Shikoku Electric Power Incorporated : Announcement of FY2025 Financial Results

April 30, 2026

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2026 (Under Japanese GAAP)

Company name: Shikoku Electric Power Company, Incorporated Listing: Prime Market of TSE

Securities code: 9507

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

Representative: Yoshihiro Miyamoto Director and President

Inquiries: Tsukasa Manabe Manager of the Consolidated Accounting Team, Accounting & Finance Dept. E-mail: [email protected]

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 24, 2026

Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes

(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.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 761,862 851,399	% (10.5) 8.1	Millions of yen 67,848 89,073	% (23.8) 13.4	Millions of yen 67,890 91,611	% (25.9) 14.4	Millions of yen 50,809 68,324	% (25.6) 12.9

      Note: Comprehensive income	For the fiscal year ended March 31, 2026:	¥	48,616 million [	(41.1) %]
      	For the fiscal year ended March 31, 2025:	¥	82,583 million [	21.5%]

      	Basic earnings per share	Diluted earnings per share	Rate of return on equity	Ordinary profit to total assets ratio	Operating profit to net sales ratio
      Fiscal year ended	Yen	Yen	%	%	%
      March 31, 2026	247.27	-	11.1	4.0	8.9
      March 31, 2025	332.20	-	17.1	5.5	10.5

      Reference: Share of profit (loss) of entities accounted for using equity method

      For the fiscal year ended March 31, 2026:	¥	4,936 million
      For the fiscal year ended March 31, 2025:	¥	5,471 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 1,734,358 1,687,484	Millions of yen 477,531 440,843	% 27.4 26.0	Yen 2,321.97 2,129.65

      Reference: Equity

      As of March 31, 2026:	¥	474,549 million
      As of March 31, 2025:	¥	438,017 million

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 82,290 129,821	Millions of yen (150,008) (92,945)	Millions of yen 15,380 (25,325)	Millions of yen 78,554 130,142

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	%	%
   Fiscal year ended March 31, 2025	-	20.00	-	20.00	40.00	8,300	12.0	2.1
   Fiscal year ended March 31, 2026	-	25.00	-	25.00	50.00	10,328	20.2	2.2
   Fiscal year ending March 31, 2027 (Forecast)	-	27.50	-	27.50	55.00		37.4

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.)

* Notes

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

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	207,528,202 shares
      As of March 31, 2025	207,528,202 shares

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

      As of March 31, 2026	3,154,735 shares
      As of March 31, 2025	1,852,199 shares

   3. Average number of shares outstanding during the period

(Note)

We have introduced the Board Benefit Trust, and the total number of treasury shares at the end of the period includes our shares held by the trust account relating to the Board Benefit Trust (195,634 shares (Fiscal 2025), 204,434 shares (Fiscal 2024)). In addition,

our shares held by the trust account are included in the total number of treasury shares which are deducted in the calculation of the average number of shares. (198,342 shares (Fiscal 2025), 210,711 shares (Fiscal 2024))

[Reference] Overview of non-consolidated financial results

1. Non-consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)

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

      	Net sales		Operating profit		Ordinary profit		Profit
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 643,859 723,860	% (11.1) 5.7	Millions of yen 37,638 42,939	% (12.3) 9.5	Millions of yen 44,988 54,309	% (17.2) 5.4	Millions of yen 35,710 43,411	% (17.7) 1.2

      	Basic earnings per share	Diluted earnings per share
      Fiscal year ended	Yen	Yen
      March 31, 2026	172.50	-
      March 31, 2025	209.41	-

   2. Non-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 1,531,911 1,499,195	Millions of yen 321,893 295,601	% 21.0 19.7	Yen 1,566.84 1,425.94

   Reference: Equity

   As of March 31, 2026:	¥	321,893 million
   As of March 31, 2025:	¥	295,601 million

2. Non-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.)

Consolidated Financial Statements

1. Consolidated Balance Sheet

   (Millions of yen)

