Interim report
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Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepan cy between this translated document and the Japanese original, the original shall prevail. January 30, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP) Company name: The Kansai Electric Power Company, Incorporated Listing: Tokyo Stock Exchange Securities code: 9503 URL: https://www.kepco.co.jp/ Representative: Nozomu Mori Director, Representative Executive Officer, President Inquiries: Koji Hasegawa General Manager, Office of Corporate Planning Telephone: +81-50-7105-9084 Scheduled date to commence dividend payments: - Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (for analysts and institutional investors) (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 2,949,122 (6.5) 387,777 (3.0) 462,913 1.5 340,199 (6.1) December 31, 2024 3,152,621 5.2 399,843 (34.7) 455,979 (28.7) 362,294 3.2 Note: Comprehensive income For the nine months ended December 31, 2025: ¥ 383,903 million [ (10.1) %] For the nine months ended December 31, 2024: ¥ 426,955 million [ 0.6 %] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 305.37 - December 31, 2024 396.43 - (2) Consolidated financial position Total assets Net assets Equity ratio As of Millions of yen Millions of yen % December 31, 2025 9,690,933 3,424,728 34.9 March 31, 2025 9,652,655 3,107,452 31.8 Reference: Equity As of December 31, 2025: ¥ 3,377,660 million As of March 31, 2025: ¥ 3,065,856 million
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2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 30.00 - 30.00 60.00 March 31, 2025 Fiscal year ending - 30.00 - March 31, 2026 Fiscal year ending March 31, 2026 (Forecast) 45.00 75.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 4,050,000 (6.6) 450,000 (4.0) 490,000 (7.8) 360,000 (14.4) 323.14 Note: Revisions to the financial result forecast most recently announced: None * Notes (1) Significant changes in the scope of consolidation during the period: Yes Newly included: - companies( ) Excluded: １ companies( KE Fuel International Co., Ltd ) (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 1,114,927,528 shares As of March 31, 2025 1,114,927,528 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 864,006 shares As of March 31, 2025 885,830 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 1,114,062,584 shares Nine months ended December 31, 2024 913,891,382 shares (Note) The Kansai Electric Power Company, Incorporated (hereinafter referred to as “the Company”) has adopted a BIP (Board Incentive Plan) Trust mechanism, and the number of shares of treasury stock at the end of the period includes the Company’s shares held by the said trust account (5 16,856 shares as of December 31, 2025). Additionally, the Company’s shares held by the said trust account are included in the treasury stock deducted in the calculation of the average number of shares during the period.
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* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None * Proper use of earnings forecasts, and other special matters (Caution regarding future statements, etc.) Forecasts mentioned in this document are based on information currently available to the Company and certain assumptions that the Company considers reasonable, and actual performance may differ from the forecasts due to various factors. (How to obtain supplementary materials for financial statements) Supplementary materials for financial statements (Financial Report for Q3 FY2025) will be posted on our website, January 30, 2026. (URL https://www.kepco.co.jp/english/corporate/ir/brief/earnings/) (How to obtain financial results briefing materials) The Company plans to hold a financial results briefing for analysts and institutional investors on January 30, 202 6. The briefing materials will be posted on our website prior to the event. (URL https://www.kepco.co.jp/english/corporate/ir/brief/jobfair/index.html)
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1 The Attached Document (Table of Contents) 1. Summary of Business Results ............................................................................................................................ 2 2. Quarterly Consolidated Financial Statements .............................................................................................. 3 (1) Consolidated Balance Sheets .................................................................................................................. 3 (2) Consolidated Statements of Income and Comprehensive Income .......................................................... 5 (3) Notes regarding Consolidated Financial Statements ............................................................................... 7 (Preparation Methods of Quarterly Consolidated Financial Statements) ........................................... 7 (Notes on the premise of Going Concern) ............................................................................................ 7 (Notes on Significant Changes in Shareholders' Equity) ..................................................................... 7 (Notes to Statements of Cash Flows) .................................................................................................... 7 (Segment Information) ........................................................................................................................... 8
