Member of the Board, 
Senior Managing Officer, 
General Manager, 
Hydrogen Business Division
2050
2030
2027
2023
Sales 
volume 14,000 t/year
Net 
sales
¥45.0 billion
FY2022
elling price at hydrogen-refueling 
station (HRS)
¥100/Nm3
Import price  ¥30/Nm3
FY2030 and beyond Begin commercial
operation of CO2-free hydrogen supply 
chain overseas
PLAN27


● Produce liquid hydrogen from waste plastics
● Build the 4th liquid hydrogen production plant
● Build plant in the United States
● Invest in domestic HRS 
(expansion, related facilities)
● Build more HRS for FC trucks in the United States
● CO2-free hydrogen supply chain overseas


¥ 30.0
billion
¥ 115.0
billion
¥ 33.0
billion
Sales volume
30,000 t/year
Net sales
¥92.0 billion
FY2027
■ Investment
Hydrogen Vision
FY2023 results
¥6.4 billion
¥178.0 billion
Five-year cumulative total:
Sales 
volume 300,000 t/year
Net 
sales
¥200.0 billion
FY2030
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Related Key Issues (Materiality)
18
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Hydrogen Strategies
Initiatives
In March 2022, we concluded a basic agreement with Cosmo Energy 
Holdings to study joint efforts in the hydrogen business. In February 
2023, we established Iwatani Cosmo Hydrogen Station LLC, a joint 
venture in the hydrogen-refueling station business, and in November 
2023, we established Cosmo Iwatani Hydrogen Engineering LLC for 
joint work involving engineering for hydrogen-related projects. In 
these and other ways, we’re enhancing cooperative ties within the 
hydrogen business.
On April 23, 2024, with energy demand evolving toward the goal of 
achieving carbon neutrality by 2050, we concluded a business alliance 
agreement with Cosmo Energy Holdings. The agreement will facilitate 
a smooth transition from fossil fuels to hydrogen and renewable 
energy. We will accelerate these joint efforts by bringing together the 
management resources and expertise of both companies.
Accelerating the business alliance with 
Cosmo Energy Holdings
Growing the hydrogen-refueling station 
business
Iwatani Cosmo Hydrogen Refueling Station Heiwajima
Iwatani Hydrogen Refueling Station Ashigara SA
On September 15, 2023, we opened Japan’s first hydrogen-refueling 
station in an expressway service area and parking area at the Ashigara 
Service Area (westbound) on the Tomei Expressway. On April 8, 2024, 
we opened Iwatani Cosmo Hydrogen Refueling Station Heiwajima for 
commercial vehicles. This hydrogen-refueling station, which is part 
of the Keihin Truck Terminal Heiwajima Service Station, is the first to 
open inside a truck terminal in Japan.
These efforts are intended to supply hydrogen to meet diverse needs, 
including those of commercial vehicles, in line with Japan’s Basic 
Hydrogen Strategy, which was revised in June 2023. We operate 51 
hydrogen-refueling stations (as of the end of March 2024) and will 
continue to develop refueling stations in accordance with future 
production plans for commercial vehicles and prefectural plans.
Use
We’re preparing to operate Japan’s first hydrogen fuel cell ship at 
Expo 2025 Osaka, Kansai, Japan. Designed by world-famous car 
designer Takumi Yamamoto, this ship was named Mahoroba, from an 
old Japanese phrase meaning a nice place to live. Following the May 
2024 launch ceremony, we plan to begin test operations during 2024 
as we prepare for passenger operations. Unlike conventional craft 
powered by internal combustion engines, this eco-friendly hydrogen 
fuel cell ship will emit zero CO2 emissions and other substances of 
concern. It will also provide a comfortable trip free of odors, noise, 
and vibration. We see the Mahoroba as a floating pavilion that 
will communicate the appeal of hydrogen energy to the world by 
transforming a short cruise into a special experience for visitors to 
Expo 2025 Osaka, Kansai.
Plan to operate a hydrogen fuel cell ship at 
Expo 2025 Osaka, Kansai, Japan
Illustration of the Mahoroba hydrogen fuel cell ship 
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
Related Key Issues (Materiality)
19
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
Domestic demand for hydrogen is expected to increase further for 
decarbonization applications in addition to conventional industrial 
uses in areas such as semiconductors, glass manufacture, and 
aerospace. To meet this demand, in addition to building a supply 
chain to import hydrogen produced overseas, we’re making progress 
on expanding Japan’s domestic hydrogen production capacity.
Currently, we operate three liquid hydrogen production facilities 
in Japan: in Osaka (Hydro Edge), Yamaguchi (Yamaguchi Liquid 
Hydrogen), and Chiba (the Chiba Plant of Iwatani Industrial Gases). 
We’re also planning to open our fourth liquid hydrogen production 
plant, to expand this production capacity even further.
We will strive to build an even more stable supply structure to expand 
our hydrogen production capacity in response to growing domestic 
demand.
We’re considering the construction of a plant to produce low-carbon 
hydrogen from waste plastic near the Port of Nagoya. In May 2023, 
in partnership with 26 local governments, universities, and other 
organizations including Toyota Tsusho Corporation and JGC Holdings 
Corporation, we formed the Study Group on Hydrogen Production 
through Waste Plastic Chemical Recycling and began studying how 
to efficiently collect plastic waste in each region. This initiative is 
aimed at establishing a large-scale plastic resource recycling system 
and an advanced hydrogen supply system based on local production 
and local consumption in the Chubu region of Japan, in accordance 
with the Plastic Resource Circulation Act enacted in April 2022.
Using waste plastic from industrial sites, households, and other 
sources in urban areas offers a rapid path to achieving a stable low-
cost hydrogen supply. This will help establish a supply chain that 
contributes both to resource recycling and to low-carbon hydrogen 
production.
Hydrogen is classified into grey, blue, and green hydrogen depending 
on the method of production. Green hydrogen is produced using 
renewable energy and generates no CO2 emissions during production.
Since 2021, we’ve undertaken feasibility studies on large-scale 
production of green hydrogen and exporting it to Japan, in the 
Australian state of Queensland. In May 2023, to move forward to 
studies in preparation for a final investment decision, we began 
front-end engineering design (FEED) with four firms, one of which 
is Stanwell, a power company owned by the state. This project is 
intended to lead to stable, low-cost production and the eventual 
supply of green hydrogen.
Expanding domestic hydrogen
production capacity
Hydrogen production through waste
plastic gasification
Efforts to procure large volumes of green 
hydrogen
H2
H2
Waste plastics
Waste plastics
Hydrogen use
Hydrogen use
Liquefaction
Liquefaction
Pipelines
Pipelines
H2
Hydrogen supply
Factories, etc.
Factories, etc.
Households
Households
Hydrogen production
through gasiﬁcation
H2
Collecting waste plastics
from waste-generating sites
Hydrogen Strategies
Hydro Edge liquid hydrogen production plant
Supply chain model illustration
Illustration of hydrogen production facility in Aldoga, Australia
Manufacture
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Related Key Issues (Materiality)
20
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

To move closer to the full-fledged implementation of a CO2-free 
hydrogen supply chain, we applied subsidies from the Green 
Innovation Fund to establish the world’s first large-scale hydrogen 
liquefaction and transport technologies. We test an integrated 
international liquid hydrogen supply chain from hydrogen production 
through liquefaction, shipping, sea transport, and unloading. Given 
the need to reduce costs through expanded facility scale toward the 
goal of commercialization in FY2030 and beyond, plans call for the 
tankers for use in this project to be at least 100 times larger than 
that used for the HySTRA* feasibility testing. We are responsible 
for the production of liquid hydrogen overseas and the evaluation 
of terminals in Japan and abroad as well as coordination with the 
demand side drawing on our customer base.
* CO2-free Hydrogen Energy Supply-chain Technology Research Association
The organization implementing the Demonstration Project Establishment of 
Mass Hydrogen Marine Transportation Supply Chain Derived from Unused 
Brown Coal by NEDO
Liquefied Hydrogen Supply Chain Commercialization Demonstration Project covering all stages from production through receipt (reducing costs 
through large-scale transport)
Hydrogen Strategies
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Source: Japan Suiso Energy, Ltd. and others
Initiatives
Transport
● Project period
FY2021–2030 (ten years)
● Implementation structure
Japan Suiso Energy, Ltd. (core company)
Iwatani Corporation
ENEOS Corporation
Manufacture
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Related Key Issues (Materiality)
21
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Hydrogen Strategies
Composed of 138 leading companies (as of April 2024) from the 
energy, transport, and manufacturing sectors around the world, 
the Hydrogen Council is a global organization established in 2017 
to formulate recommendations for hydrogen use and effective 
action plans through joint efforts with policymakers, hydrogen-
using businesses, international organizations, and citizens groups 
in various countries. The Council seeks to provide value to society 
by encouraging sustainable economic growth and generating quality 
employment through hydrogen-based sustainability. In the years 
since 1941, when Iwatani entered the hydrogen business, we’ve 
grown to become a leader in Japan’s hydrogen market, and now 
hold a 70% share. As a member of the Hydrogen Council’s steering 
committee, Iwatani is active in efforts to expand the use of hydrogen 
in Japan to realize the vision of a hydrogen energy-based society.
Established in December 2020 to develop a hydrogen-based society 
earlier through various practical projects, the Japan Hydrogen 
Association (JH2A) started operation as a general incorporated 
association in April 2022. 
With a membership of 431 companies and organizations as of 
April 2024, including not just energy suppliers, automakers, and 
manufacturers of various types of related equipment but banks, 
securities firms, and insurers, the JH2A is a truly nationwide 
organization. As a corepresentative of the JH2A, we are moving ahead 
with various energetic initiatives in partnership with other members.
Participation in the Hydrogen Council
Membership in the Japan Hydrogen 
Association (JH2A)
Meeting of CEOs in the United States, June 2022 (Chairman Makino is fourth 
from left in the front row.)
Inaugural meeting, December 2020 (Chairman Makino is fourth from left.)
Initiatives
To enhance the structures needed to achieve a stable supply and 
increase profitability, we are striving to strengthen our manufacturing 
and engineering functions. In April 2022, we made Tokico System 
Solutions, Ltd., which offers strengths in the development and 
construction of dispensers used at hydrogen-refueling stations, a 
wholly-owned subsidiary. In November 2023, we established Cosmo 
Iwatani Hydrogen Engineering LLC as a joint venture with Cosmo 
Engineering Co., Ltd., a member of the Cosmo Energy Holdings Group.
The joint venture will leverage Cosmo Engineering’s engineering 
technologies related to hydrogen facilities together with Iwatani’s 
hydrogen supply knowhow, machinery, and equipment developed 
with partner firms, aimed at hydrogen projects related to large-scale 
hydrogen supply chains. Moving forward, we will help to establish 
a hydrogen energy-based society through synergies generated by 
sharing the technologies and knowledge accumulated by the partner 
companies in engineering and other fields related to hydrogen-
refueling stations and engineering.
Enhancing manufacturing and engineering 
functions
Dispensers provided by Tokico System Solutions, Ltd.
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
Related Key Issues (Materiality)
22
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Carbon-Free Strategies
Basic Policy
Targets and Progress
Business expansion through helping customers decarbonize their 
business activities across the entire Iwatani Group
In line with our corporate philosophy, “Become a person needed by society, as those needed by society 
can prosper,” our legacy has to date been to find solutions to social issues. Our mission henceforth is to 
establish a carbon-free society by leveraging the business infrastructure and technological strengths we 
have amassed to date to deliver low-/zero-carbon solutions to our customers—from industries to individual 
consumers—to help reduce CO2 emissions throughout society while also growing our businesses.
FY2023 results
¥700 million
FY2022
FY2027
■ Net sales
¥170 billion
¥82 billion
■ Investment
¥15 billion
Five-year cumulative total:
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Low-/zero-carbon solutions based on our business foundations and technological capabilities
Contribute to solving social issues
CO2 visualization
and valuation
Raw materials
Production
processes
Utility
Energy
■ · · · Integrated Energy
■ · · · Industrial Gases & Machinery
■ · · · Materials
■ Decarbonization of power generation 
 
through supply of biomass fuels
■ More eco-friendly raw materials 
(biomass PET / green titanium)
■ Conversion to LNG/LPG
■ Carbon offset gas
■ High-efﬁciency boiler
Production process
Home
Raw materials
Fuel
Power generation
■ Energy savings in industrial furnaces
■ Ammonia plant
■ Hydrocut®
■ Green LPG
■ Fuel cells/storage batteries
■ Solar power generation
Conceptual image
of contributions
Visualization of supply 
chain CO2 emissions
* Net sales and investment related to decarbonization exclude hydrogen-related figures.
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Related Key Issues (Materiality)
23
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
We delivered fuel supply equipment for use in demonstration testing 
by IHI Corporation of Japan’s first 100% ammonia fueled turbine 
generator equipment, a project funded by the Green Innovation Fund. 
Until now, ammonia has been used mainly as a denitration catalyst 
to remove nitrogen oxide generated from burning fuel in thermal 
power plants. In recent years, its properties as a flammable gas have 
drawn attention as a clean energy source free of CO2 emissions. In 
recent years, we’ve delivered stable supplies of ammonia and supply 
equipment for both denitration and the development and testing 
of mixed-ammonia combustion technologies. We are applying the 
resulting knowhow to the equipment supplied for this demonstration 
test. Based on the results of this project, we’re aiming to strengthen 
our ammonia supply structure and grow sales of equipment for use 
in generator development and testing in order to move us closer to 
achieving the GHG reduction targets for 2030 and 2050.
Ammonia supply equipment delivered for 
demonstration testing of Japan’s first pure-
ammonia-fueled turbine
In 2021, Iwatani launched the Iwatani J-Credit Project based on the 
Japanese government’s J-Credit scheme, in which Iwatani tracks 
CO2 emission reductions achieved by participating customers who 
convert from fuel oil to LPG or LNG, thus providing environmental 
value by conversion to J-Credits. The project generated 1,993 tons 
in J-Credits in FY2023 (1,096 tons in FY2022). We will continue 
to encourage customers to participate in this project and make 
effective use of the environmental value realized. The development 
of green LPG whose production is free of CO2 emissions is a key 
issue for the LPG industry. We’re proceeding with various green LPG 
development initiatives, including those focusing on technologies to 
produce LPG from hydrogen and CO2 and from biogas extracted from 
waste generated by the livestock industry. We intend to lead the LPG 
industry through our various approaches to the task of making LPG 
carbon-free.
Creating environmental value and 
developing green LPG
CO2 reduction method
proposal, feedback
Effective use of 
environmental 
value
Application
Carbon offsets LPG, LNG
J-Credit Project
SMEs
Value of CO2 reductions
Energy use
(data input)
CO2 emissions 
visualization, reduction 
proposals
CO2 emissions calculation and visualization service
Major ﬁrms
Certiﬁcation
CO2 emissions reductions 
(e.g., reports of monitored data)
J-Credit  Certiﬁcation  Committee
Carbon-Free Strategies
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Related Key Issues (Materiality)
An ammonia supply facility
Illustration of initiative to generate environmental value
We supply environmentally certified palm kernel shells (PKS)* and 
wood pellets as fuel for power generation. Biomass power generation 
based on such plant-derived materials is currently drawing attention 
as a renewable energy source with the potential to help achieve 
carbon neutrality; since CO2 generated by combustion is offset 
by absorption during plant growth, biomass power has no effect 
on CO2 levels. A key strength of biomass is stability compared to 
wind, solar, and other renewable energy sources. It is ideal for use 
in power generation facilities for local production and consumption, 
operated by local governments, private sector companies, and 
other organizations. A biomass power plant in which we have 
invested is slated to come online in April 2025—another aspect of 
our multifaceted approach to renewable energy beyond our current 
biomass fuel distribution and supply efforts.
Supplying biomass materials to promote 
increased use of renewable energy
Palm kernel shells (PKS) as biomass fuel
* A byproduct of the palm oil production process
24
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Domestic Energy & Service Strategies
Basic Policy
Targets and Progress
Growing retail market share and enhancing earnings capabilities by 
promoting M&A activities using our nationwide network
The Iwatani Group began selling LPG nationwide in 1953, as Marui Propane. To maintain stable supplies 
of LPG lifeline services, we have developed an integrated supply structure, from import through customer 
delivery, and boast the top nationwide market share in Japan.
Concentration of LPG businesses is expected to accelerate as the number of consumer households 
decreases. Under such conditions, we will aim for further business growth by promoting efforts to 
strengthen our retail business, centered on merger and acquisition (M&A) activities conducted through 
now, and streamlining of our LPG business as a whole, including delivery.
■ Net sales
■ Investment
¥33 billion
Five-year cumulative total:
¥330 billion
¥280 billion
FY2023 results
¥1.2 billion
FY2022
FY2027
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130
Growing the direct sales customer base, chieﬂy through M&A activities
■ Historical number of direct sales customers
(unit: 10K households)
35
1999
83
2014
86
2015
88
2016
90
2017
99
2018
100
2019
101
2020
103
2021
110
2022
2027
■ Iwatani’s LPG sales
Retail
Industry ranking
Market share
Households
using MaruiGas*
Wholesale
4.7%
13.9%
1.11million
3.30million
No.1/
16,381 companies
No.1/
1,100 companies
Source: LP Gas Annual Report: Facts and Figures, Iwatani estimates   * The name of the Company’s LPG brand
111
2023
(As of March 31, 2024)
Related Key Issues 
(Materiality)
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
25

