RENOVA (9519) Q4 2026 earnings summary

Executive summary

• Revenue increased 24.7% year-over-year to ¥87,622 million for FY3/2026, with EBITDA up 31% and operating profit up 104%, driven by full-year and new contributions from biomass plants, business development fees, and renewable energy power generation.

• Profit attributable to owners rose 23.1% year-over-year to ¥3,308 million; EPS reached ¥36.59.

• Total comprehensive income surged 483.5% year-over-year to ¥49,960 million, mainly due to gains in cash flow hedges.

• Major milestones include the start of Yasugi Energy Storage Facility, construction of Kikugawa Nishimura BESS, and arranging Japan's largest project finance for a merchant BESS project.

• The company is progressing toward a total storage battery business capacity of 450MW/1.3GWh and is close to finalizing a PPA for a major onshore wind project.

Financial highlights

• FY3/2026 revenue: ¥87,622 million (+24.7% YoY); EBITDA: ¥30,526 million (+31.0% YoY); operating profit: ¥8,283 million (+103.7% YoY).

• Profit attributable to owners: ¥3,308 million (+23.1% YoY); EPS: ¥36.59.

• Installed capacity increased to 1,228.7MW.

• Biomass and Non-FIT Solar PV segments drove growth; biomass revenue up ¥17,421 million YoY.

• Total assets increased to ¥611,464 million from ¥530,051 million YoY.

Outlook and guidance

• FY3/2027 forecast: revenue ¥95,700 million (+9% YoY), EBITDA ¥33,800 million (+11% YoY), operating profit ¥11,300 million (+36% YoY), profit attributable to owners ¥3,400 million (+3% YoY), EPS ¥37.61.

• Full-year contributions expected from all biomass plants; reduction in downtime at Omaezakikou Biomass.

• Annual scheduled downtime for biomass plants to decrease by 57 days, supporting higher profits.