Worth reading
63In 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
-30.1
%Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales1,442,302¥ millionYear on year -5.7%Progress 96.8%
Operating profit90,216¥ millionYear on year -30.1%Progress 173.5%
Ordinary income80,225¥ millionYear on year -37.6%Progress 200.6%
Net income attributable to owners of the parent68,539¥ millionYear on year -30.4%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥190.61
Operating MarginCurrent fiscal year 6.3 % / Previous period 8.4 %
Financial position at period-end
Total assets4,620,500¥ million
of which net assets 775,292 ¥ millionEquity ratio 16.8%vs. prior year-end +0.6pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+237,289
Investment-236,245
Financials+135,389
Net change+136,433
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥423,303 million
Segment revenueSegment Integrated Energy Business / Current fiscal year 13,143 Hundreds of millions of yen / Previous fiscal year 14,080 Hundreds of millions of yen / Net -937 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Transmission and Distribution Business / Current fiscal year 4,738 Hundreds of millions of yen / Previous fiscal year 5,115 Hundreds of millions of yen / Net -376 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Information and Communications Business / Current fiscal year 498 Hundreds of millions of yen / Previous fiscal year 494 Hundreds of millions of yen / Net 4 Hundreds of millions of yen / Year on year against the same period last year Not disclosed
Segment profitSegment Integrated Energy Business / Current fiscal year 702 Hundreds of millions of yen / Previous fiscal year 951 Hundreds of millions of yen / Net -249 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Transmission and Distribution Business / Current fiscal year 120 Hundreds of millions of yen / Previous fiscal year 252 Hundreds of millions of yen / Net -131 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Information and Communications Business / Current fiscal year 48 Hundreds of millions of yen / Previous fiscal year 47 Hundreds of millions of yen / Net 1 Hundreds of millions of yen / Year on year against the same period last year Not disclosed
Outlook and shareholder returns
Full-year earnings forecast
Period Covered1 April 2026 to 31 March 2027
Net Sales¥1,490,000 million (YoY +3.3%)
Operating profit¥52,000 million (YoY -42.4%)
Ordinary income¥40,000 million (YoY -50.1%)
Profit attributable to owners of the parent¥31,000 million (YoY -54.8%)
Annual Dividend Forecast¥27 per share → ¥30 per share
Payout ratio14.2
Shareholder Return PolicyFor fiscal 2025, the Company targets a dividend payout ratio of approximately 12%. From fiscal 2026 onward, it aims for a DOE of 2% until Shimane Nuclear Power Plant Unit 3 commences commercial operations. The dividend forecast for fiscal 2026 is approximately 1.5% on a DOE basis.
Factors Behind Changes in Business Performance
Net sales declined despite an increase in electricity sales to retail customers, mainly because of a decrease in fuel cost adjustment amounts resulting from lower fuel prices. Operating income declined despite an increase in total electricity sales due to the operation of Shimane Nuclear Power Plant Unit 2 and the acquisition of demand, mainly because of intensifying competition in the wholesale and retail businesses and lower profit in the transmission and distribution business.