Initiatives
Drawing on our nationwide network, the Iwatani Group will set its 
sights on sustained growth by expanding its market share in the retail 
sector, primarily through mergers and acquisitions.
The LPG market is projected to shrink by about 5% in the years 
through FY2027; nevertheless, the Iwatani Group will seek to achieve 
growth of 18% in direct sales customers, targeting a figure of 1.3 
million households. In FY2023, the figure grew by 10,000 households 
to 1.11 million. To grow the retail business, we will leverage our 
nationwide network of 108 supply facilities and the Iwatani Group’s 
strengths in delivery, safety, and sales networks to expand the 
wholesale customer base and build relationships that contribute to 
business succession and mergers and acquisitions.
The Iwatani Group operates a logistics structure that delivers gas 
to households in every corner of Japan. We cut business costs to 
grow earnings while implementing the measures needed to maintain 
a stable supply. In FY2023, we built a cylinder filling facility inside 
our import base of the Negishi Liquefied Gas Terminal to streamline 
logistics. The facility consolidates on-site processes ranging from 
imports to filling and delivery. Additionally, we expanded delivery 
facilities through mergers and consolidations and renovated delivery 
facilities to make them more disaster-resistant.
We will continue to streamline delivery structures and draw on remote 
meter-reading systems and delivery route planning systems to achieve 
more efficient delivery. To build more efficient delivery structures, we 
are also considering partnerships with delivery subcontractors.
We install the Iwatani GateWay IoT platform in households where we 
supply LPG to provide services that support everyday life. In FY2023, 
we launched demonstration testing of a system capable of monitoring 
the whereabouts of seniors on Fukue Island in the city of Goto, 
Nagasaki Prefecture. Testing targeting the evacuation of residents 
in the event of an eruption of the Sakurajima volcano in the city of 
Kagoshima, Kagoshima Prefecture, indicates this system will make it 
easier to check on evacuation conditions and locate any residents left 
behind. We’re also working to generate environmental value we can 
return to customers as J-Credits based on CO2 emissions reductions 
achieved by installing solar panels and switching to high-efficiency 
water heaters in homes.
We will continue to both supply services essential to our customers 
and communities and fulfill our role as a provider of infrastructures for 
community safety and disaster prevention.
Growing our market share in the retail 
sector, targeting 1.3 million direct sales 
customer households by FY2027
Streamlining delivery systems to cut 
business costs
Expanding new services using Iwatani 
GateWay
Physical connections to our LPG customers across Japan
？
？
Watching over children and seniors
Healthcare
Gas safety
IoT platform
Iwatani GateWay
This Internet of Things (IoT) platform adds communication functions to household gas alarms
for use as gateways to connect a wide range of devices.
This is intended to provide new services and value to support customer lifestyles.
Enabling to reach any of our domestic LPG customers within 30 minutes via 
Iwatani’s energy business network
Delivery bases
Approx. 1,600 persons  
at 135 facilities
Approx. 1,300 vehicles
3,200 persons
Iwatani GateWay
Iwatani
GateWay
LPG meter
Electricity meter
Water meter
Detector
Refrigerator
Air conditioner
Lighting
TV
Water 
heater
LPG retailers
Rush service
IoT home
appliances
Block
chain
Eco-Jozu
Smart use
Environmental value
Liaison with Regional 
Comprehensive Care Services
Multifunctional cooperation
Nurses
Long-term 
care specialists
Smartphone
Convenience
Shopping service
Detecting and 
preventing frailty risks
Wearable 
devices
Internet
Wi-Fi
Remodeling
ENE-FARM
Digital connections to household          energy data and various sensors
Households
2022
2027
Households 
using LPG
Iwatani growth rate + 18%
Market growth rate −   5%
Iwatani direct sales 
households
Iwatani wholesale 
households
Direct sales customers
 1.30 million
1.10 million
M&As
Increase
in market
share
Domestic Energy & Service Strategies
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Negishi Liquefied Gas Terminal
Related Key Issues (Materiality)
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
26

Overseas Strategies
Basic Policy
Targets and Progress
Leveraging our domestic business foundations to grow our 
international businesses
To date, the Iwatani Group has grown its businesses by providing products and services to domestic 
customers. Based on strengths amassed over the years, including the expertise of the Integrated Energy 
Business in fuel conversion and industry decarbonization, our Industrial Gases & Machinery Business 
boasts industrial gas production and sales networks and the capacity to promote machinery and 
equipment solutions, while our Materials Business can procure environmental products and implement 
the measures needed to maintain a stable supply of mineral resources. Drawing on our strengths and 
domestic business foundations, we will continue identifying business opportunities and pursuing market 
development on the international stage.
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Business strategies reﬂecting regional characteristics
FY2022
*1: China, Korea, Taiwan
*2: Singapore, Thailand, Malaysia, etc.
*3: US, Australia, etc.
FY2027
■ Net sales
¥120 billion
¥220 billion
East Asia *1
55%
Southeast Asia *2
24%
Other regions *3
21%
■ Investment
¥94 billion
Five-year cumulative total:
FY2023 results
¥11.8 billion
Africa
environment
Rich in resources
Strategy
Explore new procurement sources 
for resources
Australia
Rich in energy and resources
Strategy
Developing procurement sources 
for liquid hydrogen, mineral sands, 
etc.
North America
World’s largest industrial gases 
market
Expand business, including through 
M&As
Europe
environment
Eco-conscious market
Strategy
Creation of resource circulation-
based business
Southeast Asia
Fast-growing market
Business expansion by increasing 
production and supply facilities
China
Mega production/consumption 
market
Growing sales of industrial gases 
and key products such as portable 
gas cooking stoves and cassette 
gas canisters
environment
Strategy
environment
Strategy
environment
environment
Strategy
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
Related Key Issues (Materiality)
27
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
In January 2024, just after our November 2023 acquisition of a 
refrigerant company in Malaysia, we built and expanded refrigerant 
plants in Thailand and Indonesia. Amid growing demand for 
refrigerants accompanying growing use of air conditioners and 
automobiles in Southeast Asia, we will enhance our capacity to 
supply refrigerants to Japanese and local manufacturers within this 
market, which is also expected to grow as a production and export 
base.
International efforts to cut refrigerant production and consumption are 
accelerating in response to more stringent regulations. In response, 
we have launched a refrigerant reclaiming business to recover and 
reuse refrigerants that were previously emitted into the atmosphere or 
destroyed (rendered harmless) during waste disposal or maintenance 
at plants around the world.
We will continue to expand our production capacity and enhance 
systems for supplying eco-friendly products.
Iwatani operates facilities that cut, shape, and weld iron and stainless 
steel cables and apply finishing treatments like resin coating and 
chrome plating at Bangkok Ai-Toa Co., Ltd. (Thailand) and Zhongshan 
Iwatani Co., Ltd. (China). Each of these plants is continually expanding 
and increasing its production capacity. As sales channels are 
expanding to include customers not just in Thailand and China but 
also in the Japanese, Asian, European, and North American markets, 
they also produce and sell parts for use in air conditioners, cooking 
appliances, and automobiles. In addition, Zhongshan Kasatani 
Co., Ltd. (China), a plant that primarily produces automotive wiring 
components, is meeting increasingly advanced customer needs in 
areas such as highly challenging precision pressing and plastic and 
metal inset molding. Suzhou Iwatani Metal Products Co., Ltd. (China) 
is taking steps to meet growing customer demand for precision slit 
processing of materials such as stainless steel, nickel, copper. We will 
continue to meet the needs of our global customers by expanding the 
overseas metal processing business from the foundations of individual 
production facilities such as these.
Since we began manufacturing and selling portable gas cooking 
stoves and cassette gas canisters in Zhuhai, China, in 1996, our 
international business growth has focused on China. In May 2023, 
we completed a new portable gas cooking stove plant in Thailand. 
We’ve begun selling this plant’s products not just in Thailand, but in 
the Philippines, Malaysia, and Taiwan, regions previously served by 
exports from Japan and China. In 2024, we expanded sales channels 
to include Singapore and Indonesia to grow this business in the 
Southeast Asia. Consumer demand plays a key role in Southeast 
Asia compared to China, where most demand is for commercial use 
at restaurants, hotels, and other such businesses. Accordingly, we’re 
developing products and applications that consider regional dietary 
patterns. We will continue to deliver safe, high-quality products 
while meeting the various safety standards in place for portable gas 
cooking stoves and cassette gas canisters in different countries.
Expanding the refrigerant business in the 
growing Southeast Asian market
Growing the overseas metal processing 
business
New portable gas cooking stove plant comes 
online in Thailand
Overseas Strategies
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
New refrigerant filling equipment (Thailand)
Molded insert (an electronic component for next-generation vehicles)
Bangkok Ai-Toa Co., Ltd., where new production of portable gas cooking stoves 
has begun (Thailand)
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

Related Key Issues (Materiality)
28
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

29
ESG
Contents
Climate Change Response
Promoting Environmental Management
Human Resource Strategy
Supply Chain Management and Human 
Rights
Health and Productivity Management and 
Occupational Health 
Technology Strategy
Safety and Security Initiatives
Social Contribution Activities
Corporate Governance
Messages from Outside Member of the Board
Executive Officers
IR Activities
P.30
P.33
P.34
P.37
P.38
P.39
P.42
P.43
P.45
P.47
P.48
P.52
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Climate Change Response
Governance
Risk Management (assessment and process of identification and management)
Iwatani has established a Sustainability Management Department. This unit will be responsible for planning 
measures to promote sustainability and disseminate awareness of sustainability issues throughout the 
Group, including overseas. Iwatani has also established the Sustainability Promotion Committee under 
the Risk Management Committee, which coordinates risk management Groupwide. The Sustainability 
Promotion Committee deliberates on matters such as risks, opportunities, action policies, and targets 
related to climate change and checks on the progress of related results. As part of the oversight structure, 
the Board of Directors receives periodic reports and is also briefed on important matters as they arise to 
ensure appropriate supervision.
We are proceeding with efforts to strengthen our response to climate change risks and our efforts to 
address climate change opportunities by assessing these risks and opportunities along the two axes of 
probability of occurrence and impact on business. In addition, we assess the business impact of climate 
change in stages, based on the extent of the potential financial impact. In particular, we assess the 
future business environment via scenario analysis from a long-term perspective and in light of the unique 
characteristics of climate change.
Board of Directors
Representative Members of the Board
Risk Management Committee
Sustainability Promotion Committee
Structure for promoting and disseminating sustainability measures
Sustainability Management Department
Administrative sections
Business sections
International Business
Identification of candidate risks and opportunities
Responding to and managing important risks and opportunities
Analysis and assessment of risks and opportunities
Process of identification and management of 
risks and opportunities related to climate change
Identification of important risks and opportunities
Scenario analysis from a long-term perspective
Recognizing climate change and other global environmental issues as important management challenges, the Iwatani Group is striving to reduce the environmental 
impact of various business activities. In FY2021, we declared our support for the recommendations of the Task Force on Climate-related Financial Disclosures 
(TCFD)* and joined the TCFD Consortium. We will strive for sustained growth while contributing to the decarbonization of society by assessing the risks and 
opportunities presented by climate change, reflecting these in management strategies and risk management, and appropriate disclosure.
* The TCFD was established by the Financial Stability Board (FSB) in 2015 at the request of the G20 countries to make recommendations on assessments of business risks and opportunities related to climate change and to ascertain and disclose their 
financial impacts.
Climate Change
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
Related Key Issues (Materiality)
30
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Strategy
We have chosen the Integrated Energy Business, Industrial Gases & Machinery Business, and Materials 
Business as the businesses subject to scenario analysis. These businesses are more likely to be affected 
by climate change. In planning scenario analysis, we identified the following two scenarios, based on data 
and other materials from the International Energy Agency (IEA) and the Intergovernmental Panel on Climate 
Change (IPCC). Both are prestigious international agencies referenced in the TCFD recommendations.
Climate Change Response
Referring to scenarios from the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) as benchmarks, we carried out scenario analysis to ascertain the business 
impact of climate change and identify specific climate-related risks and opportunities. We plan to achieve sustainable business growth and find effective ways to address future risks by identifying—among 
all transition risks associated with policies, regulations, and changing markets and extreme weather and other physical risks—the risks and opportunities expected to significantly affect our businesses. We 
will quantify their financial impacts to the extent possible and reflect them in Group strategies.
■ Details of scenario analysis
■ Results of scenario analysis
Scenarios
2°C scenario
4°C scenario
Potential societal 
outcomes
In this scenario, bold policies and 
technological innovations will be pursued 
to move toward carbon neutrality and 
to achieve the ambitious medium- and 
long-term targets currently advocated 
by each country. Average temperature 
increases through the end of this century 
are kept to less than 2°C. The social 
changes associated with the transition to 
a decarbonized society are very likely to 
affect business activities and results.
In this scenario, certain physical impacts 
will be generated, alongside the significant 
impact of enhanced regulations and other 
factors accompanying the transition to a 
decarbonized society.
In 
this 
scenario, 
society 
is 
characterized by economic and 
social growth accompanied by the 
continuing extensive development 
of fossil fuel sources and the 
continuance 
of 
resource- 
and 
energy-intensive lifestyles. Average 
temperatures rise by approximately 
4°C by the end of the century, 
generating the high likelihood that 
climate change will affect business 
activities and results.
In this scenario, significant physical 
impacts will be generated.
Reference 
scenarios
Transition
• Announced Pledges Scenario 
(IEA WEO 2022)
• Net Zero Emissions by 2050 Scenario 
(IEA WEO 2022), etc.
Physical
• SSP1-2.6 (IPCC AR6), etc.
• SSP5-8.5 (IPCC AR6), etc.
Based on a consideration of future market trends and the scenarios identified in the Integrated Energy 
Business, Industrial Gases & Machinery Business, and Materials Business subjected to scenario analysis, 
we sought to predict the financial impact in 2050 in relation to the priority factors. The quantitative 
information used in scenario analysis is based on scenarios from the IEA, IPCC, and other sources. This 
information entails numerous uncertainties.
Scenario
Key risks
Financial impact
2°C scenario
Significant decline in demand for fossil fuels due to changing 
consumer awareness accompanying the implementation of fossil 
fuel surcharges, emissions credit trading, and other policies and 
regulations
Large
Widening physical damage to production facilities due to natural 
disasters
Low
4°C scenario
Lower productivity due to rising temperatures
Moderate
Lower LPG sales due to rising temperatures
Low
Large: Equivalent to at least several tens of billions of yen in net sales / Moderate: Equivalent to several billions to several tens 
of billions of yen in net sales / Low: Equivalent to several billions of yen in net sales
Scenario
Key opportunities
Financial impact
2°C scenario
Large-scale growth in both domestic and international demand 
for hydrogen, mainly as a fossil fuel alternative; significant growth 
in demand for hydrogen-related equipment as hydrogen demand 
grows
Large*
Major potential business opportunities associated with the 
development and adoption of green LPG
Large
Growing demand for lithium, cobalt, and other rechargeable 
battery materials with growing use of EVs and stationary batteries
Large
4°C scenario
Higher sales of disaster response and business continuity 
planning (BCP) equipment, including LPG-powered emergency 
generators
Low
* There is potential for very high growth opportunities depending on the extent of progress on addressing climate change.
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Related Key Issues (Materiality)
31
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Targets and Goals
Climate Change Response
The Iwatani Group has announced its goal of achieving carbon 
neutrality by FY2050, targeting as a milestone to be reached by FY2030 
reductions of 50% in CO2 emissions compared to FY2019 levels by the 
Group in Japan. We aim to achieve our reduction targets for FY2030 
through various measures, including the utilization of unused cold 
energy and the installation of solar panels at industrial gas plants; 
switching to renewable energy, including corporate PPA; and applying 
J-Credits that we ourselves generate. In FY2024, we are pursuing 
additional measures to promote investments in decarbonization, 
including adopting a system of internal carbon pricing to visualize 
the monetary value of CO2 emissions reductions for proposed internal 
investments and use as reference in investment decision-making. To 
achieve carbon neutrality by 2050, we will reduce CO2 emissions in our 
business activities and contribute to the reduction of CO2 emissions in 
society as a whole through the expansion of our hydrogen and other 
businesses.
* Rates of CO2 reduction initiatives exclude the effects of improved emissions coefficients for electric power.
Scope 2
140 thousand 
tons
219 thousand tons
FY2019 results
FY2030 target
Scope 1
78 thousand 
tons
● Promoting use of cold energy at 
industrial gas plants
● Reducing electricity purchases 
through the installation of solar 
 
panels and other measures
● Switching to renewable 
electricity (including 
corporate PPA)
● Use of non-fossil fuel certiﬁcates
● Use of J-Credits, etc.
50%
reduction
Note: CO2 emissions are calculated based on GHG protocols.
 
FY2019 results include CO2 emissions of companies acquired since FY2020.
 
