RENOVA (9519) Q2 2026 earnings summary

Executive summary

• Revenue, EBITDA, and operating profit increased year-over-year, driven by new and resumed biomass plants, business development fees, and renewable energy operations.

• All seven biomass power plants (445MW total) are now operational, with Karatsu Biomass consolidated in September 2025.

• Himeji Energy Storage Facility (15MW) began operation in October 2025, marking the first merchant storage battery business.

• A 100MW solar PV project in the Philippines secured a 20-year fixed-price contract.

• Total comprehensive income reached ¥7,052 million, compared to a loss of ¥2,523 million a year earlier.

Financial highlights

• Q2 FY3/2026 revenue rose to ¥40,609 million from ¥33,689 million year-over-year, a 20.5% increase.

• EBITDA increased to ¥15,540 million (from ¥11,531 million), and operating profit to ¥4,888 million (from ¥2,152 million).

• Profit attributable to owners of the parent was ¥3,323 million, up from a loss of ¥128 million.

• EPS improved to ¥36.74 from -¥1.43 year-over-year.

• Total assets increased to ¥556,398 million as of September 30, 2025.

Outlook and guidance

• Full-year FY3/2026 forecasts remain unchanged: revenue ¥90,500 million, EBITDA ¥31,600 million, operating profit ¥9,300 million.

• Profit attributable to owners of the parent expected to decrease to ¥1,500 million due to lower gains on step acquisitions.

• Large Solar PV business expects stable performance; biomass segment to benefit from full-year contributions of new and resumed plants.

• Development and Operation Business anticipates lower EBITDA due to reduced business development fees.

• No revisions have been made to the previously announced forecast.