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RENVA Supplementary Material on Financial Results for Q1 the Fiscal Year Ending March 2027 August 6 , 2026
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Disclaimer This document has been prepared to provide corporate information and other details about RENOVA, Inc (“RENOVA,” hereafter) and the RENOVA Group, and does not constitute solicitation to acquire shares or other securities issued by RENOVA, whether in Japan or overseas. Information listed herein concerning industry and market trends, the economic climate and so on has been prepared based on currently available information. RENOVA does not guarantee the veracity, accuracy, reasonableness or completeness of the information and assumes no obligation to update the particulars of any information. Moreover, RENOVA Group plans, forecasts, estimates, predictions and other forward-looking information described herein represent only the current determinations or ideas of RENOVA. Actual RENOVA Group operating results, financial status and other outcomes may diverge considerably from the details described herein and the estimates made on that basis due to a variety of factors including trends in energy policy, legislation, schemes, markets and other institutions in Japan and overseas, the status of licenses and permits required for RENOVA Group projects, success or failure in the acquisition and development of land and power generating facilities, etc., along with fluctuations in weather, climateand the natural environment. As a general rule and unless indicated otherwise, consolidated figures are used for the monetary amounts listed in this document. As amounts less than one million yen are rounded off, totals in each column may not match. The Power Generating Capacity presented in this document are based on a DC basis. For inquiries about this document: IR Office, RENOVA, Inc. Telephone: +81-3-3516-6263 Email: ir@renovainc.com IR website: https://www.renovainc.com/en/ir 1
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2 Q1 FY3/2027 Highlights In July 2026, secured financing and commenced construction for the 100MW Fukuroi Ugari Energy Storage Facility, scheduled to COD in FY2029. This milestone marks the second successful project financing in our large-scale merchant business. 1 In June 2026, 54.6MW Reihoku-Amakusa Onshore Wind project entered into 25-year long-term power purchase agreement (PPA) with Tokyo Gas. 2 Successfully completed scheduled Q1 maintenance at our biomass power plants, where the majority of FY3/2027 maintenance was concentrated in Q1. 3
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Business Model Merchant BESS Output 100MW ESS Capacity 280MWh Ownership Interest 3 *1 The completed image displayed was created using generative AI based on design drawings and may differ from the actual result. It is also subject to change due to future construction or specification modifications *2 In RENOVA's IR materials, the execution of the EPC contract is defined as "Construction Start/Commencement" ◼ This is our second large-scale BESS project, and one of the largest merchant energy storage facilities in Japan (100MW/280MWh). ◼ In July 2026, secured financing and commenced construction, scheduled to COD in FY2029. ◼ Accelerating further large-scale business development going forward. 3 FID Project: Fukuroi Ugari BESS (100MW/280MWh, Fukuroi-shi, Shizuoka) Start of Construction in July 2026*2 Project Overview RENOVA : 40% *80% after COD NCS RE Capital : 30% SMFL Mirai Partners : 30% BESS Completed Image*1
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I. Financial Results for Q1, the Fiscal Year Ending March 2027 (IFRS)
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5*1 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is subject to neither audit nor quarterly review. Trend in Revenue, EBITDA*1 and Operating Profit (IFRS) ◼ Although revenue and profit decreased due to a concentration of periodic maintenance at biomass power plants in Q1, which increased maintenance days by 107 days year-on-year (YoY) (from 71 to 178 days), progress remains on track to achieve the full-year forecast. Revenue (Actual) EBITDA*1 (Actual) (Unit: Million yen) Operating Profit (Actual) 20,527 19,330 0 10,000 20,000 Q1 FY3/2026 Q1 FY3/2027 8,617 6,783 0 5,000 10,000 Q1 FY3/2026 Q1 FY3/2027 3,296 1,043 0 1,000 2,000 3,000 Q1 FY3/2026 Q1 FY3/2027
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6*1 Schedule is as currently planned and may be subject to change. FY3/2027:Biomass Power Generation Business Maintenance Schedule*1 ◼ Completed scheduled maintenance with an 11-day reduction in duration (167 days vs. 178 planned), preserving Q1 earnings expectations despite minor maintenance timing shifts into Q2. ◼ Full-year maintenance is expected to complete with a 9-day reduction in duration (185 total days), even when accounting for the shift of maintenance days to Q2. Annual downtime Q1 Completed Q2 Q3 Q4 FY3/2026 Actual 251 days 71 days 111 days 32 days 37 days FY3/2027 Forecast 194 days 178 days 0 days 16 days 0 days FY3/2027 Actual 185 days (9 days reduction) 167 days (11 days reduction) 2 days 16 days 0 days Biomass periodic maintenance Concentrated in Q1 Q1 Completed
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7 *1 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is subject to neither audit nor quarterly review. *2 The EPS value does not consider adjustment for dilutive shares. *3 The capacity figures represent gross generation capacity. Non-FIT solar PV projects record capacity based on construction completion. The power generating capacity presented in this document is on a DC basis. Financial Highlights (IFRS) ◼ Profit attributable to owners of the parent decreased YoY reflecting lower operating profit, despite an increase by fair value gain on options and other factors. ◼ Progress is on track to achieve the full-year forecast. (Unit: Million yen) Q1 FY3/2026 Q1 FY3/2027 YoY Change (%) FY3/2027 (Forecast) Revenue 20,527 19,330 -5.8% 95,700 EBITDA*1 8,617 6,783 -21.3% 33,800 EBITDA margin 42.0% 35.1% - 35.2% Operating profit 3,296 1,043 -68.4% 11,300 Profit attributable to owners of the parent 862 95 -89.0% 3,400 EPS (yen)*2 9.53 1.05 37.61 Installed capacity (MW) *3 1,126.8 1,239.8 1,289.7
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8*1 Not subject to audit or quarterly review by auditors. *2 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *3 Adjusted for intercompany transactions (operation and management fees and interest on subordinated loans) paid by Power Generation etc. Business SPCs to RENOVA. *4 Adjusted for amortization of intangible assets, etc. (described on the following page) *5 After accounting for ownership interest. Results by Renewable Energy Power Generation etc. Business (Group Revenue Basis)*1 1/4 ◼ Revenue and profit decreased due to repair work at Karumai West Solar and scheduled concentrated biomass maintenance in Q1 (+107 days YoY). ◼ On the other hand, negative factors impacting profit were in line with the original plan, and progress towards the full-year forecast is generally on track. Q1 FY3/2026 Q1 FY3/2027 Change Large Solar PV*3 Revenue 4,118 3,463 -655 EBITDA*2 3,604 3,061 -543 Operating profit 2,059 1,529 -530 Net profit*5 1,312 758 -554 Biomass*3 *4 Revenue 15,756 15,403 -353 EBITDA*2 6,003 4,625 -1,378 Operating profit 3,091 1,351 -1,740 Net profit*5 1,099 81 -1,018 Non-FIT Solar PV*3 Revenue 270 342 72 EBITDA*2 198 215 17 Operating profit 106 88 -18 Net profit*5 76 -32 -108 Other*3 Revenue 0 8 8 EBITDA*2 -146 48 194 Operating profit -146 41 186 Net profit*5 -147 36 183 Total*3 *4 Revenue 20,144 19,215 -929 EBITDA*2 9,659 7,948 -1,710 Operating profit 5,110 3,009 -2,101 Net profit*5 2,340 843 -1,497 (Unit: Million yen)
