Tokyo Electric Power Company (9501) Q4 2025 earnings summary

Executive summary

• Operating revenue for FY2024 was ¥6,810.3 billion, down 1.6% year-over-year due to lower fuel cost adjustments from falling fuel prices.

• Net income attributable to owners of the parent declined 39.8% to ¥161.2 billion, mainly due to a negative turn in the time-lag effect of the fuel cost adjustment system.

• Ordinary income dropped 40.2% to ¥254.4 billion, with extraordinary losses related to nuclear damage compensation and disaster expenses.

• Comprehensive income declined 40.5% year-over-year to ¥248.6 billion.

• No dividends were paid for FY2024, and none are planned for FY2025.

Financial highlights

• Operating income was ¥234.4 billion, down 16% year-over-year.

• Extraordinary income was ¥87.3 billion, mainly from grants-in-aid for nuclear damage compensation; extraordinary loss was ¥143.0 billion, primarily for nuclear damage compensation and disaster expenses.

• Total assets increased to ¥14,987.0 billion; equity ratio improved to 25.1%.

• Free cash flow was negative ¥859.2 billion, mainly due to high capital expenditures.

• Cash and cash equivalents at year-end were ¥926.5 billion, down from ¥1,235.1 billion.

Outlook and guidance

• FY2025 consolidated performance forecast remains undetermined due to uncertainty over the restart timing of the Kashiwazaki-Kariwa Nuclear Power Station.

• No interim or year-end dividends are planned for FY2025.