Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
15
¥ trillion (cumulative investment for fiscal 2026–2040)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedROE+3.0pt
基準 2,025Target2,028%
ROIC+3.0pt
基準 2,025Target2,028%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).
Net income for the current fiscal yearNot disclosed → At least ¥270 billion (average for fiscal 2026–2028)
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFiscal 2025 targets: ordinary income of at least ¥360 billion, FCF of at least ¥300 billion (cumulative for fiscal 2021–2025) and at least ¥100 billion (fiscal 2025), an equity ratio of at least 28.0%, ROA of at least 4.4%, ROIC of at least 4.3% and ROE of approximately 11.0% → Fiscal 2025 actual: ordinary income of ¥518.5 billion, FCF of ¥628.1 billion (cumulative for fiscal 2021–2025) and ¥80.4 billion (fiscal 2025), an equity ratio of 35.1%, ROA of 5.8%, ROIC of 5.7% and ROE of 11.7%0.0%Calculated from the two disclosed figures
Total investment plan¥15 trillion cumulatively for fiscal 2026–2040; ¥2.5 trillion cumulatively for fiscal 2026–2028 (¥1.5 trillion in maintenance investment and ¥1.0 trillion in growth investment)
Investment amount by sectorField Maintenance investment for safety and stable supply / Investment amount ¥1.5 trillion (cumulative for fiscal 2026–2028), Field Growth Investment / Investment amount ¥1.0 trillion (cumulative for fiscal 2026–2028), Field Energy growth investment / Investment amount ¥800 billion (cumulative for fiscal 2026–2028), Field Information and communications growth investment / Investment amount ¥100 billion (cumulative for fiscal 2026–2028), Field Real estate growth investment / Investment amount ¥100 billion (cumulative for fiscal 2026–2028), Field Domestic energy thermal power and renewable energy development / Investment amount ¥500 billion (cumulative for fiscal 2026–2028), Field Overseas energy, renewable energy, battery storage, transmission and distribution / Investment amount ¥100 billion (cumulative for fiscal 2026–2028), Field Energy Storage Business / Investment amount ¥20 billion (cumulative for fiscal 2026–2028)
Statements about the use of capital
Payout ratio / DOE policyThe company will seek to maintain or increase dividends, targeting a consolidated dividend payout ratio of 25–35%. The applicable period is the next three years (fiscal 2026–2028). Total shareholder returns will be at least ¥270 billion for fiscal 2026–2028.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyShare repurchases will be maintained as a flexible option, taking into consideration the capital structure and market conditions.
Key initiatives
01Establishing a power supply foundation that meets growing demand and decarbonization needs
02Providing optimal solutions that meet customer needs
03Ensuring safe and stable supply by building a resilient power network
04Building digital infrastructure to support society in the AI era
05Real estate development supporting industry, daily life and local communities
06Exploring and commercializing businesses ahead of customer and social needs
07Developing businesses through co-creation with local communities
08Strengthening the human resources foundation to enhance business sustainability
09Creating services and restructuring operations through the use of AI
10Balance sheet management
11Disciplined growth investment focused on capital efficiency
12Efforts to rotate assets
Plan assumptionsThe plan is calculated based on assumptions of a nuclear capacity factor of approximately 70% in each fiscal year, an all-Japan crude oil CIF price of approximately $70/b and an interbank exchange rate of approximately ¥155. These levels do not reflect changes in the situation in the Middle East after February 2026.
