Three-months ended June 30, 2025

August 8, 2025

Company name: Hokkaido Electric Power Company, Incorporated Representative: Susumu Saito

Representative Director

& Chief Executive Officer

（Securities Code : 9509,Tokyo Stock Exchange and Sapporo Securities Exchange）

Inquiries: Kuniaki Shoji

Manager of Accounting Group, Accounting & Finance Department

Telephone: +81-11-251-1111

Consolidated Financial Results for the Three Months Ended June 30, 2025 [Under Japanese GAAP] (Completion of Interim Review by Certified Public Accountants, etc.)

Hokkaido Electric Power Company, Incorporated ("the Company") disclosed the "Consolidated Financial Results for the Three Months Ended June 30, 2025 [Under Japanese GAAP]" on July 31, 2025. The Company hereby provides notice that the interim review of the quarterly consolidated financial statements by certified public accountants, etc. has been completed.

There are no changes to the quarterly consolidated financial statements announced on July 31, 2025.

August 8, 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 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 three months ended June 30, 2025 (from April 1, 2025 to June 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
      Three months ended June 30, 2025 June 30, 2024	Millions of yen 202,497 202,569	% (0.0) (11.1)	Millions of yen 43,898 34,676	% 26.6 (29.8)	Millions of yen 41,658 33,172	% 25.6 (30.2)	Millions of yen 30,775 31,245	% (1.5) (9.7)

      Note: Comprehensive income	For the three months ended June 30, 2025:	¥36,059 million	[10.4%]
      	For the three months ended June 30, 2024:	¥32,648 million	[(8.3)%]

      	Basic profit per share	Diluted profit per share
      Three months ended June 30, 2025 June 30, 2024	Yen 148.17 150.48	Yen - -

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of June 30, 2025 March 31, 2025	Millions of yen 2,256,285 2,244,003	Millions of yen 440,479 407,336	% 18.8 17.5

   Reference: Equity

   As of June 30, 2025: ¥425,198 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 March31, 2026	Yen - -	Yen 10.00	Yen -	Yen 10.00	Yen 20.00
   Fiscal year ending March 31, 2026 (Forecast)		15.00	-	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: None

1. Significant changes in the scope of consolidation during the period: None

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 June 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 June 30, 2025	9,964,576 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 (420,300 shares as of June 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 (420,300 shares as of June 30, 2025 and 319,700 shares as of June 30, 2024).

• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes（voluntary）

• 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 June 30, 2025

   Assets
   Non-current assets	1,832,408	1,842,485
   Fixed assets― facilities	1,113,450	1,105,367
   Hydroelectric power production facilities	201,755	200,079
   Thermal power production facilities	161,263	158,806
   Nuclear power production facilities	107,069	105,903
   Transmission facilities	180,317	178,692
   Transformation facilities	107,824	107,076
   Distribution facilities	306,001	306,436
   General facilities	38,872	38,333
   Other utility facilities	10,345	10,040
   Fixed assets―others	65,806	64,865
   Facilities in progress	312,274	330,033
   Construction in progress	284,053	301,666
   Retirement in progress	290	436
   Special account related to reprocessing of spent nuclear fuel	27,930	27,930
   Nuclear fuel	167,342	169,443
   Nuclear fuel in processing	167,342	169,443
   Investments and other assets	173,534	172,774
   Long-term investments	91,904	93,608
   Retirement benefit assets	34,797	36,041
   Deferred tax assets	33,132	29,322
   Others	14,045	14,144
   Allowance for doubtful accounts	(344)	(342)
   Current assets	411,594	413,799
   Cash and deposits	156,322	144,366
   Trade notes and accounts receivable, and contract assets	111,427	92,301
   Inventories	66,620	71,164
   Other current assets	78,687	107,194
   Allowance for doubtful accounts	(1,463)	(1,227)
   Total assets	2,244,003	2,256,285

   1

   (Millions of yen)

   As of March 31, 2025 As of June 30, 2025

   Liabilities and net assets
   Liabilities
   Long-term liabilities	1,350,861	1,377,371
   Bonds	723,400	752,200
   Long-term loans payable	494,310	496,487
   Contribution payable for nuclear reactor decommissioning	89,223	89,223
   Liability for retirement benefits	30,634	25,633
   Other long-term liabilities	13,293	13,827
   Current liabilities	483,965	436,366
   Current portion of long-term liabilities	166,392	157,069
   Short-term loans payable	44,500	44,500
   Trade notes and accounts payable	94,892	96,439
   Income taxes payable	23,106	29,645
   Other current liabilities	155,073	108,712
   Reserves under special laws	1,840	2,066
   Reserve for water shortage	1,840	2,066
   Total liabilities	1,836,667	1,815,805
   Net assets
   Shareholders' equity	369,513	397,525
   Share capital	114,291	114,291
   Capital surplus	47,211	47,211
   Retained earnings	225,738	253,751
   Treasury stock	(17,728)	(17,729)
   Accumulated other comprehensive income	22,417	27,673
   Unrealized gain on available-for-sale securities	10,071	11,618
   Deferred gains (losses) on hedges	(234)	99
   Remeasurement of defined benefit plans	12,580	15,954
   Noncontrolling interests	15,404	15,281
   Total net assets	407,336	440,479
   Total liabilities and net assets	2,244,003	2,256,285

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2. Quarterly Consolidated Statements of Income and Comprehensive Income

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