Summary of Q3 Fiscal Year 2025 Financial Results

Performance Overview

For the third quarter of fiscal year 2025 (April to December), consolidated results showed net sales of 175,303 million yen (decreased 5.9% YoY), operating income of 15,853 million yen (increased 28.4% YoY), ordinary income of 14,653 million yen (increased 26.7% YoY), and quarterly net income of 11,286 million yen (increased 20.8% YoY). The decrease in net sales was primarily due to reduced electricity sales volume and the impact of the fuel cost adjustment system. However, reductions in fuel costs and purchased power expenses from other suppliers contributed favorably to costs, resulting in increased profits.

Electricity Sales Volume and Capital Investment Trends

Electricity sales volume was 5,814 million kWh, down 0.9% year-over-year. Lighting demand remained flat compared to the previous year, while power demand decreased by 1.6%. In terms of power generation and consumption volume, coal-fired power decreased by 4.6%, oil-fired power increased by 6.5%, and LNG-fired power decreased by 5.3%. Capital expenditures are forecasted at 43,200 million yen, up from the previous year, contributing to an increase in fixed assets.

Financial Position and Outlook

On the balance sheet, consolidated assets increased to 520,847 million yen and interest-bearing debt also rose to 321,061 million yen. The equity ratio improved to 25.5% (after considering hybrid bonds) from the previous year. The full-year forecast for fiscal year 2025 projects net sales of 221,300 million yen, operating income of 10,000 million yen, ordinary income of 8,000 million yen, and net income of 5,700 million yen.