Medium-Term Management Plan
Medium-Term Management Plan“D-Plan 2028”
Our Group cherishes the founding principle that “The Future Comes from Trust.” as a corporate group
responsible for social infrastructure that must endure, we will continue to take on the challenge of
innovation that creates new value through waste management and recycling.
In order for the Group to achieve sustainable growth while addressing social issues such as carbon neutrality
and the transition to a circular economy, we have identified five material issues (materiality) and formulated
a new medium-term management plan, “D-Plan 2028 Foundation for Success,” to resolve them.
Click here for information related to the Medium-Term Management Plan (PDFs).
Key Points and Progress of the Medium-Term Management Plan
Based on the results for the fiscal year ended March 31, 2026 and the plan for the fiscal year ending March 31, 2027, certain indicators, including financial indicators, planned increases in volume received, and cash allocation, were revised.
Positioning of the Medium-Term Management PlanUpdated on July 31, 2026
D-Plan 2028 positioned as the first three years of our six-year plan through the fiscal year ending March 31,
2031.
Toward our goal for the fiscal year ending March 31, 2031, we will continue these growth investments while
steadily growing through organic growth and M&A in over these three years.
Strategy Overview
We will work on growth measures and measures for strengthening management foundation to resolve the five important issues (materiality).
| Overview | FY2026/3 Results | |||
|---|---|---|---|---|
| Growth measures | Contributes to earnings from D-Plan 2028 Onward |
Advance resource recycling systems | Increase earnings in the recycling business through increased supply to the "artery" (e.g., manufacturing) market |
Plastic recycling facility of DINS Kansai Co., Ltd. began
operations Expansion of "iCEP PLASTICS" services |
| Maximize the value of final disposal sites (maximize sales per unit of capacity) |
Efforts are ongoing to secure high-value-added projects, such as for infrastructure development | |||
| Deepen relationships with municipalities | Expand the scope of transaction with municipalities we work with Expand business area to nationwide |
Increased the number of municipalities we work with by 25: 487 ⇒ 512 |
||
| Expand business areas through M&A | Actively execute projects that are expected to generate synergies (increase in volume received) |
Executed 6 projects in FY2026/3 | ||
| Measure for FY2031/3 |
Increase capacity of incineration and other heat treatment facilities | Started construction of 5 facilities to increase the capacity to 4,000 tons/day |
PPP (Obtained an installation permit for a facility in Aioi City, Hyogo
Prefecture) Construction underway in Izumi and Nishinomiya |
|
| Expand planned annual landfill volume and remaining capacity of final disposal sites | Promote M&A in new areas to increase planned annual landfill volume |
Progress in the Kyushu area (Sukarabesakure Co., Ltd. and Hizen Kankyo Co., Ltd.) and the Tohoku area (acquisition of a final disposal site) | ||
| Promote new construction and expansion plans in existing areas |
The 2nd stage controlled final disposal site in Gobo started
services Expansion plans for each final disposal site are also underway |
|||
| Promote PPP | Conclude a total of 7 agreements | Obtained an installation permit for a facility in Aioi City, Hyogo
Prefecture Progress is being made toward concluding a new agreement |
||
| Measures for strengthening management foundation | Promote human capital management | Maximize employee engagement | Working to improve the work environment by utilizing engagement surveys and other tools | |
| Improve Group management capabilities | Further strengthen governance and risk management systems |
Announcement of executive appointments and transition to a new organizational structure following the appointment of new executive officers | ||
Progress in volume received
Performance Indicator TargetsUpdated on July 31, 2026
In order to maximize EPS, we will achieve steady profit growth that exceeds our profit targets during this three-year period, which will be the period of building the foundation for a leap forward over the next three years.
Progress toward management targets
| (million yen) | FY2025/3 Results |
FY2026/3 Results |
FY2027/3 Forecasts |
D-Plan 2028 Forecasts |
|---|---|---|---|---|
| Net sales | 80,178 | 87,855 | 93,900 | 100,000 |
| Operating profit | 21,548 | 22,189 | 24,300 | 25,000 |
| Operating profit margin | 26.9% | 25.3% | 25.9% | 25.0% |
| EBITDA | 27,824 | 31,908 | 37,100 | 38,000 |
| EBITDA margin | 34.7% | 36.3% | 39.5% | 38.0% |
| Earnings per share (yen) | 145.54 | 159.93 | 164.25 | 169.46 |
Cash AllocationUpdated on July 31, 2026
As industry consolidation progresses, we focus on growth investment and proactively pursue M&A that will generate synergy.
Shareholder ReturnsUpdated on July 31, 2026
We will maintain a dividend payout ratio of 33% for the fiscal year ended March 31, 2025, and ensure progressive
dividends.
We intend to gradually increase a consolidated dividend payout ratio to 40% for the fiscal year ending March 31,
2031, based on steady profit growth.
