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 13, 2024

Consolidated Financial Results
for the First Quarter Ended March 31, 2024
(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 Corporate
Business Management Division
Telephone:+81-3-6670-6644
Scheduled date to commence dividend payments: Scheduled date to file quarterly financial report: May 15, 2024
Preparation of supplementary material on quarterly financial results: Yes
Holding of quarterly financial results briefing: No(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended March 31, 2024
(from January 1, 2024, to March 31, 2024)(1) Consolidated operating results (Cumulative)(% indicates year-on-year changes.)
Net salesThree months ended%

Millions of yen%

Millions of yen

3,872
4,683

(17.3)
47.7

355
865

(58.9)(174)
627

March 31, 2024
Comprehensive income

For the three months ended March 31, 2024:
For the three months ended March 31, 2023:

Basic earnings
per share
Three months ended
March 31, 2024
March 31, 2023

Profit attributable toowners of parent

Ordinary profit

Millions of yen

March 31, 2023
Note:

Operating profit%

(178)
451

14 million yen
493 million yen

Diluted earnings
per share

Yen

Yen

(5.98)
15.47

15.07

(2) Consolidated financial position
Total assets
As ofMarch 31, 2024
December 31, 2023
Reference:

Net assets

Capital adequacy ratio

Millions of yen

Millions of yen%

159,317
159,105

14,14014,1296.8
6.7

EquityAs of March 31, 2024:
As of December 31, 2023:

10,817 million yen
10,717 million yen-1-Millions of yen[(97.1%)][-%]%2. Cash dividends
Annual dividends per shareFirst
quarter-end
Fiscal year ended
December 31, 2023
Fiscal year ending
December 31, 2024

Fiscalyear-end

Second quarter-end

Third quarter-end

TotalYen

Yen

YenYenYen-

0.00

-

0.00

0.00

0.00

-

0.00

0.00

-

Fiscal year ending
December 31, 2024 (Forecast)

Note: Changes from the latest released dividend forecasts: None
3. Forecast of consolidated financial results for the fiscal year ending December 31, 2024
(From January 1, 2024, to December 31, 2024)(% indicates year-on-year changes.)
Net sales

Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

20,540(38.9)

5,100

42.0

2,520

24.2

1,50037.8

Basic earnings
per shareYen

50.26

Note: Changes from the latest released performance forecasts: None* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange 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: None(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)
29,872,610 shares
29,754,092 shares

As of March 31, 2024
As of December 31, 2023(ii) Number of treasury shares at the end of the period
As of March 31, 2024

88 shares
88 shares

As of December 31, 2023(iii) Average number of shares outstanding during the period
As of March 31, 2024

29,843,634 shares
29,191,675 shares

As of March 31, 2023

*Quarterly financial results reports are exempt from review conducted by certified public accountants or audit
corporations.
* 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. For information on the conditions on which earnings forecasts are based and precautions
to be taken when using earnings forecasts, please refer to Appendix P.3 "1. Overview of Operating Results (３)Future Outlook."-2-Quarterly Consolidated financial statements.
(1) Quarterly Consolidated balance sheet(Millions of yen)
As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable-trade and contract assets
Investment securities
Power plants for sale
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment and vehicles
LandConstruction in progress
OtherAccumulated 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 one year
Non-recourse long-term borrowings to be repaid
within one year
Accounts payable
Income taxes payable
Allowance for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds
Long-term borrowings
Non- recourse long-term borrowings
Long-term accounts payable
Deferred tax liabilities
Allowance for repairs
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities-3-

As of March 31, 2024

13,404
1,457
5,012
27,304
2,816
49,996

10,133
1,858
5,670
26,835
5,127
49,625

3,634
85,104
4,823
11,481359(8,390)97,0133,524

3,636
86,555
5,454
10,801376(9,804)
97,019
3,496

2,099
2,123
3,876
470
8,570
109,108
159,105

2,105
2,202
3,771
1,095
9,175
109,691
159,317

392
7,406
1,196
10,313502
11,154
1,196
10,997

4,446

4,349

1,633
1,208
2,581
29,178

922
78
94
1,638
30,935704
40,92066,051
32
4,351
134
2,943
659
115,797
144,975

606
40,71364,659
164
4,300
140
3,008
649
114,241
145,176(Millions of yen)
As ofDecember
December
31,202131, 2023
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Other accumulated comprehensive income
Foreign currency translation adjustment
Total other accumulated comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets
Note: All amounts are rounded down to the nearest million Japanese yen.

-4-

As of March
June 30,2022
31, 2024

December 31,2021

4,649
4,473
1,300
(0)
10,424

4,662
4,491
1,122
(0)
10,276

307
307
7
3,389
14,129159,105

540
540
9
3,313
14,140159,317

(2) Quarterly Consolidated statement of income and Quarterly Consolidated statement of comprehensive income(Consolidated statement of income)(Millions of yen)Three months ended
March 31, 2024

Three months ended
March 31, 2023
Sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating profit
Interest income
Insurance receipts
Gain on investments in silent partnership
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Commission expenses
Other
Total non-operating expenses
Ordinary profit (Loss)
Extraordinary loses
Impairment losses
Total extraordinary losses
Profit (Loss) before income taxesIncome taxes – current
Income taxes – deferred
Total income taxes
Profit (Loss)
Net profit (Loss) 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.

4,683
2,733
1,950
1,085
865

3,872
2,439
1,432
1,077
355

0
198
64
42
306

1
23
0
19
45

494
48
0
543
627

494
75
5575
(174)

00
627
1,595
(1,372)
223
403
(47)
451

(174)
206(162)
43(218)(40)(178)

(Consolidated statement of comprehensive income)(For the three months ended March 31, 2024)(Millions of yen)Three months ended
March 31, 2023
Net profit (Loss)
Other comprehensive income
Foreign currency translation adjustment
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests
Note: All Yen amounts are rounded down to the nearest million Japanese yen.

Three months ended
March 31, 2024

403

(218)

8989
493
540(47)232232
1454(40)