Japan's Eneos ups FY26 net profit forecast 48% on stronger oil prices

Japan's Eneos Holdings, the nation's leading oil refiner, has raised its fiscal 2026 net profit forecast by 48% to 615 billion yen ($3.87 billion) on Wednesday. This upward revision comes despite a significant impairment loss of 111.8 billion yen on its renewable energy assets, primarily due to goodwill from its 2022 acquisition of Japan Renewable Energy.

The company now anticipates a net profit of 415 billion yen for the year ending March 2027, a substantial increase from its May prediction of 415 billion yen. The boost in its profit forecast is attributed to higher crude oil prices and stronger overseas petroleum product prices. For the first half of fiscal 2026 (April-September), Eneos' net profit surged nearly eightfold compared to the previous year, reaching 511.9 billion yen.