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9 *1 Not subject to audit or quarterly review by auditors. *2 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *3 The difference between the fair value at the time of business combination and the assets and liabilities on the SPC‘s balance sheet is recognized on consolidation as contract-related intangible assets and amortized using the straight-line method over the 20-year operation period. This amortization expense is a non-cash accounting expense. *4 Adjusted for operation and management fees and interest on subordinated loans. *5 After accounting for ownership interest. Results by Renewable Energy Power Generation etc. Business (Group Revenue Basis)*1 2/4 ◼ The accounting figure for the Renewable Energy Power Generation etc. Business is the figure adjusted for amortization of intangible assets, etc.*3 recognized on fair value evaluation at the time of SPC consolidation and for intercompany transactions*4. Q1 FY3/2026 Q1 FY3/2027 Change Total (P.8 Figures: Reiteration) Revenue 20,144 19,215 -929 EBITDA*2 9,659 7,948 -1,710 Operating profit 5,110 3,009 -2,101 Net profit*5 2,340 843 -1,497 Adjustments for amortization of intangible assets, etc.*3 Revenue 0 0 0 EBITDA*2 0 0 0 Operating profit -742 -790 -48 Net profit*5 -349 -377 -27 Adjustments for intercompany transactions*4 Revenue 0 0 0 EBITDA*2 -246 -269 -23 Operating profit -246 -269 -23 Net profit*5 -150 -182 -32 Renewable Energy Power Generation etc. Business Segment total Revenue 20,144 19,215 -929 EBITDA*2 9,413 7,679 -1,734 Operating profit 4,122 1,950 -2,172 Net profit*5 1,842 285 -1,557 (Unit: Million yen)
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10*1 Not subject to audit or quarterly review by auditors. *2 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *3 Adjusted for intercompany transactions (operation and management fees and interest on subordinated loans) paid by Power Generation etc. Business SPCs to RENOVA. *4 Adjusted for amortization of intangible assets, etc. (described on the following page) *5 After accounting for ownership interest. Results by Renewable Energy Power Generation etc. Business (Group Revenue Basis)*1 3/4 ◼ Profit decreased YoY in Q1 due to repair work at Karumai West Solar and scheduled concentrated biomass maintenance in Q1 (+107 days YoY); however, progress is on track to achieve the full-year forecast. Q2 FY3/2026 Q3 FY3/2026 Q4 FY3/2026 Q1 FY3/2027 Large Solar PV*3 Revenue 4,554 2,573 3,028 3,463 EBITDA*2 4,071 2,193 2,012 3,061 Operating profit 2,526 647 467 1,529 Net profit*5 1,644 170 -72 758 Biomass*3 *4 Revenue 15,142 20,410 19,665 15,403 EBITDA*2 3,815 7,038 4,730 4,625 Operating profit 903 3,752 1,440 1,351 Net profit*5 110 1,097 466 81 Non-FIT Solar PV*3 Revenue 291 292 330 342 EBITDA*2 232 220 167 215 Operating profit 123 94 21 88 Net profit*5 97 26 -6 -32 Other*3 Revenue 0 0 0 8 EBITDA*2 48 335 339 48 Operating profit 48 335 339 41 Net profit*5 46 331 334 36 Total*3 *4 Revenue 19,988 23,275 23,023 19,215 EBITDA*2 8,167 9,786 7,249 7,948 Operating profit 3,600 4,829 2,267 3,009 Net profit*5 1,897 1,624 722 843 (Unit: Million yen) / Quarterly
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11 *1 Not subject to audit or quarterly review by auditors. *2 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *3 The difference between the fair value at the time of business combination and the assets and liabilities on the SPC‘s balance sheet is recognized on consolidation as contract-related intangible assets and amortized using the straight-line method over the 20-year operation period. This amortization expense is a non-cash accounting expense. *4 Adjusted for operation and management fees and interest on subordinated loans. *5 After accounting for ownership interest. Results by Renewable Energy Power Generation etc. Business (Group Revenue Basis)*1 4/4 ◼ Amortization of intangible assets, etc.*3 and adjustments for intercompany transactions*4 are recognized as an approximately fixed amount each quarter. Q2 FY3/2026 Q3 FY3/2026 Q4 FY3/2026 Q1 FY3/2027 Total (P.10 Figures: Reiteration) Revenue 19,988 23,275 23,023 19,215 EBITDA*2 8,167 9,786 7,249 7,948 Operating profit 3,600 4,829 2,267 3,009 Net profit*5 1,897 1,624 722 843 Adjustments for amortization of intangible assets, etc.*3 Revenue 0 0 0 0 EBITDA*2 0 0 0 0 Operating profit -742 -790 -790 -790 Net profit*5 -349 -378 -378 -377 Adjustments for intercompany transactions*4 Revenue 0 0 0 0 EBITDA*2 -237 -258 -258 -269 Operating profit -237 -258 -258 -269 Net profit*5 -145 -155 -160 -182 Renewable Energy Power Generation etc. Business Segment Total Revenue 19,988 23,275 23,023 19,215 EBITDA*2 7,929 9,528 6,991 7,679 Operating profit 2,620 3,781 1,219 1,950 Net profit*5 1,403 1,091 184 285 (Unit: Million yen) / Quarterly
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12 *1 When receiving development fees from affiliated companies, RENOVA records such development fees in its consolidated financial results after deducting amounts that correspond to RENOVA’s ownership stake in those affiliated companies. *2 EBITDA= Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. Results by Segment (IFRS) ◼ Development and Operation Business recorded YoY decrease in revenue and profit primarily due to a decline in business development fees. Q1 FY3/2026 Q1 FY3/2027 Change Renewable Energy Power Generation etc. Business （A） Revenue 20,144 19,215 -929 EBITDA*2 9,413 7,679 -1,734 Operating profit 4,122 1,950 -2,172 Development and Operation Business （B）*1 Revenue 1,874 961 -913 EBITDA*2 791 -12 -804 Operating profit 687 -100 -787 Consolidation adjustments （C） Revenue -1,491 -846 645 EBITDA*2 -1,587 -884 703 Operating profit -1,512 -806 706 Total (A)＋(B)*1＋(C) Revenue 20,527 19,330 -1,197 EBITDA*2 8,617 6,783 -1,834 Operating profit 3,296 1,043 -2,253 (Unit: Million yen)
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End of FY3/2026 Q1 FY3/2027 Change Major Factors of Increase/Decrease Key balance sheet items Total assets 611,464 627,821 16,357 Change in fair value of long-term foreign exchange contracts for biomass fuel and interest rate swaps Equity attributable to owners of the parent 122,850 132,657 9,807 Change in fair value of long-term foreign exchange contracts for biomass fuel and interest rate swaps Net interest-bearing debt*1 254,994 252,878 -2,116 Cash and deposits*2 85,802 84,760 -1,042 Interest-bearing debt*3 340,796 337,638 -3,158 Credit metrics Ratio of equity attributable to owners of the parent to total assets 20.1% 21.1% 1.0% Equity ratio 30.4% 31.8% 1.4% Net D/E ratio*4 1.4x 1.3x -0.1x Net Debt / LTM EBITDA*5 8.4x 8.8x 0.5x Adjusted Net Debt / EBITDA*6 7.9x 8.1x 0.2x 13*1 Net interest-bearing debt = Interest-bearing debt - Cash and deposits *2 Cash and deposits = Cash and cash equivalents + Restricted bank deposit at SPCs *3 Interest-bearing debt = Loans payable + Bonds + Lease obligations + Accrued interest-bearing liabilities *4 Net D/E ratio = Net interest-bearing debt / Equity *5 LTM EBITDA was 30,526 million yen for FY3/2026 and 28,692 million yen for Q1 FY3/2027 (July 2025 to June 2026) *6 Calculated excluding both Net Debt and EBITDA of SPC power plants with an operating period of less than 1 year Consolidated Capital Structure (IFRS) ◼ Financial soundness metrics remained largely unchanged, despite changes in the fair value of foreign exchange forward contracts for biomass fuels and interest rate swaps. (Unit: Million yen)
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Ⅱ. Recent Investors’ Interests
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15 BESS Business Expanding to 677MW Scale by End of Fiscal Year ◼ With the start of construction on Fukuroi Ugari in July, our total output in operation and construction has reached 452MW, positioning RENOVA as a top player in Japan*1. ◼ Following the addition of a newly disclosed 150MW development project in July, our total BESS output has reached 677MW, with FY2030 EBITDA expected to reach JPY 11.5–12.5bn*2. BESS Merchant *5 Offtake Agreement*4 Long-Term Decarbonization Power Source Auction*3 Himeji / Yasugi Ishikari 30MW 215MW 17MW BESS Facility Total 677MW (2.2GWh) <As of FY2030> 225MW 2 New Large-Scale Projects 190MW Kikugawa Nishimura / Fukuroi Ugari Under construction*6 Tomakomai / Shiraoi / Morimachi Mutsumi Under construction*6 In operation Under construction*6 Under development (COD FY2028)*7 (COD FY2027)*7 (COD FY2025 / FY2026) (COD FY2028 / FY2029)*7 (COD FY2029 / FY2030)*7 Revenue Image (677MW)*2 JPY 17.0-18.0bn/yr JPY 11.5-12.5bn/yr JPY 6.5bn/yr JPY 6.5-7.5bn/yr Revenue EBITDA Operating profit MTMP Target EBITDA *1 Based on public information (RENOVA's research). *2 Revenue image is based on current estimates and may change. Revenue from LTDA is the amount after returning revenue from other markets. *3 In principle, receive inflation-linked fixed revenues based on installed capacity for 20 years. *4 Granting BESS operation rights and receiving long-term fixed usage fees. RENOVA handles O&M of facilities. *5 Earnings from sales of capacity and balancing power mainly in the capacity market and balancing market, etc. *6 In RENOVA's IR documents, the time of EPC contract conclusion is defined as "start of construction," and the period from start of construction to COD is defined as "under construction." *7 COD are current plans and may be subject to change or delay.
