The Kansai Electric Power Company (9503) Q2 2025 earnings summary

Executive summary

• Revenue increased 3.1% year-over-year to ¥2,136.5 billion, driven by higher electricity sales, but ordinary and net income fell due to lower fuel cost adjustment income and increased power purchase costs.

• Interim dividend set at ¥30.00 per share, with full-year dividend forecast unchanged at ¥60.00 per share.

• Total electricity sales volume rose 15.1% year-over-year, with a significant increase in sales to other companies.

Financial highlights

• Operating revenues rose to ¥2,136.5 billion; operating income dropped 39.1% to ¥297.2 billion; net income attributable to owners fell 38.3% to ¥228.8 billion.

• Operating expenses rose 16.1% year-over-year to ¥1,839.3 billion, mainly from higher power purchase costs.

• EPS for the half-year was ¥256.44, down from ¥415.75 year-over-year.

• Interest-bearing debt decreased by ¥52.0 billion to ¥4,528.4 billion; equity ratio improved to 27.2%.

• Net assets rose 9.2% to ¥2,548.3 billion; total assets increased 1.3% to ¥9,149.5 billion.

Outlook and guidance

• Full-year forecasts unchanged: operating revenues ¥4,450.0 billion, ordinary income ¥360.0 billion, net income ¥260.0 billion.

• Annual dividend forecast maintained at ¥60.00 per share (¥30.00 interim, ¥30.00 year-end).

• Free cash flow for FY 3/2025 projected at -¥110.0 billion.