RENOVA (9519) Q3 2025 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2024 rose 63% year-over-year to ¥48,631 million, with EBITDA up 18.4% to ¥16,624 million, driven by stable operations at new biomass plants and expansion in solar PV and BESS projects.

• Operating profit declined 60.3% to ¥2,529 million due to absence of prior year one-time gains and a six-month suspension at Tokushima-Tsuda Biomass.

• Net loss attributable to owners was ¥912 million, compared to a profit of ¥5,984 million a year earlier; basic EPS dropped to (10.14) yen from 75.91 yen.

• Major project milestones include Omaezakikou Biomass commencing operations, Tokushima-Tsuda Biomass resuming after repairs, and acquisition of a 70% stake in a 200MW BESS project in Texas.

Financial highlights

• Q3 FY3/2025 revenue: ¥48,631 million (up from ¥29,827 million year-over-year); EBITDA: ¥16,624 million (up from ¥14,042 million).

• Operating profit: ¥2,529 million (down from ¥6,375 million year-over-year); profit attributable to owners: -¥912 million (down from ¥5,984 million).

• Total assets increased to ¥494,098 million as of December 31, 2024, up from ¥465,399 million at March 31, 2024.

• Equity attributable to owners rose to ¥99,827 million, with the equity ratio improving to 20.2%.

• Cash and cash equivalents increased to ¥26,213 million at period end, up from ¥17,327 million at the start of the period.

Outlook and guidance

• Full-year revenue forecast: ¥71,800 million; EBITDA: ¥20,800 million; operating profit: ¥1,000 million.

• Net profit attributable to owners is forecast at ¥5,900 million, down 33.4% year-over-year; basic EPS guidance is 65.31 yen.

• Full-year forecasts remain unchanged, with expected gains from step acquisitions of Omaezakikou and Karatsu Biomass in Q4.

• No dividends are planned for the fiscal year.

• Business development fees of about ¥1.5 billion expected from several projects.