Chugoku Electric Power Co., Inc. TSE:9504
Chugoku Electric Power : Supporting Document of FY 3/2026 Financial Results
Source: MarketScreener
Supporting document of FY 3/2026 financial results
The Chugoku Electric Power Co., Inc.
April 28, 2026
In this report, the term Fiscal Year 3/2026 refers to the period
between April 1, 2025 and March 31, 2026.
I. Financial Results for FY 3/2026 | ・・・・・ ・ | ① ~ Ⓑ |
II. Financial Results Forecast for FY 3/2027 and Dividend Policy | ・・・・・ ・ | ⑨ ~ ⑱ |
(Reference) Supplemental Data | ・・・・・ ・ | ⑲ ~ ㉛ |
Contents
I. Financial Results for FY 3/2026
Summary of Consolidated Financial Results 1
Operating revenues fell by ¥86.9 billion year on year to ¥1,442.3 billion due to the factors such as a decline in fuel cost adjustment amounts in conjunction with falling fuel prices, despite an increase in retail electricity sales volume.
Operating profit decreased by ¥38.9 billion year on year to ¥90.2 billion. This was mainly due to increased competition in wholesale and retail businesses and a decrease in profit in the power transmission and distribution business, despite the profit improvement from the operation of Shimane Nuclear Power Station Unit 2 and an increase in the total electricity sales volume driven by new customer acquisition.
Ordinary profit including non-operating profit/loss such as interest paid decreased by
¥48.3 billion year on year to ¥80.2 billion.
Profit attributable to owners of parent after recording extraordinary income and deducting
income taxes decreased by ¥29.9 billion year on year to ¥68.5 billion.
(Billions of yen)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | YoY growth (A-B)/B | |
Operating revenues | 1,442.3 | 1,529.2 | -86.9 | -5.7% |
Operating profit | 90.2 | 129.1 | -38.9 | -30.1% |
Ordinary profit | 80.2 | 128.5 | -48.3 | -37.6% |
Profit attributable to owners of parent | 68.5 | 98.4 | -29.9 | -30.4% |
(Billions of yen)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | ||
Ordinary revenues | 1,478.7 | 1,558.8 | -80.1 | |
Operating revenues | 1,442.3 | 1,529.2 | -86.9 | |
Non-operating income | 36.4 | 29.6 | 6.7 | |
Ordinary expenses | 1,398.5 | 1,430.3 | -31.8 | |
Operating expenses | 1,352.0 | 1,400.0 | -47.9 | |
Non-operating expenses | 46.4 | 30.2 | 16.1 | |
Operating profit | 90.2 | 129.1 | -38.9 | |
Ordinary profit | 80.2 | 128.5 | -48.3 | |
Extraordinary income | (Note1) 10.5 | (Note1) 12.1 | -1.6 | |
Extraordinary losses | — | 13.9(Note2) | -13.9 | |
Income taxes | 22.2 | 28.2 | -6.0 | |
Profit attributable to owners of parent | 68.5 | 98.4 | -29.9 | |
Note1: The Company recorded gains on sales of nuclear fuel.
Note2: The Company recorded a loss on sales of property of ¥7.0 billion due to the transfer of the land, buildings, and equipment of the former Shimonoseki Power Station, and an impairment loss of ¥6.9 billion related to Chugoku Electric Power Australia Resources.
2. Consolidated Statements of Operations
2
Consolidated Ordinary Profit -48.3 billion
FY 3/2025
FY 3/2026
3.経常利益の変動要因【連結】 4
3.経常利益の変動要因【連結】 4
3. Factors Affecting Consolidated Ordinary Profit
3
(Billions of yen)
180
160
140
Time lag
of the fuel cost
Increase in the total electricity sales volume
17.0
11.0
Decrease in ordinary profit of Chugoku Electric Power Transmission & Distribution
120
adjustment system
-1.0
Increase in
Company
-36.2
-15.1
-24.0
Others
100
FY 3/2025 :
nuclear power
operations
Increased competition (wholesale and retail businesses )
80
60 128.5
40
20
0
Approx. +11.0 billion FY 3/2026 :
Approx. +10.0 billion
Increase in maintenance expenses* -8.3 Decrease in water flow* -4.4
Increase in interest expense -11.3, etc.
*Attributable to Chugoku Electric Power
80.2
【117.5】
Figures in square brackets 【】 represent the profit excluding the effects of any time lag of the fuel cost adjustment system.
