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

August 14, 2024

Consolidated Financial Results
for the Second Quarter Ended June 30, 2024
(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 CorporateBusiness Management Division
Telephone:+81-3-6670-6644
Scheduled date to commence dividend payments: Scheduled date to file quarterly financial report: August 14, 2024
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing: Yes (For institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended June 30, 2024
(from January 1, 2024, to June 30, 2024)(1) Consolidated operating results (Cumulative)(% indicates year-on-year changes.)
Net sales
Six months ended%

Millions of yen%

Millions of yen%

Millions of yen%

8,720
9,468(7.9)
17.4

1,515
1,778(14.8)
401.0

464
1,344(65.5)-213864(75.3)-June 30, 2024
Comprehensive income

For the six months ended June 30, 2024:
For the six months ended June 30, 2023:

Basic earnings
per share

792 million yen
1,276 million yen(37.9%)[-%]

Diluted earnings
per share

Six months endedYenYen

June 30, 2024

7.1429.43

7.03
28.72

June 30, 2023Profit attributable toowners of parent

Ordinary profit

Millions of yen

June 30, 2023
Note:

Operating profit(2) Consolidated financial position
Total assets
As ofJune 30, 2024
December 31, 2023
Reference:

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen%

161,971
159,105

14,955
14,1297.2
6.7

EquityAs of June 30, 2024:
As of December 31, 2023:

11,602 million yen
10,732 million yen-1-

2. Cash dividends
Annual dividends per shareFirst quarter-end

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
Fiscal year ending
December 31, 2024
Fiscal year ending
December 31, 2024 (Forecast)Fiscal year-endTotal

Note: Changes from the latest released dividend forecasts: None
3. Forecast of consolidated financial results for the fiscal year ending December 31, 2024
(From January 1, 2024, to December 31, 2024)(% indicates year-on-year changes.)
Net sales

Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

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

20,540(38.9)

5,100

42.0

2,520

24.2

1,500

37.8

Basic earnings
per shareYen

50.23

Note: Changes from the latest released performance forecasts: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): Yes
Exclusion of one company from the group, RJ Investment Co., Ltd.
(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: None(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)
29,914,610 shares
29,754,092 shares

As of June 30, 2024
As of December 31, 2023(ii) Number of treasury shares at the end of the period
As of June 30, 2024

88 shares
88 shares

As of December 31, 2023(iii) Average number of shares outstanding during the period
As of June 30, 2024

29,865,174 shares
29,368,671 shares

As of June 30, 2023

*Quarterly financial results reports are exempt from review by certified public accountants or audit corporations.
* 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 such will be achieved. In addition, actual financial results may significantly differ
due to various factors. For information on the conditions on which earnings forecasts are based and precautions tobe taken when using earnings forecasts, please refer to Appendix P.3 "1. Overview of Operating Results (4) Future
Outlook." (Japanese Version)-2-Quarterly Consolidated financial statements.
(1) Quarterly Consolidated balance sheet(Millions of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Investment securities
Power plants for sale
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 one year
Non-recourse long-term borrowings to be repaid
within one year
Accounts payable
Income taxes payable
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
Other
Total non-current liabilities
Total liabilities-3-

As of June 30, 2024

13,404
1,457
5,012
27,304
2,816
49,996

10,1262,624
6,269
26,653
4,83550,509

3,634
85,104
4,823
11,481359(8,390)97,013
3,524

3,633
86,945
5,789
12,334388(11,222)
97,868
3,413

2,099
2,123
3,876
470
8,570
109,108
159,105

3,225
2,139
3,698
1,116
10,180111,462
161,971

392
7,406
1,196
10,313225
11,458
1,196
9,948

4,446

4,340

1,633
1,208
2,581
29,178

1,187
807
2,060
31,226704
40,92066,051
32
4,351
134
2,943
659
115,797
144,975

606
42,24664,500
387
4,246
146
3,019
637
115,789
147,016(Millions of yen)
As ofDecemberDecember
31,202131, 2023
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Other accumulated comprehensive income
Foreign currency translation adjustment
Total other accumulated comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: All amounts are rounded down to the nearest million Japanese yen.

-4-

As of June
June30,30,2022
2024

December 31,2021

4,649
4,473
1,300
(0)
10,424

4,669
4,525
1,513
(0)
10,70830730773,38914,129159,105

894
894
123,339
14,955
161,971(2) Quarterly Consolidated statement of income and Quarterly Consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)Six months ended
June 30, 2024

Six months ended
June 30, 2023
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividend Income
Insurance receipts
Gain on investments in silent partnership
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Commission expenses
OtherTotal non-operating expenses
Ordinary profit
Extraordinary Gains
Gain on Sale of Affiliate Stock
Other
Total Extraordinary Gains
Extraordinary loses
Impairment losses
Loss on Sale of Fixed Assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
ProfitNet profit attributable to non-controlling interests
Net profit attributable to owners of parent
Note: All Yen amounts are rounded down to the nearest million Japanese yen.

9,468
5,621
3,846
2,067
1,778

8,720
5,073
3,646
2,131
1,51510549
64
49664

91143
336
104

1,006
92
0
1,099
1,344

1,007
122
25
1,155
464-2490249030
31
1,312
1,802
(1,422)
380
932
68864

50
5708
674
(172)
502
206
(7)
213

(Consolidated statement of comprehensive income)(For the six months ended June 30, 2024)(Millions of yen)Six months ended
June 30, 2023
Net profit
Other comprehensive income
Equity in earnings of affiliated companies
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests
Note: All Yen amounts are rounded down to the nearest million Japanese yen.

Six months ended
June 30, 2024

932

206

343
343
1,276
1,208
68

0586
586
792
799
(7)