[Shareholder Benefit] INPEX (1605) QUO Card and Facility Tour (Lottery) - Receive up to 8,000 yen in QUO cards and high dividends by holding 400 (800) shares or more long-term. INPEX (formerly: INPEX CORPORATION)

[Shareholder Benefit] INPEX (1605): Long-term holding is attractive with up to 8,000 yen in QUO cards + facility tours (lottery)! A major energy company also known for high dividends.
Although susceptible to crude oil price fluctuations, INPEX (1605) is gaining popularity among investors due to the expansion of shareholder benefits and dividend increases. You can receive a QUO card by holding 400 shares or more for over a year, and up to 8,000 yen worth + commemorative gifts for over 800 shares. We explore the investment value based on the latest financial results and stock price.

Table of Contents
1. Introduction
2. Company Overview
3. Business Description
4. Details of Shareholder Benefits
5. Recent Financial Results
6. Stock Price Trends and Outlook
7. Summary


Introduction
INPEX (1605) is Japan's largest oil and natural gas development company and a national policy company in which the government holds golden shares. It is responsible for stable supply through huge domestic and international projects, and encourages long-term holding through the expansion of shareholder benefits (announced in November 2025). The combination of high dividends and benefits is attractive.

Company Overview
Established in 2006 (formerly INPEX CORPORATION), the headquarters is in Akasaka, Minato-ku, Tokyo. Capital is 290.8 billion yen, with 889 employees on a non-consolidated basis and 3,679 on a consolidated basis; the fiscal year ends in December. Production volume accounts for about 10% of Japan's energy consumption.

Business Description
The main business is oil and gas exploration, development, and production (Abu Dhabi onshore oil fields, ACG oil fields, Kashagan oil field, Ichthys LNG, etc.). Through the gas chain and net-zero business (CCS, hydrogen, offshore wind power), it aims to expand its business by 60% and reduce emissions by 60% by 2035.

Facility tours (lottery, held multiple times a year) of the "Naoetsu LNG Terminal" for shareholders holding 100 shares or more are currently being conducted.

Details of Shareholder Benefits
Rights at the end of December, once a year, for those holding 400 shares or more for over one year. QUO card presentation (sent in late March).

• 400 to less than 800 shares: Over 1 year 1,000 yen, over 2 years 2,000 yen, over 3 years 3,000 yen
• 800 shares or more: Over 1 year 2,000 yen, over 2 years 5,000 yen, over 3 years 8,000 yen

Continuous holding is determined by consecutive entries in the register at the end of June and December. Applicable from the end of December 2025, with commemorative gifts added for holding over 800 shares for 8 years.

Recent Financial Results
Fiscal year ending December 2025: Sales of 2.0113 trillion yen (11.2% decrease), operating profit of 1.1354 trillion yen (10.7% decrease), net profit of 393.8 billion yen (7.8% decrease). Despite the impact of lower crude oil prices and a stronger yen, total assets are 7.7352 trillion yen, the equity ratio is 61.4%, and cash flow is 693.9 billion yen, which is solid.

Annual dividend of 100 yen (increase from 86 yen in the previous term), dividend payout ratio of 30.2%.

Stock Price Trends and Outlook
Closing price on March 30 was 4,892 yen (near the year-to-date high, 3/27: 4,900 yen +4.54%). After falling post-earnings, it recovered due to high crude oil prices, with a dividend yield of 2.0-2.2%.

Forecast for the fiscal year ending December 2026: Sales of 1.893 trillion yen (5.9% decrease), net profit of 330 billion yen (16.2% decrease), dividend of 108 yen (dividend increase). There is significant room for upward revision if oil prices stay above $70 and the yen remains weak.

Summary
INPEX is suitable for long-term investment due to its expanded benefits, high dividends, and facility tours. Its national policy position in stable energy supply is a strength. It is attracting attention as a target for the new NISA.

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INPEX (1605) is Japan's largest oil and natural gas development company, with business centered on domestic and international resource exploration, development, and production.

Company Overview
Headquartered in Akasaka, Minato-ku, Tokyo, it was established in 2006 (formerly INPEX CORPORATION). Capital is approximately 290.8 billion yen, with 889 employees on a non-consolidated basis and 3,679 on a consolidated basis; the fiscal year ends in December.

The main business is the exploration, production, and sale of oil and natural gas, with major projects including the Abu Dhabi onshore oil fields (UAE), ACG oil fields (Azerbaijan), Kashagan oil field (Kazakhstan), and Ichthys oil field (Australia).

Recent Initiatives
Promoting decarbonization, it has positioned CCS (carbon capture and storage), hydrogen business, and renewable energy as growth axes, aiming to expand its business scale by 60% and reduce GHG emission intensity by 60% by 2035.

Net profit for the fiscal year ending December 2025 was 393.8 billion yen, and production volume accounts for about 10% of Japan's annual energy consumption.

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