Slides
Page 1
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2025 2nd Quarter Financial Results (April 1 – September 30, 2025) Tokyo Electric Power Company Holdings, Inc.
Page 2
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved.
Page 3
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Released on October 30, 2025) (Note) Please note that the following is an accurate and complete translation of the original Japanese version prepared for the convenience of our English-speaking investors. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail. Overview of FY2025 2nd Quarter Financial Results Regarding Forward-Looking Statements Certain statements in the following presentation regarding TEPCO Group’s business operations may constitute “forward-looking statements.” As such, these statements are not historical facts but rather predictions about the future, which inherently involve risks and uncertainties, and these risks and uncertainties could cause TEPCO Group’s actual results to differ materially from the forward-looking statements herein. * The figures described in this document may not match the totals due to rounding 1
Page 4
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion Yen) FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Comparison (A)-(B) (A)/(B) (%) Operating Revenue 3,150.2 3,354.9 -204.6 93.9 Operating Profit (Loss) 217.0 199.0 +18.0 109.1 Ordinary Profit (Loss) 282.1 250.6 +31.4 112.6 Extraordinary Income (Losses) -966.2 -33.6 -932.6 – Profit (Loss) Attributable to Owners of Parent -712.3 189.5 -901.9 – 【FY2025 Consolidated Performance Forecast】 ➢ To be determined. 21. Consolidated Financial Results Summary 【Main Points of the FY2025 2nd Quarter Financial Results】 ➢ Operating Revenue decreased mainly due to a decrease in total electricity sales volume. ➢ Ordinary Profit (Loss) increased mainly due to a positive turn in timing differences under the Fuel Cost Adjustment System. ➢ Profit (Loss) Attributable to Owners of Parent decreased mainly due to the recording of extraordinary losses on disaster.
Page 5
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion kWh) FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Comparison (A)-(B) (A)/(B) (%) Total Electricity Sales Volume 108.3 116.3 -8.0 93.1 Retail Electricity Sales Volume 87.3 95.1 -7.8 91.8 Wholesale Electricity Sales Volume 21.0 21.2 -0.2 99.2 ※3 3 *1 *2 (Ref.) Key Factors Affecting Performance Electricity Sales Volume *1 Total of EP consolidated (EP/PinT) and PG (last resort supply/islands) *2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation) Area Demand FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Comparison (A)-(B) (A)/(B) (%) Area Demand 135.7 134.8 +0.9 100.7 (Unit: Billion kWh) Exchange Rate/CIF FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) (A)-(B) Foreign Exchange Rate (Interbank, yen/dollar) 146.0 152.8 -6.8 Crude Oil Price (All Japan CIF, dollars/barrel) 73.7 86.7 -13.0 *3 The crude oil price for FY2025 is the tentative price announced on October 22, 2025 *3
Page 6
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 42. Overview of Each Company (Unit: Billion Yen) FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Comparison (A)-(B) (A)/(B) (%) Operating Revenue 3,150.2 3,354.9 -204.6 93.9 TEPCO Holdings (HD) 335.1 348.4 -13.2 96.2 TEPCO Fuel & Power (FP) 1.8 1.8 -0.0 97.8 TEPCO Power Grid (PG) 1,148.3 1,168.4 -20.1 98.3 TEPCO Energy Partner (EP) 2,533.2 2,749.4 -216.2 92.1 TEPCO Renewable Power (RP) 113.6 116.3 -2.7 97.6 Adjustments -981.8 -1,029.6 +47.7 – Ordinary Profit (Loss) 282.1 250.6 +31.4 112.6 Impact of timing differences 50.0 -31.0 +81.0 – Excluding impact of timing differences 232.1 281.6 -49.5 82.4 TEPCO Holdings (HD) 142.3 138.8 +3.4 102.5 TEPCO Fuel & Power (FP) 72.7 52.9 +19.7 137.2 Impact of timing differences 33.0 8.0 +25.0 412.5 Excluding impact of timing differences 39.7 44.9 -5.2 88.3 TEPCO Power Grid (PG) 93.9 81.3 +12.5 115.5 TEPCO Energy Partner (EP) 107.8 79.6 +28.2 135.5 Impact of timing differences 17.0 -39.0 +56.0 – Excluding impact of timing differences 90.8 118.6 -27.7 76.6 TEPCO Renewable Power (RP) 43.3 40.3 +2.9 107.4 Adjustments -178.0 -142.4 -35.5 –
Page 7
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 5 PG RPHD Adjustments FY2024 Apr–Sep FY2025 Apr–Sep Positive turn in timing differences EP (Excluding impact of timing differences) 250.6 Excluding impact of timing differences 281.6 Excluding impact of timing differences 232.1+81.0 +3.4 -5.2 +12.5 -27.7 +2.9 -35.5 282.1 FP： +25.0 EP： +56.0 3. Points of Each Company ➢ HD: Ordinary profit increased mainly due to an increase in dividend income. ➢ FP: Ordinary profit increased mainly due to a positive turn in timing differences at JERA. ➢ PG: Ordinary profit increased mainly due to a decrease in costs related to supply and demand adjustment. ➢ EP: Ordinary profit increased mainly due to a positive turn in timing differences. ➢ RP: Ordinary profit increased mainly due to a decreases in repair expenses. Ordinary Profit (Loss) (Unit: Billion Yen) Excluding impact of timing differences -49.5 FP (Excluding impact of timing differences) Increase in profits: 31.4 billion yen (Ref.) This presents the Year-on-Year comparisons of the impact of timing differences and of ordinary profit excluding that impact
Page 8
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 64. Consolidated Extraordinary Income (Losses) (Unit: Billion Yen) FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Comparison (A)-(B) Extraordinary Income – – – Extraordinary Losses 966.2 33.6 +932.6 Extraordinary Losses on disaster 904.1 – +904.1 Expenses for Nuclear Damage Compensation 62.1 33.6 +28.4 Extraordinary Income (Losses) -966.2 -33.6 -932.6 *1 Increase in estimated costs for restoration and related work of assets damaged by the Great East Japan Earthquake Newly anticipated costs for preparatory work for fuel debris retrieval, based on the presentation of preparatory process for fuel debris retrieval at the Sub-Committee for the Evaluation of Fuel Debris Retrieval Methods of NDF held on July 23, 2025 *2 Increases due to the extension of the calculation period for estimated amounts related to damages due to the restriction on shipment and damages due to groundless rumors, and indirect damages, and other damages *1 *2
Page 9
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ・Accumulated other comprehensive income -53.8 billion yen ・Loss attributable to owners of parent -712.3 billion yen Declined by 4.8 points ➢ Total assets balance decreased by 243.1 billion yen mainly due to a decrease in current assets. ➢ Total liabilities balance increased by 522.5 billion yen mainly due to an increase in provision for loss on disaster. ➢ Total net assets balance decreased by 765.6 billion yen mainly due to the recording of loss attributable to owners of parent. ➢ Equity ratio declined by 4.8 points. ・Provision for loss on disaster +903.2 billion yen ・ Accrued expenses -106.0 billion yen ・ Accounts payable–other -94.3 billion yen ・ Accounts payable–trade -80.1 billion yen ・Interest–bearing debt -54.6 billion yen 75. Consolidated Financial Position Net Assets Decrease in net assets ・Current assets -374.9 billion yen ・Construction in progress +74.8 billion yen Equity ratio: 20.3% Increase in liabilities +522.5 billion yen -765.6 billion yen 14,743.8 billion yen Total Assets -243.1 billion yen Decrease in assets Liabilities 11,723.3 billion yen Net Assets 3,020.5 billion yen Total Assets 14,986.9 billion yen Equity ratio: 25.1% Liabilities 11,200.8 billion yen 3,786.1 billion yen Balance Sheet as of March 31, 2025 Balance Sheet as of September 30, 2025