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16 *1 Refers to METI's 9th Next-Generation Power Grid Working Group material "Efforts for Prompt Grid Connection of Power Generation Facilities Including Grid-Scale BESS" *2 In RENOVA's IR materials, execution of EPC contract is defined as "Construction Start/Commencement", and period from construction start to COD is shown as "Under construction" *3 Schedule at grid approval stage; actual period and costs may fluctuate due to external environment changes post-construction start RENOVA's Publicly Disclosed Projects Have Cleared Key Grid Risks ◼ RENOVA publicly discloses projects as “Final Investment Decision (FID) and Construction Start” - when grid connection schedules and costs are finalized - which effectively eliminates the common grid-related delay risks typical of early-stage development. ◼ In the industry, while 172GW of projects were under grid connection study and 30GW had submitted interconnection applications, only 0.64GW were connected (as of December 2025). Grid Connection Study Grid Connection Work by T&D Operator Industry Status As of December 2025*1 Pre-consultation Application Contract Execution Grid Connection (COD) In Operation 17MW BESS Contract Procedures 172GW 0.64 GW Under Development (Undisclosed Projects) Multiple Projects Under Development (Disclosed Projects) 225MW <Interconnection Process> 30GW Grid Approval Grid Capacity Reservation Interconnection timeline & cost finalized*3 Under Construction*2 (Land, Grid, EPC & Financing Secured) 435MW Total 677MW Grid Capacity Inquiry
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17*1 System changes in the balancing market (lowering of price caps and reduction in procurement volume) have already been factored into the forecasts. Storage Battery Business: Output Build-up Plan toward FY2030 ◼ In addition to the 677MW projects (in operation, under construction, and disclosed), approximately 100MW of undisclosed projects are under development. ◼ Consequently, BESS power output (in operation) and EBITDA are expected to significantly exceed MTMP targets. Accumulation of BESS Output [GW] 0 20 40 60 80 100 120 140 FY2025 FY2026 FY2027 FY2028 FY2029 FY20300.0 0.2 0.4 0.6 0.8 1.0 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Undisclosed Projects 677MW Undisclosed Projects Approx. 100MW JPY 11.5–12.5bn MTMP targets In operation Under construction Under development (Inc. under construction) 0.9GW (In operation) 0.6GW MTMP Target JPY 6.5bn [JPY 100 mil] EBITDA outlook*1 BESS
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18 FY2030 Revenue Image by Revenue Model ◼ The Long-Term Decarbonization Power Source Auction projects have CPI indexation mechanism, providing upside potential to RENOVA's business plan. ◼ The merchant BESS projects have reached the Final Investment Decision (FID) based on conservative assumptions for winning bid prices, offering potential upside as well. Offtake Long-Term Decarbonization Power Source Auction Merchant Fixed Revenue Fixed Revenue Capacity Market Balancing Market BESS CPI Indexation Merchant Sales x 10% UpsideRENOVA's Business Plan RENOVA's Business Plan UpsideRENOVA's Business Plan
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19 Balancing Market: Business Plan Anticipating Future Price Competition ◼ In the early 2030s, the primary source of grid-balancing capacity is projected to shift from thermal power to battery energy storage, intensifying price competition amongst battery assets. ◼ RENOVA’s business plan anticipates such competition, structured to navigate and remain competitive throughout this evolving landscape. Image of Balancing Market*1 BESS BESSThermal 0 7 0 7 0 7 0 7 0 7 2025 2030 2035 20402030 15.0 Current regulated price ceiling (JPY/ΔkW) Average winning bid price (Actual)*2 4.1 Range of winning bid prices Primary source of balancing capacity Competition among BESS *1Created by RENOVA based on third-party report *2 Annual average winning bid prices across all areas in Electric Power Reserve eXchange (EPRX).
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0 100 200 300 FY22 Q1 FY22 Q2 FY22 Q4 FY23 Q2 FY23 Q4 FY24 Q2 FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q1 Progress of Non-FIT Solar PV Power Generation Business ◼ Progressing as planned toward FY3/2027 target completed capacity of 59MW. ◼ Cumulative completed capacity reached 110.3MW out of 224.7MW total applied capacity under Power Generation Adjustment Supply Agreements*1 as of end of June 2026. Future Image (MW) 206 224.7 0 110.3 0 100 200 20 In Operation Adjustment Supply under Application Contracted PPA Capacity Present Trends in Corporate PPA, Applications for Power Generation Adjustment Supply Agreements*2 and Construction Completion*3 (DC-based) *1 A contract in which the power generator supplies electricity according to the generation plan. Additionally, an application for grid interconnection is submitted along with this contract application (Adjustment Supply under Application). *2 For total capacity of Power Generation Adjustment Supply Agreements, minor changes may occur based on the development status. *3 Given that the total capacity in operation as of the end of this quarter is a preliminary figures, it might be slightly changed.
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Wood Pellets (FOB) PKS (SUMATRA / FOB) 21 *1 Data source: Argus Biomass Markets. Wood Pellets (USA): ”Wood pellets export price USA southeast fob”; PKS (Sumatra): ”Palm kernel shell (PKS) Index East Coast Sumatra fob”; Certified PKS: ”Fob east coast Sumatra”. Unauthorized reproduction or use of this data is strictly prohibited. *2 Hedge ratio differs by power plants. *3 Sensitivity to ±$10/t change in fuel market price. Trend of Biomass Spot Fuel Market Price*1 ◼ Approx. 60% of biomass fuel price fixed via long-term contracts. The remaining approx. 40% are subject to spot fuel price fluctuations. Approx. 90-95%*2 of the exchange rate (USD/JPY) is hedged. ◼ The blockage of the Strait of Hormuz since March 2026 has had no material impact on spot prices of biomass fuels, which remained soft. ◼ Spot fuel prices ─ Assumptions for FY3/2027 budget: Wood pellets $185/t, Certified PKS $130/t ─ Recent market prices (CIF = FOB + freight etc.): Wood pellets $180～185/t, Certified PKS $130～135/t (Crude price surge impacted freight costs by +$5/t) ─ Operating profit sensitivity to spot prices (±$10/t)*3: ➢ -$10/t: Wood pellets +JPY 0.26bn, PKS +JPY 0.66bn ➢ +$10/t: Wood pellets -JPY 0.36bn, PKS -JPY 0.96bn Certified PKS (Unit: USD/t) Data period: August 2024 to July 2026 (Unit: USD/t) 0 100 200 300 Aug.,2024 Feb.,2025 Aug.,2025 Feb.,2026 0 100 200 300 Aug., 2024 Feb., 2025 Aug., 2025 Feb., 2026 From North AmericaFrom Asia Jul. 2026 Jul. 2026
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22 *1 Financial figures as of end of March 2026 *2 Ratio varies by power plant Investors’ Concerns Regarding the Financial Environment*1 ◼ The impact of interest rate, exchange rate, and price fluctuations on the company financials is minimal. Exchange Rate Fluctuations ◼ Out of total interest-bearing debt of 337.6 billion yen, approx. 27.9 billion yen (8%) has exposed to interest rate fluctuations. ― Most of these debts are bank borrowings and are affected by changes in the reference interest rate of yen such as Tibor, etc. If interest rates were to rise by 50 bps, the annual financial impact would be limited to an increase of approx. 0.14 billion yen. ― Approx. JPY 291.4bn of project finance, interest rates have been fixed through interest rate swaps in principle, with no impact from interest rate hikes. ― 7.0 billion yen of green bonds were issued with a fixed rate. ◼ Around 90-95%*2 of the exchange rate ($/yen) for fuel procurement in the Biomass Power Generation Business has been hedged. ◼ Fair value evaluation of US dollar-denominated liabilities in the Quang Tri Onshore Wind (approx. USD 106 million) affected by exchange rate fluctuations vs. Vietnamese dong is recorded in PL for 40% equity interest (a weak dollar means unrealized gains). Interest Rate Fluctuations Price Fluctuations (excl. biomass fuel price) ◼ Capital Expenditure (CAPEX): Fixed at the Final Investment Decision (FID) and start of construction. ◼ Operating Expenditures (OPEX): Fixed at FID in principle. ― However, there are fluctuations in insurance premiums. ◼ Revenue: FIT and FIP tariff are fixed. Some Corporate PPAs and Long-Term Decarbonization Power Source Auction include adjustment clause associated with commodity price. Minimal Minimal Minimal Impact on the company financials
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Ⅲ. Outlook for the Fiscal Year Ending March 2027 (IFRS)
