KEIYO GAS CO., LTD.
9539・Standard Market・Electric Power & Gas
Energy
Keiyo Gas's core segment centered on city gas and electricity retail
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment Net Sales (Q1 Cumulative) | ¥34,535 million | ¥35,439 million | ↓ |
| Segment Profit (Operating Income, Q1 Cumulative) | ¥3,764 million | ¥2,981 million | ↑ |
| Total Gas Sales Volume (Q1 Cumulative) | 220,849 thousand ㎥ | 222,407 thousand ㎥ | ↓ |
| Residential Gas Sales Volume (Q1 Cumulative) | 122,799 thousand ㎥ | 122,681 thousand ㎥ | ↑ |
| Commercial/Industrial Gas Sales Volume (Q1 Cumulative) | 98,050 thousand ㎥ | 99,726 thousand ㎥ | ↓ |
| Segment Net Sales (Full-Year Actual) | ¥109,085 million | — | — |
| Segment Profit (Full-Year Actual) | ¥5,842 million | — | — |
Business Details
This segment engages in the manufacturing, supply, and sale of city gas primarily within Chiba Prefecture (Ichikawa City, Matsudo City, Kamagaya City, Urayasu City, Funabashi City, Kashiwa City, etc.), and also handles Gas Construction Work and electricity retail sales. It is the core business accounting for approximately 91.5% of consolidated net sales, and includes subsidiaries Keiwa Gas Co., Ltd. and Keiyo Gas Customer Service Co., Ltd., equity-method affiliate Nanohana Pipeline Co., Ltd., and KG America, LLC, which conducts renewable energy business in the United States.
Recent Overview
Q1 segment profit rose sharply +26.3% year-on-year on lower raw material prices
In Q1 FY2026 (January-March), the Energy segment saw net sales decline to ¥34,535 million (▲2.6% year-on-year), while segment profit rose sharply to ¥3,764 million (up from ¥2,981 million in the prior-year period, +26.3%), primarily due to a decrease in gas raw material costs (cost of sales decreased ▲3.9% year-on-year to ¥24,757 million). Total gas sales volume was limited to 220,849 thousand ㎥ (▲0.7% year-on-year) due to reduced equipment utilization among commercial and industrial customers. Meanwhile, the full-year earnings forecast was revised upward for net sales to ¥120,000 million (+¥3,200 million from the previous forecast), while operating income was revised downward to ¥2,900 million (▲¥600 million from the previous forecast), reflecting the anticipated profit-reducing impact of the raw material cost adjustment system's slide time lag in the second half.
Key Products
Growth Drivers
- Continued increase in the number of residential gas customers (Q1 FY2026: sales volume up +0.1% year-on-year)
- Slide time-lag effect from the decline in LNG and other gas raw material prices (main driver of the ▲3.9% decrease in Q1 cost of sales)
- Contribution to net sales from increased Gas Appliance Sales
- Expansion of sales volume from an increase in the number of electricity retail customers
- Recording of extraordinary gains such as gains on sale of investment securities (Q1 FY2026: ¥184 million)
Risks
- Temporary impact on results from fluctuations in LNG and other raw material prices and the slide time lag in the raw material cost adjustment system (already factored in as a profit-reducing factor for full-year FY2026)
- Risk of decreased gas sales volume due to reduced equipment utilization among commercial and industrial customers
- Risk of price fluctuations in the wholesale electricity market (rising electricity procurement costs due to changes in supply-demand balance)
- Risk of decreased residential gas sales volume due to temperature and water temperature fluctuations such as warm winters
- Risk of LNG supply instability due to international conditions
- For full-year FY2026 (ending December 2026), a downward adjustment in gas sales unit prices due to the raw material cost adjustment system and the profit-reducing impact of the slide time lag are expected, with operating income forecast at ¥2,900 million, down ▲24.5% year-on-year
Last updated: March 25, 2026