Overview
Services

TRE HOLDINGS CORPORATION

TRE Holdings Corporation is a holding company formed through the merger of Takeei Corporation and River Holdings Corporation, operating across four core segments: waste processing & recycling, resource recycling, renewable energy, and environmental services. The company provides comprehensive waste management solutions including collection, intermediate processing, final disposal, and disaster waste recovery, alongside metal scrap recycling, automotive recycling, and home appliance recycling. Its renewable energy segment operates woody biomass power plants fueled primarily by forest resources, complemented by environmental engineering (specialized vehicles and plant equipment) and environmental consulting (measurement certification and hazardous waste analysis).

Market Cap
¥82.1B
US$523M
EV
¥108B
US$690M
Stock¥1,745▼-1.02%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.3
x
LTM EV/EBIT
6.3
x
LTM PER
7.6
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.6%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
82.1BUS$523MMarket Cap63.3BUS$404M+ Debt34.0BUS$217M− Cash5.84BUS$37.2M− Inv. Sec.2.72BUS$17.3M+ NCI108BUS$690MEV
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Performance & Balance
Revenue 5Y (¥B)
68.2US$435M'22/390.7US$579M'23/392.9US$592M'24/3119US$757M'25/3119US$760M'26/3
EBITDA 5Y (¥B)
12.7US$80.8M'22/313.2US$84.5M'23/313.7US$87.1M'24/331.0US$198M'25/331.2US$199M'26/3
Net Income 5Y (¥B)
4.74US$30.2M'22/35.20US$33.1M'23/33.62US$23.1M'24/312.3US$78.3M'25/314.7US$93.9M'26/3
Capital Structure
57%
43%
EquityD/E 0.77xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
26.2US$167M47.3US$302M'22/326.0US$166M48.1US$307M'23/328.2US$180M52.6US$335M'24/337.7US$240M60.8US$388M'25/341.2US$263M61.5US$392M'26/3
Shareholders
Top 10 hold 42.0%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
12.99%
2
Mizuho Securities Co., Ltd.
5.87%
3
Custody Bank of Japan, Ltd. (Trust Account)
5.74%
4
Mamoru MITSUMOTO
4.14%
5
Mizuho Leasing Company,Limited
3.30%
6
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
2.69%
7
Toru SUZUKI
2.20%
8
TREHD Employee Stock Ownership Association
1.89%
9
BESTERRA CO.,LTD
1.63%
10
Custody Bank of Japan, Ltd. (Trust Account E)
1.56%
Management
7 officers
Naoto MATSUOKA
Representative Director, Chairman
Apr 1972 Joined Mitsubishi Corporation Apr 1999 President, Ueno Tekko Co., Ltd. Apr 2004 President, Metalone Kenzai Co., Ltd. (now MM Kenzai Co., Ltd.) Apr 2009 President and CEO, Metalone Corporation Sep 2015 President, Suzutoku Holdings Co., Ltd. (now RIVER Co., Ltd.) Sep 2016 Director, HIDAKA SUZUTOKU (Thailand) CO., LTD. Oct 2021 Representative Director, Chairman, the Company (current) Director, Takeei Co., Ltd. (current) Jun 2022 Representative Director, TRE SDGs Promotion Foundation (current) Jul 2022 President, RIVER Co., Ltd. (current)
1949-04-20
Mitsuo ABE
Representative Director, President
Apr 1983 Joined Kyowa Bank, Ltd. (now Resona Bank, Ltd.) Apr 2013 Managing Executive Officer, Resona Bank, Ltd. Oct 2015 President, Resona Kessai Service Co., Ltd. Apr 2017 Joined Takeei Co., Ltd.; Executive Officer, Deputy General Manager, Corporate Planning Division Jan 2018 Executive Officer, Deputy General Manager, Sales Division, and General Manager, Related Business Division, Takeei Co., Ltd. Jun 2018 Director, Managing Executive Officer, General Manager, Corporate Planning Division, Takeei Co., Ltd. Jun 2019 Representative Director, President, Takeei Co., Ltd. (current) Jan 2021 President, TEC Takekuma Co., Ltd. Sep 2021 Director, RIVER Holdings Co., Ltd. (now RIVER Co., Ltd.) Oct 2021 Representative Director, President, the Company (current) Apr 2023 Director, RIVER Co., Ltd. (current) Apr 2023 President, Pratec Soma Co., Ltd. Jun 2023 President, Green Arrows Holdings Co., Ltd. (current) Sep 2023 Director, Glass Recycling Council, General Incorporated Association (current) Dec 2023 Director, Solar Panel Reuse and Recycling Association, General Incorporated Association (current) Feb 2026 Representative Director, Yobare Co., Ltd. (current)
