Source: https://www.kepco.co.jp/ir/brief/earnings/2025/pdf/pdf2025_03_04.pdf

1. Consolidated Financial Summary

• Revenue: ¥3.1526 trillion (+¥154.5 billion YoY, +5.2%)
• Operating Profit: ¥399.8 billion (-¥212.8 billion YoY, -34.7%)
• Ordinary Profit: ¥455.9 billion (-¥183.4 billion YoY, -28.7%)
• Net Profit Attributable to Owners of the Parent: ¥362.2 billion (+¥11.2 billion YoY, +3.2%)

2. Key Factors

• Revenue increased due to higher electricity sales.
• Despite a higher nuclear capacity factor (76.7% → 92.1%), profits declined due to lower revenue from the fuel cost adjustment system.
• Recorded extraordinary profit of ¥63.0 billion from the sale of subsidiary shares.

3. Segment Performance

• Energy Business:
  • Revenue: ¥2.7421 trillion (+¥111.7 billion YoY)
  • Ordinary Profit: ¥370.2 billion (-¥134.9 billion YoY)
  • Despite increased nuclear power generation, lower fuel cost adjustment revenue impacted profits.
• Transmission & Distribution:
  • Revenue: ¥790.6 billion (+¥47.2 billion YoY)
  • Ordinary Profit: ¥40.4 billion (-¥36.2 billion YoY)
  • Increased revenue from wheeling services but higher supply-demand adjustment costs led to lower profits.
• IT & Communications:
  • Revenue: ¥225.6 billion (+¥6.3 billion YoY)
  • Ordinary Profit: ¥35.4 billion (-¥3.7 billion YoY)
  • Decreased earnings from the OPTAGE fiber-optic business.
• Life & Business Solutions:
  • Revenue: ¥163.5 billion (+¥31.3 billion YoY)
  • Ordinary Profit: ¥20.4 billion (+¥6.5 billion YoY)
  • Strong performance in Kansai Realty & Development business.

4. FY2024 Full-Year Financial Forecast (Revised Upward)

• Revenue: ¥4.35 trillion (-¥100 billion from previous forecast)
• Operating Profit: ¥400 billion (+¥70 billion from previous forecast)
• Ordinary Profit: ¥450 billion (+¥90 billion from previous forecast)
• Net Profit: ¥365 billion (+¥105 billion from previous forecast)

5. Dividend Forecast

• Year-end dividend: ¥30 per share (unchanged)
• Annual dividend: ¥60 per share

6. Key Metrics

• Total Electricity Sales Volume: 114.4 TWh (+15.2 TWh YoY)
• Retail Electricity Sales Volume: 84.9 TWh (-1.3 TWh YoY)
• Electricity Sales to Other Companies: 29.5 TWh (+16.5 TWh YoY)
• Nuclear Capacity Factor: 92.1% (+15.4 percentage points YoY)
• Exchange Rate: ¥153/USD (+¥10 YoY)
• All Japan CIF Crude Oil Price: $83.7/barrel (-2.9 YoY)

7. Business Strategy

• Renewable Energy:
  • Continued efforts to reduce procurement costs under the Feed-in Tariff (FIT) system.
• Fuel Cost Adjustment System Impact:
  • A time lag in fuel cost adjustments led to a ¥2.0 billion impact compared to the previous period.