Year ended March 31, 2026

April 28, 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 of annual general meeting of shareholders: June 25, 2026 Scheduled date to commence dividend payments: June 26, 2026 Scheduled date to file annual securities report: June 23, 2026 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 fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
   1. Consolidated operating results (Percentages indicate year-on-year changes.)

      	Operating revenue		Operating income		Ordinary income		Profit attributable to owners of parent
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 855,983 902,053	% (5.1) (5.4)	Millions of yen 73,238 75,838	% (3.4) (25.0)	Millions of yen 61,348 64,051	% (4.2) (26.6)	Millions of yen 43,998 64,218	% (31.5) (3.0)

      Note: Comprehensive income

      For the fiscal year ended March 31, 2026: ¥73,088 million [(9.3) %] For the fiscal year ended March 31, 2025: ¥80,596 million [2.2 %]

      	Basic profit per share	Diluted profit per share	Return on equity	Ratio of ordinary income to total assets	Ratio of operating income to net sales
      Fiscal year ended	Yen	Yen	%	%	%
      March 31, 2026	207.40	204.94	10.4	2.6	8.6
      March 31, 2025	305.90	-	18.1	2.9	8.4

      Reference: Share of profit (loss) of entities accounted for using equity method For the fiscal year ended March 31, 2026: ¥792 million For the fiscal year ended March 31, 2025: ¥346 million

   2. Consolidated financial position

      	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
      As of March 31, 2026 March 31, 2025	Millions of yen 2,471,051 2,244,003	Millions of yen 473,636 407,336	% 18.5 17.5	Yen 1,992.91 1,676.47

      Reference: Equity

      As of March 31, 2026: ¥456,950 million As of March 31, 2025: ¥391,931 million

   3. Consolidated cash flows

   	Net cash provided by (used in) operating activities	Net cash provided by (used in) investing activities	Net cash provided by (used in) financing activities	Cash and cash equivalents at end of period
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 114,545 125,588	Millions of yen (213,069) (90,702)	Millions of yen 126,807 10,726	Millions of yen 184,607 156,322

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen 4,113 6,583	%	%
   Fiscal year ended March 31, 2025	-	10.00	-	10.00	20.00		6.5	1.3
   Fiscal year ended March 31, 2026	-	15.00	-	17.00	32.00		15.4	1.7
   Fiscal year ending March 31, 2027 (Forecast)	-	16.50	-	16.50	33.00		32.9

   Note: 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, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

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

   Excluded: -

2. 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

3. Number of issued shares (common shares)

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

      As of March 31, 2026	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 March 31, 2026	9,940,913 shares
      As of March 31, 2025	9,963,625 shares

   3. Average number of shares outstanding during the period

Notes: The Company has introduced a performance-based shares compensation plan called the Board Benefit Trust (BBT). The number of treasury shares at the end of the period includes the Company's shares held by the trust account (390,700 shares as of March 31, 2026 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 (398,100 shares as of March 31, 2026 and 318,967 shares as of March 31, 2025).

1. Non-consolidated operating results (Percentages indicate year-on-year changes.)

   	Operating revenue		Operating income		Ordinary income		Profit
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 735,808 788,051	% (6.6) (8.5)	Millions of yen 50,140 58,776	% (14.7) (22.5)	Millions of yen 44,618 53,689	% (16.9) (22.3)	Millions of yen 33,718 58,722	% (42.6) 8.5

   	Basic profit per share	Diluted profit per share
   Fiscal year ended	Yen	Yen
   March 31, 2026	157.34	155.47
   March 31, 2025	279.13	-

2. Non-consolidated financial position

Reference: Equity

As of March 31, 2026: ¥354,205 million As of March 31, 2025: ¥315,047 million

< Reasons for difference from the previous fiscal year's non-consolidated financial results>

Profit for this fiscal year differs from the previous fiscal year's results mainly due to a decrease in the gain on sale of nuclear fuel recorded as extraordinary income.

• Financial results reports are exempt from audit 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.

