TSE:9531

FY2024 1Q Financial Results
ended June, 2024
July 31, 2024

2

Today’s Key Messages(unit : 100 million yen) Consolidated FY2024 1Q saw a YoY decline in both sales and profits,
driven by a decrease in city gas unit price due to resource costs
adjustment, etc.
FY2024 1Q
Net sales：5,869(vs FY2023 1Q Results -627)
Profit attributable to owners of parent：199(vs FY2023 1Q Results -577)
 Our consolidated forecast for FY2024 operating profit remains unchanged
from the previous announcement (April 2024). We anticipate thatongoing company-wide cost reduction measures and other actions will
enable us to close FY2024 with profits around the level originally planned,even when factoring in the impact of the gas selling price remained at low
level that emerged in our North American shale gas business in 1Q.
FY2024 Forecast
Profit attributable to owners of parent ：810
(vs Previous Forecast +10,vs FY2023 Results -889)

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

01
FY2024
Consolidated Financial Results
ended June, 2024
Note:The segment information disclosed for FY2024 andFY2023(excluding segment assets and ROA of FY2023)reflects
new segment classifications that went into effect from FY2024 as aresult of a restructuring of our subsidiary TOKYO GAS UNITED
KINGDOM LTD. from the Energy solution segment to the Overseas
business segment.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

4

vs. FY2023 1Q

FY2024 1Q Consolidated Results Sales, Interest, etc. (Apr. 1, 2024 –June 30, 2024)

Highlights: Sales Down, Profit Down(+/- indicate impact on profit, 100 million yen)vs.
FY2023 1Q
Net sales-627 Drop in Energy Solution sales by a decrease in unit price due to resource costs adjustment, etc.

Operating-680 Decrease in Energy Solution profits by the change in city gas unit prices due to the impact from economic framework, etc.

profitExtraordinary-4

profit/loss

FY2024 20:(Extraordinary gain)Compensation for damages received
FY2023 24:(Extraordinary gain)Gain on sales of investment securities(Unit: 100 million yen)

FY2024 1Q

FY2023 1Q

Change%Economic framework

City gas sales volume (million m3, 45MJ)

2,428

2,466

-38

-1.5

Electricity sales volume (million kWh)

5,002

5,262

-260

-5.0

Net sales

5,869

6,496

-627

-9.7

249

929

-680

-73.2

Operating profit
Segment profit (operating profit + equity

270

946

-676

-71.4

270

1,072

-802

-74.8

20

24

-4

-20.0

Profit attributable to owners of parent

199

776

-577

-74.4

Temperature effect (2)

-40

-44

4

―

104

497

-393

（95＋9)(433＋64)（-338+-55)

income of subsidiaries)
Ordinary profit (1)Extraordinary profit/loss(Adjustment
items)

Sliding effect(3)(city gas + LNG sales)
Amortization of actuarial
differences(4)

Adjusted ordinary profit (1)-((2)+(3)+(4))

Exchange rate(¥/$)

FY2024 1Q
155.86(+18.37)

Crude oil price($/bbl)

25

5

20

―

181

614

-433

-70.5

137.49

87.43

84.12

(+3.31)

Avg. air temperature
(℃)

20.0

19.5

(+0.5)

Avg. air temperature

17.8(metering based) (℃)(+0.1)

Pension assets

17.7

FY2024 1Q(as of June 30, 2024 ）Investment yield(costs deducted)―

FY2023 1Q

Year-end assets(100 million yen)

0.30%

2,400

＜Expected annual rate of return: 2%＞
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

5

vs. FY2023 1Q

FY2024 1Q Results: Sales and Operating Profit/Loss by Business Segments(unit : 100 million yen)Segment Profit(Operating profit

Net sales*3

Energy solution*1

FY2024 1Q

FY2023 1Q

Results

Results+ Equity income/loss of subsidiaries)

