Interim report
Page 1
NOTICE : For the convenience of capital market participants , RENOVA , Inc. makes efforts to provide English translations of the information disclosed in Japanese . However , in the event that any discrepancy is found between the documents , the Japanese original shall prevail over its English translation . Consolidated Financial Results For the Three Months Ended June 30 , 2026 ( International Financial Reporting Standards ( IFRS ) ) ( Non - audited ) FASF MEMBERSHIP Company name : Securities code : Representative : Contact : August 6 , 2026 RENOVA , Inc. 9519 Stock exchange listing : URL : Tokyo https://www.renovainc.com/ Yosuke Kiminami , Founding CEO Kazushi Yamaguchi , CFO Tel . + 81-3-3516-6263 August 6 , 2026 Scheduled date of quarterly securities report filing : Scheduled date of commencement of dividend payment : Supplementary documents for quarterly financial results : Quarterly financial results briefing : Yes None ( Amounts of less than one million yen are rounded ) 1. Consolidated financial results for three months ended June 30 , 2026 ( April 1 , 2026 - June 30 , 2026 ) ( 1 ) Consolidated results of operations ( Percentages show year - on - year changes ) Profit for the period attributable to owners Revenue EBITDA ( * ) Operating profit Profit before income taxes of the Parent Three months ended Jun . 30 2026 ended Jun . 30 2025 Million yen 19,330 20,527 % ( 5.8 ) 35.4 Million yen 6,783 8,617 % ( 21.3 ) 64.1 Million yen 1,043 3,296 % ( 68.4 ) 477.3 Million yen 495 % Million yen % ( 71.6 ) 95 ( 89.0 ) 1,741 769.0 862 160.2 ( Note ) Total Comprehensive income : Three months ended June 30 , 2026 : 14,110 million yen , ( - ) Three months ended June 30 , 2025 : ( 11,486 ) million yen , ( - ) Basic earnings per share Diluted earnings per share Three months ended Jun . 30 2026 ended Jun . 30 2025 Yen 1.05 9.53 Yen 1.05 9.52 ( Note ) * 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 - Other expenses EBITDA is a Non - GAAP financial measure Fuel expenses in the calculation of EBITDA are adjusted from the amount presented in the condensed quarterly consolidated statements of profit or loss to deduct the following impact : • Impact caused by elimination of accumulated other comprehensive income derived from forward exchange contracts held by the biomass power generation business acquired through business combination as of the business combination date . The adjusted amount for the three months ended June 30 , 2025 was ( 1,016 ) million yen , and for the three months ended June 30 , 2026 was ( 1,207 ) million yen ( 2 ) Consolidated financial position As of Jun . 30 2026 Mar. 31 2026 2. Dividends Fiscal year ended Mar. 2026 ending Mar. 2027 ending Mar. 2027 ( forecast ) Total assets Million yen 627,821 611,464 Total equity Equity attributable to owners of the Parent Million yen 199,891 185,879 Million yen 132,657 122,850 Dividends per share Ratio of equity attributable to owners of the Parent to Total assets % 21.1 20.1 Equity attributable to owners of the Parent per share Yen 1,467.09 1,359.04 End of first quarter End of second quarter End of third quarter Year - end Total Yen Yen 0.00 Yen Yen 0.00 Yen 0.00 0.00 0.00 0.00 ( Note ) Revisions to the dividends forecast since the latest announcement : None 3. Forecast of consolidated results of operation for the fiscal year ending March 31 , 2027 ( April 1 , 2026 - March 31 , 2027 ) ( Percentages show year - on - year changes ) Profit for the period Basic earnings Revenue EBITDA Operating profit attributable to owners of per share Fiscal year Million yen 95,700 ending Mar. 2027 ( Note ) Revisions to the consolidated forecast since the latest announcement : None % 9.2 Million yen 33,800 % 10.7 Million yen 11,300 % 36.5 the Parent Million yen 3,400 % 2.8 Yen 37.61 * Notes ( 1 ) Changes in significant subsidiaries during the period : None - 1 -
Page 2
- 2 - Newly included: None Excluded: None (2) Changes in accounting policies and changes in accounting estimates (i) Changes in accounting policies required by IFRS: None (ii) Changes in accounting policies other than (i): None (iii) Changes in accounting estimates: None (3) Number of issued shares (common shares): (i) Number of issued shares at end of period (including treasury shares) As of June 30, 2026: 91,274,900 shares As of March 31, 2026: 91,252,300 shares (ii) Number of treasury shares at end of period As of June 30, 2026: 853,100 shares As of March 31, 2026: 857,300 shares (iii) Average number of shares outstanding during the period For the three months ended June 30, 2026: 90,400,989 shares For the three months ended June 30, 2025: 90,437,363 shares * Review of the Japanese -language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary) * Explanations and other special notes concerning the appropriate use of forecasts (Cautionary statement with respect to forward-looking statements and other information) The forward-looking statements discussed in this material, including financial forecasts, are based on the information currently available to RENOVA, Inc. and certain assumptions that are judged to be rational at the current time. These statements do not constitute a promise by RENOVA, Inc. to achieve such results. Please note that the actual results may differ significantly from forecast figures.