   As of March 31, 2025 As of March 31, 2026
   Assets
   Non-current assets	1,341,083	1,426,641
   Plant and equipment, and intangible assets	978,220	1,032,129
   Hydroelectric power production facilities	63,270	63,188
   Thermal power production facilities	136,842	126,102
   Nuclear power production facilities	149,068	151,894
   Transmission facilities	113,897	115,786
   Transformation facilities	85,436	92,750
   Distribution facilities	209,985	214,751
   Other non-current assets	108,079	118,216
   Construction and retirement in progress	32,557	69,380
   Special account related to nuclear power decommissioning	30,139	24,927
   Special account related to reprocessing of spent 48,942 55,132 nuclear fuel
   Nuclear fuel	94,013	92,237
   Loaded nuclear fuel	9,764	12,205
   Nuclear fuel in processing	84,249	80,031
   Investments and other assets	268,849	302,274
   Long-term investments	52,180	61,363
   Long-term investments in subsidiaries and	143,015	161,391
   associates
   Deferred tax assets	31,321	30,988
   Retirement benefit asset	34,766	40,259
   Other	7,763	8,397
   Allowance for doubtful accounts	(198)	(126)
   Current assets	346,400	307,716
   Cash and deposits	130,192	78,604
   Notes and accounts receivable - trade, and contract assets	102,649	87,494
   Lease receivables and investments in leases	17,759	18,544
   Inventories	42,070	42,533
   Other	53,926	80,716
   Allowance for doubtful accounts	(197)	(178)
   Total assets	1,687,484	1,734,358

   (Millions of yen)

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

   Liabilities
   Non-current liabilities	1,001,988	1,035,080
   Bonds payable	396,996	406,997
   Long-term borrowings	433,800	464,300

   Contribution payable for nuclear reactor decommissioning

   114,471

   109,868

   Provision for loss on business of subsidiaries and associates	595	-
   Retirement benefit liability	16,896	15,894
   Other	39,229	38,019
   Current liabilities	244,652	221,746
   Current portion of non-current liabilities	76,505	63,790
   Notes and accounts payable - trade	56,435	51,227
   Accrued taxes	25,931	14,447
   Other	85,779	92,281
   Total liabilities	1,246,640	1,256,826
   Net assets
   Shareholders' equity	400,612	439,529
   Share capital	145,551	145,551
   Capital surplus	3,598	3,598
   Retained earnings	254,880	296,400
   Treasury shares	(3,418)	(6,021)
   Accumulated other comprehensive income	37,405	35,020
   Valuation difference on available-for-sale securities	2,723	8,613
   Deferred gains or losses on hedges	5,733	6,532
   Foreign currency translation adjustment	14,775	14,715
   Remeasurements of defined benefit plans	14,173	5,158
   Non-controlling interests	2,825	2,982
   Total net assets	440,843	477,531
   Total liabilities and net assets	1,687,484	1,734,358

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 revenue	851,399	761,862
   Electric utility operating revenue	756,351	662,250
   Other business operating revenue	95,047	99,611
   Operating expenses	762,326	694,014
   Electric utility operating expenses	680,919	609,156
   Other business operating expenses	81,406	84,857
   Cost of sales	67,581	71,249
   Selling, general and administrative expenses	13,825	13,608
   Operating profit	89,073	67,848
   Non-operating income	13,243	9,033
   Dividend income	1,158	1,009
   Interest income	748	1,253
   Gain on sale of securities	298	-
   Foreign exchange gains Share of profit of entities accounted for using equity	3,250	151
   method
   Other	2,316	1,683
   Non-operating expenses	10,705	8,991
   Interest expenses	6,258	7,395
   Loss on business of subsidiaries and associates	1,360	-
   Loss on cancellation of contract	1,261	-
   Other	1,824	1,595
   Ordinary profit	91,611	67,890
   Profit before income taxes	91,611	67,890
   Income taxes - current	22,923	14,228
   Income taxes - deferred	182	2,659
   Total income taxes	23,106	16,888
   Profit	68,505	51,001
   Profit attributable to non-controlling interests	180	192
   Profit attributable to owners of parent	68,324	50,809

   Consolidated Statement of Comprehensive Income

   (Millions of yen)

   Comprehensive income attributable to owners of parent

   82,403

   48,423

   Share of other comprehensive income of entities accounted for using equity method

   925

   (690)

   For the fiscal year ended March 31, 2025

   For the fiscal year ended March 31, 2026

   Other comprehensive income

   Deferred gains or losses on hedges

   (2,381)

   1,838

   Remeasurements of defined benefit plans, net of tax

   8,189

   (9,019)

   Total other comprehensive income

   14,078

   (2,385)

   Comprehensive income attributable to

   Comprehensive income 82,583 48,616

   Foreign currency translation adjustment 5,290 195

   Valuation difference on available-for-sale securities 2,055 5,290

   Profit 68,505 51,001

   Comprehensive income attributable to non-controlling

   interests

   180 192

3. Consolidated Statement of Changes in Equity

For the fiscal year ended March 31, 2025

(Millions of yen)

For the fiscal year ended March 31, 2026

(Millions of yen)