【70.2】
(Billions of kWh)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | YoY growth (A-B)/B | |||
Total electricity sales volume | 56.81 | 51.75 | 5.06 | 9.8% | ||
Retail electricity sales volume | Lighting | 14.91 | 15.53 | -0.62 | -4.0% | |
Power | 30.52 | 26.19 | 4.33 | 16.5% | ||
Subtotal | 45.42 | 41.72 | 3.70 | 8.9% | ||
Electricity sales volume to other power companies | 11.39 | 10.02 | 1.36 | 13.6% | ||
Note 1: The amounts indicated are the total electricity sales volume by Chugoku Electric Power.
Note 2: Amounts do not include the amount of retail power used in-house or the amount of electricity sales volume to other power companies in relation to imbalances/adjusted power supply, etc.
Note 3: There may be discrepancies in totals due to rounding.
4. Total Electricity Sales Volume
4
Total electricity sales volume increased by 9.8% year on year to 56.81 billion kWh.
Retail electricity sales volume increased by 8.9% year on year to 45.42 billion kWh.
Electricity sales volume to other power companies increased by 13.6% year on year to 11.39 billion kWh.
(Billions of kWh)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | YoY growth (A-B)/B | |||
Generated and received electricity | 61.08 | 55.69 | 5.39 | 9.7% | ||
Generated by Chugoku Electric Power | 34.64 | 30.62 | 4.01 | 13.1% | ||
(Water flow rate) | (86.5%) | (101.1%) | (-14.6%) | -4.6% | ||
Hydroelectric | 3.43 | 3.59 | -0.17 | |||
Thermal | 24.72 | 24.95 | -0.22 | -0.9% | ||
(Capacity factor) | (87.9%) | (27.6%) | (60.3%) | 219.0% | ||
Nuclear | 6.32 | 1.98 | 4.34 | |||
New energy sources | 0.17 | 0.11 | 0.07 | 63.7% | ||
Received from other companies | 28.26 | 26.45 | 1.80 | 6.8% | ||
Power used for water pumping | -1.81 | -1.38 | -0.42 | 30.6% | ||
Note 1: The amounts indicated are the power generated and received by Chugoku Electric Power.
Note 2: Shimane Nuclear Power Station Unit 2 has restarted power generation, connected to the grid since December 23, 2024.
Note 3: Power received from other companies includes power pertaining to imbalances/adjusted power supply, etc. The power amounts indicated are those identified as of the end of the fiscal year.
Note 4: The difference between the total amount of power generated and received and the total electricity sales volume is the amount of power loss, etc. Note 5: There may be discrepancies in totals due to rounding.
5. Power Generated and Received
5
Generated and received electricity increased by 9.7% year on year to 61.08 billion kWh.
Our own thermal power generation decreased due to factors such as an increase in nuclear power generation.
Nuclear power generation increased as a result of the operation of Shimane Nuclear Power Station Unit 2.
6. Summary of Segment Information 6
In the comprehensive energy business, operating revenues decreased due to the factors such as a decline in fuel cost adjustment amounts in conjunction with falling fuel prices, despite an increase in retail electricity sales volume. Operating profit decreased mainly due to increased competition in wholesale and retail businesses, despite the profit improvement from the operation of Shimane Nuclear Power Station Unit 2 and an increase in the total electricity sales volume driven by new customer acquisition.
In the power transmission and distribution business, operating profit decreased primarily due to a decline in standard connection and wheeling revenue and an increase in maintenance and outsourcing expenses resulting particularly from rising prices, despite increased profit from settlements among general electricity transmission and distribution utilities.
(Billions of yen)
FY 3/2026
(A)
FY 3/2025
(B)
Difference
(A-B)
Comprehensive energy
Operating revenues
1,314.3
1,408.0
-93.7
Operating profit
70.2
95.1
-24.9
Power transmission
and distribution
Operating revenues
473.8
511.5
-37.6
Operating profit
12.0
25.2
-13.1
Information and tele-
communications
Operating revenues
49.8
49.4
0.4
Operating profit
4.8
4.7
0.1
Others
Operating revenues
112.3
110.5
1.8
Operating profit
6.7
7.5
-0.7
Adjustment
Operating revenues
(-508.0)
(-550.3)
(42.2)
Operating profit
(-3.8)
(-3.4)
(-0.3)
Total
Operating revenues
1,442.3
1,529.2
-86.9
Operating profit
90.2
129.1
-38.9
FY 3/2026
(A)
FY 3/2025 (B)
Difference (A-B)
Exchange rate (¥/$)
151
153
-2
All Japan CIF crude oil price ($/b)
71.4
82.4
-11.0
All Japan CIF imported coal price ($/t)
121.0
151.0
-30.0
Nuclear capacity factor (%)
87.9
27.6
60.3
Note: Crude oil and imported coal CIF prices are preliminary figures for FY 3/2026.
