Worth reading
62In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-42.8
% (year-on-year change in operating profit)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales2,372,420million yenYear on year -10.3%
Operating profit160,380million yenYear on year -42.8%
Ordinary income126,407million yenYear on year -50.8%
Net income attributable to owners of the parent84,975million yenYear on year -53.5%
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.
Net income per share¥169.85
Operating Margin6.8%
Financial position at period-end
Total assets5,731,856million yen
of which net assets 1,135,730 million yenEquity ratio 19.4%vs. prior year-end +1.1pt
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+370,156
Investment-375,694
Financials+115,185
Net change+109,647
Stacked from zero: upward is an increase in cash, downward a decrease (in million yen).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 period660,589 million yen
Segment profit
Power generation and retailing126,604
Transmission and Distribution Business-1,078
Other15,948
Segment revenueSegment Power generation and retailing / Revenue from external customers 1,843,438 million yen / yoy_pct Not disclosed / Main text ¥1.9817 trillion, down 10.0% from the previous consolidated fiscal year (including intersegment transactions), Segment Transmission and Distribution Business / Revenue from external customers 476,702 million yen / yoy_pct Not disclosed / Main text ¥921.3 billion, down 2.6% from the previous consolidated fiscal year (including intersegment transactions), Segment Other / Revenue from external customers 52,279 million yen / yoy_pct Not disclosed / Main text ¥181.6 billion, down 33.9% from the previous consolidated fiscal year (including intersegment transactions)
Outlook and shareholder returns
Full-year earnings forecast
Net SalesTo be determined
Operating profitTo be determined
Ordinary incomeTo be determined
Profit attributable to owners of the parentTo be determined
Annual Dividend Forecast¥40 per share → ¥40 per share（0.0%）
Payout ratio23.6%
Shareholder Return PolicyFor the time being, target a dividend-on-equity (DOE) ratio of 2%
Factors Behind Changes in Business Performance
The factors included a decline in electricity sales volume (retail), deterioration in the balance of income and expenses due to changes in the market and sales environment, increased supply-demand adjustment costs in the transmission and distribution business, the impact of fair-value valuation of electricity forward transactions and other instruments following a sharp rise in fuel and wholesale electricity prices amid worsening conditions in the Middle East, and the recognition of impairment losses on securities. Earnings also improved as a result of the restart of Unit 2 at the Onagawa Nuclear Power Station.
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 0 companies / Excluded 1 company (YURTEC CORPORATION) / Notes The cover page states that there were no material changes to the scope of consolidation during the period.
Material subsequent eventsNo applicable matters.
Impairment loss¥2,803 million (nuclear fuel impairment loss)
Breakdown of extraordinary income (loss)Extraordinary income Not disclosed / Extraordinary loss Valuation losses on investment securities 7,595 million yen
Depreciation and amortization225,866 million yen
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Institutional investors
Issued Shares at Period-End502,882,585
Treasury Shares at Period-End2,571,728
| 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 | 2,372,420 million yen (YoY -10.3%) |
| Operating profit | 160,380 million yen (YoY -42.8%) |
| Ordinary income | 126,407 million yen (YoY -50.8%) |
| Profit attributable to owners of the parent | 84,975 million yen (YoY -53.5%) |
| Net income per share | ¥169.85 |
| Operating Margin | 6.8% |
| Equity ratio | End of the current fiscal period 19.4% / End of previous period 18.3% |
| Total assets | 5,731,856 million yen |
| Net assets | 1,135,730 million yen |
| Cash flows from operating activities | 370,156 million yen |
| Cash flows from investing activities | -375,694 million yen |
| Cash flows from financing activities | 115,185 million yen |
| Cash and cash equivalents at end of period | 660,589 million yen |
| Full-year earnings forecast | Net Sales To be determined / Operating profit To be determined / Ordinary income To be determined / Profit attributable to owners of the parent To be determined |
| Annual Dividend Forecast | ¥40 per share → ¥40 per share（0.0%） |
| Payout ratio | 23.6% |
| Shareholder Return Policy | For the time being, target a dividend-on-equity (DOE) ratio of 2% |
| Segment revenue | Segment Power generation and retailing / Revenue from external customers 1,843,438 million yen / yoy_pct Not disclosed / Main text ¥1.9817 trillion, down 10.0% from the previous consolidated fiscal year (including intersegment transactions), Segment Transmission and Distribution Business / Revenue from external customers 476,702 million yen / yoy_pct Not disclosed / Main text ¥921.3 billion, down 2.6% from the previous consolidated fiscal year (including intersegment transactions), Segment Other / Revenue from external customers 52,279 million yen / yoy_pct Not disclosed / Main text ¥181.6 billion, down 33.9% from the previous consolidated fiscal year (including intersegment transactions) |
| Segment profit | Segment Power generation and retailing / Segment profit 126,604 million yen / yoy_pct -48.4, Segment Transmission and Distribution Business / Segment profit -1,078 million yen / yoy_pct Not disclosed, Segment Other / Segment profit 15,948 million yen / yoy_pct -24.2 |
| Depreciation and amortization | 225,866 million yen |
| Impairment loss | ¥2,803 million (nuclear fuel impairment loss) |
| Breakdown of extraordinary income (loss) | Extraordinary income Not disclosed / Extraordinary loss Valuation losses on investment securities 7,595 million yen |
| 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 0 companies / Excluded 1 company (YURTEC CORPORATION) / Notes The cover page states that there were no material changes to the scope of consolidation during the period. |
| Material subsequent events | No applicable matters. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Institutional investors |
| Issued Shares at Period-End | 502,882,585 |
| Treasury Shares at Period-End | 2,571,728 |
| Factors Behind Changes in Business Performance | The factors included a decline in electricity sales volume (retail), deterioration in the balance of income and expenses due to changes in the market and sales environment, increased supply-demand adjustment costs in the transmission and distribution business, the impact of fair-value valuation of electricity forward transactions and other instruments following a sharp rise in fuel and wholesale electricity prices amid worsening conditions in the Middle East, and the recognition of impairment losses on securities. Earnings also improved as a result of the restart of Unit 2 at the Onagawa Nuclear Power Station. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders received and order backlog
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.A decline in electricity sales volume (retail), deterioration in the balance of income and expenses due to changes in the market and sales environment, increased supply-demand adjustment costs in the transmission and distribution business, the impact of fair-value valuation of electricity forward transactions and other instruments following a sharp rise in fuel and wholesale electricity prices amid worsening conditions in the Middle East, and the recognition of impairment losses on securities, among other factors.
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