Change％FY2024 1Q

FY2023 1Q

Results

Results

Change

％

5,203

5,919

-716

-12.1

253

820

-567

-69.1

City gas*2

3,841

4,310

-469

-10.9

182

666

-484

-72.6

Electric Power

1,235

1,428

-193

-13.5

23

112

-89

-79.2

Network

791

762

29

3.8

11

-8

19

―

Overseas business

417

315

102

32.4

31

122

-91

-74.6

―

―

―

―

15

7

8

108.6

153

188

-35

-18.3

38

69

-31

-44.1

Adjustment*4

-696

-689

-7

―

-64

-58

-6

―

Consolidated

5,869

6,496

-627

-9.7

270

946

-676

-71.4

―

―

―

―

21

16

5

30.3

（including equity income of subsidiaries）（equity income of subsidiaries）

Urban Development（including equity income of subsidiaries）（equity income of subsidiaries）

*1
*2
*3
*4

Includes city gas, LNG sales, trading, electric power, engineering solutions, among others.
Includes city gas, LNG sales, and trading.
Segment sales include internal transactions made between business units.
Adjustments in segment profits include mainly corporate expenses not allocated to the segments.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

vs. FY2023 1Q

FY2024 1Q Results : Ordinary Profit Analysis(unit : 100 million yen)

Energysolution

FY2024 1Q-567(results)(-69.1%)
253←820

270

Segment
profit-676(-71.4%)270←946

Network+19(ー)11← -8ChangeOverseas

-802

-91

(-74.8%)FY2023 1Q(results)

1,072(-74.6%)31←122

Nonoperating
profit-126*excluding
equity incomeof subsidiaries

Urban
Development-31(-44.1%)
38←69

Consolidated
adjustment,
etc.

-6

6

 City gas -484
Decrease in city gas gross margin -407
Change in volume, etc.-69 (incl. change due to temp effect +4),
sliding time lag effect -338
(Net sales) -341:Change in volume, etc.-52, sliding time lag effect -289
(Resource costs, etc.)-66:Change in volume, etc. -17, sliding time lag effect-49(incl. exchange rate -137, crude oil price +56)

Increase in fixed costs, etc.: Increase in wheeling costs, Increasein general expenses ,Decrease in salaries and benefits (retirement
benefits [actuarial differences, etc.]), etc.
Decrease in LNG sales profit, etc.
 Electricity -89
Decrease in electricity gross margin -28
Change in volume ＋41(Decrease in procurement costs etc.), Change in unit
price -69(time lag effect of fuel cost adjustment system -106 etc.),(Net sales) -238:Change in volume -73, Change in unit price -165
(Procurement costs)＋211:Change in volume +115, Change in unit price +96

Increase in fixed costs, etc.
 Increase in profit due to increase in third-party access revenue, etc.
 Decrease in profit from upstream projects in Australia
 Increase in profit from upstream projects in North America Equity method profit +8, etc.
 Decrease in profit from real estate sales, Decrease in profit from hotelbusiness,etc.
 Increase in loss on foreign exchange, Increase in interest expence,etc.

*+/- indicate contributions to profit.
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

FY2024 1Q Consolidated Gas Sales Volume/ Number of Customers

7

vs. FY2023 1Q

City Gas sales volume:-38mil.㎥ (-1.5%)◼Residential+1 mil.㎥

Number of days

+7 mil.㎥

Number ofcustomers+8 mil.㎥

Others-57 mil.㎥+8 mil.㎥

Number of days

+3 mil.㎥

Number ofcustomers+1 mil.㎥

Others-28 mil.㎥-14 mil.㎥(-1.4%)

Industrial-28 mil.㎥

Power generation+14 mil.㎥◼Wholesale+34 mil.㎥(+9.7%)

Temperature effectResidential Number of customers (meters)（10 thousands, meter）*

2,000

LNG sales volume（thousands t）

460

FY2023 1Q

Results

Results

1,247.0

1,235.0

520

631

Change12.0(+1.0%)-111(-17.5%)476
Commercial

1,500

Gas Sales Volume , Gas volume used in-house

1,017(Unit : million m3）

1,031
1,000

500

of which,
Industrial
696
Power
generation321of which,
Industrial
724
Power
generation
307

Industrial

City gas sales volume（financial accounting basis）
Gas volume used in-house under
tolling arrangement
LNG sales volume-2 mil.㎥*Others includes difference in the revenue
recognition method basis estimates.

FY2024 1Q*Number of meters installed for gas supply（m3 basis）+36 mil.㎥
Increase in wholesaledemand, etc.

