The Kansai Electric Power Company (9503) Q1 2025 earnings summary

Executive summary

• Operating revenues rose to ¥984.1B (+1.8% YoY) for 1Q FY 3/2025, but ordinary income fell to ¥168.9B (−37.0% YoY) and net income attributable to owners dropped to ¥115.7B (−40.1% YoY).

• Comprehensive income decreased to ¥158.6B from ¥239.8B in the prior year period.

• Annual forecasts for FY 3/2025 remain unchanged: ordinary income ¥360.0B, annual dividend ¥60/share.

Financial highlights

• Operating income fell by ¥107.5B YoY to ¥148.7B; ordinary income decreased by ¥99.3B YoY.

• Net income per share was ¥129.74, down from ¥216.45 a year earlier.

• Total assets decreased to ¥8,987.0B, while net assets increased to ¥2,469.3B; equity ratio improved to 26.7%.

• Interest-bearing debt increased by ¥35.8B to ¥4,616.3B.

Outlook and guidance

• FY 3/2025 forecasts: operating revenues ¥4,450.0B, operating income ¥330.0B, ordinary income ¥360.0B, net income ¥260.0B.

• Free cash flow expected at −¥110.0B; equity ratio approx. 27–28%.

• Dividend forecast: interim ¥30/share, year-end ¥30/share, annual total ¥60/share.