Chubu Electric Power Company (9502) Q1 2026 earnings summary

Executive summary

• Operating revenue for 1Q FY2025 was 800.3 billion yen, down 2.5% year-over-year, mainly due to TOENEC CORPORATION's change in consolidation status and lower profits from overseas and renewables.

• Ordinary profit fell to 104.8 billion yen, a 16.1% decrease compared to the same quarter last year, driven by higher fixed power costs and lower JERA segment profits.

• Profit attributable to owners of parent declined by 14.3% to 85.3 billion yen, reflecting the decrease in ordinary profit.

• Comprehensive income dropped sharply to 25.3 billion yen, down 88.5% year-over-year.

• Revenue and profit have now declined for two consecutive years since 2024/1Q.

Financial highlights

• Operating profit for 1Q FY2025 was 67.9 billion yen, down 20.9% year-over-year.

• EPS for the quarter was 112.98 yen, compared to 131.65 yen last year.

• Net assets as of June 30, 2025, stood at 2,859.0 billion yen, with a shareholders' equity ratio of 39.1%.

• Operating expenses slightly decreased by 0.3% to 732.3 billion yen.

• Dividend forecast for FY2025 is 70.00 yen per share, up from 60.00 yen in FY2024.

Outlook and guidance

• FY2025 consolidated operating revenue forecast remains at 3,550.0 billion yen, with ordinary profit projected at 230.0 billion yen and profit attributable to owners of parent at 185.0 billion yen.

• EPS forecast for the full year is 244.96 yen.

• Segment forecasts: Miraiz ordinary profit (excluding time lag) to decrease by 28%, Power Grid by 79%, while JERA is expected to increase by 41%.

• No revision to forecasts since April 28, 2025.

• Revenue and profit are expected to decrease for the first time in four years, with ordinary profit forecast to decline 16.8% year-over-year.