Shikoku Electric Power Company, Incorporated TSE:9507

Shikoku Electric Power Incorporated : Presentation Materials (fy2025)

Published

Source: MarketScreener

Financial Results Briefing for FY2025

(April 1, 2025 – March 31, 2026)

May 8, 2026

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any

discrepancy between this translated document and the Japanese original, the original shall prevail.

Key Points of Consolidated Financial Results and

Forecasts of Consolidated Financial Results & Dividends

Contents

I. Overview of Consolidated Financial Results for FY2025

  • Summary of Financial Results

  • Key Data

  • Details of Consolidated Financial Results (Electric Power and Businesses Other than Electric Power)

  • Factors Contributing to Change in Ordinary Profit from Previous Fiscal Year

  • Ordinary Profit (by Segment)

  • Changes in Consolidated Results

  • Cash Flows

  • Financial Position

  • Changes in Capital Structure

  • Shareholder Returns

    II. Forecasts of Consolidated Financial Results for FY2026

  • Progress of the Medium-Term Management Plan 2025

  • Forecast of Ordinary Profit and Dividends for FY2026

  • Factors Contributing to Change from FY2025 Results

    III. Future challenges of the Medium-Term Management Plan 2030

  • Forecast of Ordinary Profit (by Segment)

  • Management Targets/FY2026 Outlook/Business Development

  • FY2026 Management Policy

3

4

5

6

7

8

9

10

11

12

13

14

15-16

17

18

19

20

21

22-24

25

  • Overview of Key Initiatives by Business Area from FY2026

  • Key Initiatives for FY2026 (Power Generation Business)

  • [Topics] Power Generation Initiatives in Response to Middle East Developments

  • Key Initiatives for FY2026

    (Electricity Retail and T&D Businesses)

  • Key Initiatives for FY2026 (Construction & Engineering

    and Information & Communications Businesses)

  • Key Initiatives for FY2026 (International Business)

    Supplemental Data for FY2025

  • Key Initiatives for FY2026 (Decarbonized Power Supply & Energy Solutions Business)

    [Segment Information]

    • Overview of Financial Results by Segment (Reference)Changes in Results by Segment

    • Plant and Equipment Expenditures [Electric Power-Related]

    • Electricity Sales

    • Electricity Supplied, Consumption of Fossil Fuels

    • Time Lag Effect of Fuel Cost Adjustment System

    • Retail Sales Power Share of Power Producer and Supplier [PPS] (Extra High, High, Low Voltage: Shikoku Area)

    • Changes in the Number of Electrified Housing Contracts (Cumulative: Shikoku Area)

    • Changes in JEPX Spot Market Prices in Shikoku Area

    • Feed-in Tariff Scheme for Renewable Energy

[Time Series Data] etc.

26

27

28

29

30

31

32

33

34-39

40

41

42

43

44

45-46

47

48

49

50-59

Forecasts of Consolidated Financial Results & Dividends

[Cons olidated Financial Results for FY2025] Revenue Decrease and Profit Decrease

Revenues

761.8 billion yen

Change: (89.5) billion yen

Profit

Ordinary profit

67.8 billion yen

Change: (23.8) billion yen

Dividend

¥25 per share

(Profit attributable to owners of parent)

50.8 billion yen

Change: (17.5) billion yen

¥25 per share

2025

[FY2026 Forecasts of Consolidated Financial Results & Dividends]

Revenues

925.0 billion yen

Profit

Ordinary profit

    1. billion yen

Dividend

¥27.5 per share

(Netprofitattributable to owners of parent)

30.0 billion yen

¥27.5 per share

  1. OVERVIEW OF CONSOLIDATED FINANCIAL RESULTS

    FOR FY2025

    Summary of Financial Results (Refer to page 7 to 8 for details)

    (100 million yen)

    FY2025

    FY2024

    Change

    Growth rate

    Revenues

    7,618

    8,513

    (895)

    (10.5)%

    Operating Expenses

    6,940

    7,623

    (683)

    (9.0)%

    Operating Profit

    678

    890

    (212)

    (23.8)%

    Non-Operating Profit (Loss)

    0

    25

    (25)

    (98.3)%

    Ordinary Profit

    678

    916

    (238)

    (25.9)%

    Income Taxes, etc.