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24 *1 EBITDA = Revenue - Fuel costs - Outsourcing expenses - Personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income/expenses. EBITDA is not subject to audit or quarterly review by the accounting auditor. *2 EPS for FY3/2027 (Forecast) is calculated by assuming the total number of issued shares at the end of FY3/2026 as the average number of shares during the period. *3 Installed capacity is shown on a gross basis, without considering RENOVA's ownership interest. For Non-FIT solar PV business, installed capacity is recorded on a completion basis. Full-year Outlook for FY3/2027 (IFRS) ◼ Revenue and profit are expected to increase due to the full-year contribution from all biomass power plants. ◼ In particular, operating profit is projected to significantly increase by 36% year-on-year. FY3/2026 (Actual) FY3/2027 (Forecast) Change Revenue 87,622 95,700 9% EBITDA*1 30,526 33,800 11% EBITDA margin 34.8% 35.2% - Operating profit 8,283 11,300 36% Profit attributable to owners of the parent 3,308 3,400 3% EPS (yen)*2 36.59 37.61 - Capacity (MW) *3 1,228.7 1,289.7 - ⚫ Contribution from reduction in downtime at Omaezakikou Biomass ⚫ Full-year contribution from Karatsu Biomass ⚫ One-time accounting gains (gain on step acquisitions and fair value gain on options) are expected to decrease ⚫ Offset by the contribution from increased operating profit (Unit: Million yen / %) Forecasts for financial results remain unchanged
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25*1 Not subject to audit or quarterly review by auditors. *2 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *3 Adjusted for intercompany transactions (operation and management fees and interest on subordinated loans) paid by Power Generation etc. Business SPCs to RENOVA. *4 Adjusted for amortization of intangible assets, etc. (described on the following page) *5 After accounting for ownership interest. Full-year Outlook of Renewable Energy Power Generation Business (Group Revenue Basis)*1 1/2 ◼ The biomass power generation business is expected to generate strong, stable revenue due to the full-year contribution of all power plants. ─ Assumption of spot fuel prices: Wood pellets USD 185/t, certified PKS USD 130/t, JPY 155/USD. FY3/2026 (Actual) FY3/2027 (Forecast) Change Large Solar PV*3 Revenue 14,273 13,700 -573 EBITDA*2 11,880 11,400 -480 Operating profit 5,699 5,600 -99 Net profit*5 3,054 3,100 46 Biomass*3 *4 Revenue 70,973 78,600 7,627 EBITDA*2 21,586 24,000 2,414 Operating profit 9,186 11,100 1,914 Net profit*5 2,773 3,200 427 Non-FIT Solar PV*3 Revenue 1,183 2,100 917 EBITDA*2 818 1,600 782 Operating profit 344 1,000 656 Net profit*5 193 300 107 Other*3 Revenue 0 400 400 EBITDA*2 576 1,600 1,024 Operating profit 576 1,600 1,024 Net profit*5 564 1,500 936 Total*3 *4 Revenue 86,429 94,700 8,271 EBITDA*2 34,861 38,700 3,839 Operating profit 15,805 19,200 3,395 Net profit*5 6,584 8,200 1,616 (Unit: Million yen) Forecasts for financial results remain unchanged
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26 *1 Not subject to audit or quarterly review by auditors. *2 EBITDA = Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *3 The difference between the fair value at the time of business combination and the assets and liabilities on the SPC‘s balance sheet is recognized on consolidation as contract-related intangible assets and amortized using the straight-line method over the 20-year operation period. This amortization expense is a non-cash accounting expense. *4 Adjusted for operation and management fees and interest on subordinated loans. *5 After accounting for ownership interest. Full-year Outlook of Renewable Energy Power Generation Business (Group Revenue Adjusted)*1 2/2 ◼ The accounting figure for the Renewable Energy Power Generation etc. Business is the figure adjusted for amortization of intangible assets, etc.*3 recognized on fair value evaluation at the time of SPC consolidation and for intercompany transactions*4. FY3/2026 (Actual) FY3/2027 (Forecast) Change Total (Restatement of figures on the previous page) Revenue 86,429 94,700 8,271 EBITDA*2 34,861 38,700 3,839 Operating profit 15,805 19,200 3,395 Net profit*5 6,584 8,200 1,616 Adjustments for amortization of intangible assets, etc.*3 Revenue 0 0 0 EBITDA*2 0 0 0 Operating profit -3,064 -3,200 -136 Net profit*5 -1,454 -1,500 -46 Adjustments for intercompany transactions*4 Revenue 0 0 0 EBITDA*2 -999 -1,100 -101 Operating profit -999 -1,100 -101 Net profit*5 -610 -700 -90 Renewable Energy Power Generation etc. Business Segment total Revenue 86,429 94,700 8,271 EBITDA*2 33,862 37,600 3,738 Operating profit 11,741 14,900 3,159 Net profit*5 4,520 6,000 1,480 (Unit: Million yen) Forecasts for financial results remain unchanged
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FY3/2026 (Actual) FY3/2027 (Forecast) Change Renewable Energy Power Generation etc. Business (A) Revenue 86,429 94,700 8,271 EBITDA*2 33,862 37,600 3,738 Operating profit 11,741 14,900 3,159 Development and Operation Business (B)*1 Revenue 5,584 5,400 -184 EBITDA*2 1,896 2,000 104 Operating profit 1,469 1,900 431 Elimination (C) Revenue -4,391 -4,400 -9 EBITDA*2 -5,232 -5,800 -568 Operating profit -4,928 -5,500 -572 Total (A)＋(B)*1＋(C) Revenue 87,622 95,700 8,078 EBITDA*2 30,526 33,800 3,274 Operating profit 8,283 11,300 3,017 27 *1 When receiving development fees from affiliated companies, RENOVA records such development fees in its consolidated financial results after deducting amounts that correspond to RENOVA’s ownership stake in those affiliated companies. *2 EBITDA= Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. Full-year Outlook by Segment for FY3/2027 (IFRS) ◼ In the Renewable Energy Power Generation Business, revenue and profit increased year-on-year due to the full-year contribution of Karatsu Biomass and increased operation of Omaezakikou Biomass. ◼ In the Development and Operation Business, profit increased due to increases in dividends and other factors (with some overlapping due to consolidated elimination). (Unit: Million yen) Forecasts for financial results remain unchanged
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28 Major Assumptions for Full-year Outlook for FY3/2027 (IFRS) Renewable Energy Power Generation etc. Business Development and Operation Business Business Development Fee ⚫ Expected to record appx. JPY 0.8 billion from several projects (after consolidation elimination) Development Costs ⚫ Expected to be at the same level as the previous fiscal year. <FY3/2026 (Actual)> Consolidated Subsidiaries ⚫ 12 Solar PV plants / 352.8MW ○ Forecasts for some existing Solar PV plants incorporate additional output curtailment due to supply-demand balancing, construction and maintenance ⚫ Non-FIT Solar PV / Total approx. 160.2MW ⚫ 7 Biomass plants / 445.2MW ○ Full-year contributions from all 7 power plants ○ Concentration of regular inspections in Q1; annual downtime of 194 days (-57 days) ○ Fuel costs: Wood pellets USD 185/t, Certified PKS USD 130/t (Exchange rate: 155 yen/USD) ⚫ 1 BESS / 2.0MW Income from equity in affiliates ⚫ 1 Onshore Wind / 144.0MW / Quang Tri Onshore Wind ⚫ 1 Geothermal plant / 2.0MW / Minami-Aso Yunotani ⚫ 1 BESS / 15.0MW / Himeji BESS Business Development Fees ⚫ Recorded appx. JPY 0.8 billion from several projects (after consolidation elimination). Development Costs ⚫ Expensed at a lower level than the initial allocations. Consolidated Subsidiaries ⚫ 12 Solar PV plants / 352.8MW ○ Forecasts for some existing Solar PV plants incorporate additional output curtailment due to supply-demand balancing, construction and maintenance ⚫ Non-FIT Solar PV / Total approx. 101.2MW ⚫ 7 Biomass plants / 445.2MW ○ Karatsu: Commenced operation in September 2025 and consolidated in October ○ Downtime for regular inspections, etc.: 251 days Income from equity in affiliates ⚫ 1 Onshore Wind / 144.0MW / Quang Tri Onshore Wind ⚫ Biomass plants / Revenue from commissioning at each plant ⚫ 1 Geothermal plant / 2.0MW / Minami-Aso Yunotani ⚫ 1 BESS / 15.0MW / Himeji BESS <FY3/2027 (Forecast)> Forecasts for financial results remain unchanged
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Ⅳ. Business Development Update
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FY2030 30 COD Schedule for Projects Under Construction*1 (As of August 2026) ◼ With the addition of Fukuroi Ugari BESS, the total capacity of projects under construction reached 489MW. ◼ Expected EBITDA from those projects is JPY 9.5-10.5 billion in FY2030. FY2027 FY2028FY2026 COD (Planned) Scheduled for consolidation after COD Consolidated FY2029 Non-FIT Solar PV COD: 110MW/893 sites To start operation sequentially Yasugi 2MW COD in April 2026 Reihoku Amakusa 54MW In FY2027 Ishikari 30MW In FY2027 Tomakomai 90MW FY2028*2 Shiraoi 50MW FY2028*2 Morimachi Mutsumi 75MW FY2028*2 Kikugawa Nishimura 90MW FY2028 Fukuroi Ugari 100MW FY2029 Under construction 489MW *1 Projects under construction may be altered, delayed or cancelled. In RENOVA's IR documents, the time of EPC contract conclusion is defined as "start of construction," and the period from start of construction to COD is defined as "under construction." *2 The implementation of the system will commence in April 2029. EBITDA (FY2030) +JPY 9.5-10.5bn
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31*1 In this IR material, the execution of the EPC contract is defined as “Construction Start/Commencement”, and the period from that point until commercial operations is referred to as “Under Construction”. *2 Projects under construction may be altered, delayed or cancelled. Progress of Projects Under Construction*1 (As of August 2026) ◼ Reihoku Amakusa Onshore Wind completed substation construction; private transmission lines and turbine installation progressing. Non-FIT Solar PV Panoramic View COD in sequence (Construction completed: 110.3MW/893 sites) Reihoku Amakusa Onshore Wind 54.6MW, Reihoku-machi Amakusa-gun Kumamoto COD in FY2027 (Planned)*2 Installation of Wind Turbines (June 2026)
