重申2025财年指引；项目进展顺利

Core Insights - RENOVA reported an EBITDA of 5.1 billion JPY for the third quarter of 2025, slightly below consensus expectations of 6 billion JPY, but the market may react positively to the company's performance [1][2] - The company reaffirmed its fiscal year 2025 guidance with revenue, EBITDA, and net income targets of 71.8 billion JPY, 20.8 billion JPY, and 5.9 billion JPY respectively, which are in line with market expectations [1][2] - RENOVA's projects appear to be progressing as planned, with no delays announced, and the Okazaki biomass project commenced operations earlier than expected, contributing an estimated 700 million JPY in revenue for the fiscal year [2][3] Revenue and Profitability - RENOVA's net revenue for the third quarter was 14.9 billion JPY, a decrease of 20% quarter-on-quarter but a 30% increase year-on-year, compared to a consensus estimate of 15.5 billion JPY [5] - The company experienced a net loss of approximately 800 million JPY, which was worse than anticipated, primarily due to lower-than-expected revenue [2][5] - The EBITDA margin for the third quarter was -5%, reflecting a significant decline from the previous quarter's 28% [5] Project Developments - 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 15 MW and storage capacity of 48 MWh [3] - RENOVA plans to make final investment decisions on three additional energy storage projects within the fiscal year, with a total capacity of 215 MW, where RENOVA aims to hold a 39% stake in each [3] - The company also holds a 70% stake in a 200 MW BESS project in Texas, which is scheduled to commence operations in the fiscal year 2027 [3]