TOHOKU ELECTRIC POWER CO., INC.
October 30, 2025
Financial Results for the Six Months Ended September 30, 2025 (1st Half of FY2025)
Tohoku Electric Power Co., Inc. released its financial results for the Six Months Ended September 30, 2025 (1st Half of FY2025) today.
【Consolidated Financial Results】
Total electricity sales volume decreased due to factors such as contract switching resulting from increased competition, but wholesale electricity sales volume to areas outside our service area increased, resulting in a total electricity sales volume of 39.0 TWh (2.1% increase year-on-year).
Operating revenue amounted to 1,168.9 billion yen, a decrease of 142.6 billion yen (10.9%) compared to the same period of the previous year, mainly due to a decrease in electricity sales (retail).
Ordinary income decreased by 27.6 billion yen (18.0%) year on year to 125.6 billion yen, despite of improved earnings due to the restart of the Onagawa Nuclear Power Station Unit 2 and an increase in gains due to the time lag effect of the fuel cost adjustment. This was due to a deterioration in the income of network business accompanying an increase in supply and demand adjustment costs, as well as the impact of changes in the market and sales environment.
Net income attributable to owners of the parent was ¥87.6 billion, a year-on-year decrease of ¥18.3 billion or 17.3%.
There are no changes to the earnings forecast for FY2025 from the figures announced in April 2025. However, based on current electricity sales volume and market trends, we have revised our forecast for key indicators.
Key points of financial results and forecas ts
0
Financial Results for the 1st Half of FY2025
Operating revenue ¥1,168.9 billion (a year on year decrease of ¥142.6 billion)
Ordinary income ¥125.6 billion (a year on year decrease of ¥27.6 billion)
Net Income Attributable to Owners of Parent
¥87.6 billion (a year on year decrease of ¥18.3 billion)
Financial and Dividend Forecasts for FY2025Operating revenue ¥2,450 billion
Ordinary income ¥190 billion
Dividend Interim 20 yen / Year-end 20 yen (forecast) / Full year 40 yen (forecast)
Summary of Financial Results
1
Operating Revenue ¥1,168.9 billion (a year on year decrease of ¥142.6 billion）
・・・Operating revenue decreased mainly due to factors such as a decline in retail electricity sales.
Ordinary Income ¥ 125.6 billion (a year on year decrease of ¥27.6 billion）
・・・Although there were positive factors, such as the restart of Onagawa Unit 2 and an increase in profits due to the time lag effect of the fuel cost adjustment, ordinary income decreased due to worsening income and expenditure resulting from changes in the market and sales environment, as well as increased supply and demand adjustment costs in the transmission and distribution business.
Net Income Attributable to Owners of Parent
¥ 87.6 billion (a year on year decrease of ¥18.3 billion）
FY2024/1H | FY2025/1H | Change | Change | |
(A) | (B) | (B) - (A) | (B) / (A) | |
Operating Revenue | 1,311.5 | 1,168.9 | (142.6) | 89.1 % |
Ordinary Income *1 | 153.3 | 125.6 | (27.6) | 82.0 % |
[145.3] | [102.6] | [(42.6)] | [70.6 %] | |
Net Income Attributable to Owners of Parent | 106.0 | 87.6 | (18.3) | 82.7 % |
【Summary of Consolidated Financial Statements 】
Mar. 31, 2025 (A) | Sep. 30, 2025 (B) | Change (B) - (A) | |
Equity ratio (After considering hybrid bonds *2) | 18.3% (20.8%) | 19.6% (22.2%) | 1.3% (1.4%) |
Interest-Bearing Liabilities | 3,336.9 | 3,382.6 | 45.7 |
*1 Lower figures in [ ] exclude time lag effect of the fuel cost adjustment
*2 Equity ratio assuming 50% of the issued amount (¥140 billions) of the issued hybrid bonds as equity capital
(¥ billion)
2Although there were positive factors, such as the restart of Onagawa Unit 2 and an increase in profits due to the time lag effect of the fuel cost adjustment, our consolidated ordinary income dropped due to the impact of changes in the market and sales environment and the deterioration of income in the power transmission and distribution business.
Consolidated ordinary income was ¥125.6 billion, decreased by ¥27.6 billion year-on-year. (Excluding the time lag effect of fuel price adjustments, consolidated ordinary income was ¥102.6 billion, decreased by ¥42.6 billion year-on-year.)
FY2024/1H
FY2025/1H
+8.0
+23.0
Decrease of ¥27.6 Billion（¥153.3 Bil → ¥125.6 Bil）
(¥ billion)
Diff in the time lag effectof fuel price adjustments (Increased marginal profit)
(29.0)
35.0
Network business
153.3Time lag effect of fuel cost adjustment
8.0
15.0
Restart operation of Onagawa Unit 2 (Reduction in fuel costs)
Changes in the market and sales environment
(24.7)
Others
(23.9)
Time lag effect of fuel cost adjustment
23.0
125.6Ordinary income excluding time lag effect of fuel cost adjustment
145.3
*See the next page for details
Ordinary income excluding time lag effect of fuel cost adjustment
102.6
FY2025/1H
FY2024/1H
(Decreas e of ¥42.6 billion, excluding the time lag effect of fuel price adjustment)
Changing Factors in Consolidated Ordinary Income from the Corresponding Period Last Year
Time Lag Effect of Fuel Cost Adjustment
3
The time lag effect of Fuel Cost Adjustment increased to marginal profit of ¥23.0 billion in FY2025/1H, from
marginal profit of ¥8.0 billion in FY2024/1H, resulting in a profit of approx. ¥15 billion.
Profit improved by approx. ¥15 billion,
compared to the same period last year
Marginal profit of ¥8 bil in FY2024/1H
Marginal profit of ¥23 bil in FY2025/1H
Profit
Average Fuel Price (Revenue) (Reflected in electricity price as fuel cost adjustment unit price)
Price of imported fuel (Cost)
Profit
Apr May Jun Jul Aug Sep
Oct Nov Dec Jan Feb Mar
Apr May Jun Jul Aug Sep
＜FY2024＞ ＜FY2025＞