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*1 In this IR material, the execution of the EPC contract is defined as “Construction Start/Commencement”, and the period from that point until commercial operations is referred to as “Under construction”. *2 Projects under construction may be altered, delayed or cancelled. *3 The completed image displayed was created using generative AI based on design drawings and may differ from the actual result. It is also subject to change due to future construction or specification modifications Progress of Projects Under Construction*1 (As of August 2026) ◼ Preparing for the start of on-site construction. Tomakomai BESS (Long-term Decarbonization Power Source Auction) 90MW Tomakomai-shi, Hokkaido COD in FY2028 (Planned)*2 Construction Site Shiraoi BESS (Long-Term Decarbonization Power Source Auction) 50MW Shiraoi-cho, Hokkaido COD in FY2028 (Planned)*2 Construction Site Mori-machi Mutsumi BESS (Long-term Decarbonization Power Source Auction) 75MW Mori-machi Mutsumi, Shizuoka COD in FY2028 (Planned)*2 Construction Site 32 Ishikari BESS (Offtake Agreement) 30MW Ishikari-shi, Hokkaido COD in FY2027 (Planned)*2 Kikugawa Nishimura BESS (Merchant) 90MW Kikugawa-shi, Shizuoka COD in FY2028 (Planned)*2 Fukuroi Ugari BESS (Merchant) 100MW Fukuroi-shi, Shizuoka COD in FY2029 (Planned)*2 Construction Site*3 Construction Site*3Construction Site*3
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Ⅴ. Appendix: Other Corporate Information
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34*1 Tariff is fixed purchase price under FIT Scheme (excl. tax), not actual contractual price with off-taker *2 Interconnection contract executed on/after Aug 1, 2016; 3-year deadline from certification makes FIT sales period 18 years and 9 months Large Solar PV Business Portfolio: In Operation (As of August 2026) Project Name Location Power Generating Capacity (MW) Purchase Price*1 (/kWh) Current Status Ownership Interest COD FIT end Year Suigo Itako Ibaraki 15.3 ￥40 68.0% 2014 2034 Futtsu Chiba 40.4 ￥40 51.0% 2014 2034 Kikugawa Ishiyama Shizuoka 9.4 ￥40 63.0% 2015 2035 Kikugawa Horinouchiya Shizuoka 7.5 ￥40 61.0% 2015 2035 Kokonoe Oita 25.4 ￥40 100.0% 2015 2035 Nasu Shiobara Tochigi 26.2 ￥40 100.0% 2015 2035 Ozu Kumamoto 19.0 ¥36 100.0% 2016 2036 Yokkaichi Mie 21.6 ¥36 20.0% 2019 2039 Nasu Karasuyama Tochigi 19.2 ¥36 100.0% 2019 2039 Karumai West Iwate 48.0 ¥36 100.0% 2019 2039 Karumai East Iwate 80.8 ¥36 100.0% 2019 2039 Karumai Sonbou Iwate 40.8 ¥36 55.0% 2021 2041 Hitoyoshi Kumamoto 20.8 ¥36 100.0% 2023 2042*2 In operation In operation In operation In operation In operation In operation In operation In operation In operation In operation In operation In operation In operation
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35*1 Evergreen Marketing *2 Environmental value purchase agreement selling non-FIT non-fossil certificates directly Non-FIT Solar PV Business Portfolio: In Operation and Under Construction List of Currently Disclosable Projects (As of August 2026) Off-taker PPA Signing Date Type Max Contracted Power Generating Capacity (MW) Price Current Status Ownership Interest COD (Target) Remarks Tokyo Gas Aug. 2022 Physical Approx. 12 Fixed 100.0% - - EGM*1 Jan. 2023 Physical Approx. 9 Fixed 100.0% COD sequentially - Murata Manufacturing May 2023 Virtual*2 Approx. 115 Fixed 100.0% Sequentially from 2023 Electricity sold to wholesales market Suzuyo Shoji Jun. 2023 Physical Approx. 2 Fixed 100.0% - - Otsuka Corporation August 2023 Virtual*2 Approx. 12 Fixed 100.0% - Electricity sold to wholesales marketFebruary 2024 Virtual*2 Approx. 10 Fixed 100.0% Sequentially by March 2028 Toho Gas Dec. 2023 Physical Approx. 10 Fixed 100.0% Sequentially by September 2026 - Domestic Customer Oct. 2024 Virtual*2 Approx. 36 Fixed 100.0% COD sequentially Electricity sold to wholesales market Total - - Approx. 206 - - - Weighted Average Contract Period 26.6 years - In operation COD sequentially COD sequentially COD sequentially COD sequentially COD sequentially In operation In operation
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36 *1 Tariff is fixed purchase price under FIT Scheme (excl. tax), not actual contractual price with off-taker (excl. fixed PPAs) *2 RENOVA invested in URE (United Renewable Energy) via subsidiary Sensyu Holdings (Sensyu HD); effective ownership interest is 35.3% *3 Dividend ratio shown; equity stake is 60.8% *4 Dividend ratio shown; equity stake is 51.0% *5 Dividend ratio shown; equity stake is 56.0% Biomass Business Portfolio : In Operation List of Currently Disclosable Projects (As of August 2026) Project Name Location Power Generating Capacity (MW) Purchase Price (/kWh) *1 Current Status Ownership Interest COD FIT end Year PPA end Year Akita (URE) Akita 20.5 Fixed PPA 35.3%*2 2016 - 2036 Kanda Fukuoka 75.0 ¥24/¥32 53.1% 2021 2041 - Sendai Gamo Miyagi 75.0 ¥24/¥32 60.0% 2023 2043 - Tokushima Tsuda Tokushima 74.8 ¥24/¥32 70.4%*3 2023 2043 - Ishinomaki Hibarino Miyagi 75.0 Fixed PPA 62.93%*4 2024 - 2043 Omaezakikou Shizuoka 75.0 ¥24/¥32 75.0%*5 January 2025 2044 - Karatsu Saga 49.9 Fixed PPA 51.0% September 2025 - 2044 In operation In operation In operation In operation In operation In operation In operation
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Energy Source Project Name Location Power Generating Capacity (MW) Purchase Price*1 (/kWh) Current Status*2 Ownership Interest (After COD) COD (Target)*2 FIT end Year PPA end Year Onshore Wind Quang Tri*3 Vietnam 144.0 $8.5 cent 40.0% 2021 2041 - Abukuma*3 Fukushima Appx. 147 Fixed PPA Less than 10% April 2025 - 2045 Reihoku Amakusa Kumamoto 54.6 Fixed PPA 38.0% （90.0%*4） (FY2027) - (Around FY2052) Geothermal Minami-Aso Yunotani*3 Kumamoto 2.0 ¥40 30.0% 2023 2038 - 37 *1 Tariff is fixed purchase price under FIT Scheme (excl. tax), not actual contractual price with off-taker *2 Execution of EPC contract defined as "Construction Start/Commencement"; period from start to COD shown as "Under construction". COD schedules reflect current plans and may change or delay *3 Minority investment led by other company *4 Holds right to acquire additional SPC equity and shareholder loans (total 52.0%) from co-sponsors post-COD; exercising right increases stake to 90.0% Wind Business and Other Energy Technology Portfolio : In Operation and Under Construction List of Currently Disclosable Projects (As of August 2026) ◼ Reihoku Amakusa Onshore Wind executed a 25-year long-term PPA with Tokyo Gas in June 2026. In operation In operation Under construction In operation
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38 BESS Portfolio : In Operation and Under Construction List of Currently Disclosable Projects*1 (As of August 2026) ◼ Fukuroi Ugari BESS started construction in July 2026. Project Name Location Output/Capacity (MW/MWh) Revenue Model Current Status Ownership Interest (After COD) COD Year (Target) Himeji*2 Hyogo 15.0MW 48.0MWh Merchant 22.0% October 2025 Tomakomai*3 4 Hokkaido 90.0MW Long-Term Decarbonization Power Source Auction 39.0% （87.0%*5） (FY2028) Shiraoi*3 4 Hokkaido 50.0MW Long-Term Decarbonization Power Source Auction 39.0% （87.0%*5） (FY2028) Morimachi Mutsumi*3 4 Shizuoka 75.0MW Long-Term Decarbonization Power Source Auction 39.0% （87.0%*5） (FY2028) Ishikari Hokkaido 30.0MW Offtake Agreement 39.0% （75.0%*6） (FY2027) Yasugi Shimane 2.0MW 6.5MWh Merchant Direct Asset Ownership April 2026 Kikugawa Nishimura Shizuoka 90.0MW 270MWh Merchant 40.0% （80.0%*7） (FY2028) Fukuroi Ugari Shizuoka 100.0MW 280MWh Merchant 40.0% （80.0%*7） (FY2029) In operation Under construction Under construction Under construction Under construction Under construction Under construction In operation *1 In this IR material, the execution of the EPC contract is defined as “Construction Start/Commencement”, and the period from that point until commercial operations is referred to as “Under Construction”. Projects under construction may be altered, delayed or cancelled. *2 RENOVA is participating in the project as a minority investor. *3 Projects were awarded under the Long-Term Decarbonization Power Source Auction and will receive capacity payment from OCCTO for 20 years in principle, based on the awarded bid price multiplied by the installed capacity (the amount is adjusted annually during the system application period to account price fluctuations each fiscal year). *4 The winning bid capacity stated in the contract results announced by the Organization for Cross-regional Coordination of Transmission Operators, JAPAN (April 26, 2024) is the number obtained by multiplying the bid capacity by an adjustment factor corresponding to the area and the type of power source. Although the number is different from each capacity, the system is expected to be applied to the total amount of the bid capa city. *5 RENOVA plan to hold the right to acquire investment shares in a special purpose company from some co-sponsors after COD. Following the acquisition, RENOVA’s investment ratio in the project will be 87.0%. *6 RENOVA plan to hold the right to acquire investment shares in a special purpose company from some co-sponsors after COD. Following the acquisition, RENOVA’s investment ratio in the project will be 75.0%. *7 RENOVA plan to hold the right to acquire investment shares in a special purpose company from some co-sponsors after COD. Following the acquisition, RENOVA’s investment ratio in the project will be 80.0%.
