Overview
Electric Power and Gas

eREX Co.,Ltd.

EREX is a vertically integrated renewable energy company operating across four core segments: power retail, power generation, biomass fuel supply, and electricity trading. The company operates biomass power plants (totaling 418MW) fueled by palm kernel shells and wood pellets, procured from Southeast Asian suppliers including through its own storage yards in Indonesia and pellet factories in Vietnam. EREX retails electricity to both corporate and residential customers nationwide through subsidiaries including Evergreen Marketing and Evergreen Retailing, while also expanding renewable energy projects (biomass, hydro, and solar) across Vietnam and Cambodia under Japan's Joint Crediting Mechanism.

Market Cap
US$342M
¥54.5B
EV
US$538M
¥85.9B
StockUS$4.38(¥699)▲+1.16%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
10.4
x
LTM EV/EBIT
19.2
x
LTM PER
16.2
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.1%pt
10012
Nov 13, 25 – Nov 13, 26StockTOPIX
1Apr 1, 26Hopes of Mideast de-escalation as Trump signals end to Iran strikes
2Nov 11, 26Q2 FY2027/03 earnings announced
MC → EV Bridge
US$342M¥54.5BMarket CapUS$403M¥64.3B+ DebtUS$214M¥34.2B− CashUS$22.4M¥3.57B− Inv. Sec.US$30.2M¥4.82B+ NCIUS$538M¥85.9BEV
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Performance & Balance
Revenue 5Y (US$)
US$1.44B¥231B'22/3US$1.86B¥296B'23/3US$1.53B¥245B'24/3US$1.07B¥171B'25/3US$1.06B¥169B'26/3
EBITDA 5Y (US$)
US$110M¥17.6B'22/3US$130M¥20.7B'23/3-US$98.8M¥-15.8B'24/3US$67.5M¥10.8B'25/3US$70.4M¥11.2B'26/3
Net Income 5Y (US$)
US$60.4M¥9.65B'22/3US$57.5M¥9.19B'23/3-US$139M¥-22.3B'24/3US$13.3M¥2.12B'25/3US$33.4M¥5.33B'26/3
Capital Structure
51%
49%
EquityD/E 0.94xDebt
Liquidity vs Debt 5Y (US$)▼ Net Debt
CashInv. Sec.Debt
US$186M¥29.7BUS$336M¥53.6B'22/3US$227M¥36.3BUS$345M¥55.1B'23/3US$146M¥23.3BUS$390M¥62.2B'24/3US$233M¥37.2BUS$283M¥45.2B'25/3US$195M¥31.1BUS$350M¥55.8B'26/3
Shareholders
Top 10 hold 53.5%
1
UH Partners 3 Investment Limited Liability Partnership
8.48%
2
DAIWA CM SINGAPORE LTD - NOMINEE HIKARITSUSHIN INVESTMENTS ASIA PTE LTD (Standing Proxy: Daiwa Securities Co. Ltd.)
6.82%
3
JFE Engineering Corporation
5.60%
4
TODA CORPORATION
5.60%
5
KISCO Ltd.
5.10%
6
East Japan Railway Company
4.65%
7
KRAFTIA CORPORATION
4.55%
8
UH 6 Co., Ltd.
4.52%
9
Ueda Yagi Tanshi Co., Ltd.