Page 10
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Ordinary Profit (Loss) (Ref.) Year-on-Year Comparisons for TEPCO Holdings 8 FY2024 Apr–Sep 138.8 Increase mainly due to dividend income +3.4 (Unit: Billion Yen) FY2025 Apr–Sep 142.3 Increase in profits: 3.4 billion yen Profit includes dividend income, decommissioning subsidy income, management support fees, and nuclear wholesale power sales, and related items. Expenses mainly include repair expenses and depreciation for nuclear power generation facility, and general and special contributions to the NDF. Profit structure Ordinary Profit (Loss) (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Jun 162.9 151.6 +11.3 Apr–Sep 142.3 138.8 +3.4 Apr–Dec 131.2 Apr–Mar -50.7
Page 11
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Ref.) Year-on-Year Comparisons for TEPCO Fuel & Power 9 Excluding impact of timing differences -5.2 Positive turn in timing differences +25.0 Impact of fuel procurement prices and related factors -9.1 Decrease in fuel business profit -1.0 Increase from overseas and renewable energy power generation businesses and related factors +4.8 Profit structureOrdinary Profit (Loss) (Unit: Billion Yen) Main profit is share of profit (loss) of entities accounted for using equity method, such as supply and demand balance at JERA. FY2024 Apr–Sep 52.9 Excluding impact of timing differences 44.9 FY2025 Apr–Sep 72.7 Excluding impact of timing differences 39.7 Increase in profits: 19.7 billion yen Impact of Timing Differences (Impact from JERA’s equity share) (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Jun +22.0 +10.0 +12.0 Apr–Sep +33.0 +8.0 +25.0 Apr–Dec +16.0 Apr–Mar +20.0 (Unit: Billion Yen)Ordinary Profit (Loss) FY2025 FY2024 Comparison Apr–Jun 39.4 38.7 +0.6 Apr–Sep 72.7 52.9 +19.7 Apr–Dec 50.7 Apr–Mar 57.7
Page 12
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. * Transmission revenue excludes the impact of imbalance earnings and expenditure 10(Ref.) Year-on-Year Comparisons for TEPCO Power Grid Increase in transmission revenue * +5.8 Decrease in costs related to supply and demand adjustment and related factors +20.3 Others -13.6 Decrease in the procurement unit price and related factors Increase in interest expenses and related factors Operating revenue is mainly transmission revenue, and this is fluctuated by area demand. Expenses are mainly for repairs expenses and depreciation of transmission and distribution facilities. Profit structure Ordinary Profit (Loss) (Unit: Billion Yen) FY2024 Apr–Sep 81.3 FY2025 Apr–Sep 93.9 Increase in profits: 12.5 billion yen Area Demand FY2025 FY2024 Comparison Apr–Sep 135.7 134.8 +0.9 (Unit: Billion kWh) FY2025 FY2024 Comparison Apr–Jun 22.4 11.7 +10.7 Apr–Sep 93.9 81.3 +12.5 Apr–Dec 104.2 Apr–Mar 54.9 (Unit: Billion Yen)Ordinary Profit (Loss)
Page 13
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2025 Apr–Sep FY2024 Apr-Sep Comparison Lighting 27.8 28.1 -0.3 Power 59.2 66.5 -7.3 Total 87.0 94.6 -7.6 Competition: -7.6, Temperature impact: +0.5, Others: -0.6 11(Ref.) Year-on-Year Comparisons for TEPCO Energy Partner Impact of decreases in retail electricity sales volume and related factors Excluding impact of timing differences -27.7 Positive turn in timing differences +56.0 Quantity impact * -22.4 Others -4.4 Unit price impact * -0.9 Ordinary Profit (Loss) (Unit: Billion Yen) Profit structure Operating revenue is mainly from electricity charges and fluctuates with electricity sales volume. Expenses are mainly costs for purchased power and for third party’s power transmission services. FY2024 Apr–Sep 79.6 Excluding impact of timing differences 118.6 * Shows the difference between sales impact and procurement impact FY2025 Apr–Sep 107.8 Excluding impact of timing differences 90.8 Increase in profits: 28.2 billion yen Retail Electricity Sales Volume (EP consolidated)(Unit: Billion kWh) Impact of Timing Differences (Unit: Billion Yen) FY2025 FY2024 Comparison Apr–Jun +18.0 -1.0 +19.0 Apr–Sep +17.0 -39.0 +56.0 Apr–Dec -28.0 Apr–Mar -18.0 Gas Contracts (EP non-consolidated) As of Sep 30, 2025 As of March 31, 2025 Approx. 1.49 million Approx. 1.48 million (Unit: Billion Yen)Ordinary Profit (Loss) FY2025 FY2024 Comparison Apr–Jun 30.6 21.4 +9.1 Apr–Sep 107.8 79.6 +28.2 Apr–Dec 154.6 Apr–Mar 287.9
Page 14
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 12(Ref.) Year-on-Year Comparisons for TEPCO Renewable Power +5.0 Ordinary Profit (Loss) (Unit: Billion Yen) Profit structure Operating revenue is mainly wholesale power sales of hydroelectric and renewable energies. Expenses are mainly for depreciation and repair expenses. FY2024 Apr–Sep 40.3 Decrease in wholesale electricity sales and related factors -2.0 Decreases in repair expenses and related factors FY2025 Apr–Sep 43.3 Increase in profits: 2.9 billion yen Flow Rate FY2025 FY2024 Comparison Apr–Sep 96.8 98.8 -2.0 (Unit: %) (Unit: Billion Yen)Ordinary Profit (Loss) FY2025 FY2024 Comparison Apr–Jun 23.5 20.1 +3.4 Apr–Sep 43.3 40.3 +2.9 Apr–Dec 51.5 Apr–Mar 53.6
Page 15
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 13 Revenue side element Apr 2025Apr 2024 Gain +50.0 FY2023 Apr–Sep FY2024 Apr–Sep FY2025 Apr–Sep Ordinary Profit (Loss ) 479.6 Gain +168.0 (Ref.) Image of Timing Differences Excluding impact of timing differences 311.6 Ordinary Profit (Loss) 250.6 Excluding impact of timing differences 281.6 Ordinary Profit (Loss ) 282.1 Excluding impact of timing differences 232.1 Apr 2023 (Unit: Billion Yen) Loss -31.0 Sep 2023 Sep 2024 Sep 2025 Positive turn in timing differences +81.0 billion yen Cost side element
Page 16
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Ref.) Trends in Interest-bearing Debt Balance 14 (Billion Yen) (End of FY) * Figures up until FY2015 represent non-consolidated results of the former TEPCO, and figures from FY2016 onward reflect consolidated results
Page 17
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 15(Ref.) Trends in Capital Expenditures & Depreciation (Billion Yen) (FY) * Excerpt from “3. Plans for New Installations, Retirements, etc. of Facilities” in TEPCO Holdings’ Annual Securities Report for FY2024 (Japanese version only)
Page 18
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Ref.) Trends in Free Cash Flow (FCF) (FY) 16 FCF -245.8 ➢ FCF for the period from FY2025 Apr–Sep was negative 245.8 billion yen. (Billion Yen)