Segment targetSegment Energy / Average ROIC for fiscal 2026–2028 At least 3.3% / ROIC for fiscal 2040 At least 7% / Average ordinary income for fiscal 2026–2028 ¥135 billion (for reference: Kansai Electric Power ¥60 billion), Segment Transmission and Distribution / Average ROIC for fiscal 2026–2028 At least 2.5% / ROIC for fiscal 2040 4% or higher / Average ordinary income for fiscal 2026–2028 ¥55 billion, Segment Information and Communications / Average ROIC for fiscal 2026–2028 12.0% or more / ROIC for fiscal 2040 13% or more / Average ordinary income for fiscal 2026–2028 ¥45 billion, Segment Real estate / Average ROIC for fiscal 2026–2028 At least 3.4% / ROIC for fiscal 2040 5% or more / Average ordinary income for fiscal 2026–2028 ¥35.0 billion, Segment Kansai Electric Power Group / Average ROIC for fiscal 2026–2028 At least 3.3% / ROIC for fiscal 2040 Not disclosed / Average ordinary income for fiscal 2026–2028 ¥270.0 billion
Non-financial targetsIndicator Power generation capacity / Target value 30% increase / Timing 2040, Indicator GHG emissions (Scope 1 and 2) / Target value 80% reduction from fiscal 2013 / Timing 2040, Indicator Connectivity data centers / Target value At least 3 locations / Timing 2040, Indicator Submarine cables / Target value Multiple projects / Timing 2040, Indicator Total HSDC receiving capacity / Target value 900MW / Timing By 2035, Indicator National share of hydrogen handled / Target value 30% / Timing 2040, Indicator DX personnel / Target value 6,000 people / Timing The next three years, Indicator Advanced DX personnel / Target value 70 people / Timing The next three years
Size of the Target MarketMarket Size Not disclosed / Growth rate Not disclosed / Source For the outlook for nationwide electricity demand, the company includes the Organization for Cross-regional Coordination of Transmission Operators’ “Electricity Demand Outlook by Nationwide and Supply Areas (Fiscal 2024),” “Electricity Demand Outlook by Nationwide and Supply Areas (Fiscal 2025)” and “Electricity Demand Outlook by Nationwide and Supply Areas (Fiscal 2026).”
Risks identified by the company
Geopolitical risk
Inflation
Higher interest rates
Population decline
Supply chain vulnerabilities
Aging facilities and equipment
Vulnerabilities in equipment supply and construction capacity
Reason for revision or withdrawal
Geopolitical risks, inflation, rising interest rates, population decline and growing supply chain vulnerabilities are progressing simultaneously, while advances in DX and AI are changing the industrial structure and increasing the likelihood that electricity demand will grow over the medium to long term. Issues including the aging of facilities and supply chain vulnerabilities have also become apparent.
| Item | Details |
|---|---|
| Plan name | Kansai Electric Power Group Management Plan 2026 |
| Plan period | The next three years (fiscal 2026–2028); initiatives through 2040 (fiscal 2026–2040) |
| Progress against the plan | Formulated |
| Net income target | Not disclosed → At least ¥270 billion (average for fiscal 2026–2028) |
| ROE target | 11.3% (fiscal 2025 actual) → At least 8.0% (average for fiscal 2026–2028) |
| ROIC target | 5.5% (fiscal 2025 actual) → At least 3.3% (average for fiscal 2026–2028) |
| Payout ratio / DOE policy | The company will seek to maintain or increase dividends, targeting a consolidated dividend payout ratio of 25–35%. The applicable period is the next three years (fiscal 2026–2028). Total shareholder returns will be at least ¥270 billion for fiscal 2026–2028. |
| Treasury share acquisition policy | Share repurchases will be maintained as a flexible option, taking into consideration the capital structure and market conditions. |
| Total investment plan | ¥15 trillion cumulatively for fiscal 2026–2040; ¥2.5 trillion cumulatively for fiscal 2026–2028 (¥1.5 trillion in maintenance investment and ¥1.0 trillion in growth investment) |
| Investment amount by sector | Field Maintenance investment for safety and stable supply / Investment amount ¥1.5 trillion (cumulative for fiscal 2026–2028), Field Growth Investment / Investment amount ¥1.0 trillion (cumulative for fiscal 2026–2028), Field Energy growth investment / Investment amount ¥800 billion (cumulative for fiscal 2026–2028), Field Information and communications growth investment / Investment amount ¥100 billion (cumulative for fiscal 2026–2028), Field Real estate growth investment / Investment amount ¥100 billion (cumulative for fiscal 2026–2028), Field Domestic energy thermal power and renewable energy development / Investment amount ¥500 billion (cumulative for fiscal 2026–2028), Field Overseas energy, renewable energy, battery storage, transmission and distribution / Investment amount ¥100 billion (cumulative for fiscal 2026–2028), Field Energy Storage Business / Investment amount ¥20 billion (cumulative for fiscal 2026–2028) |
