Renewable Japan Co., Ltd.

(TSE Growth: 9522)

Financial Highlights
For the Financial Year Ended December 31st, 2023

4Q

Albacete, Kingdom of Spain©2024 Renewable Japan Co., Ltd.

Table of Contents

１ Results of FY2023 and Plan for FY2024

2 Major Events of FY2023
3 Mid-Term Management Plan

©2024 Renewable Japan Co., Ltd.

2

１ Results of FY2023 and Plan for FY2024©2024 Renewable Japan Co., Ltd.

Consolidated PL: Summary
FY2022
Results①

FY2023Results②

Difference withFY2022①/②

Sales

17,71033,604＋89.7%

20,540(38.9%)

Gross Profit

5,820

7,986

＋37.1%

9,980＋25.1%

SG&A

4,530

4,394

(3.1%)

4,880＋11.2%

Operating profit

1,280

3,591 ＋180.5%

5,100＋42.1%

Ordinary Profit(1,360)2,028 ＋248.5%

2,520＋24.8%EBITDA

7,610

12,843＋68.7%

12,610(1.7%)

Profit attributable toowners of parent(1,520)1,088 ＋171.1%

1,500＋38.9%

Unit: Millions of JPY(Rounded down to the first unit)©2024 Renewable Japan Co., Ltd.

FY2024
Plan③

Differencewith FY2023③/②

4

Consolidated PL: By Segment
Unit: Millions of JPY
Rounded down to the first unit

FY2022
Results

FY2023Results

Differencewith FY2022

FY2024
Plan

Differencewith FY2023

Sales

2,200

17,138+678.6%5,260(69.3%)

Gross Profit

1,410

3,085

+118.4%5,200+68.8%

14,01014,125+0.7%

12,010(14.9%)

3,580

3,361

(6.1%)

2,510(25.3%)

Flow
Domestic
Sale ofElectricity, etc.

Sales

Overseas
Sale ofElectricity, etc.

Sales

80

507

+525.0%1,070+114.0%Gross Profit

40

249

+500.0%720+200.0%

Sales

1,980

2,337

+17.7%

2,950+26.6%

Gross Profit

1,340

1,794

+33.6%

2,300+28.5%

Sales

(570)

(500)

+12.3%(760)(51.5%)

Gross Profit

(570)

(500)

+10.7%(760)(51.5%)

15,51016,465+6.1%

15,280(7.2%)

4,410

4,900

+11.1%

4,780(2.4%)

17,71033,604+89.7%

20,540(38.9%)

5,820

7,986

+37.1%

9,980＋25.1%

O&M Business(Non-consolidated)

Intercompany
Elimination

Gross Profit

Sales

Stock
Gross Profit
Sales

Total
Gross Profit©2024 Renewable Japan Co., Ltd.

5

Net Profit

HighestNet Profit

1,500msince foundation

460m

1,088m520m(1,526m)

FY2020Results

FY2021Results

FY2022
Results

FY2023Results©2024 Renewable Japan Co., Ltd.

FY2024
Plan

6

EBITDACAGR
Approx. 60%

12,843m
12,610m

2020 to 2023

7,610m

4,660m3,100m

FY2020Results

FY2021Results

FY2022
Results©2024 Renewable Japan Co., Ltd.

FY2023Results

FY2024Plan
7

Gross Profit①Flow Business②Stock Business

5,200m

4,900m

4,780m4,410m

3,085m

1,410m Approx.
+118%

FY2022
Results

FY2023Results

Approx.

Approx.

Approx.

+69%

+11%

△2%

FY2024Plan

FY2022
Results©2024 Renewable Japan Co., Ltd.

FY2023Results

FY2024
Plan
8

EBITDA Plan for FY2024 I
Reasons for growth
We focused on Stock Business until
FY2023

Lead to increase the numberof power plants

FY2020 FY2021 FY2022 FY2023 FY2024
Results Results Results Results Plan

Higher total assets allow forhigher EBITDA
FY2021Results

FY2022*
Results

FY2023Results

FY2024Plan

154.8MW

325.6MW

298.4MW

288.7MW*During FY2022, capacity increased significantly due to TOB with an infrastructurefund©2024 Renewable Japan Co., Ltd.

9EBITDA Plan for FY2024 II
Reason why the FY2024 Plan islower than FY2023
Control of the BS
Sale of Power Plants during FY2023 lead tolower Depreciation and Amortization figures
Also affected revenue from sale of electricity
Decrease in
Domestic
Increase inElectricity Sale
Flow
Revenue
Decrease in
Depreciation andAmortization
O&M
Business
Growth-+-FY2020 FY2021 FY2022 FY2023 FY2024
Results Results Results Results Plan
EBITDA : Ordinary Profit＋Interest Expenses＋Payment Fees ＋ Depreciation and Amortization＋ Other Depreciation

Stock

FY2023Results©2024 Renewable Japan Co., Ltd.

