West Holdings' newest business line, grid-scale battery storage, produced ¥3.0bn of operating profit on ¥8.5bn of sales in the nine months to May 2026, the unit's first full stretch of meaningful operation. That single segment accounted for nearly two-thirds of the group's total operating profit for the period, arriving just as its long-running non-FIT solar development business fell short of its own delivery schedule.
Groupwide, sales for the nine months rose 33.4% to ¥29.3bn, and operating profit more than doubled to ¥4.6bn from ¥2.0bn a year earlier. Ordinary profit climbed 114.4% to ¥3.4bn, and net profit attributable to parent shareholders rose 198.6% to ¥2.3bn. Comprehensive income jumped 214.1% to ¥2.9bn, a sharp reversal from the prior year, when it had fallen 66.2% to ¥916mn.
The drag came from the renewable energy segment, the company's original solar development and engineering business. Its sales fell 13.7% to ¥14.0bn and operating profit dropped 19.9% to ¥458mn. West Holdings said many of its non-FIT solar projects are contracted to start supplying power from the new fiscal year beginning in April 2026, and the company had already fallen behind its own handover plan through the second quarter. It accelerated completions in the third quarter but has not fully closed the gap, and is pushing the remaining deliveries into the fourth quarter.
| Segment | Sales | Operating profit |
|---|---|---|
| Renewable energy (solar) | ¥14.0bn (-13.7%) | ¥458mn (-19.9%) |
| Grid-scale battery storage | ¥8.5bn | ¥3.0bn |
| Energy conservation (ESCO) | ¥783mn (-11.3%) | ¥139mn (-49.6%) |
| Power | ¥4.9bn (+27.2%) | ¥604mn (-8.0%) |
| Maintenance | ¥1.5bn (+1.9%) | ¥337mn (-26.2%) |
The battery storage business, which only began in earnest in the fiscal year to August 2025, is expanding faster than the company anticipated. Applications for grid-connection agreements with regional transmission utilities had topped 1,500 by the end of May 2026, and West Holdings is also building storage facilities directly on land it already owns from its solar plants, mixing one-off project sales with recurring ownership income.
The growth sits inside a policy push that has been building since Tokyo's Seventh Basic Energy Plan, decided by the cabinet in February 2025. That plan targets a 73% cut in greenhouse-gas emissions by 2040 versus 2013 levels, aims for renewables to supply 40-50% of the power mix by 2040 (up from 23.0% in the year to March 2025), and sets a cumulative grid-battery installation target of 14.1 to 23.8 gigawatt-hours by 2030.
Despite the swing between segments, West Holdings left its full-year forecast unchanged from the one it published in October 2025: sales of ¥54.5bn (up 15.3%), operating profit of ¥11.4bn (up 31.6%), ordinary profit of ¥9.7bn (up 21.5%) and net profit of ¥6.6bn (up 23.2%). The company also held its dividend forecast at ¥70.00 per share for the year, after paying ¥35.00 at the interim mark, versus no interim payment and a ¥65.00 full-year total a year earlier. Total assets rose to ¥149.5bn and net assets fell to ¥35.5bn, pulling the equity ratio down to 23.5% from 24.4%.