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TEPCO Holdings H1 FY2026 Earnings Presentation — Tokyo Electric Power Company Holdings' 51-page results deck for the six months April–September 2026 (FY ending March 2027), covering consolidated results, segment profit bridges for HD, Fuel & Power, Power Grid, Energy Partner and Renewable Power, the balance sheet and cash flow, Kashiwazaki-Kariwa nuclear status, Fukushima Daiichi decommissioning progress, and corporate value initiatives. The original is a Japanese-language deck (2026年度第2四半期（中間期）決算説明資料) published on TDnet, the Tokyo Stock Exchange's Timely Disclosure network, on October 29, 2026; this page summarizes every slide in English, with amounts kept in the company's own unit of ¥100 million (億円).
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TEPCO Holdings H1 FY2026 Earnings Presentation — Tokyo Electric Power Company Holdings' 51-page results deck for the six months April–September 2026 (FY ending March 2027), covering consolidated results, segment profit bridges for HD, Fuel & Power, Power Grid, Energy Partner and Renewable Power, the balance sheet and cash flow, Kashiwazaki-Kariwa nuclear status, Fukushima Daiichi decommissioning progress, and corporate value initiatives. The original is a Japanese-language deck (2026年度第2四半期（中間期）決算説明資料) published on TDnet, the Tokyo Stock Exchange's Timely Disclosure network, on October 29, 2026; this page summarizes every slide in English, with amounts kept in the company's own unit of ¥100 million (億円).
Tampilan detail setiap halaman slide, termasuk tata letak, konten utama dan elemen visual.
Title slide reading 2026年度第2四半期（中間期）決算説明資料 (FY2026 Second Quarter Interim Earnings Presentation) from Tokyo Electric Power Company Holdings, Inc. (東京電力ホールディングス株式会社).
Left-aligned large black title over a thin red rule, company name beneath, TEPCO logo bottom right on a white background.
Brand slide showing TEPCO's rabbit mascot 'tepcon' beside a stacked color-block slogan meaning 'Electricity, gas, and then, and then…' (電気、ガス、それから それから。).
Image-led slide: four stacked colored text bands (red, blue, green, yellow) on the left and a cartoon rabbit character on the right, lots of white space.
Section cover for the results summary (announced October 29, 2026), with a forward-looking statements disclaimer warning that projections involve risks and uncertainties and a note that figures may not sum due to rounding.
Section title over a red rule, followed by a bordered text box containing the italic forward-looking statement disclaimer.
Revenue rose 3.8% to ¥32,713 hundred million (億円) as Power Grid balancing revenue rose on high fuel and wholesale prices despite lower EP sales volume; operating loss of ¥336 hundred million (vs. profit of 2,170); ordinary profit fell 1,915 to 906 (32.1% of prior year) on higher power procurement costs at EP and PG; extraordinary loss shrank to 273 from 9,662; net income attributable to owners of the parent was 527 vs. a loss of 7,123. The FY2026 full-year forecast remains undetermined (未定).
Three bullet points with red-underlined key terms on top, a five-row comparison table (current H1, prior H1, change, ratio) with the current-period column outlined in red, and a short forecast note at the bottom.
Total electricity sales volume 94.2 billion kWh (942 億kWh, −13%), of which retail 74.4 and wholesale 19.8 billion kWh; area demand 127.1 billion kWh (−6.3%); exchange rate ¥159.5/$ (+13.5); all-Japan crude CIF $108.1/bbl (+$34.4); nuclear capacity factor 17.0% versus zero a year earlier.
Three stacked navy-header tables labeled Sales Volume, Area Demand and FX/CIF, each with the current-period column outlined in red and footnotes in small text.
Segment revenue and ordinary profit table: Holdings (HD) ordinary profit 2,980 (+1,557); Fuel & Power (FP) 1,328 (+601; 1,418 excluding time-lag); Power Grid (PG) −245 (−1,185); Energy Partner (EP) −708 (−1,787); Renewable Power (RP) 583 (+149); adjustments −3,032. Consolidated time-lag effect −90 vs. +500, so ordinary profit excluding time-lag was 996 vs. 2,321.
