Worth reading
84Important
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
2600
¥ million (increase from the initial full-year revenue plan)Wording
Definitive
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending March 2027: second quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥48,988 million+22.5%
Operating profit¥11,548 million+29.3%
Ordinary income¥11,302 million+25.0%
Net income¥7,208 million+18.6%
Operating profit margin23.6 %
Results for the three months of the current quarter
First quarter
Net Sales
¥24,136 million
Operating profit
¥5,598 million
EBITDA
¥8,778 million
Ordinary income
¥5,580 million
Profit attributable to owners of parent for the quarter
¥3,548 million
Second quarter
Net Sales
¥24,851 million
Operating profit
¥5,950 million
EBITDA
¥9,440 million
Ordinary income
¥5,721 million
Profit attributable to owners of parent for the quarter
¥3,659 million
Full-year earnings forecast
Net Sales
¥96,500 million
Operating profit
¥24,300 million
EBITDA
¥37,900 million
Ordinary income
¥23,100 million
Profit attributable to owners of the parent
¥16,400 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated
Net Sales50.7
Operating profit47.5
EBITDA48
Ordinary income48.9
Profit attributable to owners of the parent44
Environmental Business
Net Sales50.7
Segment profit47.8
Revenue by business area
Waste Treatment and Resource Recycling50.8
Soil Remediation50.9
Other (environment-related business)49.4
Other50.8
Valuable Resources Recycling Business50.6
Sports Promotion Business52.6
Accepted Volume
Waste51
Contaminated Soil50.6
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue and operating profit are both progressing ahead of plan. The environmental business is ahead of plan for both revenue and segment profit, while other businesses are broadly in line with plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Waste Treatment and Resource Recycling¥6,213 million
Soil Remediation¥1,831 million
Other (environment-related business)¥673 million
Valuable resource recycling and sports promotion¥292 million
Operating profit
Increase in sales¥9,011 million
Depreciation and amortisation and amortisation of goodwill¥-2,808 million
Personnel Expenses¥-1,044 million
Energy and equipment-material costs¥-189 million
Other costs¥-2,352 million
New initiatives
- トーシン株式会社 becoming a consolidated subsidiary
- Launch of iCEP PLASTICS
- Advancing the XtoCAR product development project
- Promotion of the PPP business and commencement of construction on the Aioi project
- Winning the bid for the Takashima, Shiga project under the DBO model
- Full-scale operation of plastic recycling facility
Key KPIsA metric the company considers important as a management benchmark.
- EBITDA¥18,219 million+42.4%
- EBITDA margin37.2 %yoy_change_pt5.2
- Accepted waste volume1,381 thousand tonnes+28.6%
- Accepted contaminated-soil volume306 thousand tonnes+112.8%
- Standalone sales of スカラベサクレ after its inclusion as a consolidated subsidiary¥3,646 million
Segment results
- Environmental BusinessNet Sales47,530Profit11,626Revenue_yoy_pct22.5Profit_yoy_pct27.3
- OtherNet Sales1,457Profit-43Revenue_yoy_pct25.1
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2031
Accepted Volume1.5x versus the end of March 2025
Permitted capacity of thermal treatment facilities, including incineration4000 t/day
Annual Planned Landfill Volume at Final Disposal SitesExpansion from 1250 thousand m³
Remaining Capacity of Final Disposal SitesAt least 15000 thousand m³
Public-Private Partnership Agreement12 agreements, with facilities operational under 3 of them
Market Size / Share
Percentage of Depopulated Municipalities49.5
Percentage of Municipal Waste Incineration Processing Outsourced to Private-Sector Operators5.2
Capital expenditures
¥10,422 million cumulative actual results for the second quarter
Revised Full-Year Plan15,000
Annual Dividend
Interim dividend for the fiscal year ending March 2027¥27.5 per share
Annual dividend for the fiscal year ending March 2027¥55 (plan)
Payout ratio
33 % or higher
DetailsMaintain a consolidated dividend payout ratio of at least 33% during the medium-term plan period (the fiscal years ending March 2026 to March 2028)
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending March 2027: second quarter |
| Net Sales | ¥48,988 million (YoY +22.5%) |
| Operating profit | ¥11,548 million (YoY +29.3%) |
| Ordinary income | ¥11,302 million (YoY +25.0%) |
