Worth reading
77Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-336
¥ millions (variance from the sales forecast for the fiscal year ending June 2026)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+145.7%
基準 4,070Target10,000million yen
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. 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 planForecast for the fiscal year ending June 2026 4,800 → Actual for the fiscal year ending June 2026 4,464（93%）-7.0%Calculated from the two disclosed figures
Total investment planGrowth investments for 2026–2028: ¥2.30 billion + α
Investment amount by sectorField Tile carpet recycling productivity improvement investment / Investment amount ¥80 million / Situation Underway, Field Resources business: improving the capacity of intermediate treatment plants / Investment amount ¥100 million / Situation Underway, Field Resources business: strengthening logistics capabilities / Investment amount ¥200 million / Situation Underway, Field Resources business: M&A and other investments in intermediate disposal plants / Investment amount ¥1.00 billion / Situation Under consideration, Field Oil-based chemical recycling: installation of polyolefin recycling equipment (Refinverse Innovation Center) / Investment amount ¥600 million / Situation Completed, Field Oil-based chemical recycling: expansion of polyolefin recycling equipment (Gamagori Plant) / Investment amount ¥320 million / Situation Completed, Field Other new business development and related initiatives / Investment amount Included in ¥2.30 billion + α / Situation Not disclosed
Key initiatives
01To meet growing demand for recycled tile carpets, expand procurement of used tile carpets and increase transaction volumes in both contracted disposal services and recycled materials (Refine Powder).
02Increase the volume of contracted disposal of mixed waste generated when tile carpets are collected, thereby increasing transaction volumes.
03With Mitsubishi Chemical's oil-based chemical recycling facilities coming online, supply high-quality oil-based chemical recycling feedstock and mechanical recycling feedstock to increase transaction volumes.
04Reinvest the earnings generated by increased transaction volumes in the development of recycled materials that will serve as the next medium-term growth engine, while also developing new customers.
05Leverage proprietary separation and purification technologies developed through other recycling businesses to establish processes for producing high-quality feedstock for oil-based chemical recycling and mechanical recycling.
06Establish sourcing channels for medium-quality waste plastics for thermal use and build a stable procurement network insulated from price competition.
07Develop procurement and production systems to meet expected demand growth in the 2030s.
08Promote digital transformation
09New Business Development
Plan assumptionsBased on net sales of ¥4,070 million in the fiscal year ending June 2025, the company aims to achieve net sales of ¥10 billion in 2028, approximately 2.5 times the 2025 level., The target market for the circular platform comprises ¥5.2 trillion for waste treatment, ¥4.7 trillion for resource recovery, and ¥10.5 trillion for recycled resources and materials., The market for interior-related industrial waste treatment in the Tokyo metropolitan area is approximately ¥270 billion., The collection rate for used tile carpets was approximately 28% in the fiscal year ending June 2025, with a target of 50% in 3 years., The assumption is that 20 cubic metres of mixed waste are generated per 1t of used tile carpets., The target is to supply 20,000t of polyolefin recycling feedstock in 2028 and 200,000t in the first half of the 2030s., Grow polyolefin recycling into a core business generating approximately ¥10 billion in the 2030s.
Segment targetSegment Resources Business / Target 64,300 orders (plan for the fiscal year ending June 2028), Segment Materials business / polyolefin recycling / Target 4,250t of chemical recycling feedstock (plan for the fiscal year ending June 2028), Segment Industrial Waste Treatment / Target Net sales of ¥6.9 billion (plan for the fiscal year ending June 2028)
Non-financial targetsIndicator Procurement volume of used tile carpets / Target 28,000t (fiscal year ending June 2027), 35,000t (fiscal year ending June 2028), Indicator Procurement share of used tile carpets / Target 50% (fiscal year ending June 2028), Indicator Number of orders in the Resources business / Target 64,300 (fiscal year ending June 2028), Indicator Supply volume of chemical recycling feedstock / Target 4,250t (fiscal year ending June 2028), Indicator Operational employee index / Target 186 (fiscal year ending June 2028; fiscal year ending June 2025 = 100)
Size of the Target MarketWaste treatment ¥5.2 trillion, resource recovery ¥4.7 trillion, and recycled resources and materials ¥10.5 trillion. The market for interior-related industrial waste treatment in the Tokyo metropolitan area is approximately ¥270 billion. Sources: the Report on the Market and Employment Size of the Environmental Industry for FY2023, various publicly available government and local-government materials, and the company's own results.
