Mitsuuroko Group Holdings Co.,Ltd.
8131・Standard Market・Wholesale Trade
Business
Mitsuuroko Group Holdings is a long-established energy company founded in 1910, comprising the Company, 42 subsidiaries, and 15 affiliated companies. Its core businesses are the Energy Business (net sales of ¥143,636 million), which handles LP gas, petroleum, and housing equipment, and the Electric Power Business (net sales of ¥167,929 million), centered on wind, biomass, and solar power; together, these two businesses account for approximately 92% of consolidated net sales. In addition, the Group operates the Foods Business, engaged in beverage manufacturing and restaurant operations; the Living & Wellness Business, which handles wellness complex facilities and real estate leasing in the Yokohama area; the Overseas Business, offering storage rental and investment support in the Asia-Pacific region; and Other Businesses, including leasing, ICT, and content, thereby providing a wide range of services closely tied to consumers' daily lives. Its main customers are general households, commercial/industrial demand-side users, and corporate clients, and the Group upholds the management philosophy of being a "bearer of an affluent life," spanning energy, food, health, and information.
Business Model
In the Energy Business, the company vertically integrates the wholesale, retail, and logistics of LP gas and petroleum, building up earnings through cross-selling housing equipment and energy-saving equipment to its customer base. In the Electric Power Business, it combines its own renewable energy power sources (wind, biomass, and solar) with market procurement to expand scale in retail electricity sales. While reducing delivery costs through proprietary DX tools such as SmartOWL®, the company leverages its group network to provide peripheral services such as beverages, real estate, and ICT to the same customer base, aiming to maximize revenue per customer.
Company Strengths
Through proactive sales activities, the number of LP gas customers in the residential and commercial segments continued to increase, achieving a retail sales volume of 100.5% year-on-year and gross profit of 102.6% year-on-year in FY2026 (ending March 2026). The vertically integrated business structure spanning wholesale to retail and logistics enables cross-selling of housing equipment and energy-saving equipment based on the customer base.
In FY2026 (ending March 2026), segment profit in the Electric Power Business reached ¥11,537 million (up 71.6% year-on-year), achieving a significant profit increase, with both gross profit and operating profit renewing consolidated record highs. The company owns its own wind, biomass, and solar power sources, and began offering a grid-connected storage battery operation service in May 2025, advancing the diversification of power source procurement and the establishment of new revenue streams.
The in-house developed LP gas delivery efficiency solution "SmartOWL®" currently improves delivery operation efficiency for approximately 190,000 households. It has reduced the number of deliveries to locations equipped with LPWA devices by approximately 30%, with one delivery operator confirming an effective labor cost reduction equivalent to five employees. Deployment to external LP gas operators is also progressing, functioning as a unique competitive advantage for the Group.
ENVALITH's Perspective
Performance Trend
Revenue was nearly flat, moving from ¥339,656 million in FY2025 (ending March 2025) to ¥339,498 million in FY2026 (ending March 2026), a decrease of 0.0% year on year. The slight decline was mainly due to a decrease in petroleum sales volume, but this was offset by expansion in the Electric Power Business, which posted revenue of ¥167,929 million (up 7.0% year on year). Operating profit increased 41.0% from ¥8,769 million to ¥12,368 million, marking a record high. The main drivers were a reduction in the capacity contribution charge burden in the Electric Power Business (an external factor) and increased sales volume. On the other hand, profit attributable to owners of parent decreased 12.5% from ¥10,515 million to ¥9,197 million, due to the absence of the prior period's gain on sale of investment securities (¥5,066 million). For FY2027 (ending March 2027), the company forecasts a sharp decline in operating profit of 31.3% to ¥8,500 million, mainly due to an increase in capacity contribution charge prices (an external factor).
Growth Strategy
Aiming for sustainable growth through expansion of electric power and renewable energy, the storage battery business, overseas expansion, and DX/external sales of SmartOWL
Promoting continued growth in electricity sales volume through new customer acquisition. Reducing market dependence by expanding utilization of proprietary renewable energy sources and grid-connected storage batteries and increasing bilateral contracts with power generation companies, thereby strengthening the profit base while responding to external risks such as rising capacity market contributions.
In addition to existing storage facilities in Aichi, Miyagi, and Kitahiroshima City, Hokkaido, a large-scale extra-high-voltage grid-connected storage battery is under development in Abashiri City, Hokkaido. Inquiries for the operation outsourcing service launched in May 2025 are increasing, and the company is working to expand outsourcing clients by leveraging its proprietary know-how.
Actively promoting the acquisition of power plants, including those under physical PPAs. Steadily acquiring and developing power plants scheduled to begin power generation during FY2026 (ending March 2026), achieving both strengthened supply capacity of non-fossil power sources and reduced energy costs alongside the creation of environmental value.
Operating a total of 26 facilities across Singapore, Hong Kong, and Malaysia. In FY2026 (ending March 2026), newly opened 2 facilities in Singapore and 2 in Hong Kong, achieving net sales of ¥3,054 million (up 5.0% year on year) and segment profit of ¥254 million (up 44.7% year on year). Continuing to promote market share expansion and enhancement of corporate-oriented services.
Of the ¥50 billion investment framework established from FY2023, ¥11.1 billion was executed in FY2025 (cumulative total of ¥25.7 billion). Accelerating growth investments such as an investment of approximately ¥3.0 billion in QPS Holdings (space and earth observation satellites) and the establishment of INPEX Mitsuuroko Denryoku. Aiming to enhance corporate value while maintaining a total shareholder return ratio of 50% or more.
Promoting the adoption of SmartOWL®, the LP gas delivery efficiency solution, among external LP gas operators (currently covering approximately 190,000 households). Through DX at the group's administrative centers, more than 95% of order processing operations have already been automated. Continuing to reduce indirect operational costs across the group by expanding the scope of AI-OCR utilization.
Last updated: July 19, 2026