4.19%
10
The Master Trust Bank of Japan, Ltd. (Trust Account)
3.95%
Management
11 officers
Hitoshi HONNA
Representative Director, President
Apr 1973 Joined Toa Nenryo Kogyo K.K. (currently ENEOS Corporation) Apr 1997 General Manager, Business Planning Department, ENEOS Corporation Apr 2000 Representative Director, Executive Vice President, the Company Apr 2012 Director, EREX New Energy Co., Ltd. (current) Jul 2014 Representative Director, President, EREX New Energy Saiki Co., Ltd. Aug 2015 Representative Director, President, Saiki Biomass Center Co., Ltd. Sep 2015 Director, EREX Spark Marketing Co., Ltd. (currently Evergreen Retailing Co., Ltd.) Sep 2015 Representative Director, President, EREX Sales No. 3 Co., Ltd. (currently Evergreen Marketing Co., Ltd.) Jun 2016 Director, Okinawa Gas New Power Co., Ltd. Representative Director, President, the Company (current) Sep 2021 Director, EREX Singapore Pte. Ltd. Representative Director, President, Okinawa Uruma New Energy Co., Ltd. Representative Director, President, EREX Biomass Management Co., Ltd. (current)
1948-10-28
Tomoki KAKUDA
Senior Managing Director
Apr 1989 Joined Toa Nenryo Kogyo K.K. (currently ENEOS Corporation) Jan 2005 Joined the Company (approximate, per filing sequence) Apr 2011 General Manager, Wakayama Plant Technical Department, ENEOS Corporation Mar 2013 Executive Officer, Public Relations and External Affairs Division Head, ENEOS Corporation Jan 2016 Executive Officer, Wakayama Plant General Manager, ENEOS Corporation Oct 2018 Executive Officer, Business Planning Division Head, KH Neochem Co., Ltd. Jun 2019 General Manager, Human Resources and General Affairs Department, the Company Jun 2020 Director, the Company Jun 2020 Representative Director, President, Saiki Biomass Center Co., Ltd. Jul 2020 Director, EREX Singapore Pte. Ltd. Sep 2021 Director, EREX Biomass Management Co., Ltd. (current) May 2023 Representative Director, EREX International Co., Ltd. Jun 2023 Managing Director, the Company Aug 2023 Representative Director, EREX Singapore Pte. Ltd. Sep 2023 Representative Director, Hau Giang Bioenergy Joint Stock Company Dec 2023 Managing Director, Overseas Business General Manager, the Company Mar 2024 Representative Director, EREX Sakura Biomass Yen Bai Co., Ltd. Mar 2024 Representative Director, EREX Sakura Biomass Tuyen Quang Co., Ltd. Jun 2025 Senior Managing Director, the Company Aug 2025 General Manager, Cambodia Business, the Company Jun 2026 Senior Managing Director, General Manager, Accounting Department (current)
1964-07-14
Yasushi SAITO
Managing Director
Apr 1995 Joined Showa Shell Sekiyu K.K. Oct 2001 Joined the Company Oct 2008 General Manager, Business Development Department, the Company Oct 2015 Executive Officer, General Manager, Business Development Department, the Company Jul 2016 Executive Officer, General Manager, Corporate Planning Department, the Company Apr 2018 Executive Officer, General Manager, Sales Department, the Company Jun 2018 Director, General Manager, Sales Department, the Company Jun 2018 Director, EREX Spark Marketing Co., Ltd. (currently Evergreen Retailing Co., Ltd.) Jun 2018 Representative Director, Senior Managing Director, Okinawa Gas New Power Co., Ltd. Mar 2019 Director, Sales Department General Manager and Energy Market Department General Manager, the Company Jun 2019 Representative Director, President, EREX Spark Marketing Co., Ltd. (currently Evergreen Retailing Co., Ltd.) Oct 2019 Director, General Manager, Sales Department, the Company Jul 2020 Director, General Manager, Human Resources Department, the Company Mar 2021 Director, Okinawa Gas New Power Co., Ltd. Jan 2022 Director, Corporate Planning and Human Resources Department General Manager, the Company Jul 2022 Director, Human Resources Department General Manager, the Company Jun 2024 Representative Director, President, EREX New Energy Co., Ltd. Jun 2024 Representative Director, President, EREX New Energy Saiki Co., Ltd. Jun 2024 Representative Director, President, Okinawa Uruma New Energy Co., Ltd. Sep 2024 Director, Human Resources and General Affairs Department General Manager, the Company Apr 2025 Representative Director, EREX Sakura Biomass Tuyen Quang Co., Ltd. (current) Apr 2025 Representative Director, EREX Sakura Biomass Yen Bai Co., Ltd. (current) May 2025 Managing Director, Vietnam Business General Manager, the Company (current) Jun 2025 Representative Director, Hau Giang Bioenergy Joint Stock Company (current) Oct 2025 Representative Director, EREX International Co., Ltd. (current) Oct 2025 Representative Director, EREX Singapore Pte. Ltd. (current) Jan 2026 Managing Director, Vietnam Business General Manager and Administration Group Leader, the Company (current)
