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.

August 12, 2022

Consolidated Financial Results
for the Second Quarter Ended June 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:
August 12, 2022
Preparation of supplementary material on quarterly financial results:
Yes
Holding of quarterly financial results briefing:
Yes (for institutional investors andanalysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the six months ended June 30, 2022
(from January 1, 2022 to June 30, 2022)(1) Consolidated operating results (cumulative)(% indicates year-on-year changes.)
Net sales
Six months ended%

Millions of yen%

Millions of yen%

Millions of yen%

8,066-355-(1,089)-(1,260)---------(1,262) million yen- million yen

[-%]
[-%]

June 30, 2021
Comprehensive income

For the six months ended June 30, 2022:
For the six months ended June 30, 2021:

Basic earnings
per share
Six months ended
June 30, 2022

Profit attributable toowners of parent

Ordinary profit

Millions of yen

June 30, 2022
Note:

Operating profit

Diluted earnings
per share
Yen

Yen(43.75)-June 30, 2021
Notes: 1. As the Company has not prepared consolidated financial statements for the six months ended June 30, 2021, the financial
figures for the six months ended June 30, 2021 and the percentage indicating year-on-year changes for the six months
ended June 30, 2022 are not indicated.
2. Diluted earnings per share for the six months ended June 30, 2022 is not indicated even though the Company has issued
potential shares, because basic earnings per share was net loss.

(2) Consolidated financial position
Total assets
As ofNet assets

Equity-to-asset ratio

Millions of yen

Millions of yen%

June 30, 2022

165,017

18,977

6.0

December 31, 2021

119,766

14,0978.9-1-Reference:

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

9,893 million yen
10,630 million yen

2. Cash dividends
Annual dividends per shareFirst quarter-end
Fiscal year ended
December 31, 2021
Fiscal year ending
December 31, 2022

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 ending
December 31, 2022
(Forecast)

Note:

Fiscal year-end

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%

19,000

19.1

2,100

(5.8)

(1,350)-(1,650)-Yen(57.22)

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 June 30, 2022

28,876,790 shares

As of December 31, 2021

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

Note:

Six months ended June 30, 2022

28,803,778 shares

Six months ended June 30, 2021

- shares

The average number of shares outstanding during the second quarter of the fiscal year ended December 31, 2021 is not shown
because the Company began disclosing second quarter financial results in the fiscal year ending December 31, 2022

* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants oran audit corporation.

-2-* 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.

-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 assetsInvestment securities
Power plant for sale
Power plant for sale (in progress)
Prepaid expenses
Other current assets
Total current assets
Non-current assets
Tangible non-current assets
Intangible non-current assets
Goodwill
Other intangible non-current assets
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
Allowance for construction cost loss compensation
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds
Long-term borrowings
Non- recourse long-term borrowings
Reserve for repairs
Other non-current liabilities
Total non-current liabilities
Total liabilities-4-

June 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

16,089,855
2,539,096
3,043,610
72,350,333
5,882,264
4,011,911
4,061,263
107,978,335

6,677,729

47,825,463

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

2,731,526
2,867,599
5,599,126
3,614,499
57,039,089
165,017,425

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

833,660
21,626,000
106,000

11,376,850

18,126,904

4,596,236

2,853,681

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

2,808,184
412,864
18,000806,978
47,592,273

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

1,235,000
41,756,461
50,331,100
89,847
5,035,502
98,447,911146,040,185

(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
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-JuneJune30,2022
30,2022

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

4,619,597
4,782,040
492,283(59)
9,893,860

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

9,083,378
18,977,239
165,017,425

December 31,2021

(2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income(Quarterly consolidated statement of income)(For the six months ended June 30, 2022)(Thousands of yen)Six months ended
June 30, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Dividend 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
Commission expenses
Other
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on Phased Acquisition
Total extraordinary income
Extraordinary loss
Loss on sale and retirement of non-current assets
Total extraordinary losses
Loss before income taxes
Income taxes – current
Income taxes – deferred
Income taxes
Net loss
Net profit attributable to non-controlling interests
Net loss attributable to owners of parent8,066,222
5,477,370
2,588,851
2,233,810
355,040
1,222
6,753
54,757
13,550363
14,482
91,129660,272
875,4933
1,535,769(1,089,599)
69,321
69,321819
819(1,021,097)
430,277(214,788)
215,488(1,236,586)
23,495(1,260,081)

Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-6-

(Quarterly consolidated statement of comprehensive income)(For the six months ended June 30, 2022)(Thousands of yen)Six months ended
June 30, 2022
Net loss
Other comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests(1,236,586)(25,763)(25,763)(1,262,349)(1,285,845)
23,495

Note: All Yen amounts are rounded down to the nearest 1,000 Japanese yen.

-7-