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.

May 12, 2023

Consolidated Financial Results
for the First Quarter Ended March 31, 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:
May 12, 2023
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended March 31, 2023
(from January 1, 2023 to March 31, 2023)(1) Consolidated operating results (cumulative)(% indicates year-on-year changes.)
Net sales
Three months ended

Operating profit

Millions of yen%March 31, 2023

4,683

March 31, 2022

3,171

Note:

For the three months ended March 31, 2023:
For the three months ended March 31, 2022:

Comprehensive income

Millions of yen

%

47.7

865-

(504)

Basic earnings
per share

Profit attributable toowners of parent

Ordinary profit
Millions of yen%

-627-

(883)
493 million yen(716) million yen

Millions of yen%-451--(609)

-[-%]
[-%]

Diluted earnings
per share

Three months endedYenYen

March 31, 2023

15.4715.07

March 31, 2022
(21.19)Notes: 1. As the Company has not prepared consolidated financial statements for the three months ended March 31, 2021, thepercentage indicating year-on-year changes for the three months ended March 31, 2022 are not indicated.
2. Diluted earnings per share for the three months ended March 31, 2022 is not indicated as basic earnings per share wasa 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%March 31, 2023

167,575

13,108

5.9

December 31, 2022

166,729

12,608

5.6

Reference:

Shareholders’ equity
As of March 31, 2023:
As of December 31, 2022:

9,840 million yen
9,293 million yen-1-2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
December 31, 2022
Fiscal year ending
December 31, 2023

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Yen

Yen

-

0.00

-

0.00

0.00

Total

0.00

-

0.00

0.00

-

Fiscal year ending
December 31, 2023
(Forecast)

Note:

Fiscal year-end

Changes from the latest released dividend forecasts: 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

25.69

Changes from the latest released performance forecasts: 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 March 31, 2023

29,200,050 shares

As of December 31, 2022

29,168,332 shares(ii) Number of treasury shares at the end of the period
As of March 31, 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)
Three months ended March 31, 2023

29,191,675 shares

Three months ended March 31, 2022

28,739,717 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 such 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)
December 31, 2022
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
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
Provision 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
Reserve for repairs
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities-3-

March 31, 2023

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

10,866,419
2,120,608
19,437,056
973,991
5,264,287
38,662,363

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

3,631,198
102,035,733
4,698,556
6,590,405
353,067(4,299,859)
113,009,101
3,588,900

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

3,907,790
2,751,187
4,986,055
670,152
12,315,185
128,913,188
167,575,551

151,5233,460,450
148,000

397,8223,782,551
148,000

9,667,717

9,394,866

4,480,552

3,765,437

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

1,817,941
1,667,029
74,7105,286
1,063,366
22,117,011

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

1,550,000
51,184,852
68,458,629
3,150,466
4,307,451
116,254
2,895,392
686,922
132,349,969154,466,981

(Thousands of yen)
December
December31,2021
31, 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-March
June31,30,2022
2023

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

4,631,178
4,455,161
671,614(59)
9,757,894(6,634)(6,634)
3,314,774
12,608,729
166,729,399

82,551
82,551
1,038
3,267,084
13,108,569
167,575,551

December 31,2021

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income(Quarterly consolidated statement of income)(For the three months ended March 31, 2023)(Thousands of yen)Three months ended
March 31, 2023

Three months ended
March 31, 2022
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)Non-operating profit
Interest income
Insurance claim income
Gain on investments in silent partnership
Share of profit of entities accounted for using equity
methodOther
Total non-operating profit
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary loses
Impairment losses
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 parentNote: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

3,171,628
2,751,064
420,563925,306(504,742)

4,683,620
2,733,279
1,950,340
1,085,114
865,226833
54,722
5,163

509
198,742
64,363

363

353

7,299
68,38242,380306,348

338,182
108,616
446,799(883,159)

494,535
49,141
543,677
627,896(883,159)
254,984(428,617)(173,632)(709,526)(100,513)(609,013)

892
892
627,004
1,595,945(1,372,843)
223,101
403,902(47,690)
451,593

(Quarterly consolidated statement of comprehensive income)(For the three months ended March 31, 2023)(Thousands of yen)Three months ended
March 31, 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.

Three months ended
March 31, 2023

(709,526)

403,902(6,793)(6,793)(716,320)

89,18689,186
493,089(615,807)

540,779(100,513)(47,690)