FY2025 Financial Results
(April 1, 2025 - March 31, 2026)
Tokyo Electric Power Company Holdings, Inc.
1
Overview of FY2025 Financial Results
(Released on April 30, 2026)
Regarding Forward-Looking Statements
Certain statements in the following presentation regarding TEPCO Group's business operations may constitute "forward-looking statements." As such, these statements are not historical facts but rather predictions about the future, which inherently involve risks and uncertainties, and these risks and uncertainties could cause TEPCO Group's actual results to differ materially from the forward-looking statements herein.
(Note)
Please note that the following is an accurate and complete translation of the original Japanese version prepared for the convenience of our English-speaking investors. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail.
* The figures described in this document may not match the totals due to rounding
【Main Points of the FY2025 Financial Results】
- Operating Revenue decreased mainly due to a decrease in total electricity sales volume.
- Ordinary Profit (Loss) increased mainly due to a positive turn in timing differences under the Fuel Cost Adjustment System and continued efforts to improve profitability, despite a decrease in total electricity sales volume.
- Profit (Loss) Attributable to Owners of Parent decreased mainly due to recording of
extraordinary losses on disaster.
(Unit: Billion Yen)
FY2025 (A) | FY2024 (B) | Comparison | |||
(A)-(B) | (A)/(B) (%) | ||||
Operating Revenue | 6,328.5 | 6,810.3 | -481.8 | 92.9 | |
Operating Profit (Loss) | 337.6 | 234.4 | +103.2 | 144.0 | |
Ordinary Profit (Loss) | 417.3 | 254.4 | +162.8 | 164.0 | |
Extraordinary Income (Losses) | -811.7 | -55.7 | -756.0 | - | |
Profit (Loss) Attributable to Owners of Parent | -454.2 | 161.2 | -615.5 | - | |
FY2025 (A) | FY2024 (B) | Comparison | |||
(A)-(B) | (A)/(B) (%) | ||||
Total Electricity Sales Volume | 213.2 | 228.6 | -15.4 | 93.3 | |
Retail Electricity Sales Volume *1 | 171.9 | 187.2 | -15.2 | 91.9 | |
Wholesale Electricity Sales Volume *2 | 41.3 | 41.4 | -0.1 | 99.7 | |
Electricity Sales Volume
*1 Total of EP consolidated (EP/PinT) and PG (last resort supply/islands)
*2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation)
Area Demand
(Unit: Billion kWh)
(Unit: Billion kWh)
FY2025 (A) | FY2024 (B) | Comparison | ||
(A)-(B) | (A)/(B) (%) | |||
Area Demand | 268.3 | 267.5 | +0.8 | 100.3 |
Exchange Rate/CIF
FY2025 (A) | FY2024 (B) | (A)-(B) | |
Foreign Exchange Rate (Interbank, yen/dollar) | 150.7 | 152.6 | -1.9 |
Crude Oil Price (All Japan CIF, dollars/barrel) | 71.4 *3 | 82.4 | -11.0 |
Nuclear Power Plant Capacity Utilization Ratio (%) | 1.1 | - | +1.1 |
※3
*3 The crude oil price for FY2025 is the tentative price announced on April 22, 2026
(Unit: Billion Yen)
FY2025 (A) | FY2024 (B) | Comparison | |||
(A)-(B) | (A)/(B) (%) | ||||
Operating Revenue | 6,328.5 | 6,810.3 | -481.8 | 92.9 | |
TEPCO Holdings | (HD) | 826.8 | 796.2 | +30.6 | 103.8 |
TEPCO Fuel & Power | (FP) | 3.7 | 3.7 | -0.0 | 97.9 |
TEPCO Power Grid | (PG) | 2,294.3 | 2,345.2 | -50.8 | 97.8 |
TEPCO Energy Partner | (EP) | 4,989.6 | 5,559.8 | -570.1 | 89.7 |
TEPCO Renewable Power | (RP) | 189.2 | 212.1 | -22.9 | 89.2 |
Adjustments | -1,975.2 | -2,106.8 | +131.6 | - | |
Ordinary Profit (Loss) | 417.3 | 254.4 | +162.8 | 164.0 | |
Impact of timing differences | 28.0 | 2.0 | +26.0 | - | |
Excluding impact of timing differences | 389.3 | 252.4 | +136.8 | 154.2 | |
TEPCO Holdings | (HD) | 128.9 | -50.7 | +179.6 | - |
TEPCO Fuel & Power | (FP) | 83.3 | 57.7 | +25.6 | 144.4 |
Impact of timing differences | 5.0 | 20.0 | -15.0 | 25.0 | |
Excluding impact of timing differences | 78.3 | 37.7 | +40.6 | 207.6 | |
TEPCO Power Grid | (PG) | 81.7 | 54.9 | +26.7 | 148.8 |
TEPCO Energy Partner | (EP) | 254.9 | 287.9 | -32.9 | 88.6 |
Impact of timing differences | 23.0 | -18.0 | +41.0 | - | |
Excluding impact of timing differences | 231.9 | 305.9 | -73.9 | 75.8 | |
TEPCO Renewable Power | (RP) | 40.3 | 53.6 | -13.2 | 75.3 |
Adjustments | -172.0 | -149.0 | -23.0 | - | |
-
Points of Each Company 5
HD: Ordinary profit increased mainly due to an increase in dividend income.