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39 Development Progress of Major Onshore Wind Projects in Japan*1 ◼ Advancing the development process for two Onshore Wind projects (total: 250MW), proceeding towards commencement of construction. ◼ Additionally, wind condition surveys are being conducted in several other locations. Area Project Name Capacity*1 （MW） Construction Starts*2 (FY) COD*2 (FY) Status Wind Observation Land Environmental Impact Assessment Grid Permit Offtake Akita Yurihonjo Iwaki 80 2029 2032 Over a year In progress “Scoping Document” completed Secured In preparation In progress Aomori Higashi-dori 170 2029 2034 Over a year In progress “Scoping Document” completed In progress In preparation ー Total 250 *1 Figures are as currently planned and may be subject to change *2 The schedules are based on figures which entered on the “Document on Primary Environmental Impact Consideration” for each project, so that they may be altered, delayed or cancelled. 39
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40 Development Progress of Major BESS Projects in Japan*1 ◼ Added 150MW merchant BESS project following development progress; proceeding with development toward construction start for 2 projects (total 225MW). ◼ Several other promising projects are also under development. Area Main Revenue Source Capacity*1 （MW） Construction Starts*2 (FY) COD*2 (FY) Status Land Grid Permit Offtake Not Disclosed Capacity market, balancing market, etc 75 2026 2029 Secured In progress In progress N/A Not Disclosed Capacity market, balancing market, etc 150 2027 2030 In progress Secured In progress N/A Total 225 *1 Figures are as currently planned and may be subject to change *2 In this IR material, "start of construction" refers to the execution of the EPC contract. As this includes the start of detailed design, ordering of equipment, etc., it may differ from the start of on-site construction. Projects under development may be subject to change, delay, or discontinuation based on development status, progress, and opinions based on environmental impact assessments. 40
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Energy Source Area Capacity*1 （MW） Construction Starts*2 (FY) COD*2 (FY) Status Wind Observation Land Business Permit*3 Environmental Impact Assessment Grid Offtake Onshore Wind Korea Gyeongsangbuk- do 40 2026 2028 Over a year In progress Completed Completed Secured Secured Onshore Wind Korea Chungcheongnam -do 40 2030 2032 Over a year In progress In progress ー ー ー Onshore Wind Philippines Batangas 50 2027 2029 Over a year In progress Completed Completed Completed In preparation Solar PV Philippines Negros Occidental 150 2027 2028 ー Secured Completed In preparation In progress (100MW already secured) Secured Total 280 41 Development Progress of Major Projects in Asia*1 ◼ The following four projects (total 280MW) are under development. ◼ Also considering participation in multiple other businesses. *1 Figures are as currently planned and may be subject to change *2 The schedules are based on figures which entered on the “Document on Primary Environmental Impact Consideration” for each project, so that they may be altered, delayed or cancelled *3 Korea: Electricity Business License (EBL) , Philippines: Service Contract (SC/service contract concluded with the Department of Energy) 41
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42 Development Progress of Major Projects in the United States*1 ◼ The following 2 projects (total: 500MW) are under development. Technology Area Capacity*1（MW） Construction Starts*2 (FY) COD*2 (FY) Status Land Permit Grid (Interconnection Agreement) Offtake BESS State of Texas ERCOT (Share: 70%) 200 2026 2028 Secured Completed Completed In progress BESS, PV Hybrid State of Texas SPP (Share: Minority) PV: 150 BESS: 150 2027 2028 Secured Completed In progress In progress Total 500 *1 Figures are as currently planned and may be subject to change *2 The schedules are based on figures which entered on the “Document on Primary Environmental Impact Consideration” for each project, so that they may be altered, delayed or cancelled 42
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43 Corporate Overview (as of June 30, 2026) Name: RENOVA, Inc. Location of Head Office 2-2-1 Kyobashi Chuo-ku, Tokyo Representatives Yosuke Kiminami, Founding CEO Established May 2000 Capital Stock 11,354 million yen Stock Exchange The Prime Market of the TSE Securities code 9519 Business Renewable Energy business, GX business including Storage Battery Business and others Employees (consolidated) 315 Board of Directors 7 directors, including 4 external directors Audit & Supervisory Board 4 auditors, including 2 external auditors Total Number of Authorized Shares 280,800,000 Total Number of Shares Issued 91,252,300 Number of Shareholders 34,002 May 2000 Established Recycle One, Inc. (currently RENOVA, Inc.) Oct. 2012 Entered renewable energy business Feb. 2014 COD for Suigo Itako Solar Co., Ltd. July 2014 COD for Futtsu Solar Co., Ltd. Feb. 2015 COD for Kikugawa Ishiyama Solar Co., Ltd. and Kikugawa Horinouchiya Solar Co., Ltd. May 2015 COD for Kokonoe Solar G.K. Sep. 2015 COD for Nasushiobara Solar G.K. Apr. 2016 COD for Ozu Solar G.K. Feb. 2017 Listed on the Tokyo Stock Exchange Mothers Section May 2019 COD for Nasukarasuyama Solar G.K. July 2019 COD for Karumai West Solar G.K. Dec. 2019 COD for Karumai East Solar G.K. June 2021 COD for Kanda Biomass Energy Co., Ltd. Oct. 2021 COD for Karumai Sonbou Solar G.K. and Quang Tri Onshore Wind June 2023 COD for Hitoyoshi Solar G.K. Nov. 2023 COD for Sendai Gamo Biomass Energy G.K. Dec. 2023 COD for Tokushima Tsuda Biomass Power Plant G.K. Mar. 2024 COD for Ishinomaki Hibarino Biomass Power Plant G.K. Jan. 2025 COD for Omaezakikou Biomass Power Plant G.K. Sep. 2025 COD for Karatsu Biomass Power Plant G.K. Oct. 2025 COD for Himeji BESS April 2026 COD for Yasugi BESS Corporate Information Key History Corporate Governance Status of shares (as of March 31, 2026)
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Ⅵ. Appendix: Other Information