Risks identified by the company
Impact of the situation in the Middle East
Delay in expanding orders from new customers
Delay between signing contracts and increased service use and transaction volumes
Labor shortages in the industrial waste treatment industry
Weak overseas market conditions for nylon resin
| Item | Details |
|---|---|
| Plan name | Medium-term management plan, Growth100 |
| Plan period | Fiscal years ending June 2026 to June 2028 |
| Progress against the plan | Annual update |
| Sales Target | 2025 actual 4,070 → 2028 target 10,000（Approx. 145.7% increase (approx. 2.5x)） |
| Total investment plan | Growth investments for 2026–2028: ¥2.30 billion + α |
| Investment amount by sector | Field Tile carpet recycling productivity improvement investment / Investment amount ¥80 million / Situation Underway, Field Resources business: improving the capacity of intermediate treatment plants / Investment amount ¥100 million / Situation Underway, Field Resources business: strengthening logistics capabilities / Investment amount ¥200 million / Situation Underway, Field Resources business: M&A and other investments in intermediate disposal plants / Investment amount ¥1.00 billion / Situation Under consideration, Field Oil-based chemical recycling: installation of polyolefin recycling equipment (Refinverse Innovation Center) / Investment amount ¥600 million / Situation Completed, Field Oil-based chemical recycling: expansion of polyolefin recycling equipment (Gamagori Plant) / Investment amount ¥320 million / Situation Completed, Field Other new business development and related initiatives / Investment amount Included in ¥2.30 billion + α / Situation Not disclosed |
| Segment target | Segment Resources Business / Target 64,300 orders (plan for the fiscal year ending June 2028), Segment Materials business / polyolefin recycling / Target 4,250t of chemical recycling feedstock (plan for the fiscal year ending June 2028), Segment Industrial Waste Treatment / Target Net sales of ¥6.9 billion (plan for the fiscal year ending June 2028) |
| Non-financial targets | Indicator Procurement volume of used tile carpets / Target 28,000t (fiscal year ending June 2027), 35,000t (fiscal year ending June 2028), Indicator Procurement share of used tile carpets / Target 50% (fiscal year ending June 2028), Indicator Number of orders in the Resources business / Target 64,300 (fiscal year ending June 2028), Indicator Supply volume of chemical recycling feedstock / Target 4,250t (fiscal year ending June 2028), Indicator Operational employee index / Target 186 (fiscal year ending June 2028; fiscal year ending June 2025 = 100) |
| Plan assumptions | Based on net sales of ¥4,070 million in the fiscal year ending June 2025, the company aims to achieve net sales of ¥10 billion in 2028, approximately 2.5 times the 2025 level., The target market for the circular platform comprises ¥5.2 trillion for waste treatment, ¥4.7 trillion for resource recovery, and ¥10.5 trillion for recycled resources and materials., The market for interior-related industrial waste treatment in the Tokyo metropolitan area is approximately ¥270 billion., The collection rate for used tile carpets was approximately 28% in the fiscal year ending June 2025, with a target of 50% in 3 years., The assumption is that 20 cubic metres of mixed waste are generated per 1t of used tile carpets., The target is to supply 20,000t of polyolefin recycling feedstock in 2028 and 200,000t in the first half of the 2030s., Grow polyolefin recycling into a core business generating approximately ¥10 billion in the 2030s. |
| Key initiatives | To meet growing demand for recycled tile carpets, expand procurement of used tile carpets and increase transaction volumes in both contracted disposal services and recycled materials (Refine Powder)., Increase the volume of contracted disposal of mixed waste generated when tile carpets are collected, thereby increasing transaction volumes., With Mitsubishi Chemical's oil-based chemical recycling facilities coming online, supply high-quality oil-based chemical recycling feedstock and mechanical recycling feedstock to increase transaction volumes., Reinvest the earnings generated by increased transaction volumes in the development of recycled materials that will serve as the next medium-term growth engine, while also developing new customers., Leverage proprietary separation and purification technologies developed through other recycling businesses to establish processes for producing high-quality feedstock for oil-based chemical recycling and mechanical recycling., Establish sourcing channels for medium-quality waste plastics for thermal use and build a stable procurement network insulated from price competition., Develop procurement and production systems to meet expected demand growth in the 2030s., Promote digital transformation, New Business Development |
| Results under the previous plan | Forecast for the fiscal year ending June 2026 4,800 → Actual for the fiscal year ending June 2026 4,464（93%） |
| Size of the Target Market | Waste treatment ¥5.2 trillion, resource recovery ¥4.7 trillion, and recycled resources and materials ¥10.5 trillion. The market for interior-related industrial waste treatment in the Tokyo metropolitan area is approximately ¥270 billion. Sources: the Report on the Market and Employment Size of the Environmental Industry for FY2023, various publicly available government and local-government materials, and the company's own results. |
| Risks identified | Impact of the situation in the Middle East, Delay in expanding orders from new customers, Delay between signing contracts and increased service use and transaction volumes, Labor shortages in the industrial waste treatment industry, Weak overseas market conditions for nylon resin |
| Publication date | 30 September 2026 |
Items this document does not state (11)
Operating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceReason for revision or withdrawalDate 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.Although the number of customers entering comprehensive contracts in the Resources segment increased, the time required for transactions to expand after contracts were signed was longer than initially expected, which was cited as the main reason results fell short of the forecast at the beginning of the fiscal year. The company also cited the impact of the situation in the Middle East on progress under the medium-term plan.
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