KYUDEN Holdings Inc. · TSE:642A
KYUDEN — Investor Presentation (September 2026)
53 slides from KYUDEN's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation Kyushu Electric Power Co., Inc. キューデンホールディングス株式会社 September 2026
Slide 2: Introduction of the Kyuden Group
2 1 Introduction of the Kyuden Group ・Key points of the Kyuden Group 3 ・Kyuden Group’s business overview 4 [1] High growth potential of electricity demand - Our main service area: Kyushu・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 5 - Growth
Slide 3: Key points of the Kyuden Group
Key points of the Kyuden Group 3 Semiconductor-related investments 1 High growth potential of electricity demand ¥ 4.8 trillion in Kyushu (from April 2021 to September 2025) Utilization rate 2 Steady operation of 4 nuclear reactors 82.3% vs. Nationwide average 33.6% (as of FY2025) Non-fossil energy
Slide 4: Kyuden Group's Business overview
Kyuden Group’s Business overview 4 ◼ As a group, we function as a vertically integrated energy company that generates, transmits, distributes and sells electricity. ◼ In addition to the energy services businesses, we are promoting growth businesses. Energy Services Businesses Growth Businesses Ordin
Slide 5: High growth potential of electricity demand - Kyushu
[1] High growth potential of electricity demand 5 - Our main service area: Kyushu - ◼ Main service area is Kyushu area, located in the southwest of Japan. ◼ While Kyushu contributes about 10% to Japan's overall economy, it excels as the country's leader in the semiconductor industry. Electricity dem
Slide 6: Growth in semiconductor investments and data center developments
[1] High growth potential of electricity demand - Growth in semiconductor investments and data center developments - 6 ◼ In Kyushu area, growth in the semiconductor-related industry is accelerating, with an increasing number of investment plans. ◼ Multiple data center projects are currently progress
Slide 7: Steady operation of nuclear reactors
[2] Steady operation of 4 nuclear reactors 7 ◼ All four nuclear reactors are operating stably. The utilization rate in FY2025 was 82.3%. ◼ We aim to further improve the utilization rate. Stable operations at our 4 nuclear power reactors Further improvement of nuclear power utilization rate ■ Our 4 n
Slide 8: Generating low carbon electricity with nuclear & renewables
[3] Generating low carbon electricity with nuclear & renewables 8 ◼ We aim to further expand profits by actively promoting electricity sales that leverage power sources with strong non-fossil value and competitive pricing, in response to the growing electricity demand. Composition of power sources (
Slide 9: Accelerating financial returns in growth businesses
[4] Accelerating financial returns in growth businesses 9 ◼ From FY2021 to FY2024, our growth businesses achieved a CAGR of 30% in ordinary income. ◼ Looking ahead, we aim to steadily grow each business area and target ordinary income of ¥90 billion for FY2030. 【Trends in ordinary income from growth
Slide 10: Kyuden Group strategic vision 2035
Kyuden Group strategic vision 2035 10 ◼ In May 2025, we announced a strategic vision with FY2035 as the target year. ◼ We aim to improve capital efficiency and achieve profit growth through enhanced business portfolio management, with consolidated ROIC and consolidated ordinary income set as our fin
Slide 11: Energy Services Businesses
11 1 Introduction of the Kyuden Group 2 Energy Services Businesses ・Energy services businesses overview 12 ・TOPIC: Impact of rising geopolitical tensions in the Middle East 13-14 ・Kyuden Group’s business overview ・Retail electricity business Business model (flow of electricity and payments)・・・・・・・15
Slide 12: Energy services businesses overview
Energy services businesses overview 12 A clean energy supplier leading Japan’s decarbonization ① Kyushu Electric Power ② ¥77 billion Striving to be our customers’ most reliable Energy Services Businesses partner, who effectively responds to changing needs and consistently delivers value Business Are
Slide 13: TOPIC: Impact of rising geopolitical tensions in the Middle East
TOPIC: Impact of rising geopolitical tensions in the Middle East 13 ◼ Non-fossil power sources, such as renewables and nuclear power, account for 55% of our power mix, while LNG-fired power accounts for 24% and oil-fired power for less than 1%. ◼ As our company does not procure LNG from the Middle E