Others612

571-16 mil.㎥(-3.4%)

Temperature effect◼Industrial

Number of customers(City Gas), LNG sales volume

2,466-41 mil.㎥(-6.7%)

Temperature effect◼Commercial（ Unit： mil. ㎥）
2,428
2,500

Wholesale

380

346

FY2024 1Q

FY2023 1Q

Total

FY2024 1Q

FY2023 1Q

Results

Results

2,428

2,466

514

478

650

788

3,593

3,732

Change-38(-1.5%)+36(+7.7%)-138(-17.5%)-139(-3.7%)

0

Number of customers for city gas retail sales (Tokyo gas consolidated, 10thousands)

Number(Change)2017.32018.32019.32020.32021.32022.32023.32024.32024.6

1,026.9(―)

1,020.9(-6.0)

982.1(-38.8)912.9(-69.2)886.3(-26.6)868.8(-17.5)870.1（+1.3)

878.9（+1.0)

884.3（＋5.4)

Full deregulation of the retail market (2017.04)*Each value is rounded.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

8

vs. FY2023 1Q

FY2024 1Q Consolidated Electricity Sales Volume/ Number of Customers
Electricity sales volume：

New electricity retail customers won by Tokyo Gas
Quarter (thousands)（ Unit：mil. kWh ）-260mil. kWh(-5.0%)

3,697
3,612
3,475

300

6,000

5,262
5,002
◼Retailing sales+138 mil. kWh(+5.6%)■Wholesale etc.

-398 mil. kWh(-14.2%)

Retail

5,000

Sales

Cumulative (thousands)

250

2,934
2,876

3,190
3,090
3,014

3766

3,871

3,314

2,462

4,000

3,500

3,000

2,788
2,717

200

4,000

3,975

2,500

2,000

150

2,600
1,500
100

3,000

1,000
Wholesale

50

500

etc.

2,000

0

0

2,800
1,000

2,402
Quarter(number of customers)

Cumulative(number of customers)

0
FY2024 1Q

FY2023 1Q*Each value is rounded.
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

02
FY2024 Full Year Forecast
Note:The segment information disclosed for FY2024 andFY2023(excluding segment assets and ROA of FY2023)reflects
new segment classifications that went into effect from FY2024 as aresult of a restructuring of our subsidiary TOKYO GAS UNITED
KINGDOM LTD. from the Energy solution segment to the Overseas
business segment.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

Medium-term Management Plan (Announced: February 22, 2023） Key figures
FY2025

FY2024FY2023

Forecast

Results

10

Reference

Segment profits(operating profit + equity income of

1,500

1,208

2,233

2.1%

4.5% as of the end of the previous period and end of

subsidiaries, 100 million yen)
Net profit / Total assets (average of the amounts

approx.
ROA
4%

the current period)
Net profit / Shareholders’ equity (average of theapprox.
ROE

8%

D/E ratio
Factoring in hybrid bonds/loans*

operating cash flow(100 million yen)

Consolidated adjustment
Total

10.4% amounts as of the end of the previous period andend of the current period)

approx.

0.82

0.85

0.9

0.78

0.81

3,370

3,822 （including depreciation of long-term prepaid

Net profit + Depreciation

11,000（FY23-FY25）

Investm Growth investments
ents(portion for decarbonization(100related investments)
millionyen)
Infrastructure investments

4.8%

expenses）

6,500

2,687

3,801

2,300

401

703

1,286

1,008

-69

-5

（FY23-FY25）
3,500（FY23-FY25）―
10,000（FY23-FY25）

3,905

4,804 before offset* Based on expected equity credit ratio of 50% for issued hybrid bonds and hybrid loans.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

11

FY2024 Plan (Consolidated) Segment ROA• As part of our actions for advancing business portfolio management, we have introduced a management approach based on
individual ROA targets set for each internal company and core business subsidiary.
• We disclose each segment’s ROA forecast of the fiscal year and the results at the end of the fiscal year, and present topics
pertaining to progress toward the targets.
• Segment ROA = segment profit (operating profit + equity income of subsidiaries) /segment assets (average of the amounts asof the end of the previous period and end of the current period）• Segment ROA (FY2023 results) does not reflect the change in segment classification of TOKYO GAS UNITED KINGDOM LTD.
(Unit: 100 million yen)Segment

