Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

November 14, 2023

Consolidated Financial Results
for the Third Quarter Ended September 30, 2023
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

Renewable Japan Co., Ltd.
Tokyo Stock Exchange9522
https://www.rn-j.com/en/
Katsuhito Manabe, President and representative director
Eishin Ikeda, Director, Executive Managing Officer and Senior General Manager of Financeand Accounting Division
Telephone:+81-3-6670-6644
Scheduled date to commence dividend payments:
Scheduled date to file quarterly financial report:
November 14, 2023
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
No(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended September 30, 2023
(From January 1, 2023, to September 30, 2023)(1) Consolidated operating results (cumulative)(% indicates year-on-year changes.)
Net sales
Nine months ended

Operating profit

Millions of yen%

Millions of yen

September 30, 2023

14,466

13.7

2,826

September 30, 2022

12,723

11.4

1,027

Note:

For the nine months ended September 30, 2023:
For the nine months ended September 30, 2022:

Comprehensive income

Basic earnings
per share
Nine months ended
September 30, 2023

Profit attributable toowners of parent

Ordinary profit%

Millions of yen%

Millions of yen%

175.1

1,883

(39.9)(1,023)-

1,084--(1,277)-

1,621 million yen(1,181) million yen

[-%]
[-%]

Diluted earnings
per shareYen

Yen

36.78

35.91

September 30, 2022
(44.19)Note:
Diluted earnings per share for the nine months ended on September 30, 2022, are not indicated as basic earnings per sharesince there was a net loss. Although potential shares exist.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

September 30, 2023

173,454

14,207

6.2

December 31, 2022

166,729

12,608

5.6

Reference:

Shareholders’ equity
As of September 30, 2023:
As of December 31, 2022:

10,753 million yen
9,293 million yen-1-2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
December 31, 2022
Fiscal year ended
December 31, 2023

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

-

0.00

--0.00

0.00

-0.00

0.00

0.00

Fiscal year ended
December 31, 2023
(Forecast)

Note:

Fiscal year-end-TotalRevisions to the forecast of cash dividends most recently announced: None

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2023
(From January 1, 2023, to December 31, 2023)(% indicates year-on-year changes.)
Net sales
Full year

Note:

Operating profit

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

26,700

50.7

3,300

155.9

1,200-750-

Yen

25.47

Revisions to the performance forecast most recently announced: None

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Application of specific accounting for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)As of September 30, 2023

29,721,230 shares

As of December 31, 2022

29,168,332 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2023

38 shares

As of December 31, 2022

38 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Nine months ended on September 30, 2023

29,482,995 shares

Nine months ended on September 30, 2022

28,903,773 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution regarding forward-looking statements)
Any statement on the future such as an outlook for financial results included in this material is based on
information the Company presently has and certain assumptions the Company considers reasonable, and theCompany does not promise that they will be achieved. In addition, actual financial results may significantly
differ due to various factors.

-2-Quarterly consolidated financial statements(1) Quarterly consolidated balance sheet(Thousands of yen)
As of December 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Investment securities
Power plant for sale
Power plant for sale (in progress)
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
LandConstruction in progress
Other
Accumulated depreciation
Total tangible assets
Intangible non-current assets
Investments and other assets
Investment securities
Deferred tax assets
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable-trade
Short-term borrowings
Corporate bonds redeemable within one year
Long-term borrowings to be repaid within oneyear
Non-recourse long-term borrowings to be repaid
within one year
Accounts payable
Income taxes payable
Allowance for bonuses
Allowance for construction cost loss compensation
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term borrowings
Non- recourse long-term borrowings
Long-term accounts payable
Deferred tax liabilities
Allowance for repairs
Asset retirement obligations
OtherTotal non-current liabilities
Total liabilities-3-

As of September 30, 2023

14,444,792
1,421,868
16,855,180
1,200,113
4,568,900
38,490,856

10,575,597
2,211,365
2,540,980
25,387,198
291,157
4,138,437
45,144,736

3,631,198
102,034,229
4,667,169
6,065,192
341,486(2,675,349)
114,063,926
3,590,821

3,632,652
102,942,922
4,797,242
9,055,774
359,000(7,563,776)
113,223,816
3,623,469

3,364,946
1,471,456
5,083,043
664,348
10,583,794
128,238,542
166,729,399

2,943,474
2,871,844
5,199,359
448,146
11,462,825
128,310,111
173,454,847

151,5233,460,450
148,000

296,025
5,065,000
231,000

9,667,717

8,462,607

4,480,552

5,229,675

1,557,976
642,7885,286
2,744,913
22,859,208

1,208,100
1,779,681
103,818
5,286
1,127,209
23,508,406

1,600,000
43,554,252
74,855,539
3,159,647
4,393,747
110,290
2,891,362
696,621
131,261,461
154,120,670

1,704,000
39,275,117
83,692,898
2,989,642
4,360,442
128,182
2,925,903
662,823
135,739,010
159,247,416

(Thousands of yen)
As ofDecember
December
31,202131, 2022
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-4-

As of September
June 30,2022
30, 2023

4,627,673
4,451,657
221,317(59)
9,300,588

4,645,300
4,469,283
1,296,334(59)
10,410,858(6,634)(6,634)
3,314,774
12,608,729
166,729,399

342,294342,294
6,355
3,447,922
14,207,431
173,454,847

December 31,2021

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income(Quarterly consolidated statement of income)(For the nine months ended September 30, 2023)(Thousands of yen)
Nine months ended
September 30, 2022
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Insurance receipts
Gain on investments in silent partnership
Investment income accounted for using equity method
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary profits
Gain on step acquisitions
Reversal of allowance for business liquidation loses
Total extraordinary profits
Extraordinary loses
Loss on retirement of fixed assets
Impairment losses
Loss on sale of fixed assets
Total extraordinary losses
Profit (loss) before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Profit (loss)
Net profit attributable to non-controlling interests
Net profit (loss) attributable to owners of parent
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

Nine months ended
September 30, 2023

12,723,302
8,263,162
4,460,140
3,432,680
1,027,459

14,466,389
8,502,535
5,963,854
3,137,388
2,826,465

1,251
80,201
29,771363
25,685
137,274

4,944
549,470
143,118353
94,625
792,5121,160,910
973,430
53,726
2,188,068(1,023,333)

1,540,591
194,598430
1,735,620
1,883,357

69,321
12,527
81,848

-

1,469
1,469
(942,954)
577,145(335,581)
241,564(1,184,518)
92,803(1,277,321)

835
892
30,93032,6571,850,700
2,161,723(1,583,099)
578,624
1,272,075
187,832
1,084,243

(Quarterly consolidated statement of comprehensive income)(For the nine months ended September 30, 2023)(Thousands of yen)
Nine months ended
September 30, 2022
Net profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests
Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

Nine months ended
September 30, 2023

(1,184,518)

1,272,075(25,763)
28,913
3,150(1,181,368)

348,929
348,929
1,621,005(1,274,171)

1,433,173

92,803

187,832