These targets use as assumptions the 2030 electricity emissions coefficients of 
 
the Japanese government’s Plan for Global Warming Countermeasures.
Now
Our CO2
emissions
reductions
Contributing
to carbon
neutrality
throughout
society
Emissions
reductions at
customer
facilities and
in customer
activities
2050
• Energy conservation at plants and ofﬁces, adoption of solar power and renewable electricity, streamlining logistics, use of internal carbon pricing, etc.
• Use of credits from planting business, use of non-fossil fuel certiﬁcates and J-Credits
• Decarbonization and greening of LPG, etc.
Decarbonization of LPG through mixed burning with hydrogen, etc.
Greening of LPG via biomass LPG, propanation, etc.
• Fuel transition from heavy oil to LPG, LNG, etc.
• Promoting hydrogen strategy
Enhancing domestic hydrogen production capacity
Enhanced hydrogen applications
Demonstration of international CO2-free hydrogen supply chain
Commercial implementation
Promoting use of hydrogen in power and industrial sectors
• Fuel cells, storage cells, solar power, etc.
Scopes
1 and 2
Scope
3
Scope
2
Scope
1
• Eco-friendly PET resins, green titanium, etc.
Scope 3
Mass
supply system
development
Liquid
hydrogen
supply
Demand
creation
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Related Key Issues (Materiality)
32
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Promoting Environmental Management
Environmental Policy
Environmental Management System (EMS)
Environmental Goals
Iwatani has earned ISO 14001 certification for its head offices in 
Tokyo and Osaka, the Iwatani R&D Center, and the Iwatani Advanced 
Hydrogen Technology Center. These facilities account for more than 
60% of all Iwatani personnel. While block branches and branch 
offices fall outside the scope of this certification, they operate in 
compliance with ISO 14001 under the guidance of the head office 
product divisions in charge.
○ To raise employee awareness of environmental issues, in 
addition to the environmental training held at the beginning of 
each fiscal year, we provide environmental training as part of 
the training for newly hired employees and managers and in 
e-learning programs.
○ Internal environmental audits were performed twice in FY2023 
(in September 2023 and February 2024). We also underwent 
periodic review by the High Pressure Gas Safety Institute of Japan 
in November 2023; our operational status was rated “fine.”
○ Under our EMS, we set annual environmental goals for each 
unit.
○ Unit environmental goals were largely achieved in FY2023.
○ Thanks to the EMS, once again in FY2023 there were no 
violations of environmental laws or regulations (including 
the Waste Management and Public Cleansing Act, Act on 
the Rational Use of Energy, and Poisonous and Deleterious 
Substances Control Act).
○ In FY2024 also, we’ve set and are making progress toward 
environmental goals for each unit.
○ In setting environmental goals for each unit in FY2024, 
we recommend setting goals that indicate the relationship 
between each unit’s businesses and contributions to CO2 
emissions reductions as clearly as possible.
Under the Iwatani Environmental Policy, we employ an environmental management system and strive to contribute to solutions to environmental challenges.
Internal
Environmental
Auditors
Environmental
Management
Representative
EMS Office
Tokyo Head Office/
Osaka Head Office
Unit* Manager & Environment
Promotion Manager
Scope of ISO 14001 Certification
Management Team
Iwatani R&D Center/Iwatani Advanced 
Hydrogen Technology Center
Unit* Manager & Environment
Promotion Manager
EMS Implementation Structure
1
Promoting activities to realize a sustainable society
① Business expansion to realize a hydrogen energy-based 
society
② Expanding the development and promotion of low-/zero-
carbon solutions
③ Enhancing efforts to achieve a resource-circulating 
society
2
Promoting reductions in the Iwatani Group’s CO2 
emissions
① Promoting decarbonization initiatives
② Promoting logistics efficiency improvements and 
decarbonization
③ Reducing our environmental impact through use of digital 
technologies and business efficiency improvements
3
Thorough compliance
① Complying with environmental laws and regulations
*Unit refers to the smallest unit that operates our EMS, specifically, a division, 
office, or department.
33
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Human Resource Strategy
Develop an environment
and systems in which
diverse human
resources can thrive
Basic Policy
Targets and Progress
Realizing a virtuous circle of organizational growth through 
recruitment, development, and active participation of our people
The source of sustained value creation is human resources. Our goal is to be an organization in which each and 
every employee can thrive and grow. To do so, we will hire diverse human resources, including international 
human resources, those with IT skills, and those with external experience, regardless of gender, and build an 
environment that accepts and accommodates their values and allows them to demonstrate their individual 
abilities to the fullest. We support the autonomous career development of our employees to maximize their 
abilities, while strengthen employee satisfaction and motivation by realizing flexible work styles. Through 
this cycle of overall organizational growth based on securing, training, and utilizing human resources, we 
will continue to deliver value to the world by growing our businesses and putting our strategies into practice.
■ Targets of the Non-ﬁnancial Strategies (Human Resource Strategy)
Indicators
Diversity & Inclusion
Ratio of female managers
6.0%
HR Development
Annual training costs per 
employee
¥86 thousand
Rewarding Workplaces
Percentage of childcare leave 
taken by male employees
30.6%
Items
FY2022 results
FY2027 targets
10% or higher
¥150 thousand
100%
6.9%
¥118 thousand
55.9%
FY2023 results
From individual growth to organization-wide growth
Sustained value creation
Creation of a more comfortable
space on the Earth
Long-term vision
Rewarding
workplaces
Diversity
&
Inclusion
Individual growth
Corporate growth
Generation of
diverse ideas
Drawing on
individual abilities
Ability to adapt
to change
Hydrogen
Strategies
Domestic Energy &
Service Strategies
Carbon-free
Strategies
Overseas
Strategies
HR development
* Figures shown are for Iwatani on a nonconsolidated basis.
Related Key Issues (Materiality)
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
34

Initiatives
Diversity management that draws out the full capabilities of 
diverse employees will enable Iwatani to continue meeting societal 
needs. Accordingly, we are pursuing various initiatives to promote 
diversity and inclusion, under the slogan “Toward an organization of 
acceptance and mutual respect of diverse values.”
Promoting women in the workplace
Through proactive hiring of women, support for balancing work and 
life events, and broader choices of work styles, we are enhancing 
efforts to promote the role of women in the workplace. As of March 31, 
2024, women made up 6.9% of managers, and we are implementing 
a wide range of initiatives including measures targeting younger and 
midlevel staff to increase the percentage of women in management. 
In addition, under our Plan of Action for a General Employer we 
are making progress on building workplaces in which women can 
demonstrate their individuality and capabilities to the fullest.
Employment and promotion of people with 
disabilities
We are proactively hiring employees with disabilities through both 
new graduate and midcareer hiring programs. As of March 2024, 
those with disabilities accounted for 2.62% of employees—a level 
higher than the percentage required by law. We are also making 
progress on improving working environments and providing various 
kinds of support to enable employees with disabilities to demonstrate 
their capabilities to the maximum.
Key factors that create a corporate competitive advantage include 
not just the products and services a company provides, but the 
people who provide them. What’s more, the business environment 
and the workstyles demanded by employees are changing in Japan 
due to various qualitative changes within the workforce, including the 
effects of an aging population, low birth rates, and labor shortages, 
as well as increasingly diverse individual values. How a company 
leverages its human resources is critical. We believe that to survive 
amid increasingly harsh competition, we must differentiate ourselves 
from our competitors by making work even more rewarding for our 
employees. Against this backdrop, we are carrying out employee 
engagement surveys to make current conditions visible and to 
improve the workplace. Management and all employees will work 
together to implement various measures that reflect our conviction 
that a company is created by all of its personnel.
Diversity and inclusion initiatives
Employee engagement survey
Human Resource Strategy
Develop an environment
and systems in which
diverse human
resources can thrive
PLAN27 sets a goal of 100% of eligible male employees taking 
childcare leave. As amended in 2021, the Act on Childcare Leave, 
Caregiver Leave, and Other Measures for the Welfare of Workers 
Caring for Children or Other Family Members requires companies to 
maintain employment environments in which employees can easily 
take childcare leave. The establishment of a childbirth leave program 
for fathers in 2022 was another step forward in developing a social 
environment conducive to childcare leave. Iwatani is making active 
efforts to maintain environments in which employees can readily 
take childcare leave and to foster an organizational culture in which 
supervisors and others within the workplace understand and support 
employees who wish to take childcare leave. Through regular seminars 
for managers and other efforts, awareness of male participation in 
childcare is growing. The percentage of eligible male employees taking 
childcare leave has jumped sharply—from 30.6% in FY2022 to 55.9% 
in FY2023. Ways of participating in childcare vary with employee 
workplace and home environments. We will strive to enhance these 
programs to make it even easier to take childcare leave.
Efforts to increase the percentage of 
childcare leave taken by male employees
■ Percentage of childcare leave taken by 
 
male employees
FY2022
FY2027
100%
30.6%
FY2023
55.9%
Approx. 2×
■ Examples of efforts to increase the percentage 
of childcare leave taken by male employees
 Publishing childcare handbooks
 Fathers’ childcare reports
 
Publishing reports on balancing work and childcare on the intranet
 Participating in joint events with other companies (to train managers to 
support childcare and to promote women’s careers)
Childcare handbook, long-term 
care handbook
Fathers’ childcare reports
Related Key Issues (Materiality)
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
35

Initiatives
To maintain our status as people needed by society, as called for 
in our Corporate Philosophy, Iwatani is supporting the autonomous 
career development of employees. Specifically, we’re enhancing 
training programs by continuing to expand the current program of 
tiered training (for individual job qualification levels) and by providing 
opportunities for individual employees to master business skills 
through seeking personalized external training. In FY2023, we 
launched a training program to develop human resources skilled in 
digital transformation (DX). The program is intended to reform the 
organization to make it better able to adapt to changing external 
conditions and to create competitive businesses using advanced 
digital technologies like AI. Managers are undergoing training to 
better fulfill their responsibilities for drafting their own organizations’ 
DX strategies. Training is provided for other personnel to enable the 
human resources who use digital technologies to master basic digital 
skills and to help those tasked with planning and promoting DX to 
create new business models. In the initial fiscal year of the program, 
some 900 individuals completed the training for those who use digital 
technologies, while 20 completed the training for those planning 
and promoting DX. We plan to develop 1,200 human resources to 
use digital technologies and 140 to plan and promote DX by 2027. 
Additionally, we are seconding personnel to other companies to 
gain experience that will empower them to create and implement 
new ideas and business models free of the constraints imposed by 
internal frameworks.
We plan to complete a new training center on Kobe’s Port Island 
in October 2024 as we continue to enhance our systems and 
environments for training and developing the human resources 
needed by society.
Developing human resources needed by 
society
Human Resource Strategy
■ Annual training costs per employee
FY2022
¥86,000
FY2027
¥150,000
FY2023
¥118,000
Approx. 2×
■ Concepts of the training system to encourage autonomous career development
Lead the Society
Training
Lead the Team
Training
Assessment
Training ❷
Assessment
Training ❶
Become a
Member Training
Lead the Self
Training
Various business skills and management skills
Ex.: Critical thinking, accounting, organizational HR mindset
Secondment to other companies
Study abroad
Internal knowledge-sharing
Secondment to Group companies
Management training
Global leadership training
Mandatory
training
Elective/
selective training
Internal
External
Internal
External
Other
experience
Younger employees 
Mid-level employees
Managerial level
DX training
Iwatani Technology and Safety University
Lead the Team Training
Develop an environment
and systems in which
diverse human
resources can thrive
Related Key Issues (Materiality)
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
36

Businesses face growing demands to fulfill their social responsibilities by improving their safety and human rights initiatives—not just in their own activities, but 
throughout the supply chain, including suppliers. Iwatani’s Human Rights Policy calls for respect for human rights as an essential element of doing business. We 
will promote efforts to protect human rights while building sustainable supply chains.
Supply Chain Management and Human Rights
Supply Chain Management
Human Rights
Iwatani Group Supply Chain Conduct Policy
Iwatani Group Human Rights Policy
Based on our corporate philosophy—become a person needed by society, as those needed by society can prosper—we provide a wide range 
of products and services for everyday life and for industry, including energy, industrial gases, and materials. To remain a company needed 
by society, we will communicate the Iwatani Group Supply Chain Conduct Policy to our suppliers and to other business partners, thereby 
establishing and maintaining sustainable supply chains.
Iwatani Code of Corporate Ethics calls for all “to respect human 
rights, and refrain from any form of discrimination and harassment.” 
We are focusing on enhancing programs and training to develop 
an environment in which each and every employee can work in 
confidence while demonstrating their individual abilities to the fullest. 
Based on our support for international human rights standards, we 
have also established the Iwatani Group Human Rights Policy to 
promote human rights initiatives both within the Iwatani Group and 
externally.
Human rights due diligence
We’re implementing due diligence for regions, products, and materials 
recognized to pose high risk, including human rights risks. We will 
continue to raise supplier awareness of the Iwatani Group’s Human 
Rights Policy responding to supplier demands.
Establishing rules on human rights measures in 
internal new product development requirements
As an individual committee under the umbrella of the Risk Management 
Committee, which manages risk Groupwide, the Products Safety & 
Brand Management Committee is intended to maintain the overall 
Iwatani brand image and to maintain and increase its brand value 
while reviewing the aspects of quality, safety, and compliance of 
the products we supply. We’re enhancing our structure for checking 
human rights risks throughout the supply chain by incorporating 
human rights measures into this committee’s regulations.
CSR procurement surveys of the supply chain
We’ve carried out CSR supply chain procurement surveys since FY2023. That year, we surveyed 270 suppliers, accounting for about 95% of 
supply transactions by value, and received responses from 214 suppliers. Survey results identified no suppliers who presented major concerns. 
We will continue to share our policies with our suppliers through this survey and in other ways and encourage the improvements needed to 
reduce risks, thereby building sustainable supply chains.
Governance
Fair business activities
■ FY2023 survey results
Human rights
Environment
Quality
Information security
Supplier management
Good: 
80% or more
57%
Generally good: 
70% or more
14%
Measures
required: 
less than 70%
29%
By item
By individual
company
scores
87.5%
84.2%
83.1%
85.5%
90.3%
85.6%
67.3%
Conduct Policy
Human Rights Policy
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
37

We regard our human resources to be the source of value creation generated by business expansion and strategy implementation. To maintain and improve employee 
health, an essential aspect of making the most of our human resources, we establish and maintain safe working environments and help employees maintain their health. 
Health and Productivity Management and Occupational Health 
and Safety
Health and Productivity Management 
Declaration
In 2022, we announced our Health and Productivity Management 
Declaration to demonstrate our stance on health and productivity 
management initiatives to our stakeholders. We will continue to 
promote initiatives to protect the safety and health of our employees 
and their families based on the following declaration.
Initiatives
Measures to support the health of employees and their families
To support employee health management, we provide annual health checkups for employees 34 and younger and annual comprehensive medical 
checkups for those 35 and older. We also provide guidance by industrial physicians and health management staff based on the results of these 
checkups to encourage health management by individual employees. In addition, we support the health of employees’ families through a subsidy 
program for health checkups for dependents aged 35 and older, as well as health checkups for dependents 40 and older, with a special focus 
on metabolic syndrome.
Stress checks and mental health initiatives
Based on the perspectives of stress management and mental health, we conduct annual stress checks. These are followed by population 
analysis to contribute to workplace environmental improvements, in cooperation with industrial physicians. Other initiatives intended to prevent 
mental health issues include setting up an external hotline and raising awareness through various opportunities, including training for new 
employees and tiered training.
Reducing long working hours
To maintain employee health and to enrich their work/life balance, we have introduced no-overtime days and a system that shuts down computers 
automatically as a tool for controlling working hours. We check on long hours through interviews in cooperation with industrial physicians as part 
of our efforts to maintain employee mental and physical health.
Promoting club activities and participation in sporting events
We support employee health and seek to stimulate employee interactions 
through support for internal recreational clubs. We contribute to 
community health promotion activities and sponsor athletic events, 
including the Osaka Marathon; the Princess Ekiden, the qualifying long-
distance relay race for the All Japan Industrial Teams Women’s Ekiden; 
and the KIX International Friendship Dragon Boat Festival at Kansai 
International Airport.
Health and Productivity Management Declaration
Since its founding in 1930, Iwatani Corporation has done 
business in line with its corporate philosophy: “Become a person 
needed by society, as those needed by society can prosper.” As 
always, our goal is to achieve sustained growth and strengthen 
corporate value by meeting key needs in our society.
To achieve these goals, it is essential that our all employees have 
the mental and physical well-being. Based on the conviction 
that our employees are our most important asset, we strive to 
create safe working environments and promote the health of our 
employees and their families.
We remain committed to creating new value and contributing to 
society by making it possible for all our employees to do their 
best in healthy and harmonious workplaces.
President
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
38