7. Key Factors
7
FY 3/2026
FY 3/2025
Overview of financial
results
Decrease in revenue(-86.9) Decrease in profit (-48.3) for 2 consecutive years
Decrease in revenue(-99.5) Decrease in profit (-65.5) for the first time in 3 years
Operating revenues
1,442.3
1,529.2
Operating profit
90.2
129.1
Ordinary profit
80.2
128.5
Profit attributable to owners of parent
68.5
98.4
Consolidated Statements of Operations
Consolidated Balance Sheets
(Billions of yen)
(Billions of yen)
FY 3/2026 | FY 3/2025 | |
Total assets | 4,620.5 | 4,360.9 |
Net assets | 775.2 | 705.8 |
Shareholders’ equity ratio | 16.8% (19.0%(Note 2) ) | 16.2% (18.5%(Note 2) ) |
Interest-bearing debts | 3,332.5 | 3,181.3 |
Note 1: Increases/decreases in profit in the overview of financial results are based on ordinary profit.
Note 2: This indicates the shareholders’ equity ratio if the ¥50.0 billion of the hybrid corporate bonds already raised (announced on December 3, 2021) and ¥50.0 billion of transition-linked hybrid loans already raised (announced on September 29, 2022) are both treated as equity capital.
Reference
(Statements of Operations and Balance Sheets (Consolidated))
8
II. Financial Results Forecast for FY 3/2027 and Dividend Policy
(Billions of yen)
FY 3/2027 Forecast (A) | FY 3/2026 (B) | Difference (A-B) | |
Operating revenues | 1,490.0 | 1,442.3 | 47.6 |
Operating profit | 52.0 | 90.2 | -38.2 |
Ordinary profit | 40.0 | 80.2 | -40.2 |
Profit attributable to owners of parent | 31.0 | 68.5 | -37.5 |
Shareholders’ equity ratio | Approx.16.9% (Approx.19.1%(Note)) | 16.8% (19.0%(Note)) | |
Capital expenditure | Approx. 430.0 | 282.7 | 147.2 |
Note: This indicates the shareholders’ equity ratio if the ¥50.0 billion of the hybrid corporate bonds already raised (announced on December 3, 2021) and ¥50.0 billion of transition-linked hybrid loans already raised (announced on September 29, 2022) are both treated as equity capital.
1. Summary of Consolidated Financial Results Forecast
9
Operating revenues are expected to increase mainly due to an increase in the total electricity sales volume and an increase in fuel cost adjustment amounts.
Profit is expected to decrease due to the factors such as a decline in nuclear power operations, a decline in profit from the power transmission and distribution business and significant loss from the time lag of the fuel cost adjustment system associated with rising fuel prices.
FY 3/2026
Consolidated Ordinary Profit -40.2 billion
FY 3/2027
Forecast
120
80.2
-36.0
40.0
(Billions of yen)
100
80
60
Time lag of the fuel cost adjustment system
FY 3/2026 : Approx. +10.0 billion FY 3/2027 : Approx. - 26.0 billion
10.0
Increase in the total electricity sales volume
Decrease in operating profit in the power transmission and distribution business
Increase in interest expense -2.0, etc.
40
20
Decrease in nuclear power operations
FY 3/2026 : 88% FY 3/2027 : 64%
-3.0 -1.2
-10.0
Others
0
【70.2】 【66.0】
Figures in square brackets 【】 represent the profit excluding the effects of any time lag of the fuel cost adjustment system.
2. Factors Affecting Consolidated Ordinary Profit
(Compared with FY 3/2026)
10
(Billions of yen)
FY 3/2027 Forecast (A) | FY 3/2026 (B) | Difference (A-B) | ||
Comprehensive energy | Operating revenues | Approx. 1,414.0 | 1,314.3 | 99.6 |
Operating profit | Approx. 44.0 | 70.2 | -26.2 | |
Power transmission and distribution | Operating revenues | Approx. 417.0 | 473.8 | -56.8 |
Operating profit | Approx. 9.0 | 12.0 | -3.0 | |
Information and tele-communications | Operating revenues | Approx. 49.0 | 49.8 | -0.8 |
Operating profit | Approx. 2.0 | 4.8 | -2.8 | |
Others | Operating revenues | Approx. 40.0 | 112.3 | -72.3 |
Operating profit | Approx. 2.0 | 6.7 | -4.7 | |
Adjustment | Operating revenues | (Approx. -430.0) | (-508.0) | (78.0) |
Operating profit | (Approx. -5.0) | (-3.8) | (-1.1) | |
Total | Operating revenues | Approx. 1,490.0 | 1,442.3 | 47.6 |
Operating profit | Approx. 52.0 | 90.2 | -38.2 | |
Note: We have revised the segmentclassification ofsome subsidiaries previously included in the others segmentand reclassified them into the comprehensive energy business or the power transmission and distribution business effective from FY 3/2027.