+

Flow

FY2024Plan
10

Gross Profit Change ① Flow Business
5,200m

3,085mApprox. Domestic Flow：
Maintain approx. 300MW
25%
of plants in operation
Domestic
Reduce the sale of domestic
power plants

1,410m100%
Domestic

Approx.
75%
Overseas

FY2023Results

FY2024
Plan

100%
Domestic
FY2022
Results©2024 Renewable Japan Co., Ltd.

Overseas Flow：
Increase Overseas Flowbusiness using thecircular model

11

Gross Profit Change ② Stock Business
4,900m

4,780m4,410mApprox.
25%
O&M

Approx. 1%
Overseas
Electricity Sale,
etc.

Approx.
32%
O&M

Approx.
74%
Electricity
Sale, etc.

Approx.
64%
Electricity
Sale, etc.

FY2022
Results

FY2023Results

Approx. 4%
Overseas
Electricity Sale,
etc.

©2024 Renewable Japan Co., Ltd.

Approx. 13%
Overseas Electricity
Sale, etc.

Approx.
42%
O&M

Approx.
45%
Electricity
Sale, etc.
FY2024Plan
12

Gross Profit Change ② Stock Business 2024 Plan

Overseas Electricity Sale
Increase capacity of plants overseas
O&M

Increase contract volume for astable stock income
Domestic Electricity Sale
Sale of Power Plants during FY2023⇒decrease in electricity sale
Capacity of Operational Power Plants (FIT)FY2023: 298.4MW ⇒ FY2024: 288.7MW©2024 Renewable Japan Co., Ltd.

13

Five Revenue Sources for Stock Business
FY2023 Results

FY2024 Plan

Capacity of O&M Business（RJ＋Third Parties）

Contract Volume (O＆M)

1,921.0MW

2,300.0MW※Verification, patrolling, reporting, etc. of power plants.

Domestic Solar Power Plants(FIT)

Operational Power Plants Owned by RJ (Net Capacity)

298.4MW

288.7MWOperational Power Plants Owned by RJ (Net Capacity)

Plants Owned Overseas

Domestic Wind and Hydro
Power Plants
Domestic Solar Power Plants（Non-FIT）

49.1MW

119.5MWOperational Hydro Power Plants Owned by RJ (Net Capacity)

10.6MW

10.6MW

Operational Power Plants Owned by RJ (Net Capacity)

8.8MW©2024 Renewable Japan Co., Ltd.

65.0MW
14

2

Major Events of FY2023©2024 Renewable Japan Co., Ltd.

Major Events of FY2023

1st QuarterFebruary① Opening of RJ Academy

March②O&M surpasses 1.5GW

2nd QuarterMay③ Start of constructionof Matsukawa Hydro
Power Plant

3rd Quarter

4th Quarter

August⑤ Acquired Kinanos Power
Plant in Spain
September④ Agreement with Tokyu Land
Corporation

December⑦Flow Businessgreatly surpassesplans⑥ Acquired Manzanares
Power Plant in Spain©2024 Renewable Japan Co., Ltd.

16

①O&M Technician Formation “RJ Academy”
Feb. 2023 Opening Ceremony of RJ Academy

By way of RJ Academy, we contribute to the expansion of renewable energy in Japanand tackle the issue of lack of qualified technicians©2024 Renewable Japan Co., Ltd.

17

②O&M Progress during FY2023+47.1%

Unit: Contract Volume in MW

Compared to
FY2022

1,921

1,306
986

FY2021Results

FY2022
Results©2024 Renewable Japan Co., Ltd.

FY2023Results
18

③ Start of construction of Matsukawa Hydro Power Plant
RJ`s Operational

RJ`s first Hydro Power Plant developed 100% in house

Hydro Power Plant
Akashiba Hydro Power Plant

Proximities ofwater intake
pointPower Plant Name

Matsukawa Hydroelectric Power Plant

Capacity

0.9MW

River Name

Matsukawa River

Electricity Generation

Flow-in type

Sale Price (kWh)29円

Start of Commercial Operations

July 2025©2024 Renewable Japan Co., Ltd.

Location

Yamagata Prefecture,
Oguni Town

Capacity

11.2MW

Electricity
Generation

Dam-type hydro power
plant

Start ofCommercial
Operations

September 1954
(Akashiba I)
June 1990(Akashiba II)

RJ`s Share

95%

19

④Agreement with Tokyu Land Corporation
Joint Agreement for expanding renewable energy
Business in Southern Europe

Renewable Japan

Develop and own
in 3 years©2024 Renewable Japan Co., Ltd.