Page 19
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Supplemental Material 17
Page 20
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Table of Contents 18 Financial Results Detailed Information Consolidated Statements of Income 20 Current Situation and Status of Units 1 through 4 35 The status of Grants-in-aid from Nuclear Damage Compensation and 21 ALPS Treated Water Discharge Results & Plans 36 Decommissioning Facilitation Corporation and Expenses for Nuclear Milestones and Progress in the 5th Revision of 37 Damage Compensation Mid-and-Long-Term Roadmap(December 2019) Consolidated Balance Sheets 22 (Ref.) Preparatory Work and Cost Recognition related to Fuel Debris Retrieval 38 Consolidated Statements of Cash Flows 23 (Ref.) Revision of the Estimated Expenditure related to Retrieval of Fuel Debris 39 Overview of Consolidated Cash Flows 24 Amount of Compensation for Nuclear Damages Paid 40 Key Factors Affecting Performance 25 and Amount of Compensation to Be Paid Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume 26 (Ref.) Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima 41 Schedules for Public Bond Redemption 27 (Ref.) Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima 42 Status of Kashiwazaki-Kariwa Nuclear Power Station Efforts to Increase Corporate Value Status of Kashiwazaki-Kariwa NPS 29 Main Efforts to Increase Corporate Value -1 44 Construction Process of Specialized Safety Facility 30 Main Efforts to Increase Corporate Value -2 45 Communication with Local Communities 31 Main Efforts to Increase Corporate Value -3 46 New Initiatives to Contribute to Niigata Prefecture 32 Future Electricity Demand Projections in the TEPCO PG Area (Re-presented) 47 Building a New System of Governance 33 Initiatives to Promote Management Conscious of Capital Cost 48 and Stock Price (Re-presented) Current Status of Fukushima Daiichi NPS and Future Initiatives
Page 21
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2025 2nd Quarter Financial Results Detailed Information 19
Page 22
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion Yen) (A)-(B) (A)/(B) (%) Operating Revenue 3,150.2 3,354.9 -204.6 93.9 Operating Expenses 2,933.2 3,155.9 -222.7 92.9 217.0 199.0 18.0 109.1 117.9 97.6 20.3 120.8 Share of Profit of Entities Accounted for Using Equity Method 108.4 84.5 23.8 128.2 52.8 45.9 6.8 115.0 282.1 250.6 31.4 112.6 0.2 － 0.2 － － － － － 966.2 33.6 932.6 － 28.2 27.0 1.2 104.6 -0.2 0.4 -0.6 － -712.3 189.5 -901.9 － Extraordinary Losses FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Comparison Operating Profit (Loss) Non-operating Income Non-operating Expenses Ordinary Profit (Loss) Extraordinary Income Provision or Reversal of Reserve for Water Shortage Income Taxes Profit (Loss) Attributable to Non-controlling Interests Profit (Loss) Attributable to Owners of Parent Consolidated Statements of Income 20
Page 23
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ◇Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation 8,287.3 － 8,287.3 ◆Expenses for Nuclear Damage Compensation ●Compensation for individual damages ●Compensation for business damages ●Other expenses ● Amount of indemnity for nuclear accidents from the Government -188.9 － -188.9 ●Grants-in-aid corresponding to decontamination and other expenses -5,118.4 － -5,118.4 Total 8,292.3 62.1 8,354.5 3,615.0 56.9 3,672.0 ・Opportunity losses on businesses, Damages due to the restriction on shipment, Damages due to groundless rumor and Package compensation, etc. 7,496.3 3.0 7,499.3 ・Damages due to decline in value of properties, Housing assurance damages, Decontamination and other expenses, etc. ○Grants-in-aid based on Nuclear Damage Compensation and Decommissioning Facilitation Corporation Act * Numbers above are those after deduction of a governmental indemnity and Grants-in-aid corresponding to decontamination and other expenses of 5,309.7 billion yen 2,488.3 2.1 2,490.5 ・Expenses for radiation inspection, Mental distress, Damages caused by voluntary evacuations, and Opportunity losses on salary of workers, etc. (Unit: Billion Yen) Item FY2010 to FY2024 FY2025 Apr–Sep Cumulative Amount * * The Status of Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation and Expenses for Nuclear Damage Compensation 21
Page 24
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. <Ref.> FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) (A)-(B) ROA(%) 1.5 1.4 0.1 ROE(%) -21.1 5.2 -26.3 EPS(Yen) -444.67 118.32 -562.99 ROA: Operating Profit/Average Total Assets ROE: Profit Attributable to Owners of Parent/Average Equity Capital (Unit: Billion Yen) (A)-(B) (A)/(B) (%) 14,743.8 14,986.9 -243.1 98.4 12,655.2 12,523.3 131.8 101.1 2,088.6 2,463.5 -374.9 84.8 11,723.3 11,200.8 522.5 104.7 7,394.5 6,459.3 935.1 114.5 4,328.5 4,741.4 -412.9 91.3 0.2 － 0.2 － 3,020.5 3,786.1 -765.6 79.8 2,706.5 3,418.8 -712.3 79.2 286.4 340.3 -53.8 84.2 27.4 26.9 0.5 102.1 Liabilities Non-current Liabilities Current Liabilities Reserve for Water Shortage Comparison Total Assets Non-current Assets Current Assets 2025 (B) Mar 31Sep 30 2025 (A) Shareholders' Equity Accumulated Other Comprehensive Income Non-controlling Interests Net Assets Consolidated Balance Sheets 22 <Interest-bearing debt balance> (Unit: Billion Yen) Sep 30 2025 (A) Mar 31 2025 (B) (A)-(B) Bonds Payable 3,445.0 3,535.0 -90.0 Long-term Borrowings 75.6 81.8 -6.1 Short-term Borrowings 2,874.3 2,867.8 6.5 Commercial Papers 60.0 25.0 35.0 Total 6,455.0 6,509.7 -54.6
Page 25
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion Yen) Comparison (A)-(B) Cash flows from operating activities 164.6 52.8 111.7 Profit (Loss) before income taxes -684.3 217.0 -901.3 Depreciation 191.6 179.2 12.3 Increase (Decrease) in provision for loss on disaster** 904.0 2.2 901.7 Increase (Decrease) in decommissioning reserve fund* 14.9 -10.9 25.8 Interest expenses 45.2 32.7 12.4 Expenses for nuclear damage compensation 62.1 33.6 28.4 Decrease (Increase) in trade receivables* 11.1 -73.9 85.1 Increase (Decrease) in trade payables** -80.1 98.5 -178.6 Interest paid -44.2 -31.6 -12.6 Payments for extraordinary losses on disaster due to the Great East Japan Earthquake -17.2 -16.5 -0.7 Grants-in-aid from Nuclear Damage Compensation and Decommissioning Facilitation Corporation received 77.7 125.4 -47.7 Payments for nuclear damage compensation -71.9 -136.9 64.9 Others -244.2 -366.1 121.8 Cash flows from investing activities -410.5 -392.2 -18.2 Purchases of property, plant and equipment -435.8 -369.4 -66.3 Investments and loan advances -8.2 -19.9 11.6 Proceeds from divestments and collection of loans receivable 2.9 3.7 -0.8 Others 30.7 -6.5 37.2 Cash flows from financing activities -59.5 78.6 -138.1 Proceeds from issuance of bonds 149.5 281.1 -131.6 Redemption of bonds -240.0 -160.0 -80.0 Proceeds from long-term borrowings 3.2 0.0 3.1 Repayments of long-term borrowings -9.3 -25.0 15.6 Proceeds from short-term borrowings 2,273.7 2,606.4 -332.6 Repayments of short-term borrowings -2,267.2 -2,633.8 366.5 Proceeds from issuance of commercial papers 309.0 65.0 244.0 Redemption of commercial papers -274.0 -50.0 -224.0 Others -4.4 -5.1 0.6 Effect of exchange rate change on cash and cash equivalents 0.2 2.0 -1.8 Net Increase (Decrease) in cash and cash equivalents** -305.1 -258.6 -46.5 Cash and cash equivalents at beginning of period 926.4 1,235.1 -308.6 Cash and cash equivalents at end of period 621.2 976.4 -355.1 * Minus denotes an increase ** Minus denotes a decrease FY2025 Apr–Sep (A) FY2024 Apr–Sep (B) Consolidated Statements of Cash Flows 23
