Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Rezil (176A TSE Growth)

April 26, 2024

Providing a variety of energy-related services
This report is an English translation of part of the report issued on April 26, 2024.
For inquiries concerning the report, please contract info@stock-r.org【176A Rezil Sector：Electric Power and Gas】
Fiscal YearNet sales

YoY(mn yen)(%)

OperatingprofitYoY(mn yen)(%)

Ordinary
profitYoY(mn yen)(%)

ProfitYoY(mn yen)(%)

EPSBPS

DPS(yen)

(yen)

(yen)

Mar.202230,990-

1,849-

1,714-

1,519-

83.5

289.7

46.0

Jun.2023

48,867-

1,636-

1,972-

1,344-

73.9

340.6

22.0

37,827

-22.8

2,638

61.3

2,569

30.3

1,808

34.4

99.2

-

30.0

Jun.2024f

Note: Consolidated basis.Figures for the fiscal year ending June 2024 are the company's forecasts.
It conducted 1:50 stock split on January 25, 2024.Per share indicies are adjusted retroactively.

Providing Energy-related Services
Rezil corporate group consists of Rezil and two domestic subsidiaries. The group'sbusinesses are classified into three categories, the distributed energy business, the green
energy business and the energy digital transformation (DX) business.
Rezil's main business is the distributed energy business. It involves providing
condominium batch power reception services that supply power by converting procured
high-voltage electricity into low-voltage power. This process utilizes power receiving andtransformer equipment installed at condominiums. Rezil installs the equipment, which thecompany retains as an asset, so the condominium does not bear an investment burden.
Furthermore, the company has defined its condominium disaster prevention service, which
was launched in April 2023 and has increased added value, as a growth business domain.
It is focusing its sales activities in this area. Rezil’s condominium disaster prevention
service supplies power during normal times and emergencies such as disaster-related
power outages. In this service, the company installs solar power generators, storage
batteries and related distributed power supply equipment based on its condominium batch
power reception service.
In its green energy business, Rezil provides power retail services centered on renewableenergy. The group procures electric power and supplies it to customers. As of the end of2023, the company provided power retail services to approximately 7,500 small andmedium-sized corporations and local governments.
In its energy DX business, Rezil primarily provides operation contract services to retail
power suppliers that have newly entered the market following Japan's full liberalization of
the power market in April 2016. In addition to electrical safety management services, thecompany provides systems and business flows developed for the distributed energy
businesses and the green energy businesses in the form of BPaaS.

Newly Listed Company Introduction Report

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
makes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Rezil (176A TSE Growth)

April 26, 2024

Financial Statements

Statement of income

Fiscal YearMar. 2022
(mn yen)Six months
to Dec.2023

Jun.2023(%)(mn yen)(%)(mn yen)(%)

Net sales

30,990100.0

48,867100.0

20,268100.0

Cost of sales

26,145

84.4

42,836

87.7

16,496

81.4

Gross profit

4,844

15.6

6,031

12.3

3,771

18.6

Selling, general and administrative expenses

2,994

9.7

4,394

9.0

2,004

9.9

Operating profit

1,849

6.0

1,636

3.3

1,767

8.7

Non-operating income

12-

461-

3-

Non-operating expenses

147-

125-

40-

Ordinary profit

1,714

5.5

1,972

4.0

1,730

8.5Profit before income taxes

2,172

7.0

1,894

3.9

1,711

8.4

Net profit

1,519

4.9

1,344

2.8

1,215

6.0

Balance sheet

Fiscal Year

Jun. 2022(mn yen)Current assets

Jun.2023(%)(mn yen)Dec.2023(%)(mn yen)

(%)

8,885

57.8

7,877

52.7

8,987

55.6

Cash and deposits

2,341

15.2

2,199

14.7

2,516

15.6

Accounts receivable-trade

5,879

38.3

5,278

35.3

6,278

38.9

6,474

42.2

7,071

47.3

7,164

44.4

5,141

33.5

4,927

33.0

5,016

31.1

444

2.9

342

2.3

2961.8Non-current assets
Property, plant and equipment
Intangible assets

888

5.8

1,801

12.1

1,851

11.5

Total assets

Investments and other assets

15,360100.0

14,948100.0

16,152100.0

Current liabilities

6,005

39.1

5,026

33.6

5,697

35.3

Accounts payable - trade

2,452

16.0

2,436

16.3

2,533

15.7

Short-term borrowings

500

3.3

----

Current portion of long-term borrowings

899

5.9

1,352

9.0

1,559

9.7

4,065

26.5

3,699

24.8

3,410

21.1

Long-term borrowings

2,709

17.6

2,984

20.0

3,015

18.7

Lease obligations

1,156

7.5

605

4.1

285

1.8

5,289

34.4

6,222

41.6

7,044

43.6

5,271

34.3

6,198

41.5

7,013

43.4

Non-current liabilities

Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation
Cash flows from investing activities
Purchase of property, plant andequipment
Cash flows from financing activities
Dividends paid
Net increase in cash and cash equivalents
Cash and cash equivalents

Jun. 2022

Jun.2023(mn yen)(mn yen)Six months
to Dec.2023(mn yen)

1,781

3,136

1,962

1,124

1,361

491

105

-2,120-1,550-630-1,072-1,167-1,449-1,158

-94

-836

-418

-400

437-141

317

2,341

2,199

2,516

Note:Consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
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no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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