Briefing on Financial Results for the 2Q of the Fiscal Year Ending March 2022

Briefing on Financial Results for the 2Q of the Fiscal Year Ending March 2022

November 5, 2021

Quang Tri Onshore Wind Projects(144.0 MW, Quang Tri, Vietnam)

Disclaimer

This document has been prepared to provide corporate information and other details about RENOVA, Inc ("RENOVA," hereafter) and the RENOVA Group, and does not constitute solicitation to acquire shares or other securities issued by RENOVA, whether in Japan or overseas.

Information listed herein concerning industry and market trends, the economic climate and so on has been prepared based on currently available information. RENOVA does not guarantee the veracity, accuracy, reasonableness or completeness of the information and assumes no obligation to update the particulars of any information.

Moreover, RENOVA Group plans, forecasts, estimates, predictions and other forward-looking information described herein represent only the current determinations or ideas of RENOVA. Actual RENOVA Group operating results, financial status and other outcomes may diverge considerably from the details described herein and the estimates made on that basis due to a variety of factors including trends in energy policy, legislation, schemes, markets and other institutions in Japan and overseas, the status of licenses and permits required for RENOVA Group projects, success or failure in the acquisition and development of land and power generating facilities, etc., along with fluctuations in weather, climate and the natural environment.

As a general rule and unless indicated otherwise, consolidated figures are used for the monetary amounts listed in this document. As amounts less than one million yen are rounded off, totals in each column may not match.

In this document, current(quarterly) profit is listed as net(quarterly) income attributable to owners of the parent.

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1

Key Highlights for 2Q, FY3/2022 and Recent Updates

1

2

3

4

Karatsu Biomass (49.9 MW*1) signed loan agreement and started construction in August 2021.

Kiangan Hydroelectric (17.4 MW*2) signed loan agreement and started construction in August 2021.

Quang Tri Onshore Wind (144.0 MW) and

Karumai Sonbou Solar (40.8 MW) commenced commercial operation in October 2021.

The waters off Isumi City were selected as a "Potential Zone"*3 by Japanese authorities in September 2021.

*1 The generation capacity for biomass power plants is based upon the generator output *2 Licensed generation capacity

*3 Areas that are clarified to meet the criteria for promising areas as described in the Guidelines for Designating Areas for Promoting the Establishment of Ocean Renewable2 Energy Power Generation Facilities

Ⅰ . Financial Results and Updates for the 2Q of the Fiscal Year Ending March 2022

Kanda Biomass (75.0 MW, Kanda-machi,Miyako-gun, Fukuoka Prefecture)

Trend in Revenue and EBITDA*1 (IFRS)

(Million yen)

• Revenue and EBITDA increased as planned from the same period of the last 2Q due to consolidation of Kanda Biomass.

Revenue (Actual)

16,000
		13,368
12,000	10,759
8,000
4,000
0	2Q, FY3/2021	2Q, FY3/2022

EBITDA (Actual)*1

8,000	7,472
6,233
6,000
4,000
2,000
0
2Q, FY3/2021	2Q, FY3/2022

*1 EBITDA= Revenue - Fuel expenses - Outsourcing expenses - Payroll and related personnel expenses + Share of profit (loss) of investments accounted for	4
using the equity method + Other income and expenses. EBITDA is subject to neither audit nor quarterly review.