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45 YoY Quarterly Earnings Comparison ◼ YoY decline in earnings was primarily driven by the scheduled concentrated biomass maintenancein Q1 (+107 days YoY) combined with temporarily reduced availability of the Karumai West Solar due to unplanned repair works. 45 -1,148 -426 -305 8,617 6,783 0 2,000 4,000 6,000 8,000 10,000 2026年3月期 Q1 定期点検に伴う稼働低下 軽米西ソーラーの補修工事による稼働低下 開発報酬の減少 オプション公正価値評価益の増加 その他 2027年3月期 Q1 862 -1,148 -424 -305 1,060 50 95 2026年3月期Q1 バイオマス影響 軽米西ソーラーの補修… 開発報酬の減少 オプション公正価値評… その他 2027年3月期Q1 -1,500 -1,000 -500 0 500 1,000 Reduced operating days due to periodic maintenance at biomass power plants, etc. Reduced operating days due to repair work at Karumai West Solar Others Q1 FY3/2027Q1 FY3/2026 Decrease in business development fee Increase in fair value gain on options EBITDA (Million yen) Net Income
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End of FY3/2026 Q1 FY3/2027 Change Major Factors of Increase/Decrease Current assets 106,125 103,246 -2,879 Non-current assets 505,338 524,575 19,236 Property, plant and equipment 232,206 230,681 -1,525 Intangible assets 32,233 31,852 -380 Other financial assets 210,041 230,078 20,037 Change in fair value of long-term foreign exchange contracts Investments accounted for using the equity method 7,833 8,546 713 Total assets 611,464 627,821 16,357 Interest-bearing debt*1 340,796 337,638 -3,158 Other liabilities 84,788 90,292 5,503 Total liabilities 425,584 427,930 2,346 Retained earnings 39,806 39,911 105 Other components of equity 61,984 71,646 9,663 Changes in fair value of long-term foreign exchange contracts and interest rate swaps Equity attributable to owners of the parent 122,850 132,657 9,807 Non-controlling interests 63,029 67,234 4,205 Total net assets 185,879 199,891 14,011 46*1 Interest-bearing debt = Loans payable + Bonds + Lease obligations + Accrued interest-bearing liabilities Consolidated Statements of Financial Position (IFRS) (Unit: Million yen)
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47 Trend in Monthly Electricity Sales Volume for Domestic Power Plants (As of June 2026) ◼ With Karatsu Biomass starting operation at the end of September 2025, all 7 biomass power plants have entered the operation phase. ◼ Periodic maintenance at biomass power plants was concentrated in Q1, and performance remained weak as planned, particularly in June. (Unit: MWh*1) FY2014 FY2015 FY2016 FY2021 FY2022FY2017 FY2018 FY2023 FY2024FY2019 FY2020 FY2025 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 1,227MWh (February 2014) Large Solar PV Biomass 199,511MWh (June 2026) Small-Scale Distributed Solar PV FY2026 *1 Unit of electricity generation (1MWh = 1,000kWh)
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Power Generating Capacity (MW) Purchase Price (/kWh) Revenue EBITDA EBITDA Margin Profit Ownership Interest Suigo Itako Solar*1 15.3 ¥40 Q1 FY3/2027 193 160 83.0% 65 68.00% Q1 FY3/2026 203 180 88.6% 70 68.00% Futtsu Solar*1 40.4 ¥40 Q1 FY3/2027 517 461 89.2% 198 51.00% Q1 FY3/2026 565 480 85.0% 189 51.00% Kikugawa Ishiyama Solar*1 9.4 ¥40 Q1 FY3/2027 122 104 85.9% 38 63.00% Q1 FY3/2026 125 98 78.8% 28 63.00% Kikugawa Horinouchiya Solar*1 7.5 ¥40 Q1 FY3/2027 96 81 78.0% 29 61.00% Q1 FY3/2026 100 78 78.0% 20 61.00% Kokonoe Solar*2 25.4 ¥40 Q1 FY3/2027 210 156 74.3% 24 100.00% Q1 FY3/2026 272 210 77.2% 52 100.00% Nasushiobara Solar*2 26.2 ¥40 Q1 FY3/2027 300 249 83.2% 123 100.00% Q1 FY3/2026 322 267 82.8% 115 100.00% 48 Consolidated Subsidiaries of the Power Generation etc. Business (Unit: Million yen) *1 Corporation *2 T.K. (Silent Partnership). Taxable income from a T.K. belongs to the T.K. investors in proportion to their investment ratios, resulting in no taxation at the T.K. level.
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Power Generating Capacity (MW) Purchase Price (/kWh) Revenue EBITDA EBITDA Margin Profit Ownership Interest Ozu-machi Solar*1 19.0 ¥36 Q1 FY3/2027 138 102 74.0% -0 100.0% Q1 FY3/2026 167 112 67.1% -14 100.0% Nasukarasuyama Solar*1 19.2 ¥36 Q1 FY3/2027 194 158 81.5% 58 100.0% Q1 FY3/2026 210 169 80.3% 40 100.0% Karumai West Solar*1 48.0 ¥36 Q1 FY3/2027 116 63 54.1% -226 100.0% Q1 FY3/2026 560 489 87.3% 110 100.0% Karumai East Solar*1 80.8 ¥36 Q1 FY3/2027 937 857 91.4% 427 100.0% Q1 FY3/2026 924 833 90.2% 277 100.0% Karumai Sonbou Solar*1 40.8 ¥36 Q1 FY3/2027 518 474 91.4% 207 55.0% Q1 FY3/2026 487 450 92.4% 139 55.0% Hitoyoshi Solar*1 20.8 ¥36 Q1 FY3/2027 123 97 78.7% -34 100.0% Q1 FY3/2026 185 140 75.9% 6 100.0% 49 Consolidated Subsidiaries of the Power Generation etc. Business (Unit: Million yen) *1 Corporation *2 T.K. (Silent Partnership). Taxable income from a T.K. belongs to the T.K. investors in proportion to their investment ratios, resulting in no taxation at the T.K. level.
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50 Consolidated Subsidiaries of the Power Generation etc. Business Power Generating Capacity (MW) Purchase Price (/kWh) Revenue EBITDA EBITDA Margin Profit for the period*2 Ownership Interest Akita Biomass 20.5 Fixed PPA Q1 FY3/2027 919 149 16.2% -25 35.3% Q1 FY3/2026 895 108 12.1% -33 35.3% Kanda Biomass 75.0 ¥24 / ¥32 Q1 FY3/2027 2,755 780 28.3% 150 53.1% Q1 FY3/2026 2,422 462 19.1% -87 53.1% Sendai Gamo Biomass 75.0 ¥24 / ¥32 Q1 FY3/2027 3,509 1,587 45.2% 553 60.0% Q1 FY3/2026 3,507 1,609 45.9% 559 60.0% Tokushima Tsuda Biomass*1 74.8 ¥24 / ¥32 Q1 FY3/2027 2,473 912 36.9% 133 70.4% Q1 FY3/2026 2,841 1,301 45.8% 383 70.4% Ishinomaki Hibarino Biomass*1 75.0 Fixed PPA Q1 FY3/2027 2,717 637 23.4% -105 62.9% Q1 FY3/2026 3,199 1,183 37.0% 297 62.9% Omaezakikou Biomass*1 75.0 ¥24 / ¥32 Q1 FY3/2027 1,485 193 13.0% -408 75.0% Q1 FY3/2026 2,892 1,067 36.9% 201 75.0% Karatsu Biomass 49.9 Fixed PPA Q1 FY3/2027 1,545 222 14.3% -210 51.0% Q1 FY3/2026 - - - - 35.0% (Unit: Million yen) *1 The figures of the ownership interest indicates RENOVA’s investment ratio.*2 The effects of amortization of contract-related intangible assets recorded under the acquisition method and the elimination of accumulated comprehensive income at the time of the business combination are not reflected for subsidiaries acquired through the business combination.