    170

    232

    (62)

    (26.6)%

    Profit attributable to owners of parent

    508

    683

    (175)

    (25.6)%

    Net profit per share

    247 yen

    332 yen

    (85) yen

    (25.6)%

    Key Factors for Electric

         Power Business      

    (million kWh)

    Key Factors for Businesses Other

               than Electric Power        

    FY2025

    FY2024

    Change

    [IT/Communications]

    Number of FTTH contract (10,000 cases)

    39.1

    38.3

    0.8

    [Energy]

    Generation capacity in International Business (10,000kW)

    202

    202

    -

    [Energy]

    LNG Sales (10,000t)

    11.0

    10.8

    0.3

    [Construction/Engineering]

    Total orders received by major group companies *3 (100 million yen)

    1,667

    1,503

    164

    *1

    *2

    FY2025

    FY2024

    Change

    Total Electricity Supplied*

    34,346

    35,609

    (1,263)

    Electricity Sales (Retail)

    22,894

    22,720

    174

    Lighting

    7,406

    7,728

    (322)

    Pow er

    15,488

    14,993

    495

    Electricity Sales (Wholesale)

    11,452

    12,889

    (1,437)

    Demand from Shikoku area

    25,467

    26,214

    (747)

    *3 YONDENKO CORPORATION, Y onden Engineering Company , Incorporated, Y onden Cons ultants Company , Incorporated

    Nuclear Capacity Factor (%)

    81

    77

    4

    Flow Rate (%)

    80

    99

    (19)

    Coal Cus toms CIF Price ($/t)

    121

    151

    (30)

    LNG Cus toms CIF Price ($/t)

    567

    614

    (47)

    Crude Oil Customs CIF Price ($/b)

    71

    82

    (11)

    Exchange Rate (¥/$)

    151

    153

    (2)

    JEPX Spot Market Prices in the

    Shikoku Area (¥/kWh)

    8.9

    10.7

    (1.8)

    Financial Sensitivity for Key Factors

    (100 million yen)

    FY2025

    FY2024

    Change

    Nuclear Capacity Factor (1%)*4

    5

    7

    (2)

    Flow Rate (1%)

    3

    4

    (1)

    Coal Cus toms CIF Price (1$/t)

    6

    7

    (1)

    Crude Oil Cus toms CIF Price (1$/b)

    0

    1

    (1)

    Exchange Rate (1¥/$)

    7

    9

    (2)

    * 1-1.The imbalances, etc. which hav e not been conf irmed as of the settlement day are not to be included.

    1-2.Combind total for Shikoku Electric Power and Shikoku Electric Power Transmission & Distribution Co., Inc.. Intersegment transactions have been eliminated.

    * 2.Calculated based on the power supply –demand data (at the transmission end) published by Shikoku Electric Power Transmiss ion & Distribution Company , Inc.

    *4 Including nuclear back-end costs

    (Electric Power and Businesses Other than Electric Power)

    FY2025

    FY2024

    Change

    Growth rate

    Revenues

    Electric Power

    Electricity Sales (Retail)

    Rev enues Electricity Sales

    (Wholes ale) Rev enues

    Others

    * 4,912

    1,327

    383

    * 5,206

    1,887

    469

    (294)

    (560)

    (86)

    (5.6)%

    (29.7)%

    (18.4)%

    Subtotal

    6,622

    7,563

    (941)

    (12.4)%

    Businesses Other than Electric Power

    996

    950

    46

    4.8%

    Total

    7,618

    8,513

    (895)

    (10.5)%

    Operating Expenses

    Electric Power

    Personnel Fuel

    Power Purchas e Depreciation Maintenance Nuclear Back-end

    Others

    305

    846

    2,152

    518

    757

    151

    1,358

    400

    1,132

    2,666

    520

    687

    135

    1,265

    (95)

    (286)

    (514)

    (2)

    70

    16

    93

    (23.7)%

    (25.3)%

    (19.3)%

    (0.3)%

    10.2%

    11.9%

    7.3%

    Subtotal

    6,091

    6,809

    (718)

    (10.5)%

    Businesses Other than Electric Power

    848

    814

    34

    4.2%

    Total

    6,940

    7,623

    (683)

    (9.0)%

    Operating Profit

    678

    890

    (212)

    (23.8)%

    Non-Operating Profit (Loss)

    0

    25

    (25)

    (98.3)%

    Ordinary Profit

    678

    916

    (238)

    (25.9)%

    Income Taxes, etc.

    170

    232

    (62)

    (26.6)%

    Profit attributable to

    owners of parent

    508

    683

    (175)

    (25.6)%

    (100 million yen)

    (Factors contributing to change: 100 million yen)

    ① [Electricity Sales (Retail)]

    • Increase in Retail Electricity Sales Volume +47

    • Decrease in income per unit (Including effect of Fuel Cost Adjustment System) (338), etc.

