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Jan. 2026 Financial Report for Q3 FY2025
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Contents 2 １．Financial Summary for Q3 FY2025 Overviews and Progress in Financial Goals ・・・・ P . 4 ２．Our Initiative to Enhance Corporate Value Segment Ordinary Profit ・・・・ P.6 Track Record of Growth Capex ・・・・ P . 7 Our Commitment to EPS Growth – Key Drivers and Illustrative Trajectory ・・・・ P . 8 Key Initiatives ・・・・ P . 9 ～ P . 11 ３．Financial Results for Q3 FY2025 Financial Highlights（Consolidated） ・・・・ P . 13 Major Factors ・・・・ P . 14 Segment Overview ・・・・ P . 15 Segment Results（YOY comparison） ・・・・ P . 16 ～ P . 19 Balance Sheet （Consolidated） ・・・・ P . 20 ４．FY2025 Financial and Dividend Forecasts FY2025 Financial and Dividend Forecasts ・・・・ P . 22 ５．Appendix ・・・・ P . 24 ～ P . 38 *FY2024：Fiscal Year ended March 31, 2025 FY2025：Fiscal Year ending March 31, 2026
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１．Financial Summary for Q3 FY2025
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Overviews and Progress in Financial Goals 4 Financial Results for Q3 FY2025 Consolidated：Decreased revenue and Increased ordinary profit Consolidated Net Sales：2,949.1 billion yen（△203.4 billion yen*1） Revenue decreased due to decrease in electric sales revenue Consolidated ordinary profit：462.9 billion yen（+6.9 billion yen *1 ） Despite a decrease in profits in the Energy Segment mainly due to a decrease in nuclear capacity factor, consolidated ordinary profit increased, supported by higher profits in the Information and Telecommunications Segment, etc. *1 Compared to the previous term Consolidated ordinary profit：Unchanged（490.0 billion yen） Year-end Dividends Forecasts：Unchanged（45 yen/share） FY2025 Financial and Dividend Forecasts *2 To be disclosed at Financial Results for FY2025 release *3 Calculated with 50% of issued subordinated bonds as equity Q3 FY2025 (Results) FY2025 (Forecast) FY2025 (Financial Goals of Mid-term Management Plan) Ordinary Profit (billion yen) 462.9 490.0 More than 360.0 FCF Cumulative from FY2021 to FY2025 (billion yen) ー*2 Approx. 550.0 More than 300.0 Annual FCF (billion yen) ー*2 Approx. 0.0 More than 100.0 Equity Ratio (After considering subordinated bonds *3) 34.9％ （36.0％） Approx. 34% （Approx. 35%） More than 28% ROA ー*2 Approx. 5.5% More than 4.4% ROIC ー*2 Approx. 5.4% More than 4.3% Annual Dividends ー 75 yen per share （Interim 30 yen/share, Year-end 45 yen/share） （Notes）ROE ー*2 Approx. 11.2% Approx. 11%
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２．Our Initiative to Enhance Corporate Value
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Segment Ordinary Profit 6 FY2025 (Financial Goals of Medium-term Management Plan) FY2025 (Forecast) Q3 FY2025 (Results) 490.0 * 360.0 358.0 50.0 48.0 33.0 275.0 10.0 45.0 30.0 * Impact of time lag from the fuel cost adjustment system Q3 FY2025 (Results)：＋33.0, FY2025 (Forecast)：＋34.0 240.0 Energy Transmission and Distribution Information and Telecommunications Life/Business Solutions Adjustments (billion yen) 462.9 * 3,643 364.3 37.3 39.4 17.7
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Track Record of Growth Capex 7 FY2025 Forecast Cumulative Total for 3Q FY2025 Approx. 160.0 billion yen Domain Cumulative Total for 3Q FY2025 Major Projects Generation Approx. 20.0 • Carbon-free power sources, etc. IT Approx. 15.0 • Hyperscale data centers • Connectivity data centers, etc. Real Estate Approx. 45.0 • Domestic and overseas real estate projects, etc. Overseas P&U Approx. 55.0 • Offshore wind power projects, etc. Others Approx. 20.0 • Domestic and overseas energy management services, etc. （billion yen） Approx. 300.0 billion yen * Some rounding errors may be observed. Real Estate Overseas P&U IT Generation Others
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8Our Commitment to EPS Growth - Key Drivers and Illustrative Trajectory ・ We are committed to delivering steady EPS growth in the near to mid-term driven by nuclear capacity factor improvement, ensuring sustainable earnings in the T&D business, and growth business. Further EPS growth would be generated by amplification of our carbon-free generation using next-gen technologies. ・ We aim to grow our dividends steadily, aligned with EPS growth. Illustrative Earnings Trajectory Low Single-Digits+IRR Generation Transition Domain Expected Return FY2025 FY2035 H2 Hydrogen IT Real Estate P&U business Nuclear Transmission & Distribution Next-gen power network Approx. JPY 300 bn FY2025 Growth Capex Improved Profitability IT& Real Estate business, etc. EPS Growth Drivers Capacity factor improvement Ensuring sustainable earnings Mid Single-Digits+Real Estate Metropolitan / overseas area ROA High Single-DigitsIRR Overseas P&U Offshore wind High Single-Digits to Low Double-DigitsROAIT Connectivity data center High Single-Digits to Low Double-Digits IRRHyperscale Data Center Cutting-edge HSDC IRR Battery energy storage system Distributed Energy Resources Optimization High Single-Digits to Low Double-Digits HSDC T&D Generation Overseas P&U Distributed Energy Resources
