Chubu Electric Power Company (9502) Q1 2025 earnings summary

Executive summary

• Operating revenues for Q1 FY2024 were ¥820.5–¥820.6 billion, down 8.6% year-over-year, mainly due to a decrease in fuel cost adjustment charges.

• Ordinary income fell to ¥124.9 billion, a decrease of 48.6% year-over-year, primarily from lower time lag gains and increased supply/demand adjustment costs.

• Net income attributable to owners of parent was ¥99.5 billion, down 50.7% compared to Q1 FY2023.

• Comprehensive income for Q1 FY2024 was ¥220.6 billion, down 23.0% year-over-year.

• Both sales and income decreased for the first time in four years.

Financial highlights

• Operating income for Q1 FY2024 was ¥85.8–¥85.9 billion, down 45.4% year-over-year.

• Operating expenses decreased slightly to ¥734.7 billion, while nonoperating revenues and expenses both declined.

• Share of profit from entities using equity method dropped by ¥49.6 billion to ¥40.9 billion.

• Depreciation and amortization expenses for Q1 FY2024 were ¥43.5 billion, up from ¥42.1 billion in Q1 FY2023.

• Cash flows from operating activities remain positive, with free cash flow projected at approximately ¥210.0 billion for FY2024.

Outlook and guidance

• FY2024 consolidated operating revenues are forecast at ¥3,600.0 billion, with ordinary income at ¥215.0 billion and net income at ¥170.0 billion.

• No revision to the previous forecast; both sales and income expected to decrease for the second consecutive year.

• Annual dividend forecast for FY2025 is ¥60 per share, up from ¥55 in FY2024.

• Electrical energy sold is projected at 107.4 TWh, up 3.6% year-over-year.