RENOVA (9519) Q4 2025 earnings summary

Executive summary

• Revenue grew 57% year-over-year to ¥70,246 million, driven by stable biomass and solar operations and expansion in storage projects.

• EBITDA rose 39.5% to ¥23,307 million, while operating profit declined 19% to ¥4,066 million due to absence of one-time gains and plant suspensions.

• Net income attributable to owners of the parent dropped 69.7% to ¥2,687 million, mainly due to the absence of step acquisition gains.

• Major milestones include Omaezakikou Biomass starting operation, final investment decisions for 215MW of BESS, and entry into a 150MW solar + 150MW BESS project in the US.

• Total comprehensive income fell 72.7% year-over-year to ¥8,562 million.

Financial highlights

• FY3/2025 revenue was ¥70,246 million, EBITDA ¥23,307 million, and operating profit ¥4,066 million.

• Profit attributable to owners of the parent was ¥2,687 million; EPS fell to ¥29.85 from ¥112.32 year-over-year.

• Operating profit margin declined to 5.8% from 11.2% year-over-year.

• Total assets increased to ¥530,051 million; cash and cash equivalents rose to ¥23,927 million.

• No dividends were paid for the fiscal year.

Outlook and guidance

• FY3/2026 revenue forecast is ¥90,500 million (+29%), EBITDA ¥31,600 million (+36%), and operating profit ¥9,300 million (+129%).

• Net income attributable to owners of the parent is forecast to decrease to ¥1,500 million; EPS forecast at ¥16.59.

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

• Capacity is projected to rise to 1,232.4MW, with new projects coming online.