Slide 14: TOPIC: Impact of rising geopolitical tensions in the Middle East
TOPIC: Impact of rising geopolitical tensions in the Middle East 14 ◼ Since FY2022, when fuel prices surged following the escalation of the Russia–Ukraine conflict, we have enhanced our resilience to fluctuations in fuel and electricity market prices through measures such as the stable operation of
Slide 15: Business model (flow of electricity and payments)
Business model (flow of electricity and payments) 15 Flow of electricity Power generation Transmission & Distribution Retail Customers Flow of payments Power generation sector Transmission & Distribution sector* Retail sector Customers Kyushu Electric Power Kyushu Electric Power Kyushu Electric Powe
Slide 16: Electricity procurement and sales
Electricity procurement and sales 16 Electricity generated and received （FY2025） 102.8 TWh Generated 58.8 TWh Received 46.9 TWh -3% 23% 28% 1% 5% 23% 21% 1% Pumped Thermal Nuclear Renewables Hydro Others Renewables Hydro storage Decrease due to transmission losses, etc. Total electricity sales （FY20
Slide 17: Installed generation capacity
Installed generation capacity 17 Major power generation capacity of the Kyuden Group: 15,865 MW*1 Nuclear: 4,140 MW Thermal Power: 7,498 MW Renewables: 1,927 MW Pumped Storage: 2,300 MW 4 nuclear power units LNG-fired: 5 power sources 3 sites across 2 sites • Shin Kokura: 1,200 MW • Shin Oita: 2,875
Slide 18: Nuclear power generation
Nuclear power generation １８ ◼ All four of our nuclear reactors are back in operation. All major safety works have been finished, including specialized safety facilities. Our nuclear power plant utilization rate (%) Ref. Operational status of nuclear power plants in Japan Shutdown of all nuclear powe
Slide 19: Overview of our electricity sales
Overview of our electricity sales 19 Sales volume FY2025 Retail 68.6 TWh Wholesale Households Industry Wholesale market provides (Lighting: 24.7TWh) (Power: 43.9TWh) opportunities to sell electricity on spot 24.7 TWh market, futures market and other 29.6 TWh 36% 64% (25%) markets, including to compe
Slide 20: Our customer base in Kyushu
Our customer base in Kyushu 20 ◼ Our market share in Kyushu is approximately 80% in both Households and Industry.*1 Households Industry 100% 100% Share of Kyushu EP Share of Kyushu EP in Kyushu area in Kyushu area 83 % 77 % 90% 90% 80% 80% National average share is 81% 70% 70% National average share
Slide 21: Outline of our electricity rates
Outline of our electricity rates 21 Composition of electricity rate for Households Electricity consumption charge Fuel cost Electricity ＝ Basic ＋ Unit price Monthly Renewable energy × electricity usage ± adjustment ＋ rate fee per kWh surcharge surcharge Composition of electricity rate for Industry E
Slide 22: Fuel cost reflection
Fuel cost reflection 22 ◼ The fuel cost adjustment system reflects fluctuations in fuel prices and exchange rates in electricity rates. ◼ As electricity rates are based on the average fuel costs from three to five months earlier, a timing gap arises between the incurrence of fuel costs and their rec
Slide 23: Transmission and distribution business - Revenue cap system
Transmission and distribution business - Revenue cap system - 23 ◼ The government introduced the Revenue Cap System to promote efficient and planned investment in transmission and distribution networks. ◼ Under this system, utilities submit five-year investment plans. These plans are then reviewed b
Slide 24: Growth Businesses
24 1 Introduction of the Kyuden Group 2 Energy Services Businesses 3 Growth Businesses ・Growth businesses overview 25 ・TOPIC: Transition to a holding company structure 26 ・For each business segment Renewable energy ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Slide 25: Growth businesses overview
Growth businesses overview 25 Japan's largest green energy platform provider, leading the future of renewable A solutions provider addressing global energy with a growing global reach energy issues through new value creation Energy Services Businesses Business Area A partner for a smart society that
Slide 26: TOPIC: Transition to a holding company structure
TOPIC: Transition to a holding company structure 26 ◼ We will continue to pursue further growth in our energy services businesses and promote the development of growth businesses in order to achieve our strategic vision. ◼ To this end, we decided to transition to a holding company structure, which e