3. Financial Results Forecast by Segment (Compared with FY 3/2026) 11
In the comprehensive energy, profit is expected to decrease due to the factors such as the loss from the time lag of the fuel cost adjustment system and a decrease in operations of Shimane Nuclear Power Station Unit 2 due to a periodic inspection.
In the power transmission and distribution business, profit is expected to decrease mainly due to a decline in standard connection and wheeling revenue and an increase in expenses for upgrading equipment.
As profits decline are anticipated compared with FY 3/2026 , both ROIC and ROE are expected to decrease.
ROIC
(excluding the effects of any time lag of the fuel cost adjustment system)
ROE
(excluding the effects of any time lag of the fuel cost adjustment system)
2.0%
1.5%
1.0%
0.5%
1.5%
WACC
1.2%
1.7% Approx.
9.0%
8.0%
7.0%
6.0%
5.0%
Cost of
shareholder’s
equity 6.0%
Approx. 6.4%
8.3%
0.0%
FY 3/2026 FY 3/2027
(Forecast)
4.0%
FY 3/2026 FY 3/2027
(Forecast)
Note 1 : Invested capital for ROIC and shareholder’s equity for ROE are calculated based on averages at the beginning and end of the period. Note 2 : The profit used for ROIC calculation is business profit (after tax), which is operating profit plus dividend income, etc.
Note 3 : WACC and cost of shareholder’s equity have been calculated based on CAPM.
Note 4 : In calculating WACC, shareholder’s equity is performed a mark-to-market. Assuming a PBR of 1x, WACC is 1.7%.
Note 5 : Beta value of 0.66 (for Chugoku Electric Power in FY 3/2026), market risk premium of 6.5%.
4-1. Capital Efficiency (ROIC・ROE)
12
FY 3/2027 Forecast | FY 3/2026 | |||
Operating profit (Billions of yen) | ROIC | Operating profit (Billions of yen) | ROIC | |
Comprehensive energy | Approx. 44.0 | Approx. 2.0% | 70.2 | 1.9% |
Power transmission and distribution | Approx. 9.0 | Approx. 0.6% | 12.0 | 0.8% |
Information and telecommunications | Approx. 2.0 | Approx. 2.5% | 4.8 | 6.1% |
Note 1 : ROIC of comprehensive energy is calculated excluding impacts from time lag of the fuel cost adjustment system. Note 2 : Invested capital for ROIC is calculated based on averages at the beginning and end of the period.
Note 3 : The profit used for ROIC calculation is business profit (after tax), which is operating profit plus dividend income, etc.
Note 4 : We have revised the segment classification of some subsidiaries previously included in the others segment and reclassified them into the comprehensive energy business or the power transmission and distribution business effective from FY 3/2027.
4-2. Capital Efficiency (ROIC by Segment)
13
For FY 3/2027, we expect a decline in profit due to factors such as a decline in nuclear power operations and a decline in profit from the power transmission and distribution business, as well as a significant loss from the time lag of the fuel cost adjustment system, which is based on the assumption that current elevated fuel prices will remain high throughout the fiscal year.
Due to the situation in the Middle East, we recognize that the business environment is uncertain, with many risks that could affect our financial performance, including a wider range of fluctuations in fuel prices and other factors, a deterioration in the future procurement environment for fuel and materials, and changes in electricity demand driven by production trends in Japan’s manufacturing industry.
Based on these circumstances, we will continue to closely monitor developments in the business environment and further enhance our risk management efforts, including market risk management. At the same time, we will promote further new customer acquisition, the stable operation of the Shimane Nuclear Power Station, the generation of profits through transactions that capitalize on market price fluctuations, and efficiency improvements across our overall business. With these initiatives, we will work to improve our performance.
5. Stance Regarding Financial Results Forecast
14
Reference (Impact of the deteriorating situation in the Middle East) 15
Although the situation in the Middle East is uncertain, in this financial results forecast, we assume that the currently elevated fuel prices will remain high throughout the fiscal year.
In addition, it is difficult to quantitatively estimate the impact on the procurement environment for fuel and materials if the impact is prolonged, as well as fluctuations in retail electricity sales volume due to production trends in Japan’s manufacturing industry. However, we will strive to secure fuel and materials necessary for business activities and work to secure profits, including wholesale sales.
(Ris ks that may affect the Group's business that are not included in the earnings forecast)
Risks that power plant operations may be restricted due to difficulties in fuel procurement.
Risks that electricity demand may decline due to stagnation in production activities in Japan’s manufacturing industry caused by a shortage of raw materials.
Risks that the balance sheets of overseas businesses and Group companies may deteriorate due to stagnation in economic activities. etc.
We will continue to monitor the situation closely and take measures as necessary to
stabilize our business performance.
