Shikoku Electric Power Company, Incorporated · TSE:9507
Shikoku Electric Power — FY2025 Earnings Presentation
60 slides from Shikoku Electric Power's earnings presentation, May 8, 2026
Slide 1: Financial Results Briefing for FY2025
Financial Results Briefing for FY2025 (April 1, 2025 – March 31, 2026) May 8, 2026 Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Slide 2: Contents
Contents Key Points of Consolidated Financial Results and ➢ Overview of Key Initiatives by Business Area from FY2026 26 3 Forecasts of Consolidated Financial Results & Dividends ➢ Key Initiatives for FY2026 (Power Generation Business) 27 I. Overview of Consolidated Financial ➢ [Topics] Power Generat
Slide 3: Key Points of Consolidated Financial Results and Forecasts
Key Points of Consolidated Financial Results and 3 Forecasts of Consolidated Financial Results & Dividends [Consolidated Financial Results for FY2025] Revenue Decrease and Profit Decrease Revenues Profit Dividend Ordinary profit < Interim dividend> 761.8 billion yen 67.8 billion yen ¥25 per share Ch
Slide 4: Overview of Consolidated Financial Results for FY2025
Ⅰ. OVERVIEW OF CONSOLIDATED FINANCIAL RESULTS FOR FY2025
Slide 5: Summary of Financial Results
5 Summary of Financial Results (Refer to page 7 to 8 for details) (100 million yen) FY2025 FY2024 Change Growth rate Revenues 7,618 8,513 (895) (10.5)% Operating 6,940 7,623 (683) (9.0)% Expenses Operating Profit 678 890 (212) (23.8)% Non-Operating 0 25 (25) (98.3)% Profit (Loss) Ordinary Profit 678
Slide 6: Key Data
6 Key Data Key Factors for Electric Key Factors for Businesses Other Power Business than Electric Power (million kWh) FY2025 FY2024 Change FY2025 FY2024 Change [IT/Communications] Total Electricity Supplied**1 34,346 35,609 (1,263) Number of FTTH contract (10,000 cases) 39.1 38.3 0.8 [Energy] Electr
Slide 7: Details of Consolidated Financial Results
Details of Consolidated Financial Results 7 (Electric Power and Businesses Other than Electric Power) (100 million yen) FY2025 FY2024 Change Growth rate (Factors contributing to change: 100 million yen) Electricity Sales (Retail) (5.6)% ① ① [Electricity Sales (Retail)] Electric Power * 4,912 * 5,206
Slide 8: Factors Contributing to Change in Consolidated Ordinary Profit
8 Factors Contributing to Change in Consolidated Ordinary Profit from Previous Fiscal Year (100 million yen) (238) FY2024 FY2025 <Electric Power> (240) Amortization of Deterioration actuarial gains and Increase in in the supply- losses related to maintenance demand balance retirement benefits expens
Slide 9: Ordinary Profit (by Segment)
Ordinary Profit (by Segment) 9 (100 million yen) Ordinary Profit FY2025 Consolidated Ordinary Profit by Segment FY2025 FY2024 Change Power Generation & Sales Transmission & Distribution Consolidated 678 916 (238) IT/Communications Others Electric Power 434 674 (240) (100 million yen) Segment (Before
Slide 10: Changes in Consolidated Results
10 Changes in Consolidated Results (100 million yen) (100 million yen) 1,200 8,332 8,513 9,000 1,100 7,874 Revenues 7,618 8,000 1,000 890 916 Operating Profit 900 7,000 800 6,419 785 800 Ordinary Profit 700 683 678 678 6,000 Net profit attributable to 605 owners of parent 600 508 5,000 500 400 4,000
Slide 11: Cash Flows
11 Cash Flows *Plus is income, ( ) is expenditure (100 million yen) FY2025 FY2024 Change Cash Flows from Operating Activities 822 1,298 (476) Ordinary Profit 678 916 Depreciation 594 591 Others (450) (209) Cash Flows from Investing Activities (1,500) (929) (571) Capital Expenditures (1,241) (774) In
Slide 12: Financial Position