①

②[Electricity Sales (Wholesale), Other Sales] (646)

  • Decrease in Wholesale Electircity Sales Volume(163)

  • Decrease in income per unit (172)

  • Impact due to Decrease in Contract Price in Capacity Market (242)

  • Deterioration in the revenues related to supply and demand adjustment, such as FIT,etc. (111)

②

③[Personnel]

  • Amortization of actuarial gains and losses related to retirement benefits (109), etc.

③ ➃

⑤

④[Fuel, Power Purchase] (800)

  • Decrease in Total Electricity Sales Volume (117)

  • Increase in Nuclear power (27)

  • Decrease in Hydropower +71

  • Decrease in the thermal unit price (388)

  • Decrease in unit price of avoidable costs for FIT purchases (117)

  • Impact due to Decrease in Contract Price in Capacity Market (215), etc.

⑤[Maintenance]

  • Increase in thermal power-related construction +58, etc.

* Electricity Sales (Retail) include subsidies for electricity business implemented based on the "Comprehensive Economic Measures to Overcome Rising Prices and Realize Economic Revival".

(238)

(100 million yen)

・Decrease in Hydro power

・Deterioration in the revenues

(71)

related to supply and demand adjustment,

such as FIT, etc. (111)

FY2024 FY2025 (240)

Deterioration in the supply-

demand balance

Amortization of actuarial gains and losses related to retirement benefits

Increase in maintenance expenses, etc.

Increase in profits in

(217) ＋109(132)

Businesses Other than

Electric Power, etc.

＋2916678

  • Time Lag Profit of Fuel Cost Adjustment System +35

  • Amortization of actuarial gains and losses +64

  • Temporary fluctuations in profit of Electricity Transmission & Distribution companies +177

  • Time Lag Profit of Fuel Cost Adjustment System +50

  • Amortization of actuarial gains and losses +173

  • Temporary fluctuations in profit of Electricity Transmission & Distribution companies (41)

(100 million yen)

Ordinary Profit

FY2025

FY2024

Change

Consolidated

678

916

(238)

Segment (Before Elimination of Internal Transactions)

Electric Power

434

674

(240)

Power Generation & Sales

348

413

(65)

Transmission & Distribution

85

261

(176)

Bus ines s es Other than Electric

Power

257

246

11

IT/Communications

112

106

6

Energy

53

56

(3)

Construction/Engineering

51

54

(3)

Others

39

29

10

Adjus tments

(13)

(5)

(8)

FY2025 Consolidated Ordinary Profit by Segment

Power Generation & Sales Transmission & Distribution

IT/Communications Others

(100 million yen)

145

*Ordinary Profit from Pow er Generation & Sales is Excluded dividends received from consolidated subsidiaries and equity method affiliates.

*Because of rounding, the total figures are not necessarily equal to totals of individual figures.

Consolidated Ordinary Profit (238)

FY2024

112

678

85

348

(100 million yen)

FY2025

(Electric Power) (240)

(Businesses Other than Electric Power)

+11

(65) (176)

Power

IT/ Communications

Energy

Construction/ Engineering

Others

Adjustments

916

Generation & Sales

Transmission & Distribution

6 (3) (3) +10

*Refer to page 18 to 23 for details of results by segment.

(8)678

4,000

3,000

2,000

1,000

0

Financial

  Indicators  

(100 million yen)

1,200

1,100

8,332

8,513

7,874

7,618

890

916

6,419

785 800

683 678 678

605

508

(62)

(135) (121)

(122)

(225)(228)

Revenues Operating Profit Ordinary Profit

Net profit attributable to owners of parent

1,000

900

800

700

600

500

400

300

200

100

0

(100)

(200)

(300)

FY2021 FY2022 FY2023 FY2024 FY2025

(100 million yen)

9,000

8,000

7,000

6,000

5,000

FY2021

FY2022

FY2023

FY2024

FY2025

Operating profit margin (%)

(2.1)

(1.5)

10.0

10.5

8.9

Net profit per share (¥)

(30)

(111)

294

332

247

Business profit (ordinary profit +

(100 million yen)

interest expense)

(65)

(163)

862

978

752

*Plus is income, ( ) is expenditure (100 million yen)

FY2025

FY2024

Change

Cash Flows from Operating Activities

822

1,298

(476)

Ordinary Profit

678

916

Depreciation

594

591

Others

(450)

(209)

Cash Flows from Inves ting Activities

(1,500)

(929)

(571)

Capital Expenditures

(1,241)

(774)

Inves tments

(258)

(155)

Free Cash Flows

(677)

368

(1,045)

