ARE Holdings, Inc. provided consolidated earnings guidance for the fiscal year ending in March 2024. The company announced that, as stated in the "Notice on Conclusion of Basic Agreement on Share Exchange between Japan Waste, Consolidated Subsidiary, and Renatus Co. Ltd." dated October 26, 2023, the Company concluded a basic agreement with Renatus Co.

Ltd. (hereinafter "Renatus") and J-STAR NO.5-A, LP to conduct a share exchange (hereinafter the "Share Exchange") in which Renatus would become the wholly owning parent company, and consolidated subsidiary, Japan Waste Corporation (hereinafter "Japan Waste"), would become the wholly owned subsidiary company, as of the same day. Due to the Share Exchange, Japan Waste will be classified as discontinued operations from the fourth quarter of the fiscal year ending March 2024. The impact of the Share Exchange on the Company's consolidated financial performance for the fiscal year ending in March 2024 is expected to be the decreases in revenue and operating profit from continued operations by approximately JPY 16,500 million and JPY 3,200 million, respectively.