Elliott Statement on The Kansai Electric Power Company, Inc.

LONDON, Nov. 3, 2025 /PRNewswire/ -- Elliott Investment Management L.P. and Elliott Advisors (UK) Limited ("Elliott"), which advise funds that together have a significant ownership stake in The Kansai Electric Power Company, Inc. ("Kansai Electric" or the "Company"), making Elliott one of the Company's largest shareholders, today issued the following statement:

Elliott welcomes Kansai Electric's dividend increase and its openness to introducing equity ratio and dividend payout ratio targets. We believe these measures represent a first step toward increasing the attractiveness of Kansai Electric's stock and improving its capital efficiency. In the coming months, as Kansai Electric begins to communicate the contents of its new medium-term management plan to the market, we urge the Company to (i) clearly demonstrate how its growth spending plans will increase earnings per share, (ii) outline plans to increase its dividend per share to a minimum of ¥100, and (iii) set a clear and ambitious return on equity target - with specific strategies to improve capital efficiency, such as by monetizing non-core assets and repurchasing shares.

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $76.1 billion of assets as of June 30, 2025. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Media Contacts:

London
Stijn van de Grampel
Elliott Advisors (UK) Limited
T: +44 20 3009 1061
svdgrampel@elliottadvisors.co.uk

New York
Stephen Spruiell
Elliott Investment Management L.P.
T: +1 (212) 478-2017
sspruiell@elliottmgmt.com

Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220
b.wallbutton@ashton.jp

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