Worth reading
76Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
600
¥100 million (FY2030 revenue target)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+49.3%
基準 402Target600Hundreds of millions of yen
Operating profit+92.0%
基準 25Target48Hundreds of millions of yen
Operating profit margin+1.7pt
基準 6.3Target8%
Net income for the current fiscal year+35.3%
基準 34Target46Hundreds of millions of yen
ROE+0.9pt
基準 7.1Target8%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous plan23-27 Plan R targets: ¥40 billion in revenue, ¥2.2 billion in operating profit and ROE of at least 5% → FY2025 results: ¥40.2 billion in revenue, ¥2.5 billion in operating profit and ROE of 7.1%（Revenue: 101%; operating profit: 115%）+4,962.5%Calculated from the two disclosed figures
Total investment plan¥15 billion (cumulative over five years)
Investment amount by sectorField M&A Investment / Amount 50 Hundreds of millions of yen, Field Growth investment / Amount 50 Hundreds of millions of yen, Field Infrastructure investment / Amount 50 Hundreds of millions of yen, Field Capital investment / Amount ¥100 100 million (total for FY2026-FY2030), Field Research and Development Expenses / Amount ¥35 100 million (total for FY2026-FY2030)
Statements about the use of capital
Payout ratio / DOE policyTotal payout ratio of at least 50%, with dividends linked to profit growth. Plan period: FY2026-FY2030 (five years)The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share pricePBR was 1.1 in FY2025 and is targeted at 1.5 for FY2030. The company assesses that its PBR is above 1x and that it is favorably valued by the market.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen the profitability of core businesses
02Evolve toward a recurring-revenue business model
03Expand the growth areas of the precast business
04Pursue a strategy of higher value-added offerings and differentiation
05Strengthen initiatives to extend the useful lives of social infrastructure
06Evolve toward data-driven sales
07Strengthen differentiated technologies, including e-CON and ICT-based construction
08Improve efficiency through production-equipment renewal and standardization
09Enhance decision-making through DX
10Develop human resources and strengthen human capital
11Accelerate growth investments in equipment, DX, R&D and M&A
12Strengthen shareholder returns (total payout ratio of at least 50%, with dividends linked to profit growth)
13Promote management that emphasizes ROE and capital efficiency
14Contribute to extending the useful lives of social infrastructure
15Advance decarbonization initiatives centered on e-CON
16Strengthen systems for safety, quality and compliance
Plan assumptionsOf the approximately 500,000 km of sewerage pipelines nationwide, approximately 42% are expected to have been in service for more than 50 years 20 years from now., The number of skilled construction workers is expected to decline by approximately 45-50% by 2045., The sewerage-related business figures incorporate currently identified demand for measures to address aging infrastructure and renewal demand, but do not incorporate the acceleration of such demand expected to emerge in the future., Actual results may differ significantly due to global conditions, material prices, economic conditions, securing personnel, changes in demand and unforeseen events.
Segment targetSegment Foundation business / Net Sales ¥36.9 billion / Operating profit ¥2.46 billion / Operating profit margin 6.7%, Segment Sewerage-related business / Net Sales ¥12.1 billion / Operating profit ¥2.40 billion / Operating profit margin 19.8%, Segment PCa business / Net Sales ¥9.4 billion / Operating profit ¥1.50 billion / Operating profit margin 16.0%, Segment Real estate and environmental business / Net Sales ¥1.6 billion / Operating profit ¥960 million / Operating profit margin Maintain a high and stable level
Non-financial targetsIndicator Productivity (revenue per employee) / Target +20% (vs. FY2025) / Timing FY2030, Indicator Construction period / Target -15% (vs. FY2025) / Timing FY2030, Indicator CO2 emissions / Target -25% (vs. FY2025) / Timing FY2030, Indicator Factory costs (fixed costs) / Target -10% (vs. FY2025) / Timing FY2030, Indicator Quality complaints / Target -50% (vs. FY2025) / Timing FY2030, Indicator Productivity Improvement / Target +80% (vs. FY2025) / Timing FY2030
Size of the Target MarketApproximately 500,000 km of sewerage pipelines nationwide. Approximately 42% are expected to have been in service for more than 50 years 20 years from now. The number of skilled construction workers is expected to decline by approximately 45-50% by 2045. Source: Not disclosed
Risks identified by the company
Changes in global conditions that are difficult to predict reasonably
Material price levels
Economic conditions
Conditions for securing personnel
Sharp changes in demand
Unforeseen events
Shortage of construction workers
Acceleration of measures to address aging sewerage infrastructure and renewal demand is not incorporated in the current plan
Reason for revision or withdrawal
The environment surrounding social infrastructure has changed significantly, and while the company is required to address issues such as aging infrastructure, disaster prevention and mitigation, decarbonization and labor shortages, it recognizes that evolving into a company capable of generating sustainable profits is more important than simply expanding in scale.