Slide 27: Renewable energy
Renewable energy 27 ◼ Since 1951, the Kyuden Group has developed hydro, geothermal, and other renewables using Kyushu’s natural resources. The Group’s renewable power sources Kamishiiba hydro power plant Solar 64MW [ 3% ] Wind 183MW [ 9% ] Biomass 163MW [ 8% ] Hatchobaru geothermal power plant Our s
Slide 28: Renewable energy
Renewable energy 28 ◼ The group company Kyuden Mirai Energy plays a central role in the renewable energy business. ◼ Kyuden Mirai Energy carries out the entire process of surveying, developing, and operating the five renewable energy sources. Our Strengths Our Strategy • Leveraging five key renewabl
Slide 29: Renewable energy - Status of development projects
Renewable energy - Status of development projects - 29 Renewable energy development plan (as of March 2026） Domestic Power station, etc. Location Total output (kW) Remarks 13,600 Scheduled to go operational in June 2026 Jikumaru Oita (+1,100) ［12,500kW→13,600kW］ 9,900 Scheduled to go operational in
Slide 30: Overseas business
Overseas business 30 ◼ We are engaged in high-efficiency gas-fired power generation, transmission and distribution, and renewable energy businesses, contributing to the realization of a low-carbon society. UK US Invested in subsea Entered the U.S. O&M transmission projects for market through the off
Slide 31: Overseas business
Overseas business 31 ◼ Focusing on promising sectors from the early stages of development, we aim to enhance profitability by providing optimal solutions tailored to each country and region. Our Strengths Our Strategy • Deploying technical expertise and talent across diverse segments of the energy v
Slide 32: Overseas business - Major projects
Overseas business - Major projects - 32 Power generation business project (As of April 2026) Generation type Start of Operation Output Ownership Equity output /Investment Mexico : Tuxpan II Gas 2001/12 495 MW 50.0% 248 MW Mexico : Tuxpan V Gas 2006/9 495 MW 50.0% 248 MW China : Inner Mongolia Wind 2
Slide 33: ICT service
ICT service 33 ◼ Through its electric power business, the Kyuden Group has built infrastructure, technological capabilities, and trust with local communities. These strengths are now being leveraged to expand its ICT services business. Fiber-optic network service Smartphone service Security measures
Slide 34: ICT service
ICT service 34 ◼ Providing reliable communication infrastructure and offering a wide range of ICT services and solutions, including broadband, cybersecurity, and mobile technologies. Our Strengths • Proven track record in supporting stable power supply Our Strategy through communication and IoT tech
Slide 35: Urban development
Urban development 35 ◼ The Kyuden Group has been involved in real estate businesses, including leasing unused land, managing office buildings, and developing residential properties. ◼ Today, we are advancing initiatives such as selling all-electric condominiums and operating office buildings that ut
Slide 36: Urban development
Urban development 36 ◼ Driving urban development by leveraging expertise gained through energy, real estate, and public-private partnership projects, while creating synergies with the electric power business. Our Strengths • Extensive experience and know-how in development and Our Strategy operation
Slide 37: Kyuden Group Strategic Vision 2035
37 1 Introduction of the Kyuden Group 2 Energy Services Businesses 3 Growth Businesses 4 Kyuden Group Strategic Vision 2035 ・Management targets 38 ・Financial targets 39-40 ・Progress toward financial targets 41-42 ・Cash flow image for FY2030 43 ・Strategic investments from FY2025 to FY2035 44 ・Dividen
Slide 38: Management targets
Management targets 38 Financial targets Under Reviewing Environmental targets FY2030 FY2035 FY2030 FY2035 Consolidated Supply chain GHG 0.36 0.29 ROIC 3.3％ Approx. 4% emission intensity kg-CO2/kWh kg-CO2/kWh Consolidated ¥180 billion ¥200 billion Electrification rate Residential: 70% Residential: 75
Slide 39: Financial targets
Financial targets 39 ◼ Of the 3.3% consolidated ROIC for FY2030, 2.5% or more has been set for the energy services businesses and about 6% for the growth businesses. Under Reviewing ROIC and Ordinary Income by Business Segment (rough estimate) Consolidated ordinary income Consolidated ROIC Ordinary
Slide 40: Financial targets
