Supplementary Financial Results Materials for the Second Quarter of the Fiscal Year Ending March 2027 | RENOVA,Inc. (9519) timely disclosure

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Mixed performance

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Scale

4591

¥ million (year-on-year increase in consolidated revenue)

Wording

Conditional

How definitive the wording is.

Contents of this document

Supplementary materials to the earnings reportSecond quarter of the fiscal year ending March 20279 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales¥45,200 million+11.3%

Operating profit¥6,192 million+26.7%

Net income¥2,960 millions -10.9%profit attributable to owners of the parent

Results for the three months of the current quarterFor the three months of the second quarter of the fiscal year ending March 2027: revenue from the renewable energy generation and other business was ¥25,301 million, EBITDA was ¥11,478 million, operating profit was ¥6,537 million, and quarterly profit was ¥3,371 million. Operating profit for the adjusted segment total was ¥5,478 million, and quarterly profit was ¥2,820 million.

Full-year earnings forecast

Revenue

¥95,700 million

EBITDA

¥33,800 million

Operating profit

¥11,300 million

Profit for the year attributable to owners of the parent

¥3,400 million

EPS

¥37.61

Installed capacity

1,289.7 MW

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

Progress in line with expectations

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Large-Scale Solar Operating ProfitDown ¥1,009 million year on year. Due to repair work at the Karumai Nishi Solar facility and poor solar irradiation.

Biomass Operating ProfitUp ¥792 million year on year. Due to stable operations and other factors.

Non-FIT Solar Operating ProfitUp ¥277 million year on year.

Other operating profitUp ¥776 million year on year. Kuanchi onshore wind power contributed ¥591 million, mainly due to favorable wind conditions.

Consolidated operating profitUp ¥1,305 million year on year.

Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.

Wood pellet price

185 US$/t

Certified PKS price

130 US$/t

Foreign exchange

¥155 /US$

Solar Installed Capacity

352.8 MW

Non-FIT Solar Capacity

160.2 MW

Biomass Installed Capacity

445.2 MW

Biomass scheduled-inspection outage days

194 Days

New initiatives

Added 1 large-scale battery storage project (99 MW) under the market sales model to the projects under development.
Construction of the Fukuroi Ukari Battery Storage Facility (100 MW) began in July 2026.

Key KPIsA metric the company considers important as a management benchmark.

EBITDA¥17,708 million
Year on year against the same period last year+13.9%
EBITDA margin39.2 %
Installed capacity1,256.7 MW
Cumulative volume of applications for Non-FIT power generation and supply contracts226.4 MW
Cumulative Non-FIT completed capacity127.2 MW
Consolidated headcount323 people

Segment results

Renewable-energy power generation and related businesses

Revenue

¥44,516 million+10.9%

EBITDA

¥18,889 million+8.9%

Operating profit

¥7,428 million+10.2%

Development and Operations Businesses

Revenue

¥3,168 million-13.8%

EBITDA

¥1,558 million+24.9%

Operating profit

¥1,347 million+29.0%

Consolidation eliminations

Revenue

¥-2,484 million

EBITDA

¥-2,738 million

Operating profit

¥-2,582 million

Financial targets

Equity attributable to owners of the parent ratio

Actual results20.8 %

Equity ratio

Actual results31 %

Net debt-to-equity ratio

Actual results1.4 Times

Net Debt/EBITDA

Actual results7.6 Times

Adjusted Net Debt/EBITDA

Actual results7.8 Times

Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.

Fuel price sensitivityIf spot prices rise by $10/t, operating profit will decline by ¥360 million for wood pellets and ¥960 million for PKS. If interest rates rise by 50 bp, annual financial expenses will increase by approximately ¥130 million.

