Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — Q2 FY2025 Earnings Presentation

50 slides from Tokyo Electric Power's earnings presentation, Oct 30, 2025

  1. Slide 1: FY2025 2nd Quarter Financial Results

    FY2025 2nd Quarter Financial Results (April 1 – September 30, 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 2nd Quarter Financial Results

    1 Overview of FY2025 2nd Quarter Financial Results (Released on October 30, 2025) 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 2nd Quarter Financial Results】 ➢ Operating Revenue decreased mainly due to a decrease in total electricity sales volume. ➢ Ordinary Profit (Loss) increased mainly due to a positive turn in timing differences under the Fuel Cost A

  5. Slide 5: Key Factors Affecting Performance

    (Ref.) Key Factors Affecting Performance 3 Electricity Sales Volume (Unit: Billion kWh) FY2025 FY2024 Comparison Apr–Sep (A) Apr–Sep (B) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 108.3 116.3 -8.0 93.1 Retail Electricity Sales Volume *1 87.3 95.1 -7.8 91.8 Wholesale Electricity Sales Volume

  6. Slide 6: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Sep (A) Apr–Sep (B) (A)-(B) (A)/(B) (%) Operating Revenue 3,150.2 3,354.9 -204.6 93.9 TEPCO Holdings (HD) 335.1 348.4 -13.2 96.2 TEPCO Fuel & Power (FP) 1.8 1.8 -0.0 97.8 TEPCO Power Grid (PG) 1,148.3 1,168.4 -20.1 98.3 T

  7. Slide 7: Points of Each Company

    3. Points of Each Company 5 ➢ HD: Ordinary profit increased mainly due to an increase in dividend income. ➢ FP: Ordinary profit increased mainly due to a positive turn in timing differences at JERA. ➢ PG: Ordinary profit increased mainly due to a decrease in costs related to supply and demand adjust

  8. Slide 8: Consolidated Extraordinary Income (Losses)

    4. Consolidated Extraordinary Income (Losses) 6 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Sep (A) Apr–Sep (B) (A)-(B) Extraordinary Income – – – Extraordinary Losses 966.2 33.6 +932.6 Extraordinary Losses on disaster *1 904.1 – +904.1 Expenses for Nuclear Damage Compensation *2 62.1 33.6 +28.

  9. Slide 9: Consolidated Financial Position

    5. Consolidated Financial Position 7 ➢ Total assets balance decreased by 243.1 billion yen mainly due to a decrease in current assets. ➢ Total liabilities balance increased by 522.5 billion yen mainly due to an increase in provision for loss on disaster. ➢ Total net assets balance decreased by 765.6

  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) Increase in profits: Profit structure 3.4 billion yen Profit includes dividend income, decommissioning FY2025 subsidy income, management support fees, and FY2024 Increase mainly due Apr–Sep nuclear wholes

  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) Decrease in costs Profit structure related to supply and demand Operating revenue is mainly transmission revenue, adjustment and and this is fluctuated by area demand. related factors Others Expenses a

  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 power sales of Increase in hydroelectric and renewable energies. profits: Expenses are mainly for depreciation and repair 2.9 billion yen exp

  15. Slide 15: Image of Timing Differences

    (Ref.) Image of Timing Differences 13 (Unit: Billion Yen) FY2023 FY2024 FY2025 Apr–Sep Apr–Sep Apr–Sep Ordinary Profit (Loss ) Ordinary Profit (Loss) Ordinary Profit (Loss ) 479.6 250.6 282.1 Excluding impact of Excluding impact of Excluding impact of timing differences timing differences timing dif

  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 yen. (Billion Yen) FCF -245.8 (FY) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  19. Slide 19: Supplemental Material

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

  20. Slide 20: Table of Contents

    Table of Contents 18 Financial Results Detailed Information Current Status of Fukushima Daiichi NPS and Future Initiatives Consolidated Statements of Income 20 Current Situation and Status of Units 1 through 4 35 The status of Grants-in-aid from Nuclear Damage Compensation and 21 ALPS Treated Water