Business areas in 23-25
Medium-term Management Plan

FY2024 Forecast
ROA

AssetsPrevious

FY2023

Forecast

Results

Energy（gas・electricity, etc.)
Energy solution

Solutions（environment, DX, etc.）

5.7%

17,940

5.6%

12.0%

0.2%

6,360

0.2%

-0.6%

2.9%

10,260

3.3%

3.6%

5.0%

3,280

5.0%

7.5%

GX (e-methane, hydrogen,etc.）(renewables)

Network

Overseas business

Urban Development

Energy（Network）

Overseas(shale + renewables, etc.)
Real Estate（ESG-oriented development, etc.）

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

12

vs. Previous Forecast

FY2024 Consolidated Forecast Sales, Interest, etc. (Apr. 1, 2023 – Mar. 31, 2024)

Highlights: Sales Down, Profit Up (vs. Previous Forecast)(+/- indicate impact on profit, 100 million yen)vs. Previous
Forecast
Net sales-40 Drop in Overseas business sales by a decrease in sales from upstream projects in North America

Operating±0 ー

profitExtraordinary+20

profit/loss

Forecast 20: (Extraordinary profit) Compensation for damages received
Previous Forecast 0(Unit: 100 million yen)
Forecast

Previous

ChangeForecast

FY2023%

ChangeResults

Economic framework%

Forecast

Exchange rate

145.00(±0.00)City gas sales volume (million m3, 45MJ)

11,422

11,4220―

11,303

119

1.1

(¥/$)

Electricity sales volume (million kWh)

24,06024,0600―25,479-1,419-5.6

Crude oil price

80.00($/bbl)(±0.00)Net sales
Operating profit
Segment profit (operating profit + equity
income of subsidiaries)
Ordinary profit(1)Extraordinary profit/loss
Profit attributable to owners of parent
Temperature effect(Adjustment
items)(2)

Sliding effect(3)(city gas + LNG sales)
Amortization of
actuarial differences (4)Adjusted ordinary profit (1)-((2)+(3)+(4))

26,38026,420-40-0.2

26,645

-265

-1.0

1,130

1,130

0

―

2,203

-1,073

-48.7

1,208

1,208

0

―

2,233

-1,025

-45.9

1,110

1,110

0

―

2,281

-1,171

-51.4

20

0

20

―

239

-219

-91.6

810

800

10

1.3

1,699

-889

-52.3

Investment yield

0

0

0

―

-141

141

―

(costs deducted)

94

94

0

―

755

-661

―

（67＋27)（67＋27)0― （615＋140)(-548＋-113)

―

103

103

0

―

23

80

―

913

913

0

―

1,644

-731

-44.5

Avg. air temperature(℃)

Previous

FY2023

Forecast

Results

16.4(±0.0)

Pension assets

Annuity
Discount
rate

portionLump-sum
portionYear-end assets(100 million yen)

145.00144.58

80.00

85.97

16.4

17.5

Previous

FY2023

Forecast

Results

2.21%-1.90%

0.37%

1.15%

0.81%

0.48%

0.63%

0.37%

0.19%

2,400

2,430

2,560

Forecast＜Expected annual rate of return: 2%＞
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

13

vs. Previous Forecast

FY2024 Full Year Forecast: Operating Profit/Loss by Business Segments(unit : 100 million yen)Segment Profit(Operating profit

Net sales*3

Forecast

Energy solution*1

Previous
Forecast

Equity income/loss of subsidiaries)

Change％Forecast

Previous
Forecast

Change％23,15923,159

0

ー

993

978

15

1.5

City gas*2

16,352

16,352

0

ー

675

675

0

ー

Electric Power

6,054

6,054

0

ー

135

135

0

ー

Network

3,368

3,368

0

ー

12

12

0

ー

Overseas business

1,827

1,867

-40

-2.1

309

349

-40

-11.5

ー

ー

ー

ー

61

61

0

ー

721

721

0

ー

159

159

0

ー

Adjustment*4-2,695-2,695

0

ー

-265

-290

25

ー

Consolidated

26,38026,420

-40

-0.2

1,208

1,208

0

ー

ー

ー

ー

ー

78

78

0

ー

（including equity income of subsidiaries）（equity income of subsidiaries）

Urban Development（including equity income of subsidiaries）（equity income of subsidiaries）