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Technology Strategy
Basic Policy
Acquire knowledge and experience
with the use of internal university
Promote gas and energy businesses by
leveraging technological capabilities
Pass down safety control technologies accumulated
in production, transport, etc. of gases
3 themes of
Technology Strategy 
Technological capabilities
Strengthen alliances by leveraging
the Company’s own intellectual property
Secure competitive advantage by bringing
research results from the Iwatani R&D Center
and the Iwatani Advanced Hydrogen
Technology Center to market
IP strategy
Acquire expertise to make
quick response to market needs
Advance joint efforts within the Iwatani Group for
the development of a liquid hydrogen supply chain
Specialization
Key to growing our core Gas & Energy businesses and leveraging the strengths in hydrogen business is enhancing our technological and safety 
capabilities. Toward this end, we have identified technology strategies among our non-financial strategies. We are striving to demonstrate 
technical capabilities and engineering functions as our expertise; to enhance and pass down technical capabilities; and to improve our earnings 
abilities by leveraging intellectual property. By demonstrating our technological and safety capabilities, we will fulfill our everyday business 
operations more safely and efficiently and propose solutions well-suited to customer needs, thereby promoting the creation of new businesses 
and new value.
Research has always been an Iwatani priority. Ten years 
ago, we opened the Iwatani R&D Center in Amagasaki, 
Hyogo Prefecture. Three years ago, we opened the 
Iwatani Advanced Hydrogen Technology Center, which 
specializes in hydrogen technologies. We intend to merge 
advanced technological capabilities drawn from work in 
the gas and energy fields by leading hydrogen technology 
as a top runner for realizing a carbon neutral society 
and by developing green LPG. Additionally, we design, 
build, and manage the supply facilities needed to deliver 
products like LPG and industrial gases to our customers. 
We recognize the need to improve our technological 
capabilities and quality assurance to earn the trust of our 
customers, whose demands continue to rise. IP plays an 
important role in making the best commercial use of our 
technological strengths. Last year, we established an IP 
strategy that clearly identifies essential technologies, 
centered on hydrogen. From this point forward, we intend 
to promote efforts to protect our IP while forming alliances 
with other firms.
To be a company needed by society based on our 
technological capabilities
Hiroshi Fukushima
Senior Managing Officer, 
Member of the Board
General Manager, 
Technology & Engineering Division
Enhancing the technological and safety capabilities needed to grow the Gas & Energy businesses
Related Key Issues (Materiality)
39
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
The Iwatani R&D Center has set the goal of eliminating its CO2 emissions by FY2030. In 2023, it installed 
a 100 kW power generation facility linking 20 Panasonic (5 kW) pure hydrogen fuel cells, reducing CO2 
emissions by 40% vs. FY2019. Future efforts will include ① installing solar panels on exterior walls and 
elsewhere, including windows; ② switching some of the LPG used in the Center to green LPG; ③ using 
cold energy generated from liquid hydrogen used in fuel cells; and ④ recovering waste heat from fuel 
cells. It is conducting demonstration testing of technology for using heat exchangers to recover previously 
unused cold energy generated in the gasification of liquid hydrogen. Once realized, the technology could 
potentially be used to generate chilled water in the Center’s air conditioning and for other experiments 
and applications. The Iwatani R&D Center will continue to pursue efforts to achieve carbon neutrality while 
providing the resulting technologies for use in society.
Employee development through the internal university, Iwatani 
Technology and Safety University
Promoting carbon neutrality at the Iwatani R&D Center
Technology Strategy
Pure hydrogen fuel cells (20 5 kW cells) adopted at the Iwatani R&D Center
In October 2023, to apply the knowledge and capabilities in technology and safety fundamentals to 
advance our gas and energy businesses, we opened an internal university, the Iwatani Technology and 
Safety University. Classes are open to employees from various sections, including sales and administration 
in addition to gas and energy. In FY2023, 210 employees took courses with curricula intended to help 
them master advanced technologies suited to practical activities throughout the gas business. We plan to 
expand the program to include the entire Group while continuing to add more focused course content and 
raising employee awareness of the University. By introducing educational programs to improve the ability 
to formulate proposals and find solutions on the front lines, to pass along the knowhow accumulated 
to date, and to train employees qualified to grow and promote future businesses in the transition to a 
carbon-free society, we will develop systematic training programs that train human resources capable of 
underpinning Iwatani’s strengths in safety and technology.
Pipe assembly training
A course at the Iwatani R&D Center
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Related Key Issues (Materiality)
40
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
Technology Strategy
Efforts to achieve carbon neutrality by 2030 are of critical interest to manufacturers who currently operate 
industrial boilers powered by fossil fuels. Mixed combustion with ammonia is one solution drawing 
attention. Various companies are seeking to control CO2 emissions by mixing ammonia with coal and 
other current fuels. Based on the technologies accumulated to date in related fields, we propose solutions 
to meet customer needs ranging from plant design to the development of mixed-combustion burners. In 
particular, we’re applying the expertise amassed in securing a roughly 70% share of the domestic market 
for denitration ammonia in the power sector to ammonia storage, pipeline design, and the development 
of equipment for toxic ammonia removal. We will continue to support customers in their pursuit of 
carbon neutrality, including through efforts to develop 100% ammonia fueled turbines that emit zero CO2 
(see p. 24).
The need to reduce CO2 emissions represents a major challenge for industrial furnaces like boilers and 
drying furnaces. The mixed hydrogen burners we developed with Sunray Reinetsu Co., Ltd. are drawing 
attention from the industrial furnace industry as solutions that can control CO2 emissions through mixed 
combustion of LPG and hydrogen. The first unit was delivered in March 2024. To accelerate sales of 
hydrogen mixed combustion burners, in May 2024 we installed a test furnace at the Iwatani R&D Center 
and began demonstrations in response to customer requests. We are also proceeding with demonstration 
testing of combining mixed hydrogen combustion featuring oxygen-enriched combustion. Oxygen 
enrichment improves combustion efficiency and can help cut costs at customer plants. We will contribute 
to solutions for the industrial furnace industry by establishing technologies for mixed hydrogen combustion 
and oxygen-enriched combustion capable of simultaneously reducing CO2 emissions and costs.
Proposing mixed ammonia combustion demonstration equipment 
using Iwatani technologies
Mixed hydrogen combustion and oxygen-enriched combustion 
technologies to reduce both CO2 and costs
Liquefied ammonia tank for mixed combustion with ammonia
Mixed hydrogen combustion and oxygen-enriched combustion equipment at the Iwatani R&D Center
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Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Safety and Security Initiatives
As an enterprise engaged in business along the axes of gas and energy, Iwatani recognizes the importance of safe supply of LPG and industrial gases to customers, 
ensuring that they can use them with peace of mind. We consider safety itself to be the core of our business operations, and we focus on safety initiatives accordingly. 
Initiatives
Checking damage by camera using the gas center security system
Plant equipment maintenance using a tablet
A camera image from the Noto Peninsula Earthquake
Computerized management of equipment at all plants
The gas center security system enables integrated management of operations at Iwatani Group gas 
centers and other facilities by linking them online. It has currently been adopted at 124 centers. During the 
January 1, 2024 Noto Peninsula Earthquake, containers at an LPG center in Wajima City toppled over, and 
buildings slid. We used cameras and sensors installed at the center to check in real time for any damage 
to tanks and buildings and for gas leaks, making it possible to begin recovery activities just 20 minutes 
after the quake. Each LPG center is prepared for increasingly severe natural disasters, based on access to 
information from the Japan Meteorological Agency on torrential downpours, heavy snowfall, high waves, 
other threats, and seismometers. In June 2023, we adopted as standard practice tablet entry of results 
of thrice-daily inspections of LPG centers for pressure and gas leaks. This contributes to greater safety 
and response capabilities through means including enabling immediate correction of or response to input 
errors or abnormalities, since the system sounds an alert and displays response methods when a figure 
has been entered that exceeds standard values.
Digitalization is underway to build a system capable of replacing existing security systems with preventive 
maintenance measures capable of responding to any signs of failure or problems by constantly monitoring 
machinery and equipment, in addition to gathering information in real time from LPG centers and 
industrial gas centers. This is intended to help improve security and safety capabilities while addressing 
labor shortages through automated and more efficient inspection and operations, as well as to prevent 
accidents, problems, and lost opportunities. Iwatani plans to build a Groupwide general security system 
by 2030. As part of this effort, digitalization of everyday inspections is currently underway. Plans call for 
the centralization and analysis of inspection records and data on operations, implementing appropriate 
maintenance before any abnormalities occur, and building systems for even safer and more reliable 
delivery of gas to customers. Additionally, we will build a security system to digitalize and computerize the 
advanced security management techniques amassed to date and to pass these on to future generations.
Gas Center Security System for integrated online management of 
operations
More precise facility inspections through digitalization to build a 
Groupwide general security system
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Social Contribution Activities
Iwatani contributes to society through various activities such as support for cultural activities, technological assistance, and disaster relief.
Support for Cultural Activities
Support for Sports Activities
Iwatani has worked with the NHK Symphony Orchestra, 
which performs around the world, as a special supporting 
corporate member since 1987. This reflects our support 
for the Orchestra’s stated purpose, “To augment Japan’s 
music and artistic standards through symphonic music 
performances and to achieve its social and cultural 
mission.” We help provide communities with opportunities 
to experience classical music by sponsoring the NHK 
Symphony Orchestra summer concert series every year.
Since 2011, we’ve sponsored the Music Competition of 
Japan. The music competition with the longest history in 
Japan, this competition was launched in 1932 for young 
musicians. We have established the Iwatani Prize category 
of the Competition.
Special supporting corporate member of the NHK Symphony 
Orchestra and sponsor of the Music Competition of Japan
Technology promotion through the Iwatani Naoji Foundation
With the goal of improving the lives of the public and promoting international mutual understanding through 
sustained progress in science and technology, the Iwatani Naoji Foundation encourages and provides 
subsidies for research and development, supports international exchange, and undertakes human 
resource development activities. It provides financial support for outstanding research and development 
on energy and the environment, awards to honor outstanding achievements in research and development 
on energy and the environment, and financial support to self-financed graduate students from East Asia 
and Southeast Asia enrolled in programs in the natural sciences.
Since 2010, as a program to commemorate our 80th 
anniversary, we’ve sponsored and supported the operation 
of the Japan International Birdman Rally organized by Yomiuri 
Telecasting Corporation. This support reflects our belief that 
the concept underlying this contest (to see which human-
powered aircraft can fly the farthest) aligns with our ambitions 
to realize a society based on clean energy. From this year, the 
Iwatani Clean Energy Team participates in the glider section of 
the rally, in which all team members, including employees of 
Group companies, work together to set new records through 
efforts ranging from design to building and flying the glider.
Sponsoring the Japan International Birdman Rally
Established in April 2017, the Iwatani Athletics Club has 
welcomed head coach Hisakazu Hirose, who has trained 
numerous long-distance runners over the years, and Athens 
Olympic gold medalist Mizuki Noguchi as a Club advisor. In 
2023, the Club’s outstanding achievements included winning 
the Princess Ekiden, the qualifying round for the All Japan 
Industrial Teams Women’s Ekiden (Queen’s Ekiden), for the 
first time and taking eighth place in the Queen’s Ekiden. In July 
2024, team member Ayano Shiomi recorded the fifth fastest 
time in Japanese running history in the 800-meter event of the 
Hokuren Distance Challenge Fifth Chitose Tournament. The 
Club’s activities reflect its cornerstone interests in contributing 
to society and communities through athletic activities and the 
training of some of Japan’s leading athletes.
Activities of the Athletics Club
©ytv
Technology Promotion 
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Social Contribution Activities
Disaster Relief
The MaruiGas Disaster Relief Corps is a nationwide 
disaster relief organization established jointly with some 
1,400 MaruiGas distributors. The membership of this 
organization—the only one of its kind established by a 
private sector energy firm—includes some 3,600 registered 
qualified LPG technicians. It maintains a structure capable 
of swift mobilization in response to disasters. The MaruiGas 
Disaster Relief Corps was expedited to the scene after the 
January 1, 2024 Noto Peninsula Earthquake to inspect LPG 
facilities and restore service.
 Disaster Relief Corps 
In 2009, Iwatani and Saudi Arabia’s national oil company 
Saudi Aramco established the Saudi Aramco-Iwatani 
Emergency LP Gas Relief Program, which provides free 
portable gas stoves and cassette gas canisters to locations 
affected by major natural disasters, as relief supplies. This 
fund has been mobilized nine times through now, in response 
to requests from local governments and companies in 
affected areas. Most recently, it was mobilized in response 
to the January 2024 Noto Peninsula Earthquake to deliver 
portable gas stoves, cassette gas canisters, and Natural 
Mineral Water from Mt. Fuji.
LP Gas Emergency Relief Program Aids Disaster-Affected Areas
Educational Initiatives
Our responsibilities include pioneering the future and passing 
on technologies for a new era to the next generation. We 
organize presentations on hydrogen energy across Japan and 
give demonstrations using water electrolysis and miniature 
fuel cell vehicles. Through these and various other activities, 
including “The Power of Hydrogen, Contributing to Our Way 
of Life,” a permanent exhibit at the OSTEC Exhibition Hall in 
Osaka, we give children first-hand experiences with clean 
hydrogen energy, inspire interest in hydrogen energy, and 
strengthen the public’s understanding of hydrogen.
Hydrogen Awareness-Raising Activities
Iwatani has sponsored the All Japan Elementary School 
Essay Contest since 2010, reflecting our corporate slogan: 
Creation of a more comfortable space on the Earth is 
what Iwatani wishes and strives for. The contest is open 
to elementary school children from across Japan. In 2023, 
its 14th year, the contest attracted 5,384 entries from 
625 schools. We will continue helping to raise the level of 
children’s interest in energy and the environment through this 
contest.
All Japan Elementary School Essay Contest
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Direction
Report
Direction
Report
Direction
Report
Direction
Report
Appointment 
and dismissal
 Report
Consultation
and
response
Audit
 Report
 Report
Liaison
Audit
Appointment 
and dismissal
Direction
Direction
Report
Internal 
audit
Internal 
audit
Report
Appointment and dismissal
Appointment, 
dismissal, 
and supervision
General Meeting of Shareholders
Risk Management Committee
Board of 
Corporate 
Officers
Nomination and
Compensation Committee
Representative
Members of the 
Board
Board of Directors
(13 Members of the Board 
in total, including 5 Outside 
Members of the Board)
Audit
Accounting
Auditors
Accounting Auditors
• Security and Export Control 
Committee
• Personal Information Control Committee
• Compliance Committee
• Factory Safety Control Committee
• Sustainability Promotion Committee
• Global Security Control Committee
• Customer Satisfaction (CS) 
Committee
• Product Safety & Brand Management 
Committee
Audit & Supervisory Board 
(4 Audit & Supervisory
Board Members, including
2 Outside Audit & Supervisory
Board Members)
Business divisions and related companies
Corporate Governance Structure
Business Execution and Oversight System 
Basic Policy
Board of Directors
Responsible for Iwatani’s business decision-making and oversight, 
the Board of Directors consists of 13 members (including five 
Outside Members of the Board). Together with swift, appropriate 
decision-making and oversight based on comprehensive and active 
deliberation in the Board of Directors, the Outside Members of the 
Board strengthen the functions of the Board by enhancing and 
improving the transparency of decision-making and the effectiveness 
of oversight from standpoints independent of company management 
and based on extensive experience and knowledge of corporate 
governance.
Executive officer system
Iwatani strives to stimulate the activities of the Board of Directors 
by introducing the posts of executive officers to speed up decision-
making and delegate authority. In accordance with management 
policies decided on by the Board of Directors, executive officers 
are delegated authority by the representative member of the Board 
to devote themselves to business execution in compliance with 
relevant instructions and orders. Through adopting this system, we 
are promoting more efficient management by enhancing decision-
making on corporate strategies and oversight functions by the Board 
of Directors.
Board of Corporate Officers
Once a month, Iwatani’s Board of Corporate Officers, whose 
membership consists of full-time Members of the Board, executive 
officers, and full-time corporate auditors, meets to share information 
and facilitate communication in addition to deliberating on important 
matters related to business execution.
Nomination and Compensation Committee
Iwatani has established a voluntary Nomination and Compensation 
Committee as an advisory body to the Board of Directors. This body 
consists of three or more Members of the Board, a majority of whom, 
including the chair, are Outside Members of the Board. The goal is to 
enhance fairness, transparency, and objectivity in procedures related 
to decision-making on the appointment, dismissal, and compensation 
of Members of the Board and auditors and to strengthen corporate 
governance based on this Committee's response to the Board's 
consultation.
1. We will create an environment that allows shareholders to exercise 
their rights properly and will endeavor to ensure equality among 
shareholders.
2. We will respect the rights and positions of employees, customers, 
business partners, creditors, local communities and other 
stakeholders and endeavor to collaborate with them properly.
3. We will make appropriate disclosure in accordance with legislation. 
For the purpose of ensuring transparency, we will endeavor to offer 
information other than the information to be disclosed pursuant to 
the legislation.
4. We will make impartial, transparent and swift decisions in an effort 
to ensure that the Board of Directors will properly fulfill its functions 
and duties.
5. We will endeavor to hold constructive dialogs with shareholders for 
continuous growth and increase in corporate value.
Corporate Governance
Based on its corporate philosophy, “Become a person needed by society, as those needed by society can prosper,” Iwatani strives to reinforce corporate governance 
by enhancing management soundness, transparency, and efficiency.
Corporate Governance Report
Corporate Officers
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Evaluating the Efficacy of the Board of Directors
Compliance
Audit System
Corporate Governance
In March 2024, we surveyed all 13 Directors and four Audit & 
Supervisory Board Members about the efficacy of the Board of 
Directors. The findings were analyzed, assessed, and reported 
to a meeting of the Board in June 2024. We used a survey format 
prepared by an external agency, which assessed the following items 
on a five-point scale:
① Board of Directors composition and operation 
② Management strategy and business strategy
③ Business ethics ④ Risk and crisis management
⑤ Monitoring of business results, management team evaluation and 
compensation 
⑥ Dialogue with shareholders and others
The results indicate the Board remains effective, with generally positive 
evaluations for all items. We will strive to make the Board of Directors 
still more effective through periodic analyses and evaluations, further 
enhancements in officer training, steps to confirm the effective use of 
management resources based on a keen awareness of capital costs, 
and sharing of viewpoints with investors and shareholders.
Iwatani acts with uncompromising respect for the letter and the spirit 
of applicable laws and regulations and fulfills its social responsibilities 
based on free and fair competition. In 1998, to prevent corporate 
misconduct, we established the Iwatani Code of Corporate Ethics as 
a set of norms to be observed in all aspects of our business activities, 
setting forth the management philosophy, morality, and values to be 
understood and accepted by all management team members and 
employees. We seek to promote awareness and understanding of 
this code throughout the Company and Group companies and to 
strengthen awareness of compliance matters groupwide.
Compliance Committee
The Compliance Committee is set up under the Risk Management 
Committee to comprehensively promote legal and regulatory 
compliance by enforcing and enhancing compliance structures in 
Iwatani Group business activities. It reports on compliance to the Risk 
Management Committee via the Compliance Committee chairperson 
and to the management team via the Risk Management Committee 
chairperson. We have also established a whistleblowing program to 
enhance compliance through the rapid discovery and rectification of 
improper actions. We have established a structure whereby reports 
from employees and others concerning organizational or individual 
actions in violation of laws or regulations can be addressed properly. 
Under this system, the Compliance Committee investigates the facts 
of the matters reported and, as necessary, takes swift corrective and 
preventive action. Contact points for whistleblowing reports from 
employees and others have been set up both inside and outside 
the Company. Response is based on advice from independent 
experts. Rules prohibiting retributive and disadvantageous treatment 
safeguard the rights of whistleblowers.
Iwatani has adopted a company structure with an Audit & Supervisory 
Board. The Audit & Supervisory Board consists of four members 
(including two Outside Audit & Supervisory Board Members). Full-
time Audit & Supervisory Board Members attend meetings of the 
Board of Directors and the Board of Corporate Officers and other 
important meetings, and Outside Audit & Supervisory Board Members 
attend Board of Directors meetings to ensure full oversight of the 
execution of duties by Members of the Board. Audit & Supervisory 
Board Members are appointed with a focus on matters such as their 
specialized knowledge of finance, accounting, and law and their 
knowledge and experience related to our businesses. Outside Audit 
& Supervisory Board Members in particular are appointed based 
on the requirements for independent officers identified by financial 
instruments exchanges. In this way, Our audit system is based on 
multifaceted perspectives.
The Audit Department has been established to conduct internal 
audits. Its periodic internal audits, implemented in close cooperation 
and communication with Audit & Supervisory Board Members 
consider whether the business activities throughout the Company 
are being performed appropriately and efficiently.
Risk Management System
The Iwatani Group has established a Risk Management Committee 
to ensure integrated management of risks across all Group 
companies. Specialized individual committees set up beneath the 
Risk Management Committee address main anticipated risks such 
as compliance risks and plant safety risks, to enable comprehensive 
responses to corporate risks, both apparent and potential. The Risk 
Management Committee holds regular meetings overseen by the 
chairperson, reports to management, and strives to manage risks 
groupwide, including risks related to compliance with applicable 
laws and regulations. Special individual committees meet regularly to 
monitor the status of compliance and efforts related to the risks. The 
individual chairpersons of these committees report on the content of 
their meetings to the Risk Management Committee.
Executive Remuneration
Iwatani’s executive remuneration consists of fixed remuneration, 
bonuses (performance-linked compensation), and share-based 
compensation. An annual maximum of 1.8 billion yen (including up to 
200 million yen to Outside Member of the Board) in fixed compensation 
and bonuses for Directors was approved by the Board of Directors 
in the meeting held June 21, 2023. (This excludes compensation 
for Directors serving concurrently in employee posts.) An annual 
maximum of 300 million yen in compensation for Audit & Supervisory 
Board Members was approved by the general meeting of shareholders 
held June 26, 2012. Iwatani has established the Nomination and 
Compensation Committee, a majority of whose membership consists 
of Outside Member of the Board, to ensure the fairness, transparency, 
and objectivity of procedures related to Director compensation. Total 
compensation must conform to the above limits. Of these, decisions on 
fixed compensation and bonuses for individual Directors are delegated 
by the Board of Directors to the Representative Director, Chairman and 
CEO, with the Nomination and Compensation Committee serving in 
an advisory role.
Decisions concerning compensation for Audit & Supervisory Board 
Members are made through consultations among Audit & Supervisory 
Board Members. As share-based compensation, the June 19, 
2019 general meeting of shareholders approved the adoption of 
compensation in the form of transfer-restricted shares. The Board 
of Directors makes decisions on the specific timing and numbers of 
shares allocated up to the authorized maximum limit (260 million yen 
annually); the Nomination and Compensation Committee fulfills an 
advisory role in this decision-making process.
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Shosuke Mori
Outside Member of the Board
Member, Nomination and 
Compensation Committee
Hiroshi Sato
Outside Member of the Board
Member, Nomination and 
Compensation Committee
Yuki Saito
Outside Member of the Board
Member, Nomination and 
Compensation Committee
The following messages are from Outside Member of the Board responsible for Iwatani’s governance:
Iwatani does business across a wide range of fields, 
centered on gas and energy. It has recorded record-
high profits for nine consecutive years. I see this as the 
result of how each section strives daily to achieve its 
business plans and how each and every employee works 
with motivation and a positive and energetic attitude. It’s 
vital for any business to provide an environment in which 
employees can feel motivated and rewarded in their work.
Additionally, Iwatani is fulfilling its corporate social 
responsibilities by contributing to social progress and 
helping to promote national energy policies.
As an Outside Member of the Board, I’m proud to contribute 
to Iwatani’s future through active communication and 
advising at Board of Directors meetings and other 
opportunities I come across. I’m committed to continue 
working with all our stakeholders to build a sustainable 
future.
A trait that makes the Iwatani Group so attractive is that 
we have a future-oriented hydrogen business on top of our 
business foundations in LPG and other fields. The current 
PLAN27 medium-term management plan sets forth a 
hydrogen strategy and calls for efforts in various fields 
across the supply chain. Nevertheless, there are limits 
to what can be accomplished using Company resources 
alone. We must build broad-ranging alliances with other 
firms while reaching a better understanding of the fields 
in which Iwatani can leverage its strengths while also 
keeping an eye on the changing business environment. I 
believe that the industrial gases, LPG, gas cartridge, and 
other fields in which the Group has manufacturing plants 
in Japan and around the world will play essential roles 
in its future growth. I hope to contribute to the Group’s 
hydrogen business and future growth through tours of and 
discussions with business sites and efforts to improve 
quality and productivity in these gas businesses even 
further.
Since my appointment as an Outside Member of the Board, 
in addition to the business briefings provided by the business 
sections, I have had the opportunity to tour our plants. Seeing 
sites like the LPG import and filling facilities in person has 
given me a more concrete image of Iwatani’s businesses 
and deepened my understanding of the Company. In the 
deliberations of the Board, I often recall my experience of 
seeing up close both the scale of the facilities and the work 
done on site and the clear impression this formed on the need 
for safety.
Corporate scandals and improprieties appear to have grown 
more common in recent years. It’s of the utmost importance 
to establish systems that prevent and routinely look for such 
incidents to keep Iwatani entirely free of such incidents. I believe 
it’s both necessary and important to ensure that an awareness 
of compliance matters reaches and spreads throughout our 
front lines. As an Outside Member of the Board, in addition to 
supporting these efforts, I will enhance corporate governance 
by expressing my opinions and making recommendations from 
diverse perspectives in Board of Directors meetings and other 
opportunities, thereby contributing to Iwatani’s continuing 
growth and corporate value.
Messages from Outside Member of the Board
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Executive Officers (As of June 19, 2024)
March 1965	 Joined the Company
June 1988	
Member of the Board
June 1990	
Executive Director
June 1994	
Senior Executive Director
April 1996	
President, Iwatani Industrial Gases Corporation 
June 1996	
Retired from Member of the Board
June 1998	
Member of the Board, Executive Vice President, the Company 
April 2000 	
President
June 2004	
Executive Officer
June 2012	
Chairman and CEO (current position)
Akiji Makino
1
Career history, status, responsibilities
Shares held
70.6 K shares
Chairman and CEO
April 1985	
Joined The Sanwa Bank, Limited. (currently MUFG Bank, Ltd.)
June 2014	
Joined the Company
April 2015	
General Manager, Accounting Department
June 2015	
Executive Officer
April 2016	
Managing Officer
June 2017	
Member of the Board
	
