Tokyo Electric Power Company Holdings, Incorporated · TSE:9501

Tokyo Electric Power — FY2025 Earnings Presentation

52 slides from Tokyo Electric Power's earnings presentation, Apr 30, 2026

  1. Slide 1: FY2025 Financial Results

    FY2025 Financial Results (April 1, 2025 – March 31, 2026) 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 Financial Results

    1 Overview of FY2025 Financial Results (Released on April 30, 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 historical facts but ra

  4. Slide 4: Consolidated Financial Results Summary

    1. Consolidated Financial Results Summary 2 【Main Points of the FY2025 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 Adjustment Sy

  5. Slide 5: Key Factors Affecting Financial Results

    (Ref.) Key Factors Affecting Financial Results 3 Electricity Sales Volume (Unit: Billion kWh) FY2025 FY2024 Comparison (A) (B) (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 213.2 228.6 -15.4 93.3 Retail Electricity Sales Volume *1 171.9 187.2 -15.2 91.9 Wholesale Electricity Sales Volume *2 41.

  6. Slide 6: Overview of Each Company

    2. Overview of Each Company 4 (Unit: Billion Yen) FY2025 FY2024 Comparison (A) (B) (A)-(B) (A)/(B) (%) Operating Revenue 6,328.5 6,810.3 -481.8 92.9 TEPCO Holdings (HD) 826.8 796.2 +30.6 103.8 TEPCO Fuel & Power (FP) 3.7 3.7 -0.0 97.9 TEPCO Power Grid (PG) 2,294.3 2,345.2 -50.8 97.8 TEPCO Energy Par

  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 the impact of fuel procurement prices and increased profits from overseas and renewable power generation businesses. ➢ PG: Ordinary profit increased

  8. Slide 8: Consolidated Extraordinary Income (Losses)

    4. Consolidated Extraordinary Income (Losses) 6 (Unit: Billion Yen) FY2025 FY2024 Comparison (A) (B) (A)-(B) Extraordinary Income 184.9 87.3 +97.6 Gain on sale of shares of subsidiaries and *1 103.0 – +103.0 associates Grants-in-aid from Nuclear Damage Compensation *2 81.8 87.3 -5.4 and Decommission

  9. Slide 9: Consolidated Financial Position

    5. Consolidated Financial Position 7 ➢ Total assets balance increased by ¥588.6 billion mainly due to an increase in non-current assets, despite a decrease in current assets. ➢ Total liabilities balance increased by ¥956.3 billion mainly due to an increase in provision for loss on disaster. ➢ Total

  10. Slide 10: Dividends and FY2026 Consolidated Performance Forecast

    6. Dividends and FY2026 Consolidated Performance Forecast 8 【Dividends】 ➢ TEPCO decided not to pay out fiscal 2025 year-end dividends ➢ No interim and year-end dividends are planned for FY2026 【FY2026 Consolidated Performance Forecast】 ➢ To be determined ©Tokyo Electric Power Company Holdings, Inc.

  11. Slide 11: Year-on-Year Comparisons for TEPCO HD

    (Ref.) Year-on-Year Comparisons for TEPCO HD 9 Ordinary Profit (Loss) (Unit: Billion Yen) Increase in profits: Profit structure 179.6 billion Profit includes dividend income, decommissioning Decrease in nuclear subsidy income, management support fees, and power-related costs FY2025 wholesale electri

  12. Slide 12: Year-on-Year Comparisons for TEPCO FP

    (Ref.) Year-on-Year Comparisons for TEPCO FP 10 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. profits: 25.6 billion Excluding Impact of Timing Dif

  13. Slide 13: Year-on-Year Comparisons for TEPCO PG

    (Ref.) Year-on-Year Comparisons for TEPCO PG 11 Ordinary Profit (Loss) (Unit: Billion Yen) Profit structure Operating revenue is mainly transmission revenue, Decrease in costs related to supply Increase in and this is fluctuated by area demand. and demand profits: Expenses are mainly for repairs exp

  14. Slide 14: Year-on-Year Comparisons for TEPCO EP

    (Ref.) Year-on-Year Comparisons for TEPCO EP 12 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. (Unit: Billion Y

  15. Slide 15: Year-on-Year Comparisons for TEPCO RP

    (Ref.) Year-on-Year Comparisons for TEPCO RP 13 Ordinary Profit (Loss) (Unit: Billion Yen) Profit structure Operating revenue is mainly wholesale electricity sales of hydroelectric and renewable energies. Expenses are mainly for depreciation and repair expenses. Decreases in Decrease in Decrease in

  16. Slide 16: Image of Timing Differences

    (Ref.) Image of Timing Differences 14 (Unit: Billion Yen) FY2023 FY2024 FY2025 Ordinary Profit (Loss ) Ordinary Profit (Loss) Ordinary Profit (Loss) 425.5 254.4 417.3 Excluding impact of Excluding impact of Excluding impact of timing differences timing differences timing differences 196.5 252.4 389.