Page 26
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Overview of Consolidated Cash Flows (Unit: Billion Yen) - Year on Year Comparison 24 ✓ Cash and cash equivalents as of September 30, 2025 decreased by 305.1 billion yen to 621.2 billion yen. - Cash flows from operating activities increased 164.6 billion yen mainly due to the recording of operating profit - Cash flows from investing activities decreased 410.5 billion yen mainly due to purchases of property, plant and equipment - Cash flows from financing activities decreased 59.5 billion yen mainly due to redemptions of bonds and repayments of borrowings exceeding proceeds from issuance and borrowings
Page 27
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. FY2025 Apr–Sep FY2024 Apr–Sep [Ref.] FY2024 Total Electricity Sales Volume (Billion kWh) 108.3 116.3 228.6 Retail Electricity Sales Volume (Billion kWh)*1 87.3 95.1 187.2 Wholesale Electricity Sales Volume(Billion kWh)*2 21.0 21.2 41.4 Gas Sales Volume (Million ton) 1.06 1.11 2.56 Foreign Exchange Rate (Interbank; yen/dollar) 146.0 152.8 152.6 Crude Oil Price (All Japan CIF; dollars/barrel)*3 73.7 86.7 82.4 Nuclear Power Plant Capacity Utilization Ratio (%) – – – Key Factors Affecting Performance (Results) *1 Total of EP consolidated (EP/PinT) and PG (last resort supply/islands) *2 Total (excluding indirect auctions) of EP, PG (including inter-regional), and RP consolidated (RP/Tokyo Electric Generation) *3 The crude oil price for FY2025 is the tentative price announced on October 22, 2025 Key Factors Affecting Performance 25 <Fluctuation of Foreign Exchange Rate> <Fluctuation of All Japan CIF>
Page 28
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Unit: Billion kWh) Apr-Jun Jul Aug Sep Jul–Sep Apr–Sep Hydroelectric 3.41 1.02 1.05 0.88 2.95 6.36 Thermal 0.03 0.02 0.02 0.01 0.05 0.08 Nuclear – – – – – – Renewable etc. 0.02 0.01 0.01 0.01 0.02 0.05 Total 3.47 1.04 1.08 0.90 3.02 6.49 Apr-Jun Jul Aug Sep Jul–Sep Apr–Sep Jul–Sep Apr–Sep Hydroelectric 3.40 1.26 0.91 0.97 3.14 6.53 94.0% 97.4% Thermal 0.03 0.02 0.02 0.01 0.05 0.08 96.8% 98.5% Nuclear – – – – – – – – Renewable etc. 0.01 0.01 0.01 0.01 0.02 0.03 110.0% 131.8% Total 3.45 1.28 0.93 1.00 3.20 6.65 94.2% 97.6% FY2024 [Ref.] Year-on-year Comparison FY2025 (Unit: Billion kWh) Apr-Jun Jul Aug Sep Jul–Sep Apr–Sep Lighting 11.89 4.85 5.64 5.45 15.94 27.84 Power 26.61 10.87 10.93 10.77 32.56 59.18 Total 38.50 15.72 16.57 16.22 48.51 87.01 Apr-Jun Jul Aug Sep Jul–Sep Apr–Sep Jul–Sep Apr–Sep Lighting 12.10 4.53 5.95 5.55 16.03 28.13 99.5% 99.0% Power 30.06 11.98 12.47 12.00 36.46 66.52 89.3% 89.0% Total 42.16 16.51 18.43 17.54 52.49 94.65 92.4% 91.9% FY2025 FY2024 [Ref.] Year-on-year Comparison Monthly Trends in Retail Electricity Sales Volume and Power Generation Volume * Power generation volume includes part of consolidated subsidiaries Retail Electricity Sales Volume (EP Consolidated) Power Generation Volume* 26
Page 29
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Schedules for Public Bond Redemption Note: The amount redeemed for Apr–Sep of FY2025 totaled 240.0 billion yen (FY) (Billion Yen) TEPCO Public Bond TEPCO Power Grid Public Bond Amount at Maturity (As of September 30, 2025) TEPCO Renewable Power Public Bond 27
Page 30
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Status of Kashiwazaki-Kariwa Nuclear Power Station (NPS) 2528
Page 31
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Status of Kashiwazaki-Kariwa NPS 29 <Future steps for Unit 6> [Legend] ：Pre-operational confirmation amendment application by TEPCO ：Approval by the NRA secretariatInspections conducted before reactor startup Inspections conducted before the start of commercial operation Pull out the control rods (Restart) Start of commercial operation Unit 6 ✓At Unit 6, we conducted soundness confirmations by October 28 following the completion of fuel loading, and confirmed that the main systems required for reactor startup are operating properly. ✓We believe that the restart should be based on the understanding of the local communities, and to earn the trust of Niigata Prefecture residents, we will provide a thorough explanation of the improvements made to the plant’s safety. ✓We plan to submit a pre-operational confirmation amendment application, while the timing has not yet been determined. Fuel loading <Ref.> Recent updates related to Kashiwazaki-Kariwa NPS (partial) Jun–Aug 2025 : Niigata Prefecture held public hearings on the issue of the restart of Kashiwazaki-Kariwa NPS Aug–Sep 2025 : Niigata Prefecture conducted a public opinion survey on the issue of restarting Kashiwazaki-Kariwa NPS Oct 2025 : An interim report on the public opinion survey was released Oct 2025 : Our statement on the deliberations over the decommissioning of Kashiwazaki-Kariwa NPS Units 1 and 2 Oct 2025 : Final Report on the public opinion survey (Scheduled) Oct–Nov 2025 : Niigata Prefecture conducts a supplementary public opinion survey on the issue of restarting Kashiwazaki-Kariwa NPS
Page 32
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Construction Process of Specialized Safety Facility 30 ✓The Specialized Safety Facility (SSF) is a backup facility designed to prevent damage to the reactor containment vessel in the event that large-scale destruction occurs due to intentional acts such as an aircraft crash or other similar attacks, rendering a wide range of equipment inoperable. ✓SSF have a legally mandated installation deadline, and if they are not completed by that deadline, plant operations must be suspended. ✓For Units 6 and 7, the NRA’s review of the SSF has progressed, and as the specifications are becoming more defined, we changed the scheduled completion date for construction and submitted a notification to the NRA in February 2025. 【Installation deadline/Construction completion date】 Installation deadline Construction completion date* Unit 7 October 2025 August 2029 Unit 6 September 2029 September 2031 2024 2025 2026 2027 2028 2029 2030 2031 Unit 7 Unit 6 Construction completion date August 2029 Grace period for installation Installation deadline September 2029 Construction completion date September 2031 Installation deadline October 2025 Period preventing operation without SSF Grace period for installation Period preventing operation without SSF * Prospects at this time
Page 33