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Key Initiatives Category Subject Publication date Distributed Energy Resources Energy Storage Establishment of K2-BatOM Inc. for O&M Services in the Battery Energy Storage Business Dec.19 Generation Renewable Energy Investment in Simply Blue Energy Oct.31 Nuclear Resumption of a Voluntary On-site Survey for the Successor Plant of the Mihama Power Station Nov.5 Renewable Energy Participation in a Biomass Power Generation Project in Sano City, Tochigi Prefecture, and Execution of a Virtual PPA with Tokyo Metro Co., Ltd. Dec.11 Renewable Energy Goto Offshore Wind Farm Begins Commercial Operation -Japan’s First Commercial Floating Wind Power Project- Jan.5 Solution Achieving Energy Savings by Providing KEPCO Group Energy- related Services to the “Kindai University Osaka Medical Campus,” Scheduled to Open in November 2025 Oct.31 Launch of the “CQ BANK” Banking Service — “Simply Deposit, Sustainably.” Toward the Realization of a Zero-Carbon Society Nov.4 9
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Examples of Initiatives 10 Establishment of K2-BatOM For BESS O&M Services Press Release on Dec.19 Resumption of a Voluntary On-site Survey for the Successor Plant of the Mihama Power Station ⚫ Announced the resumption of a voluntary on-site survey and the survey plan for the consideration of installing a successor plant at the Mihama Power Station (Press Release on July 22 and September 17). ⚫ This announcement marks the commencement of the survey. ＜Survey Period (Planned) *＞ Preliminary Survey: Nov. 5, 2025 – Mar. 2027 Nov. 5, 2025: Commencement of Equipment and Materials Delivery Nov. 10, 2025: Commencement of Boring Survey Dec. 4, 2025: Commencement of Surface Survey Detailed Survey: April 2027 – (2029–2030) Detailed Survey: In the selected area, we will confirm whether the geological and ground conditions are appropriate for the installation of nuclear facilities. ＜Overview of the Survey Plan＞ Preliminary Survey: Based on the geological overview, we will select the most suitable area for the construction site. ＜Preliminary Survey Location (Planned)＞ ＊Updated to reflect the actual implementation status since the press release. ⚫ Established K2-BatOM Inc., (“K2-BatOM”) to drive the O&M business for battery energy storage facilities (“BESS”). Company Name K2-BatOM Inc. Location 2-3-12 Honjo-Higashi, Kita-ku, Osaka Management Representative Director: Masayuki Nishiura Established December 15, 2025 Capital JPY 100 million Shareholders Kinden Corporation The Kansai Electric Power Co., Inc. ＜Overview of the New Company＞ ⚫ K2-BatOM will deliver more reliable, safe, and efficient O&M services with utilizing Kinden’s proven O&M and safety track record with our expertise in BESS operation. ＜Services Provided＞ Press Release on Nov.5
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Examples of Initiatives 11 ⚫ Launched the “CQ BANK” banking service (the “Service”), leveraging the BaaS ＊1 platform of UI Bank Co., Ltd., a subsidiary of Tokyo Kiraboshi Financial Group, Inc. ＊2. ⚫ Utilize “CQ Green Deposits” from customers for the “CQ Eco Housing Loan,” which offers preferential interest rates for energy-efficient housing that meets standards such as ZEH ＊3, as well as for investments and financing in the renewable energy sector, thereby providing a “Simply Deposit, Sustainably” experience. ⚫ A portion of the Service’s revenue will be allocated to projects for environmental conservation and the resolution of social issues. ⚫ “Green Deposits” is the first initiative in Japan, covering both time deposits and ordinary deposits through the use of BaaS. ＊4 Investment in Sano Biomass Power Plant and Execution of Virtual PPA Launch of the “CQ BANK” Banking Service *1 An abbreviation for “Banking as a Service,” which provides banking functions such as deposits, payments, and fund transfers to third parties *2 The service name used when the Company acts as a bank agent affiliated with UI Bank and intermediates the execution of various contracts *3 An abbreviation for “Net Zero Energy House,” a general term for housing designed to achieve net zero or lower energy consumption *4 Based on the Company’s research ⚫ Invested in Sano Biomass Power Generation LLC (“Sano Biomass”) and participated in a biomass power generation project in Sano, Tochigi. ⚫ Sano Biomass and Tokyo Metro Co., Ltd. (“Tokyo Metro”) have entered into a virtual PPA*to provide Tokyo Metro with environmental value derived from renewable energy. ＊ Power Purchase Agreement to trade renewable energy credits only linked to a power plant outside the customer’s premises. Location: Sano City, Tochigi Prefecture Start of Operation: Scheduled for September 2028 Rated Output: 7,100 kW Sano Biomass Power Plant “Local Production for Local Consumption” Biomass Plant ＜Overview of Sano Biomass Power Generation LLC＞ Established July 18, 2025 Management Executive Officer: Eisaku Kuroda(President & Representative Director, Biomass Fuel Co., Ltd.) Location 11-13 Otemachi, Tatebayashi City, Gunma Prefecture Ownership Ratio The Kansai Electric Power Co., Inc. beABLE Co., Ltd. Biomass Fuel Co., Ltd. Nasu Construction Co., Ltd. 49.0％ 19.9％ 18.0％ 13.1％ Press Release on Dec.11 Press Release on Nov.4
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３．Financial Results for Q3 FY2025
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Financial Highlights（Consolidated） 13 （billion yen） Q3 FY2024 Q3 FY2025 Change Ratio Net sales 3,152.6 2,949.1 △203.4 △6.5％ Operating profit 399.8 387.7 △12.0 △3.0％ Ordinary profit 455.9 462.9 +6.9 +1.5％ Profit attributable to owners of parent 362.2 340.1 △22.0 △6.1％ （billion yen） Mar. 31, 2025 Dec. 31, 2025 Change Interest-bearing debt 4,471.7 4,324.7 △147.0 Equity ratio 31.8% 34.9% ＋3.1% (After considering subordinated bonds * ) (32.9%) (36.0%) (＋3.1%) * Calculated with 50% of issued subordinated bonds as equity.