1GW

Of capacity20

⑤/⑥ Power Plants in Spain
Acquired in Dec. 2022
Torrijos Solar Power Plant

Acquired in Sep. 2022

Location

ToledoProvince

Socovos Solar Power Plant

Net Capacity

7.9MW

Location

Albacete
Province

Commercial
Operation

Jun. 2020

Net Capacity

21.6MW

RJ Ownership

100%

Commercial
Operation

Jul. 2021

RJ Ownership

100％⑤Acquired in Sep. 2023

⑥Acquired in Aug. 2023

Manzanares Solar Power Plant

Kinanos Solar Power Plant

Location

Ciudad Real
Province

Location

Murcia Province

Net Capacity

13.9

Net Capacity

5.4MW

Commercial
Operation

Jun. 2023

Commercial
Operation

Feb. 2022

RJ Ownership35%

RJ Ownership

100%

21

⑦Flow Business greatly surpasses plans
Completed Sale of Power Plants in the 4Q

Sales
Approx.67%
Gross Profit
Approx. 32%

Flow
Sales
10,240m

Flow
Sales
17,138m

Flow
Gross Profit
3,085

Flow
Gross Profit
2,320m

FY2023Plan

FY2023Plan

FY2023Results©2024 Renewable Japan Co., Ltd.

FY2023Results
22

3

Mid-Term Management Plan

©2024 Renewable Japan Co., Ltd.

“3 Business Pillars” of the Mid-Term Management Plan

①Overseas
Business②Domestic
O&M③Domestic
Electricity Sales

Promotion of Human Capital Management
Improving personnel system, health management,
securing and nurturing human capital©2024 Renewable Japan Co., Ltd.

24

①Overseas Business

Flow

Stock

Develop andacquireIncrease overseas
operational plants

１GW

Aim to surpass
200MW until 2026

Of capacity

Until 2026

Of capacity©2024 Renewable Japan Co., Ltd.

25

②Domestic O＆M
Unit：Contract Volume in MW

Aiming to achieve

3GW until 2026
3,000

2,300
1,921

FY2023Results

FY2024
Plan©2024 Renewable Japan Co., Ltd.

FY2026Plan
26

③Solar Power Plants in Operation (FIT)
Net capacity of plants in operation in MW

Maintain approx. 300MW
298.4MW

288.7MWFY2023Results

FY2024
Plan©2024 Renewable Japan Co., Ltd.

FY2026Plan
27

③Solar Power Plants in Operation Non-FIT
Net capacity of plants in operation in MW

150.0

50.0

8.8
FY2023Results

FY2024
Plan©2024 Renewable Japan Co., Ltd.

FY2026
Plan
28

Mid-Term Management Plan

Net Profit

KPIs
KPIs

EBITDAFY2026: 2.5b

FY2026: 15.0b

FY2024: 1.5b

FY2024: 12.6b

Total Assets
Control at 170b
Until 2026
©2024 Renewable Japan Co., Ltd.

29

Net Profit

Mid-term Management Plan

Aim to achieve 30% of CAGR by FY2026
2.5b

1.5b
1.0b

FY2023Results

FY2024Plan

FY2025
Plan©2024 Renewable Japan Co., Ltd.

FY2026Plan
30

Consolidated Mid-Term Management Plan: Summary
Growth Rateagainst FY2024
Plan (approximate)(Rounded down to the first unit)

FY2023Results

FY2024Plan

FY2026
Plan

Sales

33,604

20,54025,000+20％

Gross Profit

7,986

9,980

13,000+30％

Operating Profit

3,591

5,100

7,500

+45％

Ordinary profit

2,028

2,520

3,500

+35％

EBITDA※

12,843

12,61015,000+15％

Profit attributable toowners of parent

1,088

1,500

2,500

+65％

Unit: Millions of JPY

EBITDA : Ordinary Profit＋Interest Expenses＋Payment Fees ＋ Depreciation and Amortization ＋ Other Depreciation©2024 Renewable Japan Co., Ltd.

31

Consolidated: BS
Unit: Billions of JPY(Rounded down to the first unit)

FY2022
Results

FY2023Results

FY2024
Results

FY2025Results

FY2026
Results

Cash and Cash Equivalents

14.4

13.4

Inventory ※1

18.0

32.3

Fixed Assets※２

117.6

100.5

Other Assets

16.5

12.8

Total Assets

166.7

159.1

58.4

60.5

79.3

70.4

Other Liabilities

16.3

13.9

Total liabilities

154.1

144.9

Total Equity

12.6

14.1

Total Liabilities and Equity

166.7

159.1

Equity-to-assets Ratio ※３

5.6%

6.7%

10.0%

Equity-to-Assets Ratio
excluding Non-recourse ※４

11.1%

12.1%

Our Target

Interest-bearing Liabilities(Recourse)
Interest-bearing Liabilities(Non-recourse)

170.0

170.0

*1 Inventory: Includes Trading securities, Power plants held for sale, Power plants under construction for sale, Costs incurred for sales of completed projects.
*2 Investments and other assets: Excludes the items mentioned in *1*3 Equity Ratio: Calculated as Equity divided by Total Assets.
*4 Equity Ratio excluding Non-recourse: Calculated as (Equity - Non-controlling interests - Interest-bearing liabilities (Non-recourse)) divided by(Total Assets - Non-controlling interests - Interest-bearing liabilities (Non-recourse)).