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Communication with Local Communities ✓We continue to carry out listening and public relations activities across Niigata Prefecture, sincerely addressing opinions and questions from local communities and focusing on providing clear explanations regarding “plant safety,” “our reliability,” “the necessity of nuclear power,” and “initiatives for regional contribution.” ✓The opinions we have received will be utilized to enhance plant safety and improve its operations. 31 Face-to-Face Communication Activities TEPCO Communication Booth NPS Tour PR Activities Newspaper Ad Digital Signage and Transit Ad YouTube Insert Leaflet Total: Over 8 million views (as of Oct 2025) Over 8 million copies in Niigata Prefecture and Tokyo metropolitan area Displayed at bus stops, stations, and commercial facilities in Niigata Prefecture
Page 34
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. New Initiatives to Contribute to Niigata Prefecture 32 ✓ We will invest and contribute to promote “revitalizing regional economies” and “building infrastructure that provides safety and comfortable life” in Niigata Prefecture. ✓ We are contributing to revitalizing the regional economies in Niigata Prefecture by creating new businesses, promoting employment, and developing human resources in “the disaster prevention” and “GX/DX” sectors, which are expected to grow in the future. Contributing by investing in Niigata Prefecture Building Infrastructure that Provides Safety and Comfortable Life Cooperating in strengthening snow removal systems and improving indoor evacuation facilities as part of initiatives for building infrastructure that provides safety and comfortable life in Niigata prefecture Contributions by TEPCO Group also being considered 1.Creating new businesses Achieving carbon neutrality in Niigata Prefecture through next-generation energy businesses such as the storage battery 2.Promoting employment Promoting employment through the entry of companies in the disaster prevention industry and the GX/DX sectors 3.Developing human resources Developing technical talent and GX/DX professionals in collaboration with educational institutions and other companies within the prefecture Revitalizing Regional Economies
Page 35
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ✓ External experts have been brought in as “fresh blood” to join the newly established Kashiwazaki-Kariwa NPS Steering Committee alongside internal directors, working together to deliberate on power station operations. ✓ Unlike previous committees, Steering Committee members will not only conduct assessments and provide recommendations from an external perspective, but also participate in developing power station operation policies and go on-site to share their insights during policy discussions in the planning stages. ✓ The chairperson and external members of this committee have the authority to make direct recommendations to the Board of Directors, and the Board will fully respect these recommendations. Building a New System of Governance 33 Domestic experts Academics and regional business leaders, among others (4 persons) Executives of other EPCOs Persons with nuclear power management experience from Tohoku Electric Power Co., Inc. and Chubu Electric Power Co., Inc. (2 persons) Overseas experts Person with experience in foreign regulatory affairs and nuclear engineering (1 person) Persons responsible for operations at Kashiwazaki-Kariwa NPS President, General Manager of Nuclear and Plant Siting Division, Plant Chief Superintendent of Kashiwazaki-Kariwa NPS, Niigata Headquarters Representative Management prioritizing local communities Whether the power plant is being operated in a manner desired by the local communities Whether initiatives to enhance safety are being implemented in a way that builds trust On-site and hands-on evaluation Kashiwazaki - Kariwa NPS Steering Committee New governance structure for the power plant (management and oversight) Internal DirectorsExternal Member
Page 36
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Current Status of Fukushima Daiichi Nuclear Power Station and Future Initiatives 34
Page 37
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Current Situation and Status of Units 1 through 4 ✓ Spent fuel removal from Units 3 and 4 was completed, and preparation work is underway for Units 1 and 2. ✓ Trial retrieval of fuel debris (2nd time) from Unit 2 was completed, and preparation work is underway for Units 1 through 3. Operating floor Current Situation Upper frame is being installed Runway girder has been installed Covering bag Unit 4 Pedestal Unit 3 West-side front chamber 615 Shield Spent Fuel Pool (SFP) 392 Unit 1 Primary Containment Vessel (PCV) Reactor Pressure Vessel (RPV) Fuel debris Removed fuel(assemblies) 566/566 （Fuel removal completed on February 28, 2021） Water injection Removed fuel(assemblies) 1535/1535*（Fuel removal completed on December 22, 2014 ） Land-side impermeable wall Freezing started on March 31, 2016 Frozen pipes Installation of frozen pipes completed on Nov 9, 2015 1568/1568(pipes) Dome roof Fuel-Handling Machine crane FHM girder * Including two new fuel assemblies removed first in 2012 Reactor Building(R/B) Unit 2 Cover for retrieving fuel Shield Suppression Chamber(S/C) front chamber Water injectionWater injection 35 Works towards spent fuel removal ・Steel frame assembly work outside the premises and installation work inside the premises are underway in preparation for the installation of the large cover for the reactor building. ・The installation of the large cover is scheduled for completion within FY2025. ･There is no change to the plan to start fuel removal work by FY2028. ・Power supply to the fuel handling equipment was completed on August 20, 2025. ・Currently, individual functional checks of each piece of equipment are underway. ・Fuel removal work is scheduled to start in FY2026. ・Spent fuel removal was completed for the first time from a unit that experienced core meltdown (in February 2021). ・Removal of high-dose equipment stored in the SFP was started (in March 2023). ・Fuel removal from the SFP was completed (in December 2014). ・The removal of high-dose equipment stored in the SFP was started (in March 2024). Works towards fuel debris retrieval ・From the second half of FY2025, water draining of heat exchangers is planned to reduce radiation dose. ・The robotic arm is undergoing operational testing following a full inspection, and its functionality is being confirmed. ・The start of internal investigation and fuel debris sampling using the robotic arm is expected in FY2026, after the replacement of the camera mounted on the arm. ・To collect detailed information inside the PCV, we are planning an internal survey using micro-drones. ・We are currently working on the installation of the seal box, operation of the installation device, and improving proficiency in drone operation. ・As proficiency improves, we are reviewing work procedures and conducting detailed studies of flight routes.
