Worth reading
70In focus
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
610
¥100 millionWording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 1,000Target1,000100 million
Operating profit0.0%
基準 250Target250100 million
Operating profit margin0.0pt
基準 25Target25％
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 planRevenue CAGR 5～6％ / Operating profit margin 20％ / EBITDA margin 30％ → Revenue CAGR 7.3％ / Operating profit margin 26.9％ / EBITDA margin 34.7％
Total investment plan¥175 billion plus α (total cash outlays planned for the fiscal year ending March 2028; the total investment amount alone is Not disclosed)
Investment amount by sectorField M&A / Amount ¥55 billion plus α, Field Investment in growth areas / Amount ¥36 billion, Field Maintenance and replacement investments / Amount ¥14.0 billion
Statements about the use of capital
Payout ratio / DOE policyFor the fiscal years ending March 2026 through March 2028, maintain a consolidated dividend payout ratio of at least 33% while increasing dividends progressively. Additional shareholder returns will be made in line with earnings growth, and any unused portion of the M&A budget will be allocated to additional shareholder returns. For the fiscal years ending March 2029 through March 2031, the Company aims for a consolidated dividend payout ratio of 40%.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Cost of capitalCost of shareholders’ equity of 6.6% and WACC of 5.4% for the fiscal year ended March 2025The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR was 2.98x for the fiscal year ended March 2025. The self-assessment regarding the low level and other factors is Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Expansion of processing facility capacity: expanding the network
02Advancement of the resource recycling system (contributing to earnings from D-Plan 2028)
03Deepening relationships with local governments (contributing to earnings from D-Plan 2028)
04Expansion of operating areas through M&A (contributing to earnings from D-Plan 2028)
05Promotion of public-private partnership (PPP) businesses (initiatives toward the fiscal year ending March 2031)
06Promoting Human Capital Management
07Enhancing management transparency and group capabilities: governance
Non-financial targetsIndicator Total acceptance volume / Target value 3.29 million tonnes / Timing Fiscal year ending March 2028, Indicator Waste acceptance volume / Target value 2.72 million tonnes / Timing Fiscal year ending March 2028, Indicator Contaminated soil acceptance volume / Target value 560,000 tonnes / Timing Fiscal year ending March 2028, Indicator Number of public-private partnership agreements concluded / Target value Cumulative total of 7 / Timing Fiscal year ending March 2028, Indicator Permitted capacity of thermal treatment facilities, including incineration / Target value 4,000 t/day / Timing Fiscal year ending March 2031, Indicator Remaining capacity of final disposal sites / Target value At least 15 million m³ / Timing Fiscal year ending March 2031, Indicator Number of public-private partnership agreements concluded / Target value Cumulative total of 12 / Timing Fiscal year ending March 2031, Indicator Number of operating facilities / Target value Cumulative total of 3 / Timing Fiscal year ending March 2031
Size of the Target MarketMarket Domestic waste treatment market / Scale ¥8.6 trillion / Source Not disclosed, Market Industrial waste treatment market (fiscal 2022, TAM estimated by the Company) / Scale ¥2.9696 trillion / Source Estimated by our company, Market General waste treatment market (fiscal 2022, TAM estimated by the Company) / Scale ¥1.7648 trillion / Source Estimated by our company, Market Recycling market (fiscal 2022, TAM estimated by the Company) / Scale ¥3.9331 trillion / Source Estimated by our company, Market Disaster waste treatment market (fiscal 2022, TAM estimated by the Company) / Scale ¥17.0 billion / Source Estimated by our company
Risks identified by the company
Actual results and other outcomes may differ from forecast figures due to various factors
Risk of natural disasters
Health risks
Risk of Information Leakage
Reason for revision or withdrawal
Last November, the Company converted 株式会社スカラベサクレ, which has a business base in Kitakyushu, Fukuoka Prefecture, into a consolidated subsidiary. This M&A is expected to significantly advance the growth initiatives under D-Plan2028 and contribute to the sustainable enhancement of corporate value. The revision also reflects the steady progress of consolidated results and individual initiatives for the fiscal year ending March 2026.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan “D-Plan2028” |
| Plan period | Fiscal year ending March 2026 to fiscal year ending March 2028 (the first 3 years of a 6-year plan through the fiscal year ending March 2031) |
| Progress against the plan | Partially revised |
| Sales Target | ¥1,000 100 million → ¥1,000 100 million |