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Major Factors 14 Q3 FY2024 Q3 FY2025 Change Total electric sales volume（TWh）*1,2 114.4 （115.3） 112.3 （98.2） △2.1 Retail electric sales volume 84.9 （98.5） 85.5 （100.7） ＋0.6 Residential 22.0 （103.3） 22.1 （100.5） ＋0.1 Commercial and Industrial 62.9 （97.0） 63.4 （100.8） ＋0.5 Electric sales volume to other companies 29.5 （226.4） 26.8 （90.9） △2.7 Electric demand in Kansai area（TWh） 97.7 98.1 ＋0.4 Gas sales volume (10,000t) 120 93 △27 Nuclear capacity factor（%） 92.1 82.3 △9.8 Water run-off ratio（%） 101.6 96.4 △5.2 All Japan CIF crude oil price（$/barrel） 83.7 72.9 △10.8 Exchange rate [TTM]（yen/$） 153 149 △4 *1. Total electric sales volume indicates the total electric sales volume in the energy segment attributable to owners of parent. *2. ( ) : Changes from the previous term, %
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Segment Overview 15 （billion yen） Q3 FY2024 Q3 FY2025 Change Net sales Net sales to external transactions Ordinary profit Net sales Net sales to external transactions Ordinary profit Net sales Net sales to external transactions Ordinary profit Energy Segment 2,742.1 2,570.3 370.2 2,548.4 2,393.6 364.3 △193.7 △176.7 △5.9 Transmission and Distribution Segment 790.6 281.9 40.4 772.4 283.3 37.3 △18.1 +1.3 △3.1 Information and Telecommunications Segment 225.6 165.1 35.4 230.8 163.2 39.4 +5.2 △1.9 +4.0 Life/Business Solutions Segment 163.5 135.1 20.4 135.5 108.9 17.7 △27.9 △26.2 △2.7 Total 3,921.9 3,152.6 466.7 3,687.2 2,949.1 458.8 △234.6 △203.4 △7.8 Adjustments * △769.3 － △10.7 △738.1 － 4.0 +31.1 － +14.7 Consolidated 3,152.6 3,152.6 455.9 2,949.1 2,949.1 462.9 △203.4 △203.4 +6.9 Q3 FY2024 Q3 FY2025 455.9 462.9 Energy Segment Transmission and Distribution Segment Information and Telecommunications Segment Life/Business Solutions Segment * Includes transferred amount from subsidiary Extraordinary profit or loss to consolidated Ordinary profit or loss. △2.7 ＋4.0 ＋14.7 △5.9 △3.1 Adjustments * Consolidated Ordinary Profit ： 6.9 Billion Yen Increase
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・Takahama No.1~4 △22.0 ・Ohi No.3, 4 △14.0 ・Mihama No.3 △3.0 Segment Results：Energy Segment 16 Impacts of exchange rates/fuel prices fluctuationsDecrease in nuclear capacity factor Decrease in electric sales *2 Supply and demand adjustment transactions *4 Others ・Decrease in revenue of fuel costs adjustment system *3 △45.0 ・Decrease in fuel and other costs +70.0 ・JEPX unit price variance +26.0 ・Renewable energy subsidies △1.0 （billion yen） Q3 FY2024 Q3 FY2025 Change Net sales 2,742.1 2,548.4 △193.7 Net sales to external transactions 2,570.3 2,393.6 △176.7 Ordinary profit *1 370.2 364.3 △5.9 Q3 FY2025 5.9 Billion Yen Decrease 364.3370.2 *1 Excluding Dividends received from consolidated subsidiaries and equity-method affiliates. *2 Excluding electric sales volume for supply-demand adjustment market and operation of regulating power sources. *3 No impact on revenue/expense due to including the discount from the government’s program of electricity and gas price sharp fluctuation mitigation program and emergency support for extreme heat and electricity and gas bill reduction support program and the government’s reimbursement. *4 Impact of amount of transactions related to supply-demand adjustment power market and operation of regulating power sources. Q3 FY2024 △0.0 △39.0 △2.0 ＋50.0 △14.9 ・Increase in other expenses and maintenance costs ・Increase in profit of consolidated subsidiaries
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Segment Results：Transmission and Distribution Segment 17 （billion yen） Q3 FY2024 Q3 FY2025 Change Net sales 790.6 772.4 △18.1 Net sales to external transactions 281.9 283.3 +1.3 Ordinary profit *1 40.4 37.3 △3.1 *1 Excluding Dividends received from consolidated subsidiaries and equity-method affiliates. *2 The total of the costs of procuring tertiary regulating power ② and the grant for the tertiary regulating power ②. 3.1 Billion Yen Decrease Decrease in revenue of standard wheeling service 37.3 Supply and demand adjustment transactions (Excluding response to renewable energy) Supply and demand adjustment transactions *2 (Response to renewable energy) Q3 FY2025 40.4 Q3 FY2024 ・Increase in electric demand ＋2.3 ・Decrease in Generation-side grid charge △4.0 ・Increase in other expenses ＋7.5 △1.7 △8.2 △0.7 Others
