Chubu Electric Power Company (9502) Q3 2025 earnings summary

Executive summary

• Operating revenue for the nine months ended December 31, 2024, was 2,651.6 billion yen, down 1.7% year-over-year, mainly due to a decrease in fuel cost adjustment charges and government support for electricity bills.

• Ordinary profit fell 49.1% to 222.2 billion yen, primarily from a sharp drop in time lag gain, lower wholesale market procurement in Miraiz, and higher supply and demand adjustment costs in Power Grid.

• Profit attributable to owners of parent decreased 53.2% to 167.1 billion yen, reflecting the decline in ordinary profit.

• Comprehensive income declined 60.9% year-over-year to 205.9 billion yen.

• Both revenue and profit declined for the first time in three years.

Financial highlights

• Operating profit was 184.1 billion yen, down 36.4% year-over-year.

• Operating expenses increased by 2.5% to 2,467.5 billion yen.

• Shareholders' equity ratio improved to 39.0% as of December 31, 2024.

• Total assets as of December 31, 2024, were 6,992.4 billion yen.

• Profit per share (primary) for the nine months was 221.12 yen, down from 472.28 yen year-over-year.

Outlook and guidance

• FY2024 consolidated operating revenue forecast remains at 3,600.0 billion yen, with ordinary profit projected at 275.0 billion yen and profit attributable to owners of parent at 210.0 billion yen.

• Full-year profit per share is expected to be 278.06 yen.

• Annual dividend forecast is 60 yen per share, up from 55 yen in the previous year.

• Miraiz's electrical energy sold is forecast at 107.7 TWh, up 3.7% year-over-year.

• Key assumptions include a crude oil CIF price of 82 USD/bbl and FX rate of 153 yen/USD.