| Segment target | Segment Energy / Average ROIC for fiscal 2026–2028 At least 3.3% / ROIC for fiscal 2040 At least 7% / Average ordinary income for fiscal 2026–2028 ¥135 billion (for reference: Kansai Electric Power ¥60 billion), Segment Transmission and Distribution / Average ROIC for fiscal 2026–2028 At least 2.5% / ROIC for fiscal 2040 4% or higher / Average ordinary income for fiscal 2026–2028 ¥55 billion, Segment Information and Communications / Average ROIC for fiscal 2026–2028 12.0% or more / ROIC for fiscal 2040 13% or more / Average ordinary income for fiscal 2026–2028 ¥45 billion, Segment Real estate / Average ROIC for fiscal 2026–2028 At least 3.4% / ROIC for fiscal 2040 5% or more / Average ordinary income for fiscal 2026–2028 ¥35.0 billion, Segment Kansai Electric Power Group / Average ROIC for fiscal 2026–2028 At least 3.3% / ROIC for fiscal 2040 Not disclosed / Average ordinary income for fiscal 2026–2028 ¥270.0 billion |
| Non-financial targets | Indicator Power generation capacity / Target value 30% increase / Timing 2040, Indicator GHG emissions (Scope 1 and 2) / Target value 80% reduction from fiscal 2013 / Timing 2040, Indicator Connectivity data centers / Target value At least 3 locations / Timing 2040, Indicator Submarine cables / Target value Multiple projects / Timing 2040, Indicator Total HSDC receiving capacity / Target value 900MW / Timing By 2035, Indicator National share of hydrogen handled / Target value 30% / Timing 2040, Indicator DX personnel / Target value 6,000 people / Timing The next three years, Indicator Advanced DX personnel / Target value 70 people / Timing The next three years |
| Plan assumptions | The plan is calculated based on assumptions of a nuclear capacity factor of approximately 70% in each fiscal year, an all-Japan crude oil CIF price of approximately $70/b and an interbank exchange rate of approximately ¥155. These levels do not reflect changes in the situation in the Middle East after February 2026. |
| Key initiatives | Establishing a power supply foundation that meets growing demand and decarbonization needs, Providing optimal solutions that meet customer needs, Ensuring safe and stable supply by building a resilient power network, Building digital infrastructure to support society in the AI era, Real estate development supporting industry, daily life and local communities, Exploring and commercializing businesses ahead of customer and social needs, Developing businesses through co-creation with local communities, Strengthening the human resources foundation to enhance business sustainability, Creating services and restructuring operations through the use of AI, Balance sheet management, Disciplined growth investment focused on capital efficiency, Efforts to rotate assets |
| Results under the previous plan | Fiscal 2025 targets: ordinary income of at least ¥360 billion, FCF of at least ¥300 billion (cumulative for fiscal 2021–2025) and at least ¥100 billion (fiscal 2025), an equity ratio of at least 28.0%, ROA of at least 4.4%, ROIC of at least 4.3% and ROE of approximately 11.0% → Fiscal 2025 actual: ordinary income of ¥518.5 billion, FCF of ¥628.1 billion (cumulative for fiscal 2021–2025) and ¥80.4 billion (fiscal 2025), an equity ratio of 35.1%, ROA of 5.8%, ROIC of 5.7% and ROE of 11.7% |
| Reason for revision or withdrawal | Geopolitical risks, inflation, rising interest rates, population decline and growing supply chain vulnerabilities are progressing simultaneously, while advances in DX and AI are changing the industrial structure and increasing the likelihood that electricity demand will grow over the medium to long term. Issues including the aging of facilities and supply chain vulnerabilities have also become apparent. |
| Size of the Target Market | Market Size Not disclosed / Growth rate Not disclosed / Source For the outlook for nationwide electricity demand, the company includes the Organization for Cross-regional Coordination of Transmission Operators’ “Electricity Demand Outlook by Nationwide and Supply Areas (Fiscal 2024),” “Electricity Demand Outlook by Nationwide and Supply Areas (Fiscal 2025)” and “Electricity Demand Outlook by Nationwide and Supply Areas (Fiscal 2026).” |
| Risks identified | Geopolitical risk, Inflation, Higher interest rates, Population decline, Supply chain vulnerabilities, Aging facilities and equipment, Vulnerabilities in equipment supply and construction capacity |
| Publication date | 30 April 2026 |
Items this document does not state (6)
Sales TargetOperating profit targetOperating profit margin targetCost of capitalSelf-assessment of PBR and share priceDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Geopolitical risks, inflation, rising interest rates, population decline and growing supply chain vulnerabilities are progressing, while advances in DX and AI are changing the industrial structure and increasing the likelihood that electricity demand will grow over the medium to long term. The company explains that, in this environment, the importance of resilient social infrastructure supporting Japan’s sustainable growth and S+3E is increasing.
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