Impact of fluctuations in factors on cost of raw materials
(Billions of yen)
FY 3/2027
Forecast
FY 3/2026
Exchange rate
(¥1/$)
2.1
1.8
All Japan CIF crude oil price
($1/b)
1.4
1.4
FY 3/2027
Forecast
FY 3/2026
Total electricity sales volume (Billions of kWh)
60.4
56.81
Exchange rate (¥/$)
160
151
All Japan CIF crude oil price ($/b)
100
71.4
Nuclear capacity factor (%)
64
87.9
Note 1: The total electricity sales volume is the sum of the retail electricity sales volume and the electricity sales volume to
other power companies by Chugoku Electric Power.
Note 2: The total electricity sales volume does not include the amount of retail power used in-house or the amount of electricity sales volume to other power companies in relation to imbalances/adjusted power supply.
Impact of fluctuations in factors on cost of raw materials
(Billions of yen)
FY 3/2027 Forecast | FY 3/2026 | ||
Exchange rate | (¥1/$) | 2.1 | 1.8 |
All Japan CIF crude oil price | ($1/b) | 1.4 | 1.4 |
Water flow rate | (1%) | 0.3 | 0.3 |
Nuclear capacity factor | (1%) | 0.7 | 0.7 |
6. Key Factors
16
7-1. Dividend Policy (For FY 3/2026) 17
Our basic policy on dividends for FY 3/2026 is to use a dividend ratio of 12% as a
guideline, as announced in April 2025.
We also announced in September 2025 that, in the course of considering the Chugoku Electric Power Group Corporate Vision 2040 (the “New Corporate Vision”), we would introduce the concept of dividend on equity (DOE) for dividends from FY 3/2027 onward, with a view to ensuring alignment with the financial strategy and enhancing the predictability of dividends.
In light of our entering the execution phase of the New Corporate Vision in April this year, we have decided to pay dividends for FY 3/2026 with an emphasis on stability and predictability.
The annual dividend will remain unchanged from our previously announced dividend
forecast at ¥27 per share, of which the year-end dividend will be ¥17 per share.
This matter was resolved at a meeting of the Board of Directors held today and is scheduled to be submitted to the General Meeting of Shareholders to be held in June.
《Dividends》 (Dividends per share)
FY 3/2026
FY 3/2025
Interim
¥10
¥5
Year-end
¥17
¥22
Total
¥27
¥27
7-2. Dividend Policy (From FY 3/2027 Onward and Dividend Forecast for FY 3/2027)18
Based on the future direction of shareholder returns, which was announced in September 2025, the dividend policy for FY 3/2027 onward and the dividend forecast for FY 3/2027 are as follows.
<Dividend policy for FY 3/2027 Onward>
In order to provide shareholders with stable dividends even during the process of rebuilding our financial base, we have introduced the concept of dividend on equity (DOE) in deciding dividends starting from FY 3/2027.
Until the start of commercial operation at Shimane Nuclear Power Station Unit 3, we will determine dividends by comprehensively considering the progress in rebuilding our financial base and other factors, while aiming for a DOE of 2%.
<Dividend Forecast for FY 3/2027>
Based on the above dividend policy and comprehensively considering the progress in rebuilding our financial base and other factors, the annual dividend for FY 3/2027 is forecasted at ¥30 per share (interim dividend of ¥15 and year-end dividend of ¥15), which corresponds to a DOE of approximately 1.5%.
FY 3/2027 | |
Interim | ¥15 (Forecast) |
Year-end | ¥15 (Forecast) |
Total | ¥30 (Forecast) |
《Dividends》 (Dividends per share)
We aim for a DOE of 2% even prior to the start of commercial operation at Shimane Nuclear Power Station Unit 3 by promoting the restoration of our financial base.