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51 BESS Business: Three Revenue Models ◼ RENOVA monetizes the BESS business through three distinct revenue models Long-Term Decarbonization Auction Offtake Agreement Merchant Business Overview Institutional Support Offtake Designed to incentivize new capital investment in decarbonized power generation and storage assets over the long term. Secures fixed annual capacity payments for 20 years in principle. Receive fixed usage fees for the installed capacity and granting operation rights to charge and discharge the BESS. Secures fixed annual revenue throughout the contracted tenor. 1. Capacity Market: Fixed capacity revenue commencing after a 4-year lag 2. Wholesale Market: Energy arbitrage revenue derived from buy/sell price spreads 3. Balancing Market: Supply-demand adjustment capacity revenue (ΔkW) + electricity sales Available N/A N/A Government-designated agency Retail electricity providers, etc. Capacity market: Government-designated agency Balancing market: General T&D operators JEPX: Retail electricity providers, etc. Revenue Image Capacity revenue + 10% of market revenue BESS Usage Fee Capacity + ΔkW + JEPX (Revenue) (yrs) Market price Winning bid price Capacity Revenue (Fixed) Variable Revenue Inflation adjustment (yrs) BESS usage fee Usage fee based on offtake agreement (Fixed) (Revenue) Capacity market (1-year Fixed) Balancing market JEPX (Variable) Market price Capacity revenue ΔkW capacity revenue (yrs) Financing Difficulty Extremely few precedents Extremely few precedents Extremely few precedents BESS (Revenue)
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52*1 Main auction in the capacity market. The Long-Term Decarbonization Power Source Auction is also part of the capacity market. BESS Business: Merchant Trading Model Capacity Market Required supply capacity at peak hours Monetizes multi-year supply capacity* required to maintain nationwide grid adequacy (kW value). *BESS: Positioned as a designated dispatch power source (Supply volume) (Hours) Capacity market target Power generators, BESS operators, etc. Auction Government-designated agency Solicitation and selection Bid Auction securing supply capacity 4 years ahead*1 Receives fixed revenue regardless of generation volume Revenue = Winning bid price x Installed capacity (kW) Capacity procurement contract amount Wholesale Electricity Market (JEPX) Trades physical energy volume (kWh) to supply electricity retailers and end-users (baseload, forward, spot, intra-day). (Supply volume) (Hours) Trading target in JEPX Power generators, BESS operators, etc. JEPX Solicitation Bid Trade the amount of electricity required to meet planned demand BESS operators: Buy low / sell high Revenue = Winning bid price x Sales volume (kWh) Electricity sales revenue Retail electricity providers, BESS operators, etc. BESS Balancing Market Captures grid-balancing revenue by responding to real-time supply-demand imbalances ranging from sub-second frequency to 30 minute fluctuations (ΔkW value + kWh value). (Supply volume) (Hours, 30-min intervals) Power generators, BESS operators, etc. Balancing market Bid ΔkW (Delta Kilowatt): Securing adjustable capacity in advance to meet actual demand Revenue = (1) Winning bid price x Winning capacity (kW) + (2) Unit price (JPY/kWh) x Sales volume (kWh) ① ΔkW capacityrevenue + ② Electricity sales General T&D operators Secured in JEPX, etc. (kWh) (1) Secured as ΔkW in Balancing market (2) Adjusted by secured capacity (kWh) Solicitation
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53*1 Based on public information for under-construction/operating BESS projects (June 2023–December 2025) RENOVA's Position in the BESS Market ◼ 73% of market entrants are small- to medium-scale projects under 30MW. ◼ RENOVA focuses on cost-competitive, large-scale merchant BESS projects/ BESS Long-Term Decarbonization Power Source Auction Offtake Agreement Merchant Co-location with Renewables 特 別 高 圧 Shrinking trend Price Competitiveness Only 3 projects in Japan Need for market expansion Rapid expansion expected Operational strategy is crucial Rapidly expanding Operational strategy is crucial 高 圧 2MW Large Extra-high-voltage 73% of publicly announced projects*1 RENOVA’s Area of Focus (Primarily focusing on large-scale × Market Participation) High- voltage RENOVA’s Track Record 215MW (3 BESS facilities) RENOVA’s Track Record 30MW (Ishikari) RENOVA’s Track Record 15MW (Himeji) Small Med -ium RENOVA Track Record 190MW (Kikugawa Nishimura / Fukuroi Ugari) 5% of publicly announced projects*1
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Project cost per MW is significantly reduced due to economies of scale Advantageous in competition among BESS projects 54*1 Calculated based on the "Cost Levels of Grid-Scale Storage Battery Systems (kWh unit price)" from the "3rd Meeting of the Working Group on the Popularization and Expansion of Stationary Storage Battery Systems in FY2024" assuming a 3- hour capacity (English title is an unofficial translation). Cost Competitiveness of Large-Scale BESS Projects ◼ In the future, when the market becomes saturated with energy storage facilities, the cost competitiveness of these facilities will be crucial. ◼ Large-scale projects have high-cost competitiveness and are expected to secure profitability even after market saturation. BESS 3.0 (JPY 100 mil./MW) 1.0 2.0 Image of Project Cost per MW for BESS Projects*1 2MW (6MWh) 100MW (300MWh) Previously Released Approx. ¥100mil./MW*1 Approx. ¥300mil./MW
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55*1 Net Present Value：A metric that converts future cash flows from a project into their present value Key Management Indicators ◼ Considering RENOVA’s business characteristics and strategy, long-term stable cash flow (EBITDA) and business value (NPV*1) are prioritized as key management indicators. ⚫ Aiming to accumulate multiple projects with long-term cash flow with high predictability and to sustain such projects over the long term. ⚫ RENOVA possesses NPV of stable cash flow over 20-30 years at the timing of start of construction. NPV for Project A NPV Accumulation Image Business Value (NPV) ⚫ Due to significant capital investments, depreciation expenses are substantial, and the business is characterized by strong cash flow generation relative to profits. ⚫ Pursuing high capital efficiency and utilizing high-leverage project financing for substantial capital investments. Project Revenue Image Cash Flow (EBITDA) CF remains stable long-term NPV for Project B NPV for Project C Accumulation of projects & profitability improvement Emphasize long-term stable cash flow (EBITDA)growth (Profits will gradually grow after amortization and interest expenses.) Y1 Y2 Y3 Y18 Y19 Y20 EBITDA Profit … … yrs Prioritize maximizing NPV by accumulating projects and improving profitability Stock-type Previously Released
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56*1 Types and levels of risk an organization is willing to accept to achieve its objectives and business plan. *2 Weighted Average Cost of Capital: The weighted average of the cost of borrowing and the cost of capital for a company that employs multiple financing methods. An important indicator for a company’s investment decision and business evaluation. Maintain Growth investments over Capital Costs ◼ Established a “risk appetite” policy which defines risks to take or not to take. ◼ Set strict investment criteria as part of the risk appetite policy and continue growth investment with equity return exceeding capital costs (WACC*2). Equity IRR above 10% in principle. ■ Calculate equity IRR for each project, and make final investment decisions based on the criteria ■ IRR calculated over 20-30 years ⮚ Period based on each project’s power sales contract terms ■ Consider inflation and contingency cost ■ Set offtake price conservatively, considering transaction performance and third-party forecasts ■ For project with merchant revenues, use third-party forecasts ■ Calculate without assuming terminal value Assumptions for IRR CalculationInvestment Criteria by Country and Technology Capital Cost*2 + α (Equity IRR above 10% in principle) Investment Criteria in Japan + αOverseas ● Country Risk ● Inflation Risk Key Factors in Investment Criteria ● Contract Period ● Merchant Exposure Define a Risk Appetite Policy*1 Previously Released
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57 Case Study of FIT Solar PV EBITDA and Net Profit Trend ◼ Below is an example of the revenue model (JGAAP) for an actual FIT Solar PV project. ◼ EBITDA remains stable during the 20-year FIT period, while net profit grows moderately due to a decrease in interest payments, and increases significantly after completion of repayment. Major Assumptions Capacity Purchase Price Capacity Factor D/E ratio Interest Payment Loan Term 40MW ¥40 12% 90% 3% 17yrs 16% 15% 22% 26% 53% 0% 10% 20% 30% 40% 50% 60% 0 400 800 1,200 Y1 Y5 Y10 Y15 Y20 EBITDA Profit Profit margin Previously Released
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58*1 Calculated by dividing (A) by (B): (A) Adjusted Net Profit: Accounting net profit plus (1) the straight-line amortization of contract-related intangible assets (recognized at fair value) and less (2) gains from step acquisitions recognized during the period; (B) Adjusted Equity: Accounting equity less (1) quarterly fair value gains/losses on foreign exchange contracts and interest rate swaps and (2) cumulative past gains from step acquisitions. Distortion of Metrics due to Accounting Treatment ◼ Due to business/accounting characteristics, metrics such as ROE are misaligned with actuals due to the following factors: ─ Suppression of apparent profit by amortization of intangible assets recognized from fair valuation at SPC consolidation. ─ Increase in equity due to fair value gains on long-term foreign exchange contracts recognized in the equity section. As Reported Adjusted ROE Forecast for End-Mar 2027 Basis 2.7% 8.4%*1 Actual for End-Mar 2026 Basis 3.1% 5.7%*1
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59*1 The difference between the fair value at the time of business combination and the assets and liabilities on the SPC's balance sheet is recognized on consolidation as contract-related intangible assets. These assets are amortized using the straight-line method over the 20-year operation period. The amortization of contract-related intangible assets is a non-cash accounting expense. Amortization of Intangible Assets from Business Combinations ◼ The difference between the fair value and the net assets of the power generation etc. SPC at the time of business combination is recognized as intangible assets. ◼ These intangible assets are amortized using the straight-line method over the project period (20 years for Biomass Business). Straight-line amortization over the project period Intangible assets recognized on consolidation *1 Intangible assets recognized from business combinations Negative impact on reported profit Amortization of intangible assets Book Value Fair Value GainFair Value (Reference) Estimated impact from FY26 onward Operating Profit : Approx. -3.0bn/year Net Profit : Approx. -JPY 2.0bn/year Previously Released