FP: Ordinary profit increased mainly due to the impact of fuel procurement prices and increased profits from overseas
and renewable power generation businesses.
PG: Ordinary profit increased mainly due to a decrease in costs related to supply and demand adjustment.
EP: Ordinary profit decreased mainly due to a decrease in total electricity sales volume and an increase in procurement unit prices.
RP: Ordinary profit decreased mainly due to a decrease in wholesale electricity sales.
(Ref.) Ordinary Profit (Loss) (Unit: Billion Yen)
Excluding impact of timing differences
+136.8
EP
Increase in profits: 162.8 billionExcluding
FP
(Excluding impact of timing differences)
(Excluding impact of
PG timing differences)
+26.7 -73.9
impact of timing differences 389.3
Excluding
impact of
Positive turn HD
+40.6
RP Adjustments
FY2025timing differences 252.4
FY2024 254.4in timing differences
+26.0
FP： -15.0
EP： +41.0
+179.6
-13.2
-23.0
417.3This presents Year-on-Year comparisons of the impact of timing differences and of ordinary profit excluding that impact
-
Consolidated Extraordinary Income (Losses)
6
(Unit: Billion Yen)
FY2025
(A)
FY2024
(B)
Comparison
(A)-(B)
Extraordinary Income
184.9
87.3
+97.6
Gain on sale of shares of subsidiaries and *1
associates
103.0
-
+103.0
Grants-in-aid from Nuclear Damage Compensation *2
and Decommissioning Facilitation Corporation
81.8
87.3
-5.4
Extraordinary Losses
996.6
143.0
+853.6
Extraordinary Losses on disaster *3
913.8
62.6
+851.2
Expenses for Nuclear Damage Compensation *4
82.7
80.3
+2.4
Extraordinary Income (Losses)
-811.7
-55.7
-756.0
*1 Gain on sale of shares of KANDENKO CO., LTD., etc.
*2 Applications to modify the amount of financial assistance were submitted on January 9, 2026 and March 13, 2026
*3 Increase in estimated costs for restoration and related work of assets damaged by the Great East Japan Earthquake
Newly anticipated costs for preparatory work for fuel debris retrieval, based on the presentation of the preparatory process for
fuel debris retrieval at the Sub-Committee for the Evaluation of Fuel Debris Retrieval Methods of NDF held on July 23, 2025
*4 Increases due to the extension of the calculation period for estimated amounts related to damages due to the restriction on shipment and damages due to groundless rumors, and indirect damages, and other damages
- Consolidated Financial Position 7
Total assets balance increased by ¥588.6 billion mainly due to an increase in non-current assets, despite a decrease in current assets.
Total liabilities balance increased by ¥956.3 billion mainly due to an increase in provision for loss on
disaster.
Total net assets balance decreased by ¥367.7 billion mainly due to recording of loss attributable to owners of parent.
Equity ratio declined by 3.3 points.