Single dense table split into a revenue block and an ordinary profit block, with lavender shading on subtotal rows and a red outline on the current-period column.
HD up on higher dividends received; FP up on domestic thermal/gas and fuel business profits; PG down on higher balancing costs; EP down on lower sales volume and higher procurement unit costs; RP up on more wholesale sales. A waterfall bridges ordinary profit from 2,821 to 906: time-lag deterioration −590, HD +1,557, FP +1,021, PG −1,185, EP −1,617, RP +149, adjustments −1,252.
Bordered bullet box with red 増益/減益 labels on top; below, a horizontal waterfall chart with gray start/end bars, blue increases, pink decreases and a dashed red baseline.
No extraordinary income; extraordinary losses of 273 consisted entirely of nuclear damage compensation costs (down from 621), against 9,662 a year earlier that included a 9,041 disaster-related special loss. Net extraordinary items improved by 9,389.
Single comparison table with shaded subtotal rows and a red-outlined current column, plus one footnote explaining the compensation estimate extension.
Total assets fell 81 to ¥15.5674 trillion (fixed assets up, current assets down 3,402); liabilities fell 672 to ¥12.0899 trillion (interest-bearing debt +1,759 offset by lower payables and accrued expenses); net assets rose 591 to ¥3.4775 trillion; equity ratio improved 0.4 points from 21.8% to 22.2%.
Four bullets on top; below, two side-by-side balance-sheet block diagrams (March vs. September 2026) with red liabilities and blue net assets, connected by a middle column listing drivers and a blue arrow labeled '0.4 point improvement'.
Holdings ordinary profit rose 1,557 to 2,980, driven by +1,172 from higher dividends received and +385 from higher wholesale power sales. HD revenue comes from dividends, decommissioning contributions, management support fees and nuclear wholesale sales; costs are nuclear maintenance, depreciation and contributions to the Nuclear Damage Compensation and Decommissioning Facilitation Corporation.
Waterfall chart on the left, bordered 'revenue structure' text box top right and a quarterly cumulative ordinary profit table bottom right.
Fuel & Power ordinary profit rose 601 to 1,328: domestic thermal and gas business profit +1,207 and fuel business +135, offset by lower overseas/renewable generation profit −320 and a worse time-lag effect −420 (JERA equity-method share). Main profit is equity-method income from JERA.
Waterfall chart left; right side holds a revenue-structure box, a time-lag (JERA share) table and a cumulative ordinary profit table.
Power Grid swung to an ordinary loss of 245 from a profit of 939 (−1,185): wheeling revenue −339, higher supply-demand balancing costs −781 (procurement unit costs), other −64. Area demand fell to 127.1 billion kWh from 135.7.
Waterfall chart left with callout bubble; right column with revenue-structure box, area demand table and cumulative ordinary profit table.
Energy Partner fell to an ordinary loss of 708 from a profit of 1,078 (−1,787): volume impact −277, unit price impact −1,420 (higher procurement costs), time-lag −170, other +79. Retail sales volume fell to 74.2 billion kWh from 87.0 (competition −7.1, weather −5.1); gas customers about 1.52 million.
Waterfall chart left with callouts; right column stacks five small tables (structure, retail volume, time-lag, gas accounts, ordinary profit).
Renewable Power ordinary profit rose 149 to 583, from +169 higher wholesale power sales less −19 other; water flow rate 94.6% vs. 96.8%. Revenue is mainly hydro and new-energy wholesale sales; costs are depreciation and maintenance.
Simple three-bar waterfall left; right column with structure box, water-flow table and cumulative ordinary profit table.
Conceptual chart of the fuel-cost adjustment time lag (期ずれ影響) across three H1 periods: 2024 loss −310 (ordinary profit 2,506), 2025 gain +500 (2,821) and 2026 loss −90 (906), a deterioration of 590 year on year; excluding time-lag, ordinary profit was 2,816, 2,321 and 996.