Cash Flows from Financing Activities

153

(253)

Bonds and Loans

280

(180)

Cash Dividends Paid

(92)

(72)

Cash Dividends Paid

(32)

(0)

Net Increase in Cash and Cash Equivalents

(516)

118

CF to Interes t-bearing Debts Ratio (times )

11.3

6.9

Interes t Coverage Ratio (times )

11.6

21.1

*CF to Interest-bearing Debt Ratio: Interest-bearing Debt / Cash flows from operating activities

(100 million yen)

Mar 31, 2026

Mar 31,2025

Change

Main reasons for the increase or decrease

Assets

17,343

16,874

469

・Capital expenditures +1,161

・Depreciation (594)

・Inves tments and loans related to business expansion, etc. +315

・Decrease in cash on hand, etc. (516)

Bus iness assets

9,517

8,988

529

Nuclear fuel

1,473

1,429

44

Inves tments , etc.

6,351

6,456

(105)

Liabilities

12,568

12,466

102

Bonds and loans

9,272

8,992

280

Others

3,295

3,473

(178)

Net Assets

4,775

4,408

367

・Profit attributable to owners of parent +508

・Payment of dividend (92)

・Increase in shareholders' equity (26)

Capital and capital surplus

1,491

1,491

-

Retained earnings

2,903

2,514

389

Accumulated other comprehensive income

380

402

(22)

Shareholders ' equity ratio

27.4%

26.0%

1.4%

*Shareholders Equity

(100 million yen)

30,000

Accued Epenses, etc.

Bonds and Loans Shareholders' Equity*

Shareholders' Equity

Ratio

25,000

20,000

20.8%

22.1%

26.0% 27.4%

(%)

25.0

20.0

= (Net Assets) ― (Minority interests)

15,000

10,000

5,000

0

15,007

3,277

8,602

3,128

18.3%

16,120

3,681

9,482

2,957

16,290

3,514

9,172

3,604

16,874

3,502

8,992

4,380

17,343

15.0

10.0

5.0

3,326

9,272

4,745

Financial

  Indicators  

End of FY2021 End of FY2022 End of FY2023 End of FY2024 End of FY2025

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of FY2025

Shareholders Equity Ratio (％)

20.8

18.3

22.1

26.0

27.4

Interes t-Bearing Debts Ratio* (times )

2.7

3.2

2.5

2.0

2.0

Book-value per Share (BPS) (yen)

1,521

1,438

1,753

2,130

2,322

Price Book-value Ratio (PBR) (times )

0.5

0.5

0.7

0.5

0.8

1,521.0

*Interest-Bearing Debts Ratio = Bonds and Loans / Shareholders' Equity

  • Paying stable dividends is our basic policy for returns to shareholders, which is decided in the light of comprehensive consideration of business results, financial position, and medium-to long-term business conditions.

  • In FY2025, we plan to pay a year-end dividend of ¥25 (¥50 per year) per share as forecast.

  • In addition, we repurchased shares totaling 3.2 billion yen in FY2025.

Dividends per share

nterim

(yen)

Share buybacks

FY2024

FY2025

Interim dividend

20

25

Year-end dividend

20

25 *

Total

40

50

FY2024

FY2025

Total number of shares acquired

-

1.86 million shares

Acquisition cost

-

3.2 billion yen

*Year-end dividend will be officially decided at the general shareholders

meeting to be held in June 2026.

Changes in dividends per share

(¥)

40

30

30

25

20

15

15

25

15

0

15

20

50

40

30

20

10

0

*Excluding the purchase of shares less than one trading unit.

Year-end dividend

Interim dividend

50

FY2021 FY2022 FY2023 FY2024 FY2025

ROA

5.3% 5.9%

4.4%

Shareholders’ Equity Ratio

22.1%

27.4%

26.0%

2025 Target

25% or more

(0.4)%

(1.0)%

2025 Target

Approx. 3%

[ ROE:

Approx. 8%]

20.8%

18.3%

Interest Bearing

Debt Ratio: 2 times or less

2021

2022

2023

2024

2025

2021

2022

2023

2024

2025

[ROE] [(2.0)%]

[(7.5)%]

[18.4%]

[17.1%]

[9%]

[Interest Bearing Debt Ratio] [2.7] [3.2]

[2.5]

[2.0]

[2.0]

(times)

Ordinary Profit

80.0

91.6

[billion yen]

Ordinary Profit of Growth Business

67.8

2025 Target

IT/Communications

8.1

10.6 11.2

[billion yen]

2025 Target

40.0 billion yen or more

2021 2024 2025

8.0 billion yen or more

(12.1)