  21. Slide 21: FY2025 2nd Quarter Financial Results Detailed Information

    19 FY2025 2nd Quarter Financial Results Detailed Information ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  22. Slide 22: Consolidated Statements of Income

    Consolidated Statements of Income 20 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Sep (A) Apr–Sep (B) (A)-(B) (A)/(B) (%) Operating Revenue 3,150.2 3,354.9 -204.6 93.9 Operating Expenses 2,933.2 3,155.9 -222.7 92.9 Operating Profit (Loss) 217.0 199.0 18.0 109.1 Non-operating Income 117.9 97.6 20

  23. Slide 23: Grants-in-aid from NDF and Expenses for Nuclear Damage Compensation

    The Status of Grants-in-aid from Nuclear Damage Compensation and Decommissioning 21 Facilitation Corporation and Expenses for Nuclear Damage Compensation (Unit: Billion Yen) FY2025 Cumulative Item FY2010 to FY2024 Apr–Sep Amount ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Fac

  24. Slide 24: Consolidated Balance Sheets

    Consolidated Balance Sheets 22 (Unit: Billion Yen) <Interest-bearing debt balance> (Unit: Billion Yen) Sep 30 Mar 31 Comparison Sep 30 Mar 31 (A)-(B) 2025 (A) 2025 (B) 2025 (A) 2025 (B) (A)-(B) (A)/(B) (%) Bonds Payable 3,445.0 3,535.0 -90.0 Total Assets 14,743.8 14,986.9 -243.1 98.4 Long-term Borro

  25. Slide 25: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 23 (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Sep (A) Apr–Sep (B) (A)-(B) Cash flows from operating activities 164.6 52.8 111.7 Profit (Loss) before income taxes -684.3 217.0 -901.3 Depreciation 191.6 179.2 12.3 Increase (Decrease) in provision for loss on

  26. Slide 26: Overview of Consolidated Cash Flows

    Overview of Consolidated Cash Flows - Year on Year Comparison 24 ✓ Cash and cash equivalents as of September 30, 2025 decreased by 305.1 billion yen to 621.2 billion yen. - Cash flows from operating activities increased 164.6 billion yen mainly due to the recording of operating profit - Cash flows f

  27. Slide 27: Key Factors Affecting Performance

    Key Factors Affecting Performance 25 *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

  28. Slide 28: Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume

    Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume 26 Retail Electricity Sales Volume (EP Consolidated) (Unit: Billion kWh) FY2025 Apr-Jun Jul Aug Sep Jul–Sep Apr–Sep Lighting 11.89 4.85 5.64 5.45 15.94 27.84 Power 26.61 10.87 10.93 10.77 32.56 59.18 Total 38.50 15.72 16.5

  29. Slide 29: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 27 (Billion Yen) Amount at Maturity (As of September 30, 2025) TEPCO Public Bond TEPCO Power Grid Public Bond TEPCO Renewable Power Public Bond (FY) Note: The amount redeemed for Apr–Sep of FY2025 totaled 240.0 billion yen ©Tokyo Electric Power Company Holdings,

  30. Slide 30: Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS)

    28 25 Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  31. Slide 31: Status of Kashiwazaki-Kariwa NPS

    Status of Kashiwazaki-Kariwa NPS 29 ✓ At Unit 6, we conducted soundness confirmations by October 28 following the completion of fuel loading, and confirmed that the main systems required for reactor startup are operating properly. ✓ We believe that the restart should be based on the understanding of

  32. Slide 32: Construction Process of Specialized Safety Facility

    Construction Process of Specialized Safety Facility 30 ✓ 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

  33. Slide 33: Communication with Local Communities

    Communication with Local Communities 31 ✓We continue to carry out listening and public relations activities across Niigata Prefecture, sincerely addressing opinions and questions from local communities and focusing on providing clear explanations regarding “plant safety,” “our reliability,” “the nec