  Class B preferred shares	Annual dividends
  	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
  Fiscal year ended March 31, 2025	Yen -	Yen 1,500,000.00	Yen -	Yen 1,500,000.00	Yen 3,000,000.00
  Fiscal year ended March 31, 2026	-	1,500,000.00	-	1,500,000.00	3,000,000.00
  Fiscal year ending March 31, 2027 (Forecast)	-	1,500,000.00	-	1,500,000.00	3,000,000.00

  Consolidated Financial Statements

  1. Consolidated Balance Sheet

     (Millions of yen)

     As of March 31, 2025 As of March 31, 2026

     Assets
     Non-current assets	1,832,408	2,033,374
     Fixed assets― facilities	1,113,450	1,116,771
     Hydroelectric power production facilities	201,755	198,814
     Thermal power production facilities	161,263	148,626
     Nuclear power production facilities	107,069	105,107
     Transmission facilities	180,317	183,400
     Transformation facilities	107,824	118,051
     Distribution facilities	306,001	312,761
     General facilities	38,872	40,190
     Other utility facilities	10,345	9,818
     Fixed assets―others	65,806	66,478
     Facilities in progress	312,274	463,517
     Construction in progress	284,053	431,887
     Retirement in progress	290	208
     Special account related to reprocessing of spent nuclear fuel	27,930	31,421
     Nuclear fuel	167,342	167,254
     Nuclear fuel in processing	167,342	167,254
     Investments and other assets	173,534	219,352
     Long-term investments	91,904	115,591
     Retirement benefit assets	34,797	53,495
     Deferred tax assets	33,132	23,470
     Others	14,045	26,996
     Allowance for doubtful accounts	(344)	(201)
     Current assets	411,594	437,676
     Cash and deposits	156,322	184,607
     Trade notes and accounts receivable, and contract assets	111,427	98,833
     Inventories	66,620	57,779
     Other current assets	78,687	96,869
     Allowance for doubtful accounts	(1,463)	(412)
     Total assets	2,244,003	2,471,051

     (Millions of yen)

     As of March 31, 2025 As of March 31, 2026

     Liabilities and net assets
     Liabilities
     Long-term liabilities	1,350,861	1,519,384
     Bonds	723,400	859,230
     Long-term loans payable	494,310	540,328
     Contribution payable for nuclear reactor decommissioning	89,223	86,036
     Liability for retirement benefits	30,634	22,000
     Other long-term liabilities	13,293	11,787
     Current liabilities	483,965	475,518
     Current portion of long-term liabilities	166,392	120,055
     Short-term loans payable	44,500	44,500
     Trade notes and accounts payable	94,892	97,547
     Income taxes payable	23,106	11,190
     Other current liabilities	155,073	202,224
     Reserves under special laws	1,840	2,511
     Reserve for water shortage	1,840	2,511
     Total liabilities	1,836,667	1,997,414
     Net assets
     Shareholders' equity	369,513	406,969
     Share capital	114,291	114,291
     Capital surplus	47,211	47,211
     Retained earnings	225,738	263,183
     Treasury stock	(17,728)	(17,717)
     Accumulated other comprehensive income	22,417	49,981
     Unrealized gain on available-for-sale securities	10,071	21,864
     Deferred gains or losses on hedges	(234)	423
     Remeasurement of defined benefit plans	12,580	27,693
     Noncontrolling interests	15,404	16,686
     Total net assets	407,336	473,636
     Total liabilities and net assets	2,244,003	2,471,051

  2. Consolidated Statements of Income and Comprehensive Income

     Consolidated Statement of Income
     		(Millions of yen)
     	For the fiscal year ended March 31, 2025	For the fiscal year ended March 31, 2026
     Operating revenues	902,053	855,983
     Electricity	855,136	811,614
     Others	46,916	44,368
     Operating expenses	826,214	782,744
     Electricity	786,799	746,019
     Others	39,415	36,725
     Operating income	75,838	73,238
     Non-operating income	3,573	7,415
     Dividend income	712	1,362
     Interest income	246	669
     Share of profit of entities accounted for using the equity method	346	792
     Gain on sale of assets	715	1,372
     Reversal of allowance for doubtful accounts	102	1,220
     Other non-operating income	1,451	1,999
     Non-operating expenses	15,361	19,305
     Interest expenses	10,991	14,788
     Other non-operating expenses	4,370	4,517
     Total ordinary revenues	905,627	863,399
     Total ordinary expenses	841,576	802,050
     Ordinary income	64,051	61,348
     Provision (reversal) of reserve for water shortage	(754)	671
     Provision of reserve for water shortage	-	671
     Reversal of reserve for water shortage	(754)	-
     Extraordinary income	19,549	1,206
     Gain on sale of nuclear fuel	19,549	1,206
     Profit before income taxes	84,355	61,883
     Income taxes - current	22,039	15,963
     Income taxes - deferred	(2,878)	536
     Total income taxes	19,161	16,500
     Profit	65,194	45,383
     Profit attributable to noncontrolling interests	975	1,385
     Profit attributable to owners of the parent	64,218	43,998

