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, 2022

Consolidated Financial Results
for the First Quarter Ended March 31, 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 DivisionTelephone:+81-3-6670-6644
Scheduled date to commence dividend payments:
Scheduled date to file quarterly financial report:
May 13, 2022
Preparation of supplementary material on quarterly financial results:
Yes (Japanese only)
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, 2022
(from January 1, 2022 to March 31, 2022)(1) Consolidated operating results (cumulative)(% indicates year-on-year changes.)
Net sales
Three months ended%

Millions of yen%

Millions of yen%

Millions of yen%

3,171

-

(504)

-(883)-(609)---------March 31, 2021
Comprehensive income

For the three months ended March 31, 2022:
For the three months ended March 31, 2021:

Basic earnings
per share
Three months ended
March 31, 2022

Profit attributable toowners of parent

Ordinary profit

Millions of yen

March 31, 2022
Note:

Operating profit(716) million yen-million yen

[-%]
[-%]

Diluted earnings
per shareYenYen(21.19)-March 31, 2021
Notes: 1. As the Company has not prepared consolidated financial statements for the three months ended March 31, 2021, thefinancial figures for the three months ended March 31, 2021 and the percentage indicating year-on-year changes for thethree months ended March 31, 2022 are not indicated.
2. Diluted earnings per share for the three months ended March 31, 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%March 31, 2022

117,395

13,926

9.0

December 31, 2021

119,766

14,097

8.9

Reference:

Shareholders’ equity
As of March 31, 2022:
As of December 31, 2021:

10,559 million yen
10,630 million yen-1-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

Total0.00

-

0.00

0.00

-

Fiscal year ending
December 31, 2022
(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, 2022
(from January 1, 2022 to December 31, 2022)(% indicates year-on-year changes.)
Net sales
Full year

Note:

Operating profit

Ordinary profit

Profit attributableto owners ofparent

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%18,800

17.9

2,900

30.1

1,400

41.3

600

13.2

Basic earnings
per shareYen

20.81

Changes from the latest released performance forecasts: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the changein scope of consolidation): None
Newly included: - companies
Excluded:- companies(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, 2022

28,856,840 shares

As of December 31, 2021

28,420,910 shares(ii) Number of treasury shares at the end of the period
As of March 31, 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)
Three months ended March 31, 2022

28,739,717 sharesThree months ended March 31, 2021

- 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 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 assetsTotal 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 employees’ bonuses
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 liabilitiesTotal non-current liabilities
Total liabilities
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-4-

March 31,2022

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

13,607,300
2,297,679
2,931,781
57,655,432
20,481,095
4,097,305
3,814,759
104,885,355

6,677,729

6,631,545

1,247,164
657,969
1,905,1333,583,906
12,166,769
119,766,011

1,230,856
662,238
1,893,095
3,985,554
12,510,195
117,395,550

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

847,368
2,711,000
142,000

11,376,850

18,724,160

4,596,236

3,997,641

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

1,453,431
305,472
77,161
18,000487,357
28,763,594

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

1,248,000
20,866,021
50,573,437
78,774
1,939,202
74,705,435
103,469,029

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

4,617,429
4,779,872
1,143,351(59)
10,540,594

25,76325,763

18,96918,969Non-controlling interests
Total net assets
Total liabilities and net assets

3,467,469
14,097,815
119,766,011

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

-5-3,366,956
13,926,520
117,395,550

(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, 2022)(Thousands of yen)Three months ended
March 31, 2022
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating 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
Commission expenses
Other
Total non-operating expenses
Ordinary loss
Loss before income taxes
Income taxes – current
Income taxes – deferred
Income taxes
Net loss
Net loss attributable to non-controlling interests
Net loss attributable to owners of parent

3,171,628
2,751,064
420,563925,306(504,742)
833
54,722
5,163
363
7,299
68,382
338,182
108,55957
446,799(883,159)(883,159)
254,984(428,617)(173,632)(709,526)(100,513)(609,013)

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

-6-

(Quarterly consolidated statement of comprehensive income)(For the three months ended March 31, 2022)(Thousands of yen)Three months ended
March 31, 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(709,526)(6,793)(6,793)(716,320)(615,807)(100,513)

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

-7-

8