RENOVA (9519) Q2 2025 earnings summary

Executive summary

• Revenue for 2Q FY3/2025 increased 81.6% year-over-year to ¥33,689 million, driven by new biomass plants and Non-FIT Solar PV expansion.

• EBITDA rose 5.2% to ¥11,531 million, but operating profit declined 65.5% to ¥2,152 million due to higher depreciation and repairs.

• Profit attributable to owners swung to a loss of ¥128 million from a profit of ¥2,818 million a year earlier.

• Significant progress in storage battery projects and Non-FIT Solar PV capacity reached 106MW as of October 2024.

• Total comprehensive income was negative ¥2,523 million, compared to positive ¥21,452 million in the prior year.

Financial highlights

• Revenue rose to ¥33,689 million in 2Q FY3/2025 from ¥18,551 million year-over-year.

• EBITDA was ¥11,531 million, up from ¥10,957 million, with margin declining to 34.2% from 59.1%.

• Operating profit dropped to ¥2,152 million from ¥6,233 million due to higher depreciation and limited operation at Tokushima-Tsuda Biomass.

• Net profit attributable to owners was -¥128 million, down from ¥2,818 million.

• EPS was -¥1.43, compared to ¥35.77 in the prior year.

Outlook and guidance

• Full-year revenue forecast is ¥71,800 million, with EBITDA projected at ¥20,800 million and operating profit at ¥1,000 million.

• Net profit for the year is forecast at ¥5,900 million, with EPS of ¥65.31.

• No dividends are planned for the fiscal year ending March 2025.

• Revenue growth expected from new biomass, onshore wind, and Non-FIT Solar PV projects coming online.

• Further profit increases anticipated as projects under development are realized.