TRE HOLDINGS CORPORATION
9247・Prime Market・Services
Waste Treatment & Recycling Business
Core segment of the TRE Group. Metropolitan-area waste recycling supports results even after the wind-down of disaster waste treatment.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment Net Sales | ¥52,843 million | ¥51,933 million | ↑ |
| Segment Profit | ¥18,691 million | ¥19,713 million | ↓ |
| Segment Assets | ¥97,432 million | ¥98,353 million | ↓ |
| Depreciation and Amortization | ¥4,843 million | ¥4,379 million | ↑ |
| Increase in Property, Plant and Equipment and Intangible Assets | ¥8,885 million | ¥4,892 million | ↑ |
| Net Sales to Major Customer (Ishikawa Industrial Resource Circulation Association) | ¥25,172 million | ¥25,963 million | ↓ |
Business Details
This segment centers on waste collection and transport, intermediate treatment and recycling, and landfill site operation, and offers a variety of services including Waste Gypsum Board Recycling and Controlled Landfill Site Operation. The Disaster Waste Treatment Support Business related to the 2024 Noto Peninsula Earthquake was largely completed by the end of October 2025. Sales to the major customer, the Ishikawa Industrial Resource Circulation Association, were ¥25,172 million (21.1% of consolidated net sales). From October 2025, E&M Co., Ltd. was added to the scope of consolidation, expanding the business foundation in Hokkaido.
Recent Overview
Profit declined due to the wind-down of the Disaster Waste Treatment Support Business, but revenue increased thanks to new consolidation and the contribution of Monzen Clean Park.
In FY2026 (ending March 2026), segment net sales were ¥52,843 million (up 1.8% year on year) and segment profit was ¥18,691 million (down 5.2% year on year). The Disaster Waste Treatment Support Business related to the Noto Peninsula Earthquake was largely completed by the end of October 2025, becoming a factor reducing revenue, while a significant increase in revenue and profit at Monzen Clean Park Co., Ltd., increased revenue and profit at Green Arrows Kanto Co., Ltd., and the new consolidation of E&M Co., Ltd. (October 2025) contributed positively. Hokuriku Environmental Service Co., Ltd. saw a significant decline in revenue and profit due to entry restrictions caused by heavy rain in August 2025. Increases in costs such as personnel expenses and SG&A pressured profit.
Key Products
Growth Drivers
- Expansion of new revenue sources through the start of industrial waste acceptance at Monzen Clean Park Co., Ltd. (March 2026)
- Strengthening of the Hokkaido business foundation and capture of demand related to semiconductor investment through making E&M Co., Ltd. a wholly owned subsidiary (100% voting rights ratio)
- Improved profitability through the promotion of revisions to waste acceptance prices (implemented April 2024)
- Continued investment in equipment improvements at group companies' intermediate treatment facilities to strengthen sorting of valuable materials and add value to and productize waste
- Robust demand for national resilience and redevelopment projects in the Tokyo metropolitan area (continued generation of construction waste)
- Focus on general waste handling, which is expected to see further outsourcing to the private sector going forward
- Future utilization of the experience and know-how accumulated through disaster waste treatment support
Risks
- Risk of a rebound decline in revenue due to the wind-down of the Disaster Waste Treatment Support Business (publicly funded demolition in Ishikawa Prefecture largely completed by the end of October 2025); a significant decline in revenue and profit is already factored into the FY2027 (ending March 2027) earnings forecast
- Intensifying competitive environment centered on the Tokyo metropolitan area (rising construction costs and labor shortages causing construction delays, affecting the volume of waste generated)
- Trend of increasing costs such as personnel expenses and SG&A (a factor reducing profit in Takeei Corporation's waste treatment and recycling division)
- Natural disaster risk: Hokuriku Environmental Service Co., Ltd. suffered a significant decline in revenue and profit due to a landslide on the access road caused by heavy rain in August 2025, and entry restrictions remain ongoing
- Rising operating costs due to persistently high electricity and energy costs
- Risk of the loss of highly profitable large-scale projects at Ikeda Shoten Co., Ltd. (revenue and profit declined year on year)
Last updated: June 19, 2026