West Holdings Corporation

Deploys community-focused sales activities based on information provided by partner regional financial institutions nationwide. Capital and business alliances have also been established with Osaka Gas, JERA, Aioi Nissay Dowa Insurance, Sumitomo Mitsui Trust Bank, and others, with these multi-layered alliances supporting the customer pipeline.

The maintenance business's total contracted capacity has continued to expand, from 1,281.6MW at the end of FY2023 (ending August 2023) to 1,417.5MW at the end of FY2025 (ending August 2025), and further to 1,497.1MW as of the end of February 2026. This represents long-term stable revenue that accumulates in line with the increase in the group's construction volume, and this recurring revenue, combined with the power generation business and energy-saving business, underpins overall performance.

In FY2025 (ending August 2025), the company completed the development and sale of grid-scale battery storage stations at 10 locations with sales of ¥5,711 million, two years ahead of the original plan. The number of applications has exceeded 1,000 locations, and the company plans 30 locations with sales of ¥18,000 million in FY2026 (ending August 2026), rapidly forming a medium- to long-term revenue base.

Management resources have been intensively allocated to the grid-connected battery storage station development business, which began in earnest in FY2025 (ended August 2025). As of end-May 2026, the number of grid interconnection consultation applications exceeded 1,500, with cumulative nine-month sales of ¥8,492 million and operating profit of ¥3,002 million (operating margin of 35.3%). The market is expanding at a pace far exceeding initial expectations, and the company has begun preparing to address both flow-business and stock-business opportunities.

The company is developing a self-consumption model that does not rely on the FIT scheme or subsidies, expanding its project pipeline to supplier companies driven by carbon-neutrality needs among Tokyo Stock Exchange Prime Market-listed companies. Cumulative nine-month sales in the industrial solar power segment reached ¥9,183 million, exceeding the ¥8,212 million recorded in the same period of the prior year, and progressed steadily. The mandatory sustainability disclosure requirement for large companies starting from FY2027 (ending March 2027) is expected to be a medium-term demand driver.

With numerous power-supply projects scheduled from April 2026, the number of handovers through the second quarter fell short of plan. The company accelerated handovers of completed projects in the third quarter to catch up, but did not achieve a full recovery, and plans to accumulate further handovers toward the fourth quarter. For ground-mounted mega-solar projects, the company will only proceed with existing pipeline projects and will not undertake new development. Concentrating efforts in the fourth quarter to achieve the full-year forecast represents an execution risk.

The company has been accumulating O&M contracts, primarily for solar power plants constructed by the group, with total contracted capacity increasing from 1,417.5MW at the end of FY2025 (ended August 2025) to 1,570.2MW as of end-May 2026. An automatic expansion mechanism linked to the increase in the group's construction volume is forming a stable revenue base that is less susceptible to economic fluctuations. The company also aims to capture new maintenance demand through collaboration with the battery storage station business.

Effective March 1, 2026, West O&M was absorbed into West Energy Solution and excluded from the scope of consolidation. Furthermore, effective June 1, 2026, West Begin was absorbed into West Energy Solution (subsequent event). The purpose is to make effective use of group-wide management resources, improve efficiency, and speed up decision-making, with the impact on consolidated results described as minor.