ENVALITH
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ASTMAX Co., Ltd.

7162・Standard Market・Electric Power & Gas

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アストマックス株式会社 logo
ASTMAX Co., Ltd.7162

Business

ASTMAX Co., Ltd. is a comprehensive energy business company built on financial and market trading expertise accumulated since its founding, with three core businesses: Electricity Trading Business (wholesale and business process outsourcing for retail electricity providers), Renewable Energy Business (13.1MW solar, 4.4MW geothermal under planning, and grid-connected battery storage), and Retail Business (extra-high voltage, high voltage, and low voltage). Consolidated operating revenue for FY2026 (ending March 2026) was ¥25,258 million, with the Electricity Trading Business accounting for approximately 75% of the total. Main customers are retail electricity providers, electricity end users (483 extra-high voltage and high voltage accounts), and power generation operators. The Dealing Business is scheduled to be discontinued by the end of FY2027 (ending March 2027), as the company continues to concentrate management resources on its energy businesses.

Business Model

In the Electricity Trading Business, the company provides electricity wholesale trading and business process outsourcing services such as supply-demand management and planned-value submission to retail electricity providers, building up transaction volume and fee income. In the Renewable Energy Business, stable earnings are secured through Solar Power Business (Electricity Sales & O&M), Corporate PPA Business, and Grid-Connected Battery Storage Aggregator Business. In the Retail Business, value-added plans leveraging electricity trading expertise are offered to end users. The company pursues synergies across segments through a vertically integrated model spanning power generation to retail.

Company Strengths

Applying risk management and trading know-how cultivated since its founding in commodity futures and financial futures trading to the electricity market, the company provides business process outsourcing (demand-supply forecasting, planned value submission, risk management) to retail electricity operators. In FY2026 (ending March 2026), operating revenue from the Electricity Trading Business expanded to ¥18,865 million (up 44.5% year on year), and an AI-powered demand-supply management system is also in operation.

The company commenced operation in November 2025 of a grid-connected battery storage facility with a rated output of 50MW and rated capacity of 100MWh in Sapporo City, Hokkaido, and has been entrusted with trading operations as an aggregator in the wholesale electricity market, balancing market, and capacity market. It has developed and put into operation an in-house market forecasting system utilizing AI algorithms, and is also concretely considering expansion into other areas.

The company owns and operates 13.1MW of solar power generation (electricity generation business), 31.6MW of O&M-managed capacity, and 8 Corporate PPA sites. In geothermal power (a planned 4.4MW project in Ebino City, Miyazaki Prefecture), power generation capability has been confirmed at 4 wells, and in November 2025 the company strengthened its business foundation by conducting a third-party allotment of new shares to Takenaka Corporation. It is building a diverse portfolio combining multiple renewable energy sources.

ENVALITH's Perspective

FY2026 (ending March 2026) operating profit of ¥2,635 million and profit attributable to owners of parent of ¥1,956 million were largely driven by mark-to-market gains on electricity futures trading (a boost of +¥2,473 million from timing differences in profit/loss recognition) following the sharp rise in electricity prices triggered by escalating tensions in Iran. On a real (underlying) basis, the Electricity Trading Business segment profit was only ¥373 million. The structure whereby fluctuations in the electricity market directly affect performance as an external factor continues, and the fact that next fiscal year's earnings forecast is undisclosed also remains a source of uncertainty for investment decisions.

The Renewable Energy Business posted operating revenue of ¥928 million (up 25.6% year on year), an increase in revenue, but segment profit/loss fell into a loss of ¥46 million (versus a profit of ¥135 million in the prior year) due to a combination of increased insurance premiums, front-loaded operating expenses for new grid-connected battery storage projects, ongoing front-loaded expenses in the Geothermal Power Business, and a delay into the following fiscal year in building out the business structure. Full-scale revenue contribution from grid-connected battery storage facilities and the start of construction for geothermal power generation are essential for this business to turn profitable, making progress monitoring important.

The Retail Business's operating revenue for FY2026 (ending March 2026) was ¥5,598 million (down 18.4% year on year), and segment profit was ¥72 million (down 54.1% year on year), a significant deterioration. The number of Extra-High Voltage and High Voltage customers continued to decline, falling to 483 (down 65 from the end of the prior year), compounded by a sharp drop in the unit price of capacity contributions, margin compression from intensifying price competition, and delays in the start of supply to major customers. The gas retail business also ended at the end of March 2026. Value-added proposals leveraging electricity trading expertise and expansion of vacancy electrification services in the low-voltage market will be key to a turnaround, but the timing of recovery remains unclear.

Growth Strategy

Focus on becoming a total energy solutions provider, with monetization of grid-connected battery storage and geothermal power

Commenced operations in November 2025 in Sapporo City, Hokkaido (50MW/100MWh), conducting trading in the wholesale electricity market, balancing market, and capacity market. Aims to maximize revenue based on market forecasting using AI algorithms. Expansion into other areas is also under consideration, with the business framework for one project expected to be established by the end of the first quarter of FY2027 (ending March 2027).

Development began in 2015, and power generation capability has been confirmed at four wells. Grid interconnection agreements for the full 4.4MW were completed in FY2024 (ending March 2025)/FY2025. In November 2025, a third-party allotment of new shares to Takenaka Corporation was carried out to strengthen the business foundation. Currently examining possibilities for additional surveys, capital reinforcement, fundraising, and expansion of generation capacity.

The Dealing Business is being gradually scaled down and discontinued, targeted for completion by the end of FY2027 (ending March 2027), with trading and risk management know-how being transferred to the Electricity Trading Business. Segment loss for FY2026 (ending March 2026) narrowed to ¥171 million from ¥231 million in the prior year, indicating progress in downsizing.

Acquired two low-voltage solar power plants in December 2025, expanding owned capacity to 13.1MW. Considering profitability improvements including transition to the FIP (Feed-in Premium) system and repowering. Continuing to expand the stable revenue base through the O&M business (31.6MW) and Corporate PPA Business (8 locations). Targets up to 66,000 tons of annual CO2 reduction (equivalent to 100MW of solar power) by 2030.

In the extra-high voltage and high voltage market, focus is on proposing value-added electricity plans leveraging electricity trading know-how to drive new customer acquisition. In the low-voltage market, customer numbers are gradually increasing through the vacant-room electricity supply service launched in May 2025. Also considering acquisition of large-scale contracts utilizing the ¥4.0 billion Commitment Line (Electricity Procurement Financing).

Last updated: July 19, 2026