Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — Q3 FY2025 Earnings Presentation

49 slides from Tokyo Electric Power's earnings presentation, Jan 29, 2026

  1. Slide 1: FY2025 3rd Quarter Financial Results

    FY2025 3rd Quarter Financial Results (April 1 – December 31, 2025) Tokyo Electric Power Company Holdings, Inc. ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  2. Slide 2: ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

    ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  3. Slide 3: Overview of FY2025 3rd Quarter Financial Results

    1 Overview of FY2025 3rd Quarter Financial Results (Released on January 29, 2026) Regarding Forward-Looking Statements Certain statements in the following presentation regarding TEPCO Group’s business operations may constitute “forward-looking statements.” As such, these statements are not historica

  4. Slide 4: Consolidated Financial Results Summary

    1. Consolidated Financial Results Summary 2 【Main Points of the FY2025 3rd Quarter Financial Results】 ➢ Operating Revenue decreased mainly due to a decrease in total electricity sales volume. ➢ Ordinary Profit (Loss) remained at the same level as the same period of the previous year mainly due to a

  5. Slide 5: Key Factors Affecting Performance

    (Ref.) Key Factors Affecting Performance 3 Electricity Sales Volume (Unit: Billion kWh) FY2025 FY2024 Comparison Apr–Dec (A) Apr–Dec (B) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 157.3 169.0 -11.7 93.1 Retail Electricity Sales Volume *1 126.9 138.3 -11.4 91.8 Wholesale Electricity Sales Vol

  6. Slide 6: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Dec (A) Apr–Dec (B) (A)-(B) (A)/(B) (%) Operating Revenue 4,612.1 4,963.3 -351.1 92.9 TEPCO Holdings (HD) 487.6 524.7 -37.1 92.9 TEPCO Fuel & Power (FP) 2.7 2.8 -0.0 97.8 TEPCO Power Grid (PG) 1,677.0 1,721.2 -44.1 97.4 T

  7. Slide 7: Points of Each Company

    3. Points of Each Company 5 ➢ HD: Ordinary profit decreased mainly due to a decrease in wholesale electricity sales, despite an increase in dividend income. ➢ FP: Ordinary profit increased mainly due to an increase from overseas and renewable energy power generation businesses. ➢ PG: Ordinary profit

  8. Slide 8: Consolidated Extraordinary Income (Losses)

    4. Consolidated Extraordinary Income (Losses) 6 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Dec (A) Apr–Dec (B) (A)-(B) Extraordinary Income – – – Extraordinary Losses 976.2 64.7 +911.4 Extraordinary Losses on disaster *1 905.6 – +905.6 Expenses for Nuclear Damage Compensation *2 70.6 64.7 +5.8

  9. Slide 9: Consolidated Financial Position

    5. Consolidated Financial Position 7 ➢ Total assets balance increased by ¥11.4 billion mainly due to an increase in non-current assets, despite a decrease in current assets. ➢ Total liabilities balance increased by ¥676.0 billion mainly due to an increase in provision for loss on disaster. ➢ Total n

  10. Slide 10: Year-on-Year Comparisons for TEPCO Holdings

    (Ref.) Year-on-Year Comparisons for TEPCO Holdings 8 Ordinary Profit (Loss) (Unit: Billion Yen) Decrease in Profit structure wholesale Decrease in profits: Profit includes dividend income, decommissioning electricity sales subsidy income, management support fees, and Increase in and related ¥11.7 bi

  11. Slide 11: Year-on-Year Comparisons for TEPCO Fuel & Power

    (Ref.) Year-on-Year Comparisons for TEPCO Fuel & Power 9 Ordinary Profit (Loss) Profit structure Main profit is share of profit (loss) of entities (Unit: Billion Yen) accounted for using equity method, such as supply Increase in and demand balance at JERA. Excluding impact of timing differences prof

  12. Slide 12: Year-on-Year Comparisons for TEPCO Power Grid

    (Ref.) Year-on-Year Comparisons for TEPCO Power Grid 10 Ordinary Profit (Loss) (Unit: Billion Yen) Profit structure Decrease in costs Operating revenue is mainly transmission revenue, related to supply and demand and this is fluctuated by area demand. adjustment and Expenses are mainly for repairs e

