FY2024 First Quarter
Consolidated Financial Results(Note) The company’s fiscal year (FY) is from April 1 to March 31 of the following year in this material.
“1Q” refers to the period from April 1 to June 30.

JERA Co., Inc.
July 31, 2024
© 2024 JERA Co., Inc. All Rights Reserved.

1

Outline of Financial Results
Consolidated Statement of Profit or Loss
2024/1Q(A)2023/1Q(B)(Unit: Billion Yen)

Change(A-B) Rate of Change(%)

Revenue (Net sales)

765.9

935.9

-169.9-18.2

Operating profit

134.4

255.2

-120.7-47.3

Quarterly profit93.4

178.4

-85.0

-47.7

<Reference>
Quarterly profit excluding time

73.0

23.1

49.9

215.6

lag

Consolidated Statement of Financial Position
As ofJun 30,2024 (A)(Unit: Billion Yen)

As of Mar
31,2024(B)

Change(A-B) Rate of Change(%)

Assets8,708.6

8,508.1

200.5

2.4

Liabilities

5,671.6

5,849.5-177.8-3.0

Equity3,037.0

2,658.6

378.3

14.2

© 2024 JERA Co., Inc. All Rights Reserved.

2Key Points of Financial Results【Revenue】➢ Revenue decreased by 169.9 billion yen (down 18.2%) from the same period
last year to 765.9 billion yen mainly due to a decrease of income unit price inelectrical energy sales.

【Quarterly profit】➢ Quarterly profit decreased by 85.0 billion yen from the same period last year 178.4
billion yen to 93.4 billion yen.

・The effect of time lag decreased.
(-134.9 billion yen [155.3 billion yen to 20.3 billion yen])・Quarterly profit excluding time lag increased.
(+49.9 billion yen [23.1 billion yen to 73.0 billion yen])➢ Quarterly profit excluding the time lag increased mainly due to the improvement ofimpact on fuel procurement price and the impact of fuel inventory unit prices although
the profit from overseas power generation and renewable energy business and fuelbusiness decreased.

© 2024 JERA Co., Inc. All Rights Reserved.

3

Change Factors of Quarterly Consolidated Profit➢

Quarterly profit excluding the time lag increased mainly due to the improvement of impact on fuel procurement
price and the impact of fuel inventory unit prices although the profit from overseas power generation andrenewable energy business and fuel business decreased.
Quarterly profit excluding time lag ＋49.9
Time lag effect -134.9

2023/1Q

・Improvement of LNG competitiveness +17.7
・Gain/loss on sale of LNG +4.2
・Improvement of coal competitiveness +30.4
・Profit/loss on valuation of contracts for coals, etc. +12.8(Unit : Billion Yen)

200

150

100

178.4

2024/1Q

Overseas power
generation andrenewable
Impact ofenergy
Impact on
fuel
businessfuelinventory
profitFuelprocurement unit prices
decreasebusiness
Time lagpriceprofit12.4
effect-25.8
decrease+155.365.1

50-7.0Time lageffectOthers

+20.3

5.273.0

93.4

23.1

0
Quarterly
profitQuarterly
profit excl.
time lag

Quarterly
profit excl.
time lag

Quarterly
profit*Figures are after-tax.

© 2024 JERA Co., Inc. All Rights Reserved.

4Consolidated Statement of Profit or Loss
2024/1Q(A) 2023/1Q(B) Change(A-B)(Unit: Billion Yen)
Main Factors of Changes

Revenue(Net sales)

765.9

935.9

Operating expenses

643.1

705.7

-62.6 • Decrease of fuel costs

11.5

25.0

-13.5 • Equity method profit / loss -16.5

Operating profit

134.4

255.2

-120.7

Financial income20.616.1

4.5 • Increase of interest received +5.6

Financial costs

18.7

20.7

income and loss -3.8
-1.9 •• Exchange
Increase of interest paid +1.1

Profit before tax

136.2

250.5

Income tax expense

22.2

47.4

-25.2

Quarterly profit attributable
to non-controlling Interests

20.6

24.6

-3.9

Quarterly profit

93.4

178.4

-85.0

Other operating income/ lossof income unit price in-169.9 • Decreaseelectrical energy salesof time lag effect-114.2 • Decrease-134.9 (155.3 → 20.3)© 2024 JERA Co., Inc. All Rights Reserved.

Consolidated Statement of Financial Position

5(Unit: Billion Yen)
Change(A-B)

As of Jun
30,2024 (A)As of Mar
31,2024(B)Cash and cash equivalents

1,502.3

1,405.3

96.9 • Increase in JERA, etc.