12 Financial Position (100 million yen) Mar 31, 2026 Mar 31,2025 Change Main reasons for the increase or decrease Assets 17,343 16,874 469 Business assets 9,517 8,988 529 ・Capital expenditures +1,161 ・Depreciation (594) Nuclear fuel 1,473 1,429 44 Investments, etc. 6,351 6,456 (105) ・Investments and
Slide 13: Changes in Capital Structure
13 Changes in Capital Structure (100 million yen) (%) 27.4% Accued Epenses, etc. 30,000 26.0% Bonds and Loans 25.0 Shareholders' Equity* 25,000 22.1% Shareholders' Equity 20.8% Ratio *Shareholders Equity 20,000 20.0 = (Net Assets) ― (Minority interests) 18.3% 17,343 16,290 16,874 16,120 15,007 3,326
Slide 14: Shareholder Returns
14 Shareholder Returns Paying stable dividends is our basic policy for returns to shareholders, which is decided in the light of comprehensive consideration of business results, financial position, and medium-to long-term business conditions. In FY2025, we plan to pay a year-end dividend of ¥25
Slide 15: Progress of the Medium-Term Management Plan 2025 ①
Progress of the Medium-Term Management Plan 2025 ① 15 ROA Shareholders’ Equity Ratio 5.9% 27.4% 5.3% 26.0% 2025 Target 25% or more 4.4% 22.1% 2025 Target 20.8% Interest Bearing Approx. 3% Debt Ratio: 18.3% 2 times or less (0.4)% (1.0)% [ ROE: Approx. 8%] 2021 2022 2023 2024 2025 2021 2022 2023 2024
Slide 16: Progress of the Medium-Term Management Plan 2025 ②
Progress of the Medium-Term Management Plan 2025 ② 16 Cash Flows from operating activities Dividends [yen] [billion yen] 143.6 Early realization of a 50 yen per share dividend 50 129.8 40 11.0 billion yen 82.2 30 30 49.8 36 0 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Cash Flows [Cumulative T
Slide 17: Forecast of Consolidated Financial Results for FY2026
Ⅱ. FORECAST OF CONSOLIDATED FINANCIAL RESULTS FOR FY2026
Slide 18: Forecasts of Ordinary Profit and Dividends for FY2026
18 Forecasts of Ordinary Profit and Dividends for FY2026 Dividends per share [Forecast] (yen) Forecasts of Consolidated Financial Results < Reference > FY2026 Forecast FY2025 Results (100 million yen) < Reference > Interim dividend 27.5 25 FY2026 Forecast FY2025 Results Year-end dividend 27.5 25 Rev
Slide 19: Factors Contributing to Change from FY2025 Results
19 Factors Contributing to Change from FY2025 Results (100 million yen) FY2025 -278 FY2026 Actual Forecast (Electric Power) -269 Improvement Amortization of in the supply- actuarial gains and demand balance losses related to ＋25 retirement benefits Increase in various (133) expenses Decrease in Prof
Slide 20: Forecast of Ordinary Profit (by Segment)
20 Forecast of Ordinary Profit (by Segment) (100 million yen) FY2026 Consolidated Ordinary Profit by Segment Ordinary Profit Electric Power IT/Communications Others < Reference > FY2026 Forecast FY2025 Actual Change (100 million yen) Consolidated 400 678 ( 278 ) Electric Power 165 434 ( 269 ) 135 Se
Slide 21: Future Challenges of the Medium-Term Management Plan 2030
Ⅲ ．FUTURE CHALLENGES OF THE MEDIUM-TERM MANAGEMENT PLAN 2030 The full version of “Shikoku Electric Power Group Medium-Term Management Plan 2030” is available on our website. Please refer to the following links: 【Japanese version 】https://www.yonden.co.jp/corporate/ir/policy/medium-term_management_pl
Slide 22: Management Targets for the Medium-Term Management Plan 2030
22 Management Targets for the Medium-Term Management Plan 2030 We aim for sustainable growth while maintaining financial soundness, enhancing capital efficiency, and achieving stable shareholder returns. With regard to the targets of ROE and Shareholder returns, we aim for their continuous achieveme