Executive Officer
April 2019	
Member of the Board, Managing Officer
Information Technology Planning Department; Accounting Department 
(current position)
April 2020	
Member of the Board, Senior Managing Officer (current position)
Legal Department (current position)
June 2022	
Logistics Department; Business Administration Department (current 
position)
Itaru Ookawa
5
Career history, status, responsibilities
Shares held
17.0 K shares
Senior Managing Officer, Member of the Board
March 1968	 Joined the Company
April 1996	
General Manager, Related Businesses Department
General Manager, General Affairs & Personnel Department 
June 1996	
Member of the Board
April 2000	
Executive Director
April 2001	
Senior Executive Director
April 2003	
Member of the Board, Executive Vice President
June 2004	
Executive Officer
June 2006	
Representative Executive Vice President
June 2012	
Vice Chairman (current position)
Toshio Watanabe
2
Career history, status, responsibilities
Shares held
48.5 K shares
Vice Chairman
March 1980	
Joined the Company
June 2007	
Executive Officer
June 2009	
Member of the Board
April 2011	
Executive Director
April 2013	
Senior Executive Director
June 2017	
Retired from Member of the Board, the Company
	
Chairman, Iwatani Logistics Corporation
	
Chairman, Iwatani Liquefied Gas Terminal Co., Ltd.
January 2021	 Senior Managing Officer, the Company; General Manager, Energy Division; 
Daily Commodity Division, Cartridge Gas Division
April 2021	
General Manager, Integrated Energy Business Group; General Manager, 
Energy Division
June 2022	
Member of the Board, Senior Managing Officer
	
General Manager, Integrated Energy Business Group; General Manager, 
Energy Division; General Manager, Daily Commodity Division
April 2024	
Vice President, Member of the Board (current position)
	
Responsible for sales (current position)
	
Marketing Department (current position)
	
Chairperson, Risk Management Committee (current position)
June 2024	
Presidential Task Office (current position)
Hirozumi Hirota
4
Career history, status, responsibilities
Shares held
15.5 K shares
Vice President, Member of the Board
April 1981	
Joined the Company
June 2010	
Executive Officer
April 2011	
Managing Officer
April 2012	
General Manager, Electronics & Machinery Division
June 2012	
Member of the Board
June 2012	
Executive Officer
April 2014	
Executive Director
April 2017	
Senior Executive Director
April 2019	
Member of the Board, Vice President
April 2020	
President (current position)
Hiroshi Majima
3
Career history, status, responsibilities
Shares held
22.3 K shares
President
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April 1989	
Joined the Company
June 2017	
Executive Officer
April 2018	
Managing Officer
April 2019	
General Manager, Hydrogen Division (current position)
June 2020	
Member of the Board, Managing Officer
April 2022	
Member of the Board, Senior Managing Officer (current position)
Manabu Tsuyoshi
6
Career history, status, responsibilities
Shares held
10.0 K shares
Senior Managing Officer, 
Member of the Board
Hiroshi Fukushima
7
April 1987	
Joined the Ministry of International Trade and Industry (currently the 
Ministry of Economy, Trade and Industry)
June 2013	
Director for Technology Affairs and Advanced Capacity Building Strategy, 
Minister's Secretariat
July 2015	
Deputy Director-General, Manufacturing Industries Bureau
June 2016	
Director-General for Commerce and Distribution Policy (Industrial Safety)
July 2017	
Director-General for Technology Policy Coordination and Industrial and 
Product Safety, Minister's Secretariat
November 2019	 Joined the Company, Managing Officer
December 2019	 Safety & Environment, Hydrogen Energy
April 2020	
Senior Managing Officer 
Responsible for Energy Division and Industrial Gases Division (current 
position); 
Safety & Environment, Hydrogen Energy
April 2022	
General Manager, Technology & Engineering Division (current position), 
Iwatani R&D Center, Iwatani Advanced Hydrogen Technology Center 
(current position)
June 2022	
Member of the Board, Senior Managing Officer (current position)
April 2023	
Sustainability Management Department; Security (current position)
Career history, status, responsibilities
Shares held
4.3 K shares
Senior Managing Officer, 
Member of the Board
April 1963	
Joined The Kansai Electric Power Co., Inc.
June 1997	
Member of the Board, The Kansai Electric Power Co., Inc.
June 1999	
Executive Director, The Kansai Electric Power Co., Inc.
June 2001	
Executive Vice President, The Kansai Electric Power Co., Inc.
June 2005	
President and Representative Director, The Kansai Electric Power Co., Inc.
June 2010	
Chairman and Representative Director, The Kansai Electric Power Co., Inc.
June 2019	
Member of the Board, the Company (current position)
Shosuke Mori
10
Career history, status, responsibilities
Shares held
3.1 K shares
Outside Member of the Board
April 1970	
Joined Kobe Steel, Ltd.
June 1996	
Member of the Board, Kobe Steel, Ltd.
June 2003	
Senior Executive Director, Kobe Steel, Ltd.
April 2004	
Representative Executive Vice President, Kobe Steel, Ltd.
April 2009	
President, Kobe Steel, Ltd.
April 2013	
Chairman, Kobe Steel, Ltd.
April 2016	
Member of the Board, Senior Advisor to the Board, Kobe Steel, Ltd.
June 2016	
Senior Advisor to the Board, Kobe Steel, Ltd.
April 2018	
Advisor, Kobe Steel, Ltd. (current position)
June 2021	
Member of the Board, the Company (current position)
Hiroshi Sato
11
Career history, status, responsibilities
Shares held
2.6 K shares
Outside Member of the Board
April 1973	
Assistant Professor, School of Engineering, Osaka University
August 1987 	 Professor, School of Engineering, Osaka University
August 1999	 Professor, School of Engineering, Osaka University; Dean, School of 
Engineering, Osaka University; Dean, Graduate School of Engineering, 
Osaka University
March 2002 	
Professor Emeritus, Osaka University (current position)
July 2003	
Senior Fellow, Japan Science and Technology Agency Center for Research 
and Development Strategy
April 2005	
Executive Director, Nara Institute of Science and Technology 
April 2006	
Specially Appointed Fellow, Japan Science and Technology Agency Center 
for Research and Development Strategy
April 2009	
Executive Director/Vice President, Nara Institute of Science and Technology
April 2013	
Professor Emeritus and Specially Appointed Professor, Nara Institute of 
Science and Technology (current position)
April 2013	
Senior Advisor, the Company, General Manager, Iwatani R&D Center
June 2016	
Member of the Board, the Company (current position)
Shinji Murai
9
Career history, status, responsibilities
Shares held
6.3 K shares
Outside Member of the Board
Executive Officers
April 1990	
Joined the Company
April 2020	
Executive Officer
	
General Manager, Human Resources & General Affairs Department
April 2022	
Managing Officer
	
General Manager, Corporate Planning & Coordination Department
October 2022	
Information Technology Planning Department
April 2023	
Senior Managing Officer (current position)
	
New System Promotion Department (current position)
April 2024	
Corporate Planning & Coordination Department (current position)
June 2024	
Senior Managing Officer, Member of the Board (current position)
Kenji Takayama
8
Career history, status, responsibilities
Shares held
5.2 K shares
Senior Managing Officer, 
Member of the Board
49
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

August 1980	 Joined Maruichi Steel Tube Ltd.
June 1983	
Member of the Board, Maruichi Steel Tube Ltd.
June 1990	
Executive Director, Maruichi Steel Tube Ltd.
June 1997	
Senior Executive Director, Maruichi Steel Tube Ltd.
June 1999	
Representative Executive Vice President, Maruichi Steel Tube Ltd.
April 2003	
President, Maruichi Steel Tube Ltd.
June 2003	
President and Executive Officer, Maruichi Steel Tube Ltd.
June 2013	
Chairman and CEO, Maruichi Steel Tube Ltd. (current position)
June 2022	
Member of the Board, the Company (current position)
Hiroyuki Suzuki
12
Career history, status, responsibilities
Outside Member of the Board
Executive Officers
Audit & Supervisory Board Members
October 2006	 Registered as an attorney
	
Joined Sakura Law Office
January 2012	 Partner, Sakura Law Office (current position)
October 2015	 Part-time judge (domestic relations conciliator)
June 2023	
Member of the Board, the Company (current position)
Yuki Saito
13
Career history, status, responsibilities
Shares held
0.1 shares
Outside Member of the Board
March 1972	
Joined the Company 
June 1996	
Member of the Board 
June 1999	
Retired from Member of the Board; Senior Associate Director 
April 2004	
General Manager, Corporate Planning & Coordination Department; 
General Manager, Overseas Business Administration Department 
June 2004	
Member of the Board 
April 2006	
Executive Director 
June 2008	
Audit & Supervisory Board Member (Full-time) (current position)
April 1990	
Joined the Company
June 2009	
Executive Officer
April 2011	
Deputy General Manager, Energy Division (in charge of the east)
June 2011	
Member of the Bord
April 2015	
Executive Director
	
