The Kansai Electric Power Company (9503) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 saw decreases in both revenue and profit, mainly due to lower electric sales revenue and a reduced nuclear capacity factor, despite higher electric sales profit and positive impact from the fuel cost adjustment system.

• Net sales for Q1 FY2025 were ¥917.8 billion, down 6.7% year-over-year; operating profit fell 13.3% to ¥128.9 billion.

• Profit attributable to owners of parent decreased 14.3% to ¥99.2 billion compared to the same quarter last year.

• Financial and dividend forecasts for FY2025 remain unchanged, with ordinary profit forecasted at 400.0 billion yen and annual dividends at 60 yen per share.

• Comprehensive income dropped 51.1% year-over-year to ¥77.5 billion.

Financial highlights

• Q1 FY2025 consolidated net sales were 917.7 billion yen, down 66.3 billion yen year-over-year; operating profit was 128.9 billion yen, down 19.8 billion yen; ordinary profit was 134.6 billion yen, down 34.2 billion yen; net income was 99.1 billion yen, down 16.6 billion yen.

• Interest-bearing debt decreased by 38.7 billion yen to 4,433.0 billion yen; equity ratio improved to 33.1%.

• Total assets as of June 30, 2025, were ¥9,389.2 billion, with net assets at ¥3,151.0 billion and an equity ratio of 33.1%.

• Basic earnings per share for Q1 FY2025 was ¥89.01, down from ¥129.74 in Q1 FY2024.

• Depreciation and amortization for Q1 FY2025 was ¥83.4 billion, slightly up from ¥82.2 billion year-over-year.

Outlook and guidance

• FY2025 forecasts: net sales of 4,000.0 billion yen, operating profit of 380.0 billion yen, ordinary profit of 400.0 billion yen, and net income of 295.0 billion yen.

• Full-year FY2025 net sales forecast at ¥4,000.0 billion, down 7.8% year-over-year.

• Basic earnings per share forecast for the year is ¥264.80.

• Annual dividend forecast is 60 yen per share, unchanged from previous guidance.

• Sensitivity analysis shows ordinary profit is most affected by nuclear capacity factor and exchange rate fluctuations.