Slide 23: FY2026 Outlook for Management Targets under Plan 2030
FY2026 Outlook for Management Targets under the Medium-Term Management 23 Plan 2030 ＜Expansion of profit＞ ＜FY2026 [Forecast]＞ ＜Targets on FY2030＞ 65.0 billion yen or more 40.0 billion yen Ordinary Profit Achieved in FY2030 ＜Cash generation＞ 116.0 billion yen 550.0 billion yen or more (The annual ave
Slide 24: Business development under the Medium-Term Management Plan 2030
24 Business development under the Medium-Term Management Plan 2030 In Medium-term Management Plan 2030, We view the trends toward “Decarbonization” and “Digitalization,” as our opportunities, and we plan to pursue the following initiatives in each business area: ✓ we position the energy business whi
Slide 25: FY2026 Management Policy
25 FY2026 Management Policy (Initiatives Based on the Business Environment) <Key Favorable Factors (Opportunities)> <Key Worsening Factors (Risks)> Overall Power demand growing due to advancing Rising prices, labor costs, and interest rates; competition for talent; Business digitalization increased
Slide 26: Overview of Key Initiatives by Business Area from FY2026
26 Overview of Key Initiatives by Business Area from FY2026 In pursuit of the targets set in the Medium-Term Management Plan 2030: FY2026 Management Proactively develop initiatives that capture favorable factors and Steadily implement initiatives that prepare for worsening factors and Policy help to
Slide 27: Key Initiatives for FY2026 (Power Generation Business)
27 Key Initiatives for FY2026 (Power Generation Business) Core Businesses - Power Generation Business - Planned construction site for Unit 5 ◼ Promoting Power Source Renewal and Low-/Decarbonization (Decommissioning of Aging Thermal Power Plants / Construction of Sakaide Unit 5) • This April, we fin
Slide 28: Power Generation Initiatives in Response to Middle East Developments
28 [Topics] Power Generation Initiatives in Response to Middle East Developments ◼ Fuel Procurement Initiatives in Response to Middle East Developments • In light of the Middle East situation and other factors, uncertainty over global fossil fuel supply and demand and future prices is increasing. We
Slide 29: Key Initiatives for FY2026 (Electricity Retail and T&D)
Key Initiatives for FY2026 29 (Electricity Retail and Transmission & Distribution Businesses) Core Businesses - Electricity Retail Business - ◼ Initiatives to Strengthen the Foundation of the ■ Sales Activities at Appropriate Pricing Levels Electricity Business ~ Generating demand by attracting data
Slide 30: Key Initiatives for FY2026 (Construction & Engineering, IT)
Key Initiatives for FY2026 (Construction & Engineering and Information & Communications 30 Businesses) Core Businesses - Construction & Engineering Business - ■ Group Company Initiatives across Diverse Fields • While systematically securing human resources to maintain and strengthen construction cap
Slide 31: Key Initiatives for FY2026 (International Business)
Key Initiatives for FY2026 (International Business) 31 ■ Risk Management in the International Business Expansion Areas - International Business - For the 6 power generation projects in 4 countries in the Middle East in which we are currently participating, there has been no direct damage to date, in
Slide 32: Key Initiatives for FY2026 (Decarbonized Power & Energy Solutions)
Key Initiatives for FY2026 (Decarbonized Power Supply & Energy 32 Solutions Business) - Decarbonized Power Supply & Energy Challenge Areas Solutions Business - ■ Strengthening the Development and Sales of Decarbonized Power • We are aiming for annual sales of 1 billion kWh of decarbonized power by F