  34. Slide 34: New Initiatives to Contribute to Niigata Prefecture

    New Initiatives to Contribute to Niigata Prefecture 32 ✓ We will invest and contribute to promote “revitalizing regional economies” and “building infrastructure that provides safety and comfortable life” in Niigata Prefecture. ✓ We are contributing to revitalizing the regional economies in Niigata P

  35. Slide 35: Building a New System of Governance

    Building a New System of Governance 33 ✓ External experts have been brought in as “fresh blood” to join the newly established Kashiwazaki-Kariwa NPS Steering Committee alongside internal directors, working together to deliberate on power station operations. ✓ Unlike previous committees, Steering Com

  36. Slide 36: Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives

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

  37. Slide 37: Current Situation and Status of Units 1 through 4

    Current Situation and Status of Units 1 through 4 35 ✓ 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. Removed fuel(

  38. Slide 38: ALPS Treated Water Discharge Results & Plans

    ALPS Treated Water Discharge Results & Plans 36 ✓ The 5th discharge for FY2025 is started on October 30, 2025. • Planned period: October 30 to November 17 • Planned discharge volume: Approx. 7,800m3 • Estimated tritium discharge: About 2.0 trillion Bq ✓ The discharge plan for FY2025 includes 7 round

  39. Slide 39: 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) 37 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

  40. Slide 40: Preparatory Work and Cost Recognition related to Fuel Debris Retrieval

    (Ref.) Preparatory Work and Cost Recognition related to Fuel Debris Retrieval 38 ✓ 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

  41. Slide 41: Revision of the Estimated Expenditure related to Retrieval of Fuel Debris

    (Ref.) Revision of the Estimated Expenditure related to Retrieval of Fuel Debris 39 40 ✓ 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 bil

  42. Slide 42: 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 40 ✓ The amount of compensation paid as of the end of September 2025 was 11,617.3 billion yen. ＜Amount of compensation paid and amount of compensation to be paid＞ Mar. 22, 2022 ¥12,586.5 billion (+84.6) Mar. 3, 202

  43. Slide 43: Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima

    (Ref.) Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima 41 ✓ In December 2023, the Japanese Government’s Nuclear Emergency Response Headquarters decided to raise the maximum limit on issuance of national bonds related to compensation, decontamination, and interim storage faci

  44. Slide 44: Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima

    (Ref.) Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima 42 Status of securing 500.0 billion yen 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 Contribution

  45. Slide 45: Efforts to Increase Corporate Value

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

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

    Main Efforts to Increase Corporate Value -1 44 <TEPCO Holdings(HD)> July 24, 2025 TEPCO HD, together with 10 other entities, applied for the program organized by the New Energy and Industrial Technology Development Organization (NEDO), titled “Technology Development for Securing and Optimizing Power

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

    Main Efforts to Increase Corporate Value -2 45 <TEPCO Power Grid(PG)> July 10, 2025 The joint venture between TEPCO PG and TOKYO ELECTRIC POWER SERVICES CO., LTD. signed a contract with the Japan International Cooperation Agency (JICA) on April 7 for the “Project for Strengthening Power System Capab

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

    Main Efforts to Increase Corporate Value -3 46 <TEPCO Energy Partner(EP)> August 6, 2025 TEPCO EP, together with Sumitomo Realty & Development Co., Ltd., Sumitomo Fudosan Housing Co., Ltd., and TEPCO HomeTech, Inc., started a demonstration project using ultra-lightweight and thin solar panels for de

  49. Slide 49: Future Electricity Demand Projections in the TEPCO PG Area

    Future Electricity Demand Projections in the TEPCO PG Area (Re-presented) 47 ✓ Since FY2024, there has been a notable increase in the construction and expansion of data centers and semiconductor plants, which is expected to have a significant impact on electricity demand. ✓ In the TEPCO PG area, pea

  50. Slide 50: Initiatives to Promote Management Conscious of Capital Cost and Stock Price

    Initiatives to Promote Management Conscious of Capital Cost and Stock Price (Re-presented) 48 ✓ 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 — Q2 FY2025 Earnings Presentation on 6ix