Property, plant and equipment

2,808.6

2,805.4

3.1

Investments accounted forusing equity method

1,318.6

1,235.2

83.3

Others3,079.0

3,062.0

16.9

AssetsInterest-bearing
liabilities

8,708.6

8,508.1

200.5

3,174.0

3,103.6

70.3 • Corporate Bonds +68.7

Others2,497.6

2,745.8-248.2 liabilities (JERAGM, etc.) -141.7

Liabilities

5,671.6

5,849.5-177.8• Foreign currency translation
316.6 adjustments +131.1• Quarterly profit +93.4

Main Factors of Changes• Decrease of derivative

Equity attributable toowners of parent

2,949.3

2,632.6

Non-controlling interests

87.7

25.9

61.7

3,037.0

2,658.6

378.3

Equity© 2024 JERA Co., Inc. All Rights Reserved.

Consolidated Statement of Cash Flows6(Unit: Billion Yen)

2024/1Q(A)2023/1Q(B)

Change(A-B)

6.9

488.2

-481.2

Purchase of property,
plant, and equipment-37.0-45.58.4

Purchase of investment
securities

-4.7

-0

-4.7

Others

-4.2

17.0

-21.3

-46.0

-28.4

-17.5

-39.1

459.7

-498.832.0-144.7

176.8

---

35.3

-79.2

114.6

67.4

-224.0

291.4

96.9

299.3

-202.3Operating cash flow

Investment cashflow

Free cash flows
Increase (decrease) ininterest-bearing debt

Financial cash flow

Dividends paid *Others

Increase (decrease )in cash and cash equivalents(minus indicates decrease)* Excluding Dividends paid to non-controlling interests© 2024 JERA Co., Inc. All Rights Reserved.

7

Segment Information(Unit: Billion Yen)
2024/1Q(A)FuelOverseas power
generation andrenewable energy

2023/1Q(B)Revenue

Quarterly
profit /
Loss

108.7

29.5

16.2

5.4

Change(A-B)

Revenue

Quarterly
profit /Loss

Revenue

Quarterly
profit /
Loss

128.7

36.6

-19.9

-7.0

5.6

31.3

10.5

-25.8

Domestic thermal
power generationand gas

875.5

50.5
30.2※2

1,070.7

109.0-46.2※2-195.2-58.4
76.5※2Adjustments※1-234.67.8-269.2

1.4

34.6

6.3

Consolidated

765.9

93.4
73.0※2

935.9

178.4
23.1※2-169.9-85.0
49.9※2Main Factors of Changes
in Quarterly profit / Loss(excl. time lag)•Profit decrease in JERAGM, etc.

•Gain on reversal of impairment
loss in Formosa 2 in FY23 -19.6•Profit decrease in overseas
IPPs, etc -6.2
•Improvement of LNG
competitiveness +17.7•Gain/loss on sale of LNG +4.2
•Improvement of coalcompetitiveness +30.4•Profit/loss on valuation ofcontracts for coals, etc. +12.8•Impact of fuel inventory unit
prices +12.4•Elimination of unfulfilled fuelcontracts +3.3

※1 : “Adjustments” includes headquarter expenses and consolidation adjustments such as intersegment eliminations※2 : Excluding the effect of time lag© 2024 JERA Co., Inc. All Rights Reserved.

8(Reference) : JERA’s Value Chain and Segment➢ JERA owns the entire supply chains for fuel and thermal power generation, from fuel upstream business(development of gas fields) to transportation and storage (fuel terminal operation) to power generation
and wholesaling.
➢ We have three business segments; "Fuel business" for investment in fuel upstream, transportation andtrading business, "Overseas power generation and renewable energy business" for investment inoverseas power generation and domestic and overseas renewable energy business, and "Domestic
thermal power generation and gas business" for sales of electricity and gas in Japan.
Overseas power
generation andrenewable energy
business

Fuel business

Overseas Power
Generation

RenewableenergyOptimization andTrading
Fuel Upstream
Development

FuelTransportation
Receiving andStorage

Domestic Power
Generation

Electricity and
Gas Sales

FuelProcurement

Domestic thermal
power generation andgas business© 2024 JERA Co., Inc. All Rights Reserved.

