The Kansai Electric Power Company (9503) Q3 2025 earnings summary

Executive summary

• Consolidated operating revenues for 3Q FY 3/2025 rose 5.2% year-over-year to 3,152.6 billion yen, driven by higher electricity sales revenue.

• Ordinary profit decreased 28.7% year-over-year to 455.9 billion yen, mainly due to lower revenue from the fuel cost adjustment system despite a higher nuclear capacity factor.

• Net profit attributable to owners increased 3.2% year-over-year to 362.3 billion yen, with net profit per share at 396.43 yen.

• Extraordinary profit of 63.0 billion yen was recorded from the sale of shares in subsidiaries and affiliates.

• Comprehensive profit for the period was 426.9 billion yen, up slightly from 424.5 billion yen in the prior year.

Financial highlights

• Operating profit for 3Q FY 3/2025 was 399.8 billion yen, down 34.7% year-over-year.

• Interest-bearing debt decreased by 143.1 billion yen to 4,437.3 billion yen; equity ratio improved to 30.7% from 25.2% at the previous fiscal year-end.

• Cash and deposits rose to 848.8 billion yen from 495.9 billion yen at March 31, 2024.

• Shareholders' equity increased to 2,659.2 billion yen, reflecting new share issuance and reduced treasury stock.

• Total electric sales volume increased by 15.2 TWh year-over-year, with a notable rise in electricity sales to other companies (+16.5 TWh).

Outlook and guidance

• FY 3/2025 operating revenues forecast revised down to 4,350.0 billion yen (down 2.2% from previous forecast).

• Ordinary profit forecast raised to 450.0 billion yen (+25.0% from previous forecast); net profit forecast raised to 365.0 billion yen (+40.4%).

• Annual dividend forecast increased to 60 yen per share (30 yen interim, 30 yen year-end).

• Equity ratio expected to reach approximately 31% (after hybrid bond adjustment).

• Key sensitivities: 1% change in nuclear capacity factor impacts profit by 5.3 billion yen; 1 yen/$ FX change impacts by 2.4 billion yen.