Three-column timeline with period labels, red and blue shaded curves for revenue-side vs. cost-side parameters, arrow callouts for gains/losses and a purple box highlighting −590.
Line chart from March to October 2026 of Brent crude futures (left axis, rising from about $70 to above $115/bbl), JKM Asian LNG futures and TOCOM Tokyo-area baseload power futures (right axis), all rising sharply into October; built from JPX, ICE and CME data.
Full-width dual-axis line chart with three series (blue, orange, gray) and a legend in the lower center, source footnotes below.
Table of JEPX half-hour slots priced at or above ¥40/kWh and ¥50/kWh by area in FY2026: Tokyo area recorded 228 slots ≥ ¥40 and 64 slots ≥ ¥50 from April to October 28, the most of any area; Hokkaido saw 86 slots ≥ ¥40 in October alone.
Large high-contrast navy-header grid table, nine area rows, with the Tokyo row boxed in red; footnotes on slot definition and data source.
Bar chart of year-end interest-bearing debt from FY2011 (82,773 億円) declining to a low of 48,890 in FY2020, then rising to 66,337 at FY2025 end and 68,097 at September 2026.
Single-series gray vertical bar chart with data labels, a dashed separator before the reference September 2026 bar.
Capex bars from FY2011 (7,500 億円) rising to 9,048 in FY2025 and a planned 10,105 for FY2026 (blue bar), with H1 FY2026 capex of 3,583; depreciation line (red) fell from 6,865 to around 3,400–3,900, at 2,144 for H1.
Combined gray bar and red line chart with a highlighted blue plan bar, dashed separator and reference H1 bar at the right.
Operating CF (blue), investing CF (pink) and FCF (line) from FY2011 to FY2025 plus H1 FY2026; H1 free cash flow was negative ¥5,139 hundred million (operating −863, investing −4,276).
Stacked positive/negative bar chart with overlaid black FCF line, one-line bullet headline, reference period separated by a dashed line.
Section divider introducing the supplementary appendix.
Mostly blank slide with a left-aligned heading over a red rule.
Contents for four appendix groups: detailed financial data (pp. 22–29), Kashiwazaki-Kariwa Nuclear Power Station status (31–34), Fukushima Daiichi current status and initiatives (36–42), and initiatives to raise corporate value (44–49).
Two-column table of contents with bold group headings and dotted page references.
Section divider for the detailed financial data appendix.
Blank slide with large left-aligned two-line heading.
Revenue 32,713 vs. 31,502; operating expenses 33,049 (+12.7%); operating loss 336; non-operating income 1,998 incl. equity-method income 1,732 (+648); non-operating expenses 755; ordinary profit 906; extraordinary loss 273; income taxes 102; net income attributable to owners of the parent 527 vs. −7,123.
Full-width navy-header income statement table with bold subtotal rows and comparison columns.
Cumulative grants from the Nuclear Damage Compensation and Decommissioning Facilitation Corporation of 83,692 億円; cumulative compensation costs 84,024 (273 in H1 FY2026), split into individuals 24,942, businesses 37,171, other 75,773, less government indemnity 1,889 and decontamination grants 51,973.
Two-part table (grants; compensation breakdown) with navy header and columns for FY2010–FY2025, H1 FY2026 and cumulative.
Total assets 155,674 億円; fixed assets 135,579; current assets 20,095; liabilities 120,899; net assets 34,775. Interest-bearing debt 68,097 (bonds 36,410, short-term loans 29,764, CP 870). ROA −0.2%, ROE 1.5% (vs. −21.1%), EPS ¥32.90 (vs. −¥444.67).
Main balance sheet table on the left with two small side tables on the right for interest-bearing debt and ROA/ROE/EPS.
Operating cash flow −863 (vs. +1,646) as receivables rose 979; investing −4,276 incl. 4,481 capex; financing +1,937 from bond issuance 2,093 and net short-term borrowing; cash and equivalents down 3,199 to 6,167.
