Worth reading
58In focus
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
-202
¥ millionWording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFY20258 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥8,559 million-5.1%
Operating profit¥732 million-3.4%
Ordinary income¥613 million-4.2%
Net income¥439 million-31.5%
Full-year earnings forecast
Target fiscal yearFiscal 2026
Net Sales
Approximately 9,700
Operating profit
Approximately 480
Ordinary income
Approximately 300
Profit attributable to owners of the parent
Approximately 220
Retail and other-company electricity sales volume
Approximately 358
Retail electricity sales volume
Approximately 219
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
FY2025 ordinary income
Timing difference under the fuel cost adjustment system+¥4.0 billion
Increase in hydroelectric power generation+¥7.4 billion
Efforts toward the restart of the Tomari Power Station-¥7.5 billion
Higher labor costs, prices and interest rates, among other factors-¥11.0 billion
Other factors, including revisions to transmission charges+¥4.4 billion
FY2026 ordinary income
Decrease in costs related to the restart of the Tomari Power StationApproximately +¥7.0 billion
Timing difference under the fuel cost adjustment systemApproximately -¥21.0 billion
Higher labor costs, prices and interest rates, among other factorsApproximately -¥14.0 billion
Other factors, including lower hydroelectric power generationApproximately -¥3.0 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
Approximately 158
CIF crude oil price
Approximately 95.0
Retail and other-company electricity sales volume
Approximately 358
Retail electricity sales volume
Approximately 219
New initiatives
- Efforts toward the restart of Unit 3 of the Tomari Power Station
- Making Ishikari Bay New Port Offshore Wind GK, established on 10 September 2025, an equity-method affiliate
- Making GK Yuuniji, established on 21 November 2025, a consolidated subsidiary
Key KPIsA metric the company considers important as a management benchmark.
- Retail electricity sales volume221 100 million kWhYear on year against the same period last year-3.0%
- Electricity sales volume to other companies11,981 million kWhYear on year against the same period last year+11.2%
- Total retail and other-company electricity sales volume34,099 million kWhYear on year against the same period last year+1.6%
- Water flow ratio103.6 %Year on year against the same period last yearUp 13.8 percentage points year on year
- Total electricity supplied36,628 million kWhYear on year against the same period last year+1.0%
Segment results
Hokkaido Electric
Net Sales
¥7,358 million-6.6%
Segment Profit or Loss
¥446 million-16.8%
Hokkaido Electric Power Network
Net Sales
¥3,229 million+0.5%
Segment Profit or Loss
¥25 million+127.3%
Other
Net Sales
¥1,757 million+14.1%
Segment Profit or Loss
¥190 million+57.0%
Adjustments
Net Sales
¥-3,784 million
Segment Profit or Loss
¥-48 million
Financial targets
Equity ratio
Actual results18.5 %
Year on year against the same period last yearUp 1.0 percentage point year on year
Annual Dividend
Common shares
FY2025
Interim¥15 per share
End of period¥17 per share
Annual¥32 per share
FY2026 Forecast
Interim¥16.5 per share
End of period¥16.5 per share
Annual¥33 per share
Class B preferred shares
FY2025
Interim¥1,500,000 per share
End of period¥1,500,000 per share
Annual¥3,000,000 per share
FY2026 Forecast
Interim¥1,500,000 per share
End of period¥1,500,000 per share
Annual¥3,000,000 per share
Payout ratio
not disclosed (stable dividends with a target DOE of 2%; forecast DOE for FY2026 is 1.8%)| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | FY2025 |
| Net Sales | ¥8,559 million (YoY -5.1%) |
| Operating profit | ¥732 million (YoY -3.4%) |
| Ordinary income | ¥613 million (YoY -4.2%) |
| Net income | ¥439 million (YoY -31.5%) |
| Full-year earnings forecast | Target fiscal year Fiscal 2026 / Net Sales Approximately 9,700 / Operating profit Approximately 480 / Ordinary income Approximately 300 / Profit attributable to owners of the parent Approximately 220 / Retail and other-company electricity sales volume Approximately 358 / Retail electricity sales volume Approximately 219 |