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2 1. Summary of Business Results This information is inc luded in the “F inancial Report for Q3 FY2025”, which will be posted on the Company's website on January 30, 2026. (URL https://www.kepco.co.jp/english/corporate/ir/brief/earnings/)
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3 2. Quarterly Consolidated Financial Statements (1) Consolidated Balance Sheets (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Non-current assets 7,681,631 7,961,700 Electric utility plant and equipment 3,806,046 3,763,161 Hydroelectric power production facilities 301,937 301,610 Thermal power production facilities 235,508 213,724 Nuclear power production facilities 1,088,157 1,044,828 Transmission facilities 790,356 796,983 Transformation facilities 428,450 434,553 Distribution facilities 840,652 850,352 General facilities 119,434 119,733 Other electric utility plant and equipment 1,550 1,375 Other non-current assets 984,637 1,039,999 Construction in progress 592,612 661,541 Construction and retirement in progress 309,608 375,303 Special account related to nuclear power decommissioning 36,046 28,194 Special account related to reprocessing of spent nuclear fuel 246,958 258,042 Nuclear fuel 465,308 475,086 Loaded nuclear fuel 61,585 63,139 Nuclear fuel in processing 403,723 411,947 Investments and other assets 1,833,026 2,021,912 Long-term investments 737,655 842,692 Long-term investments in subsidiaries and associates 682,469 759,201 Deferred tax assets 277,553 252,850 Other 160,184 194,109 Allowance for doubtful accounts (24,837) (26,942) Current assets 1,971,023 1,729,233 Cash and deposits 942,388 713,610 Notes and accounts receivable - trade, and contract assets 496,447 393,933 Inventories 287,421 328,045 Other 248,218 296,524 Allowance for doubtful accounts (3,452) (2,880) Total assets 9,652,655 9,690,933
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4 (Millions of yen) As of March 31, 2025 As of December 31, 2025 Liabilities and net assets Non-current liabilities 4,843,095 4,742,102 Bonds payable 1,450,635 1,380,435 Long-term borrowings 2,296,339 2,263,410 Contribution payable for nuclear reactor decommissioning 487,416 487,416 Provision for loss on guarantees 1,881 2,095 Retirement benefit liability 315,322 272,417 Deferred tax liabilities 15,908 21,451 Other 275,592 314,874 Current liabilities 1,680,147 1,503,531 Current portion of non-current liabilities 590,914 563,820 Short-term borrowings 159,849 156,067 Notes and accounts payable - trade 234,190 155,415 Accrued taxes 128,168 86,593 Other 567,025 541,634 Reserves under special laws 21,959 20,571 Reserve for water shortage 21,959 20,571 Total liabilities 6,545,202 6,266,205 Shareholders' equity 2,762,304 3,035,835 Share capital 630,040 630,040 Capital surplus 205,089 205,094 Retained earnings 1,928,108 2,201,616 Treasury shares (935) (916) Accumulated other comprehensive income 303,552 341,824 Valuation difference on available-for-sale securities 128,800 177,889 Deferred gains or losses on hedges 49,315 53,079 Foreign currency translation adjustment 93,032 88,443 Remeasurements of defined benefit plans 32,403 22,411 Non-controlling interests 41,595 47,068 Total net assets 3,107,452 3,424,728 Total liabilities and net assets 9,652,655 9,690,933
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5 (2) Consolidated Statements of Income and Comprehensive Income (Consolidated Statement of Income) (For the nine months ended December 31, 2025) (Millions of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Operating revenue 3,152,621 2,949,122 Electric utility operating revenue 2,459,449 2,329,200 Other business operating revenue 693,172 619,922 Operating expenses 2,752,777 2,561,345 Electric utility operating expenses 2,161,321 2,057,140 Other business operating expenses 591,456 504,204 Operating profit 399,843 387,777 Non-operating income 92,119 126,694 Dividend income 17,747 18,745 Interest income 5,647 6,992 Foreign exchange gains 16,870 34,073 Share of profit of entities accounted for using equity method 19,120 28,026 Other 32,733 38,856 Non-operating expenses 35,983 51,559 Interest expenses 25,347 31,279 Other 10,636 20,279 Total ordinary revenue 3,244,741 3,075,817 Total ordinary expenses 2,788,761 2,612,904 Ordinary profit 455,979 462,913 Provision or reversal of reserve for water shortage (375) (1,388) Reversal of reserve for water shortage (375) (1,388) Extraordinary income 63,013 - Gain on sale of shares of subsidiaries and associates 63,013 - Profit before income taxes 519,368 464,301 Income taxes - current 124,051 105,614 Income taxes - deferred 1,528 14,339 Total income taxes 125,579 119,954 Profit 393,788 344,346 Profit attributable to non-controlling interests 31,493 4,147 Profit attributable to owners of parent 362,294 340,199