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Segment Results： Information and Telecommunications Segment 18 ＜Major factors＞ （million） Q3 FY2024 Q3 FY2025 Change Number of FTTH subscribers *2,3 (Re:Number of super high- speed course subscribers) 1.71 (0.24) 1.70 (0.29) △0.01 (+0.05) Number of MVNO subscribers *3 1.34 1.37 +0.04 Number of eo electricity subscribers 0.15 0.14 △0.01 （billion yen） Q3 FY2024 Q3 FY2025 Change Net sales 225.6 230.8 +5.2 Net sales to external transactions 165.1 163.2 △1.9 Ordinary profit *1 35.4 39.4 +4.0 OPTAGE Inc. *1 (35.7) (39.1) (+3.3) Q3 FY2024 Q3 FY2025 35.4 39.4 *1 Excluding Dividends received from consolidated subsidiaries and equity-method affiliates. *2 Number of eo hikari net for 10 Gigabit or 5 Gigabit courses subscribers. *3 The number of contracts includes wholesale contracts with other companies. Decrease in sales costs of OPTAGE Increase in net sales of OPTAGE Others ・Decrease in maintenance costs, etc. Increase in selling and administration costs of OPTAGE ・Increase in selling commission ・Increase in sales of corporate services ・Increase in FTTH Internet Services 4.0 Billion Yen Increase ＋0.9 ＋3.0 ＋0.5 △0.4
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Segment Results： Life/Business Solution Segment 19 （billion yen） Q3 FY2024 Q3 FY2025 Change Net sales 163.5 135.5 △27.9 Net sales to external transactions 135.1 108.9 △26.2 Ordinary profit* 20.4 17.7 △2.7 Kanden Realty & Development Co., Ltd. * (16.7) (12.4) (△4.3) ＜Major factors＞ （unit, %） Q3 FY2024 Q3 FY2025 Change Lot houses of handover 1,110 467 △643 Vacancy rate 2.2 2.2 △0.0 * Excluding Dividends received from consolidated subsidiaries and equity-method affiliates. Decrease in sales costs of Kanden Realty & Development Co., Ltd. Others Decrease in selling and administration costs of Kanden Realty & Development Co., Ltd. 17.720.4 Decrease in net sales of Kanden Realty & Development Co., Ltd. Q3 FY2024 Q3 FY2025 ・Decrease in lot houses of handover in residential sales business ・Decrease in sales costs in residential sales business 2.7 Billion Yen Decrease ＋0.4 ＋3.5 ＋18.2 △24.8
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Balance Sheet（Consolidated） 20 （billion yen） Mar. 31, 2025 Dec. 31, 2025 Change Total Assets 9,652.6 9,690.9 +38.2 Liabilities 6,545.2 6,266.2 △278.9 Net Assets 3,107.4 3,424.7 +317.2 * Profit attributable to owners of parent ・Decrease in interest-bearing debt △147.0 ・Decrease in accounts payable and accrued expenses, etc. △188.0 ・Profit * +340.1 ・Dividends △66.8 30.00 yen per share for FY2024 year-end 30.00 yen per share for FY2025 interim ・Increase in capital expenditures +401.6 ・Decrease in depreciation and amortization △251.4 ・Increase in Long-Term Investment +105.0 ・Decrease in cash and deposits △228.7
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４． FY2025 Financial and Dividend Forecasts
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FY2025 Financial and Dividend Forecasts 22 （billion yen） FY2025 (Forecasts) Net sales 4,050.0 Operating profit 450.0 Ordinary profit 490.0 Profit *1 360.0 ＜Major factors＞ FY2025 (Forecasts) Total electric sales volume (TWh) *2 152.1 Retail electric sales volume 115.9 Residential 32.4 Commercial and Industrial 83.6 Electric sales volume to other companies 36.2 Electric demand in Kansai area (TWh) 135.0 Gas sales volume (10,000t) 140 Nuclear capacity factor (%) Approx. 80 Water run-off ratio (%) Approx. 99 All Japan CIF crude oil price ($/barrel) Approx. 72 Exchange rate [TTM] (yen/$) Approx. 145 ＜Sensitivity of Ordinary profit by Major factors＞ （billion yen） FY2025 (Forecasts) Nuclear capacity factor per 1% +4.3 Water run-off ratio per 1% +1.3 All Japan CIF crude oil price per $1/barrel △0.5 Exchange rate [TTM] per yen/$ △1.3 *2 Total electric sales volume indicates the total electric sales volume in the energy segment profit attributable to owners of parent. ＜Financial Forecasts＞ *1 The profit attributable to owners of parent ＊FY2025 financial and dividend forecasts as of the announcement on October 30, 2025 have been unchanged. ・ The sensitivity of ordinary profit by major factors may deviate if any major factors drastically or rapidly change. Dividend per share FY2025(Forecasts) Annual 75.00 yen Interim 30.00 yen Year-end 45.00 yen ＜Dividends Forecasts＞ ＜Financial Indicators Forecasts＞ *3 Calculated with 50% of issued subordinated bonds as equity. FY2025(Forecasts) FCF（billion yen） Approx. 0.0 Equity Ratio（%） Approx. 34 （After Adjustment *3） (Approx. 35) ROA（%） Approx. 5.5 ROIC（%） Approx. 5.4 （Ref.）ROE（％） Approx. 11.2
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５． Appendix
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Progress in Financial Indicators 24 Q3 FY2025 (results) FY2025 (Forecasts) EBITDA *1 (billion yen) 773.4 Approx. 925.0 EPS（yen） 305.37 323.14 D/E ratio *2 (x) (After adjustments) 1.2 Approx. 1.2 Net Debt/EBITDA *3,4 (x) － Approx. 4.2 *1 EBITDA ＝ Ordinary Profit + Interest Expense + Depreciation and Amortization＋ Nuclear fuel impairment + Amortization of goodwill *2 D/E ratio ＝ Interest-bearing debt / Equity 〔End of term〕 50% of hybrid bond is taken into account as equity *3 Net Debt/EBITDA ＝（Interest-bearing debt － Cash and time deposits）/ EBITDA *4 To be disclosed at Financial Results of FY2025 release