©2024 Renewable Japan Co., Ltd.

32

Appendix©2024 Renewable Japan Co., Ltd.

Variation in Sales Amount Depending on Selling Method
Depending on the selling method, the sales amount may differ greatly, but the gross profit
remains similar.

①In the case of selling a power plant⇒Power plant book value: 90
Profit: 10
Power Plant: 90

Sales
Amount: 100

Profit: 10

Sales AmountSale Price100

Cost of sales

Book value

90

Gross Profit

Profit10

Sales Amount

Profit10

Cost of Sales-

Gross Profit

Profit②In the case of selling equity to a silent partnership⇒Profit（Sales Amount): 10

Profit:10

Sales Amount:
10©2024 Renewable Japan Co., Ltd.

1034

Sale of Power Plants and EBITDA
EBITDA : Ordinary Profit ＋ Interest Expenses ＋ Payment Fees
＋ Depreciation and Amortization ＋ Other Depreciation

Example: Sale of a power plant
SG&A
20

Sales
100

Depreciation
Amortization
60

EBITDA
80

Profit20

０Before Selling
Result：EBITDA
0

After Selling• EBITDA

Reduction of 80• Profit

Reduction of 20

EBITDA is greatly reduced as Depreciation and Amortization expenses are deducted©2024 Renewable Japan Co., Ltd.

35

(Market Size)

Growth Curve of Solar Market

Spain
Domestic
FIT

Domestic
Non-FIT(Time)©2024 Renewable Japan Co., Ltd.

36

Representative Director Katsuhito Manabe's shareholding ratio and shares held
Reposted
Number of shares held ※２

Shareholding Ratio（As of Dec. 31st, 2023）

11,881,700 shares
11,796,600 shares

about 40％

11,250,000 shares
10,564,400 sharesDec.2021

Jun.2022

Dec.2022

Jun.2023

Breakdown※２： Total number of shares held by each of H&T Corporation and Katsuhito Manabe, Representative Director

H&T Corporation ※１
Katsuhito Manabe, Representative Director※1. Asset management company of Katsuhito Manabe,
Representative Director

11,021,700 shares
860,000 shares(Total number of shares outstanding as of December 31st , 2023 ： 29,754,180 shares)

37

Status of Stock Options for Directors and Employees
Reposted
As of 12/31/2022
Potential shares

9th ～11th
Stock rights

14th
12th , 13th

500,000
shares1,830,190
Shares
As of 12/31/2022
Outstanding

Issuance of stock rights（1/27/2023 disclosure ）240,000
sharesIssuance of stock rights(5/30/2023 disclosure)

150,000
sharesDue to conditions not met
3/30/2023 lapse（ Including treasury stock ）From the end of theprevious period there
was no dilution
29,168,332
shares38

Disclaimer
・This document has been prepared for the purpose of providing information on Renewable Japan Co., Ltd.
(hereafter referred to as "the Company") and the Company`s group. It is not intended as a solicitation to invest in
shares or other securities issued by the Company, whether in Japan or abroad.
・The information on industry, market trends or economic conditions contained in this material is based on
information available at the present time and the Company does not guarantee its truthfulness, accuracy,
reasonableness or comprehensiveness, nor does it assume any obligation to update its contents.
The Company`s group plans, forecasts, estimates, projections, predictions and other future information contained inthis document are merely the Company`s group current judgments or thoughts. The Company`s group actual
operating results, financial position and other outcomes may differ from those described or inferred from suchinformation due to trends in energy policies, laws, regulations, market changes and other factors in Japan andoverseas. Actual business results, financial position and other outcomes of the Company`s group may differ
materially from those described in or inferred from this document due to factors such as the status of permits andapprovals required for the Company`s group business, the success or failure of the acquisition and development ofland and power generation facilities, weather, climate, natural environment, interest rates, exchange rates andother factors.
・ The amounts stated in this document may not match the totals in the respective columns because, as a rule,consolidated figures are used and amounts less than one million yen are rounded down.

For enquiries about this document, please contact:
Renewable Japan Co., Ltd. Planning OfficeE-mail: rj_ir_ii@renewable-japan.com
IR Website: https://www.rn-j.com/ir/
39

Making Everyone and Energy Player©2024 Renewable Japan Co., Ltd.

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©2024 Renewable Japan Co., Ltd.

41