TRE HOLDINGS CORPORATION
9247・Prime Market・Services
Business
TRE Holdings Corporation is a holding company established in October 2021 through the business integration of Takeei Corporation and River Holdings Co., Ltd. With 40 consolidated subsidiaries and 6 equity-method affiliates, the company operates four segments: Waste Treatment & Recycling Business (net sales of ¥52,843 million), Resource Recycling Business (¥43,166 million), Renewable Energy Business (¥14,656 million), and Other businesses including environmental engineering and consulting (¥8,497 million). Its main customers are general contractors, construction companies, manufacturers, and municipalities, with nationwide operations centered on the greater Tokyo metropolitan area. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The company has built a vertically integrated value chain spanning waste collection and transport, intermediate treatment, recycling, final disposal, wood biomass power generation, and electricity retail. In the Waste Treatment & Recycling Business, it earns both treatment fee income and gains from the sale of recyclable materials, while in the Resource Recycling Business, the primary revenue source is the spread (profit margin from purchasing, processing, and selling) on metal scrap. In the Renewable Energy Business, the company adopts a composite revenue model that captures both electricity sales revenue and waste treatment fees simultaneously. Synergies from cross-selling within the group also contribute to revenue.
Company Strengths
The company handles waste collection, intermediate treatment, recycling, final disposal, wood biomass power generation, and electricity retail on an integrated basis. In FY2026 (ending March 2026), the company achieved an operating margin of 18.7% and ROE of 18.9%. The segment profit margin of the Waste Treatment & Recycling Business reached 35.4%, reflecting the high-profitability structure resulting from vertical integration in the financial figures.
The company was commissioned for disaster waste treatment support related to the 2024 Noto Peninsula Earthquake, and in FY2026 (ending March 2026) recorded net sales of ¥25,566 million (21.5% of net sales) from the Ishikawa Prefecture Industrial Resource Circulation Association. The company has accumulated track record and expertise in large-scale disaster waste treatment, and is also advancing local infrastructure development, including the operation of Monzen Clean Park Co., Ltd.（門前クリーンパーク）.
In October 2025, the company entered into a capital and business alliance agreement with Mizuho Leasing Company, Limited. Mizuho Leasing acquired 10.06% of the company's voting rights and became a major shareholder. Since the basic agreement in November 2022, the two companies have jointly promoted the development of new business models in the circular economy field, building a framework that achieves both financial stability and the creation of new business opportunities.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) was flat at ¥119,164 million (up 0.4% year on year). Operating profit was ¥22,336 million (down 2.8% year on year) and ordinary profit was ¥21,785 million (down 3.1% year on year), representing a slight profit decline. On the other hand, due to the disappearance of the large-scale impairment loss (¥3,135 million) recorded in the previous fiscal year, extraordinary losses shrank significantly, and profit attributable to owners of parent secured an increase to ¥14,730 million (up 19.9% year on year). As an external factor, steel scrap prices, which were at low levels in the first half and trended upward in the second half, contributed to increased revenue in the Resource Recycling Business. Meanwhile, increases in personnel expenses and SG&A expenses pressured profit across all segments. For FY2027 (ending March 2027), the company forecasts revenue of ¥105,600 million (down 11.4% year on year) and operating profit of ¥7,400 million (down 66.9% year on year), a substantial profit decline. This makes clear that the performance trend over the past five fiscal years (operating profit of ¥7,659 million in FY2022 rising to over ¥20,000 million in FY2025 and FY2026) had been heavily dependent on special demand from disaster waste.
Growth Strategy
3rd Medium-Term Management Plan 2030: Becoming a WX Environmental Company through New Business Development, M&A, and Deeper Recycling
A large-scale project deploying integrated waste treatment, resource recycling, and energy recovery in Ichihara City, Chiba Prefecture. The project aims to concretize new businesses through public-private-academic collaboration and is positioned as a core initiative of the 3rd Medium-Term Management Plan 2030.
A concept for a circular-economy industrial park in Soma City, Fukushima Prefecture. The plan promotes the concretization of new businesses through public-private-academic collaboration and aims to serve as regional waste and resource recycling infrastructure.
Rapid expansion of electricity sales volume to customers, driven primarily by cross-selling to existing waste treatment clients such as general contractors. In FY2026 (ending March 2026), sales volume increased 304.7% year on year. The company will continue expanding sales of renewable energy electricity with non-fossil certificates.
The company continues to expand its regional footprint and diversify its business domains, including making E&M Co., Ltd. of Hokkaido a wholly owned subsidiary (100% voting rights). M&A is also positioned as a pillar of growth in the 3rd Medium-Term Management Plan 2030.
The company aims to increase profitability by stabilizing operations and strengthening sorting and dust volume reduction at the River Co., Ltd. Kawashima Business Site (following the large shredder renewal), the Fujisawa Business Site (following the yard rebuild), and the Mibu Business Site shredder dust recycling line, which began operations in August 2025.
The company is strengthening its entry into the general waste field, where further privatization is expected going forward. Together with the waste acceptance price revision (implemented in April 2024), this diversifies the revenue base of the Waste Treatment & Recycling Business.
Last updated: July 19, 2026