Page 38
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. ✓ The 5th discharge for FY2025 is started on October 30, 2025. • Planned period: October 30 to November 17 • Planned discharge volume: Approx. 7,800m3 • Estimated tritium discharge: About 2.0 trillion Bq ✓ The discharge plan for FY2025 includes 7 rounds, with a total discharge volume of Approx. 54,600m3 and an annual tritium discharge of about 15.3 trillion Bq. ALPS Treated Water Discharge Results & Plans 36 FY2025 Discharge Results FY2025 Discharge Plan *As of September 29, 2025
Page 39
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. *1 The amount of contaminated water generated before measures were put in place was approx. 540m3/day (as of May 2014) *2 Except for the reactor building of Units 1 to 3, the main process building, the high temperature incinerator building *3 Except for the secondary waste from the water treatment and other waste that will be reused *4 Considered finalized as “Technical outlook on methods for treatment and disposal of solid waste, and their safety” was included in the “2021 Technical Strategy for Decommissioning of TEPCO Holdings’ Fukushima Daiichi Nuclear Power Station” published by the Nuclear Damage Compensation and Decommissioning Facilitation Corporation (published on October 29, 2021) Milestones and Progress in the 5th Revision of Mid-and-Long-Term Roadmap(December 2019) Maintain Overall Framework of Decommissioning Schedule Nov. 2013 End of 2031 30 - 40 years after cold shutdownDec. 2011 Dec. 2021 Major milestones Phase 1 Phase 2 Phase 3-(1) Phase 3 Perioduntilstartof spentfuel removal (within2 years) Perioduntilstartof fueldebrisretrieval (within10 years) Perioduntilcompletionof decommissioning(30-40yearslater) Field Details Period Status Contaminated water management Amount of contaminated water generated*1 Reduce to about 150m3/day Within 2020 Completed approx. 140m3/day(2020) Reduce to 100m3/day or less Within 2025 Completed approx. 80m3/day(FY2023) Stagnant water treatment Complete stagnant water treatment in buildings*2 Within 2020*2 Completed Reduce the amount of stagnant water in buildings to about a half of that in the end of 2020 FY2022 to 2024 Completed Fuel removal Complete of fuel removal from Unit 1 to 6 Within 2031 Completed removing fuel from Units 3 and 4 Complete of installation of the large cover at Unit 1 Around FY 2023* *The completion date is extended to within FY2025 Working on installing the large cover Start fuel removal from Unit 1 FY2027 to 2028 Same as above Start fuel removal from Unit 2 FY2024 to 2026 Under the construction of ancillary equipment for the installation of fuel handling equipment Fuel debris retrieval Start fuel debris retrieval from the first Unit （Start from Unit 2, expanding the scale gradually） Within 2021 Completed （started on September 2024） Waste management Technical prospects concerning the processing/disposal policies and their safety Around FY2021 Completed*4 Eliminating temporary storage areas outside for rubble and other waste*3 Within FY2028*3 Working on based on the storage maintenance plan 37
Page 40
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 【Ref.】 Overview of fuel debris retrieval method using a combination of side/top access 38 Pedestal Fuel debris PCV RPV Shield wall Filling material Shield plug Cell (shielded room) Fuel debris retrieval route Support structure for top access Building cover Access equipment ➢ Costs for Investigating Interior of Reactors and Related Area Investigation of reactor interior, focusing on RPV ➢ Costs for Reducing Doses in Reactor Building Expansion of dose reduction area required for securing work space related to side access and conducting internal investigations using existing piping ➢ Costs for Removing Obstructions and Related Work Expansion of removal area of obstructions due to the installation of new structures, such as support structures for top access ❶ ❷ 【Additional recorded amount (Unit 1 to 3)】 ➊Access PCV from the upper part of reactor building, process the fuel debris inside RPV, and lower it to the bottom of PCV ➋Combine with side access to perform continuous collection, advancing the removal process (Continuous collection is also possible with side access alone) 903.0 billion yen Continuous Collection Equipment Processing Head (Ref.) Preparatory Work and Cost Recognition related to Fuel Debris Retrieval ✓ Based on the presentation of preparatory process at the Sub-Committee for the Evaluation of Fuel Debris Retrieval Methods of NDF, which assumes coordination between side/top access, newly anticipated preparatory costs for fuel debris retrieval, totaling 903.0 billion yen, was recognized in FY2025 1st quarter financial results.
