RENOVA (9519) Q1 2026 earnings summary

Executive summary

• Revenue and EBITDA rose significantly year-over-year, driven by biomass plant restarts, new operations, and business development fees.

• Operating profit surged 477.3% to ¥3,296 million, with net profit attributable to owners up 160.2% to ¥862 million and EPS at ¥9.53.

• Largest battery energy storage system (BESS) capacity under construction in Japan at 260MW, with further 200MW in development.

• Omaezakikou Biomass halted for repairs in June 2025, with operations expected to resume by September 2025.

• Total comprehensive income was negative ¥11,486 million, reversing from a positive ¥25,145 million a year earlier, mainly due to a large negative swing in cash flow hedges.

Financial highlights

• Q1 FY3/2026 revenue: ¥20,527 million, up 35.4% year-over-year.

• Q1 EBITDA: ¥8,617 million, up 64.1% year-over-year.

• Q1 operating profit: ¥3,296 million, up 477.3% year-over-year.

• Q1 profit attributable to owners: ¥862 million, up 160.2% year-over-year.

• Q1 EPS: ¥9.53, up from ¥3.73 year-over-year.

Outlook and guidance

• FY3/2026 revenue forecast: ¥90,500 million (+28.8% year-over-year).

• FY3/2026 EBITDA forecast: ¥31,600 million (+35.6% year-over-year).

• FY3/2026 operating profit forecast: ¥9,300 million (+128.7% year-over-year).

• Profit attributable to owners expected to decrease to ¥1,500 million due to lower gain on step acquisitions.

• Full-year contributions expected from Omaezakikou, Tokushima Tsuda, and Karatsu Biomass plants.