Worth reading
56In 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
9.6
Revenue year-on-year (%)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 2026, full year13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥87,855 million+9.6%
Operating profit¥22,189 million+3.0%
Ordinary income¥22,427 million+4.4%
Net income¥15,845 million+10.3%
Operating profit margin25.3%, down 1.6 percentage points year on year
Results for the three months of the current quarter
Net Sales
¥25,318 million
Operating profit
¥7,567 million
Ordinary income
¥7,568 million
Net income
¥5,938 million
Full-year earnings forecast
Fiscal Period CoveredFiscal year ending March 2027
Net Sales
¥93,900 million
Operating profit
¥24,300 million
Ordinary income
¥23,100 million
Net income
¥16,400 million
EBITDA
¥37,100 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Waste treatment and resource recycling3,863
Soil Remediation2,298
Other1,599
Valuable resource recycling and sports promotion-84
Operating profit
Increase in sales7,676
Depreciation and amortization, and amortization of goodwill-3,442
Personnel Expenses-1,435
Energy and equipment-material costs371
Other costs-2,528
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The outlook is based on ongoing projects, the start-up of new facilities, the full-year contribution from スカラベサクレ, increased acceptance volumes, and an increase in headcount due to base-pay increases and M&A. Numerical assumptions for foreign exchange rates, raw material prices and interest rates are not disclosed.New initiatives
- Making スカラベサクレ and other companies consolidated subsidiaries through M&A
- Commencement of operations at DINS関西's plastic recycling facility
- Commencement of operations at ジオレ・ジャパン's Suehiro Plant
- Commencement of operations at the second and final phase of the Gobo RC final disposal site
- Obtaining approval to establish the Aioi Regional Energy Center
- Establishment of the Kanto Headquarters
- Introduction of a progressive dividend policy
Key KPIsA metric the company considers important as a management benchmark.
Waste acceptance volume
2,353 thousand tonnes+7.1%
Contaminated soil acceptance volume
464 thousand tonnes+38.2%
Number of municipalities served
512 Local government
yoyUp by 25 municipalities from 487 municipalities
Remaining capacity
7,124 thousand m³
yoyDown 131 thousand m³ from the third-quarter disclosure
ROE
15.5 %-0.3%
ROIC
13.7 %-0.4%
Net debt-to-equity ratio
0.6 times
Segment results
Environmental Business
Net Sales
¥85,248 million+10.0%
Segment profit
¥22,477 million+2.7%
Other
Net Sales
¥2,606 million-3.1%
Segment loss
¥-208 million
Medium-term management plan targets
Plan nameD-Plan 2028
Target fiscal yearFiscal year ending March 2028
Net Sales
¥100,000 million
Operating profit
¥25,000 million
Operating profit margin
25 %
EBITDA
¥38,000 million
EBITDA margin
38 %
EPS
¥169.46
Comparison with actual resultsFor the fiscal year ending March 2026, actual revenue was ¥87,855 million, operating profit was ¥22,189 million, EBITDA was ¥31,908 million and EPS was ¥159.93.
Financial targets
Actual ROE, ROIC and net D/E ratio are presented, but the financial target figures are not disclosed. ROE was 15.5%, ROIC was 13.7% and the net D/E ratio was 0.6 times.Market Size / Share
Percentage of business with municipalities nationwideApproximately 27%
Percentage of facilities holding permits for general waste treatmentApproximately 70%
Number of stores and locations
End of period47 recycling and other facilities, 33 other business locations and 13 sales offices, for a total of 93 locations (as of 14 May 2026)
Number of employees
2,814 people
As ofAs of 31 March 2026
Capital expenditures
Fiscal year ending March 2027: plan¥15,000 million
Annual Dividend
Fiscal year ending March 2026¥55 (interim dividend of ¥24.5 and year-end dividend of ¥28.5, planned)
Payout ratio
33.1% for the fiscal year ending March 2026, 33.5% for the fiscal year ending March 2027, and a consolidated dividend payout ratio of at least 33% to be maintained during the medium-term plan period| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥87,855 million (YoY +9.6%) |
| Operating profit | ¥22,189 million (YoY +3.0%) |
| Ordinary income | ¥22,427 million (YoY +4.4%) |
| Net income | ¥15,845 million (YoY +10.3%) |
| Operating profit margin | 25.3%, down 1.6 percentage points year on year |
| Results for the three months of the current quarter | Net Sales ¥25,318 million / Operating profit ¥7,567 million / Ordinary income ¥7,568 million / Net income ¥5,938 million |
