Tokyo Electric Power Company (9501) Q2 2025 earnings summary

Executive summary

• Operating revenue for FY2024 2Q fell 4.5% year-over-year to ¥3,354.9B, mainly due to lower fuel cost adjustments from falling fuel prices.

• Net income attributable to owners dropped 46% year-over-year to ¥189.5B, impacted by a negative time-lag effect in the fuel cost adjustment system.

• Ordinary income declined 48% year-over-year to ¥250.6B, with a significant negative swing in time-lag impact (-¥199B).

• Total assets decreased by ¥37.5B to ¥14,557.9B, while net assets rose by ¥231.3B, improving the equity ratio by 1.6 points to 25.7%.

• Total electricity sales volume rose 0.9% year-over-year, with wholesale up 33% but retail down 4.2%.

Financial highlights

• Operating income dropped 44%–56% year-over-year to ¥199.0B; operating expenses remained nearly flat.

• EPS decreased to ¥118.32 from ¥218.97 year-over-year.

• Cash and cash equivalents at September 30, 2024, decreased by ¥258.6B to ¥976.4B.

• Cash flows from operating activities increased by ¥52.8B, while investing activities outflow rose to ¥392.2B, mainly due to higher capital expenditures.

• Extraordinary loss related to nuclear damage compensation was ¥33.6B, down from ¥66.0B last year.

Outlook and guidance

• FY2024 consolidated performance forecast remains undetermined.

• Forward-looking statements note significant risks and uncertainties, especially regarding fuel prices and regulatory changes.