Notice Regarding the Formulation of "Kansai Electric Power Group, Management Plan 2026"

April 30, 2026

Company name: The Kansai Electric Power Company, Incorporated

Name of representative:

Nozomu Mori, Director, Representative Executive Officer, President

(Securities code: 9503 TSE Prime Market)

Inquiries: Koji Hasegawa, General Manager, Office of Corporate Planning

Telephone: +81－50－7105－9084

Notice Regarding the Formulation of

"Kansai Electric Power Group, Management Plan 2026"

The Kansai Electric Power Group (the "Group") hereby announces that it has formulated the "Kansai Electric Power Group, Management Plan 2026," outlining its initiatives for the three-year period toward 2040.

Under its previous Medium-Term Management Plan (2021-2025), the Group has consistently advanced the "KX (Kanden Transformation)."

Geopolitical risks, inflation, rising interest rates, and population decline are unfolding simultaneously. Meanwhile, Japan's industrial landscape is undergoing a fundamental transformation largely driven by digital transformation ("DX") and artificial intelligence ("AI"), with electricity demand expected to steadily increase over the mid- to long-term. In this context, we will further strengthen our focus on the "Vital Platform," which is a critical foundation with Energy, Transmission and Distribution ("T&D"), Information and Communication Technology ("ICT"), and Real Estate at its core. This platform seamlessly provides everyday functions and value, while unlocking potential across business and society through these four pillars, thereby supporting sustainable and collective growth. We will also continue to pursue safety, energy security, economic efficiency, and environmental sustainability, known as "S+3E".

Under the 'KX toward 2040' initiative, the Group aims to remain a leading company, delivering and creating the Vital Platform for a sustainable society.

The next three years will be a critical period toward achieving this goal. The Group will promote disciplined investments while delivering enduring value to customers and society in a timely manner. As a corporate group responsible for social infrastructure, the Group will continue to grow together, sharing the value of our collective growth with all our shareholders.

＜Key Points of "Kansai Electric Power Group, Management Plan 2026"＞

All Our Stakeholders Growing Together, Sharing the Value of Our Collective Growth

We have consistently advanced the "KX (Kanden Transformation)" through building on strong corporate governance across the entire Kansai Electric Power Group. Under the new management plan "KX toward 2040", we remain committed to delivering and creating the "Vital Platform" for a sustainable society. Vital Platform is a critical foundation with Energy, T&D, ICT and Real Estate at its core, that seamlessly provides everyday functions and value, and unlock potential across business and society through the four pillars, serving and supporting sustainable and collective growth. We accelerate KX to be more than just power & utilities.

Current Business Environment and Outlook

The global power and utilities market is undergoing a fundamental transformation largely driven by the AI revolution and the push toward carbon neutrality, with these trends being particularly seen in Japan, where electricity demand is expected to steadily increase, driven by electrification and data center expansion.

Meanwhile, geopolitical risks, inflation, and rising interest rates are unfolding simultaneously on a global scale. In Japan, challenges around replacing aging facilities, population decline leading to a shortage of skilled labor, and tight supply chains are intensifying, requiring swift action.

Vision 2040

Global momentum toward decarbonization remains unchanged, and "energy security" has become a critical priority.

With safety as a fundamental prerequisite, the continued pursuit of safety, energy security, economic efficiency, and environmental sustainability (also known as "S+3E") empowers Japan's sustainable growth. We remain committed to making a significant contribution to S+3E over the mid- to long-term.

Near-term growth will be driven by creating investable Energy and T&D businesses, as well as ICT and Real Estate exploring scale-up opportunities.

Mid- to long-term growth will be underpinned by capturing opportunities in the energy transition and we will be ready to play a leading role in accelerating the

development of decarbonized power sources in Japan.

Initiatives for 2026-2028

Building and sustaining Vital Platform requires continuous investment and FY26-28 will be a critical period for our growth toward 2040.

We remain committed to investment into growth opportunities across all our business areas, while ensuring disciplined balance sheet management and capital allocation to deliver sustainable and long-term value to all stakeholders.

With safety as our foundation, we are committed to delivering investable growth and enduring value for all our stakeholders, and to contributing to the long-term development of society and future generations.

Director, Chief Executive Officer, President

1 Copyright © Kansai Electric Power Co., Inc. All rights reserved

As a Leading Company, Delivering and Creating the Vital Platform for a Sus tainable Society

HSDC : 900 MW

Hydrogen business: 30% domestic share by volume

New

Opportunities

Development focused in large domestic cities

Double profit level

Real

Estate

3+ Connectivity DCs ; Multiple subsea cable projects

Double profit level

ICT

Replace and modernize aging grid infrastructure

T&D

Replace existing plants and develop nationwide new generation

+30% generation capacity

-80% GHG emissions (Scope 1,2)（2） Best-in-class One-Stop solutions

Energy

Initiatives for "Vision 2040"（1)

• Driving growth with Energy, T&D, ICT, and Real Estate as core pillars

• Pioneering and commercializing new businesses and unlocking potential as a first mover

• JPY 15tn of disciplined investment over FY26-40

• ROIC-WACC spreads: 100~150bps; Operating CF: JPY 1.5tn (FY40)

• Creating investable Energy and T&D businesses

• Disciplined balance sheet management

• Investing in human capital and ensuring access to skilled labor and resilient supply chains

• Unlocking AI potential

• Maintaining the highest standard of safety and corporate governance

  FY26-28: Critical Inves tment Phas e

• Deliver stable shareholder returns and drive execution of investment enabled by robust cash generation with asset recycling and divestment of shareholdings

Asset Recycling & Divestment

（FY26-28 cumulative）

Investment

（FY26-28 cumulative）

Maintenance CAPEX: JPY 1.5tn Growth Investment: JPY 1.0tn

Shareholder Return

• JPY 270bn

（FY26-28 cumulative）

ROIC

Financial Goals

（FY26-28 average）

ROE

＋

Growth Investment

Energy

ICT

Real Estate

We have a target

consolidated payout ratio of 25-35% as a guide and aim to maintain or increase dividends

>3.3%

Net Debt/EBITDA

~ 5x

EBITDA

• JPY 800bn

• 8.0%

  Equity Ratio

  mid- 30%

  Profit

• JPY 270bn

Notes: (1) Figures, numbers of locations, and other data shown for each segment are projections as of 2040.

(2) Compared with FY13.

2 Copyright © Kansai Electric Power Co., Inc. All rights reserved