Worth reading
80Important
Scored from 4 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
103.7
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportFiscal year ending March 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥87,622 million+24.7%
Operating profit¥8,283 million+103.7%
Net income¥3,308 millions +23.1%profit attributable to owners of the parent
Results for the three months of the current quarterSegment-level results for the standalone fourth quarter were revenue of ¥23,023 million, EBITDA of ¥7,249 million, operating profit of ¥2,267 million, and quarterly profit of ¥722 million. Standalone fourth-quarter results for the consolidated group as a whole: not disclosed
Full-year earnings forecast
Fiscal year ending March 2027
Revenue
¥95,700 million
EBITDA
¥33,800 million
Operating profit
¥11,300 million
Profit for the period attributable to owners of the parent
¥3,400 million
EPS
¥37.61
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
A bridge showing the amount attributable to each factor: not disclosed. Factors cited include full-year contributions from biomass power plants, a contribution from Karatsu Biomass, business development fees, one-time recognition of property taxes, amortization of intangible assets and other items, and adjustments for intra-group transactions.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Solar12 sites, 352.8MW
Non-FIT solar powerApproximately 160.2MW
Biomass7 sites, 445.2MW
Annual downtime for scheduled inspections194 days of annual downtime for scheduled inspections
Wood pellets$185/t
Certified PKS$130/t
Foreign Exchange¥155 per U.S. dollar
Business development feesApproximately ¥800 million (after consolidated eliminations)
New initiatives
- Start of operations at the Yasugi Battery Storage Facility and demonstration and establishment of an in-house battery storage operating framework
- Start of construction of the Kikugawa Nishimura Battery Storage Facility (90MW/270MWh)
- Continued development of large-scale projects for market-based battery storage facilities
- Plan to expand the battery storage business to approximately 527MW by the end of the current fiscal year
Key KPIsA metric the company considers important as a management benchmark.
- EBITDA¥30,526 million+31.0%
- EBITDA margin34.8 %
- Installed capacity1,228.7 MW
- Electricity sold by domestic power plants318,043 MWh
- Completed Non-FIT solar capacity46.9 MW
- Cumulative volume of power generation adjustment contract applications214.3 MW
- Cumulative completed capacity under power generation adjustment contracts101.2 MW
Segment results
Renewable Energy Generation and Related Businesses
Revenue
¥86,429 million+26.6%
EBITDA
¥33,862 million+26.3%
Operating profit
¥11,741 million+52.0%
Development and Operations Businesses
Revenue
¥5,584 million-8.5%
EBITDA
¥1,896 million+253.3%
Operating profit
¥1,469 million+1,446.3%
Consolidation eliminations
Revenue
¥-4,391 million
EBITDA
¥-5,232 million
Operating profit
¥-4,928 million
Medium-term management plan targets
Battery storage business EBITDA for fiscal 2030¥6.5 billion per year
Battery storage business operating profit for fiscal 2030¥5–6 billion per year
Illustrative EBITDA for the battery storage business in fiscal 2030¥9–10 billion per year
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Increase in annual financial expenses if interest rates rise by 50bpApproximately ¥200 million
Fuel price sensitivity
$10/t decrease in wood pellet pricesOperating profit +¥260 million
$10/t increase in wood pellet pricesOperating profit ▲¥360 million
$10/t decrease in certified PKS pricesOperating profit +¥660 million
$10/t increase in certified PKS pricesOperating profit ▲¥960 million
Market Size / Share
The materials describe the Company as a domestic leader, but market share figures are not disclosed| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | ¥87,622 million (YoY +24.7%) |
| Operating profit | ¥8,283 million (YoY +103.7%) |
| Net income | ¥3,308 millions (profit attributable to owners of the parent) (YoY +23.1%) |
| Results for the three months of the current quarter | Segment-level results for the standalone fourth quarter were revenue of ¥23,023 million, EBITDA of ¥7,249 million, operating profit of ¥2,267 million, and quarterly profit of ¥722 million. Standalone fourth-quarter results for the consolidated group as a whole: not disclosed |
| Full-year earnings forecast | Subject Fiscal year ending March 2027 / Revenue ¥95,700 million / EBITDA ¥33,800 million / Operating profit ¥11,300 million / Profit for the period attributable to owners of the parent ¥3,400 million / EPS ¥37.61 |
| Segment results | Renewable Energy Generation and Related Businesses Revenue ¥86,429 million (YoY +26.6%) / EBITDA ¥33,862 million (YoY +26.3%) / Operating profit ¥11,741 million (YoY +52.0%) / Development and Operations Businesses Revenue ¥5,584 million (YoY -8.5%) / EBITDA ¥1,896 million (YoY +253.3%) / Operating profit ¥1,469 million (YoY +1,446.3%) / Consolidation eliminations Revenue ¥-4,391 million / EBITDA ¥-5,232 million / Operating profit ¥-4,928 million |
| Breakdown of Factors Affecting the Change | A bridge showing the amount attributable to each factor: not disclosed. Factors cited include full-year contributions from biomass power plants, a contribution from Karatsu Biomass, business development fees, one-time recognition of property taxes, amortization of intangible assets and other items, and adjustments for intra-group transactions. |
| Key KPIs | EBITDA ¥30,526 million (YoY +31.0%), EBITDA margin 34.8 %, Installed capacity 1,228.7 MW, Electricity sold by domestic power plants 318,043 MWh, Completed Non-FIT solar capacity 46.9 MW, Cumulative volume of power generation adjustment contract applications 214.3 MW, Cumulative completed capacity under power generation adjustment contracts 101.2 MW |
| Assumptions Underlying the Business Outlook | Solar 12 sites, 352.8MW / Non-FIT solar power Approximately 160.2MW / Biomass 7 sites, 445.2MW / Annual downtime for scheduled inspections 194 days of annual downtime for scheduled inspections / Wood pellets $185/t / Certified PKS $130/t / Foreign Exchange ¥155 per U.S. dollar / Business development fees Approximately ¥800 million (after consolidated eliminations) |
| Risk amount incorporated into the outlook | Increase in annual financial expenses if interest rates rise by 50bp Approximately ¥200 million / Fuel price sensitivity $10/t decrease in wood pellet prices Operating profit +¥260 million / $10/t increase in wood pellet prices Operating profit ▲¥360 million / $10/t decrease in certified PKS prices Operating profit +¥660 million / $10/t increase in certified PKS prices Operating profit ▲¥960 million |
| Medium-term management plan targets | Battery storage business EBITDA for fiscal 2030 ¥6.5 billion per year / Battery storage business operating profit for fiscal 2030 ¥5–6 billion per year / Illustrative EBITDA for the battery storage business in fiscal 2030 ¥9–10 billion per year |
| Market Size / Share | The materials describe the Company as a domestic leader, but market share figures are not disclosed |
| New initiatives | Start of operations at the Yasugi Battery Storage Facility and demonstration and establishment of an in-house battery storage operating framework, Start of construction of the Kikugawa Nishimura Battery Storage Facility (90MW/270MWh), Continued development of large-scale projects for market-based battery storage facilities, Plan to expand the battery storage business to approximately 527MW by the end of the current fiscal year |
Items this document does not state (16)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Full-year contributions from Tokushima Tsuda Biomass and Omaezaki Port Biomass, a contribution from Karatsu Biomass, and the recognition of business development fees contributed to higher revenue and profit. Profit attributable to owners of the parent benefited significantly from full-year operations and the start of operations at biomass power plants, while increases in interest expenses and corporate taxes also affected results.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.