Page 41
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. 40 Total 2,450.0 billion yen ✓Based on the presentation of preparatory process at the Sub-Committee for the Evaluation of Fuel Debris Retrieval Methods of NDF, newly anticipated preparatory costs for fuel debris retrieval, totaling 903.0 billion yen, was recognized in FY2025 1st quarter financial results as follows. Trial retrieval (Unit 2) Gradual expansion of the retrieval scale (Unit 2) Further expansion of the retrieval scale Estimated expenditure Preparatory work ⚫ Improvement of the environment inside the reactor building ⚫ Internal investigations ⚫ Improvement of the environment inside the reactor building ⚫ Training/Test operation (Unit 1 to 3) ⚫ Improvement of environment inside the reactor building ・PCV water level reduction ・Dose reduction ・Removing objections ・Investigation of the reactor interior 1,370.0 billion yen Equipment installation ⚫ Retrieval machine ⚫ Fuel debris retrieval equipment ⚫ Safety systems ⚫ Temporary storage equipment for fuel debris ⚫ Maintenance equipment (Unit 3) ⚫ Fuel debris retrieval equipment ⚫ Safety systems ⚫ Storage equipment for fuel debris ⚫ Maintenance equipment 1,020.0 billion yen Retrieval of fuel debris ⚫ Trial retrieval ⚫ Gradual expansion of the retrieval scale Difficult to anticipate 60.0 billion yen +903.0 billion yen additionally recorded 追加 ・・・Scope of review for work of retrieval of fuel debris （Expansion of the area of removing objections and the dose reduction area, as well as the addition of investigation of the reactor interior, focusing on RPV and related work） 39(Ref.) Revision of the Estimated Expenditure related to Retrieval of Fuel Debris
Page 42
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Billion yen) 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 0 ✓ The amount of compensation paid as of the end of September 2025 was 11,617.3 billion yen. Oct. 28, 2011 ¥1,010.9 billion ＜Amount of compensation paid and amount of compensation to be paid＞ ＜Zigzag line＞ Amount of compensation to be paid <Bar graph> Amount of compensation paid September 2025 cumulative ¥11,617.3 billion Decontamination etc. ¥3,719.6 billion Corporations, Sole Proprietors, etc. ¥3,742.6 billion Individuals ¥3,999.3 billion Tentative compensation ¥155.7 billionDec. 27, 2011 ¥1,700.3 billion (+689.4) [Comprehensive Special Business Plan] Mar. 29, 2012 ¥2,546.2 billion (+845.9) Dec. 27, 2012 ¥3,243.0 billion(+696.8) May 31, 2013 ¥3,909.3 billion (+666.2) [New Comprehensive Special Business Plan] Dec. 27, 2013 ¥4,908.8 billion (+999.5) Jul. 23, 2014 ¥5,421.4 billion (+512.5) Mar. 26, 2015 ¥6,125.2 billion (+703.7) Jun. 29, 2015 ¥7,075.3 billion (+950.1) Mar. 18, 2016 ¥7,658.5 billion (+583.1) Dec. 27, 2016 ¥8,366.4 billion (+707.8) (+97.7) [The Third Plan] May. 11, 2017 ¥8,464.1 billion (+1,240.5) Jun. 28, 2017 ¥9,704.7 billion Mar. 27, 2018 ¥10,389.5 billion (+684.8) Sep. 26, 2019 ¥11,353.4 billion (+386.1) Mar. 19, 2019 ¥10,967.2 billion (+577.6) Mar. 19, 2020 ¥11,882.2 billion (+528.8) (+439.4) Mar. 22, 2021 ¥12,321.6 billion [The Fourth Plan] Jul. 21, 2021 ¥12,321.6 billion Sep. 30, 2021 ¥12,501.8 billion (+180.2) Mar. 22, 2022 ¥12,586.5 billion (+84.6) Mar. 22, 2023 ¥13,203.9 billion (+617.3) Mar. 15, 2024 ¥13,417.9 billion (+214.0) 40 Mar. 3, 2025 ¥13,597.1 billion (+179.1) Amount of Compensation for Nuclear Damages Paid and Amount of Compensation to Be Paid (Year/Month) 202520242023202220212020201920182017201620152014201320122011
Page 43
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Ref.) Overview of Necessary Funds to Fulfill Our Responsibilities to Fukushima ✓In December 2023, the Japanese Government’s Nuclear Emergency Response Headquarters decided to raise the maximum limit on issuance of national bonds related to compensation, decontamination, and interim storage facility to 15.4 trillion yen. ✓This revision to the cost outlook remains within the existing framework, and no change will be made to the allocation of cost recovery responsibilities. ✓In March 2025, the amendment to the Fourth Comprehensive Special Business Plan, which includes an increase in the amount of national bonds, was approved. Decommissioning Compensation Decontamination Interim storage facility Amount (23.4 trillion yen) 8 trillion yen 9.2 trillion yen 4 trillion yen 2.2 trillion yen Recovery method [TEPCO] Deposited in NDF [Power Company] General Contributions Special Contributions Profit on sale of TEPCO stock [Government] Special Account for Energy Measures * Created by modifying the “Forecast of TEPCO's compensation costs, etc. and review maximum limit on issuance of national bonds for delivery to TEPCO” (METI)（https://www.meti.go.jp/earthquake/nuclear/kinkyu/pdf/2023/r20231222baisyoutou.jissi.sankousiryou.pdf） Government issues national bonds and temporarily covers the expenses Total 15.4 trillion yen 41 Secure approx. 500.0 billion yen annually
Page 44
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. (Billion Yen) (Ref.) Status of Secured Funding for Fulfilling Our Responsibilities to Fukushima Status of securing 500.0 billion yen per year (Billion Yen) * Amount of Notification from NDF * The transition of the reserved amount, following the start of the decommissioning reserve fund system, is described for the ①Decommissioning Reserve Fund Special Contributions General Contributions FY2011 － 28.3 FY2012 － 38.8 FY2013 50.0 56.7 FY2014 60.0 56.7 FY2015 70.0 56.7 FY2016 110.0 56.7 * Amount of Notification from NDF (Ref.) Transition of Contributions before the introduction of the Decommissioning Reserve Fund System (Billion Yen) 42 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 ①Decommissioning Reserve Fund 391.3 361.1 280.4 260.0 260.1 270.0 260.1 262.0 ②Special Contributions 70.0 50.0 50.0 50.0 40.0 － 230.0 70.0 ③General Contributions 56.7 56.7 56.7 67.8 67.5 67.5 67.5 67.5 Total 518.0 467.8 387.1 377.8 367.7 337.6 557.7 399.6
Page 45
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Efforts to Increase Corporate Value 43
Page 46
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Main Efforts to Increase Corporate Value -1 <TEPCO Holdings(HD)> July 24, 2025 TEPCO HD, together with 10 other entities, applied for the program organized by the New Energy and Industrial Technology Development Organization (NEDO), titled “Technology Development for Securing and Optimizing Power System Flexibility to Reduce Integrated Costs of Power Sources (Japan Connect & Manage 2.0)/ R&D Item 1: Development of Flexibility Technologies Utilizing DER, etc.,” and was selected. Accordingly, the project started on July 1. Through this project, we aim to contribute to further expansion of renewable energy adoption in Japan by establishing a mechanism that maximizes the utilization of distributed energy resources. August 29, 2025 TEPCO HD, together with au Renewable Energy Co., Ltd. and KDDI Corporation, constructed “Oyama Storage Battery Facility” (battery output: 1,999 kW; battery capacity: 5,608 kWh) located within the KDDI Oyama Network Center. On August 15, we commenced a storage battery business with au Renewable Energy Co., Ltd. serving as the battery operator, to operate the facility and participate in electricity market transactions. September 10, 2025 TEPCO HD signed a cooperation agreement with the Tokyo Metropolitan Central Wholesale Market titled “Cooperation Agreement on Building a Renewable Energy Management Project at the Tokyo Metropolitan Central Wholesale Market.” Based on this agreement, we will conduct studies and assessments on the introduction of solar power generation facilities at each market site, as well as peak-cutting and charging storage batteries with surplus renewable energy by combining renewable energy and storage batteries through energy management systems. 44