  17. Slide 17: Trends in Interest-bearing Debt Balance

    (Ref.) Trends in Interest-bearing Debt Balance 15 (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.

  18. Slide 18: Trends in Capital Expenditures & Depreciation

    (Ref.) Trends in Capital Expenditures & Depreciation 16 (Billion Yen) (FY) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  19. Slide 19: Trends in Free Cash Flow (FCF)

    (Ref.) Trends in Free Cash Flow (FCF) 17 (Billion Yen) (FY) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  20. Slide 20: Comparison with FY2025 Consolidated Performance Forecast

    (Ref.) Comparison with FY2025 Consolidated Performance Forecast 18 (Unit: Billion Yen) FY2025 FY2025 Comparison Results (A) Forecast (B) (A)-(B) (A)/(B) (%) Operating Revenue 6,328.5 6,462.0 -133.5 97.9 Operating Profit (Loss) 337.6 228.0 +109.6 148.1 Ordinary Profit (Loss) 417.3 277.0 +140.3 150.6

  21. Slide 21: Comparison with FY2025 Forecast (Key Factors)

    (Ref.) Comparison with FY2025 Consolidated Performance Forecast (Key Factors) 19 Area Demand (Unit: Billion kWh) FY2025 FY2025 Comparison Results (A) Forecast (B) (A)-(B) (A)/(B) (%) Area Demand 268.3 267.8 +0.5 100.2 Exchange Rate/CIF FY2025 FY2025 (A)-(B) Results (A) Forecast (B) Foreign Exchange

  22. Slide 22: Comparison with FY2025 Forecast (Overview of Each Company)

    (Ref.) Comparison with FY2025 Consolidated Performance Forecast (Overview of Each Company) 20 (Unit: Billion Yen) FY2025 FY2025 Comparison Results (A) Forecast (B) (A)-(B) (A)/(B) (%) Operating Revenue 6,328.5 6,462.0 -133.5 97.9 TEPCO Holdings (HD) 826.8 811.0 +15.8 101.9 TEPCO Fuel & Power (FP) 3.

  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 37 The Status of Grants-in-aid from Nuclear Damage Compensation and 25 ALPS Treated Water

  25. Slide 25: FY2025 Financial Results Detailed Information

    23 FY2025 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) Comparison FY2025(A) FY2024(B) (A)-(B) (A)/(B) (%) Operating Revenue 6,328.5 6,810.3 -481.8 92.9 Operating Expenses 5,990.8 6,575.9 -585.0 91.1 Operating Profit (Loss) 337.6 234.4 103.2 144.0 Non-operating Income 195.2 132.2 63.0 147.7 Share o

  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) Cumulative Item FY2010 to FY2024 FY2025 Amount ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitatio

  28. Slide 28: Consolidated Balance Sheets

    Consolidated Balance Sheets 26 (Unit: Billion Yen) <Interest-bearing debt balance> (Unit: Billion Yen) Mar 31 Mar 31 Comparison Mar 31 Mar 31 (A)-(B) 2026 (A) 2025 (B) 2026 (A) 2025 (B) (A)-(B) (A)/(B) (%) Bonds Payable 3,541.0 3,535.0 6.0 Total Assets 15,575.6 14,986.9 588.6 103.9 Long-term Borrowi

  29. Slide 29: Consolidated Statements of Cash Flows

    Consolidated Statements of Cash Flows 27 (Unit: Billion Yen) Comparison FY2025 (A) FY2024 (B) (A)-(B) Cash flows from operating activities 560.3 361.2 199.0 Profit (Loss) before income taxes -394.3 198.7 -593.1 Depreciation 389.0 367.5 21.5 Increase (Decrease) in provision for loss on disaster** 660

  30. Slide 30: Overview of Consolidated Cash Flows

    Overview of Consolidated Cash Flows – Year-on-Year Comparison 28 ✓ Cash and cash equivalents as of March 31, 2026 increased by ¥10.2 billion to ¥936.6 billion. - Cash flows from operating activities increased ¥560.3 billion mainly due to recording of operating profit - Cash flows from investing acti

  31. Slide 31: Key Factors Affecting Financial Results

    Key Factors Affecting Financial Results 29 *1 Total of EP consolidated (EP/PinT) and PG (last resort supply/islands) Key Factors Affecting Financial Results *2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation) *3 The crude oi

  32. Slide 32: Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume

    Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume 30 Retail Electricity Sales Volume (EP Consolidated) (Unit: Billion kWh) FY2025 Apr–Sep Oct–Dec Jan Feb Mar Jan–Mar Full year Lighting 27.84 12.93 6.48 6.51 5.06 18.05 58.81 Power 59.18 26.63 9.10 9.02 8.76 26.88 112.68 To

