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EDINET 9509 Neutral Risk Analyzed 📈 Growth 6/10

Hokkaido Electric Power Company,Incorporated

Annual Securities Report - 102nd Term(2025/04/01 - 2026/03/31) ／ 2026-06-23 11:24

Covers EDINET statutory filings (TDNET timely disclosures / earnings flashes are not included).

EarningsGuidance DownGovernanceCapacityNew MarketDemandMargin
AI Summary 2026-06-23 11:32

FY2025 revenue declined 5.1% to ¥856B due to low wholesale power prices; operating profit fell 3.4%. FY2026 guidance shows revenue up 13.3% but operating profit down 34.5%, net profit down 50%, reflecting higher reactivation costs. Early 2027 restart of Tomarai Unit 3 is critical to earnings recovery.

KEY POINTS
  • Revenue ¥856B (-5.1%), Operating profit ~¥76B; Net profit ¥440M (-31.5%) impacted by lower nuclear fuel sale gains
  • FY2026 guidance predicts sharp earnings decline: OP -34.5%, NP -50%, driven by reactivation costs and fuel expenses
  • Tomarai Unit 3 reactor license approved; targeting early 2027 restart. Electricity rate cuts planned post-restart
  • Target 3M+ kW renewable capacity addition by 2035; building new energy supply chain incl. hydrogen, ammonia, CCUS
  • June 2025 compliance incident: regulatory order issued for handling confidential information; strengthening governance
📊 Revenue
Revenue -5.1% (¥862B → ¥856B)
💰 Operating profit
OP -3.4% (¥784B → ¥758B) [segment basis]
🔮 Outlook
FY2026: Revenue +13.3%, OP -34.5%, NP -50%. Tomarai reactivation costs to compress profits significantly.
📈 Growth outlook 📈 Growth 6/10
Mid-to-long term growth supported by Tomarai restart (2027) boosting supply capacity, 3M+ kW renewable target, and rising Hokkaido power demand from semiconductors/data centers. However, FY2026 earnings will be pressured by reactivation costs before recovery.
Growth drivers
  • Tomarai Unit 3 reactivation progress and cost reduction from operational efficiency
  • Renewable capacity expansion (hydro replacement, offshore wind, etc.)
  • Rising Hokkaido power demand from semiconductor fabs and data center investments
  • Coal-to-hydrogen/ammonia fuel conversion and CCUS deployment maintaining competitiveness
Risk and growth scores and tags are AI-generated estimates from analyzing the disclosure. They are not guarantees of fact, nor investment advice or recommendations. Make investment decisions at your own discretion.
⚠️ Extracted Risk Factors
CategoryDescriptionScoreNew
Regulatory Risk Delays in Tomarai restart approvals could extend downtime, significantly raising fuel costs and harming earnings. Seawall construction progress is critical to restart timeline. 8/10
Market Risk Persistently low wholesale prices and intensified competition could further reduce sales volume and margins. 7/10
Earnings Risk FY2026 earnings forecast shows sharp declines (OP -34.5%, NP -50%) due to high Tomarai reactivation and safety work costs. 7/10
Commodity Price Risk Fuel price and FX volatility impact procurement costs; Middle East tensions currently driving market price increases. 6/10
Compliance Risk June 2025 compliance incident: regulatory order for confidential data misuse. Repeat violations risk reputational damage and earnings impact. 6/10
Climate Change Risk Precipitation volatility affects hydro generation and fuel costs. Climate adaptation capex needs may inflate costs. 5/10
Cybersecurity Risk Cyber attacks targeting customer data and critical systems could disrupt operations and harm reputation. 5/10
Human Capital Risk Severe talent shortage could disrupt operations and impact earnings; technical workforce retention is critical. 4/10
8/10 Regulatory Risk
Delays in Tomarai restart approvals could extend downtime, significantly raising fuel costs and harming earnings. Seawall construction progress is critical to restart timeline.
7/10 Market Risk
Persistently low wholesale prices and intensified competition could further reduce sales volume and margins.
7/10 Earnings Risk
FY2026 earnings forecast shows sharp declines (OP -34.5%, NP -50%) due to high Tomarai reactivation and safety work costs.
6/10 Commodity Price Risk
Fuel price and FX volatility impact procurement costs; Middle East tensions currently driving market price increases.
6/10 Compliance Risk
June 2025 compliance incident: regulatory order for confidential data misuse. Repeat violations risk reputational damage and earnings impact.
5/10 Climate Change Risk
Precipitation volatility affects hydro generation and fuel costs. Climate adaptation capex needs may inflate costs.
5/10 Cybersecurity Risk
Cyber attacks targeting customer data and critical systems could disrupt operations and harm reputation.
4/10 Human Capital Risk
Severe talent shortage could disrupt operations and impact earnings; technical workforce retention is critical.
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