Nine-months ended December 31, 2025

January 30, 2026

Company name: Hokkaido Electric Power Company, Incorporated

Listing: Tokyo Stock Exchange and Sapporo Securities Exchange Securities code: 9509

URL: https://www.hepco.co.jp/

Representative: Susumu Saito, Representative Director & Chief Executive Officer

Inquiries: Kuniaki Shoji, Manager of Accounting Group, Accounting & Finance Department Telephone: +81-11-251-1111

Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: None

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Operating revenue		Operating income		Ordinary income		Profit attributable to owners of parent
      Nine months ended December 31, 2025 December 31, 2024	Millions of yen 617,703 646,403	% (4.4) (5.7)	Millions of yen 79,157 64,495	% 22.7 (20.4)	Millions of yen 67,982 56,804	% 19.7 (23.0)	Millions of yen 48,822 54,665	% (10.7) 1.9

      Note: Comprehensive income	For the nine months ended December 31, 2025:	¥59,191 million	[2.0%]
      	For the nine months ended December 31, 2024:	¥58,003 million	[0.0%]

      	Basic profit per share	Diluted profit per share
      Nine months ended December 31, 2025 December 31, 2024	Yen 232.58 261.07	Yen - -

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of December 31, 2025 March 31, 2025	Millions of yen 2,378,234 2,244,003	Millions of yen 459,741 407,336	% 18.7 17.5

   Reference: Equity

   As of December 31, 2025: ¥444,097 million As of March 31, 2025: ¥391,931 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   Fiscal year ended March 31, 2025	Yen -	Yen 10.00	Yen -	Yen 10.00	Yen 20.00
   Fiscal year ending March 31, 2026	-	15.00	-
   Fiscal year ending March 31, 2026 (Forecast)				15.00	30.00

   Note: Revisions to the forecast of cash dividends most recently announced: None

   The "Cash dividends" above refer to the dividends for shares of common stock. For dividends for class shares (unlisted) issued by the Company, which have different rights from those of shares of common stock, please refer to the "Dividends on Class Shares" described below.

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the forecast of financial results most recently announced: Yes

1. Significant changes in the scope of consolidation during the period: Yes Newly included: 1 company (Company name: Yuniji LLC)

   Excluded: -

2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements:

   None

3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury stock)

      As of December 31, 2025	215,291,912 shares
      As of March 31, 2025	215,291,912 shares

   2. Number of treasury shares at the end of the period

      As of December 31, 2025	9,939,157 shares
      As of March 31, 2025	9,963,625 shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Note: The Company has introduced a performance-based stock compensation plan called the Board Benefit Trust (BBT). The number of treasury stock at the end of the period includes the Company's shares held by the trust account (390,700 shares as of December 31, 2025 and 420,300 shares as of March 31, 2025). Further, the number of treasury shares deducted in the calculation of the average number of shares outstanding during the period includes the Company's shares held by the trust account (400,567 shares as of December 31, 2025 and 299,700 shares as of December 31, 2024).

• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

• Proper use of earnings forecasts and other special matters (Notes on forward-looking statements, etc.)

The forward-looking statements contained in this document are based on information currently available to the Company and certain assumptions deemed to be reasonable, and actual results may differ materially from these statements for various reasons.

Dividends on Class Shares

The following shows the breakdown of dividend per share of Class B preferred shares, which have different rights from those of shares of common stock.

Note: Revisions to the forecast of cash dividends most recently announced: None

Quarterly Consolidated Financial Statements

1. Quarterly Consolidated Balance Sheet

   (Millions of yen)

   As of March 31, 2025 As of December 31, 2025

   Assets
   Non-current assets	1,832,408	1,932,099
   Fixed assets― facilities	1,113,450	1,102,259
   Hydroelectric power production facilities	201,755	199,132
   Thermal power production facilities	161,263	151,844
   Nuclear power production facilities	107,069	102,631
   Transmission facilities	180,317	179,413
   Transformation facilities	107,824	114,018
   Distribution facilities	306,001	308,146
   General facilities	38,872	37,625
   Other utility facilities	10,345	9,446
   Fixed assets―others	65,806	65,195
   Facilities in progress	312,274	399,889
   Construction in progress	284,053	371,173
   Retirement in progress	290	785
   Special account related to reprocessing of spent nuclear fuel	27,930	27,930
   Nuclear fuel	167,342	168,237
   Nuclear fuel in processing	167,342	168,237
   Investments and other assets	173,534	196,517
   Long-term investments	91,904	107,538
   Retirement benefit assets	34,797	36,780
   Deferred tax assets	33,132	28,641
   Others	14,045	23,895
   Allowance for doubtful accounts	(344)	(339)
   Current assets	411,594	446,135
   Cash and deposits	156,322	154,407
   Trade notes and accounts receivable, and contract assets	111,427	99,572
   Inventories	66,620	80,887
   Other current assets	78,687	112,730
   Allowance for doubtful accounts	(1,463)	(1,462)
   Total assets	2,244,003	2,378,234

   (Millions of yen)

   As of March 31, 2025 As of December 31, 2025

   Liabilities and net assets
   Liabilities
   Long-term liabilities	1,350,861	1,446,180
   Bonds	723,400	819,230
   Long-term loans payable	494,310	498,961
   Contribution payable for nuclear reactor decommissioning	89,223	89,223
   Liability for retirement benefits	30,634	26,130
   Other long-term liabilities	13,293	12,635
   Current liabilities	483,965	469,917
   Current portion of long-term liabilities	166,392	162,064
   Short-term loans payable	44,500	44,500
   Trade notes and accounts payable	94,892	91,815
   Income taxes payable	23,106	35,969
   Other current liabilities	155,073	135,567
   Reserves under special laws	1,840	2,394
   Reserve for water shortage	1,840	2,394
   Total liabilities	1,836,667	1,918,492
   Net assets
   Shareholders' equity	369,513	411,794
   Share capital	114,291	114,291
   Capital surplus	47,211	47,211
   Retained earnings	225,738	268,007
   Treasury stock	(17,728)	(17,715)
   Accumulated other comprehensive income	22,417	32,302
   Unrealized gain on available-for-sale securities	10,071	18,182
   Deferred losses on hedges	(234)	(146)
   Remeasurement of defined benefit plans	12,580	14,266
   Noncontrolling interests	15,404	15,644
   Total net assets	407,336	459,741
   Total liabilities and net assets	2,244,003	2,378,234

2. Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statement of Comprehensive Income Nine Months Ended December 31

(Millions of yen)

For the nine months ended December 31, 2024

For the nine months ended December 31, 2025