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Consolidated Statements of Income (billion yen) Q3 FY2024 Q3 FY2025 Change Ordinary revenue （Net sales） 3,244.7 (3,152.6) 3,075.8 (2,949.1) △168.9 (△203.4) Electric utility operating revenue 2,459.4 2,329.2 △130.2 Other business operating revenue 693.1 619.9 △73.2 Non-operating income 92.1 126.6 +34.5 Ordinary expenses 2,788.7 2,612.9 △175.8 Electric utility operating expenses 2,161.3 2,057.1 △104.1 Other business operating expenses 591.4 504.2 △87.2 Non-operating expenses 35.9 51.5 +15.5 Ordinary profit 455.9 462.9 +6.9 Provision or reversal of reserve for water shortage △0.3 △1.3 △1.0 Extraordinary profit 63.0 － △63.0 Income taxes 125.5 119.9 △5.6 Profit * 362.2 340.1 △22.0 Comprehensive income 426.9 383.9 △43.0 * The profit attributable to owners of parent ・ Net sales to external transactions in KEPCO △133.1 ・ Net sales to external transactions in Kansai-TD +2.8 ・ Costs for consolidated subsidiaries △55.8 ・ Costs for incidental business △31.3 ・ Net sales to external transactions in consolidated subsidiaries △50.3 ・ Net sales to external transactions in incidental business △22.8 25
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・Thermal △99.9 ・Nuclear △5.9 ・Increase in purchased power from other suppliers △91.0 ・Decrease in Nuclear capacity factor +51.0 ・Impacts of exchange rates/fuel prices fluctuations △40.0 ・Decrease in electric sales volume to other companies △35.0 ・Increase in retail electric sales volume ＋8.0 ・Decrease in water run-off ratio ＋8.0 Non-consolidated Results（YOY comparison）（KEPCO） 26 （billion yen） Q3 FY2024 Q3 FY2025 Change Ordinary revenue （Net sales） 2,643.9 (2,519.7) 2,473.2 (2,346.8) △170.7 (△172.9) Residential, Commercial and industrial 1,668.6 1,682.3 ＋13.7 Electric sales to other companies 559.6 444.8 △114.7 Others 415.7 346.0 △69.7 Ordinary expenses 2,274.9 2,136.4 △138.5 Personnel expenses 81.6 77.1 △4.5 Fuel costs 380.3 274.4 △105.9 Backend expenses of nuclear power 90.6 79.6 △10.9 Maintenance costs 73.7 102.9 ＋29.2 Taxes other than income taxes 49.1 47.4 △1.6 Depreciation and amortization 103.5 103.5 ＋0.0 Cost of purchased power from other suppliers 705.7 667.3 △38.3 Interest expenses 21.2 27.8 ＋6.6 Expenses for third party’s power transmission service 442.8 436.9 △5.8 Others 326.1 318.9 △7.1 Ordinary profit （Operating profit） 369.0 (272.1) 336.8 (254.0) △32.2 (△18.0) Provision or reversal of reserve for water shortage △0.3 △1.3 △1.0 Income taxes 80.5 73.8 △6.6 Profit 288.9 264.3 △24.5 ・Nuclear +23.7 ・Thermal +3.9 *No impact on revenue/expense due to including the discount from the government’s program of electricity and gas price sharp fluctuation mitigation program and electricity and gas bill reduction support program and the government’s reimbursement. ・Decrease in retail electric sales △27.3 (Decrease in fuel cost adjustment charge * △32.7）
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Non-consolidated Results（YOY comparison）（Kansai-TD） 27 (billion yen) Q3 FY2024 Q3 FY2025 Change Ordinary revenue （Net sales） 761.4 (749.0) 747.7 (732.6) △13.7 (△16.3) Transmission revenue 571.1 566.1 △4.9 Electric sales to other companies 148.0 138.6 △9.4 Others 42.2 42.9 ＋0.6 Ordinary expenses 721.2 708.7 △12.5 Personnel expenses 77.8 73.2 △4.5 Maintenance costs 89.9 89.1 △0.8 Taxes other than income taxes 67.0 67.2 ＋0.2 Depreciation and amortization 83.0 86.8 ＋3.7 Cost of purchased power from other suppliers 240.9 217.2 △23.6 Interest expenses 8.5 10.4 ＋1.9 Others 153.7 164.3 ＋10.5 Ordinary profit （Operating profit） 40.2 (36.8) 38.9 (35.3) △1.2 (△1.4) Income taxes 9.9 8.7 △1.1 Profit 30.3 30.2 △0.1 ・ Revenue of standard wheeling service △1.7 ・ Supply and demand adjustment transactions △3.9 ・ Supply and demand adjustment transactions △16.9 ・ Supply and demand adjustment transactions △5.0 ・ Supply and demand adjustment transactions △1.2