| Operating profit target | ¥250 100 million → ¥250 100 million |
| Operating profit margin target | 25.0% or higher → 25.0% or higher |
| Payout ratio / DOE policy | For the fiscal years ending March 2026 through March 2028, maintain a consolidated dividend payout ratio of at least 33% while increasing dividends progressively. Additional shareholder returns will be made in line with earnings growth, and any unused portion of the M&A budget will be allocated to additional shareholder returns. For the fiscal years ending March 2029 through March 2031, the Company aims for a consolidated dividend payout ratio of 40%. |
| Cost of capital | Cost of shareholders’ equity of 6.6% and WACC of 5.4% for the fiscal year ended March 2025 |
| Self-assessment of PBR and share price | PBR was 2.98x for the fiscal year ended March 2025. The self-assessment regarding the low level and other factors is Not disclosed. |
| Total investment plan | ¥175 billion plus α (total cash outlays planned for the fiscal year ending March 2028; the total investment amount alone is Not disclosed) |
| Investment amount by sector | Field M&A / Amount ¥55 billion plus α, Field Investment in growth areas / Amount ¥36 billion, Field Maintenance and replacement investments / Amount ¥14.0 billion |
| Non-financial targets | Indicator Total acceptance volume / Target value 3.29 million tonnes / Timing Fiscal year ending March 2028, Indicator Waste acceptance volume / Target value 2.72 million tonnes / Timing Fiscal year ending March 2028, Indicator Contaminated soil acceptance volume / Target value 560,000 tonnes / Timing Fiscal year ending March 2028, Indicator Number of public-private partnership agreements concluded / Target value Cumulative total of 7 / Timing Fiscal year ending March 2028, Indicator Permitted capacity of thermal treatment facilities, including incineration / Target value 4,000 t/day / Timing Fiscal year ending March 2031, Indicator Remaining capacity of final disposal sites / Target value At least 15 million m³ / Timing Fiscal year ending March 2031, Indicator Number of public-private partnership agreements concluded / Target value Cumulative total of 12 / Timing Fiscal year ending March 2031, Indicator Number of operating facilities / Target value Cumulative total of 3 / Timing Fiscal year ending March 2031 |
| Key initiatives | Expansion of processing facility capacity: expanding the network, Advancement of the resource recycling system (contributing to earnings from D-Plan 2028), Deepening relationships with local governments (contributing to earnings from D-Plan 2028), Expansion of operating areas through M&A (contributing to earnings from D-Plan 2028), Promotion of public-private partnership (PPP) businesses (initiatives toward the fiscal year ending March 2031), Promoting Human Capital Management, Enhancing management transparency and group capabilities: governance |
| Results under the previous plan | Revenue CAGR 5～6％ / Operating profit margin 20％ / EBITDA margin 30％ → Revenue CAGR 7.3％ / Operating profit margin 26.9％ / EBITDA margin 34.7％ |
| Reason for revision or withdrawal | Last November, the Company converted 株式会社スカラベサクレ, which has a business base in Kitakyushu, Fukuoka Prefecture, into a consolidated subsidiary. This M&A is expected to significantly advance the growth initiatives under D-Plan2028 and contribute to the sustainable enhancement of corporate value. The revision also reflects the steady progress of consolidated results and individual initiatives for the fiscal year ending March 2026. |
| Size of the Target Market | Market Domestic waste treatment market / Scale ¥8.6 trillion / Source Not disclosed, Market Industrial waste treatment market (fiscal 2022, TAM estimated by the Company) / Scale ¥2.9696 trillion / Source Estimated by our company, Market General waste treatment market (fiscal 2022, TAM estimated by the Company) / Scale ¥1.7648 trillion / Source Estimated by our company, Market Recycling market (fiscal 2022, TAM estimated by the Company) / Scale ¥3.9331 trillion / Source Estimated by our company, Market Disaster waste treatment market (fiscal 2022, TAM estimated by the Company) / Scale ¥17.0 billion / Source Estimated by our company |
| Risks identified | Actual results and other outcomes may differ from forecast figures due to various factors, Risk of natural disasters, Health risks, Risk of Information Leakage |
| Date of board resolution | 14 May 2026 |
| Publication date | 14 May 2026 |
Items this document does not state (6)
Net income targetROE targetROIC targetTreasury share acquisition policySegment targetPlan assumptions
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.The growth initiatives under D-Plan2028 have advanced significantly following the conversion of 株式会社スカラベサクレ into a consolidated subsidiary, and the Company took into account the steady progress of consolidated results and individual initiatives for the fiscal year ending March 2026.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.