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Overview

Electric Power and Gas

Electric Power Development Co.,Ltd.

J-POWER is a leading Japanese independent power producer engaged in power generation through hydroelectric, thermal (coal, gas, oil), and wind facilities, as well as procurement and sale of electricity through wholesale power trading markets. The company also operates transmission and transformation infrastructure via its subsidiaries, providing wheeling services to nine general transmission and distribution utilities across Japan (excluding Okinawa Electric Power). In addition to its domestic operations, J-POWER pursues overseas power generation and related businesses, along with ancillary activities including coal trading and other energy-related services.

Market Cap

¥703B

US$4.48B

¥1,966B

US$12.5B

Stock¥3,995▼-0.15%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

8.9

LTM EV/EBIT

17.5

LTM PER

20.8

LTM PBR

0.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+10.5%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

42%

58%

EquityD/E 1.37xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 35.5%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

11.59%

Nippon Life Insurance Company

5.19%

Custody Bank of Japan, Ltd. (Trust Account)

4.18%

J-POWER Employee Stock Ownership Association

2.90%

JPMorgan Securities Japan Co., Ltd.

2.44%

Mizuho Bank, Ltd.

2.05%

HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.89%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

1.84%

Fukoku Mutual Life Insurance Company

1.72%

Sumitomo Mitsui Banking Corporation

1.71%

Management

15 officers

Toshifumi WATANABE

Representative Director, Chairman

Apr 1977 Joined Electric Power Development Co., Ltd. (J-POWER) Apr 2002 General Manager, Planning Department; Head, Privatization Preparation Office Oct 2002 General Manager, Corporate Planning Department; Head, Privatization Preparation Office Jun 2004 General Manager, Corporate Planning Department Jun 2006 Director Jun 2009 Managing Director Jun 2012 Director, Managing Executive Officer Jun 2013 Representative Director, Senior Executive Vice President Jun 2016 Representative Director, President Apr 2019 Representative Director, President and Executive Officer Jun 2023 Representative Director, Chairman (current) Jul 2024 Outside Audit & Supervisory Board Member, Fukoku Mutual Life Insurance Company (current)

1955-03-10

Hideaki KATO

Representative Director, President and Executive Officer

Apr 1989 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2017 General Manager, Corporate Planning Department Apr 2021 Executive Officer, General Manager, Corporate Planning Department Apr 2022 Managing Executive Officer, General Manager, Corporate Planning Department Apr 2023 Managing Executive Officer Jun 2024 Director, Managing Executive Officer Apr 2026 Representative Director, President and Executive Officer (current)

1966-09-28

Zenta SHIMADA

Representative Director, Executive Vice President and Executive Officer, General Manager, Renewable Energy Division

Apr 1982 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2012 General Manager, Civil Engineering and Architecture Department Jun 2015 Executive Officer, General Manager, Civil Engineering and Architecture Department Jun 2017 Managing Executive Officer Jun 2020 Director, Managing Executive Officer Apr 2023 Director, Executive Vice President and Executive Officer Jun 2024 Representative Director, Executive Vice President and Executive Officer (current)

1957-05-16

Osamu HAGIWARA

Director, Executive Vice President and Executive Officer, General Manager, Nuclear Power Division

Apr 1984 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2016 Director General, Ohma Nuclear Power Construction Office, Ohma Site Headquarters Apr 2020 Managing Executive Officer Jun 2022 Director, Executive Vice President and Executive Officer (current)

1960-12-11

Ryoji SEKINE

Director, Executive Vice President and Executive Officer, General Manager, International Business Division

Apr 1985 Joined The Long-Term Credit Bank of Japan, Ltd. Jan 2001 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2013 General Manager, Eastern Japan Branch, Hydroelectric Power Division Oct 2015 General Manager, Energy Planning Department Jun 2018 Executive Officer, General Manager, Energy Planning Department Apr 2020 Managing Executive Officer Jun 2023 Director, Managing Executive Officer Jun 2024 Director, Executive Vice President and Executive Officer (current)

1962-10-16

Shoichi ECHIGO

Director, Executive Vice President and Executive Officer

Apr 1987 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2015 General Manager, Finance Department Apr 2019 General Manager, Human Resources and Labor Department Apr 2020 Executive Officer Apr 2022 Managing Executive Officer Jun 2026 Director, Executive Vice President and Executive Officer (current)

1963-01-31

Jun HARADA

Director, Executive Vice President and Executive Officer

Apr 1988 Joined Diamond Lease Co., Ltd. Feb 1995 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2016 General Manager, International Business Department Jul 2018 Chairman, J-POWER USA Development Co., Ltd. Apr 2020 General Manager, International Business Development Department Apr 2021 Executive Officer, General Manager, International Business Development Department Apr 2023 Managing Executive Officer Jun 2026 Director, Executive Vice President and Executive Officer (current)

1964-07-02

Kazuo KATO

Director, Managing Executive Officer

Apr 1990 Joined Electric Power Development Co., Ltd. (J-POWER) Apr 2021 General Manager, Hydroelectric Power Division Apr 2022 Executive Officer, General Manager, Hydroelectric Power Division Apr 2024 Managing Executive Officer Jun 2026 Director, Managing Executive Officer (current)

1965-09-27

Akiko MURAI

Director (Non-Executive)