Page 3
- 3 - Condensed quarterly consolidated financial statements and notes (1) Condensed quarterly consolidated statements of financial position (Non-audited) (Million yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and cash equivalents 23,081 20,242 Restricted bank deposits 62,721 64,518 Trade and other receivables 12,069 8,037 Inventories 2,582 4,818 Other financial assets 2,383 472 Other current assets 3,290 5,159 Total current assets 106,125 103,246 Non-current assets Property, plant and equipment 232,206 230,681 Right-of-use assets 7,731 7,532 Goodwill 237 237 Intangible assets 32,233 31,852 Investments accounted for using the equity method 7,833 8,546 Deferred tax assets 2,671 2,337 Other financial assets 210,041 230,078 Other non-current assets 12,387 13,312 Total non-current assets 505,338 524,575 Total assets 611,464 627,821
Page 4
- 4 - (Million yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Trade and other payables 14,113 12,649 Bonds and borrowings 31,535 31,684 Lease liabilities 869 893 Other financial liabilities 114 255 Income tax payables 1,287 671 Other current liabilities 750 1,448 Total current liabilities 48,667 47,601 Non-current liabilities Bonds and borrowings 300,585 297,483 Lease liabilities 7,807 7,578 Other financial liabilities 1,540 2,402 Provisions 10,618 10,692 Deferred tax liabilities 55,134 61,019 Other non-current liabilities 1,233 1,156 Total non-current liabilities 376,917 380,329 Total liabilities 425,584 427,930 Equity Share capital 11,342 11,354 Share premium 10,800 10,822 Retained earnings 39,806 39,911 Treasury shares (1,082) (1,077) Other components of equity 61,984 71,646 Equity attributable to owners of the parent 122,850 132,657 Non-controlling interests 63,029 67,234 Total equity 185,879 199,891 Total liabilities and equity 611,464 627,821
Page 5
- 5 - (2) Condensed quarterly consolidated statements of income and comprehensive income Condensed quarterly consolidated statements of income (Non-audited) (Million yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenue 20,527 19,330 Other income 888 501 Fuel expenses (8,967) (9,160) Outsourcing expenses (1,201) (1,220) Payroll and related personnel expenses (1,174) (1,143) Share of profit (loss) of investments accounted for using the equity method (62) 23 Other expenses (2,408) (2,756) Depreciation and amortization (4,305) (4,533) Operating profit 3,296 1,043 Gain on remeasurement to fair value of option 53 1,113 Finance income 156 187 Finance costs (1,764) (1,848) Profit (loss) before income taxes 1,741 495 Income tax expense (446) (325) Profit (loss) for the period 1,295 170 Profit for the period attributable to: Owners of the parent 862 95 Non-controlling interests 433 75 Earnings per share Basic earnings (loss) per share (yen) 9.53 1.05 Diluted earnings (loss) per share (yen) 9.52 1.05
Page 6
- 6 - (Million yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit for the period 1,295 170 Other comprehensive income, net of tax: Items that may be reclassified subsequently to profit or loss Cash flow hedges - effective portion of changes in fair value (11,526) 13,169 Exchange differences on translating foreign operations (39) 50 Share of other comprehensive income (loss) of investments accounted for using the equity method (1,216) 720 Total (12,781) 13,940 Total other comprehensive income, net of tax (12,781) 13,940 Total comprehensive income for the period (11,486) 14,110 Comprehensive income for the period attributable to: Owners of the Parent (8,331) 9,757 Non-controlling interests (3,155) 4,353
Page 7
