盈利增长更清晰；2025财年指引不变

Core Insights - RENOVA's Q2 FY2025 performance was positively received by the market, reporting an EBITDA of ¥6.9 billion, slightly above market expectations, despite higher fuel and outsourcing costs [1] - The company reaffirmed its FY2025 guidance with revenue, EBITDA, and profit targets of ¥71.8 billion, ¥20.8 billion, and ¥5.9 billion respectively, which are below consensus estimates [2] - RENOVA provided an optimistic outlook for its renewable energy generation business, projecting revenue and EBITDA guidance through FY2027 that exceeds consensus expectations [1][2] Revenue and Profitability - RENOVA's net revenue for Q2 FY2025 was ¥18.7 billion, representing a 23% quarter-on-quarter increase and an 82% year-on-year increase [4] - The company's EBITDA for the same period was ¥6.9 billion, which was lower than the expected ¥7.3 billion due to rising fuel and outsourcing costs [2][4] - The adjusted net profit for Q2 FY2025 was a loss of ¥470 million, significantly worse than the expected profit, primarily due to higher financial costs [2][4] Project Updates - The Karatsu biomass power plant's commissioning has been delayed from December 2024 to March 2025 due to turbine pipeline issues during trial operations [3] - The Himeji energy storage project is progressing well, with construction started in August 2023 and expected completion by October 2025, featuring a generation capacity of 15MW and storage capacity of 48MWh [3] Market Position and Future Outlook - RENOVA's renewable energy generation business is expected to benefit from its experience and technology from its U.S. investment in Pathway Power, aiding its domestic battery business development [3] - The company faces challenges in cost inflation and project delays, but the clarity in offshore wind bidding processes and potential for Asian expansion may provide growth opportunities [4]