| Net income | ¥7,208 million (YoY +18.6%) |
| Operating profit margin | 23.6 % |
| Results for the three months of the current quarter | First quarter Net Sales ¥24,136 million / Operating profit ¥5,598 million / EBITDA ¥8,778 million / Ordinary income ¥5,580 million / Profit attributable to owners of parent for the quarter ¥3,548 million / Second quarter Net Sales ¥24,851 million / Operating profit ¥5,950 million / EBITDA ¥9,440 million / Ordinary income ¥5,721 million / Profit attributable to owners of parent for the quarter ¥3,659 million |
| Full-year earnings forecast | Net Sales ¥96,500 million / Operating profit ¥24,300 million / EBITDA ¥37,900 million / Ordinary income ¥23,100 million / Profit attributable to owners of the parent ¥16,400 million |
| Progress against full-year forecast | Consolidated Net Sales 50.7 / Operating profit 47.5 / EBITDA 48 / Ordinary income 48.9 / Profit attributable to owners of the parent 44 / Environmental Business Net Sales 50.7 / Segment profit 47.8 / Revenue by business area Waste Treatment and Resource Recycling 50.8 / Soil Remediation 50.9 / Other (environment-related business) 49.4 / Other 50.8 / Valuable Resources Recycling Business 50.6 / Sports Promotion Business 52.6 / Accepted Volume Waste 51 / Contaminated Soil 50.6 |
| Self-assessment against the plan | Revenue and operating profit are both progressing ahead of plan. The environmental business is ahead of plan for both revenue and segment profit, while other businesses are broadly in line with plan. |
| Segment results | Segment Environmental Business / Net Sales ¥47,530 million / Profit ¥11,626 million / Revenue_yoy_pct ¥22.5 million / Profit_yoy_pct ¥27.3 million, Segment Other / Net Sales ¥1,457 million / Profit ¥-43 million / Revenue_yoy_pct ¥25.1 million |
| Breakdown of Factors Affecting the Change | Net Sales Waste Treatment and Resource Recycling ¥6,213 million / Soil Remediation ¥1,831 million / Other (environment-related business) ¥673 million / Valuable resource recycling and sports promotion ¥292 million / Operating profit Increase in sales ¥9,011 million / Depreciation and amortisation and amortisation of goodwill ¥-2,808 million / Personnel Expenses ¥-1,044 million / Energy and equipment-material costs ¥-189 million / Other costs ¥-2,352 million |
| Key KPIs | ¥18,219 million (YoY +42.4%), 37.2 %, 1,381 thousand tonnes (YoY +28.6%), 306 thousand tonnes (YoY +112.8%), ¥3,646 million |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2031 / Accepted Volume 1.5x versus the end of March 2025 / Permitted capacity of thermal treatment facilities, including incineration 4000 t/day / Annual Planned Landfill Volume at Final Disposal Sites Expansion from 1250 thousand m³ / Remaining Capacity of Final Disposal Sites At least 15000 thousand m³ / Public-Private Partnership Agreement 12 agreements, with facilities operational under 3 of them |
| Annual Dividend | Interim dividend for the fiscal year ending March 2027 ¥27.5 per share / Annual dividend for the fiscal year ending March 2027 ¥55 (plan) |
| Payout ratio | 33 % or higher |
| Capital expenditures | ¥10,422 million (cumulative actual results for the second quarter) |
| Market Size / Share | Percentage of Depopulated Municipalities 49.5 / Percentage of Municipal Waste Incineration Processing Outsourced to Private-Sector Operators 5.2 |
| New initiatives | トーシン株式会社 becoming a consolidated subsidiary, Launch of iCEP PLASTICS, Advancing the XtoCAR product development project, Promotion of the PPP business and commencement of construction on the Aioi project, Winning the bid for the Takashima, Shiga project under the DBO model, Full-scale operation of plastic recycling facility |
Items this document does not state (11)
Gross Profit MarginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookFinancial targetsAcquisition 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.Revenue increased due to higher intake volumes of waste and contaminated soil, infrastructure development projects in the Kansai area, M&A contributions from スカラベサクレ and コウキ, and steady orders for demolition work at 海成. While higher revenue contributed to operating profit, depreciation and amortisation, amortisation of goodwill, personnel expenses, energy and equipment and materials costs, and other costs were factors reducing profit.
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.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.