- 7 - (3) Condensed quarterly consolidated statements of changes in equity (Non-audited) Three months ended June 30, 2025 (Million yen) Share capital Share premium Retained earnings Treasury shares Other components of equity Equity attributable to owners of the Parent Non- controlling interests Total equity Balance as of April 1, 2025 11,329 10,575 36,505 (1,024) 31,721 89,106 44,318 133,424 Profit for the period － － 862 － － 862 433 1,295 Other comprehensive income, net of tax － － － － (9,193) (9,193) (3,588) (12,781) Total comprehensive income for the period － － 862 － (9,193) (8,331) (3,155) (11,486) Share-based payment － 51 － － － 51 － 51 Changes in scope of consolidation － － (5) － － (5) － (5) Disposal of treasury shares － － － 7 － 7 － 7 Dividends － － － － － － (228) (228) Total transactions with owners and others － 51 (5) 7 － 54 (228) (174) Balance as of June 30, 2025 11,329 10,626 37,362 (1,017) 22,529 80,829 40,935 121,764 Three months ended June 30, 2026 (Million yen) Share capital Share premium Retained earnings Treasury shares Other components of equity Equity attributable to owners of the Parent Non- controlling interests Total equity Balance as of April 1, 2026 11,342 10,800 39,806 (1,082) 61,984 122,850 63,029 185,879 Profit for the period － － 95 － － 95 75 170 Other comprehensive income, net of tax － － － － 9,663 9,663 4,277 13,940 Total comprehensive income for the period － － 95 － 9,663 9,757 4,353 14,110 Issuance of new shares 12 (12) － － － 0 － 0 Share-based payment － 35 － － － 35 － 35 Changes in interests in subsidiaries － － － － － － 77 77 Changes in scope of consolidation － － 11 － － 11 － 11 Disposal of treasury shares － (2) － 5 － 4 － 4 Dividends － － － － － － (225) (225) Total transactions with owners and others 12 21 11 5 － 50 (148) (98) Balance as of June 30, 2026 11,354 10,822 39,911 (1,077) 71,646 132,657 67,234 199,891
Page 8
- 8 - (4) Condensed quarterly consolidated statements of cash flows (Non-audited) (Million yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Cash flows from operating activities Profit (loss) before income taxes 1,741 495 Depreciation and amortization 4,305 4,533 Finance income (156) (244) Finance costs 1,758 1,848 Other income (6) (490) Share of (profit) loss of investments accounted for using the equity method 62 (23) (Gain) loss on remeasurement to fair value of option (53) (1,113) Decrease (increase) in trade and other receivables 2,183 4,031 Decrease (increase) in inventories (1,821) (953) Increase (decrease) in trade and other payables (2,924) (1,546) Decrease (increase) in other assets (1,794) (1,730) Increase (decrease) in other liabilities (259) (333) Other, net 154 75 Subtotal 3,189 4,549 Interest and dividend income received 326 1,053 Interest expenses paid (705) (875) Income taxes paid (1,333) (711) Compensation income received － 458 Net cash from operating activities 1,477 4,474 Cash flows from investing activities Payments for construction in advance (37) (183) Proceeds from advanced payments for construction 918 1 Net Decrease (increase) in short-term loans receivable (773) 2,087 Increase in loan receivables － (718) Acquisition of property, plant and equipment (646) (2,591) Acquisition of intangible assets (55) (62) Purchase of investments accounted for using the equity method (7) － Purchase of investment securities (155) (105) Payments for acquisition of contract fulfillment costs (1,000) (1,013) Payments for deposits and guarantees (812) (6) Other, net (4) 176 Net cash provided by (used in) investing activities (2,571) (2,414) Cash flows from financing activities Proceeds from long-term borrowings － 590 Repayments of long-term borrowings (3,236) (3,596) Repayments of lease liabilities (477) (207) Proceeds from issuance of shares 1 4 Contribution from non-controlling interests － 77 Net decrease (increase) in restricted bank deposits 3,574 (1,797) Other, net 3 4 Net cash provided by (used in) financing activities (134) (4,925) Effect of exchange rate change on cash and cash equivalents (74) 29 Net increase (decrease) in cash and cash equivalents (1,302) (2,836) Cash and cash equivalents at beginning of period 23,927 23,081 Decrease in cash and cash equivalents resulting from deconsolidation of subsidiaries (5) (4) Cash and cash equivalents at end of period 22,621 20,242
Page 9