*1
*2
*3
*4

Includes city gas, LNG sales, trading, electric power, engineering solutions, among others.
Includes city gas, LNG sales, and trading.
Segment sales include internal transactions made between business units.
Adjustments in segment profits include mainly corporate expenses not allocated to the segments.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

14

Segment Information: Energy solution
Summary of Results(Unit: 100 million yen)

FY2024Previous

Forecast

Forecast

Net sales

ChangeFY2023%

ChangeResults%

23,15923,1590―24,228-1,069-4.4City gas

16,352

16,3520―

17,014-662-3.9

Electric Power

6,054

6,054

0

―

6,327

-273

-4.3

993

978

15

1.5

2,011

-1,018-50.6

City gas

675

675

0

―

1,472

-797

-54.1

Electric Power

135

135

0

―

355

-220

-62.1

Segment Profit(Operating profit + Equity income/loss of subsidiaries)

Segment Profit Analysis【vs. Previous Forecast】
 City gas gross margin ±0
 Electricity gross margin ±0 Decrease in fixed costs,etc.

Segment Profit Analysis【vs. FY2023 Results】
 City gas -797:
Decrease in city gas gross margin -454
Change in volume, etc. +94 (incl. change due to temp effect +141),

sliding time lag effect -548
(Net sales) -537: Change in volume, etc. +193, sliding time lag effect -730

(Unit: 100 million yen)

(Resource costs, etc.) +82: Change in volume, etc. -100, sliding time lag effectChange in segment profits+182 (incl. exchange rate -50, crude oil price +342)

3,000

Increase in fixed costs, etc.: Increase in wheeling costs, increase ingeneral expenses, decrease in salaries and benefits (retirement benefits[actuarial differences, etc.]), etc.
Decrease in LNG sales profit, etc.
 Electricity -220:
Increase in electricity gross margin +63

2,000
1,000
0
FYTD total

1Q

FY2024FYTD total：Forecast

1Q～4Q：Result

2Q

3Q

4Q

FY2023 Results

Change in volume +297 (decrease in procurement costs, etc.), Change in unit
price -234 (decrease in sales unit price, time lag effectof fuel cost adjustment system -156, etc.)(Net sales) -789: Change in volume -293, Change in unit price –496
(Procurement costs) +852: Change in volume +590, Change in unit price +263

Increase in fixed costs, etc.
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

15

Segment Information: Energy solution
Summary of Results

Segment Assets(Unit: 100 million yen)

FY2024Previous

Forecast

Forecast

FY2023%

ChangeResults%

17,94017,9400―17,083

857

5.0

5.7

5.6

0.1

―

12.0

-6.3

―

766*

766*

0*

―

699

67

9.5

1,113

1,113

0

―

688

425

61.7

portion for Growth investments

695

695

0

―

487

208

42.7

City gas

434

434

0

―

241

193

80.2

Electric Power

264

264

0

―

200

64

31.6

Total(Growth investments)

470

512

-42

-8.2

496

-26

-5.5

―

―

―

―

―

―

―

231

250

-19

-7.7

483

-252

-52.1

ROA (%)
Depreciation
Total
Capital Expenditure

ChangeInvestments and financing
City gas(before offset)

Electric Power*Depreciation includes amortization of long-term prepaid expenses.

FY2024 Focuses Expand the Solutions business’s sales by growing the IGNITURE brand Increase Trading business by implementing and refining AO＆T
 Improve customer experience by redesigning/standardizing processes throughdeployment of the new Kraken customer service system

Key Topics in FY2024 1Q (Excerpted from Press Releases) Conclusion of a capital/business alliance agreement with RENOVA andunderwriting of third-party allotment of new shares Launch of IGNITURE Storage Battery solution for controlling residential
storage battery charging and discharging
 Our full-scale entry into the grid storage battery business
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