1971-11-23
Toshimichi TANAKA
Managing Director
Apr 1994 Joined Meitan Tradition Co., Ltd. Oct 1999 Joined Nittan Exco Co., Ltd. (currently Nittan Capital Group Co., Ltd.) Mar 2000 Joined the Company Oct 2008 General Manager, Sales Department, the Company Jun 2015 Executive Officer, General Manager, Sales Department, the Company Sep 2015 Director, EREX Sales No. 3 Co., Ltd. (currently Evergreen Marketing Co., Ltd.) Oct 2015 Director, EREX Spark Marketing Co., Ltd. (currently Evergreen Retailing Co., Ltd.) Apr 2018 Senior Executive Officer, General Manager, Energy Market Department, the Company Mar 2019 Representative Director, President, Evergreen Marketing Co., Ltd. (current) Jun 2019 Director, the Company Jul 2020 Representative Director, President, Evergreen Retailing Co., Ltd. (current) Mar 2021 Director, Okinawa Gas New Power Co., Ltd. Feb 2022 Representative Director, President, E-Cel Co., Ltd. Jul 2022 Director, General Manager, Retail Division, the Company Mar 2023 Representative Director, Senior Managing Director, Okinawa Gas New Power Co., Ltd. Dec 2023 Director, General Manager, Supply and Demand Strategy Office, the Company Jun 2024 Director, Okinawa Gas New Power Co., Ltd. (current) Jun 2025 Managing Director, SCR Office General Manager and General Affairs Department General Manager, the Company (current) Jun 2025 Director, E-Cel Co., Ltd. (current)
1971-10-25
Makoto TAMURA
Director
Apr 1990 Joined Nomura Securities Co., Ltd. Oct 2009 Representative Director, President, Shijo Co., Ltd. (current) Jan 2014 Outside Director, the Company (current)
1966-07-23
Shigeru KIMURA
Director
Jul 1971 Joined Tokyo Electric Power Company, Incorporated (currently Tokyo Electric Power Company Holdings, Inc.) Jun 2001 General Manager, Power Contract Department, Tokyo Electric Power Company Jun 2003 Director, in charge of Sales Department and General Manager, Power Contract Department, Tokyo Electric Power Company Jun 2004 Executive Officer, Deputy General Manager, Sales and Marketing Division, Tokyo Electric Power Company Jun 2005 Managing Director, Deputy General Manager, Sales and Marketing Division, Tokyo Electric Power Company Jun 2007 Director and Senior Managing Director, General Manager, Sales and Marketing Division, Tokyo Electric Power Company Jun 2010 Director, Tokyo Electric Power Company Jun 2010 Vice Chairman, Federation of Electric Power Companies of Japan Mar 2016 Outside Director (Audit and Supervisory Committee Member), Toa Oil Co., Ltd. Jun 2019 Outside Director, the Company (current)
1948-02-18
Ken KUSANO
Audit and Supervisory Board Member (Full-time)
Apr 1986 Joined Nihon CMC Co., Ltd. Dec 1993 Joined Asahi Telecom Co., Ltd. May 1998 Joined Adtech Engineering Co., Ltd. Apr 2003 Executive Officer, Adtech Engineering Co., Ltd. Jan 2014 Joined the Company Oct 2015 General Manager, Administration Department, the Company Jul 2017 General Manager, Finance and Accounting Department, the Company May 2018 General Manager, Internal Audit Department, the Company Jul 2022 Deputy General Manager, Internal Audit Department, the Company Jun 2023 Audit and Supervisory Board Member, the Company (current) Jun 2023 Audit and Supervisory Board Member, Evergreen Marketing Co., Ltd. (current) Jun 2023 Audit and Supervisory Board Member, Evergreen Retailing Co., Ltd. (current)
1961-05-10
Daisuke SAKAI
Director
Apr 1987 Joined Dai-Ichi Kangyo Bank, Ltd. (currently Mizuho Bank, Ltd.) Dec 2006 Representative Director, President, Toyo Keizai Printing Co., Ltd. Jan 2013 Director, Sotetsu Agency Co., Ltd. Jul 2013 Director, CHINTAI Corporation Feb 2018 Representative Director, President, Able Co., Ltd. Feb 2023 Representative Director, Executive Vice President, Able Holdings Co., Ltd. Feb 2026 Representative Director, President, Able & Partners Co., Ltd. (current) Jun 2026 Director, the Company (current)
