President’s Message

First of all, we would like to express our sincere gratitude to our shareholders and investors for their enormous support for and cooperation with the management of Tokyo Electric Power Company Holdings, Incorporated and its group companies (the “Group”).

March 2026 marked 15 years since the accident at the Fukushima Daiichi Nuclear Power Station. Fulfilling our responsibilities for Fukushima remains the starting point of the Group, and we will continue to do our best regarding compensation, restoration and decommissioning process. As for the Group, we succeeded in a fuel debris test retrieval at the Fukushima Daiichi Nuclear Power Station Unit 2, and the decommissioning process has moved on to an unprecedented phase toward full-scale retrieval. Moreover, we have been advancing design studies for large-scale retrieval based on the recommendations of the Subcommittee on Evaluation of Fuel Debris Retrieval Methods. We also recorded an extraordinary loss from disaster of 913.8 billion yen for fiscal year 2025, including expenses required for preparation work for such retrieval. In addition, electricity demand is expected to rise along with the advancement of green transformation (GX) and digital transformation (DX), and the role required of the Group is becoming more sophisticated. Furthermore, while investments and costs required for stable power supply are increasing, the recent price hikes, etc. have added to the burden, and the Group continues to face a severe financial situation.

Under such recognition of issues, the Group sincerely reviewed the status of its initiatives to date and, in order to utilize them for the future and proceed with uninterrupted reforms of the Fukushima business and economic business, formulated the Fifth Comprehensive Special Business Plan jointly with the Nuclear Damage Compensation and Decommissioning Facilitation Corporation in January 2026. Under this plan, we will promote fundamental reforms of the decommissioning business and growth strategies for the economic business in an integrated manner. At the same time, we will work on cost reductions through management rationalization that goes further than before and aim to achieve positive free cash flow from FY2028 onward. In addition, toward both the medium- to long-term promotion of decommissioning and the enhancement of corporate value, we will pursue alliances that lead to the supplementation of funds, technologies, etc. and aim to expand our earnings base and business domains.

Moreover, as for the Kashiwazaki-Kariwa Nuclear Power Station, we received approval from Niigata Prefecture for the restart of Units 6 and 7 in December 2025. In January 2026, we started up the reactor of Unit 6, and commenced commercial operation in April of the same year. The importance of nuclear power generation is further increasing from the viewpoints of improving the resilience of the power supply and achieving carbon neutrality, as well as energy security in light of the current Middle East situation. We will continue to operate the power station in a stable manner with safety as our top priority, while continuing our efforts to foster trust from local communities and society.

The Company continues to be in a situation where it cannot satisfy our shareholders’ expectations for dividends. However, under the Fifth Comprehensive Special Business Plan, we will steadily proceed with initiatives to reduce costs and expand earnings, thereby connecting them to the realization of fundamental management reform. We ask for your continued understanding of and cooperation with the Group’s management.

May, 2026
Tokyo Electric Power Company Holdings, Incorporated