ENVALITH
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SANIX HOLDINGS INCORPORATED

4651・Standard Market・Services

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SANIX HOLDINGS INCORPORATED4651

Business

Sanix Holdings, Inc. is a holding company (trade name changed in April 2025) for an environmental services corporate group founded in 1975. In the Living Environment domain, it provides termite control, water supply and drainage facility maintenance, renovation, and other services for households and corporations. In the Energy domain, it handles sales, installation, and maintenance of solar power systems for corporations and businesses. In the Resource Recycling domain, it converts waste plastics into fuel for power generation and electricity sales at the Tomakomai Power Plant in Hokkaido, and also engages in organic waste liquid resource recycling and electricity retail sales. With 13 consolidated subsidiaries, the company recorded net sales of ¥45,291 million (FY2026 (ending March 2026)).

Business Model

In the Living Environment domain, the company secures recurring revenue through installation and maintenance contracts obtained via door-to-door and corporate sales. In the Resource Recycling domain, it has built a vertically integrated model in which waste plastic collected as industrial waste is converted into fuel, then used to generate and sell electricity at its own power plants. In the Energy domain, in addition to sales and installation of self-consumption solar power systems, the company secures projects through partnerships with PPA operators. Each domain complements the others, forming a structure that achieves both resolution of environmental issues and monetization.

Company Strengths

The company possesses an integrated system in which waste plastic collected as industrial waste is converted into fuel at its own factory, then used for power generation and electricity sales at the Tomakomai Power Plant of its consolidated subsidiary Sanix Energy Co., Ltd. In FY2026 (ending March 2026), net sales in the Resource Recycling domain reached ¥21,042 million, accounting for approximately 46% of total company sales, functioning as the group's largest segment.

The Living Environment domain maintained stable sales over three consecutive fiscal years: ¥15,260 million in FY2024 (ended March 2024), ¥15,095 million in FY2025 (ended March 2025), and ¥15,104 million in FY2026 (ending March 2026). The operating margin stood at 12.1% (FY2026), with a corporate sales structure built through developing partnerships with management companies and real estate owners contributing to earnings stability.

In April 2025, the company transitioned to a holding company structure and changed its corporate name to Sanix Holdings. This established a framework enabling the Living Environment, Energy, and Resource Recycling business companies to operate independently. Since 2024, the PV Business, Environmental Resource Development Business, and Living Environment Business have been progressively spun off, establishing a flexible and speedy decision-making structure tailored to each business's characteristics.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating profit fell sharply to ¥1,272 million (down 42.9% year on year) and ordinary profit to ¥727 million (down 62.7% year on year). The main causes were increased repair costs from statutory inspections at the Tomakomai Power Plant, prolonged periods of being unable to operate at full capacity, and a provision for disposal costs of plastic fuel inventory associated with the plant shutdown. Operating profit in the Resource Recycling segment fell sharply to ¥1,726 million (down 38.4% year on year). For FY2027 (ending March 2027), operating profit is forecast at ¥1,837 million (up 44.4% year on year), with the recovery of stable power plant operations being the most critical key to a business turnaround.

In FY2026 (ending March 2026), cash flow from financing activities was an inflow of ¥1,293 million (compared with an outflow of ¥666 million in the previous period), mainly due to ¥3,347 million in proceeds from long-term borrowings. Long-term borrowings under fixed liabilities increased to ¥4,558 million (from ¥3,213 million in the previous period), and financial indicators showed a worsening trend, with the cash flow-to-interest-bearing debt ratio at 5.84 (versus 4.14 in the previous period) and the interest coverage ratio at 6.87 (versus 9.87 in the previous period). While capital expenditures continue (¥3,199 million in tangible fixed asset acquisitions), operating cash flow declined to ¥2,158 million (from ¥2,648 million in the previous period), and continued attention is needed regarding the ongoing free cash flow deficit.

In FY2026 (ending March 2026), sales in the Energy segment were ¥8,753 million (down 6.6% year on year), and operating profit was extremely low at ¥40 million (down 85.7% year on year). The main causes were changes in the solar power market environment and intensifying competition; while the company is shifting its sales approach from the FIT system to self-consumption models, this has not yet been sufficient to absorb fixed costs. External factors such as changes in renewable energy policy and price trends in the electricity market (JEPX) will continue to affect business performance. Achieving the consolidated earnings forecast for FY2027 (ending March 2027) (sales of ¥47,301 million, net profit of ¥1,002 million) will require both a recovery in stable power plant operations in the Resource Recycling segment and improved profitability in the Energy segment.

Growth Strategy

Deepening business in the three domains under the holding company structure, together with earnings structure improvement through restoring stable operations in the Resource Recycling domain

Completed the full transition to a holding company structure in October 2025, enabling the Living Environment, Energy, and Resource Recycling operating companies to pursue flexible business development suited to their respective business characteristics. The holding company will focus on formulating group strategy and optimizing management resource allocation, aiming to enhance corporate value.

Restore Power Generation Business earnings through the recovery of full operations following the completion of statutory inspections and turbine renewal. Promote expansion of electricity sales to higher-priced retail customers and utilization of the added value of non-fossil value electricity to achieve a recovery in operating profit in the Resource Recycling domain. The recovery of Resource Recycling domain performance in FY2027 (ending March 2027) is a prerequisite for achieving the company-wide earnings forecast.

Redefined the business as the HSE Business (Detached Housing Maintenance & Renovation), integrating the HS Business and SE Business. Aim to increase the number of customers through increased hiring, aggressive store openings, and strengthened corporate sales structure. Incorporate the revitalization of the market for improving housing insulation performance (energy conservation) as an external tailwind.

Promote business development into "material recycling," whereby materials suitable for use as plastic raw material are sorted and processed during the waste plastic sorting process and reused as plastic raw material in collaboration with partner companies. Aim to enhance the added value of the waste treatment business and contribute to a circular economy.

In anticipation of the large-scale disposal of used solar panels expected in the 2030s, continue recycling demonstration trials leveraging the nationwide industrial waste treatment network and expertise in solar panels. While current technology is judged not to be commercially viable, preparations are being advanced toward future commercialization.

Last updated: July 19, 2026