(Reference) Supplemental Data
(Billions of yen)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | |
Cash flows from operating activities | 237.2 | 186.0 | 51.2 |
Cash flows from investing activities | -236.2 | -358.8 | 122.5 |
Free Cash Flow | 1.0 | -172.8 | 173.8 |
Cash flows from financing activities | 135.3 | 161.1 | -25.7 |
Cash and cash equivalents (increase and decrease) | 136.6 | -11.7 |
1. Summary of Cash Flows
19
(Billions of yen)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | ||||
Ordinary revenues | 1,310.4 | 1,382.1 | -71.6 | |||
Operating revenues | 1,266.7 | 1,342.2 | -75.4 | |||
Electricity sales revenue | 933.5 | 950.0 | -16.4 | |||
Others | 333.1 | 392.2 | -59.0 | |||
Non-operating income | 43.6 | 39.8 | 3.8 | |||
Ordinary expenses | 1,242.9 | 1,286.8 | -43.8 | |||
Operating expenses | 1,200.6 | 1,258.3 | -57.6 | |||
Personnel | 42.6 | 42.6 | -0.0 | |||
Retirement allowances | 0.2 | 1.0 | -0.7 | |||
Material | 572.5 | 670.1 | -97.6 | |||
Fuel | 232.1 | 261.5 | -29.4 | |||
Purchased power | 340.3 | 408.6 | -68.2 | |||
Maintenance | 67.2 | 58.9 | 8.3 | |||
Depreciation | 80.8 | 59.5 | 21.3 | |||
Back-end of nuclear power | 15.9 | 5.6 | 10.3 | |||
Transmission fees of connected supply | 271.2 | 267.5 | 3.7 | |||
Others | 150.0 | 153.7 | -3.6 | |||
Non-operating expenses | 42.3 | 28.5 | 13.8 | |||
Ordinary profit (Operating profit) | 67.4 (66.1) | 95.2 (83.9) | -27.7 (-17.8) | |||
Provision or reversal of reserve for water shortage | — | — | — | |||
Extraordinary income | 10.5 | 12.1 | -1.6 | |||
Extraordinary losses | — | 7.0 | -7.0 | |||
Income taxes, etc. | 18.1 | 17.5 | 0.6 | |||
Profit | 59.8 | 82.9 | -23.1 | |||
2-1. Income Statement
20
(Billions of yen)
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | ||||
Ordinary revenues | 472.9 | 511.3 | -38.3 | |||
Operating revenues | 471.5 | 509.7 | -38.2 | |||
Transmission revenue | 336.2 | 349.8 | -13.6 | |||
Others | 135.2 | 159.8 | -24.6 | |||
Non-operating income | 1.4 | 1.5 | -0.1 | |||
Ordinary expenses | 468.0 | 491.2 | -23.2 | |||
Operating expenses | 459.6 | 484.7 | -25.1 | |||
Personnel | 44.1 | 43.7 | 0.4 | |||
Retirement allowances | 0.6 | 1.1 | -0.5 | |||
Material | 167.2 | 207.2 | -40.0 | |||
Fuel | 2.9 | 3.3 | -0.4 | |||
Purchased power, etc. | 164.2 | 203.8 | -39.5 | |||
Maintenance | 75.3 | 67.8 | 7.5 | |||
Depreciation | 43.5 | 41.8 | 1.7 | |||
Others | 129.3 | 124.1 | 5.2 | |||
Non-operating expenses | 8.4 | 6.5 | 1.8 | |||
Ordinary profit (Operating profit) | 4.8 (11.8) | 20.0 (25.0) | -15.1 (-13.1) | |||
Income taxes, etc. | 0.9 | 5.0 | -4.1 | |||
Profit | 3.9 | 14.9 | -11.0 | |||
<Reference>Electricity demand in the Chugoku region
(Billions of kWh)
FY 3/2026 | FY 3/2025 | Difference |
54.67 | 55.32 | -0.65 |
2-2. Income Statement 21
2. Monthly Change in Total Electricity Sales Volume 18
FY 3/2026 (Billions of kWh)
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Total
Total electricity sales volume
4.21
(5.9%)
3.94
(9.8%)
4.44
(22.4%)
5.13
(22.4%)
5.50
(14.1%)
5.33
(16.9%)
4.54
(12.2%)
4.11
(12.6%)
4.62
(10.8%)
5.27
(-1.0%)
4.99
(-1.0%)
4.73
(-0.4%)
56.81
(9.8%)
Retail electricity sales volume
Lighting
1.19
(-1.9%)
0.95
(-4.5%)
0.90
(-1.1%)
1.11
(11.3%)
1.38
(-3.6%)
1.28
(-6.1%)
0.99
(-5.5%)
1.01
(3.1%)
1.21
(-6.3%)
1.83
(-3.8%)
1.71
(-7.0%)
1.35
(-13.7%)
14.91
(-4.0%)
Power
2.28
(6.8%)
2.24
(13.5%)
2.41
(17.7%)
2.79
(19.9%)
2.83
(15.6%)
2.83
(16.4%)
2.67
(18.9%)
2.40
(19.9%)
2.43
(19.1%)
2.58
(17.0%)
2.52
(15.4%)
2.54
(17.8%)
30.52
(16.5%)
Subtotal
3.47
(3.7%)
3.19
(7.5%)
3.31
(12.0%)
3.90
(17.3%)
4.21
(8.5%)
4.11
(8.3%)
3.67
(11.1%)
3.41
(14.4%)
3.63
(9.3%)
4.41
(7.4%)
4.23
(5.1%)
3.89
(4.5%)
45.42
(8.9%)
Electricity sales volume to other power
companies
0.74
(18.1%)
0.75
(20.8%)
1.13
(68.5%)
1.24
(41.6%)
1.29
(37.0%)
1.22
(59.5%)
0.87
(17.1%)
0.71
(4.3%)
0.99
(16.6%)
0.86
(-29.3%)
0.76
(-25.2%)
0.84
(-18.4%)
11.39
(13.6%)
Note 1: The amounts indicated are the total electricity sales volume by Chugoku Electric Power.