(22.5)

International Business

3.8 3.7

[billion yen]

2025 Target

2021 2022 2023 2024 2025

0.9

2021 2024

2025

    1. billion yen or more

Cash Flows from operating activities Dividends

[billion yen]

[yen]

143.6

129.8

Early realization of a 50 yen per share dividend 50

40

82.2

    1. billion yen

30 30

49.8

36

2021 2022 2023 2024 2025

0

2021 2022 2023 2024 2025

Cash Flows [Cumulative Total from FY2021 to FY2025]

Cash Flows from operating activities

441.7 billion yen

Maintenance and Renewal Investment

347.9 billion yen

Strategic Investment

209.0 billion yen

Capital Policy[Dividends]

28.9 billion yen

Capital policy* [External Funding]

144.2 billion yen

* Value Adjusted for Changes

in Cash and Deposits

  1. FORECAST OF CONSOLIDATED FINANCIAL RESULTS

FOR FY2026

Dividends per share [Forecast]

Forecasts of Ordinary Profit and Dividends for FY2026

Forecasts of Consolidated

         Financial Results      

FY2026 Forecast

Revenues

9,250

Operating Profit

370

Ordinary Profit

400

Net profit attributable to owners of parent

300

Net Profit per Share

147yen

< Reference > FY2025 Results

7,618

678

678

508

247yen

(100 million yen)

Electricity Sales [Forecast]

(yen)

< Reference > FY2025 Results

25

25

50

FY2026 Forecast

Interim dividend

27.5

Year-end dividend

27.5

Total

55

FY2026 Forecast

Retail

221

Wholesale

168

Total Electric Power

389

< Reference > FY2025 Results

229

115

343

(100 million kWh)

Shareholders’ equity

  /Plant and Equipment Expenditures   Assumption factors

FY2026 Forecast

< Reference > FY2025 Results

Nuclear Capacity Factor (%)

91

81

Coal CIF Price ($/t)

170

121

Crude Oil CIF Price ($/b)

95

71

Exchange Rate (¥/$)

160

151

(100 million yen)

FY2026 Forecast

Shareholders ' equity

4,880

Plant and Equipment Expenditures

1,260

FY2025 Results

4,745

1,269

FY2025Actual

Improvement in the supply-

-278

(Electric Power) -269

Amortization of actuarial gains and

(100 million yen)

FY2026Forecast

demand balance      losses related to

678＋25

retirement benefits

(133)

Increase in various expenses

(161)

Decrease in Profits in Businesses Other than Electric

Power, etc.

(9)

・Increase in income unit price ＋885

・Increase in supply and demand related

expenses [price increase] (1,030)

・Increase in nuclear power [including nuclear back-end costs] ＋70

・Increase in hydropower [Effects of water shortages in the same period last year has faded] ＋95,etc.

・Increase in commission expenses [related system modification, etc.] (110)

・Increase in Non-current assets retirement costs (40),etc.

400

•

•

•

50

173

(41)

Time Lag Profit of Fuel Cost Adjustment System • Time Lag Loss of Fuel Cost Adjustment System (135)

Amortization of actuarial gains and losses

Temporary fluctuations in profit of Electricity Transmission & Distribution companies

  • Amortization of actuarial gains and losses

  • Temporary fluctuations in profit of Electricity Transmission & Distribution companies

40

(145)

(100 million yen)

FY2026 Consolidated Ordinary Profit by Segment

Electric Power IT/Communications Others

Ordinary Profit

FY2026 Forecast

< Reference > FY2025 Actual

Change

Consolidated

400

678

( 278 )

Segment (Before Elimination of Internal Transactions)

Electric Power

165

434

( 269 )

Power Generation & Sales*

235

348

( 113 )

Transmission & Dis tribution

(70)

85

( 155 )

Business Other than Electric Power

235

257

( 22 )

IT/Communications

100

112

( 12 )

Energy

50

53

( 3 )

Cons truction/Engineering

45

51

( 6 )

Others

40

39

1

Adjus tments

—

(13)

13

135

400

165

(100 million yen)

Businesses Other than

Power Generation & Sales: 235 Transmission & Distribution: (70)

100

FY2025

Actual

Consolidated Ordinary Profit （278）

(100 million yen)

FY2026

Forecast

(Electric Power) -269

(Businesses Other than Electric Power) -22

(113)

Power Generation &

(155)

IT/ Communications

Construction/ Engineering

Energy Others

Adjustments

678

Sales Transmission & Distribution

(12) (3)

(6)

+1 +13

400