     Consolidated Statement of Comprehensive Income
     		(Millions of yen)
     	For the fiscal year ended March 31, 2025	For the fiscal year ended March 31, 2026
     Profit	65,194	45,383
     Other comprehensive income
     Unrealized gain on available-for-sale securities	2,861	11,901
     Deferred gains (losses) on hedges	1,166	359
     Remeasurements of defined benefit plans	11,276	15,144
     Share of other comprehensive income of entities accounted for using the equity method	97	298
     Total other comprehensive income	15,402	27,704
     Comprehensive income	80,596	73,088
     Comprehensive income attributable to
     Owners of the parent	79,092	71,562
     Noncontrolling interests	1,503	1,526

  3. Consolidated Statement of Changes in Equity

     Fiscal year ended March 31, 2025 (from April 1, 2024 to March 31, 2025)

     (Millions of yen)

     	Shareholders' equity
     	Share capital	Capital surplus	Retained earnings	Treasury stock	Total
     Balance at beginning of period	114,291	47,348	168,070	(17,870)	311,839
     Changes during period
     Cash dividends			(6,550)		(6,550)
     Profit attributable to owners of parent			64,218		64,218
     Purchase of treasury stock				(97)	(97)
     Disposal of treasury stock		(136)		239	103
     Change in the parent's ownership ratio due to transactions with noncontrolling interests		(0)			(0)
     Net change in items other than those in shareholders' equity
     Total changes during period	-	(136)	57,667	142	57,674
     Balance at end of period	114,291	47,211	225,738	(17,728)	369,513

     	Accumulated other comprehensive income				Non-controlling interests	Total net assets
     	Unrealized gain on available-for-sale securities	Deferred gains (losses) on hedges	Remeasurement of defined benefit plans	Total accumulated other comprehensive income
     Balance at beginning of period	7,235	(1,499)	1,807	7,543	14,145	333,528
     Changes during period
     Cash dividends						(6,550)
     Profit attributable to owners of parent						64,218
     Purchase of treasury stock						(97)
     Disposal of treasury stock						103
     Change in the parent's ownership ratio due to transactions with noncontrolling interests						(0)
     Net change in items other than those in shareholders' equity	2,836	1,264	10,772	14,874	1,259	16,133
     Total changes during period	2,836	1,264	10,772	14,874	1,259	73,807
     Balance at end of period	10,071	(234)	12,580	22,417	15,404	407,336

     Fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)

     (Millions of yen)

     	Shareholders' equity
     	Share capital	Capital surplus	Retained earnings	Treasury stock	Total
     Balance at beginning of period	114,291	47,211	225,738	(17,728)	369,513
     Changes during period
     Cash dividends			(6,553)		(6,553)
     Profit attributable to owners of parent			43,998		43,998
     Purchase of treasury stock				(6)	(6)
     Disposal of treasury stock				17	17
     Change in the parent's ownership ratio due to transactions with noncontrolling interests		(0)			(0)
     Net change in items other than those in shareholders' equity
     Total changes during period	-	(0)	37,444	10	37,455
     Balance at end of period	114,291	47,211	263,183	(17,717)	406,969

     	Accumulated other comprehensive income				Non-controlling interests	Total net assets
     	Unrealized gain on available-for-sale securities	Deferred gains (losses) on hedges	Remeasurement of defined benefit plans	Total
     Balance at beginning of period	10,071	(234)	12,580	22,417	15,404	407,336
     Changes during period
     Cash dividends						(6,553)
     Profit attributable to owners of parent						43,998
     Purchase of treasury stock						(6)
     Disposal of treasury stock						17
     Change in the parent's ownership ratio due to transactions with noncontrolling interests						(0)
     Net change in items other than those in shareholders' equity	11,792	658	15,112	27,563	1,281	28,845
     Total changes during period	11,792	658	15,112	27,563	1,281	66,300
     Balance at end of period	21,864	423	27,693	49,981	16,686	473,636

  4. Consolidated Statement of Cash Flows

(Millions of yen)

For the fiscal year For the fiscal year

(Millions of yen)

For the fiscal year ended March 31, 2025

For the fiscal year ended March 31, 2026