Long single cash flow table in small type, grouped by operating, investing and financing sections.
Cash fell 3,199 to 6,167: operating CF −863 (−926 excluding compensation, +63 compensation-related), investing CF −4,276 (capex −4,481), financing CF +1,937 (bonds +4,153, borrowings +25,687, repayments −24,993, redemptions −2,910). Free cash flow −5,139.
Bullet summary on top; below, a cash waterfall from opening to closing cash divided into operating, investing and financing panels with labeled pink/blue blocks and a yellow FCF banner.
Key data for H1 FY2026 vs. H1 FY2025 and full FY2025: total sales 942 億kWh, gas sales 1.12 million tonnes, FX ¥159.5/$, crude CIF $108.1/bbl, nuclear capacity factor 17.0% (FY2025: 1.1%). Two line charts compare monthly FX and crude prices for 2026 vs. 2025, showing crude jumping above $110 from April 2026.
Key data table on top, two small line charts side by side below.
Monthly retail sales (lighting and power) for FY2026 totaled 74.21 billion kWh in H1 (85.3% of prior year); generation for H1 FY2026 was 12.12 billion kWh, of which hydro 6.28 and nuclear 5.72 billion kWh, versus 6.49 total and no nuclear in H1 FY2025 (186.7%).
Four compact tables (retail FY2026/FY2025, generation FY2026/FY2025) with navy tab labels and year-on-year ratio side columns.
Stacked bars of scheduled public bond redemptions by fiscal year from 2026 to 2044 for TEPCO, TEPCO Power Grid and TEPCO Renewable Power bonds, peaking around ¥360–380 billion in FY2027–FY2029; H1 FY2026 redemptions totaled 1,100 億円.
Stacked vertical bar chart with blue, orange and green segments and a boxed legend; note underlined at bottom.
Section divider for the Kashiwazaki-Kariwa (柏崎刈羽) nuclear power station appendix.
Blank slide with centered bold heading.
Specified severe accident response facilities (特重設) protect containment against deliberate aircraft impact or terrorism; units cannot operate past the deadline without them. A Nuclear Regulation Authority rule change on September 11, 2026 moved Unit 6's deadline from September 2029 to April 2031 (completion targeted September 2031, provisional); Unit 7's deadline passed in October 2025 with completion targeted for August 2029.
Bordered bullet box, a two-row deadline/completion table, and a Gantt-style timeline for Units 6 and 7 from 2025 to 2031 with diamond milestones.
Explains that these backup facilities prevent containment failure when large-scale damage from intentional aircraft impact disables wide areas, and that existing severe-accident equipment under the new regulatory standards remains in place without them. Diagram sourced from the Nuclear Regulation Authority.
Two check-mark bullets on top; schematic illustration below showing mountain-side emergency control room, power, water source and pumps linked to the reactor building, with an inset of portable equipment.
After Kashiwazaki-Kariwa Unit 6 entered commercial operation, TEPCO continues outreach across Niigata Prefecture: 15 communication booths in 13 municipalities (about 4,200 visitors, 54,200 cumulative), plant tours with about 6,700 participants (152,700 cumulative), newsletters, TV and radio ads, an information portal and YouTube videos.
Bullet header box, then a collage grid of outreach channels each with a heading, short stats and thumbnail images of flyers, ads and videos.
TEPCO co-developed a 'nuclear application document drafting support system' with ITOCHU Techno-Solutions and Stockmark that uses generative AI to search past documents and diagrams; a proof-of-concept started in October 2026, expected to cut review work that took hundreds of thousands of hours by about 80%, with plans to extend it to other utilities.
Three check-mark bullets on top; below, a before/after process flow diagram with icons and a benefits panel on the right.
Section divider for the Fukushima Daiichi (福島第一) decommissioning appendix.
Blank slide with large left-aligned heading.
Spent fuel removal is complete at Units 3 and 4, under way at Unit 2 (started June 2026, 126 of 615 assemblies) and in preparation at Unit 1, where the large reactor building cover was completed in January 2026. Fuel debris trial retrieval is in its third round at Unit 2 using a robotic arm from October 2026; Units 1 and 3 are in preparation.