Nov 1984 United Nations Development Programme (UNDP), Brazil Country Office Nov 1986 United Nations Population Fund (UNFPA), New York Headquarters Oct 1987 Citicorp / Citibank, N.A., New York Head Office, Asia Investment Banking Group Oct 1992 Credit Suisse Trust Limited, Tokyo Branch Nov 1996 United Nations Children's Fund (UNICEF), New York Headquarters Aug 1998 World Bank Group, Washington D.C. Headquarters Oct 2017 Specially Appointed Associate Professor, Graduate School of Management, Kyoto University May 2020 Outside Director, Phoenixy Co., Ltd. (current) Apr 2021 Visiting Associate Professor, Graduate School of Management, Kyoto University Apr 2025 Specially Appointed Professor, Graduate School of Management, Kyoto University (current) Jun 2026 Director, Electric Power Development Co., Ltd. (current)

1958-12-15

Hideo KIMURA

Director (Audit and Supervisory Committee Member, Full-time)

Apr 1985 Joined Electric Power Development Co., Ltd. (J-POWER) Jun 2015 General Manager, Human Resources and Labor Department Jul 2018 Deputy General Manager, Human Resources and Labor Department Apr 2019 Executive Officer Apr 2020 Director, Managing Executive Officer, Electric Power Development Transmission & Distribution Network Co., Ltd. Jun 2022 Special Officer for Audit, Electric Power Development Co., Ltd. Jun 2024 Director (Audit and Supervisory Committee Member) (current)

1961-10-26

Takashi YOKOMIZO

Director (Non-Executive)

Apr 1978 Registered as Attorney-at-law (Dai-Ichi Tokyo Bar Association); joined Yoshiba Law Office Apr 1990 Established Yokomizo Law Office Apr 2005 Vice President, Dai-Ichi Tokyo Bar Association Apr 2008 Partner Attorney, Sunrise Law Office (current) Jan 2013 President, Dai-Ichi Tokyo Bar Association Apr 2013 Vice President, Japan Federation of Bar Associations Jan 2014 Member, Fiscal System Council (National Property Subcommittee), Ministry of Finance May 2014 Trustee, Chuo University Jun 2014 Outside Director, Maeda Road Construction Co., Ltd. Jun 2023 Outside Director, Electric Power Development Co., Ltd. (current)

1950-11-02

Keisuke SADAMORI

Director (Non-Executive)

Apr 1983 Joined Ministry of International Trade and Industry Jul 2008 Senior Counsellor, Minister's Secretariat, Ministry of Economy, Trade and Industry Aug 2009 Director for Trade Negotiations, Trade Policy Bureau, Ministry of Economy, Trade and Industry Jan 2011 Secretary to the Prime Minister Sep 2011 Deputy Director-General, Minister's Secretariat, Ministry of Economy, Trade and Industry Sep 2012 Director, Energy Market and Security Division, International Energy Agency (IEA) (current) Jun 2026 Director, Electric Power Development Co., Ltd. (current) Retired from International Energy Agency (IEA)

1961-01-23

Takashi MIYAHARA

Director (Audit and Supervisory Committee Member, Full-time)

Apr 1986 Joined Ministry of Finance Jul 2000 Seconded to World Bank Jul 2004 Chief Inspector, Secretariat, Minister's Secretariat, Ministry of Finance; Director, Personnel Planning Office Jul 2017 Deputy Director-General, Minister's Secretariat (International Bureau) Jul 2019 Deputy Director-General, International Bureau, Ministry of Finance Jul 2020 Director-General, Policy Research Institute, Ministry of Finance Jan 2021 Japan Executive Director, World Bank Jan 2026 Outside Director, SecuShard Inc. (current) Jun 2026 Director (Audit and Supervisory Committee Member), Electric Power Development Co., Ltd. (current)

1963-07-17

Kimiko OGA

Director (Audit and Supervisory Committee Member, Non-Executive)

Apr 1977 Joined Nippon Telegraph and Telephone Public Corporation Apr 1991 General Manager, Marketing, Service Development Headquarters Jul 2004 General Manager, Information Equipment Division, East Japan Telegraph and Telephone Corporation (NTT East) Jul 2005 Deputy General Manager, Tokyo Branch, NTT East; Representative Director and President, NTT East-Tokyo Central Co., Ltd. Jul 2007 Representative Director, Managing Director, NTT Learning Systems Corporation Jun 2013 Audit & Supervisory Board Member, West Japan Telegraph and Telephone Corporation Jun 2019 Outside Director, JSAT Corporation (current) Mar 2020 Outside Director (Audit and Supervisory Committee Member), Broadband Tower, Inc. (current) Jun 2020 Outside Audit & Supervisory Board Member, Alconix Corporation Jun 2021 Outside Audit & Supervisory Board Member, Electric Power Development Co., Ltd. Jun 2022 Outside Director (Audit and Supervisory Committee Member), Electric Power Development Co., Ltd. (current)

1953-10-01

Shizuo ABE

Director (Audit and Supervisory Committee Member, Non-Executive)

Apr 1982 Joined Toyota Motor Corporation (then Toyota Motor Corporation Ltd.) Apr 2006 General Manager, HV Advanced Development Department, Powertrain Center, Toyota Motor Corporation Jun 2008 General Manager, HV System Development Division, Powertrain Center, Toyota Motor Corporation Apr 2012 Managing Officer, General Manager, HV Technology Area, Toyota Motor Corporation Jun 2012 Outside Director, PRIME EARTH EV ENERGY Co., Ltd. Jan 2019 Executive Advisor, Aisin Seiki Co., Ltd. Apr 2019 Director, BluE Nexus Co., Ltd. Jun 2024 Outside Director (Audit and Supervisory Committee Member), Electric Power Development Co., Ltd. (current)

1959-05-01

Large Shareholding Reports

Nomura Asset Management Co., Ltd.

2026-06-22

3.78%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-07-31

Q1 Earnings Flash

FY ending Mar 2027

Electric Power Development Co.,Ltd.

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Electric Power Development Co.,Ltd.

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