16

vs. FY2023

FY2024 Full Year Forecast Consolidated Gas Sales Volume/ Number of Customers

City Gas sales volume:
15,000（ Unit： mil. ㎥）
Residential

Commercial

11,422

VS. Previous Forecast

Number of customers(City Gas), LNG sales volume

Number of customers (meters)（10 thousands, meter）*

11,303

LNG sales volume±0mil.㎥ (ー)Industrial

10,000

2,816

2,816

（thousands t）

FY2024Previous

Forecast

Forecast

FY2023

Change1,259.6

1,259.6

1,898

1,898

Results

0.0
(ー)
0
(ー)

1,245.1

Change14.5(+1.2%)-93

1,991(-4.7%)* Number of meters installed for gas supply

2,724
Wholesale

VS. FY2023 Results

2,275+119mil.㎥ (+1.1%)
including temperature effect+182mil.㎥, +1.6%

8,579

Gas Sales Volume , Gas volume used in-house(Unit : million m3)

4,741◼Residential+92mil.m3(+3.4%)◼Others+27mil.m3(+0.3%)

5,000

8,606

8,606

of which,
Industrial
2,921
Power
generation
1,820

City gas sales volume（financial accounting basis）
Gas volume used in-house
under tolling arrangement
LNG sales volume（m3 basis）
Total

FY2024Previous

Forecast

Forecast

11,422

11,422

2,952

2,952

2,372

2,372

16,747

16,747

FY2023

ChangeResults
0

(ー)
0
(ー)
0
(ー)
0
(ー)

1,563
0

*Each value is rounded.

FY2024Previous

FY2023

forecast

Forecast

results
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

11,303
2,468
2,488
16,259Change119(+1.1%)
484(+19.6%)-116(-4.7%)
488(+3.0%)

FY2024 Full Year Forecast Consolidated Electricity Sales Volume

vs. FY2023

17

Electricity sales volume：（ Unit：mil. kWh ）30,000VS. Previous Forecast±0mil.㎥ (ー)25,00024,06025,479Retail Sales

20,000VS. FY2023 Results-1,419mil. kWh(-5.6%)

13,43915,00024,06024,06010,000Wholesaleetc.

12,0405,000

0*Each value is rounded.

FY2024Previous

forecast

forecast

FY2023 results

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

18

Segment Information: Network
Summary of Results(Unit: 100 million yen)

FY2024Previous

Forecast

Forecast

Net sales

ChangeFY2023%

ChangeResults

%

3,368

3,368

0

―

3,264

104

3.2

12

12

0

―

-39

51

―

6,360

6,360

0

―

6,488

-128

-2.0

ROA（％）

0.2

0.2

0

―

-0.6

0.8

―

Depreciation

991*

991*

0*

―

993

-2

-0.2

Capital Expenditure(Infrastructure investments)

867

867

0

―

807

60

7.5

Segment Profit(Operating profit + Equity income/loss of subsidiaries)

Segment Assets*Depreciation includes amortization of long-term prepaid expenses.

Segment Profit Analysis【vs. Previous Forecast】
Remains unchanged from the previous forecast(Unit: 100 million yen)

Change in segment profits

Segment Profit Analysis【vs. FY2023 Results】
 Increase in profit due to increase in third-party access revenue,etc.

FY2024 Focuses Strengthen coordination between sales and safety to expand
the city gas customer base and establish city gas peripheralbusinesses
 Begin installing smart meters across the entire city gas service
area to further strengthen safety and resilience, and create newvalue and services

200
100
0
-100
-200
FYTD total

1Q

2Q

FY20243Q

4Q

FY2023 Results

FYTD total：Forecast
1Q～4Q：Result
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

19

Segment Information: Overseas business
Summary of Results(Unit: 100 million yen)

FY2024Previous

Forecast

Forecast

Net sales

ChangeFY2023%

ChangeResults

%

1,827

1,867

-40

-2.1

1,201

626

52.0

309

349

-40

-11.5

304

5

1.4

10,26010,2600―

11,041-781-7.1

ROA（％）

2.9

3.3

-0.4

―

3.6

-0.7

―

Depreciation

728*

728*

0*

―

289

439

151.7

Capital Expenditure(Growth investments)

1,023

1,023

0

―

403

620

153.8

88

80

8

11.7

2,218

-2,130-96.0

Segment Profit(Operating profit + Equity income/loss of subsidiaries)

Segment Assets

Investments and financing (before offset)(Growth investments)*Depreciation includes amortization of long-term prepaid expenses.

