Six-months ended September 30, 2025

October 31, 2025

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 file semi-annual securities report: November 12, 2025 Scheduled date to commence dividend payments: November 28, 2025 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for institutional investors and securities analysts)

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

1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Operating revenue		Operating income		Ordinary income		Profit attributable to owners of parent
      Six months ended September 30, 2025 September 30, 2024	Millions of yen 411,951 416,710	% (1.1) (9.1)	Millions of yen 67,967 56,168	% 21.0 (25.1)	Millions of yen 61,939 50,787	% 22.0 (27.8)	Millions of yen 44,831 50,682	% (11.5) (0.7)

      Note: Comprehensive income	For the six months ended September 30, 2025:	¥53,708 million	[4.1%]
      	For the six months ended September 30, 2024:	¥51,595 million	[(5.0)%]

      	Basic profit per share	Diluted profit per share
      Six months ended September 30, 2025 September 30, 2024	Yen 214.89 243.41	Yen - -

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of September 30, 2025 March 31, 2025	Millions of yen 2,380,080 2,244,003	Millions of yen 458,143 407,336	% 18.6 17.5

   Reference: Equity

   As of September 30, 2025: ¥442,767 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 Fiscal year ending March 31, 2026	Yen - -	Yen 10.00 15.00	Yen -	Yen 10.00	Yen 20.00
   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: None

2. Adoption of accounting treatment specific to the preparation of semi-annual 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 September 30, 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 September 30, 2025	9,937,341 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 September 30, 2025 and 420,300 shares as of March 31, 2025). Further, the number of treasury stock deducted in the calculation of the average number of shares outstanding during the period includes the Company's shares held by the trust account (405,500 shares as of September 30, 2025 and 304,700 shares as of September 30, 2024).

• Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

• 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

Semi-annual Consolidated Financial Statements

1. Semi-annual Consolidated Balance Sheet

   (Millions of yen)

   As of March 31, 2025 As of September 30, 2025

   Assets
   Non-current assets	1,832,408	1,898,792
   Fixed assets― facilities	1,113,450	1,100,610
   Hydroelectric power production facilities	201,755	200,929
   Thermal power production facilities	161,263	155,399
   Nuclear power production facilities	107,069	103,968
   Transmission facilities	180,317	176,583
   Transformation facilities	107,824	109,803
   Distribution facilities	306,001	307,214
   General facilities	38,872	36,979
   Other utility facilities	10,345	9,731
   Fixed assets―others	65,806	64,894
   Facilities in progress	312,274	373,397
   Construction in progress	284,053	344,849
   Retirement in progress	290	617
   Special account related to reprocessing of spent nuclear fuel	27,930	27,930
   Nuclear fuel	167,342	166,329
   Nuclear fuel in processing	167,342	166,329
   Investments and other assets	173,534	193,560
   Long-term investments	91,904	104,441
   Retirement benefit assets	34,797	36,398
   Deferred tax assets	33,132	29,718
   Others	14,045	23,350
   Allowance for doubtful accounts	(344)	(348)
   Current assets	411,594	481,288
   Cash and deposits	156,322	203,148
   Trade notes and accounts receivable, and contract assets	111,427	93,815
   Inventories	66,620	82,095
   Other current assets	78,687	103,681
   Allowance for doubtful accounts	(1,463)	(1,453)
   Total assets	2,244,003	2,380,080

   (Millions of yen)

   As of March 31, 2025 As of September 30, 2025

   Liabilities and net assets
   Liabilities
   Long-term liabilities	1,350,861	1,456,563
   Bonds	723,400	839,230
   Long-term loans payable	494,310	488,766
   Contribution payable for nuclear reactor decommissioning	89,223	89,223
   Liability for retirement benefits	30,634	26,022
   Other long-term liabilities	13,293	13,321
   Current liabilities	483,965	463,082
   Current portion of long-term liabilities	166,392	152,081
   Short-term loans payable	44,500	44,500
   Trade notes and accounts payable	94,892	86,919
   Income taxes payable	23,106	34,035
   Other current liabilities	155,073	145,546
   Reserves under special laws	1,840	2,290
   Reserve for water shortage	1,840	2,290
   Total liabilities	1,836,667	1,921,936
   Net assets
   Shareholders' equity	369,513	411,597
   Share capital	114,291	114,291
   Capital surplus	47,211	47,211
   Retained earnings	225,738	267,807
   Treasury stock	(17,728)	(17,713)
   Accumulated other comprehensive income	22,417	31,169
   Unrealized gain on available-for-sale securities	10,071	15,928
   Deferred gains (losses) on hedges	(234)	186
   Remeasurement of defined benefit plans	12,580	15,054
   Noncontrolling interests	15,404	15,375
   Total net assets	407,336	458,143
   Total liabilities and net assets	2,244,003	2,380,080

2. Semi-annual Consolidated Statements of Income and Comprehensive Income

accounted for using the equity method