Financial targets 40 ◼ The consolidated ROIC target is set based on the assumption that the WACC level will be achieved, while taking into account the need to both strengthen the medium- to long-term financial base and increase shareholder value. Under Reviewing *1 FY2024 FY2030 FY2035 Target Target
Slide 41: Progress toward financial targets
Progress toward financial targets 41 ◼ Out of the consolidated ordinary income of ¥207.0 billion for FY2025, the energy services businesses accounted for ¥154 billion, while the growth businesses accounted for ¥54 billion. ◼ The consolidated ROIC at the end of FY2025 was 3.7%. 【Actual Results for Or
Slide 42: Progress toward financial targets
Progress toward financial targets 42 【FCF】 （Billion of Yen） 【Equity Ratio】 （％） FY2030 Target: 241.7 Secure a stable Excluding hybrid bonds, 19.9 equity ratio of including preferred shares 17.3 73.0 20% or higher 55.0 FY2030 Target: 15.5 Approx. 12.1 16.6 ¥50 billion 10.4 13.8 (63.0) 12.1 10.2 8.6 Ex
Slide 43: Cash flow image for FY2030
Cash flow image for FY2030 43 ◼ To enhance our ability to generate free cash flow, we will seize opportunities such as increased electricity demand from semiconductor factories and data centers to expand operating cash flow. ◼ At the same time, we will thoroughly manage investment cash flow, careful
Slide 44: Strategic investments from FY2025 to FY2035
Strategic investments from FY2025 to FY2035 44 ◼ We define investments to execute our key strategies as strategic investments, and will allocate cash with a focused and strategic approach. By doing so, we aim to achieve sustainable profit growth in both our energy services businesses and growth busi
Slide 45: Dividend policy
Dividend policy 45 ◼ We will maintain stable dividends as a fundamental principle. Decisions will be made based on the fiscal year’s performance, while comprehensively considering medium- to long-term income and financial conditions. ◼ In the near term, decisions will be made with a focus on balanci
Slide 46: Appendix
Appendix
Slide 47: Financial results for FY2025
Financial results for FY2025 47 Financial highlights (consolidated) ◼ Despite a decline in retail electricity sales volume, profit improved year-on- （Billion of Yen） year mainly due to: FY2025 FY2024 Change*2 • Increase in wheeling fee revenue Sales 2,247.2 2,356.8 -109.6 (-4.7%) • Decrease in fuel
Slide 48: Financial forecasts for FY2026
Financial forecasts for FY2026 48 Forecast of consolidated financial results （Billion of Yen） ◼ Ordinary income is expected to decrease to approximately ¥180.0 FY2026 FY2025 Change*2 billion, falling below the previous fiscal year's level, despite higher Sales 2,300.0 2,247.2 52.8 sales and increase
Slide 49: Financial results for FY2026 Q1
Financial results for FY2026 Q1 49 Financial highlights (consolidated) （Billion of Yen） ◼ Despite a negative fuel cost adjustment time lag impact and lower retail FY2026 Q1 FY2025 Q1 Change*2 electricity sales volume, profit increased year-on-year mainly due to: Sales 532.6 498.3 34.3 (6.9%) • Highe
Slide 50: Financial results for FY2026 Q1 - Peer Utility Comparison
Financial results for FY2026 Q1 -Peer Utility Comparison- 50 Ordinary Income (billions of yen) including timing differences excluding timing differences FY2026 1Q FY2025 1Q Change (YoY, %) FY2026 1Q FY2025 1Q Change (YoY, %) Kyushu EP 86.3 59.1 +27.1 (+45.9%) 94.3 49.1 +45.2 (+92.0%) TEPCO HD (9501)
Slide 51: Five-year financial data
Five-year financial data 51 Sales (Billion of yen) Ordinary Income (Billion of yen) 2,356.8 excl. time lag effect 2,221.3 2,139.4 2,247.2 incl. time lag effect 238.1 194.6 207.0 1,743.3 199.0 177.1 182.6 101.3 32.3 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 (22.6) (86.6) Cash Flow (Billion of
Slide 52: Overview of key ESG targets and data
Overview of key ESG targets and data 52 ◼ Kyuden Group is promoting sustainability management ESG Data Highlights that aims to generate both social and economic value Unit 2020 2021 2022 2023 2024 through its business activities. Supply chain GHG emissions*5 Scope 1 million t-CO2 22.11 17.49 23.69 1
Slide 53: Contacts
Discover more about the Kyuden Group Financial Results Financial Data Book Every quarter an overview of our financial More detailed info on our financial situation Contacts and major financial indicators. performance Investor Relations Group Corporate Strategy Division TEL : +81 92 726 1575 EMAIL: i
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