Kansai Electric Power's net profit fell by less than its operating results, because a one-off gain filled part of the hole. In its semiannual report for April to September 2026, the utility reported net profit attributable to owners of ¥183.0bn, down from ¥232.9bn a year earlier. Ordinary profit fell to ¥111.6bn from ¥315.0bn, and operating profit to ¥83.2bn from ¥276.6bn.
Costs outran revenue
Sales rose 11.3% to ¥2.24tn, helped by higher electricity sales revenue. Operating expenses rose 24.3% to ¥2.15tn, which the company attributes mainly to higher purchased-power and thermal fuel costs. In the electric business cost breakdown, fuel cost was ¥237.6bn against ¥172.1bn a year earlier, and power purchased from other companies was ¥918.0bn against ¥612.2bn.
The energy segment took the hit. Its segment profit fell 78.4% to ¥52.2bn. The transmission and distribution segment's profit fell 46.8% to ¥16.6bn, and information and communications fell 15.3% to ¥21.7bn. Real estate, helped by more homes delivered, doubled to ¥24.4bn.
Less nuclear, more bought-in power
The supply mix moved in the same direction as the cost lines. Nuclear output was 17,153 million kWh against 21,120 million kWh, or 81.2% of the prior-year level. Thermal output rose to 17,775 million kWh, and power received from other companies rose to 44,094 million kWh. Hydro output fell, with the water flow rate at 87.8% of the 30-year average against 97.9% a year earlier. The report does not give a reason for the lower nuclear output.
| Source | 2025 | 2026 | Ratio to prior year (%) |
|---|---|---|---|
| Hydro | 7,986 | 7,287 | 91.3 |
| Thermal | 15,109 | 17,775 | 117.6 |
| Nuclear | 21,120 | 17,153 | 81.2 |
| Received from other companies | 36,964 | 44,094 | 119.3 |
In its facilities section, the report also lists the retirement of Gobo power station unit 1 (600,000 kW) in Wakayama on June 30, 2026. It does not link that retirement to the generation figures.
The gain and the cash
Kansai Electric booked a ¥105.1bn extraordinary gain on selling part of its stake in an equity-method affiliate that ran a tender offer for its own shares. The company and its wholly owned real estate developer both tendered shares. Without the gain, pre-tax profit would have been well below the ¥218.8bn reported, and the cash-flow statement strips the gain out of operating cash flow.
Operating cash flow was an outflow of ¥138.7bn, against an inflow of ¥230.0bn a year earlier. The filing points to higher trade receivables, which absorbed ¥153.5bn, and income tax payments rose to ¥100.7bn. Cash and equivalents fell to ¥438.8bn from ¥741.3bn at March 31, as investing cash flow was an outflow of ¥161.6bn and the group paid ¥50.1bn in dividends.
The board on October 29 resolved an interim dividend of ¥40 per share, totalling ¥44.6bn, against ¥30 for the same period a year earlier. It is payable from November 30.