  13. Slide 13: Year-on-Year Comparisons for TEPCO Energy Partner

    (Ref.) Year-on-Year Comparisons for TEPCO Energy Partner 11 Profit structure Operating revenue is mainly from electricity charges and fluctuates Ordinary Profit (Loss) with electricity sales volume. Expenses are mainly costs for purchased power and for third party’s power transmission services. (Uni

  14. Slide 14: Year-on-Year Comparisons for TEPCO Renewable Power

    (Ref.) Year-on-Year Comparisons for TEPCO Renewable Power 12 Ordinary Profit (Loss) (Unit: Billion Yen) Profit structure Operating revenue is mainly wholesale electricity sales of hydroelectric and renewable energies. Decrease in Expenses are mainly for depreciation and repair profits: expenses. Dec

  15. Slide 15: Image of Timing Differences

    (Ref.) Image of Timing Differences 13 (Unit: Billion Yen) FY2023 FY2024 FY2025 Apr–Dec Apr–Dec Apr–Dec Ordinary Profit (Loss ) Ordinary Profit (Loss) Ordinary Profit (Loss) 518.4 348.7 347.5 Excluding impact of Excluding impact of Excluding impact of timing differences timing differences timing diff

  16. Slide 16: Trends in Interest-bearing Debt Balance

    (Ref.) Trends in Interest-bearing Debt Balance 14 (Billion Yen) (End of FY) * Figures up until FY2015 represent non-consolidated results of the former TEPCO, and figures from FY2016 onward reflect consolidated results ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  17. Slide 17: Trends in Capital Expenditures & Depreciation

    (Ref.) Trends in Capital Expenditures & Depreciation 15 (Billion Yen) (FY) * Excerpt from “3. Plans for New Installations, Retirements, etc. of Facilities” in TEPCO Holdings’ Annual Securities Report for FY2024 (Japanese version only) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  18. Slide 18: Trends in Free Cash Flow (FCF)

    (Ref.) Trends in Free Cash Flow (FCF) 16 ➢ FCF for the period from FY2025 Apr–Sep was negative ¥245.8 billion. (Billion Yen) (FY) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  19. Slide 19: FY2025 Consolidated Performance Forecast

    6. FY2025 Consolidated Performance Forecast 17 (Unit: Billion Yen) FY2025 FY2024 (A)-(B) (Forecasted)(A) (Actual)(B) Operating Revenue 6,462.0 6,810.3 -348.0 Operating Profit (Loss) 228.0 234.4 -6.0 Ordinary Profit (Loss) 277.0 254.4 +23.0 Extraordinary Income (Losses) -902.0 -55.7 -846.0 Profit (Lo

  20. Slide 20: Key Factors for FY2025 Consolidated Performance Forecast

    (Ref.) Key Factors for FY2025 Consolidated Performance Forecast 18 (Unit: Billion kWh) FY2025 FY2024 Comparison (Forecasted)(A) (Actual)(B) (A)-(B) (A)/(B)(%) Total Electricity Sales Volume 216.5 228.6 -12.1 94.7 Retail Electricity Sales Volume 172.0 187.2 -15.2 91.9 Wholesale Electricity Sales Volu

  21. Slide 21: Overview of Each Company for FY2025 Forecast

    (Ref.) Overview of Each Company for FY2025 Consolidated Performance Forecast 19 (Unit: Billion Yen) . FY2025 FY2024 (A)-(B) (Forecasted)(A) (Actual)(B) Operating Revenue 6,462.0 6,810.3 -348.0 TEPCO Holdings (HD) 811.0 796.2 +15.0 TEPCO Fuel & Power (FP) 4.0 3.7 +0.0 TEPCO Power Grid (PG) 2,360.0 2,

  22. Slide 22: Points of Each Company for FY2025 Forecast

    (Ref.) Points of Each Company for FY2025 Consolidated Performance Forecast 20 ➢ HD: Ordinary profit increased mainly due to an increase in dividend income. ➢ FP: Ordinary profit increased mainly due to an increase from overseas and renewable energy power generation businesses. ➢ PG: Ordinary profit

  23. Slide 23: Supplemental Material

    21 Supplemental Material ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  24. Slide 24: Table of Contents

    Table of Contents 22 Financial Results Detailed Information Current Status of Fukushima Daiichi NPS and Future Initiatives Consolidated Statements of Income 24 Current Situation and Status of Units 1 through 4 34 The status of Grants–in-aid from Nuclear Damage Compensation and 25 ALPS Treated Water

