The Kansai Electric Power Company (9503) Q2 2026 earnings summary

Executive summary

• Formulating a three-year management plan (2026–2028) to achieve a 2040 vision, focusing on quantifiable capital structure and shareholder return policy.

• Net sales for the six months ended September 30, 2025, were ¥2,008,118 million, down 6.0% year-over-year.

• Operating profit decreased by 7.0% to ¥276,552 million compared to the same period last year.

• Profit attributable to owners of parent rose 1.8% year-over-year to ¥232,931 million.

• Emphasizing co-growth with all stakeholders, including customers, employees, partners, and future generations.

Financial highlights

• Full-year dividend forecast raised to JPY 75 from JPY 60, reflecting a solid earnings outlook for the fiscal year.

• Earnings base stabilized with the restart of seven nuclear units, supporting steady profitability.

• Ordinary profit for the six months was ¥314,988 million, down 1.3% year-over-year.

• Basic earnings per share for the period were ¥209.08, compared to ¥256.44 in the prior year.

• Equity ratio improved to 34.0% from 31.8% as of March 31, 2025.

Outlook and guidance

• New shareholder return policy to be presented in spring 2026, aiming for stable dividends with a consolidated payout ratio of 25–35%.

• Full-year net sales forecast is ¥4,050,000 million, a 6.6% decrease year-over-year.

• Operating profit is projected at ¥450,000 million (down 4.0%), ordinary profit at ¥490,000 million (down 7.8%), and profit attributable to owners of parent at ¥360,000 million (down 14.4%).

• Basic earnings per share for the full year are forecast at ¥323.14.

• Management plan to outline capex allocation, portfolio management, and quantitative financial targets for 2026–2028.