Note 2: Amounts do not include the amount of retail power used in-house or the amount of electricity sales volume to other power companies
in relation to imbalances/adjusted power supply, etc.
Note3: Figures in parentheses indicate the percentage change from the previous fiscal year. Note4: There may be discrepancies in totals due to rounding.
Average monthly temperature (Hiroshima city) (℃)Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
FY 3/2026
15.5
19.6
24.7
29.8
29.7
27.0
21.0
13.3
8.3
5.4
7.9
10.8
Difference from average year
0.7
0.0
1.5
2.6
1.2
2.3
2.2
0.4
0.8
0.0
1.7
1.3
Difference from previous year
-2.0
0.0
1.2
0.9
-1.0
-1.8
-0.3
-1.0
0.9
-0.3
3.8
0.2
3. Monthly Change in Total Electricity Sales Volume
22
Time Lag of the Fuel Cost Adjustment System(Image Diagram)
FY 3/2026
Profit
Approx. 10.0 billion yen
months ago)
Fuel procurement price
FY 3/2025
Profit
Approx. 11.0 billion yen
Average fuel price
(refer to fuel prices 3-5
軸ラベル
4/2024 4/2025 3/2026
Note: Time lag of the fuel cost adjustment system is caused by the time lag of reflecting fuel prices in electricity rates (average fuel price).
- Consumption of Fuel
Unit | FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | |
Fuel oil | million liters | 90 | 100 | 10 |
Coal | thousand tons | 5,200 | 5,290 | -90 |
LNG | thousand tons | 1,100 | 1,080 | 20 |
4. Time Lag of the Fuel Cost Adjustment System and Consumption of Fuel 23
5. Capital Expenditure 21
(Billions of yen)
Non-Consolidated | Chugoku Electric Power Transmission & Distribution Co., Inc. | |||||
FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | FY 3/2026 (A) | FY 3/2025 (B) | Difference (A-B) | |
Capital expenditure | 170.2 (148.7) | 249.7 (220.9) | -79.5 (-72.2) | 100.6 | 78.7 | 21.9 |
Note: Figures in ( ) reiterate costs related to power sources.
5. Capital Expenditure
24
6. Interest-bearing Debts, etc. 22
End of FY 3/2026 (A) | End of FY 3/2025 (B) | Difference (A-B) | ||
Interest-bearing debts | 3,332.5 | 3,181.3 | 151.2 | |
Bonds | 1,281.6 | 1,326.2 | -44.6 | |
Long-term borrowings | 2,016.5 | 1,752.5 | 263.9 | |
Short-term borrowings | 10.3 | 78.8 | -68.4 | |
Commercial paper | ー | ー | ー | |
Lease obligations | 24.0 | 23.6 | 0.3 | |
Breakdown of Interest-bearing debts
Interest rate
FY 3/2026
FY 3/2025
Average
0.94%
0.72%
Interest expense (Billions of yen)
(Billions of yen)
FY 3/2026 | FY 3/2025 | |
Interest expense | 25.8 | 14.2 |
6. Interest-bearing Debts, etc.
25
Operating revenues (Consolidated)
1,694.6 1,628.7 1,529.2 1,442.3
1,136.6
(Billions of yen)
Electricity sales volume
(Billions of kWh)
56.43
54.60
52.62
51.75
56.81
Total
9.32 9.28 8.02 10.0211.39
Electricity sales volume to other power companies
Retail
47.11
45.33
44.60
41.72 45.42
electricity sales volume
FY 3/2022
FY 3/2023
FY 3/2024
FY 3/2025
FY 3/2026
FY 3/2022
FY 3/2023
FY 3/2024
FY 3/2025
FY 3/2026
Ordinary profit (Consolidated)
Profit (Consolidated)
98.4
68.5
-39.7
(Billions of yen)
(87.0)
128.5
(11.0)
80.2
(10.0)
-61.8
(-77.0) -106.7
194.0
(Billions of yen)
133.5
FY
3/2022
(-95.0)
FY
3/2023
FY
3/2024
FY
3/2025
FY
3/2026
FY
3/2022
-155.3
FY
3/2023
FY
3/2024
FY
3/2025
FY
3/2026
Note: Values in parentheses ( ) denote the impact of the time lag due to the fuel cost adjustment amounts.