1964-09-18
Setsuko MIYAGAWA
Director
Apr 1989 Joined Japan Productivity Center Dec 1994 Joined Asian Productivity Organization Secretariat Jul 2010 General Manager, Industry Department, Asian Productivity Organization Secretariat Feb 2011 Member, Review Committee for Asian Productivity Improvement Projects, Ministry of Economy, Trade and Industry May 2011 Member, Eco Product Planning Committee, Japan Environmental Management Association for Industry Oct 2012 Member, Global Agenda Council, World Economic Forum Nov 2013 Joined Association of Southeast Asian Nations (ASEAN) Secretariat Nov 2013 Head, Management Team, Japan-ASEAN Integration Fund (JAIF) Mar 2021 Deputy Director General, Asian Productivity Organization Secretariat (current) Jun 2026 Outside Director, the Company (current)
1966-11-17
Makoto KOJO
Audit and Supervisory Board Member
Apr 1973 Assistant Professor, Institute of Social Science, University of Tokyo Apr 1979 Associate Professor, Faculty of Law, Hokkaido University Apr 1986 Professor, Faculty of Law, Hokkaido University Apr 1994 Professor, Faculty of Law, Sophia University (Apr 2005 to Mar 2007 and Apr 2011 to Mar 2013 also Dean, Faculty of Law) Apr 2015 Special Contract Professor, Sophia University Mar 2019 Retired from Sophia University Jun 2020 Audit and Supervisory Board Member, the Company (current)
1949-11-04
Eriko ISHII
Audit and Supervisory Board Member
Oct 2004 Registered as attorney-at-law (Daini Tokyo Bar Association) Oct 2004 Joined Mori Hamada & Matsumoto Dec 2007 Specialist, Corporate Disclosure Division, Financial Services Agency (seconded) Feb 2011 Registered as attorney in New York State Jul 2016 Partner, Shinko Sogo Law Office (current) Jun 2018 Outside Director, Sophia Holdings Co., Ltd. Dec 2018 Audit and Supervisory Committee Member, Smart Drive Co., Ltd. (current) May 2019 Supervisory Director, Canadian Solar Infrastructure Fund (current) Jun 2019 Outside Audit & Supervisory Board Member, Armed Co., Ltd. (current) Mar 2021 Outside Director, Tamron Co., Ltd. (current) Mar 2021 Audit and Supervisory Committee Member, Sun Asterisk Inc. (current) Oct 2021 Outside Audit & Supervisory Board Member, SYNQA Inc. (currently OPN Holdings Co., Ltd.) (current) Feb 2022 Supervisory Director, Advance Residence Investment Corporation (current) Oct 2022 Executive Director, Ichigo Hotel REIT Investment Corporation (current) Jun 2023 Audit and Supervisory Board Member, the Company (current)
1981-01-03
Large Shareholding Reports
Daiwa Securities Co. Ltd.
2026-10-21
5.43%
JFE Engineering Corporation
2026-10-06
5.90%→0.00%
Annual report (as of 2026-09-30): 5.60%
UH Partners 3 Co., Ltd.
2026-09-08
8.50%→8.48%
UH Partners 3
2026-06-22
8.50%→8.50%
UH Partners 3 Co., Ltd.
2026-03-24
8.50%→8.50%
UH Partners 3
2026-02-17
8.50%→8.50%
UH Partners 3 Co., Ltd.
2025-09-29
8.51%→8.50%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-11-11
Semi-Annual Securities Report
Period: Apr 2026 – Mar 2027
TDnet
2026-11-10
Q2 Earnings Flash
FY ending Mar 2027
EDINET
2026-10-21
Large Shareholding Report
EDINET
2026-10-06
Large Shareholding Report
EDINETAmended
2026-09-14
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2026-09-14
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-09-08
Large Shareholding Report
EDINETAmended
2026-09-04
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-08-10
Q1 Earnings Flash
FY ending Mar 2027
TDnet
2026-07-15
業績予想の修正
FY ending Mar 2027
TDnet
2026-07-08
業績予想の修正
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-22
Large Shareholding Report
TDnet
2026-05-12
業績予想の修正
FY ending Mar 2026
TDnet
2026-05-12
Full-Year Earnings Flash
FY ending Mar 2026
EDINET
2026-03-24
Large Shareholding Report
TDnet
2026-02-26
業績予想の修正
FY ending Mar 2026
EDINET
2026-02-17
Large Shareholding Report
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-29
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-12-20
Securities Registration Statement
EDINET
2024-11-12
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINETAmended
2024-05-20
Amended Securities Registration Statement
EDINET
2024-05-10
Securities Registration Statement
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