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Tokyo Gas (9531) · RiskMitigatedLatest Earnings (2026-07-30): "Materialised"

Decrease in electricity sales volume due to lower demand from wholesale customers

First written in FY2024-Q2. 5 of 8 entries say "Materialised", first in FY2024-Q2. Latest entry: 2026-07-30.

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4years
2from disclosures
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ProgressHeldSoftenedWorseMaterialisedFY2024-Q2 – FY2025-H1MitigatedFY2026-H1 – FY20262023: 120232024: 320242025: 120252026: 32026
Same theme, other companies
Decline in electricity sales volumes due to lower demand from wholesale customersA theme 1 companies write about · 1 as a headwind · 0 as a tailwind

No other company in this theme has enough history to compare yet.

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  1. 2026-07-30MaterialisedEarnings

    「Wholesale and other sales decreased 14.0% to 2,395 million kWh due to lower demand from wholesale supply customers and other factors.」

    Lower demand from wholesale supply customers again appeared in results as a 14.0% year-on-year decline in wholesale and other electricity sales volume.
  2. FY2026MitigatedAnnual report

    「Wholesale and other increased 28.4% to 11,560 million kWh due to higher demand from wholesale customers.」

    The decline in electricity sales volume caused by lower demand from wholesale customers through the previous fiscal year reversed in FY2025, with wholesale and other increasing 28.4% year on year.
  3. 2026-04-28MitigatedRevision of earnings forecasts

    「Electricity sales volume increased due to higher retail volumes from an increase in the number of customers, as well as higher demand from wholesale customers and other factors.」

    Unlike the decline in demand from wholesale supply customers through the previous fiscal year, electricity sales volume increased for the full year due to higher demand in wholesale and other channels.
  4. FY2026-H1MitigatedAnnual report

    「Wholesale and other increased 25.4% to 5,931 million kWh due to higher demand from wholesale customers and other factors, bringing the total up 19.6% to 13,918 million kWh.」

    The decline in electricity sales volume caused by lower demand from wholesale customers through the previous fiscal year reversed in the interim period, with wholesale and other increasing 25.4% year on year.
  5. FY2025-H1MaterialisedAnnual report

    「Wholesale and other decreased 22.6% to 4,731 million kWh due to lower demand from wholesale customers and other factors, bringing the total down 7.5% to 11,633 million kWh.」

    Lower demand from wholesale customers was reflected in the results for the interim consolidated accounting period as a 22.6% year-on-year decrease in electricity sales volume for wholesale and other. Retail increased 6.8%, but total electricity sales volume decreased 7.5%.
  6. FY2024MaterialisedAnnual report

    「Wholesale and other sales decreased 46.3% year on year to 12,040 million kWh because of lower demand from wholesale customers.」

    Lower demand from wholesale customers was reflected in the 46.3% year-on-year decline in wholesale and other electricity sales volumes for the full fiscal year.
  7. FY2024-Q3MaterialisedAnnual report

    「Electricity sales volumes in the retail business increased 15.2% from the same period of the previous year, mainly because of an increase in the number of customers, to 9,446 million kWh. Wholesale and other sales decreased 48.0% to 8,951 million kWh because of lower demand from wholesale customers and other factors, while total sales decreased 27.6% to 18,397 million kWh.」

    Lower demand from wholesale customers was reflected in the 48.0% year-on-year decline in wholesale and other electricity sales volumes for the cumulative third quarter. Retail sales volumes increased 15.2%, but total sales volumes decreased 27.6%.
  8. FY2024-Q2MaterialisedAnnual report

    「Electricity sales volumes in the retail business increased 19.4% from the same period of the previous year, mainly because of an increase in the number of customers, to 6,460 million kWh. Wholesale and other sales decreased 47.4% to 6,110 million kWh because of lower demand from wholesale customers and other factors, while total sales decreased 26.1% to 12,570 million kWh.」

    Lower demand from wholesale customers was reflected in the 47.4% year-on-year decline in wholesale and other electricity sales volumes for the cumulative second quarter of the current fiscal year.
Moved together

"Risk of fluctuations in city gas sales volumes and earnings caused by temperature changes" moved the same way as this thread, in the same document, in 5 of its 8 moves.

544333★123456
  1. ★This thread
  2. 1Risk of fluctuations in city gas sales volumes and earnings caused by temperature changes5×
  3. 2Risk of fluctuations in LNG procurement prices, foreign exchange rates and crude oil prices4×
  4. 3Significant decline in operating profit due to higher operating expenses for raw materials and electricity4×
  5. 4Decline in industrial and city gas sales volumes due to lower demand for power generation and other factors3×
  6. 5Expand overseas profits to approximately three times their current scale by 20303×
  7. 6Gradually increasing dividends in line with growth while maintaining stable payouts3×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Tokyo Gas's next results are scheduled for 2026-10-29. Read the earnings preview It last moved in the Earnings of 2026-07-30: "Materialised".
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Decrease in electricity sales volume due to lower demand from wholesale customers | TOKYO GAS CO.,LTD. (9531) | Komori