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Retail Electric Sales Volume 28 ＜Retail electric sales volume for FY2025＞ ＜Average monthly temperature＞ （TWh） Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Residential 2.4 (95.1) 2.1 (100.3) 1.8 (96.8) 2.6 (116.2) 3.4 (100.5) 2.9 (98.6) 2.2 (97.3) 2.2 (101.0) 2.5 (99.3) Commercial and Industrial 6.2 (97.1) 6.2 (97.5) 6.7 (100.2) 8.1 (106.0) 8.1 (101.1) 8.0 (101.9) 7.1 (98.6) 6.3 (100.2) 6.5 (103.4) Retail electric sales volume *1,2 8.6 (96.6) 8.4 (98.2) 8.5 (99.4) 10.6 (108.3) 11.5 (100.9) 11.0 (101.0) 9.4 (98.3) 8.5 (100.4) 9.0 (102.2) （℃） Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Actual 15.9 20.1 25.4 30.2 30.8 28.1 21.1 13.9 9.6 Year-on year change △1.9 ＋0.7 ＋1.5 ＋0.6 ＋0.4 △0.5 △1.0 △1.2 +1.0 Anomaly ＋0.7 ＋0.1 ＋1.8 ＋2.5 ＋1.8 ＋2.9 +1.6 +0.1 +0.9 ＜Breakdown of retail electric sales volume＞ （TWh） Q3 FY2024 Q3 FY2025 Change Meter reading Temperature Demand Others Residential 22.0 22.1 ＋0.1 △0.2 +0.5 +0.0 △0.2 Commercial and Industrial 62.9 63.4 ＋0.5 △0.0 △0.2 +0.2 ＋0.5 Retail electric sales volume *2 84.9 85.5 ＋0.6 △0.2 ＋0.2 +0.2 ＋0.3 *1 Figures in ( ) are year-on-year % *2 Retail electric sales volume indicates the retail electric sales volume in energy segment attributable to owners of parent . ＜Breakdown of retail electric sales volume in FY2025 Forecasts＞ （TWh） FY2024 (Results) FY2025 (Forecasts) Change Meter reading Temperature Demand Others Residential 32.9 32.4 △0.5 △0.2 ＋0.1 +0.1 △0.5 Commercial and Industrial 82.6 83.6 ＋0.9 △0.0 △0.3 +0.5 ＋0.8 Retail electric sales volume *2 115.5 115.9 ＋0.4 △0.2 △0.2 +0.6 ＋0.2
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Financial Forecasts by Business Segment 29 ＊FY2025 financial forecasts as of the announcement on October 30, 2025 have been unchanged. （billion yen） FY2025（Forecasts） Net sales to external transactions Ordinary profit Energy Segment 3,252.0 358.0 Transmission and Distribution Segment 392.0 50.0 Information and Telecommunications Segment 223.0 48.0 Life / Business Solutions Segment 183.0 33.0 Total 4,050.0 490.0 Adjustments － 1.0 Consolidated 4,050.0 490.0
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Interest-bearing Debt （Consolidated） 30 *1 +(plus) in the bracket means financing, △(minus) in the bracket means repayment. *2 Change includes foreign exchange loss/gain and total in the bracket may not be congruent. （billion yen） Mar. 31, 2025 Dec. 31, 2025 Change Bonds 1,680.6 1,640.4 △40.2 (+109.8, △150.0) Borrowings 2,791.1 2,684.3 △106.8 (＋374.7, △485.7) Long-term 2,631.3 2,528.2 △103.0 (＋178.4, △287.3) Short-term 159.8 156.0 △3.7 (＋196.2, △198.3) Commercial paper － － － (－, －) Interest-bearing debt 4,471.7 4,324.7 △147.0 Interest rate（%） （as of fiscal year-end） 0.89 0.99 ＋0.10
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Electricity Generated and Received 31 （GWh） Q3 FY2024 Composition ratio Q3 FY2025 Composition ratio Change Hydro 11,065 14% 10,322 15% △743 Thermal 28,231 36% 23,926 35% △4,305 Nuclear 38,143 49% 33,885 50% △4,258 Renewable energy 9 0% 8 0% △2 KEPCO Total 77,448 100% 68,141 100% △9,307 Purchased power from other suppliers 44,209 51,740 +7,532 Power used for pumped storage △2,363 △2,301 +62 Total 119,294 117,580 △1,714 *1 Some rounding errors may be observed. *2 Electricity generated and received figures indicates the electricity generated and received in energy business attributable to owners of parent. *3 The difference between the total amount of electricity generated/received and the total electric sales volume is the amount of electricity lost.
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Time lag from the Fuel Cost Adjustment System 32 ○ The fuel cost adjustment system is a mechanism utilized to reflect, in the electricity rates, the impact of fluctuations in the exchange rate and the market price of fuel on thermal fuel costs. ○ Fluctuations in fuel prices of each month are reflected in fuel cost adjustment unit price 3–5 months later. This generates a gap (time lag) between the fluctuations in fuel prices and the timing of reflecting them in fuel cost adjustment unit price. （billion yen） Q3 FY2024 FY2024 Q3 FY2025 FY2025（Forecasts） Effect on profit caused by time lag △2.0 △1.0 +33.0 +34.0 〔△20.0〕 〔△28.0〕 〔△10.0〕 〔△12.0〕 * The above-mentioned time lag indicates time gap on the revenue front in each accounting period, and differs from the revenue and expenses effect calculated based on actual thermal power fuel costs etc. * [ ] is the impact of what average fuel prices exceeded the ceiling under which we can adjust the selling prices, not includ ed in Effect on profit caused by time lag. Apr. 2024 Dec. 2025 【Fuel price（Japan LNG（CIF））】 （$/t） 【Time lag from the fuel cost adjustment system】 Fuel cost adjustment unit price without time lag Fuel cost adjustment unit price Apr. 2025 -3 -1 1 3 5 500 600 700 Apr. 2024 Dec. 2025Apr. 2025
