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, 2022

Consolidated Financial Results
for the Third Quarter Ended September 30, 2022
(Under Japanese GAAP)
Company name: Renewable Japan Co., Ltd.
Listing:
Tokyo Stock Exchange
Securities code:
9522
URL:
https://www.rn-j.com/en/
Representative:
Katsuhito Manabe, President and representative director
Inquiries: Eishin Ikeda, Corporate Officer and General Manager of Finance and Accounting Division
Telephone:+81-3-6670-6644
Scheduled date to commence dividend payments:
Scheduled date to file quarterly financial report:
November 14, 2022
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 nine months ended September 30, 2022
(from January 1, 2022 to September 30, 2022)(1) Consolidated operating results (cumulative)(% indicates year-on-year changes.)
Net sales
Nine months ended

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

September 30, 2022

12,723

11.4

1,027

(39.9)(1,023)-(1,277)-

September 30, 2021

11,418-

1,708-

884-

566

-

Note:

For the nine months ended September 30, 2022:
For the nine months ended September 30, 2021:

Comprehensive income

Basic earnings
per share
Nine months ended
September 30, 2022

(1,181) million yen
637 million yen

[-%]
[-%]

Diluted earnings
per shareYenYen(44.19)-September 30, 2021
21.96
Notes: 1. As the Company has not prepared consolidated financial statements for the nine months ended September 30, 2020, thepercentage indicating year-on-year changes for the nine months ended September 30, 2021 is not indicated.
2. Diluted earnings per share for the nine months ended September 30, 2021 is not indicated as the Company was not listed
and it is thus impossible to grasp its average share price during the period, although potential shares exist.
3. Diluted earnings per share for the nine months ended September 30, 2022 is not indicated as basic earnings per share wasnet 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, 2022

164,145

12,406

5.5

December 31, 2021

119,766

14,097

8.9

Reference:

Shareholders’ equity
As of September 30, 2022:
As of December 31, 2021:

9,029 million yen
10,630 million yen-1-2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year endedDecember 31, 2021
Fiscal year ending
December 31, 2022

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year-end
Yen

Yen-0.00

-0.00

0.00

-0.00

0.00

0.00

Fiscal year ending
December 31, 2022
(Forecast)

Note:

Total

Changes from the latest released dividend forecasts: None

3. Forecast of consolidated financial results for the fiscal year ending December 31, 2022
(from January 1, 2022 to December 31, 2022)(% 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%

19,00019.1

2,100(5.8)(1,350)-(1,650)-Yen(57.03)

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): Yes
Newly included: 1 company (Renewable Japan Energy Infrastructure Fund, Inc.)(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, 2022

29,144,610 shares

As of December 31, 2021

28,420,910 shares(ii) Number of treasury shares at the end of the period
As of September 30, 2022

38 shares

As of December 31, 2021

- shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscalyear)
Nine months ended September 30, 2022

28,903,773 shares

Nine months ended September 30, 2021

25,812,000 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)-2-

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.

-3-

Quarterly consolidated financial statements(1) Quarterly consolidated balance sheet(Thousands of yen)
December 31, 2021
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Investment securities
Power plant for sale
Power plant for sale (in progress)
Prepaid expenses
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
Land
OtherAccumulated depreciation
Total tangible assets
Intangible non-current assets
Goodwill
Other
Total intangible assets
Investment 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
Reserve for repairs
Other
Total non-current liabilities
Total liabilities

September 30, 2022

18,162,485
1,878,153
3,287,487
56,156,088
19,192,658
4,026,295
4,896,072
107,599,241

13,490,050
2,285,335
3,282,879
74,948,210
6,131,362
3,983,247
3,579,659
107,700,744

3,623,370
990,661
2,845,300
348,118(1,129,720)
6,677,729

3,628,690
47,641,958
3,636,014
345,591(8,190,544)
47,061,710

1,247,164
657,969
1,905,133
3,583,906
12,166,769
119,766,011

2,847,563
2,862,491
5,710,055
3,673,053
56,444,819
164,145,564

1,612,415
3,969,250
194,000

222,930
40,631,400
146,000

11,376,850

13,603,854

4,596,236

4,598,492

1,392,006
364,445
26,462765,240
24,296,907

7,723,086
198,613
119,7995,286
875,874
68,125,338

2,288,000
28,482,816
48,497,810
145,404
1,957,256
81,371,287
105,668,195

1,635,000
26,788,606
49,956,592
100,920
5,132,736
83,613,855
151,739,194--4-

(Thousands of yen)
December
December31,2021
31, 2021
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Unrealized gains on securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
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.

-5-

SeptemberJune 30,2022
30, 2022

4,273,310
4,586,753
1,744,518
10,604,582

4,624,901
3,900,880
475,043(59)
9,000,766

25,76325,763
3,467,469
14,097,815
119,766,011

28,913
28,913
3,376,689
12,406,369
164,145,564

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, 2022)(Thousands of yen)
Nine months ended
September 30, 2022

Nine months ended
September 30, 2021
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividend income
Insurance claim income
Compensation income
Reversal of provision for loss on liquidation ofsubsidiaries and associates
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
Commission expenses
Other
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Gain on Phased Acquisition
Reversal of provision for loss on business liquidation
Other
Total extraordinary income
Extraordinary loss
Loss on sale and retirement of non-current 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.

11,418,463
7,097,653
4,320,809
2,611,859
1,708,950

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

18,5083,723
6,257
75,1571,251
6,753
80,201567

32,3831

22,30329,771

368

363

7,364
166,067

18,364
137,274

769,765
217,216
3,979
990,961
884,056

1,160,910
973,430
53,726
2,188,068(1,023,333)

15,345716
16,062

69,321
12,527
81,8482,770
2,770
897,348783,693(519,092)
264,601
632,746
65,921566,825

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

(Quarterly consolidated statement of comprehensive income)(For the nine months ended September 30, 2022)(Thousands of yen)
Nine months ended
September 30, 2021
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, 2022

632,746(1,184,518)

5,068
5,068
637,815(25,763)
28,913
3,150(1,181,368)

571,894(1,274,171)

65,92192,803