7. Operating Revenues and Profit Trends
26
(Billions of yen)
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
Level of ordinary profit excluding the effect of time lag due to the fuel cost adjustment system
82.6 79.3
50.5
28.7 37.3 28.0 28.7 34.3 33.9
8.1
17.1
3.4
5.1
-2.6
-9.4
-30.9
-36.4
-31.3
-37.2
-55.4
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
8. Trends in Ordinary Profit by Quarter
27
Shareholders' equity ratio (Consolidated)
17.0%
Shareholders' equity ratio
16.2% 16.8%
Total assets
(Billions of yen)
11.1%
14.6%
3,566.9
Net assets
4,040.0 4,133.2 4,360.9 4,620.5
(Billions of yen)
608.4 455.4
613.4
705.8
775.2
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
Interest-bearing debts (Consolidated)
(Billions of yen)
3,332.5
3,181.3
3,022.0
3,004.2
2,527.7
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
Average interest rate during term (Non-Consolidated)
0.48% | 0.49% | 0.59% | 0.72% | 0.94% |
9-1. Financial Indicator Trends (1)
28
Cash flows (Consolidated)
Cash flows from operating
271.3
(Billions of yen)
237.2
activities Cash flows
Free Cash Flow
69.3
186.0
0.3
from investing
activities
-206.3
-62.6
-225.0
-202.0
1.0
-206.0 -287.7
-172.8
-358.8
-236.2
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
EPS (Consolidated)/Dividends
273.70
190.61
EPS
40
0
27
27
Dividend 35
-110.21
370.59
(Yen/share)
-431.30
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
9-2. Financial Indicator Trends (2)
29
PBR (Price book-value ratio)
1.0
(Multiple)
0.5 0.5
0.7
0.4 0.5
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
Note: Figures are as of the end of the fiscal year (as of the end of March).
ROE (Return on equity)
25.4
(%)
2.3
-12.2
-6.3
13.5
ROE
15.0
14.4
9.2
8.3
ROE (Excluding the effect of the time lag of the fuel cost adjustment system)
-29.5
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
9-3. Financial Indicator Trends (3)
30
ROIC(Return on invested capital) (%)
3.0
0.6
0.4
2.5
2.5
1.9
1.7
-1.2
-1.7
ROIC
ROIC(Excluding the effect of the time lag of
4.4
the fuel cost adjustment system)
FY 3/2022 FY 3/2023 FY 3/2024 FY 3/2025 FY 3/2026
9-4. Financial Indicator Trends (4)
31
We announced the Chugoku Electric Power Group Corporate Vision 2040 on September 30, 2025.
In light of the Japanese government’s declaration to achieve carbon neutrality by 2050, the Group has announced its initiatives for carbon neutrality by 2050.
Chugoku Electric Power Group Corporate Vision 2040
https://www.energia.co.jp/e/ir/info/corporate_vision.html
Action Plan (summary of the management plan)
https://www.energia.co.jp/ir/irkeiei/gaiyou.html (Japanese only)
Chugoku Electric Power Group’s initiatives for carbon neutrality by 2050
https://www.energia.co.jp/tokusetu_site/carbon-neutral/index.html?topbnr=cn2050 (Japanese only)
Chugoku Electric Power Group Integrated Report
https://www.energia.co.jp/e/ir/report/annual.html
Chugoku Electric Power Group promotion of sustainability management
https://www.energia.co.jp/corp/esg/index.html (Japanese only)
We have announced the status of efforts to regain trust lost due to certain incidents.
Status of incident reoccurrence measures
https://www.energia.co.jp/corp/active/preventive/index.html (Japanese only)
Reference (The Group’s Initiatives)
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.
None of the information on this material is intended to solicit or induce purchase or sale of the Company’s stocks and bonds. Moreover, Chugoku Electric makes no guarantees whatever regarding the contents of this material.
Persons considering investment in the Company should without fail read in advance the stock and bond reports and other financial literature issued by the Company, and make decisions based on their own judgment. Though great care is exercised in the preparation of such literature, Chugoku Electric and the other information providers
shall not be liable in any manner for any loss whatever incurred as a result of erroneous information contained therein or in this material.
Items in Chugoku Electric’s current plans and strategies, etc., published on this material which are not yet historical fact are projections concerning future performance and as such involve factors of risk and uncertainty which means that actual performance in the future may differ to a large extent from projections published here. Therefore, Chugoku Electric does not guarantee the reliability of such projections.
For Questions or Comments,
Please Contact the Investor Relations Section at the Address Below:
4-33 , Komachi, Naka-ku, Hiroshima 730-8701 Japan
The Chugoku Electric Power Co., Inc.
Corporate Management Division E-mail: [email protected]