Number of employees

Number of Employees323 people

Contents of this document
Item	Details
Document type	Supplementary materials to the earnings report
Fiscal Period Covered	Second quarter of the fiscal year ending March 2027
Net Sales	¥45,200 million (YoY +11.3%)
Operating profit	¥6,192 million (YoY +26.7%)
Net income	¥2,960 millions (profit attributable to owners of the parent) (YoY -10.9%)
Results for the three months of the current quarter	For the three months of the second quarter of the fiscal year ending March 2027: revenue from the renewable energy generation and other business was ¥25,301 million, EBITDA was ¥11,478 million, operating profit was ¥6,537 million, and quarterly profit was ¥3,371 million. Operating profit for the adjusted segment total was ¥5,478 million, and quarterly profit was ¥2,820 million.
Full-year earnings forecast	Revenue ¥95,700 million / EBITDA ¥33,800 million / Operating profit ¥11,300 million / Profit for the year attributable to owners of the parent ¥3,400 million / EPS ¥37.61 / Installed capacity 1,289.7 MW
Self-assessment against the plan	Progress in line with expectations
Segment results	Renewable-energy power generation and related businesses Revenue ¥44,516 million (YoY +10.9%) / EBITDA ¥18,889 million (YoY +8.9%) / Operating profit ¥7,428 million (YoY +10.2%) / Development and Operations Businesses Revenue ¥3,168 million (YoY -13.8%) / EBITDA ¥1,558 million (YoY +24.9%) / Operating profit ¥1,347 million (YoY +29.0%) / Consolidation eliminations Revenue ¥-2,484 million / EBITDA ¥-2,738 million / Operating profit ¥-2,582 million
Breakdown of Factors Affecting the Change	Large-Scale Solar Operating Profit Down ¥1,009 million year on year. Due to repair work at the Karumai Nishi Solar facility and poor solar irradiation. / Biomass Operating Profit Up ¥792 million year on year. Due to stable operations and other factors. / Non-FIT Solar Operating Profit Up ¥277 million year on year. / Other operating profit Up ¥776 million year on year. Kuanchi onshore wind power contributed ¥591 million, mainly due to favorable wind conditions. / Consolidated operating profit Up ¥1,305 million year on year.
Key KPIs	Indicator name EBITDA / Value ¥17,708 million / Year on year against the same period last year ¥13.9 million, Indicator name EBITDA margin / Value 39.2 % / Year on year against the same period last year Not disclosed, Indicator name Installed capacity / Value 1,256.7 MW / Year on year against the same period last year Not disclosed, Indicator name Cumulative volume of applications for Non-FIT power generation and supply contracts / Value 226.4 MW / Year on year against the same period last year Not disclosed, Indicator name Cumulative Non-FIT completed capacity / Value 127.2 MW / Year on year against the same period last year Not disclosed, Indicator name Consolidated headcount / Value 323 people / Year on year against the same period last year Not disclosed
Number of employees	Number of Employees 323 people / Changes and hiring plans during the period Not disclosed
Assumptions Underlying the Business Outlook	Wood pellet price 185 US$/t / Certified PKS price 130 US$/t / Foreign exchange ¥155 /US$ / Solar Installed Capacity 352.8 MW / Non-FIT Solar Capacity 160.2 MW / Biomass Installed Capacity 445.2 MW / Biomass scheduled-inspection outage days 194 Days
Risk amount incorporated into the outlook	Fuel price sensitivity If spot prices rise by $10/t, operating profit will decline by ¥360 million for wood pellets and ¥960 million for PKS. If interest rates rise by 50 bp, annual financial expenses will increase by approximately ¥130 million.
Financial targets	Equity attributable to owners of the parent ratio Actual results 20.8 % / Equity ratio Actual results 31 % / Net debt-to-equity ratio Actual results 1.4 Times / Net Debt/EBITDA Actual results 7.6 Times / Adjusted Net Debt/EBITDA Actual results 7.8 Times
New initiatives	Added 1 large-scale battery storage project (99 MW) under the market sales model to the projects under development., Construction of the Fukuroi Ukari Battery Storage Facility (100 MW) began in July 2026.

Items this document does not state (15)

Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.

The increases in revenue, EBITDA, and operating profit were attributable to the Karatsu biomass plant, which began operating in the previous fiscal year, stable operations at biomass power plants, and business development fees. Solar power was affected by poor solar irradiation. The decline in profit attributable to owners of the parent was due to the disappearance of the remeasurement gain associated with the business combination in the previous fiscal year.

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