  25. Slide 25: FY2025 3rd Quarter Financial Results Detailed Information

    23 FY2025 3rd Quarter Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  26. Slide 26: Consolidated Statements of Income

    Consolidated Statements of Income 24 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Dec (A) Apr–Dec (B) (A)-(B) (A)/(B) (%) Operating Revenue 4,612.1 4,963.3 -351.1 92.9 Operating Expenses 4,353.7 4,652.2 -298.4 93.6 Operating Profit (Loss) 258.4 311.0 -52.6 83.1 Non-operating Income 171.1 112.8 5

  27. Slide 27: Grants-in-aid and Expenses for Nuclear Damage Compensation

    The Status of Grants-in-aid from Nuclear Damage Compensation and Decommissioning 25 Facilitation Corporation and Expenses for Nuclear Damage Compensation (Unit: Billion Yen) FY2025 Cumulative Item FY2010 to FY2024 Apr–Dec Amount ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Fac

  28. Slide 28: Consolidated Balance Sheets

    Consolidated Balance Sheets 26 (Unit: Billion Yen) <Interest-bearing debt balance> (Unit: Billion Yen) Dec 31 Mar 31 Comparison Dec 31 Mar 31 (A)-(B) 2025 (A) 2025 (B) (A)-(B) (A)/(B) (%) 2025 (A) 2025 (B) Total Assets 14,998.4 14,986.9 11.4 100.1 Bonds Payable 3,560.0 3,535.0 25.0 Non-current Asset

  29. Slide 29: Key Factors Affecting Performance

    Key Factors Affecting Performance 27 *1 Total of EP consolidated (EP/PinT) and PG (last resort supply/islands) Key Factors Affecting Performance (Results) *2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation) *3 The crude oil

  30. Slide 30: Monthly Trends in Retail Electricity Sales and Power Generation Volume

    Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume 28 Retail Electricity Sales Volume (EP Consolidated) (Unit: Billion kWh) FY2025 Apr–Sep Oct Nov Dec Oct–Dec Apr–Dec Lighting 27.84 3.96 4.06 4.91 12.93 40.76 Power 59.18 9.30 8.50 8.83 26.63 85.80 Total 87.01 13.25 12.55 1

  31. Slide 31: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 29 (Billion Yen) Amount at Maturity (As of December 31, 2025) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond (FY) Note: The amount redeemed for Apr–Dec of FY2025 totaled ¥265.0 billion ©Tokyo Electric Power Company Holdings, Inc.

  32. Slide 32: Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS)

    30 25 Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  33. Slide 33: Status of Kashiwazaki-Kariwa NPS

    Status of Kashiwazaki-Kariwa NPS 31 ✓ At Unit 6, we began conducting soundness confirmations of the equipment with the reactor in operation on January 20, 2026. ✓ We ensure thorough pre-procedure confirmations before each task, and convene a technical evaluation meeting prior to major work activitie

  34. Slide 34: Construction Process of Specialized Safety Facility

    Construction Process of Specialized Safety Facility 32 ✓ The Specialized Safety Facility (SSF) is a backup facility designed to prevent damage to the reactor containment vessel in the event that large-scale destruction occurs due to intentional acts such as an aircraft crash or other similar attacks

  35. Slide 35: Current Status of Fukushima Daiichi NPS and Future Initiatives

    33 Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  36. Slide 36: Current Situation and Status of Units 1 through 4

    Current Situation and Status of Units 1 through 4 34 ✓ Spent fuel removal from Units 3 and 4 was completed, and preparation work is underway for Units 1 and 2. ✓ Trial retrieval of fuel debris (2nd time) from Unit 2 was completed, and preparation work is underway for Units 1 through 3. Spent Fuel Po

  37. Slide 37: ALPS Treated Water Discharge Results & Plans

    ALPS Treated Water Discharge Results & Plans 35 ✓ The discharge plan for FY2025 includes 7 rounds, with a total discharge volume of Approx. 54,600m3 and an annual tritium discharge of about 15.3 trillion Bq. ✓ The 6th discharge for FY2025 was completed by December 22, 2025. ✓ The regular inspection