1960-06-29
Miwa AOYAMA
Director
Apr 1985 Joined The 77 Bank, Ltd. May 2000 Joined Tag Co., Ltd. Jul 2001 General Affairs Section Manager, Tag Co., Ltd. Jul 2013 Office Manager, Tag Co., Ltd. Jul 2019 Managing Director, Tag Co., Ltd. Jul 2022 Senior Managing Director, Tag Co., Ltd. Jun 2024 Representative Director, President, Tag Co., Ltd. (current) Jun 2024 Director, the Company (current) Jul 2025 Director, E&M Co., Ltd. (current)
1964-07-26
Takeshi KAMIKAWA
Director, Audit and Supervisory Committee Member
Apr 1982 Joined Nippon Credit Bank, Ltd. (now Aozora Bank, Ltd.) Mar 2012 Joined Citibank Japan Ltd. Oct 2012 Joined Takeei Co., Ltd.; Manager, Office of the President Nov 2012 Head of Office of the President, Takeei Co., Ltd. Jun 2014 President, Fuji Sharyo Co., Ltd. Jun 2018 Executive Officer, Deputy General Manager, Sales Division, in charge of Related Business, Takeei Co., Ltd. Aug 2018 Executive Officer, in charge of Business Audit Division, Takeei Co., Ltd. Jun 2019 Director, Managing Executive Officer, General Manager, Corporate Planning Division, Takeei Co., Ltd. Jan 2021 Audit & Supervisory Board Member, TEC Takekuma Co., Ltd. (current) Oct 2021 Executive Officer, General Manager, Corporate Planning Division, the Company Jun 2022 Executive Officer, General Manager, Corporate Administration Division, the Company Jun 2022 Director, Managing Executive Officer, General Manager, Administration Division, Takeei Co., Ltd. Jun 2023 Director, Senior Managing Executive Officer, General Manager, Administration Division, Takeei Co., Ltd. Jun 2024 Audit & Supervisory Board Member, Takeei Co., Ltd. (current) Jun 2024 Director, Audit and Supervisory Committee Member, the Company (current) Jul 2025 Audit & Supervisory Board Member, E&M Co., Ltd. (current)
1958-11-26
Fumie OMURA
Director, Audit and Supervisory Committee Member
Apr 1994 Joined Breakmore Law Office Oct 1996 Joined Sakai Hideyuki Law Office Jun 2006 Joined Ichigaya International Law Office (now Shindo Matsumura Law Office) (current) Jun 2015 Outside Director, Carlit Holdings Co., Ltd. (now Carlit Co., Ltd.) Sep 2019 Outside Audit & Supervisory Board Member, RIVER Holdings Co., Ltd. (now RIVER Co., Ltd.) Oct 2021 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1958-07-13
Hiroyuki SUEMATSU
Director, Audit and Supervisory Committee Member
Apr 1983 Joined Ministry of Agriculture, Forestry and Fisheries (MAFF) Mar 2002 Councillor, Prime Minister's Office Oct 2006 Director, Environmental Policy Division, Minister's Secretariat, MAFF Jul 2007 Director, Planning and Evaluation Division, Minister's Secretariat, MAFF Apr 2008 Director, Food Security Division, Minister's Secretariat, MAFF Apr 2009 Director, Policy Division, Minister's Secretariat, MAFF Jul 2010 Director-General, Forestry Policy Department, Forestry Agency, MAFF Apr 2014 Director-General, Kanto Regional Agricultural Administration Bureau, MAFF Jul 2015 Director-General, Rural Development Bureau, MAFF Jun 2016 Director-General, Industrial Science and Technology Policy and Environment Bureau, Ministry of Economy, Trade and Industry Jul 2018 Vice-Minister, MAFF Oct 2020 Representative Director, Next Generation Industry Research Institute Co., Ltd. (current) Jan 2021 Special Project Professor, Tokyo University of Agriculture Research Institute of Agricultural Life Sciences (now Tokyo University of Agriculture Research Institute) Jun 2021 Outside Director, SBI Holdings Co., Ltd. (current) Oct 2021 Outside Director, Audit and Supervisory Committee Member, the Company (current) Dec 2021 Outside Director, Audit and Supervisory Committee Member, NEXYZ.Group Co., Ltd. (formerly Nexyzgroup Co., Ltd.) Jan 2026 Visiting Professor, Tokyo University of Agriculture Research Institute (current)