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6 (Consolidated Statement of Comprehensive Income) (For the nine months ended December 31, 2025) (Millions of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Profit 393,788 344,346 Other comprehensive income Valuation difference on available-for-sale securities 8,058 41,891 Deferred gains or losses on hedges 3,630 4,399 Foreign currency translation adjustment 29,446 (2,555) Remeasurements of defined benefit plans, net of tax 386 (9,596) Share of other comprehensive income of entities accounted for using equity method (8,354) 5,418 Total other comprehensive income 33,166 39,557 Comprehensive income 426,955 383,903 Comprehensive income attributable to Comprehensive income attributable to owners of parent 384,415 378,471 Comprehensive income attributable to non-controlling interests 42,539 5,432
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7 (3) Notes regarding Consolidated Financial Statements (Preparation Methods of Quarterly Consolidated Financial Statements) The Company’s quarterly consolidated financial statements are based on Article 4, Paragraph 1 of the “Standards for the Preparation of Quarterly Financial Statements, etc.” of the Tokyo Stock Exchange, Inc. (hereinafter “Preparation Standards”) and the “Accounting Standards for Quarterly Financial Reporting” (ASBJ Statement No. 12; March 14, 2007) in conf ormity with Japanese GAAP (however, omissions stipulated in Article 4, Paragraph 2 of the Preparation Standards are applied), and are prepared in accordance with the “Regulation on Accounting at Electric Utilities” (Order of the Ministry of International Trade and Industry No. 57 of June 15, 1965). (Notes on the premise of Going Concern) Not applicable (Notes on Significant Changes in Shareholders' Equity) Not applicable (Notes to Statements of Cash Flows) Quarterly consolidated statements of cash flows for the third quarter of the current fiscal year have not been prepared. Depreciation and amortization (including amortization expenses for intangible fixed assets excluding goodwill) for the third quarter are as follows: For the nine months ended December 31, 2024 (April 1, 2024 to December 31, 2024) For the nine months ended December 31, 2025 (April 1, 2025 to December 31, 2025) Depreciation and amortization 248,338 Millions of yen 251,480 Millions of yen
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8 (Segment Information) Ⅰ For the nine months ended December 31, 2024 (April 1, 2024 to December 31, 2024) Information regarding the amounts of net sales, profit or loss for each reportable segment (Millions of yen) Reportable Segment Total Adjustments Consolidated Energy Transmission and Distribution Information and Telecommunic ations Life / Business Solutions Net sales Net sales to external transactions 2,570,337 281,952 165,174 135,157 3,152,621 - 3,152,621 Intersegment sales or transfers 171,835 508,685 60,429 28,349 769,300 (769,300) - Total 2,742,173 790,637 225,604 163,507 3,921,922 (769,300) 3,152,621 Segment ordinary profit 370,264 40,463 35,495 20,490 466,713 (10,734) 455,979 (Notes) 1. An adjustment amount for segment ordinary profits of ¥ (10,734) million results from the elimination of transactions between segments and profit or loss not attributable to performance of each reportable segment. 2. Segment ordinary profit is adjusted with ordinary profits in consolidated statement of income. 3. Each segment profit does not include dividends received from consolidated subsidiaries and equity method affiliated companies. Ⅱ For the nine months ended December 31, 2025 (April 1, 2025 to December 31, 2025) Information regarding the amounts of net sales, profit or loss for each reportable segment (Millions of yen) Reportable Segment Total Adjustments Consolidated Energy Transmission and Distribution Information and Telecommunic ations Life / Business Solutions Net sales Net sales to external transactions 2,393,609 283,348 163,261 108,903 2,949,122 - 2,949,122 Intersegment sales or transfers 154,848 489,122 67,554 26,605 738,130 (738,130) - Total 2,548,457 772,470 230,816 135,508 3,687,253 (738,130) 2,949,122 Segment ordinary profit 364,339 37,303 39,496 17,729 458,869 4,043 462,913 (Notes) 1. An adjustment amount for segment ordinary profits of ¥4,043 million results from the elimination of transactions between segments and profit or loss not attributable to performance of each reportable segment. 2. Segment ordinary profit is adjusted with ordinary profits in consolidated statement of income. 3. Each segment profit does not include dividends received from consolidated subsidiaries and equity method affiliated companies.