Slide 33: Supplemental Data for FY2025
33 Supplemental Data for FY2025 [Segment Information] [Time Series Data] ➢Overview of Financial Results by Segment ➢Ordinary Profit, ROIC&ROE (Reference)Changes in Results by Segment ➢PBR&PER ➢Plant and Equipment Expenditures ➢DOE, Total payout ratio, Total dividends & Total share repurchases [Elect
Slide 34: Segment Results: Power Generation & Sales
34 1. Segment Information Overview of Financial Results by Segment: Power Generation & Sales [Revenues] 630.1 billion yen (Decrease) [Ratio of Sales to External Revenues decreased by ¥79.5 billion year on year to ¥630.1 billion, mainly due to a Customers] decrease in retail sales revenue resulting f
Slide 35: Segment Results: Transmission & Distribution
35 Overview of Financial Results by Segment: Transmission & Distribution [Revenues] 230.5 billion yen (Decrease) [Ratio of Sales to External Revenues decreased by ¥21.5 billion year on year to ¥230.5 billion, mainly due to a Customers] decrease in connection supply wheeling charges and revenues rela
Slide 36: Segment Results: IT/Communications
36 Overview of Financial Results by Segment: IT/Communications [Revenues] 52.7 billion yen (Increase) [Ratio of Sales to External Customers] Revenues increased by ¥2.4 billion year on year to ¥52.7 billion, mainly due to an increase in number of subscribers of retail optical services [FTTH] and data
Slide 37: Segment Results: Energy
37 Overview of Financial Results by Segment: Energy [Ratio of Sales to External [Revenues] 27.0 billion yen (Increase) Customers] Revenues increased by ¥0.4 billion year on year to ¥27.0 billion. [Ordinary Profit] 5.3 billion yen (Decrease) Ordinary profit decreased by ¥0.3 billion year on year to ¥
Slide 38: Segment Results: Construction/Engineering
38 Overview of Financial Results by Segment: Construction/Engineering [Ratio of Sales to External [Revenues] 58.9 billion yen (Increase) Customers] Revenues increased by ¥3.7 billion year on year to ¥58.9 billion. [Ordinary Profit] 5.1 billion yen (Decrease) 41% Ordinary profit decreased by ¥0.3 bil
Slide 39: Segment Results: Others
39 Overview of Financial Results by Segment: Others [Ratio of Sales to External [Revenues] 42.2 billion yen (Increase) Customers] Revenues increased by ¥6.3 billion year on year to ¥42.2 billion due to an increase in sales for manufacturing business, etc. 28% [Ordinary Profit] 3.9 billion yen (Incre
Slide 40: (Reference) Changes in Results by Segment
40 (Reference) Changes in Results by Segment *All before the elimination of intercompany transactions Power Generation & Sales Transmission & Distribution IT/Communications Ordinary Profit Revenues Ordinary profit Revenues Ordinary Profit Revenues (100 million yen) (100 million yen) (100 million yen
Slide 41: Plant and Equipment Expenditures
41 Plant and Equipment Expenditures (100 million yen) FY2025 FY2024 Changes Power Generation & Sales 675 413 262 Renewable energy 51 76 (25) Thermal 419 43 376 Nuclear 104 138 (34) Nuclear fuel 84 149 (65) Transmission & Distribution 361 283 78 Transmission 93 75 18 Transformation 122 82 40 Distribu
Slide 42: Electricity Sales
42 2. Electric Power-Related Electricity Sales Electricity Sales (million kWh) FY2025 FY2024 Change Growth rate Major Factors Contributing to Changes Total Electricity Supplied* 34,346 35,609 (1,263) (3.5)% Electricity Sales (Retail) 22,894 22,720 174 0.8 % -Increase in contract demand, etc. Lightin