| Segment results | Hokkaido Electric Net Sales ¥7,358 million (YoY -6.6%) / Segment Profit or Loss ¥446 million (YoY -16.8%) / Hokkaido Electric Power Network Net Sales ¥3,229 million (YoY +0.5%) / Segment Profit or Loss ¥25 million (YoY +127.3%) / Other Net Sales ¥1,757 million (YoY +14.1%) / Segment Profit or Loss ¥190 million (YoY +57.0%) / Adjustments Net Sales ¥-3,784 million / Segment Profit or Loss ¥-48 million |
| Breakdown of Factors Affecting the Change | FY2025 ordinary income Timing difference under the fuel cost adjustment system +¥4.0 billion / Increase in hydroelectric power generation +¥7.4 billion / Efforts toward the restart of the Tomari Power Station -¥7.5 billion / Higher labor costs, prices and interest rates, among other factors -¥11.0 billion / Other factors, including revisions to transmission charges +¥4.4 billion / FY2026 ordinary income Decrease in costs related to the restart of the Tomari Power Station Approximately +¥7.0 billion / Timing difference under the fuel cost adjustment system Approximately -¥21.0 billion / Higher labor costs, prices and interest rates, among other factors Approximately -¥14.0 billion / Other factors, including lower hydroelectric power generation Approximately -¥3.0 billion |
| Key KPIs | Indicator name Retail electricity sales volume / Value 221 100 million kWh / Year on year against the same period last year -3 100 million kWh, Indicator name Electricity sales volume to other companies / Value 11,981 million kWh / Year on year against the same period last year 11.2 million kWh, Indicator name Total retail and other-company electricity sales volume / Value 34,099 million kWh / Year on year against the same period last year 1.6 million kWh, Indicator name Water flow ratio / Value 103.6 % / Year on year against the same period last year Up 13.8 percentage points year on year, Indicator name Total electricity supplied / Value 36,628 million kWh / Year on year against the same period last year 1 million kWh |
| Assumptions Underlying the Business Outlook | Exchange rate Approximately 158 / CIF crude oil price Approximately 95.0 / Retail and other-company electricity sales volume Approximately 358 / Retail electricity sales volume Approximately 219 |
| Financial targets | Equity ratio Actual results 18.5 % / Year on year against the same period last year Up 1.0 percentage point year on year |
| Annual Dividend | Common shares FY2025 Interim ¥15 per share / End of period ¥17 per share / Annual ¥32 per share / FY2026 Forecast Interim ¥16.5 per share / End of period ¥16.5 per share / Annual ¥33 per share / Class B preferred shares FY2025 Interim ¥1,500,000 per share / End of period ¥1,500,000 per share / Annual ¥3,000,000 per share / FY2026 Forecast Interim ¥1,500,000 per share / End of period ¥1,500,000 per share / Annual ¥3,000,000 per share |
| Payout ratio | not disclosed (stable dividends with a target DOE of 2%; forecast DOE for FY2026 is 1.8%) |
| New initiatives | Efforts toward the restart of Unit 3 of the Tomari Power Station, Making Ishikari Bay New Port Offshore Wind GK, established on 10 September 2025, an equity-method affiliate, Making GK Yuuniji, established on 21 November 2025, a consolidated subsidiary |
Items this document does not state (16)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
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 FY2025, fuel cost adjustment income declined in line with lower fuel prices and other factors, while higher hydroelectric power generation reduced fuel costs. These benefits were offset by efforts toward the restart of the Tomari Power Station and increases in labor costs, prices and interest rates, which reduced ordinary income. Net income declined due to the decrease in ordinary income and lower gains on the sale of nuclear fuel recorded under extraordinary income. In FY2026, the company expects higher fuel prices and wholesale electricity market prices, an adverse impact from the timing difference under the fuel cost adjustment system, and higher labor costs, prices and interest rates.
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