Business Administration Department, Audit Department
	
Chairman, Risk Management Committee
April 2019	
Member of the Board, Senior Managing Officer
June 2022	
Audit & Supervisory Board Member (Full-time) (current position)
February 1963	Registered as a Certified Public Accountant (current position) 
July 1969	
Senior Partner, Yamato Accounting Office 
(subsequently merged into Asahi & Co.) 
May 1999	
Deputy President, Asahi & Co. (presently KPMG AZSA LLC)
June 2001	
Senior Partner and Senior Advisor, Asahi & Co. 
August 2002	 Representative Director, Shinohara Management and 
Economics Research Institute Co., Ltd. (current position) 
June 2015	
Audit & Supervisory Board Member of the Company (current position) 
March 1982	
Registered as Certified Public Accountant (current position)
May 2001	
Representative Partner, Asahi & Co. (currently KPMG AZSA LLC)
July 2008	
Board Member, KPMG AZSA & Co. (currently KPMG AZSA LLC)
July 2010	
Board Member, General Manager of Osaka 2nd Business Division, 
KPMG AZSA LLC
July 2012	
Senior Executive Board Member in charge of Diversity and 
General Manager, Nagoya Office, KPMG AZSA LLC
June 2021	
Audit & Supervisory Board Member of the Company (current position)
Toyofumi Ohama
Naoki Iwatani
Yoshinori Shinohara
Yasushi Yokoi
1
2
3
4
Career history, status
Career history, status
Career history, status
Career history, status
Shares held
Shares held
Shares held
Shares held
22.3 K shares
20.5 K shares
7.7 K shares
1.6 K shares
Audit & Supervisory Board Member 
(Full-time)
Audit & Supervisory Board Member 
(Full-time)
Audit & Supervisory Board Member 
(Outside)
Audit & Supervisory Board Member 
(Outside)
Shares held
1.7 K shares
50
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Skill Matrix
Executive Officers
Corporate
management
Financial
accounting
Legal affairs /
risk
management
HR / talent
development
Sales /
marketing
Global
R&D
Production 
engineering
ESG /
sustainability
IT / digital
Chairman
and CEO
Akiji Makino
●
●
●
●
●
Vice
Chairman
Toshio 
Watanabe
●
●
●
●
President
Hiroshi Majima
●
●
●
●
●
●
Member of
the Board
Hirozumi Hirota
●
●
●
●
Member of
the Board
Itaru Ookawa
●
●
●
Member of
the Board
Manabu 
Tsuyoshi
●
●
●
●
Member of
the Board
Hiroshi 
Fukushima
●
●
●
●
Member of
the Board
Kenji Takayama
●
●
●
●
●
Outside Member
of the Board
Shinji Murai
●
●
●
●
Outside Member
of the Board
Shosuke Mori
●
●
●
●
Outside Member
of the Board
Hiroshi Sato
●
●
●
●
Outside Member
of the Board
Hiroyuki Suzuki
●
●
●
●
Outside Member
of the Board
Yuki Saito
●
●
●
51
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Activity
Times
Additional information
Briefings on financial results for 
analysts and institutional investors
4
Second and fourth quarters: Hybrid online and in-person format, attended by the 
President (as briefing presenter) and other officers
First and third quarters: Teleconference format; attended by the IR General Manager
Briefing for analysts and institutional 
investors on the medium-term 
management plan
1
Hybrid online and in-person format, attended by the President (as briefing presenter) 
and other officers, on the PLAN27 medium-term management plan announced in June 
2023
Individual meetings with analysts and 
institutional investors
144
Individual dialogues (including ESG meetings) led by the IR section
Japanese institutional 
investors
108
International institutional 
investors
36
Business briefing and site tour for 
analysts and institutional investors
1
Briefing and question and answer session attended by individuals responsible for the 
relevant sections
Iwatani discloses information promptly, fairly, and accurately to all shareholders, investors, and other stakeholders, and promotes constructive dialogue. We strive 
to increase corporate value by strengthening management transparency and societal trust through sustained IR efforts.
IR Activities
Quarterly reports to the Board of Directors review and report on 
various matters, including assessments of meetings with analysts 
and institutional investors, questions and comments fielded, and 
capital market topics.
In addition to the Integrated Report and quarterly briefings, we 
publish the Investors’ Guide, the Fact Book, and other materials to 
help analysts and institutional investors learning about Iwatani for the 
first time better understand and analyze our businesses.
Copyright © Iwatani Corporation. All rights reserved.
1
Investors’ Guide
Iwatani Corporation
FY2024
Updated: May 23, 2024
Security code: 8088
Briefing on the medium-term management plan
Site tour of the Iwatani R&D Center
FY2023 Results
IR Materials
Internal Feedback
Investors’ Guide
Fact Book



Related Key Issues (Materiality)
52
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

53
Business Segment Strategies
Contents
Three Business Fields
Integrated Energy Business
Industrial Gases & Machinery Business
Materials Business
P.54
P.56
P.60
P.64
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Three Business Fields
Centered on gas and energy,
Iwatani Corporation is active in three 
business segments:
Integrated Energy,
Industrial Gases & Machinery, and 
Materials.
Functional plastics
PET resins / aluminum catalyst PET resins / biomass PET resins / biomass PP, PE, and PS resins / 
general-purpose resins / engineering resins / molded plastic products
Resources
Mineral sands (zircon sands, titanium ore) / biomass materials (palm-kernel shells, wood pellets) / 
fire-resistant materials / metal powders, carbon materials
Advanced materials
Rare metal raw materials / rare earths / nano materials / ceramic formed products / other electronic 
materials
Metals
Stainless steel / aluminum / copper, copper alloys / functional aluminum foils / high alloyed 
materials, nickel alloys / high performance stainless steel foils / processed metal products / 
recycled metals
Electronic materials
Battery raw materials (e.g., cobalt, lithium, manganese) / battery parts and materials / functional 
films for displays
Industrial gases
Oxygen, nitrogen, argon / carbon dioxide / helium / acetylene / ammonia / refrigerant gas / 
regenerative medicine / deuterium / Hydrocut
Hydrogen
Liquid hydrogen, compressed hydrogen / liquid hydrogen tanks / hydrogen supply facilities / 
hydrogen-refueling stations
Machinery
Welding and cutting equipment / robotics systems / electronic component manufacturing systems / 
semiconductor and automation equipment / environmental equipment / medical equipment / 
forming and sheet metal equipment / machine tools / powder molding equipment / compressors / 
high pressure gas supply facilities / tanker trucks
Energy
MaruiGas consumer and commercial LPG / industrial consumer LPG / city gas (maintenance) / 
electricity / LNG / kerosene / LPG supply facilities / LNG satellite facilities / boilers / cogeneration 
/ industrial furnaces
Daily commodities
LPG emergency generators / gas heat pumps / ENE-FARM / commercial water heaters / high 
performance gas regulating equipment / solar power / storage cells / gas alarms / Iwatani GateWay / 
cooking sets / auto gas stands
Cartridge gas
Portable gas cooking stoves / cassette gas canisters / FORE WINDS outdoor brand / Millser / 
ALALA household detergent / sales and delivery of Natural Mineral Water from Mt. Fuji / health 
foods
Industrial Gases & Machinery 
Business
Integrated Energy Business
Materials Business
Integrated Energy 
Business
Materials 
Business
Industrial 
Gases & 
Machinery 
Business
54
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

■ Trends in net sales and operating profit (¥ billion)
■ Sales composition by region
■ Sales composition
Net Sales by Business Segment
Integrated Energy Business
Industrial Gases & 
Machinery Business
Materials Business
FY2022
FY2021
FY2020
FY2019
FY2018
393.7
327.1
296.1
313.5
335.9
13.6
10.8
14.1
13.9
15.5
22.6
14.6
14.4
FY2023 
357.1
384.0
FY2024
(Forecast)
20.1
19.4
21.0
21.0
* The Accounting Standard for Revenue Recognition and other accounting standards have been applied since FY2021. 
* Business segment categories were revised with the FY2023 corporate reorganization. Figures for FY2022 reﬂect these segment changes.
Operating proﬁt
Operating proﬁt excluding the impact 
of LPG import price ﬂuctuations
Net sales
17.3
17.5
11.1
11.9
9.9
12.4
174.6
186.0
190.5
184.3
240.4
22.0
262.1
16.5
FY2022
FY2021
FY2020
FY2019
FY2018
FY2023 
FY2024
(Forecast)
* The Accounting Standard for Revenue Recognition and other accounting standards have been applied since FY2021.
Operating proﬁt
Net sales
21.7
275.0
150.9
149.5
5.7
4.5
4.7
7.2
12.5
12.3
12.8
198.2
210.5
159.1
FY2022
FY2021
FY2020
FY2019
FY2018
FY2023 
FY2024
(Forecast)
* The Accounting Standard for Revenue Recognition and other accounting standards have been applied since FY2021. 
* Business segment categories were revised with the FY2023 corporate reorganization. Figures for FY2022 reﬂect these segment changes.
Operating proﬁt
Net sales
136.4
238.4
FY2023
Japan
96.2%
Other
0.1%
Southeast
Asia
0.1%
East Asia
3.6%
FY2023
Japan
72.3%
East Asia
16.2%
Southeast
Asia
6.7%
Other
4.8%
FY2023
Japan
75.9%
East Asia
8.8%
Southeast
Asia
6.9%
Other
8.5%
LPG
(consumers)
49%
LPG
LPG
(industrial)
10%
Other fuel-related
11%
Portable gas cooking
stoves, cassette
gas canisters
8%
Gas supply
equipment,
gas appliances
21%
¥357.1billion
(FY2023)
Segment
net sales
LPG
(international)
1%
Industrial
gases
58%
Gas 
equipment, 
etc.
42%
Segment
net sales
¥262.1billion
(FY2023)
Functional 
Plastics
24%
Resources & 
Advanced Materials
36%
Metals
30%
Electronic 
Materials
10%
Segment
net sales
¥198.2billion
(FY2023)
55
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

As a leading player in the LPG field in Japan, we ensure stable supplies by building and maintaining integrated structures from import through distribution. We also provide 
various comprehensive services, including LNG supply, the installation and maintenance of various facilities, and proposals for business continuity planning (BCP) and 
energy conservation solutions.
Integrated Energy Business
Mergers and acquisitions were carried out in FY2023 
utilizing our nationwide locations. Based on this, the Energy 
Division is working to grow its share of direct sales LPG 
customers. In addition, by creating services that support 
local lifestyles, we have worked to deliver solutions to the 
challenges facing our customers and communities. To 
grow our businesses in the future, we will continue to grow 
our share of the LPG market while delivering solutions to 
community challenges based on continuing M&A efforts 
and striving to cut business costs and enhance business 
administration in various ways, including using AI to make 
deliveries more efficient and consolidating facilities with 
those of affiliate companies. We will also endeavor to 
secure stable earnings over the long term by building solid 
relations of trust with customers by using various types 
of data to manage and strengthen customer relations 
through a customer relations management (CRM) system. 
In the area of decarbonization, we will enhance efforts 
to promote the migration from industrial fuels like heavy 
oil to LPG and LNG, strengthen sales of carbon-offset 
LPGs through J-Credits, and accelerate research and 
development on the production of green LPG.
Establishing the leading position in the 
community as an energy & living total service 
provider
Hisayuki Shimizu
Senior Managing Officer
General Manager, 
Energy Division
In addition to selling gas devices and security equipment, 
the Daily Commodity Division contributes to household 
decarbonization through promoting use of high efficiency 
devices. It is also tasked with building infrastructure 
to solve challenges in today’s aging and depopulating 
communities by promoting the Iwatani GateWay platform, 
which integrates digital technologies into security services. 
We identify the courses of action that LPG businesses 
should take in order to realize an energy & living total 
service. While sales of gas equipment struggled in FY2023 
due to customers’ post-COVID inventory adjustments, 
sales and installation of security equipment to streamline 
LPG deliveries maintained stable trends. Also, about 
70% of the surface area of Fukue Island in the city of 
Goto, Nagasaki Prefecture, where demonstration testing 
of Iwatani GateWay is underway, is now included in the 
telecommunications service area. Through means such 
as expanding the service menu through testing of security 
services for seniors, efforts to prevent frailty risks, and 
online health examinations, we will aim to be a business 
needed in the community by providing solutions to the 
various needs of LPG customers across Japan.
Finding solutions to society’s challenges through 
decarbonization and digital transformation (DX) 
by promoting use of high efficiency devices
Yasushi Sakai
Senior Managing Officer
General Manager, 
Daily Commodity Division
The most crucial issues for the Cartridge Gas Division are 
product development and the need to expand sales of 
portable gas cooking stoves and cassette gas canisters 
overseas. While we are already striving to grow sales of 
portable gas cooking stoves and cassette gas canisters 
in Japan, where we hold a large market share, we’re also 
focusing on new product development to grow demand 
itself. Stoves fueled by cassette gas canisters have gained 
popularity in recent years. In FY2024, we will continue to 
propose new methods for using cassette gas canisters. 
Overseas, we’re expanding businesses in Southeast Asia. 
Our portable gas cooking stoves plant in Thailand came 
online in 2023. We will sell stoves made in Thailand in 
surrounding countries as well as in Thailand itself. While 
the plant currently produces just one model, we plan to 
increase production to three models during FY2024 while 
accelerating market development by selling cooking plates 
tailored to the aspects of culture of each market. Our 
division’s other product lines include natural mineral water 
from Mt. Fuji, the ALALA detergent series, and health food. 
We will work to grow their sales while focusing chiefly on 
customers who use Iwatani’s LPG, gas cooking stoves, 
and cassette gas canisters.
Focusing on prompt product development and 
international expansion
Atsunori Kometani
General Manager, 
Cartridge Gas Division
56
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Strengths
Business Capital 
❶	LPG last-mile services, stable supply structure
○	As a leading player in the LPG field, we operate a stable supply 
structure for deliveries to customers across Japan, including five 
import terminals, 108 filling stations, and 130 distribution centers.
○	We support living and business continuity planning (BCP)—for 
example, promoting the adoption of LPG-powered emergency 
generators—to ensure disaster preparedness.
○	In the event of a disaster, the MaruiGas Disaster Relief Corps, 
made up of Marui-Kai members from across Japan, rushes to the 
scene to inspect and restore LPG service.
❷	Capacity to propose optimal energy mixes for 
decarbonization purposes
○	We propose comprehensive solutions only Iwatani can provide, 
including fuel conversion to LPG and LNG, green LPG, hydrogen, 
ammonia, and renewable energy.
❸	Business infrastructure for solutions to community issues
○	Our broad-ranging support structure for solving the issues faced 
by communities and customer households draws on a sales force 
of approximately 3,200 persons at about 280 sales offices across 
Japan, together with the digital solutions made possible by the 
Iwatani GateWay platform.
Opportunities
❶	Growing demand for fuel conversion in response to the 
rising need to reduce CO2 emissions
❷	Structural changes amid the decarbonization movement 
within the LPG industry 
❸	Growing need for solutions to community issues
Risks
❶Declining demand for energy due to changing 
community demographic trends
❷	Delays in raising the adoption of renewable energy


¥70.0 billion
FY2024 planned
¥26.1 billion
5-year Cumulative
Investment
Targets
FY2023 result
¥14.0 billion
FY2022
FY2023
FY2024
(Forecast)
FY2027
(Planned)
■ Net sales (¥ billion)
484.0
384.0
357.1
393.7
FY2022
FY2023
FY2024
(Forecast)
FY2027
(Planned)
■ Operating proﬁt (¥ billion)
25.5
19.4 20.1
17.5 14.4
21.0 21.0
Operating proﬁt excluding the impact 
of LPG import price ﬂuctuations
Integrated Energy Business
○	A nationwide network, from import terminals to filling stations
○	Disaster-resistant core LPG centers in communities across Japan
○	A network of sales and distribution facilities across Japan
○	Strong customer base built on leveraging our brand power and 
strengths in safety
○	A nationwide disaster prevention organization established jointly with 
distributors to ensure rapid LPG recovery in response to disasters
○	Made up of some 3,600 qualified gas technicians from various 
companies
○	Conducting annual concurrent nationwide drills to maintain and 
strengthen disaster response capabilities
Nationwide real contact network and LPG 
dealership organization (Marui-Kai)
Japan's largest and most unique nationwide private 
sector disaster prevention organization 
(MaruiGas Disaster Relief Corps)
○	An IoT platform for connecting with customers
○	A new infrastructure for providing services and value to support 
consumer lifestyles
○	Domestic Energy & Services Strategies [➡ P. 26]
The Iwatani GateWay digital platform, used for 
solutions to community issues across Japan
○	Quality control and brand power based on integrated production 
and sales structures
○	The capacity to develop new products reflecting customer needs
○	Structure for stable supply using domestic and international 
manufacturing facilities
Cassette gas canister production plants designed 
for safe, reliable quality control and stable supply
● Approx. 280 sites
● Approx. 3,200 employees
● Approx. 130 sites
● Approx. 1,600 employees
● Approx. 1,300 vehicles
Sales
ofﬁces
Distribution
centers
Japan
Thailand
China
57
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
Iwatani’s demonstration testing project for the pipeline supply of hydrogen and LPG mixed at usable ratios 
to households at a residential complex for promoting settlement in Minamisoma, Fukushima Prefecture 
(80 units) has been selected for funding by the New Energy and Industrial Technology Development 
Organization (NEDO). This is the first project in Japan to supply mixed hydrogen and LPG to households 
and to use existing supply infrastructure and gas appliances for mixed hydrogen and LPG. In FY2023, we 
verified the safety of mixtures with hydrogen and whether existing facilities could continue to be used. 
Plans call for beginning supplies of LPG mixed with 10% hydrogen at the end of FY2024. We will also 
consider increasing mixture ratios in the future while monitoring these usage conditions. Pipeline supply 
of LPG mixed with hydrogen is expected to be one means of reducing CO2 emissions in households, and 
this test in Minamisoma will serve as a basis for promoting further efforts toward realization of this goal.
To our nationwide LPG customer base, we sell products for business continuity planning (BCP) needs, 
including LPG emergency power generators and gas heat pumps (GHPs), as well as products that 
contribute to decarbonization via three types of power cells (storage cells, solar cells, and fuel cells) and 
high efficiency water heaters. We offer the essentials of daily life, including our own brands—ALALA (natural 
household detergents) and Natural Mineral Water from Mt. Fuji (water delivery). We offer various products 
and services that improve quality of life, including home remodeling and community safety services based 
on the Iwatani GateWay platform [➡ P. 26]. We continue to improve the lives of our customers by providing 
the products and services needed by our customers and communities.
Toward Japan’s first pipeline supplies of mixed hydrogen and LPG to 
households
Proposing life products and services to meet customer needs
LPG (speciﬁed plant)
Residential complex for promoting
settlement in Minamisoma (80 units)
LPG + 
hydrogen
Hydrogen
Pipeline supply
On site of the residential complex
Gas meter
Alarm
Gas valve
Gas cooking
stove
Gas hose
Water heater,
etc.
ALALA
Natural Mineral Water from Mt. Fuji
Gas heat pumps (GHPs)
Solar power
Pipeline supply of LPG mixed with hydrogen
Integrated Energy Business
* Measures to grow the LPG business are covered under the Domestic Energy & Service Strategies [➡ P. 25].
58
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Initiatives
Integrated Energy Business
In January 2024, we began selling Cassette-Feu KIWAMI, the flagship model in the Iwatani Cassette-Feu 
series of products first introduced in 1969 to meet various consumer lifestyle needs. KIWAMI is designed 
under the supervision of global car designer Takumi Yamamoto, who also designed the Mahoroba, a 
hydrogen fuel cell ship we plan to demonstrate at Expo 2025 Osaka, Kansai, Japan. This line departs from 
the traditional boxy design, incorporating instead a circular top plate in a rose gold color integrated with 
the feet. Iwatani Cassette-Feu KIWAMI, which combines a luxury feel with functionality and safety, adds to 
the appeal of dining tables both for everyday use and for serving special guests. We will continue to supply 
products that enrich consumer lives.
Sales of Cassette-Feu KIWAMI begin
Iwatani Cassette-Feu KIWAMI
In August 2022, as part of efforts to contribute to a decarbonized society, we began calculating the carbon 
footprint* of Iwatani Cassette Gas orange-label products produced at the Shiga Plant of Iwatani Cartridge 
Gas Corporation. We are calculating CO2 emissions, from production through disposal, in cooperation with 
Zeroboard Inc., based on ISO 14067 and procedures and standards issued by the Ministry of Economy, 
Trade and Industry and the Ministry of the Environment. Calculation procedures and results are reviewed 
by SOCOTEC Certification Japan, an independent agency, before being labeled on the products and 
posted on the website. In addition to announcing the results of these calculations annually as one indicator 
of decarbonization, we will strive to reduce CO2 by decarbonizing production processes and working with 
companies within the supply chain.
* A quantitative indicator of GHGs emitted over the entire product life cycle, from raw materials procurement through 
disposal, converted to CO2 emissions
Publishing results of carbon footprint 
calculations to help reduce CO2 emissions
Cassette gas canister bearing carbon footprint label
Results of carbon 
footprint calculations
(only in Japanese)
59
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