Total Assets
14,986.9
Equity ratio:
25.1%
Liabilities 11,200.8
+956.3
・Provision for loss on disaster
+645.5
・Provision for preparation of removal of reactor cores in the specified nuclear power facilities
+220.9
・Interest-bearing debt
+124.0
-75.0
Decrease in net assets
-367.7
・Accumulated other comprehensive income
+84.0
・Loss attributable to owners of parent
-454.2
Declined by
3.3 points
Total Assets 15,575.6
Increase in assets
+588.6
・Investments
and other assets
+254.3
・Construction in progress
+253.6
・Electric utility plant and equipment
+191.1
・Current assets
-113.8
Equity ratio:
21.8%
Liabilities
12,157.2
Net Assets 3,786.1
Net Assets 3,418.3
Accounts payable-trade
Balance Sheet as of March 31, 2025
Increase in liabilities(Unit: Billion Yen)
Balance Sheet as of March 31, 2026
【Dividends】
TEPCO decided not to pay out fiscal 2025 year-end dividends
No interim and year-end dividends are planned for FY2026
【FY2026 Consolidated Performance Forecast】
To be determined
Ordinary Profit (Loss)
(Unit: Billion Yen)
Decrease in nuclear power-related costs and other factors
FY2024 -50.7Increase in dividend income
+35.1
+144.5
Increase in profits: 179.6 billion FY2025 128.9Profit structure
Profit includes dividend income, decommissioning subsidy income, management support fees, and wholesale electricity sales of nuclear power generation, and related items.
Expenses mainly include repair expenses and depreciation for nuclear power generation facility, and general and special contributions to the NDF.
Ordinary Profit (Loss) (Unit: Billion Yen)
FY2025 | FY2024 | Comparison | |
Apr-Jun | 162.9 | 151.6 | +11.3 |
Apr-Sep | 142.3 | 138.8 | +3.4 |
Apr-Dec | 119.4 | 131.2 | -11.7 |
Apr-Mar | 128.9 | -50.7 | +179.6 |
Ordinary Profit (Loss)
(Unit: Billion Yen)
Excluding impact of timing differences
+40.6
Increase in profits: 25.6 billionExcluding impact of timing differences 78.3
Profit structure
Main profit is share of profit (loss) of entities accounted for using equity method, such as supply and demand balance at JERA.
Impact of Timing Differences
FY2025 | FY2024 | Comparison | |
Apr-Jun | +22.0 | +10.0 | +12.0 |
Apr-Sep | +33.0 | +8.0 | +25.0 |
Apr-Dec | +12.0 | +16.0 | -4.0 |
Apr-Mar | +5.0 | +20.0 | -15.0 |
(Impact from JERA's equity share)
(Unit: Billion Yen)
Excluding impact of timing differences 37.7
FY2024 57.7Negative turn in timing differences
-15.0
Impact of fuel procurement prices and other factors
+22.3
Decrease
in fuel
b
+30.4
FY2025 83.3usiness
profit
-12.1
Increase from overseas and renewable power generation businesses and other factors
Ordinary Profit (Loss)
(Unit: Billion Yen)
FY2025 | FY2024 | Comparison | |
Apr-Jun | 39.4 | 38.7 | +0.6 |
Apr-Sep | 72.7 | 52.9 | +19.7 |
Apr-Dec | 89.9 | 50.7 | +39.2 |
Apr-Mar | 83.3 | 57.7 | +25.6 |
Ordinary Profit (Loss)
(Unit: Billion Yen)
Operating revenue is mainly transmission revenue, and this is fluctuated by area demand.
Expenses are mainly for repairs expenses and depreciation of transmission and distribution facilities.
Profit structure
Increase in transmission revenue*
+8.4
Decrease in costs related to supply and demand adjustment and other factors
+13.1
Others
+5.2
Increase in profits: 26.7 billionFY2025 | FY2024 | Comparison | |
Apr-Mar | 268.3 | 267.5 | +0.8 |
Area Demand
(Unit: Billion kWh)
FY2024 54.9Decrease in the procurement unit price and other factors
FY2025 81.7Ordinary Profit (Loss)
FY2025 | FY2024 | Comparison | |
Apr-Jun | 22.4 | 11.7 | +10.7 |
Apr-Sep | 93.9 | 81.3 | +12.5 |
Apr-Dec | 124.1 | 104.2 | +19.8 |
Apr-Mar | 81.7 | 54.9 | +26.7 |
(Unit: Billion Yen)
* Transmission revenue excludes the impact of imbalance earnings and expenditure
Ordinary Profit (Loss)
(Unit: Billion Yen)
Excluding impact of timing differences
Decrease in profits: 32.9 billionExcluding
Profit structure
Operating revenue is mainly from electricity charges and fluctuates with electricity sales volume.
Expenses are mainly costs for purchased power and for third party's
power transmission services.