  38. Slide 38: Milestones and Progress in the 5th Revision of Mid-and-Long-Term Roadmap

    Milestones and Progress in the 5th Revision of Mid-and-Long-Term Roadmap(December 2019) 36 Maintain Overall Framework of Decommissioning Schedule Dec. 2011 Nov. 2013 Dec. 2021 End of 2031 30 - 40 years after cold shutdown Phase 1 Phase 2 Phase 3-(1) Phase 3 Period until start of spent fuel Period un

  39. Slide 39: Preparatory Work and Cost Recognition related to Fuel Debris Retrieval

    (Ref.) Preparatory Work and Cost Recognition related to Fuel Debris Retrieval 37 ✓ Based on the presentation of preparatory process at the Sub-Committee for the Evaluation of Fuel Debris Retrieval Methods of NDF, which assumes coordination between side/top access, newly anticipated preparatory costs

  40. Slide 40: Revision of the Estimated Expenditure related to Retrieval of Fuel Debris

    (Ref.) Revision of the Estimated Expenditure related to Retrieval of Fuel Debris 38 39 ✓ Based on the presentation of preparatory process at the Sub-Committee for the Evaluation of Fuel Debris Retrieval Methods of NDF, newly anticipated preparatory costs for fuel debris retrieval, totaling ¥903.0 bi

  41. Slide 41: Amount of Compensation for Nuclear Damages Paid and to Be Paid

    Amount of Compensation for Nuclear Damages Paid and Amount of Compensation to Be Paid 39 ✓ The amount of compensation paid as of the end of December 2025 was ¥11,649.7 billion. ＜Amount of compensation paid and amount of compensation to be paid＞ Mar. 22, 2022 ¥12,586.5 billion (+84.6) Mar. 3, 2025 (B

  42. Slide 42: Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima

    (Ref.) Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima 40 ✓ On January 26, 2026, the application for the Fifth Comprehensive Special Business Plan was approved. ✓ There are no changes to the outlook for the necessary funds and the allocation of cost recovery responsibilities

  43. Slide 43: Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima

    (Ref.) Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima 41 Status of securing ¥500.0 billion per year (Billion Yen) FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 ①Decommissioning Reserve Fund 391.3 361.1 280.4 260.0 260.1 270.0 260.1 262.0 ②Special Contributions 7

  44. Slide 44: Efforts to Increase Corporate Value

    42 Efforts to Increase Corporate Value ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  45. Slide 45: Future Electricity Demand Projections in the TEPCO PG Area

    Future Electricity Demand Projections in the TEPCO PG Area 43 ✓ The construction and expansion of data centers and semiconductor plants has been accelerating, and this trend is expected to have a significant impact on electricity demand. ✓ In the TEPCO PG area, peak power demand is projected to incr

  46. Slide 46: Main Efforts to Increase Corporate Value -1

    Main Efforts to Increase Corporate Value -1 44 <TEPCO Holdings(HD)> October 3, 2025 TEPCO HD signed a mutual cooperation agreement with the 3rd Regional Coast Guard Headquarters to ensure the rapid and smooth implementation of emergency measures in the event of a disaster. Under this agreement, the

  47. Slide 47: Main Efforts to Increase Corporate Value -2

    Main Efforts to Increase Corporate Value -2 45 <TEPCO Power Grid(PG)> October 1, 2025 Grid Skyway. LLP, in which TEPCO PG has invested and participated, welcomed Tohoku Electric Power Network Co., Inc. and J-POWER Transmission Network Co., Ltd. as members, establishing a fifteen-company collaboratio

  48. Slide 48: Main Efforts to Increase Corporate Value -3

    Main Efforts to Increase Corporate Value -3 46 <TEPCO Energy Partner(EP)> November 4, 2025 TEPCO EP’s household demand response (DR) service “Eco & Energy Saving Challenge Equipment Control Option” has newly added EcoCute heat pump water heaters manufactured by DAIKIN INDUSTRIES, LTD., Panasonic Cor

  49. Slide 49: Enhancement of Responsibility

    Initiatives to Promote Management Conscious of Capital Cost and Stock Price (Re-presented) 47 ✓ To regain public trust and fulfill our responsibility to Fukushima, we will fully utilize management resources to maximize corporate value with a market-oriented approach, while maintaining the foundation

Tokyo Electric Power Company Holdings — Q3 FY2025 Earnings Presentation on 6ix