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Framework of Feed-in Tariff Scheme for Renewable Energy 33 Customer Operators of renewable energy power generation plants Renewable purchase obligation KEPCO and Kansai TD Renewable energy surcharge (Other current liabilities) Renewable energy payments (Other current liabilities) ＜KEPCO＞ 237.7 → 285.9 billion yen （+48.2 billion yen） Purchase Supply The purchased costs of renewable energy sourced electricity (Purchased power) Renewable energy subsidies (Return of purchased power) ＜KEPCO＞ 84.8 → 83.8 billion yen（△0.9 billion yen） ＜Kansai TD＞ 77.4 → 85.0 billion yen（+7.5 billion yen） *1 Q3 FY2024 → Q3 FY2025 (changes from YOY comparison) *2 Difference between purchased costs of renewable energy sourced electricity and renewable energy subsidies is avoidable cos ts. *3 Law for partial amendment to the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sourc es by Electricity Utilities (Feed-in Tariff) and other laws” (enforced April 1, 2017) stipulates that, regarding contracts of purchase on and after Apri l 1, 2017, the definition of businesses obliged to purchase electricity was changed to general electricity transmission and distribution businesses and o thers. ＜KEPCO＞ 116.4 → 115.7 billion yen（△0.6 billion yen） ＜Kansai TD＞ 131.9 → 144.7 billion yen（+12.7 billion yen） Purchased cost adjustment organization Electricity retailer KEPCO
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Outline of Gas Business 34 （billion yen） Q3 FY2024 Q3 FY2025 Change Operating revenue 158.6 126.9 △31.6 Operating expenses 157.7 124.6 △33.1 Operating profit 0.8 2.3 +1.4 （10,000ｔ） Q3 FY2024 Q3 FY2025 Change Gas sales volume 120 93 △27 Profit for gas business, gas sales, etc. in Q3 FY2025 （10,000t） Trends of actual gas sales volume 97 121 157 139 156 153 168 *Number of contracts for Kanden gas as of Dec. 31, 2025 : approx. 1.62 million 0 50 100 150 2017 2018 2019 2020 2021 2022 2023 2024 Q3 2025 167 93
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Outline of International Business 35 ○ We endeavor to promote Energy segments overseas that contribute to carbon-free and provide customers with solutions that relate to their energy usage, as well as aim to improve profitability by making good use of business know-how and networks we have built to date. Total output by KEPCO’s investment: Approx. 2,422MW. Of which, total investment amount to 17 projects in operation is approx. 220.0 billion yen. (Approx. 74% collected by Dividends, etc.) *1 293.8 billion yen for international business investments is recorded to the consolidated balance sheet as of Dec. 31, 2025 , including the adjustments by using the equity method. *2 Some rounding errors may be observed. Project Title Start of operation, etc.(schedule) Total output (MW) KEPCO’s investment(%) Output by KEPCO’s investment (MW-equivalent) In Operation Philippines San Roque Hydropower 2003/5 435 50 218 Power Distribution and Retail Sales in New Clark City Joined 2019/11 － 9 － Taiwan Kuo Kuang Thermal Power 2003/11 480 6.05 29 Ming Jian Hydropower 2007/9 17 24 4 Indonesia Rajamandala Hydropower 2019/5 47 49 23 Medco-Kansai Joint Venture Firepower Joined 2021/4 239 36 86 Tanjung Jati B Thermal Power 2022/9 2,140 25 535 Laos Nam Ngiep 1 Hydropower 2019/9 290 45 131 Australia Bluewaters Thermal Power 2009/12 459 50.01 230 Ireland Evalair Limited Onshore Wind Power 2013/12 other 223 24 54 Finland Piiparinmäki Onshore Wind Farm 2022/6 211 15 32 Arrayarvi Onshore Wind Power 2023/12 221 49 108 US Hickory-Run Thermal Power 2020/5 1,000 30 300 Aviator Onshore Wind Farm 2020/9 525 48.51 255 UK Electricity North West Limited Joined 2019/7 － 10.5 － Triton Knoll Offshore Wind Power 2022/4 857 16 137 Moray East Offshore Windfarm 2022/4 953 10.02 95 Under Construction Germany Borkum Riffgrund 3 Offshore Wind Farm Scheduled 2026 913 3.5 32 Windanker Offshore Wind Farm Project Scheduled 2026 315 49 154 UK･Germany NeuConnect Interconnector Scheduled 2028 － 17.5 － Under Development Norway Goliat VIND floating offshore wind power Scheduled 2030 75 20 15
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KEPCO Group’s Introduction and Development Plan of Renewable Energy 36 Hydro Power Wind Power Power source share capacity of power stations in operation Approx. 375MW Approx. 681MW Main power stations in operation ・San Roque Hydropower（Philippines） ・Ming Jian Hydropower（Taiwan） ・Rajamandala Hydropower（Indonesia） ・Nam Ngiep 1 Hydropower（Laos） ・Evalair Limited（Ireland） ・Aviator Onshore Wind Farm (US) ・Triton Knoll Wind Power（UK） ・Moray East Offshore Windfarm（UK） ・Piiparinmäki Wind Farm（Finland） ・Arrayarvi Onshore Wind Power（Finland) Power stations before operation － ・Borkum Riffgrund 3 Offshore Wind Farm （Germany） ・Windanker Offshore Wind Farm（Germany） ○ We, as the leading company of “carbon-free energy initiatives”, will aggressively pursue renewable energy development, with a focus on offshore wind power, which has great development potential, after strengthening our development promotion system. ○ The development goal is to invest 1 trillion yen in Japan by 2040, aiming for 5 million kW of new development and 9 million kW of cumulative development. ＜Overseas power stations＞ • Power stations in operation (completed): approx. 