Chubu Electric Power Company (9502) Q4 2025 earnings summary

Executive summary

• Operating revenue rose 1.6% year-over-year to 3,669.2 billion yen, driven by higher electricity sales despite a decrease in fuel cost adjustment charges.

• Ordinary profit fell 45.7% to 276.4 billion yen, mainly due to a significant drop in time lag gains and increased supply and demand adjustment costs.

• Profit attributable to owners of parent decreased by 49.9% to 202.0 billion yen, reflecting the decline in ordinary profit.

• Extraordinary losses were 6.4 billion yen, down from 12.6 billion yen the previous year, including a loss on valuation of securities at subsidiaries.

• Revenue increased for the first time in two years, but profit declined for the first time in three years.

Financial highlights

• Operating profit dropped 29.5% to 242.0 billion yen year-over-year.

• EPS declined to 267.41 yen from 533.17 yen in the prior year.

• Shareholders' equity ratio improved to 39.1% as of March 31, 2025.

• Free cash flow was negative at -90.4 billion yen, a decrease of 46.1 billion yen year-over-year.

• Cash and cash equivalents at year-end were 292.5 billion yen, down from 418.5 billion yen.

Outlook and guidance

• FY2025 operating revenue is forecast at 3,550.0 billion yen, a 3.2% decrease due to lower fuel prices and a stronger yen.

• Ordinary profit is projected to decline to 230.0 billion yen, with profit attributable to owners of parent expected at 185.0 billion yen.

• EPS guidance for FY2025 is 244.96 yen.

• Dividend per share is expected to rise to 70 yen in FY2025, with a payout ratio of approximately 32%.

• Ordinary profit excluding time lag is forecast at 210.0 billion yen, above the medium-term target of 200.0 billion yen.