Two summary bullets; cross-section illustrations of the four reactor buildings with fuel counts; a two-row matrix table for spent fuel and fuel debris work by unit.
PCV internal investigation and trial debris retrieval with a robotic arm began in October 2026; over about three to four months TEPCO will acquire 3D shape data inside the containment to build the access route and validate equipment design for scaling up debris retrieval.
Bullet box on top; a process chevron flow highlighting priority steps, a 3D rendering of the access route with numbered points and three site photos.
FY2026 plan calls for eight discharges (about 62,400 m³, about 11 trillion becquerels of tritium); the seventh discharge started October 26, 2026 (about 7,800 m³ to November 13). Cumulative discharges as of October 23, 2026: 47,289 m³ in FY2026 and about 8.3 trillion Bq of tritium.
Bullet box, then two panels: large purple key-figure callouts with tank illustrations on the left and a discharge schedule table on the right.
Decommissioning framework of 30–40 years after cold shutdown is maintained. Targets achieved include contaminated water held to about 80 m³/day (target ≤100 by 2025), Unit 1 large cover completed (January 2026), Unit 2 fuel removal started (June 2026) and first debris retrieval started (September 2024); completing fuel removal from Units 1–6 remains targeted within 2031.
Chevron phase timeline at top; a large target table with category, item, timing and progress columns, the last two boxed in red; dense footnotes.
Cumulative compensation paid reached ¥11.7721 trillion as of September 2026; the chart tracks payments and successive increases in estimated required compensation (most recently ¥13.7578 trillion in March 2026), broken into decontamination ¥3.7951 trillion, businesses/individuals ¥3.8048 trillion, individuals ¥4.0156 trillion and provisional payments.
Headline bullet over a stepped line chart of required amounts with dated callouts and a hatched area chart of cumulative payments by category.
The Fifth Comprehensive Special Business Plan was approved January 26, 2026 with no change to funding needs: ¥23.4 trillion in total — decommissioning ¥8 trillion, compensation ¥9.2 trillion, decontamination ¥4 trillion and interim storage ¥2.2 trillion — with ¥15.4 trillion temporarily funded by government bonds; TEPCO aims to generate about ¥500 billion a year.
Two bullets, then a four-column funding matrix (amount, recovery method) with a red-outlined government bond note and a lavender banner for the annual ¥500 billion target.
Annual funds generated FY2017–FY2025 from the decommissioning reserve, special contributions and general contributions: 5,180 億円 in FY2017, 5,577 in FY2023 and 3,683 in FY2025; a side table shows pre-reserve contributions for FY2011–FY2016.
Data table on top, stacked bar chart (blue, orange, gray) below left and a reference table at right.
Section divider for initiatives to enhance corporate value (企業価値向上).
Blank slide with large left-aligned heading.
TEPCO Power Grid's revenue cap for the first regulatory period (FY2023–FY2027) was approved on September 4, 2026 at ¥7.6062 trillion, up ¥251.6 billion from ¥7.3546 trillion (inflation +1,939, interest rates +717); wheeling tariffs based on ¥7.5830 trillion apply from November 1, 2026 and EP will pass them into electricity rates.
Three bullets in a bordered box, then a waterfall chart from 73,546 to 76,062 to 75,830 with shaded cost-category zones.
Dated HD initiatives July–September 2026: energy management in Saitama City's decarbonization zone; offshore trial of a Floating Axis Wind Turbine off Iki, Nagasaki; selection for a Tokyo data-center waste-heat project; NEDO selection for concrete floating offshore wind; an energy workforce partnership with Tohoku Electric and JR East; and data-center/GX cooperation with Yaita City, Tochigi.
Bordered text panel listing dated news items chronologically, date column on the left.