Slide 43: Electricity Supplied, Consumption of Fossil Fuels
43 Electricity Supplied, Consumption of Fossil Fuels Electricity Supplied (million kWh) FY2025 FY2024 Change Growth rate Details Nuclear 6,042 5,722 320 5.6 % ・Nuclear Capacity Factor (%) 77% → 81% Own Generated Hydro* 1,633 2,163 (530) (24.5)% ・Flow Rate 99% → 80% Power New Energy* 7 4 3 60.3 % The
Slide 44: Time Lag Effect of Fuel Cost Adjustment System
44 Time Lag Effect of Fuel Cost Adjustment System ○ Time Lag Effect of FY2025 is Approx. 5.0 billion yen. ※Monthly fuel prices are reflected in the fuel cost adjusted unit price with a 3-5 months delay. Time Lag Effect is the difference between Average Fuel Price applied to electricity charges as a
Slide 45: Retail Sales Power Share of PPS (Extra High, High Voltage)
45 Retail Sales Power Share of PPS (Extra High,High Voltage：Shikoku Area) (%) 30 25 All over Japan 20 19.6 15 10 9.9 5 Shikoku Area 0 (y/m) 2022/1 4 7 10 2023/1 4 7 10 2024/1 4 7 10 2025/1 4 7 10 2026/1 （Source）Electricity and Gas Market Surveillance Commission “ Electricity transaction report ” All
Slide 46: Retail Sales Power Share of PPS (Low Voltage)
46 Retail Sales Power Share of PPS (Low Voltage：Shikoku Area) (%) 30 All over Japan 25.6 25 20 15 13.8 Shikoku Area 10 5 0 2022/1 4 7 10 2023/1 4 7 10 2024/1 4 7 10 2025/1 4 7 10 2026/1 (y/m) （Source）Electricity and Gas Market Surveillance Commission “ Electricity transaction report ” All Rights Res
Slide 47: Changes in the Number of Electrified Housing Contracts
Changes in the Number of Electrified Housing Contracts (Cumulative：Shikoku Area) 47 Electric housing adoption ratio in new built houses:% 74.8 72.9 80 69.6 70.5 68.3 70 Number 440 of electrified housing contracts (Cumulative: Number of1,000 households) electrified housing contracts 60 (Cumulative: 1
Slide 48: Changes in JEPX Spot Market Prices in Shikoku Area
48 Changes in JEPX spot market prices in Shikoku area FY2024 average price FY2025 average price Shikoku area：10.66 yen/kWh Shikoku area：8.85 yen/kWh （West Japan area：11.59 yen/kWh） （West Japan area：10.28 yen/kWh） （yen/kWh） 30 25 20 Shikoku area Shikoku area average average 8.85 yen/kWh 10.66 yen/kWh
Slide 49: Feed-in Tariff Scheme for Renewable Energy
49 Feed-in Tariff Scheme for renewable energy : Cash flow Electricity customers Renewable Energy Power Generators ①Collection of surcharge ⑤Payment for the purchase of renewable energy （Other current liabilities） （Purchased power charge: ③＋④） Electricity retailers Obligated purchaser*¹ （Shikoku Elec
Slide 50: Time Series Data: Ordinary Profit, ROIC & ROE
３．Time Series Data 50 Ordinary Profit, ROIC & ROE (100 million yen) Ordinary Profit ROE ROIC (Right axis) (Right axis) FY2030 Management （％） 18.4 17.1 Targets 1500 20.0 11.1 FY2026-FY2030 15.0 1350 ROE 8% 6.4 5.4 5.6 6.2 10.0 3.9 1200 0.9 (1.4) 5.0 (2.1) 5.4 FY2030 5.0 4.0 - 1050 1.7 2.6 2.3 2.4 2.5
Slide 51: PBR & PER
51 PBR&PER PBR（左軸） (Left axis) PER（右軸） (Right axis) （Times） （Times） 59.0 （Results as of the end of FY2020） 1.8 35.0 1.6 30.0 1.4 25.0 22.2 Aim to improve 1.2 20.0 PBR and PER 16.3 1.0 13.2 PBR of 1x, PER of 15x 15.0 9.7 0.75 0.8 0.87 10.0 0.83 0.83 0.68 0.54 7.1 0.6 5.0 0.54 0.54 4.1 0.52 0.52 3.5 0
Slide 52: DOE, Total Payout Ratio, Dividends & Share Repurchases
52 DOE, Total payout ratio, Total dividends & Total share repurchases Total payout ratio Total dividends Total share repurchases DOE（％） DOE 300 4.0 (%) FY2030 203.4 Management Targets 250 3.0 3.0 Total payout （Results as of the end of FY2020） FY2026-FY2030 ratio (%) 2.2 2.3 Stable dividend 2.1 50 2.