The Industrial Gases & Machinery Business delivers solutions for customers based on its stable supply capacity for various industrial gases and an extensive product lineup, 
including gas supply facilities and machinery, all based on the research and development facilities and technological capabilities accumulated over many years.
Industrial Gases & Machinery Business
The Industrial Gases Division supplies industrial gases 
including air separation gases (oxygen, nitrogen, and argon), 
helium, carbon dioxide, semiconductor gases, and medical 
gases. These gases are used in plants and at research 
facilities across the automotive, semiconductor, electronic 
components, medical, and food products industries. We 
support global industry by drawing on the technological 
capabilities accumulated over many years and on our broad 
lineup of gas and machinery products in fields ranging from 
manufacturing and supply facilities for various gases and gas 
applications and efficient distribution and safety monitoring 
services. We strive to achieve the Sustainable Development 
Goals (SDGs) and reduce CO2 emissions through business 
related to gases to realize a sustainable, carbon-neutral 
society. We plan to remain an essential presence by adapting 
nimbly to societal change and technological innovations and 
by supplying products and services that deliver solutions to 
the challenges facing customers around the world.
Supporting global industry through industrial 
gases
Kazutaka Yokoya
Managing Officer  
General Manager, 
Industrial Gases Division
The Machinery Division sells various types of machinery, 
from gas supply equipment, welding and industrial robotics 
machinery to electronic components production equipment, 
equipment for semiconductors, medical and pharmaceutical 
products, environment conservation, and machine tools. 
Drawing on our extensive domestic and international 
networks, our wide-ranging product lineup, and years of 
expertise in machinery adoption and solutions, as well as the 
comprehensive capabilities of the Iwatani Group, we seek to 
grow alongside our customers while helping them overcome 
various challenges through specific, practical, targeted 
proposals. In recent years, we’ve begun selling hydrogen 
cutting machinery and mixed hydrogen burners, products 
that help reduce and control CO2 emissions in manufacturing 
processes like cutting thick sheet metal and calcination 
furnaces. We will continue to demonstrate our presence as 
a member of the Iwatani Group by adapting flexibly to future 
environmental changes and targeting growth based on the 
keywords of decarbonization, automation, and customer 
focus.
Achieving solutions and growth alongside our 
customers based on a wide range of machinery
Hiroyuki Yano
Senior Managing Officer
General Manager, 
Machinery Division
● Tanker trucks ● Welding machinery ● Dedicated sheet metal and 
welding machines ● Semiconductor manufacturing equipment 
● Welding materials ● Pharmaceuticals manufacturing equipment
● High pressure gas supply 	
● Welding robots
equipment 
Breakdown by gas type
Machinery, etc.
Air separation
gases
30%
Specialty
gases
46%
Nitrogen
19%
Oxygen
6%
Hydrogen
13%
Helium
27%
Other
24%
Net sales
Argon
5%
Carbon dioxide
6%
¥151.2 billion
(FY2023)
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
60

Strengths
Business Capital 
❶	Business development based on stable procurement 
and stable supply as a producer
○	Helium: Competitive strength in global markets based on our 
multiple procurement sources, use of own containers, etc.
○	Hydrogen: Handling in house all activities from manufacturing 
through distribution, storage, use, and maintenance
○	Air separation gases: Building a stable nationwide supply structure 
based on our advanced ISO 9001-certified quality management 
structure
❷	Years of experience, expertise, and handling 
technologies in hydrogen
○	Hydrogen Strategies [➡ P. 18]
❸	Capacity to propose solutions to specific customer 
challenges
○	A wide range of gas application technologies, including low-carbon 
and zero-carbon solutions
○	Capacity to propose comprehensive solutions with integration of 
diverse industrial gases and machinery and equipment
❹	Technological development capabilities of the Iwatani 
R&D Center and the Iwatani Advanced Hydrogen 
Technology Center
○	Technology Strategy [➡ P. 39]
Opportunities
❶	Advancing decarbonization, automation, and labor 
saving in manufacturing
❷	Market expansion in China, Southeast Asia, and the 
United States
Risks
❶	Evolving domestic and international industrial structures
❷	Country-specific risks, policy trends, and other aspects


¥270.0 billion
FY2024 planned
¥39.6 billion
5-year Cumulative
Investment
Targets
FY2023 result
¥21.6 billion
FY2022
FY2023
FY2024
(Forecast)
FY2027
(Planned)
■ Net sales (¥ billion)
340.0
275.0
262.1
240.4
FY2022
FY2023
FY2024
(Forecast)
FY2027
(Planned)
■ Operating proﬁt (¥ billion)
25.5
22.0
21.7
16.5
○	Building stable domestic and international supply chains from 
production through supply
○	Establishing regional maintenance structures
○	Customizing gas supply systems depending on customer needs
Hydrogen
○	Building structures for stable supply of compressed hydrogen and 
liquid hydrogen
Helium
○	Ensuring stable supply through procurement from two sources: 
Qatar and the US
○	Establishing a distribution network centered on Japan and Asia 
using our own helium containers
○	Capacity to propose solutions backed by the gas handling technologies, 
extensive track record in their adoption, and integrated capabilities 
from design through maintenance accumulated over many years 
○	Continuing development of new gas technologies while responding 
swiftly to customer needs and issues
Example: Hydrocut® hydrogen-based premixed fusing gas that significantly 
reduces CO2 emissions; high-density oxygen solution equipment, 
which is seeing increasing use in inland aquaculture; liquefied nitrogen 
and storage containers used to freeze and store regenerative medical 
products such as cells
Safe, precise, and speedy gas supply and 
service network
Applications technologies capable of handling 
diverse gases in accordance with their properties
○	The Iwatani Group can provide services from gas supply through 
machinery and equipment for using gas
○	Our extensive product lineup and broad-ranging domestic and 
international networks, in addition to years of expertise, support 
customer production activities
Comprehensive abilities combining gases with 
machinery
Industrial Gases & Machinery Business
Introduction
Value Creation Process
Medium-Term Management Plan
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Business Segment Strategies 
Data
61

Initiatives
We’re addressing the growing demand for liquefied nitrogen in freezing, storage, and transport of cells 
at temperatures below -150°C as a new growth field that will help industrialize regenerative medicine. 
Iwatani proposes comprehensive solutions, including carbon dioxide for cell growth, liquefied nitrogen 
and containers for freezing and storing cells, transport containers, and temperature loggers. For medical 
institutions, we offer gases and products essential to building cold chains—from cell production plants to 
storage and transport facilities. We’re also focusing on research and development through joint research 
with universities and on capital joint ventures with startups. In 2022, we opened a regenerative medicine/
bioresearch facility at the Iwatani R&D Center, where we are currently building a structure to reproduce 
and evaluate the series of processes performed at cell production plants. We’re also making progress 
on developing technologies for gently freezing cells and research and development on cell storage and 
transport containers. In 2024, we developed the basic technology for freezing 3D cells. In this field in 
particular, our research and development capabilities are emerging as clear strengths. As we enhance these 
initiatives in the future, we plan to bring to market cell storage and transport containers produced in-house.
Iwatani offers products related to onshore aquaculture, centered on oxygen produced using our high 
density oxygen solution technologies. While offshore aquaculture uses fish pens and similar facilities, 
onshore aquaculture technology is used to raise fish in artificial environments on land. We have 
accumulated the high density oxygen solution technologies needed to help fish grow through more 
than 30 years’ experience in supplying oxygen to eel farmers and selling oxygen solutions equipment. 
In 2023, we opened an onshore aquaculture research facility at the Iwatani R&D Center as we continue 
to pursue research in this field to identify real-world applications. In addition to oxygen, our lineup of 
onshore aquaculture products addresses industrial needs ranging from LPG boilers to maintain water 
temperature to emergency generators and fiberglass-reinforced plastic (FRP) cultivation tanks. In recent 
years, in addition to fisheries companies, companies from a number of other industries have begun 
entering the onshore aquaculture field. We will continue to target this industry, including efforts currently 
under consideration to expand into overseas markets, due to the status of this industry as a contributor of 
solutions to challenges such as food shortages.
Contributing to regenerative medicine through low-temperature 
technologies
Onshore aquaculture initiatives based on our high density oxygen 
solution technologies
Onshore aquaculture experimental facility
Cell culture
Industrial Gases & Machinery Business
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data
62

Initiatives
The Japanese government has targeted a 47% reduction (vs. 
FY2013) in CO2 emissions by 2030. Under these conditions, 
reducing the CO2 generated from burning fuel is a pressing need for 
Japanese manufacturers that operate industrial furnaces in drying, 
calcination, smelting, or other processes. The mixed-hydrogen 
burners developed jointly with our partners represent one solution 
to reduce CO2 emissions generated by such manufacturers. Our 
burners make it possible to mix hydrogen with existing fuel at ratios 
of 0-100% and can be retrofitted in significantly less time than it 
would take to upgrade entire industrial furnaces. We delivered our 
first mixed-hydrogen burner in March 2024; in May of that year, we 
installed a test unit at the Iwatani R&D Center, where we will pursue 
practical testing and collect data on mixed hydrogen combustion to 
meet customer needs, with the goal of accelerating sales of mixed-
hydrogen burners. We plan to continue to leverage our position as 
Japan’s sole liquid hydrogen supply network operator to provide 
solutions that help reduce CO2 emissions.
In 1974, Iwatani established a company in Singapore to serve as the 
center of our businesses in Southeast Asia. The company produces 
and sells industrial gases for high tech industries, including the 
semiconductor industry. In recent years, customers in Southeast 
Asia have used industrial gases for a wide range of applications, and 
demand is expected to continue growing. In June 2024, we opened a 
gas center with expanded gas filling and storage capacities, bringing 
together our supply bases for helium, semiconductor gases, and 
air separation gases, previously scattered across regions including 
Malaysia and Singapore. To effectively meet the growing demand, we 
also expand our systems to enable timely delivery.
We will build on the construction of this new plant to grow the 
Industrial Gases Business in Singapore and Southeast Asia.
Acetylene (C2H2), used in brazing and gas pressure welding and in 
the cutting of various metals, emits CO2 during combustion. We offer 
the Hydrocut® series of gases mixing hydrogen and ethylene as an 
alternative. The distinguishing features of Hydrocut® can contribute to 
solutions for issues in this field—for example, reducing CO2 emissions 
by 84% compared to acetylene, reducing radiant heat for comfortable 
working, and ensuring safety through backfire resistance. Thanks to 
this wide range of advantages and our technological support, it is 
now being used in various fields, including shipbuilding, construction, 
and auto parts. In 2023, we introduced New Hydrocut, which reduces 
CO2 emissions still further by increasing the hydrogen mix ratio.
We will continue to develop technologies and products that address 
customer needs to reduce CO2 emissions and achieve environmental 
improvements at construction sites.
Mixed-hydrogen burners to help reduce CO2 
emissions from industrial furnaces
Opening a gas supply base in Singapore to 
power business growth in Southeast Asia
Introducing new products in the Hydrocut® 
series to control CO2 emissions
Mixed-hydrogen burner
The new gas center on the island of Jurong, Singapore
Hydrocut
Industrial Gases & Machinery Business
Introduction
Value Creation Process
Medium-Term Management Plan
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Business Segment Strategies 
Data
63

The Materials Business develops mineral sands and other mineral resources; procures and supplies functional plastics, advanced metals, and other raw materials essential 
to the environmental, electronics, and automotive fields; and contributes to decarbonization through biomass fuels and other sustainable products for a cyclical society.
Materials Business
As the global economy changes at unprecedented speed in 
response to rising geopolitical risks, the Materials Division 
builds robust supply chains to secure stable supplies of the 
raw materials essential to the fields of renewable energy, 
electronics, and mobility. Amid rising demand to reduce 
carbon emissions production processes, our investee Nordic 
Mining mines raw materials for green titanium powered entirely 
by electricity generated from renewable energy. We plan to 
launch sales of this material in FY2025. We’re also making 
progress on efforts to supply the materials customers need 
to build a cyclical society. These efforts include participating 
in a plastics recycling consortium and studies on developing 
the metals recycling business. We will continue working with 
partners in Japan and around the world to realize the promise 
encapsulated by our corporate slogan: Creation of a more 
comfortable space on the Earth is what Iwatani wishes and 
strives for.
Building the decarbonized society of 
the future by ensuring a stable supply of 
green materials
Kenji Motoori
Senior Managing Officer, 
General Manager, 
Materials Division
Electronic Materials
Metals
Functional Plastics
Resources & Advanced Materials
Wire processing
Smartphone materials
Related industries: Electronics, automotive batteries, etc.
● Battery-related materials
● Display materials
● Stainless steel  ● Precision stainless steel  ● Aluminum  
● Non-ferrous materials  ● High alloys  ● Processed metal products
● Resin raw materials (PET resin, polypropylene, etc.)
● Resin molding products, films, sheets
● Mineral sands (zircon, titanium raw materials)
● Ceramic raw materials (Rare Earth metals, zirconium compounds)  
● Refractory raw materials  ● Biomass fuels  ● Electronic materials
Related industries: Electronic components, air conditioning 
equipment, etc.
Related industries: Beverage and food, daily household goods, 
home electrical appliances, etc.
Related industries: Chemicals, ceramics, automotive, 
semiconductors, etc.
Australian mineral sands concession
Air conditioner panel
Films (protective tape)
PET resins
Stainless steel
Automotive battery materials
64
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Data

○	Developing an integrated production structure from raw materials 
through processing, to target emerging markets (Thailand, China)
○	Product development/processing functions to meet customer 
needs (air conditioning equipment, automotive parts and materials)
Mineral sands
Battery materials, 
rare earths
PET resins
Stainless steel
Biomass fuels
Strengths
Business Capital
❶	Strong customer network
○	A strong customer base including leading players with high 
motivation to achieving carbon-free society and control over 
markets
○	A lineup of eco-friendly materials based on our network, including 
eco-friendly resins and biomass materials
❷	Stable supply structure
○	Stable procurement capabilities based on strong ties to overseas 
suppliers and our in-house sources
○	Diversification and greening of procurement sources to meet 
customer needs
❸	Proposing state-of-the-art products
○	Capacity to propose products that draw on high-value-added 
advanced technologies to address the needs of society and our 
customers
○	Nano-size materials development and joint development of new 
and advanced materials with universities and startups
Opportunities
●	Demand shift toward eco-friendly products during the stage of 
transition to a carbon-free society
●	Rising demand for rare resources
●	Growth of China, Southeast Asia, and other emerging markets
Risks
●	Market contraction for existing products due to rising environmental 
awareness
●	Rising costs of development, production, procurement, logistics, etc.
●	Supply risks associated with rising geopolitical risks and natural 
disasters


¥60.0 billion
FY2024 planned
¥10.9 billion
5-year Cumulative
Investment
Targets
FY2023 result
¥7.0 billion
FY2022
FY2023
FY2024
(Forecast)
FY2027
(Planned)
■ Net sales (¥ billion)
306.0
210.5
198.2
238.4
FY2022
FY2023
FY2024
(Forecast)
FY2027
(Planned)
■ Operating proﬁt (¥ billion)
17.5
12.8
12.3
12.5
Materials Business
○	Building an extensive network to realize stable procurement from 
suppliers around the world
Business infrastructure in mineral sands
Overseas metal processing plants
Strong ties to suppliers
○	Ownership of mining concession in Australia
○	Building a stable supply structure by diversifying supply sources
○	Leading share of sales in Japan in combination with procurement 
from major resource firms
65
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Value Creation Process
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Introduction
Value Creation Process
Medium-Term Management Plan
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Business Segment Strategies 
Data