Disclosure regarding the going concern assumption
No applicable matters
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 0 / Company name None / Excluded Number of companies 0 / Company name None
Material subsequent eventsNo applicable matters
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of nuclear fuel ¥10,529 million / Extraordinary loss Not disclosed
Depreciation and amortization¥139,139 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for institutional investors and securities analysts)
Issued Shares at Period-End387,154,692 Shares
Treasury Shares at Period-End27,578,351 Shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥1,442,302 million (YoY -5.7%) |
| Operating profit | ¥90,216 million (YoY -30.1%) |
| Ordinary income | ¥80,225 million (YoY -37.6%) |
| Profit attributable to owners of the parent | ¥68,539 million (YoY -30.4%) |
| Net income per share | ¥190.61 |
| Operating Margin | Current fiscal year 6.3 % / Previous period 8.4 % |
| Equity ratio | End of the current fiscal period 16.8 / End of previous period 16.2 |
| Total assets | ¥4,620,500 million |
| Net assets | ¥775,292 million |
| Cash flows from operating activities | ¥237,289 million |
| Cash flows from investing activities | ¥-236,245 million |
| Cash flows from financing activities | ¥135,389 million |
| Cash and cash equivalents at end of period | ¥423,303 million |
| Full-year earnings forecast | Period Covered 1 April 2026 to 31 March 2027 / Net Sales ¥1,490,000 million (YoY +3.3%) / Operating profit ¥52,000 million (YoY -42.4%) / Ordinary income ¥40,000 million (YoY -50.1%) / Profit attributable to owners of the parent ¥31,000 million (YoY -54.8%) |
| Annual Dividend Forecast | ¥27 per share → ¥30 per share |
| Payout ratio | 14.2 |
| Shareholder Return Policy | For fiscal 2025, the Company targets a dividend payout ratio of approximately 12%. From fiscal 2026 onward, it aims for a DOE of 2% until Shimane Nuclear Power Plant Unit 3 commences commercial operations. The dividend forecast for fiscal 2026 is approximately 1.5% on a DOE basis. |
| Segment revenue | Segment Integrated Energy Business / Current fiscal year 13,143 Hundreds of millions of yen / Previous fiscal year 14,080 Hundreds of millions of yen / Net -937 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Transmission and Distribution Business / Current fiscal year 4,738 Hundreds of millions of yen / Previous fiscal year 5,115 Hundreds of millions of yen / Net -376 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Information and Communications Business / Current fiscal year 498 Hundreds of millions of yen / Previous fiscal year 494 Hundreds of millions of yen / Net 4 Hundreds of millions of yen / Year on year against the same period last year Not disclosed |
| Segment profit | Segment Integrated Energy Business / Current fiscal year 702 Hundreds of millions of yen / Previous fiscal year 951 Hundreds of millions of yen / Net -249 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Transmission and Distribution Business / Current fiscal year 120 Hundreds of millions of yen / Previous fiscal year 252 Hundreds of millions of yen / Net -131 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Segment Information and Communications Business / Current fiscal year 48 Hundreds of millions of yen / Previous fiscal year 47 Hundreds of millions of yen / Net 1 Hundreds of millions of yen / Year on year against the same period last year Not disclosed |
| Depreciation and amortization | ¥139,139 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of nuclear fuel ¥10,529 million / Extraordinary loss Not disclosed |
| Disclosure regarding the going concern assumption | No applicable matters |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 0 / Company name None / Excluded Number of companies 0 / Company name None |
| Material subsequent events | No applicable matters |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors and securities analysts) |
| Issued Shares at Period-End | 387,154,692 Shares |
| Treasury Shares at Period-End | 27,578,351 Shares |
| Factors Behind Changes in Business Performance | Net sales declined despite an increase in electricity sales to retail customers, mainly because of a decrease in fuel cost adjustment amounts resulting from lower fuel prices. Operating income declined despite an increase in total electricity sales due to the operation of Shimane Nuclear Power Plant Unit 2 and the acquisition of demand, mainly because of intensifying competition in the wholesale and retail businesses and lower profit in the transmission and distribution business. |
Items this document does not state (4)
Revision to Earnings ForecastRegional salesOrders received and order backlogImpairment loss
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.In the fiscal year ended March 2026, the decline in profit was attributable to lower fuel cost adjustment amounts resulting from lower fuel prices, intensifying competition in the wholesale and retail businesses, and lower profit in the transmission and distribution business. For the next fiscal year, net sales are expected to increase due to higher total electricity sales and fuel cost adjustment amounts, while profit is expected to decline because of reduced nuclear power plant operations, lower profit in the transmission and distribution business, and a time-lag loss under the fuel cost adjustment system resulting from higher fuel prices.
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