Competition: -14.4, Temperature impact: -0.0, Others: -0.4
FY2025 | FY2024 | Comparison | |
Lighting | 58.8 | 60.1 | -1.3 |
Power | 112.7 | 126.3 | -13.6 |
Total | 171.5 | 186.4 | -14.9 |
Retail Electricity Sales Volume (EP consolidated) (Unit: Billion kWh)
Excluding impact of timing differences 305.9
Positive turn in timing
differences
Quantity
impact*
-73.9
impact of timing differences 231.9
287.9impact*
-60.8
Others
+27.1
254.9Impact of decreases in retail electricity sales volume and other factors
FY2024
+41.0 -40.2
Unit price
FY2025Impact of Timing Differences (Unit: Billion Yen)
FY2025 | FY2024 | Comparison | |
Apr-Jun | +18.0 | -1.0 | +19.0 |
Apr-Sep | +17.0 | -39.0 | +56.0 |
Apr-Dec | +25.0 | -28.0 | +53.0 |
Apr-Mar | +23.0 | -18.0 | +41.0 |
Gas Contracts (EP non-consolidated)
As of Mar 31, 2026 | As of March 31, 2025 |
Approx. 1.51 million | Approx. 1.48 million |
Ordinary Profit (Loss)
(Unit: Billion Yen)
FY2025 | FY2024 | Comparison | |
Apr-Jun | 30.6 | 21.4 | +9.1 |
Apr-Sep | 107.8 | 79.6 | +28.2 |
Apr-Dec | 138.6 | 154.6 | -16.0 |
Apr-Mar | 254.9 | 287.9 | -32.9 |
* It shows the difference between sales impact and procurement impact
Ordinary Profit (Loss)
(Unit: Billion Yen) Profit structure
FY2024 53.6Decrease in wholesale electricity sales and other factors
-17.9
Decreases in non-current assets retirement costs and other factors
+4.7
Decrease in profits:Operating revenue is mainly wholesale electricity
sales of hydroelectric and renewable energies.
Expenses are mainly for depreciation and repair
expenses.
FY2025 | FY2024 | Comparison | |
Apr-Mar | 92.7 | 98.1 | -5.4 |
FY2025 40.3
Ordinary Profit (Loss)
(Unit: %)
(Unit: Billion Yen)
FY2025 | FY2024 | Comparison | |
Apr-Jun | 23.5 | 20.1 | +3.4 |
Apr-Sep | 43.3 | 40.3 | +2.9 |
Apr-Dec | 45.9 | 51.5 | -5.6 |
Apr-Mar | 40.3 | 53.6 | -13.2 |
(Unit: Billion Yen)
FY2023
Ordinary Profit (Loss ) 425.5
Excluding impact of timing differences 196.5
Gain
+229.0
FY2024 FY2025
Ordinary Profit (Loss)
254.4
Excluding impact of timing differences 252.4
Ordinary Profit (Loss)
417.3
Excluding impact of timing differences 389.3
Gain
+2.0
Positive turn in timing differences
+26.0
Gain
+28.0
Revenue side element
Cost side element
Apr 2023
Apr 2024
Apr 2025
Mar 2026
(Billion Yen)
* Figures up until FY2015 represent non-consolidated results of the former TEPCO, and figures from FY2016 onward reflect consolidated results
(End of FY)
(Ref.) Trends in Capital Expenditures & Depreciation 16
(Billion Yen)
(Billion Yen)
(Unit: Billion Yen)
FY2025 Results (A) | FY2025 Forecast (B) | Comparison | |||
(A)-(B) | (A)/(B) (%) | ||||
Operating Revenue | 6,328.5 | 6,462.0 | -133.5 | 97.9 | |
Operating Profit (Loss) | 337.6 | 228.0 | +109.6 | 148.1 | |
Ordinary Profit (Loss) | 417.3 | 277.0 | +140.3 | 150.6 | |
Extraordinary Income (Losses) | -811.7 | -902.0 | +90.3 | - | |
Profit (Loss) Attributable to Owners of Parent | -454.2 | -641.0 | +186.8 | - | |
(Unit: Billion kWh)
FY2025 Results (A) | FY2025 Forecast (B) | Comparison | |||
(A)-(B) | (A)/(B) (%) | ||||
Total Electricity Sales Volume | 213.2 | 216.5 | -3.3 | 98.5 | |
Retail Electricity Sales Volume *1 | 171.9 | 172.0 | -0.1 | 99.9 | |
Wholesale Electricity Sales Volume *2 | 41.3 | 44.5 | -3.2 | 92.8 | |
*1 Total of EP consolidated (EP/PinT) and PG (last resort supply/islands)
*2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation)
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.