| Full-year earnings forecast | Fiscal Period Covered Fiscal year ending March 2027 / Net Sales ¥93,900 million / Operating profit ¥24,300 million / Ordinary income ¥23,100 million / Net income ¥16,400 million / EBITDA ¥37,100 million |
| Segment results | Environmental Business Net Sales ¥85,248 million (YoY +10.0%) / Segment profit ¥22,477 million (YoY +2.7%) / Other Net Sales ¥2,606 million (YoY -3.1%) / Segment loss ¥-208 million |
| Breakdown of Factors Affecting the Change | Net Sales Waste treatment and resource recycling 3,863 / Soil Remediation 2,298 / Other 1,599 / Valuable resource recycling and sports promotion -84 / Operating profit Increase in sales 7,676 / Depreciation and amortization, and amortization of goodwill -3,442 / Personnel Expenses -1,435 / Energy and equipment-material costs 371 / Other costs -2,528 |
| Key KPIs | Waste acceptance volume 2,353 thousand tonnes (YoY +7.1%) / Contaminated soil acceptance volume 464 thousand tonnes (YoY +38.2%) / Number of municipalities served 512 Local government / Remaining capacity 7,124 thousand m³ / ROE 15.5 % (YoY -0.3%) / ROIC 13.7 % (YoY -0.4%) / Net debt-to-equity ratio 0.6 times |
| Number of stores and locations | End of period 47 recycling and other facilities, 33 other business locations and 13 sales offices, for a total of 93 locations (as of 14 May 2026) / Number of store openings and closures during the period Not disclosed |
| Number of employees | 2,814 people |
| Assumptions Underlying the Business Outlook | The outlook is based on ongoing projects, the start-up of new facilities, the full-year contribution from スカラベサクレ, increased acceptance volumes, and an increase in headcount due to base-pay increases and M&A. Numerical assumptions for foreign exchange rates, raw material prices and interest rates are not disclosed. |
| Medium-term management plan targets | Plan name D-Plan 2028 / Target fiscal year Fiscal year ending March 2028 / Net Sales ¥100,000 million / Operating profit ¥25,000 million / Operating profit margin 25 % / EBITDA ¥38,000 million / EBITDA margin 38 % / EPS ¥169.46 / Comparison with actual results For the fiscal year ending March 2026, actual revenue was ¥87,855 million, operating profit was ¥22,189 million, EBITDA was ¥31,908 million and EPS was ¥159.93. |
| Financial targets | Actual ROE, ROIC and net D/E ratio are presented, but the financial target figures are not disclosed. ROE was 15.5%, ROIC was 13.7% and the net D/E ratio was 0.6 times. |
| Annual Dividend | Fiscal year ending March 2026 ¥55 (interim dividend of ¥24.5 and year-end dividend of ¥28.5, planned) / Fiscal year ending March 2027 Not disclosed |
| Payout ratio | 33.1% for the fiscal year ending March 2026, 33.5% for the fiscal year ending March 2027, and a consolidated dividend payout ratio of at least 33% to be maintained during the medium-term plan period |
| Capital expenditures | ¥15,000 million |
| Market Size / Share | Percentage of business with municipalities nationwide Approximately 27% / Percentage of facilities holding permits for general waste treatment Approximately 70% |
| New initiatives | Making スカラベサクレ and other companies consolidated subsidiaries through M&A, Commencement of operations at DINS関西's plastic recycling facility, Commencement of operations at ジオレ・ジャパン's Suehiro Plant, Commencement of operations at the second and final phase of the Gobo RC final disposal site, Obtaining approval to establish the Aioi Regional Energy Center, Establishment of the Kanto Headquarters, Introduction of a progressive dividend policy |
Items this document does not state (9)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsRisk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A
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 increase in revenue for the fiscal year ending March 2026 was attributable to the continuation of infrastructure development projects in the Kansai region, expanded business in the Kanto region, the acquisition of スカラベサクレ, increased acceptance of high-priced thermal treatment projects, and orders for demolition work from 海成. Operating profit benefited from the increase in revenue, despite higher depreciation and amortisation, amortisation of goodwill, personnel expenses, transportation costs and outsourcing expenses. For the fiscal year ending March 2027, the Company expects acceptance volumes and revenue to increase due to ongoing projects, the start-up of new facilities and the full-year contribution from スカラベサクレ.
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