Segment Profit Analysis【vs. Previous Forecast】
 Decrease in profit from upstream projects in North America, etc.

(Unit: 100 million yen)

Change in segment profits

Segment Profit Analysis【vs. FY2023 Results】
 Decrease in profit from upstream projects in Australia
 Increase in profit from upstream projects in North America Equity method profit +51, etc.

FY2024 Focuses Increase revenue from shale gas business in the US Establish marketing and trading business through coordinationand optimized utilization of the US shale gas business,renewable energy business, and storage battery business

400
300
200
100
0
-100
FYTD total

1Q

2Q

FY20243Q

4Q

FY2023 Results

FYTD total：Forecast
1Q～4Q：Result
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

20

Segment Information: Urban Development
Summary of Results(Unit: 100 million yen)

FY2024Previous

Forecast

Forecast

Net sales

ChangeFY2023%

ChangeResults

%

721

721

0

―

911

-190

-20.9

159

159

0

―

229

-70

-30.7

3,280

3,280

0

―

3,036

244

8.0

ROA（％）

5.0

5.0

0

―

7.5

-2.5

―

Depreciation

129*

129*

0*

―

114

15

12.8

Capital Expenditure(Growth investments)

354

354

0

―

158

196

123.8

56

23

33

139.5

34

22

65.2

Segment Profit(Operating profit + Equity income/loss of subsidiaries)

Segment Assets

Investments and financing (before offset)(Growth investments)*Depreciation includes amortization of long-term prepaid expenses.
(Unit: 100 million yen)Segment Profit Analysis【vs. Previous Forecast】
Remains unchanged from the previous forecast

Segment Profit Analysis【vs. FY2023 Results】
 Decrease in profit from hotel business Decrease in profit from real estate business, etc.

FY2024 Focuses

Change in segment profits
300
200
100

 Improve asset efficiency by expanding private REIT
management and increase in revenue from the entire chain ofprocesses from purchase to sale
 Temporary close of hotel business for renovation
 Improve earnings of the long-term property development
business through more sophisticated management of finances

Key Topics in FY2024 1Q (Excerpted from Press Releases) Tokyo Gas Real Estate Investment in Subiaco Apartment Developmentin Western Australia

0
FYTD total

1Q

2Q

FY20243Q

4Q

FY2023 Results

FYTD total：Forecast
1Q～4Q：Result
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

vs. FY2023

FY2024 Consolidated Forecast (Apr. 1, 2024 – Mar. 31, 2025)

21

Factors for Changes from FY2023 Ordinary profit(100 million yen)

2,281

Increase in profit
from Network

51

Increase in profit
from Overseas
business

Increase in profit
from Consolidated
adjustment

5

7

1,110
-1,018Decrease in profit
from Energy
solution

FY2023Results-70
Decrease in profit
from Urban
Development
business-146
Decrease in Nonoperating profit

FY2024
Forecast
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

03
Reference Materials

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

23

Gas Gross Margin Sensitivity to Change in Crude Oil Price and Exchange Rate

Impact of rising JCC（Japan Crude Cocktail Prices) by $1/bbl(Unit: 100 million yen)

Impact on earnings

Period

2Q
3Q
4Q
Full year

2Q

3Q

4Q

Full year

-1

-9

+6

-4

―

-2

-9

-11

―

―

-2

-2

-1

-11

-5

-17

Impact of depreciation of the yen by ¥1/$
(Unit: 100 million yen)

Impact on earnings

Period

2Q
3Q
4Q
Full year

2Q

3Q

4Q

Full year

-5

+5

+3

+3

―

-7

+7

0

―

―

-10

-10

-5

-2

0

-7

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

Crude oil price・Exchange rate24

Crude oil price（Japan Crude Cocktail Prices）($/bbl) 120.00
110.00100.00

90.00
80.00
70.00
60.00
50.00
40.00
30.00
20.00

FY2024FY2023

FY2022

Exchange rate
(¥/$)

160.0
155.0
150.0
145.0
140.0
135.0
130.0
125.0
120.0

FY2024FY2023

FY2022
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

Realizing management mindful of capital costs and stock prices
Trends in key indicators

