Osaka Gas subsidiary becomes specified after capital injection

Osaka Gas Co., Ltd. announced on December 24, 2025, that its consolidated subsidiary, Himeji Natural Gas Power Generation Co., Ltd. (HNPG), has become a specified subsidiary. This change follows Osaka Gas’s decision on September 9, 2025, to subscribe to a capital increase in HNPG, with payment amounting to 5,500 million yen. The capital increase is slated for execution on October 31, 2025.

The capital injection addresses HNPG's funding requirements for the commercial operation of Units 1 and 2 of the Himeji Natural Gas Power Plant, which Osaka Gas considers central to its power generation portfolio. Post-increase, HNPG's capital will reach 15,149 million yen, exceeding 10% of Osaka Gas’s capital, thus triggering the specified subsidiary classification. HNPG, established on April 1, 2016, and 100% owned by Osaka Gas, engages in electricity generation and supply.

Financial data for HNPG shows net assets of 13,930 million yen in March 2023, increasing to 19,242 million yen in March 2024, and projected at 23,354 million yen by March 2025. Total assets also grew from 59,826 million yen in March 2023 to a projected 97,181 million yen by March 2025. Osaka Gas anticipates an immaterial impact on its consolidated financial results for the fiscal year ending March 31, 2026.