Tokyo Electric Power Company (9501) Q2 2026 earnings summary

Executive summary

• Operating revenue for FY2025 2nd quarter decreased year-over-year, mainly due to lower electricity sales volume, with net sales at ¥3,150,274 million, down 6.1% YoY.

• Operating income rose 9.1% to ¥217,054 million, and ordinary profit increased to ¥282,183 million, supported by favorable timing differences in the Fuel Cost Adjustment System.

• Profit attributable to owners of parent turned sharply negative, with a net loss of ¥712,397 million, driven by extraordinary losses related to disaster restoration and nuclear compensation.

• Comprehensive loss totaled ¥766,236 million, compared to comprehensive income of ¥230,613 million in the prior year.

Financial highlights

• Operating revenue: ¥3,150.2B (down ¥204.6B, 93.9% YoY).

• Operating profit: ¥217.0B (up ¥18.0B, 109.1% YoY).

• Ordinary profit: ¥282.1B (up ¥31.4B, 112.6% YoY).

• Extraordinary losses: ¥966.3B, mainly from disaster-related costs and nuclear compensation.

• Net loss attributable to owners of parent: -¥712.4B (down ¥901.9B YoY).

• EPS: -¥444.67 (down ¥562.99 YoY).

• Total assets decreased to ¥14,743,879 million from ¥14,986,993 million as of March 31, 2025.

• Net assets fell to ¥3,020,507 million from ¥3,786,130 million at the previous fiscal year-end.

Segment performance

• TEPCO Holdings: Ordinary profit up ¥3.4B YoY, supported by dividend income.

• TEPCO Fuel & Power: Ordinary profit up ¥19.7B YoY, mainly from positive timing differences at JERA.

• TEPCO Power Grid: Ordinary profit up ¥12.5B YoY, driven by lower supply/demand adjustment costs.

• TEPCO Energy Partner: Ordinary profit up ¥28.2B YoY, with a positive turn in timing differences, but retail electricity sales volume declined 8.0B kWh YoY.

• TEPCO Renewable Power: Ordinary profit up ¥2.9B YoY, mainly due to lower repair expenses.

• Electricity operating revenues were ¥2,892,052 million, down from ¥3,094,229 million YoY.

• Other operating revenues were ¥258,221 million, nearly flat YoY.