- 9 - (5) Notes to condensed quarterly consolidated financial statements Notes relating to going concern assumptions Not applicable. Segment information 1. Overview of reportable segments Our group's reportable segments are determined based on our operating segments for which separate financial information is available, and whose operating results are regularly reviewed by management to make decisions regarding resource allocation and to assess performance. Our group operates two main businesses: Renewable energy power generation etc. business: This segment involves the sale of electricity and operation of storage facilities by operating renewable energy power plants (solar, biomass, and onshore wind) and energy storage facilities. Development and operation business : This segment supports the establishment, development, and commercialization of new renewable energy power plants and energy storage facilities, as well as providing operational support after their commencement. 2. Revenue, profit and others in the reportable segments The accounting methods for our reportable segments are the same as the group's accounting policies adopted for preparing the condensed quarterly consolidated financial statements. Segment profit is presented as EBITDA (a Non -GAAP financial measure), which is calculated by deducting fuel expenses, outsourcing expenses, payroll and related personnel expenses from revenue, and then adding share of profit (loss) of investments accounted for using the equity method, along with other income and expenses. Notably, fuel expenses are adjusted from the amount presented in the condensed quarterly consolidated statements of profit or loss to reflect the impact of eliminating accumulated other comprehensive income derived from forward exchange contracts held by the biomass power generation business SPC acquired through business combination, as of the business combination date.
Page 10
- 10 - Three months ended June 30, 2025 (April 1, 2025– June 30, 2025) (Million yen) Reportable segments Reconciling items (Note 1) Consolidated Renewable energy power generation etc. business Development and operation business Segment total Revenue External customers 20,144 383 20,527 － 20,527 Intersegment (Note 2, Note 3) － 1,491 1,491 (1,491) － Total 20,144 1,874 22,018 (1,491) 20,527 Segment profit (loss) 9,413 791 10,204 (1,587) 8,617 Fuel expenses (1,016) Depreciation and amortization (4,305) Gain on remeasurement to fair value of option 53 Finance income 156 Finance costs (1,764) Profit before income taxes 1,741 (Notes) 1. The reconciliation of (1,587) million yen to the segment profit includes elimination of intersegment transactions. 2. Intersegment revenue are generally made at values that approximate arm’s-length prices. 3. In the Development and operation business , some Intersegment revenue and Reconciling items are presented net, which is the measure reported to the chief operating decision maker for the purposes of making decisions about resource allocation to segments and evaluating segment performance. Three months ended June 30, 2026 (April 1, 2026– June 30, 2026) (Million yen) Reportable segments Reconciling items (Note 1) Consolidated Renewable energy power generation etc. business Development and operation business Segment total Revenue External customers 19,215 115 19,330 － 19,330 Intersegment (Note 2, Note 3) － 846 846 (846) － Total 19,215 961 20,176 (846) 19,330 Segment profit (loss) 7,679 (12) 7,667 (884) 6,783 Fuel expenses (1,207) Depreciation and amortization (4,533) Gain on remeasurement to fair value of option 1,113 Finance income 187 Finance costs (1,848) Profit before income taxes 495 (Notes) 1. The reconciliation of (884) million yen to the segment profit includes elimination of intersegment transactions. 2. Intersegment revenue are generally made at values that approximate arm’s-length prices. 3. In the Development and operation business, some Intersegment revenue and Reconciling items are presented net, which is the measure reported to the chief operating decision maker for the purposes of making decisions about resource allocation to segments and evaluating segment performance. Significant subsequent events Not applicable.