Initiatives
Mineral sands (minerals in sand form, such as zircon sand and titanium ore) contain rare metals vital to 
the environmental, electronics, and automotive industries. In addition to imports and sales of products 
(produced in South Africa and Canada) from major global suppliers, we operate our own mining concession 
in Australia, in which we hold 100% mineral rights. In 2022, we invested in Nordic Mining, a Norwegian 
resources firm, to secure rights to the Japanese market for high purity titanium ore mined from a new 
concession slated to begin operating in 2025. In addition to expanding production facilities to strengthen 
the structures needed to ensure a stable supply, we plan to grow sales to highly decarbonization-conscious 
customers by emphasizing the green aspects of titanium sourced from Norway due to the nation’s high 
rate of renewable energy use. As a leading player in the industry, we will continue working to build ever 
more robust supply chains.
Strengthening supply capabilities for the vital mineral resource of 
mineral sands
Nordic Mining concession (Norway)
Materials Business
We sell eco-friendly resins as a solution we can offer to manufacturers of products such as bottles, 
beverages, and films that need to lessen their environmental impacts. We’re focusing on growing sales 
of our eco-friendly resins lineup consisting of three product lines: bio-PET resin made of biomass MEG 
refined from sugarcane dregs (waste molasses), aluminum catalyst PET resin of outstanding recycling 
performance (color and physical properties resistant to change during recycling) thanks to its high heat 
stability, and low antimony-catalyst resin with reduced risk of leakage of heavy metals from products. In 
addition, in 2021 we began offering bio PP, PE, and PS resins using the recyclable resource bio naphtha, 
supplying bio plastics that deliver the same quality as petroleum-derived plastics while reducing CO2 
emissions.
Growing sales of eco-friendly resins
Bottles made from eco-friendly resins
66
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Initiatives
In March 2024, to grow sales of the stainless steel business, a core component of the metals segment, we 
acquired all shares of stock issued by Taihei Kozai Co., Ltd. and TAIHEIKINZOKU Co. Ltd. Based in Hyogo 
Prefecture, these companies have established structures that enable the rapid supply of a wide range 
of materials based on extensive inventories and quick processing. Their customer-centric approach has 
secured leading shares in their regional markets. We’re committed to continuing to enhance the Group’s 
competitive strengths and strengthen the stainless steel business. We’ve also established a technology for 
welding stainless steel and copper, something conventionally considered difficult to weld. This technology 
will make it possible to replace some of the copper piping in air conditioning and other equipment with 
stainless steel, helping to reduce use of copper, supplies of which are expected to tighten. We will continue 
to grow our businesses through active alliances and acquisitions and to develop new markets through 
research and development.
Business growth by strengthening stainless steel processing function 
and developing new technologies
Welding copper and stainless steel using a copper-iron alloy
Materials Business
Thanks to their compact size, light weight, and long life, rechargeable lithium-ion batteries are used in 
smartphones, laptops, EVs, hybrid vehicles, and in many other devices/applications. We provide materials 
like lithium, cobalt, and manganese essential to the manufacture of the cathode materials that determine 
lithium-ion battery capacity and energy density. Currently, these metals are refined mainly in China; we’re 
striving to add to the stability of the supply for these materials by establishing a new supply chain outside 
of China. We’re also pursuing research and development on solid state batteries, which are expected 
to enter commercial use in several years, and on parts and materials that reduce the risk of fire posed 
by lithium-ion batteries. In these and other ways, we will participate in the growing rechargeable battery 
materials market and strengthen our market supply structure.
Strengthening our ability to supply the rechargeable-battery 
materials essential to lithium-ion battery production
Cathode
Anode
Separator
Cathode active material
Anode active material
Conduction auxiliary agent
Metal material
(Cathode collector foil)
Metal material
(Anode collector foil)
Internal structure of a lithium-ion rechargeable battery
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68
Data
Contents
ESG Data
Financial Highlights
Company Data
P.69
P.71
P.72
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Value Creation Process
Medium-Term Management Plan
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Data

* Underlined figures have been independently validated by SOCOTEC Certification 
Japan.
*1:	 Materials balance and domestic Scope 1 and 2 figures are totaled for Iwatani’s domestic 
business sites, domestic consolidated subsidiaries, and two equity method affiliates that 
consume large volumes of energy.
*2:	 In some cases, estimates of water intake and wastewater are based on employee numbers 
or floor area weighted by rate of use.
*3:	 Overseas Scope 1 and 2 figures are totaled for Iwatani’s overseas business sites and 
overseas consolidated subsidiaries.
*4:	 Overseas CO2 emissions for FY2021 are indicated “-” under total because they were not 
published.
*5:	 Calculations exclude the following categories:
	
Category 8 (included in Scope 1 and 2 calculations), categories 9, 10, and 12 (difficult to 
ascertain due to extensive scope), and category 14 (no subject activities).
*6:	 Solar power includes PPAs.
*7:	 Data are sourced from the figures in the table at left.
* The items of information on this page have been updated since FY2023 in accordance with the 
Environmental Reporting Guidelines 2018.
* Total figures on this page may not match the sums of individual items due to rounding.
 Material balance
FY2021
FY2022
FY2023
Inputs
Electricity (thousand kWh)
344,793
336,325
335,171
Steam (Gj)
11,875
17,197
16,228
Fuels (GJ)
LPG
153,305
140,036
129,118
City gas/LNG
54,235
58,809
53,229
Diesel
175,902
174,239
179,969
Gasoline
147,307
143,405
137,142
Kerosene
13,797
13,359
8,245
Bunker A
8,868
8,009
5,682
Total water intake (thousand cu. m)*2
-
-
7,467
Breakdown 
of water 
intake
Service water (thousand cu. m)
-
-
195
Groundwater (thousand cu. m)
-
-
651
Industrial water (thousand cu. m)
-
-
425
River water (thousand cu. m)
-
-
58
Sea water (thousand cu. m)
-
-
6,136
Other (thousand cu. m)
-
-
0
Outputs
GHG 
emissions (t)
Domestic Scope 1 and 2*1 
236
227
228
Overseas Scope 1 and 2*3
-
159
199
Total wastewater (thousand cu. m)*2
-
-
6,927
Breakdown 
of 
wastewater
River (thousand cu. m)
-
-
252
Sea (thousand cu. m)
-
-
6,305
Sewer (thousand cu. m)
-
-
195
Other (thousand cu. m)
-
-
173
Recycled water resources (thousand cu. m)
-
-
274
Total industrial waste discharge (t)
-
-
26,500
Industrial waste discharge (t)
5,722
11,024
14,885
Sold (t)
-
-
9,264
Specially managed industrial waste discharge (t)
-
-
2,351
Recycled waste (t)
-
-
1,187
Hazardous waste emissions (t)
-
-
3
Sulfur oxide (SOx) emissions (t)
-
-
1
Nitrogen oxide (NOx) emissions (t)
-
-
7
Soot emissions (t)
-
-
82
Volatile organic compound (VOC) emissions (t)
-
-
19
Chemical oxygen demand (COD) emissions (t)
-
-
0
Substances subject to 
PRTR reporting (t)
Emissions
-
-
12
Transported
-
-
18
GHG emissions (Kt-CO2e)
FY2021
FY2022
FY2023
Scope 1 
(direct 
emissions)
Japan*1
85
86
83
Overseas*3
-
38
33
Total*4
- 
124
116
Scope 2 
(indirect 
emissions)
Japan*1
151
142
145
Overseas*3
-
121
165
Total*4
- 
263
310
Scope 1 and 2
Total of Japan and overseas*4
- 
387
427
Scope 3*5
Total of all categories
8,846
10,764
11,691
1
Purchased goods and services
3,181
4,233
4,209
2
Capital goods
25
71
64
3
Fuel- and energy-related 
activities not included in Scope 
1 or Scope 2
-
44
50
4
Upstream transportation and 
distribution
-
57
56
5
Waste generated in operations
15
30
40
6
Business travel
1
1
1
7
Employee commuting
4
5
5
8
Upstream leased assets
-
-
-
9
Downstream transportation 
and distribution
-
-
-
10
Processing of sold products
-
-
-
11
Use of sold products
5,492
6,197
5,731
12
End-of-life treatment of sold 
products
-
-
-
13
Downstream leased assets
0.4
0.3
0.3
14
Franchises
-
-
-
15
Investments
125
124
1,531
Solar power consumed in-house (MWh)*6
-
-
5,001
Green power purchased (MWh)
-
-
12,418
■ Material balance*1
■ GHG emissions 
■ FY2023 GHG emissions (Scopes 1-3)*7
ESG Data
Environment
Total GHG emissions
(Scopes 1-3)
12,118
(Kt-CO2e)
Categories other than 
1 and 11
1,751 Kt
Scope 1 and 2 [Japan] 228 Kt
Scope 1 and 2 [Overseas] 198 Kt
Scope 3
11,691 Kt
Category 11
[Use of sold products]
5,731 Kt
Category 1
[Purchased goods 
and services]
4,209 Kt
FY2023 independent assurance report
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ESG Data
Society
Governance
Iwatani Corporation (nonconsolidated) 
FY2021
FY2022
FY2023
Employees
Male
953
960
921
Female
366
391
400
Percentage of female employees (%)
27.7
28.9
30.3
Managers
Male
575
639
488
Female
40
41
36
Percentage of female employees (%)
6.5
6.0
6.9
Average age (years)
39.6
39.7
39.6
Average
annual salary
(¥ thousand)
Male
10,329
10,952
11,320
Female
5,542
5,466
5,735
Total
9,001
9,413
9,702
New-graduate
hires
Male
35
37
37
Female
28
33
44
Percentage of female employees
44.4
47.1
54.3
Midcareer hires
Male
3
8
12
Female
0
3
3
Percentage of female employees
0.0
27.3
20.0
Average years of 
continual service
Male
17.2
17.0
17.1
Female
11.8
11.7
11.2
Total
15.7
15.5
15.3
Percentage resigning 
for personal reasons*1
(%)
Male
2.3
3.2
3.9
Female
4.4
6.4
4.8
Total
2.9
4.1
4.2
Average overtime hours per month
12.7
13.7
14.1
Rate of taking 
childcare leave*2
Male
13.0
30.6
55.9
Female
100.0
83.3
120.0
Rate of taking annual paid leave*3
52.1
48.8
51.2
Percentage of employees with disabilities
2.26
2.78
2.62
Number of occupational injuries (fatalities)
0
0
0
Number of occupational fatalities
0
0
0
Number of participants in training programs (cumulative number)
388
456
2,256
Hours of training per person
12
13
23
Training costs (¥ thousand)
117,013
116,227
156,589
Iwatani Corporation (nonconsolidated)
FY2021
FY2022
FY2023
Members of the Board
12
12
13
Outside Members of the Board
3
4
5
Independent Members of the Board (included in above)
3
4
5
Outside Members of the Board (%)
25.0
33.3
38.5
Board of Directors meetings
16
15
17
Member of the Board attendance rate (%)
99.0
99.4
99.5
Audit and Supervisory Board members
4
4
4
Outside Audit and Supervisory Board members
2
2
2
Independent Audit and Supervisory Board members 
(included in above)
2
2
2
Audit and Supervisory Board meetings
13
13
14
Average attendance rate in Audit and Supervisory 
Board meetings (%)
78.8
100.0
100.0
Members of Nomination and Compensation Committee
5
6
7
Members of Nomination and Compensation Committee 
who are Outside Members of the Board
3
4
5
Nomination and Compensation Committee meetings
3
1
2
Average attendance rate in Nomination and Compensation 
Committee meetings (%)
100.0
100.0
100.0
*1: Includes only employees who resigned for personal reasons.
*2: Calculated using the following formula pursuant to the Act on the Promotion of Women’s Active Engagement in Professional Life:
*3: Figures through FY2021 include five days of summer vacation; those for FY2022 and later exclude summer vacation.
Percentage taking childcare leave (%) =
×100
 Number of employees beginning childcare leave during the fiscal year
Number of employees giving birth during the fiscal year 
(for men, the number of employees whose spouses gave birth during the fiscal year)
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Data

Financial Highlights
FY2019
FY2020
FY2021
FY2022
FY2023
Business year (¥million)
Net sales
686,771
635,590
690,392
906,261
847,888
Gross profit
176,259
176,878
191,762
212,925
229,475
Operating profit
28,728
29,986
40,076
40,035
50,635
Ordinary profit
32,270
34,406
46,413
47,011
66,202
Profit before income taxes
32,197
35,009
45,943
47,322
67,210
Profit attributable to owners of parent
20,994
23,207
29,964
32,022
47,363
Investments*1
34,639
33,777
40,030
70,008
172,876
Depreciation*2
18,394
19,278
22,986
26,492
28,105
R&D expenses
2,494
2,261
1,917
2,056
2,248
Cash flow from operating activities
40,264
48,779
13,075
51,471
54,854
Cash flow from investing activities
(30,885)
(28,831)
(31,939)
(60,286)
(161,266)
Cash flow from financing activities
(3,587)
(7,052)
8,038
11,032
105,433
End of business year (¥million)
Total assets
469,715
509,518
558,479
656,003
834,391
Fixed assets
265,942
289,905
299,008
352,814
524,817
Interest-bearing debt
126,577
96,161
111,160
139,454
254,521
Net assets
191,152
251,851
280,307
312,230
372,930
Per-share information (¥) *3
Profit attributable to owners of parent
426
428
520
556
823
Shareholders’ equity
3,703
4,245
4,696
5,249
6,298
Cash dividend applicable to the period
95*4
75
85
95
130
Financial targets (%)
ROE
12.1
10.9
11.7
11.2
14.3
ROIC
6.6
6.3
7.7
6.8
6.7
Equity ratio
38.8
47.6
48.4
46.0
43.4
*1: Figures through FY2020 include property, plant and equipment, intangible assets (excluding goodwill), and investment securities. Figures since FY2021 include 
property, plant and equipment, intangible assets (including goodwill), and investment securities. 
*2: Figures since FY2021 include amortization of goodwill.
*3: We plan to implement a four-for-one stock split on common stock with a basis date of September 30, 2024, and an effective date of October 1, 2024. Amounts 
shown predate this stock split. 
*4: Includes commemorative dividend of ¥20.
■ Total assets (¥ million)
’19
’20
’21
’22
’23
900,000
600,000
300,000
0
(FY end)
■ Net sales (¥ million)
■ Operating proﬁt (¥ million)
■ Trends in ROE and ROIC (%)
’19
’20
’21
’22
’23
900,000
600,000
300,000
0
(FY)
’19
’20
’21
’22
’23
60,000
40,000
20,000
0
(FY)
■ Shareholders’ equity (¥ million)
’19
’20
’21
’22
’23
400,000
300,000
200,000
100,000
0
(FY end)
■ Proﬁt attributable to owners of parent (¥ million)
’19
’20
’21
’22
’23
60,000
40,000
20,000
0
(FY)
’19
’20
’21
’22
’23
15.0
12.0
9.0
6.0
3.0
0
(FY)
ROE
ROIC
71
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data

Company Data
(As of March 31, 2024)
Name
Established
February 2, 1945
Head offices
Osaka Head Office 6-4, Hommachi 3-chome, Chuo-ku, Osaka 541-0053, 
Japan Tel: 81-6-7637-3131
Tokyo Head Office 21-8, Nishi-Shimbashi 3-chome, Minato-ku, Tokyo 105-
8458, Japan Tel: 81-3-5405-5711
Paid-in capital 
35,096 million yen
Business sites
48 (44 in Japan, four overseas)
Employees
1,321
Consolidated
11,332
Fiscal year ends
March 31
Domestic network
Head offices: two; block branches, branches: 42
Research and other facilities: Iwatani R&D Center, Iwatani Advanced 
Hydrogen Technology Center, Biwako Conference Center
Overseas network
Four representative offices, three holding companies, 26 trading-company 
subsidiaries, 40 operating companies
Consolidated 
subsidiaries
105 companies
Website
https://www.iwatani.co.jp/eng/
Listed exchange
Prime Market, Tokyo Stock Exchange
Total shares issued
and outstanding*2
57,584,211 shares
(excluding 977,438 shares of treasury stock)
Shareholders’ 
registry
management agent
Mitsubishi UFJ Trust and Banking Corporation
Distribution of
shares by
shareholder type
Major
shareholders
Company Overview
Share trends*1 (January 2019–July 2024)
Share information
Shareholder
Shares held
(thousand)
Percentage of
shares held*2
The Master Trust Bank of Japan, Ltd. (Trust Account)
6,633
11.52
The Iwatani Naoji Foundation
4,132
7.18
Custody Bank of Japan, Ltd. (Trust Account)
2,216
3.85
Government of Norway
2,211
3.84
MUFG Bank, Ltd.
1,336
2.32
Resona Bank, Ltd.
1,177
2.05
Tetsu Iwatani Co., Ltd.
1,000
1.74
Nippon Life Insurance Company
898
1.56
Iwatanisangyou Senyukai*3
883
1.53
Iwatani Enyukai*4
771
1.34
Financial
institutions
29.0%
Individuals and
others
23.5%
Foreign corporations
and others
26.3%
Other
corporations
19.8%
Securities
ﬁrms
1.4%
Total shares issued and outstanding (excluding treasury stock) 57,584,211 shares
12,000
10,000
8,000
6,000
4,000
2,000
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.
Jan. Feb.
Jul.
Jun.
May
Apr.
Mar.
Share price (¥)
*1: We plan to implement a four-for-one stock split on common stock with an effective date of October 1, 2024. Amounts shown predate this stock split. *2: Shareholding ratios are calculated excluding treasury stock (977,438 shares).
*3: Iwatanisangyou Senyukai is Iwatani’s employee stock ownership program. *4: Iwatani Enyukai is a stock ownership program for companies engaged in long-term transaction relationships with Iwatani.
72
Introduction
Value Creation Process
Medium-Term Management Plan
ESG
Business Segment Strategies 
Data