Page 47
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Main Efforts to Increase Corporate Value -2 <TEPCO Power Grid(PG)> July 10, 2025 The joint venture between TEPCO PG and TOKYO ELECTRIC POWER SERVICES CO., LTD. signed a contract with the Japan International Cooperation Agency (JICA) on April 7 for the “Project for Strengthening Power System Capability to Prevent Blackouts in Bangladesh,” and began full-scale activities on July 9. July 10, 2025 TEPCO PG, together with Chubu Electric Power Grid Co., Inc. and Kansai Transmission and Distribution, Inc., was selected for the “Demonstration Project for Demand Response Utilizing Smart Meters” publicly solicited by the Sustainable open Innovation Initiative (SII), and commenced the project. To further enhance demand response, the three companies will jointly conduct technical verification for establishing a monitoring and control environment for distributed energy resources that can be controlled securely and cost-effectively by utilizing the IoT route of next-generation smart meters. July 28, 2025 TEPCO PG, together with Hitachi, Ltd., conducted a demonstration project on energy management linked to the power grid through workload shifting between data centers, achieving the development and acceleration of energy management technologies that includes workload shifting across three or more areas. Going forward, we will utilize the technologies and know-how established through these demonstrations to enhance demand-side flexibility, while also exploring commercialization, aiming to achieve carbon neutrality through initiatives such as Watt-Bit collaboration, ensure stable power supply, and reduce social costs. August 8, 2025 TEPCO PG, together with the Tokyo Metropolitan Government and Ogasawara Village, began a demonstration on August 29 aimed at achieving 100% renewable energy power supply on Haha-jima Island in Ogasawara Village. 45
Page 48
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Main Efforts to Increase Corporate Value -3 <TEPCO Energy Partner(EP)> August 6, 2025 TEPCO EP, together with Sumitomo Realty & Development Co., Ltd., Sumitomo Fudosan Housing Co., Ltd., and TEPCO HomeTech, Inc., started a demonstration project using ultra-lightweight and thin solar panels for detached houses, aimed at providing new products under the “Sumifu × EneKari” initiative. August 28, 2025 TEPCO EP, together with Energy Pool Japan Co., Ltd., Yamanashi Prefecture, Yamanashi Hydrogen Company, Inc., and TAKAOKA TOKO CO., LTD., commenced official operation as part of primary frequency control using a Polymer Electrolyte Membrane (PEM) water electrolysis system installed at the Komekurayama Power Storage Technology Research Site in Kofu City, Yamanashi Prefecture, to contribute to the stabilization of the power grid. September 4, 2025 TEPCO EP launched the “CO2 Emissions Visualization Service” on its membership website for household customers, “Kurashi TEPCO web.” This initiative aims to further promote the adoption of energy conservation, renewable energy, and electrification, and to contribute to the achievement of a carbon-neutral society together with its customers. 46 <TEPCO Renewable Power(RP)> September 24, 2025 Nakaiwa Dam in Nikko City, Tochigi Prefecture, and the Ochiai Aqueduct of Komabashi Power Station in Tsuru City, Yamanashi Prefecture, owned by TEPCO RP, were recognized as “Selected Civil Engineering Heritage Sites” by the Japan Society of Civil Engineers (JSCE) for their historical significance as civil engineering structures.
Page 49
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. （億kWh） Future Electricity Demand Projections in the TEPCO PG Area (Re-presented) ✓ Since FY2024, there has been a notable increase in the construction and expansion of data centers and semiconductor plants, which is expected to have a significant impact on electricity demand. ✓ In the TEPCO PG area, peak power demand is projected to increase gradually over the next 10 years, rising by approximately 4,000 MW by FY2034 (Applied contract capacity is expected to grow by about 9,500 MW by around FY2037). ✓ Electricity consumption is projected to reach approximately 288.3 TWh in FY2034, representing an average annual growth rate of about 1.1% between FY2024 and FY2034. ① Effects of the construction and expansion of data centers ② Electricity demand forecast Peak Power Demand by Area from the Construction and Expansion of Data Centers and Semiconductor Plants (Total) Source: “National demand projections and demand projections by supply area (FY2025)” (OCCTO) TEPCO PG area demand forecast according to the FY2025 supply plan Hokkaido･Tohoku Tokyo Chubu･Kansai Chugoku･Kyusyu （FY） (TWh)(MW) Source: Created based on “National demand projections and demand projections by supply area (Detailed Table) (FY2025)” (OCCTO) 47 5,000 4,000 3,000 2,000 1,000
Page 50
©Tokyo Electric Power Company Holdings, Inc. All Rights Reserved. Initiatives to Promote Management Conscious of Capital Cost and Stock Price (Re-presented) ✓ To regain public trust and fulfill our responsibility to Fukushima, we will fully utilize management resources to maximize corporate value with a market-oriented approach, while maintaining the foundation for stable power supply. ✓ We will introduce ROIC management. For full-scale implementation, we are considering targets aligned with the characteristics of each business area, specific measures, and overall goals, including considerations for compensation and decommissioning costs. ✓ Once finalized, we will disclose these targets and actively engage in dialogue with stakeholders, including capital market participants. Sales expansion Cost reduction Investment in business foundation Existing energy business Enhancement of corporate value Fiscal measures 〈Image of ROIC management efforts〉 Each business unit: Ensure steady execution of actions Management: ROIC-focused management Sustainable profit and cash flow generation Generating profit and cash flow in the mid-to-long term New growth business Implement Toyota-style kaizen Optimize assets Enhancement of each business’s productivity Visualize the linkages between ROIC indicators and actions by each business unit Quantitative assessment of each business segment’s characteristics (business scale and capital efficiency) Business management based on the market’s perspective Raising and Embedding Productivity Awareness Enhancement drivers Capital efficiency Efficiency enhancement Operating profit margin Capital turnover R&D/DX initiatives Securing human resources and reforming working style Human rights, safety and security Intellectual capital Human capital Social and related capital Fukushima-related business Steady progress in compensation, reconstruction and decommissioning Verify capital efficiency Improve efforts Enhancement of corporate value grounded in frontline operations Securing compensation and decommissioning costs R O I C (500 billion yen per year) 48 Responsibility to Fukushima Specific numerical targets are still under consideration due to uncertainties regarding the timing of the restart of the Kashiwazaki-Kariwa NPS. We will promptly disclose them once we are in a position to do so.