EnBio Holdings, Inc
6092・Standard Market・Services
Business
Enviro Holdings was established in 1999 and is a TSE Standard-listed environmental solutions corporate group. Its core Soil Contamination Remediation Business provides one-stop services covering surveys, remediation construction, and risk consulting for land contaminated with hazardous substances. The Brownfield Utilization Business operates a flow-type real estate business that acquires contaminated land as-is, remediates it, and resells it. In the Renewable Energy Business, the company operates solar power plants both domestically and overseas (with a Group-involved generation capacity of 103.7MW), and is advancing a shift toward a PPA model that does not depend on FIT. The group consists of 16 consolidated subsidiaries and 3 affiliated companies, and operates mainly in Japan while also expanding into the Middle East and Asia.
Business Model
The Soil Contamination Remediation Business is underpinned by order-based construction and consulting revenue. The Brownfield Utilization Business leverages the group's purification technology to acquire contaminated land at a discount, achieving a 26.9% margin through a flow-type revenue model in which value is added before resale. The Renewable Energy Business functions as a stock-type revenue source, accumulating stable electricity sales income based on long-term power purchase agreements (up to 20 years). The mutual synergy among these three businesses also generates cost-reduction effects across the group.
Company Strengths
The company holds exclusive distribution rights in Japan for products made by Regenesis (U.S.) and has commercialized the Plume Stop method (in-situ permeable reactive barrier). It is the only method in Japan certified by the Tokyo Metropolitan Government for application to both former business sites and operating business sites, and its effectiveness as a countermeasure against PFOA/PFOS contamination has also been demonstrated. The company is also concurrently advancing R&D on PFAS concentration and separation equipment.
In the Brownfield Utilization Business, the company acquires properties based on appropriate risk assessments leveraging the group's soil contamination remediation technologies. In FY2026 (ending March 2026), it acquired 15 properties and sold 16 properties, achieving a segment profit margin of 26.9% and segment profit of ¥873 million (up 137.4% year on year). Gathering information on privately negotiated transactions through intermediaries affiliated with professional associations serves as a key differentiating factor versus competitors.
The company owns and operates 63 solar power plants domestically and overseas (total generation capacity of 64.2MW), and including its involvement in Indonesia (39.5MW), the group's total related generation capacity reaches 103.7MW. It secures stable electricity sales revenue based on long-term power purchase agreements (up to 20 years), and has also established revenue models independent of FIT, such as rooftop PPA at the "Logisquare" logistics facilities and sales of non-fossil certificates.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) reached ¥12,630 million (up 18.4% year on year), marking five consecutive years of revenue growth with an accelerating growth pace. Operating income rose to ¥1,619 million (up 92.9% year on year) and ordinary income to ¥1,598 million (up 127.7% year on year), recovering to the highest level since FY2023 (ending March 2023). Steady progress in the sale of large-scale properties in the second half within the Brownfield Utilization Business, unit price increases from larger-scale construction projects in the Soil Contamination Remediation Business, and expansion of the agency business within the Renewable Energy Business all contributed to revenue growth across all segments. On the other hand, due to the recording of an extraordinary loss of ¥919 million associated with the withdrawal from the Turkish biomass gasification power generation business, net income attributable to owners of the parent fell to ¥265 million (down 41.4% year on year), the lowest level in the past five fiscal years. Operating cash flow improved substantially to ¥1,167 million from ¥21 million in the previous period, and cash and cash equivalents at fiscal year-end increased to ¥4,006 million.
Growth Strategy
Aiming for a mid-term ROE of 15% through revenue expansion in the two flow-type businesses and scale expansion of the stock-type Renewable Energy Business
Strengthening differentiated proposals such as the Plume Stop method (additional certification obtained for application to operating business sites), Cost Cap Guarantee, and risk management-based approaches. Advancing on-site demonstration testing for PFOA/PFOS contamination remediation to capture new demand. For FY2027 (ending March 2026), a conservative sales plan has been set in light of labor market tightness, and revenue and profit are expected to decline.
In FY2026 (ending March 2026), 15 properties were acquired and 16 properties were sold, resulting in an accumulation of sellable inventory. For FY2027 (ending March 2026), significant revenue growth is expected, while profit margins are set conservatively due to the reversal effect from a concentration of highly profitable projects in the prior period. Entry into a new business area, Grid-Scale Battery Storage Site Development (under consideration at approximately 100 locations nationwide), is also progressing through collaboration with Enviro-Nectes.
Promoting a shift from FIT dependence toward PPA and corporate PPA models. Successfully attracted new investors in Indonesia, securing 39.5MW of power generation capacity within the country. Land development for grid-scale battery storage (high-voltage) is under consideration at approximately 100 locations nationwide, with consideration for extra-high-voltage also beginning. FY2027 (ending March 2026) is expected to see revenue and profit growth due to the disappearance of costs related to the withdrawal from Turkey.
Formulated the "Medium-Term Management Plan 2030," setting a target of achieving ROE of 15% in the final year (FY2031, ending March 2030). Adopted a progressive dividend policy with a DOE floor of 2% and an awareness of a dividend payout ratio exceeding 20%. The dividend forecast per share for FY2027 (ending March 2026) is ¥24 (a substantial increase from ¥9 in the previous period).
Last updated: July 19, 2026