1,056 MW Solar Power Wind Power Biomass Power Hydro Power Power source share capacity of power stations in operation * Approx. 204 MW Approx. 24 MW Approx. 257 MW Approx. 3,375 MW Main power stations in operation ・Sakai Solar Power Station ・Pacifico Energy Banshu Mega Solar Power Plant etc. ・Awaji Wind Power ・Offshore Wind Farms in Akita Prefecture etc. ・Kanda Power Station ・Aioi Biomass Power Station (fuel conversion) ・Nagisoazuma power station ・Shin-Maruyama power station (Upgraded) etc. Power stations before operation ・Power Plant for corporate PPA ・Offshore wind power project off the coast of Yuza Town, Yamagata Prefecture ・Oita-Usuki Wind Farm Project (temporary name) etc. ・Shin-Sakagami power station ・Odorigawa power station etc. ＜Domestic power stations＞ ・Power stations in operation (completed) * : approx. 3,860 MW * The figures represent cumulative development capacity and include projects that have been withdrawn after start of operation ("completed"). （as of Jan. 30, 2026） Sakai Solar Power Station Awaji Wind Power Nagisoazuma power station Kanda Power Station （as of Jan. 30, 2026） San Roque Hydropower Piiparinmäki wind farm project
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8 unites(PWR: 2 unites, BWR: 6 unites) 4 unites(PWR: 1 unit, BWR: 3 unites) 14 unites (PWR: 12 unites, BWR: 2 unites) 7 unites(PWR: 7 unites) 10 unites(PWR: 1 unite, BWR: 9 unites) 6,578MW: 50% of operating capacity in Japan 37 （as of Jan. 30,2026） Status of Nuclear Power Plants in Japan Overview of Our Nuclear Power Plants Generation capacity COD *4 Resumed COD *4 Operating years *4 Mihama Unit 3 826 MW Dec 1976 Jun 2021 49 years Takahama Unit 1 826 MW Nov 1974 Aug 2023 51 years Unit 2 826 MW Nov 1975 Sep 2023 50 years Unit 3 870 MW Jan 1985 Feb 2016 41 years Unit 4 870 MW Jun 1985 May 2017 40 years Ohi Unit 3 1,180 MW Dec 1991 Mar 2018 34 years Unit 4 1,180 MW Feb 1993 May 2018 32 years Total 6,578 MW Source: Japan Atomic Industrial Forum, Inc. Note: *1 Permission for Changes in Reactor Installation *2 Pressurized water reactor *3 Boiling water reactor *4 Commercial Operation Date Status of Nuclear Power Plants in Japan and Overview of our Plants Not filed Permission received *1Operating PWR *2 BWR *3Under review Status Legend Reactor Legend Tomari Oma Higashidori (TEPCO) Higashidori (Tohoku) Onagawa Kashiwazaki Kariwa Tokai Daini Hamaoka IkataSendai Genkai Shika Tsuruga Mihama Ohi Takahama Shimane 6 7 3 3 4 1 2 3 4 2 1 2 3 1 3 4 2 2 3 3 4 1 1 2 3 4 5 5 1 1 2 2 31 Fukushima Daini 1 2 3 4 5 6 1 2 3 4 321 1 2 1 21 21 1 Fukushima Daiichi Decommissioned 1 2 Operating 13,253 MW Permission received *1 4,724 MW Under review 8,457 MW Not filed 10,790 MW Nuclear Power Plants in Japan– Total Installed Capacity by Operational Status (Excl. Decommissioned Units) Total 37,224 MW
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Status of our Nuclear Power Plants 38 （as of Jan. 30, 2026） （ ）：Actual and requested date for comprehensive load performance inspection * From Oct. 15 to Nov. 21, 2024, Mihama Unit 3 Reactor shutdown due to leakage from seawater pipes ▼：Actual ▽：Forecast FY 2024 FY 2025 FY 2026 FY 2027 FY2028 Mihama 3 Takahama 1 Takahama 2 Takahama 3 Takahama 4 Ohi 3 Ohi 4 ▼ May. 23(Jun. 18) ：Operation ：Periodic Inspection Feb.22 ▼ Mar.2 ▼ Jun.2 ▼ ▼Aug.28(Sep.24） Sep.6 ▼ ▼Dec.2(Dec.26) Nov.6 ▼ ▼Feb.10(Mar.7) ▽Jun.21(Jul.16) Jun.18 ▼ ▼Apr.7(May.2) Jun.1 ▼ ▼Aug.16(Sep.10) Dec.14 ▼ ▼Feb.22(Mar.19) Jun.19 ▽ Dec.20 ▽ Jan.23 ▼ Oct.5 ▽ ▽Dec.25(Jan.22) Mar.4 ▽ ▽May.28(Jun.22) ▼Apr.26(May.21) ▼Jun.4(Jun.30) Apr.7 ▽ ▽Nov.10(Dec.4) ▼Oct.19(Nov.13) Nov.14 ▽ * Sep. 21 ▽ ▽ Feb. 11(Mar. 8) ▽Jul.25(Aug.19) Aug.15 ▽ ▽Feb.10(Mar.6) Oct.25 ▽ ▽Mar.15(Apr.10) ▽Jul.11(Aug.5) Feb.21 ▽ Jun.11 ▽ ▽Aug.29(Sep.24) Jul.18 ▽ Mar.20 ▽ Jun.7 ▽ Sep.25(Oct.20) ▽ ▽Aug.10(Sep.4) Sep.23▽ Mar.19(Apr.13) ▽ ▽ Sep. 19(Oct. 14)
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• This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. • Financial Results forecasts are subject to change depending upon the changes of business environments and other conditions. 【For Reference】 ◆ Kansai Electric Power Group Medium-term Management Plan（2021-2025） Click here ◆ Zero Carbon Vision 2050 Click here ◆ Zero Carbon Roadmap Click here ◆ Integrated report Click here Office of Corporate Planning (Investor Relations) The Kansai Electric Power Co., Inc. E-mail : finance@kepco.co.jp Website : http://www.kepco.co.jp For further information