9FY2024 Forecast➢

Profit excluding the time lag is expected to be around 150 billion yen, while time lag profit is projected tobe 50 billion yen, with a total profit of around 200 billion yen. (No change from the previous forecast)➢

Results may fluctuate due to changing trends in fuel markets and other factors.
CurrentForecast(A)ProfitTime lag effectProfit excl. time lag

PreviousForecast(B)(Unit: Billion Yen)
【Reference】
FY2023 Result

Change (A-B)

200.0

200.0-

399.6

50.0
150.0

50.0
150.0-

250.9
148.7-[ Breakdown for each segment ]Current
Forecast(A)PreviousForecast(B)(Unit: Billion Yen)
【Reference】
FY2023 Result

Change (A-B)

150.0

150.0-148.7

Fuel100.0

100.0-

132.6

Overseas power generation
and renewable energy

20.0

20.0-

33.7

Domestic thermal power
generation and gas

60.0

60.0

-

4.4

Adjustments-30.0-30.0--22.1

Profit excl. time lag*Breakdown is based on rough estimates at the disclosure date.
© 2024 JERA Co., Inc. All Rights Reserved.

Appendix© 2024 JERA Co., Inc. All Rights Reserved.

10Key Elements[2024/1Q Results]
2024/1Q(A)Electrical Energy
Sold (TWh)Crude Oil Prices(JCC)(dollar/barrel)
Foreign Exchange Rate(yen/dollar)

2023/1Q(B)

Change(A-B)

45.9

48.1

-2.1

87.4

84.1

3.3

155.9

137.4

18.5

Note: Crude Oil Prices(JCC) for 2024/1Q is tentative.

[FY2024 Forecast](Of these, from
June onwards)

Previous Forecast【Reference】
FY2023 Result

Approx.86

Approx.85

Approx.80

86.0

Approx.155

Approx.155

Approx.141

144.6

Current
Forecast
Crude oil prices(JCC)(dollar/barrel)
Foreign exchange rate(yen/dollar)© 2024 JERA Co., Inc. All Rights Reserved.

Trends in Crude Oil Price and Exchange Rates

11

Crude oil prices（JCC）

$/b
100.0
90.0
80.0
70.0

FY202360.0

FY202450.0
40.0

Apr May Jun

Jul

Aug Sep Oct Nov Dec Jan Feb Mar

Exchange rates

Yen/＄
160.0
150.0
140.0

FY2023130.0

FY2024

120.0
110.0
100.0

Apr May Jun

Jul

Aug Sep Oct Nov Dec Jan Feb Mar© 2024 JERA Co., Inc. All Rights Reserved.

Image of Time Lag （2023/1Q－2024/1Q）

12➢ Time lag is profits and losses due to the time difference between changes in fuel prices and their reflection
in sales prices.
➢ The impact on profits and losses will be neutral in the medium to long term.

2023/1Q

2024/1Q

Elements of Income

Elements of Cost
Income155.3
billion yen*2023/4

Income20.3
billion yen*2023/102024/4* Figures are after-tax amounts.
© 2024 JERA Co., Inc. All Rights Reserved.

13

Image of Time Lag （FY2023－FY2024）

Elements ofIncome

FY2023

FY2024

Income250.9
billion yen*

Income50.0billion yen*

Elements ofCost

2023/42023/102024/42024/102025/3* Figures are after-tax amounts.
© 2024 JERA Co., Inc. All Rights Reserved.

14Electrical Energy Sold and Electrical Power Generated[ Electrical Energy Sold(TWh) ]Apr to Jun

FY202445.9

FY202348.1

Jul to Sep

Oct to Dec

Jan to Mar

Total

45.9
67.3

58.2

62.6

236.2

[ Electrical Power Generated(TWh) ]Apr to Jun

FY2024

Jul to Sep

Oct to Dec

Jan to Mar

Total

45.1

45.1

LNG

33.0（73％）33.0（73％）Coal

12.1（27％）12.1（27％）

Others0.1（0％）

0.1（0％）FY2023

47.5

66.2

55.0

62.2

230.9

LNG

36.2（76％）48.8（74％）41.7（76％）47.5 (76%)

174.2 (75％)

Coal

11.2（24％）

17.2（26％）

13.3（24％）

14.3 (23%)

56.1 (25％)0（0％）

0.1（0％）0（0％）

0.4 (1%)0.6 (0％)

Others*The total may not match due to rounding.

Note: Electrical Power Generated for Apr to Jun of FY2024 is tentative.
© 2024 JERA Co., Inc. All Rights Reserved.

15

Credit Ratings[ Issuer Credit ratings history ]
S&P

R&I

JCR

AAA
AA+
AA
AA-

JCR AA-(Upgrade in Oct. 2019)

R&I A+A+A

S&P A-ABBB+BBBBBBMar2018

Sep
2018

Mar2019

Sep2019

Mar
2020

Sep
2020

Mar
2021

Sep
2021

Mar
2022

Sep
2022

Dec
2022

Mar
2023

Jun
2023

Sep
2023

Dec
2023

Mar
2024

Jun
2024

© 2024 JERA Co., Inc. All Rights Reserved.