Erex (9517, NR)

Research evidence excerpt

Erex (9517, NR)

13 May 2026

Mizuho Securities Equity Research Utilities / Electric Power

Industry Overview

FY3/27 guidance undetermined as Middle East uncertain; DPS unchanged vs FY25

Share price (12 Feb): ¥1,025 Results comment

TSE segment: Prime On 12 May, Erex announced FY3/26 OP of ¥7.5b (up ¥0.4b YoY) and pretax

profit of ¥9.0b (up ¥2.6b YoY). Despite lingering underperformance in theMarket cap: ¥80b

overseas business, OP came in ¥0.4b above guidance thanks to derivativeShares outstanding: 78.2m

valuation gains from rising electricity prices through year-end. Erex left itsDaily trading volume (25-day average): earnings guidance for FY3/27 undetermined, given the difficulty of forming¥598m estimates for electricity demand and fluctuations in fuel/electricity prices due

to the situation in the Middle East. However, it did maintain full-year DPS

Senior Analyst: guidance for ¥22.

Norimasa Shinya

+81 3 6202 8313 In the retail business, FY3/26 high-voltage electricity sales reached 2,959GWh

norimasa.shinya@mizuho-sc.com (6.5% higher than guidance), and the number of low-voltage supply contracts

rose to 268,000 (8.9% higher), indicating ongoing expansion in the sales base.Analyst: In the overseas business, utilization at the Hau Giang biomass power plant,

Kanato Isobe an early-stage project, improved to 93.3% in April 2026. The company aims to+81 3 6202 8140

achieve profitability at the Tuyen Quang pellet plant in FY3/27 through higherkanato.isobe@mizuho-sc.com

production volume and reduced raw material costs. In addition, it has entered

into MOUs aimed at commercialization of biomass co-firing at coal-fired power

plants in Vietnam for two projects that have already completed testing.

Figure 1. Erex Earnings Result

Sales YoY OP YoY RP YoY NP YoY EPS DPS