1959-05-28
Tomoko ARAMAKI
Director, Audit and Supervisory Committee Member
Oct 1991 Joined Century Audit Corporation (now EY ShinNihon LLC) Mar 1995 Registered as Certified Public Accountant Jul 1999 Seconded to Regional Cooperation Division, Trade Policy Bureau, Ministry of International Trade and Industry (MITI) May 2002 Joined IBM Japan, Ltd. Feb 2006 Director, Aramaki Certified Public Accountant Office (current) Apr 2006 Registered as Certified Tax Accountant Jun 2008 Audit & Supervisory Board Member, Sanjo Holdings Co., Ltd. (now Parimiki Holdings Co., Ltd.) Jun 2015 Director in charge of IR, Sanjo Holdings Co., Ltd. (now Parimiki Holdings Co., Ltd.) Dec 2015 Outside Audit & Supervisory Board Member, Sacos Co., Ltd. Apr 2018 Member, Advisory Panel, Japan Post Bank, Japan Post Insurance and Post Office Network Support Organization (independent administrative institution) (current) Jun 2018 Outside Audit & Supervisory Board Member, Exio Group, Inc. Mar 2022 Outside Director, Fuji Soft Inc. Jan 2023 Member, Information and Communications Council, Ministry of Internal Affairs and Communications (current) Jan 2023 Member, Telecommunications Business Policy Committee, Information and Communications Council (current) Jan 2023 Member, Postal Policy Committee, Information and Communications Council (current) Jun 2023 Outside Director, the Company (current) Jun 2023 Outside Director, Exio Group, Inc. (current) Jun 2024 Outside Director, Audit and Supervisory Committee Member, Astellas Pharma Inc. (current) Apr 2025 Expert Member, Council for National Research and Development Agencies, Ministry of Internal Affairs and Communications (current)
1968-11-07
Large Shareholding Reports
Asset Management One Co., Ltd.
2026-06-05
1.73%→1.73%
Mizuho Leasing Company, Limited
2026-05-20
9.11%→9.11%
Annual report (as of 2026-03-31): 3.30%
Mizuho Securities Co., Ltd.
2026-03-23
3.52%→5.03%
Annual report (as of 2026-03-31): 5.87%
Mizuho Securities Co., Ltd.
2026-02-20
2.71%→3.52%
Annual report (as of 2026-03-31): 5.87%
Mizuho Securities Co., Ltd.
2026-01-22
2.52%→2.71%
Annual report (as of 2026-03-31): 5.87%
Mizuho Securities Co., Ltd.
2026-01-09
2.04%→2.52%
Annual report (as of 2026-03-31): 5.87%
Mizuho Securities Co., Ltd.
2025-12-22
1.00%→2.04%
Annual report (as of 2026-03-31): 5.87%
Asset Management One Co., Ltd.
2025-11-21
2.55%
Mizuho Leasing Company, Limited
2025-11-05
3.00%→9.11%
Annual report (as of 2026-03-31): 3.30%
Mizuho Leasing Company, Limited
2025-10-16
3.00%
Annual report (as of 2026-03-31): 3.30%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-12
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-05-20
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINETAmended
2026-01-30
Amended Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-01-22
Large Shareholding Report
EDINET
2026-01-09
Large Shareholding Report
EDINET
2025-12-22
Large Shareholding Report
EDINET
2025-11-21
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2025-11-05
Change Report
EDINET
2025-10-16
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2022-12-27
Amended Annual Securities Report
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-28
Annual Securities Report
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