Tokyo Electric Power Company Holdings (TEPCO) reported a net profit of ¥52.7bn for the six months to September 2026, against a loss of ¥712.4bn a year earlier. Beneath that line, the core business slipped into the red: an operating loss of ¥33.7bn, compared with an operating profit of ¥217.1bn in the prior-year period.
Three profit lines, three stories
Sales rose 3.8% to ¥3.27tn. Ordinary profit fell 67.9% to ¥90.6bn. It stayed positive after ¥199.9bn of non-operating income, including ¥173.2bn of equity-method gains.
The net result is flattered by the comparison. The prior-year period carried a ¥904.2bn disaster special loss; this period has none. This period does include a ¥27.3bn nuclear damage compensation charge, the gap between the current compensation estimate and last year's, of which ¥15.6bn was booked in the first quarter. A provision is not a payment: actual compensation payments in the period were ¥89.0bn, set against ¥95.4bn received from the nuclear damage compensation and decommissioning support organization.
Cash and guidance
Operating cash flow was an outflow of ¥86.3bn, against an inflow of ¥164.6bn a year earlier. Purchases of fixed assets took ¥448.1bn, and bond issuance of ¥209.4bn helped push financing flows to a net inflow of ¥193.7bn. Cash and equivalents ended September at ¥616.8bn, down from ¥936.7bn at the start of the year.
TEPCO left its forecast for the year to March 2027 undecided on sales, operating profit, ordinary profit and net profit. The company cited the Middle East situation and an unclear fuel-price outlook, and said it would update the forecast once it can. The short-form earnings statement is not subject to auditor review.