| Item | Details |
|---|---|
| Plan name | 26-30 Plan NEXT100 |
| Plan period | FY2026-FY2030 (five years starting in FY2026) |
| Progress against the plan | Formulated |
| Sales Target | 402 Hundreds of millions of yen → 600 Hundreds of millions of yen（150% (vs. FY2025)） |
| Operating profit target | 25 Hundreds of millions of yen → 48 Hundreds of millions of yen（190% (vs. FY2025)） |
| Operating profit margin target | 6.3 % → 8 % |
| Net income target | 34 Hundreds of millions of yen → 46 Hundreds of millions of yen（135% (vs. FY2025)） |
| ROE target | 7.1 % → 8% or higher |
| Payout ratio / DOE policy | Total payout ratio of at least 50%, with dividends linked to profit growth. Plan period: FY2026-FY2030 (five years) |
| Self-assessment of PBR and share price | PBR was 1.1 in FY2025 and is targeted at 1.5 for FY2030. The company assesses that its PBR is above 1x and that it is favorably valued by the market. |
| Total investment plan | ¥15 billion (cumulative over five years) |
| Investment amount by sector | Field M&A Investment / Amount 50 Hundreds of millions of yen, Field Growth investment / Amount 50 Hundreds of millions of yen, Field Infrastructure investment / Amount 50 Hundreds of millions of yen, Field Capital investment / Amount ¥100 100 million (total for FY2026-FY2030), Field Research and Development Expenses / Amount ¥35 100 million (total for FY2026-FY2030) |
| Segment target | Segment Foundation business / Net Sales ¥36.9 billion / Operating profit ¥2.46 billion / Operating profit margin 6.7%, Segment Sewerage-related business / Net Sales ¥12.1 billion / Operating profit ¥2.40 billion / Operating profit margin 19.8%, Segment PCa business / Net Sales ¥9.4 billion / Operating profit ¥1.50 billion / Operating profit margin 16.0%, Segment Real estate and environmental business / Net Sales ¥1.6 billion / Operating profit ¥960 million / Operating profit margin Maintain a high and stable level |
| Non-financial targets | Indicator Productivity (revenue per employee) / Target +20% (vs. FY2025) / Timing FY2030, Indicator Construction period / Target -15% (vs. FY2025) / Timing FY2030, Indicator CO2 emissions / Target -25% (vs. FY2025) / Timing FY2030, Indicator Factory costs (fixed costs) / Target -10% (vs. FY2025) / Timing FY2030, Indicator Quality complaints / Target -50% (vs. FY2025) / Timing FY2030, Indicator Productivity Improvement / Target +80% (vs. FY2025) / Timing FY2030 |
| Plan assumptions | Of the approximately 500,000 km of sewerage pipelines nationwide, approximately 42% are expected to have been in service for more than 50 years 20 years from now., The number of skilled construction workers is expected to decline by approximately 45-50% by 2045., The sewerage-related business figures incorporate currently identified demand for measures to address aging infrastructure and renewal demand, but do not incorporate the acceleration of such demand expected to emerge in the future., Actual results may differ significantly due to global conditions, material prices, economic conditions, securing personnel, changes in demand and unforeseen events. |
| Key initiatives | Strengthen the profitability of core businesses, Evolve toward a recurring-revenue business model, Expand the growth areas of the precast business, Pursue a strategy of higher value-added offerings and differentiation, Strengthen initiatives to extend the useful lives of social infrastructure, Evolve toward data-driven sales, Strengthen differentiated technologies, including e-CON and ICT-based construction, Improve efficiency through production-equipment renewal and standardization, Enhance decision-making through DX, Develop human resources and strengthen human capital, Accelerate growth investments in equipment, DX, R&D and M&A, Strengthen shareholder returns (total payout ratio of at least 50%, with dividends linked to profit growth), Promote management that emphasizes ROE and capital efficiency, Contribute to extending the useful lives of social infrastructure, Advance decarbonization initiatives centered on e-CON, Strengthen systems for safety, quality and compliance |
| Results under the previous plan | 23-27 Plan R targets: ¥40 billion in revenue, ¥2.2 billion in operating profit and ROE of at least 5% → FY2025 results: ¥40.2 billion in revenue, ¥2.5 billion in operating profit and ROE of 7.1%（Revenue: 101%; operating profit: 115%） |
| Reason for revision or withdrawal | The environment surrounding social infrastructure has changed significantly, and while the company is required to address issues such as aging infrastructure, disaster prevention and mitigation, decarbonization and labor shortages, it recognizes that evolving into a company capable of generating sustainable profits is more important than simply expanding in scale. |
| Size of the Target Market | Approximately 500,000 km of sewerage pipelines nationwide. Approximately 42% are expected to have been in service for more than 50 years 20 years from now. The number of skilled construction workers is expected to decline by approximately 45-50% by 2045. Source: Not disclosed |
| Risks identified | Changes in global conditions that are difficult to predict reasonably, Material price levels, Economic conditions, Conditions for securing personnel, Sharp changes in demand, Unforeseen events, Shortage of construction workers, Acceleration of measures to address aging sewerage infrastructure and renewal demand is not incorporated in the current plan |
| Publication date | 8 May 2026 |
Items this document does not state (4)
ROIC targetTreasury share acquisition policyCost of capitalDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Under the 23-27 Plan R, the company achieved its revenue and operating profit targets two years ahead of schedule and established a foundation for returning to a growth trajectory. At the same time, the environment surrounding social infrastructure has changed significantly, including aging infrastructure, disaster prevention and mitigation, decarbonization and labor shortages. The company aims to further deepen its structural reforms, evolve into a company capable of generating sustainable profits and make a major advance into its next stage of growth.
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