  33. Slide 33: Gas Supply Business

    Gas Supply Business 31 Sales Volume Operating Revenue (Million Ton) (Billion Yen) (FY) * Before FY2015: former TEPCO (Non-consolidated), After FY2016: TEPCO EP * After April 2017: Full liberalization of gas market <FY2025 Results> Operating Revenue : Recorded ¥286.9 billion, a decrease of ¥23.4 bill

  34. Slide 34: Schedules for Public Bond Redemption

    Schedules for Public Bond Redemption 32 (Billion Yen) Amount at Maturity (As of March 31, 2026) TEPCO Public Bond TEPCO PG Public Bond TEPCO RP Public Bond * (FY) Note: The amount redeemed for FY2025 totaled ¥304.0 billion * As no redemptions are scheduled for FY2041–FY2043, those fiscal years are o

  35. Slide 35: Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS)

    33 25 Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS) ©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.

  36. Slide 36: Status of Kashiwazaki-Kariwa NPS

    Status of Kashiwazaki-Kariwa NPS 34 ✓ On April 16, commercial operation of Unit 6 at the Kashiwazaki-Kariwa NPS resumed. ✓ The foundation of our management and safety is the reflection on and lessons learned from the accident at Fukushima Daiichi NPS. Keeping these reflections and lessons close to h

  37. Slide 37: Construction Process of Specialized Safety Facility

    Construction Process of Specialized Safety Facility 35 ✓ The Specialized Safety Facility (SSF) is a backup facility designed to prevent damage to the reactor containment vessel against intentional acts, including a large aircraft crash into reactor buildings and other acts of terrorism. ✓ SSF have a

  38. Slide 38: Current Status of Fukushima Daiichi NPS and Future Initiatives

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

  39. Slide 39: Current Situation and Status of Units 1 through 4

    Current Situation and Status of Units 1 through 4 37 ✓ 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

  40. Slide 40: ALPS Treated Water Discharge Results & Plans

    ALPS Treated Water Discharge Results & Plans 38 ✓ In FY2025, we planned seven discharges and completed them by March 24, 2026. (Annual water discharge volume: 55,011m3 ; Annual tritium discharge volume: approx. 16.0 trillion Bq) ✓ In FY2026, we plan eight discharges. (Annual water discharge volume:

  41. Slide 41: 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) 39 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

  42. Slide 42: Preparatory Work and Cost Recognition related to Fuel Debris Retrieval

    (Ref.) Preparatory Work and Cost Recognition related to Fuel Debris Retrieval 40 ✓ 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

  43. Slide 43: Revision of Estimated Expenditure for Fuel Debris Retrieval

    (Ref.) Revision of the Estimated Expenditure related to Retrieval of Fuel Debris 41 42 ✓ 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

  44. Slide 44: 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 42 ✓ The amount of compensation paid as of the end of March 2026 was ¥11,682.7 billion. Mar. 22, 2022 ＜Amount of compensation paid and amount of compensation to be paid＞ 12,586.5 (+84.6) Mar. 3, 2025 13,597.1 Mar.

  45. Slide 45: Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima

    (Ref.) Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima 43 ✓ On January 26, 2026, 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 to fulfill our resp

  46. Slide 46: Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima

    (Ref.) Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima 44 Status of securing ¥500.0 billion per year (Billion Yen) FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 ①Decommissioning Reserve Fund 391.3 361.1 280.4 260.0 260.1 270.0 260.1 262.0 260.7 ②Special Co

  47. Slide 47: Efforts to Increase Corporate Value

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

  48. Slide 48: Main Efforts to Increase Corporate Value –1

    Main Efforts to Increase Corporate Value –1 46 <TEPCO Holdings(HD)> January 28, 2026 TEPCO HD entered into an absorption-type company split agreement (simplified absorption-type split) with Nomura Real Estate Development Co., Ltd., pursuant to which Nomura Real Estate Development will succeed to TEP

  49. Slide 49: Main Efforts to Increase Corporate Value –2

    Main Efforts to Increase Corporate Value –2 47 <TEPCO Energy Partner(EP)> January 22, 2026 TEPCO EP signed a “Partnership Agreement for Achieving Carbon Neutrality” with Hosei University, with the aim of effectively and continuously promoting measures toward carbon neutrality, accelerating Hosei Uni

  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

  51. Slide 51: Initiatives to Achieve Carbon Neutrality (CN) –1

    Initiatives to Achieve Carbon Neutrality (CN) –1 49 The TEPCO Group has been promoting initiatives toward achieving a carbon-neutral society. In the Fifth Comprehensive Special Business Plan announced this January, we identify “securing decarbonized power sources” and “achieving CN” as key initiativ

  52. Slide 52: Initiatives to Achieve Carbon Neutrality (CN) –2

    Initiatives to Achieve Carbon Neutrality (CN) –2 50 FY2040 toward 2050 Secure decarbonized power sources for more than 60% of electricity delivered to customers Rapid, Proactive Power Delivery ➢ As GX/DX advance, we will build a next-generation, network leveraging distributed power sources and Power

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