Slide 53: Operating Profit, Ordinary Profit & Profit Attributable to Owners of Parent
Operating Profit (Loss), Ordinary Profit (Loss) 53 & Profit (Loss) Attributable to Owners of Parent 1100 Operating Profit (Loss) Ordinary Profit (Loss) 890 100 million yen 900 Profit (Loss) Attributable to Owners of Parent 916 785 678 800 700 683 678 605 500 508 370 400 292 312 300 257 280 279 300 2
Slide 54: Total Assets, Shareholders' Equity & Equity Ratio
54 Total Assets, Shareholders’ Equity & Shareholders’ Equity Ratio ％ 28,000 Total assets 30.0 27.4 Shareholders' equity ratio（Right-hand scale） 28.0 26.0 100 million yen Shareholders' equity 24,000 26.0 23.3 23.5 23.6 23.6 22.8 24.0 22.1 20.8 22.0 20,000 20.0 18.3 17,343 18.0 16,000 16,874 16,120 16
Slide 55: Interest Bearing Debts & Interest Bearing Debts Ratio
55 Interest Bearing Debts & Interest Bearing Debts Ratio Times 16,000 Interest bearing debts 3.6 Interest bearing debts ratio（Right-hand scale） 3.4 3.2 3.2 14,000 3.0 100 million yen 2.7 2.8 2.5 2.4 2.6 12,000 2.3 2.2 2.2 2.2 2.4 2.0 2.0 2.2 2.0 10,000 1.8 9,482 1.6 9,172 9,272 8,992 1.4 8,000 8,602
Slide 56: Cash Flows
56 Cash Flows 100 million yen 2,000 Cash flows from operating activities Cash flows from investing activities Free cash flow 1,500 1,436 1,298 1,235 1,000 1,073 817 822 415 463 500 368 545 522 498 213 73 360 0 (278) (371) (555) (500) (752) (603) (819) (824) (677) (1,000) (893) (916) (973) (929) (999
Slide 57: Plant and Equipment Expenditures
57 Plant and Equipment Expenditures 100 million yen Electric Power Power Generation/Retail Distribution 1400 Businesses Other than Electric Power Telecommunications Other 1200 181 230 52 1000 45 60 58 26 27 66 361 35 47 800 45 91 51 55 66 82 267 420 69 20 204 197 52 216 37 207 282 47 600 283 231 266
Slide 58: Main ESG Data ① (Environment)
58 Main ESG Data ① Item Unit FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Excluding FIT free-of- charge distribution*1 10,000 tons- 1,372 1,312 1,170 1,122 1,101 CO2 emissions Including FIT free-of- CO2 charge distribution*2 1,252 1,186 1,041 1,007 1,018 CO2 emission factor (including FIT free-of-charg
Slide 59: Main ESG Data ② (Social, Governance)
59 Main ESG Data ② Item Unit FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Male 3.3 5.7 9.6 35.5 47.5 76.8 Ratio of employees % taking childcare leave Female 100.0 100.0 100.0 100.0 100.0 100.0 Male 15.9 16.5 17.2 18.7 17.9 17.3 Number of paid vacation Day(s) days *9 Female 15.8 15.9 16.1 18.5 16.4 17.8
Slide 60: Caution Regarding Business Forecasts and Forward-Looking Statements
Caution Regarding Business Forecasts and Forward-Looking Statements In addition to historical facts regarding Shikoku Electric Power Company and its subsidiaries and affiliated companies, this presentation contains business forecasts and other forward-looking statements. These statements are based o
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