25

Achieve PBR of more than one earlyand move to a higher level

PBR

2.00

PER

30.00

1.80
25.00

1.60
1.40

20.00

1.20
1.00

15.00

0.80
10.00

0.60
0.40

5.00

0.20
0.00

0.00
FY2013

FY2014FY2015FY2016FY2017FY2018FY2019PBRFY2024
Forecast

FY2020PER

FY2021

FY2022

FY2023

FY2024*PBR and PER of FY2024 as of June 30, 2024

Previous
Forecast

ROA

2.1%

2.1%

ROE

4.8%

4.7%

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

Realizing management mindful of capital costs and stock prices

26(1) Advancing business portfolio management
 We introduced KPI tree-based business management this fiscal year to facilitate the achievement of our Group KGIs/KPIs. Eachinternal company, key business subsidiary, etc. defines and implements its own set of improvement drivers to attain its target ROA,
which is commensurate with its capital costs and expected role.
 The KGIs (ROA/ROE) for FY2025 in our Medium-term Management Plan are a must-do. To achieve them, we need to not only boost
our earning power, but also further improve our balance sheet efficiency. As our short-term response, we will put together a list of
proposed actions that can facilitate divestiture of inefficient assets (including accelerating the sale of cross-shareholdings*) andearlier cash recovery in light of capital costs, and discuss them at the senior management level.
* We sold 26 billion yen in holdings of 15 listed stocks over four years starting in FY2020. Going forward, we will accelerate the reductionof cross-shareholdings to further improve capital efficiency.

(2) Reduction of capital costs
 We are exploring options for realizing optimal capital allocation that is mindful of capital costs and uses cash sourced from ourAustralian divestments and asset streamlining actions. We will smartly control our equity capital as we pursue a course of financial
discipline aimed at achieving both financial soundness and capital efficiency under a target D/E ratio of 0.9.
 Shareholder returns: Progress of share buyback program (as of June 30, 2024)
Total number of shares acquired: 4,585,600 shares (cap: 17 million shares, 4.2% of total outstanding shares))Total acquisition amount: 15,992,598,800 yen (cap: 40 billion yen)
Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

27

Overseas Projects

9
1
2

4 5 7
3
6
8

Area

No

Country

Subject

Main Business

Eagle FordTG Natural Resources
TGES America
Birdsboro
AktinaLongbow
ARM Energy Holdings
Bajio
GAS MALASIA Bhd.
GAS MALASIA ENERGY ADVANCE Sdn.Bhd.
Bang bo
GWHAMT
One Bangkog
PVGD
PRA
Super Energy

Upstream
Upstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream
Downstream

Participation year

1

U.S.A

2

Mexico3

Malaysia

4

Thailand

5

Vietnam6

Indonesia

7

Philippines

FGEN LNG

Downstream

Oceania

8

Australia

DarwinUpstream

Shale gas
Shale gas
Energy Service
Natural gas power
Solar power
Battery Energy Storage System
Marketing and Trading
Natural gas power
Gas Supply
Energy Service
Natural gas power
Gas Supply
District Cooling Solutions and power distribution
Gas Supply
Gas Supply
Gas Supply
Construction, operation and maintenance of the LNG
terminal
Production, liquefaction and sales of LNG

Europe9Denmark

TOWII Renewables

Downstream

Onshore wind power

North America

Southeast Asia

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.

2016
2017
2015
2017
2020
2024
2024
2004
1992
2014
2016
2018
2020
2017
2017
2020

2022

2020
2003

< Cautionary Statement regarding Forward-looking Statements >Statements made in this presentation with respect to Tokyo Gas’s present plans, forecasts, strategies
and beliefs, and other statements herein that are not expressions of historical fact are forward-looking
statements about the future performance of the Company. As such, they are based on management‘s
assumptions and opinions stemming from currently available information and therefore involve risks
and uncertainties.
The Company’s actual performance may greatly differ from these projections, due to these risks anduncertainties which include without limitation general economic conditions in Japan, crude oil prices,
the weather, changes in the foreign exchange rate of the yen, rapid technological innovations and theCompany’s responses to the progress of deregulation.

Copyright© TOKYO GAS Co., Ltd. All Rights Reserved.