PG items: a NEDO-backed 'Watt-Bit' distributed AI processing infrastructure trial (August 2026–March 2027); adopting SF6-free 300 kV gas circuit breakers from FY2029 and gas-insulated busbars from FY2030; building container data centers for high-heat servers with NTT Docomo Business; and an electricity-based elderly monitoring service with Duskin.
Bordered dated list in the same format as the previous slide, with blank space below.
EP items: two METI smart-meter demand-response feasibility studies (with Panasonic EW and with Shizen Connect's 10-company group); 'JAL Gas Powered by TEPCO' earning JAL miles from July 23, 2026; automatic DR control of Panasonic refrigerators from October 1, 2026; and renewal of the all-electric home plan as 'Denka Plus' from November 2026.
Bordered dated list filling the slide.
RP items: hydro replacements completed and restarted at Tashirogawa No. 2, Odagiri Unit 1 and Kamikuya Unit 1; an off-site physical corporate PPA with Panasonic Operational Excellence from December 2026; two NEDO floating offshore wind technology selections; and a SaaS monitoring and control system for 14 Yamagata Prefecture hydro plants with Toshiba.
Bordered dated list filling the slide.
TEPCO is introducing ROIC management, setting targets by business area and an overall target that includes compensation and decommissioning costs, while securing about ¥500 billion a year for Fukushima; concrete targets will be announced once finalized. The diagram links investment, productivity (Toyota-style kaizen), revenue growth and cost cuts to operating margin and capital turnover, ROIC and corporate value.
Three check-mark bullets in a box, a pastel ROIC driver-tree diagram with arrows and boxes, and a yellow-bordered red-text commitment banner at the bottom.
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Consolidated revenue was ¥32,713 hundred million (about ¥3.27 trillion), up 3.8%. Ordinary profit fell to ¥906 hundred million from ¥2,821 hundred million because high fuel and wholesale power prices raised procurement costs at Energy Partner and Power Grid. Net income attributable to owners of the parent was ¥527 hundred million, compared with a ¥7,123 hundred million loss a year earlier that included a large disaster-related special loss.
Yes. The original is Tokyo Electric Power Company Holdings' Japanese-language 2026年度第2四半期（中間期）決算説明資料 (FY2026 Q2 interim earnings presentation, 決算説明資料), released on October 29, 2026 through TDnet, the Tokyo Stock Exchange's Timely Disclosure network, under ticker 9501. The page-by-page summaries here are English translations of the slide titles and key figures.
TEPCO's fiscal year runs from April to March, so FY2026 covers April 2026 to March 2027 and the interim (first-half) period covers April 1 to September 30, 2026. The company left its full-year FY2026 forecast undetermined.
Amounts are shown in 億円, or units of ¥100 million, which is how the company reports them. For example, 32,713 億円 equals about ¥3.27 trillion. The triangle symbol (△) marks negative numbers, a common convention in Japanese financial statements.
It is the timing gap between changes in fuel costs and their pass-through into electricity rates under Japan's fuel cost adjustment system. For H1 FY2026 the consolidated time-lag effect was a ¥90 hundred million loss versus a ¥500 hundred million gain a year earlier, so ordinary profit excluding the effect was ¥996 hundred million versus ¥2,321 hundred million.
Yes. The appendix covers Kashiwazaki-Kariwa, where Unit 6 is in commercial operation and its anti-terrorism facility deadline moved to April 2031, and Fukushima Daiichi decommissioning, including Unit 2 spent fuel removal, robotic-arm trial debris retrieval, ALPS treated water discharges and ¥11.77 trillion in cumulative compensation paid.
Yes. The page offers the original PDF and an editable PPTX converted from it. The PPTX keeps the Japanese text and layouts, so you can reuse the table, waterfall chart and balance-sheet diagram structures for your own earnings or utility results deck.
It suits investors and analysts covering Japanese utilities, energy policy researchers tracking nuclear restarts and power prices, and IR or finance teams looking for a reference on how a regulated utility presents segment profit bridges, financial statements and non-financial obligations in a results presentation.
Original Japanese-language PDF of this presentation, released October 29, 2026.
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