Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
TSUKISHIMA HOLDINGS CO., LTD.
Presentation material for FY2O25 Financial Results
Securities code: 6332
May 19, 2026
関係者外秘 －社外秘
Contents Section 1 Section 2 Section 3©Tsukishima Holdings Co., Ltd. All Rights Reserved. 2
Section 1
FY Financial Results
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 3
Consolidated results for FY2025
Net sales and all profit items hit record highs
Orders received decreased due to a transitional period between large-scale projects in the Water Environmental Business, although the Industrial Business performed strongly (however, order backlog hit a record high).
Net sales increased as projects progressed steadily in both businesses.
Operating profit increased, driven by improved profitability in the Industrial Business as well as higher revenue.
Profit attributable to owners of parent significantly increased due to gains from the sale of logistics facilities.
YoY Change
vs. Previous Forecast
【Unit： 100 million yen】 | FY2024 Actual | FY2025 Actual | Change | FY2025 Forecast | Change |
Orders received | 1,822 | 1,542 | △280 | 1,500 | +42 |
Order backlog | 3,183 | 3,235 | +52 | 3,243 | △8 |
Net sales | 1,392 | 1,490 | +98 | 1,440 | +50 |
Operating profit | 89 | 98 | +9 | 95 | +3 |
Operating profit margin | 6.4% | 6.6% | +0.2% | 6.6% | +0.0% |
Profit attributable to owners of parent | 67 | 169 | +102 | 150 | +19 |
EBITDA | 127 | 135 | +8 | 130 | +5 |
Ｒ O I C | 5.2% | 6.0% | +0.8% | Upper 5% range | - |
R O E | 7.4% | 17.7% | +10.3% | About 16% | - |
【Orders Received, Net Sales, Operating profit by Segment 】
YoY Change vs. Previous Forecast
【Unit： 100 million yen】 | FY2024 Actual | FY2025 Actual | Change | FY2025 Forecast | Change | |
Orders received | Water Environmental | 1,369 | 936 | △433 | 900 | +36 |
Industrial | 439 | 600 | +161 | 594 | +6 | |
Net sales | Water Environmental | 927 | 986 | +59 | 940 | +46 |
Industrial | 452 | 497 | +45 | 494 | +3 | |
Operating profit | Water Environmental （Operating profit margin） | 61 6.6% | 58 5.9% | △3 △0.7% | 60 6.4% | △2 △0.5% |
Industrial （Operating profit margin) | 21 4.7% | 41 8.2% | +20 +3.5% | 32 6.5% | +9 +1.7% | |
Note: As figures related to "Other Business" are excluded, totals do not match consolidated figures.
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 4
関係者外秘 －社外秘
FY2025 Financial Results（Water Environmental Business）
Orders received（As initially anticipated, the business experienced a transitional period between large-scale projects, while market conditions remained steady.）
Water infrastructure
Life cycle business
Water infrastructure
Although projects such as sewage sludge incinerators were secured, orders received decreased due to a transitional period between large-scale projects.
Life cycle business
Despite newly consolidated DBO projects for water purification plant development and sewage sludge-to-fuel facilities, orders received declined due to the transitional period between large-scale projects.
1,369
724
645
△433
△326
△107
９３６
398
538
Unit: 100 million yen
33%
Percentage of priority domains
Net salesWater infrastructure
Net sales increased due to the steady progress of multiple sewage sludge incinerator projects and other projects.
Life cycle business
Net sales increased as secured PPP projects, operation and maintenance services, and repair works progressed steadily.
Operating profitGross profit margin on net sales declined from 19.6% to 18.8% (down 0.8%) due to a decrease in insurance income and lower profitability in certain projects.
FY2024 FY2025
FY2024 FY2025
25%
(Decarbonization-related)
３8％
Target 20％
Percentage of priority domains (Decarbonization-related)
Gross profit margin (%)
Despite the positive impact of higher net sales, operating profit decreased due to increased SG&A expenses resulting from investments in human capital and higher R&D expenses, as well as a decline in gross profit margin on net sales.
61 △3 58
20%
15%
19.7%
18.6%
19.3% 19.6% 18.8%
FY2024 FY2025
FY2021 FY2022 FY2023 FY2024 FY2025
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 5
927
＋59
986
509
＋30
539
418
＋29
447
FY2025 Financial Results
（Industrial Business）
Orders receivedIndustrial infrastructure
Orders received decreased slightly despite securing orders for equipment such as filters, dryers, and mixers for chemical applications, as well as GX-related plant projects.
Environment
Orders received increased significantly, driven by securing large-scale projects including waste liquid incineration, solid waste incinerators, waste gas treatment, and waste acid
439
290
+161
△9
+169
600
281
318
Unit: 100 million yen
関係者外秘 －社外秘
Industrial infrastructure
Environment
41%
treatment.
Net sales149
FY2024 FY2025
Percentage of priority domains (decarbonization-related)
Industrial infrastructure
Net sales increased as projects for dryers for chemical applications, mixers for cosmetics applications, and plants for chemical and food applications progressed steadily.
Environment
Net sales increased as projects for solid waste incinerators and wastewater treatment projects for the semiconductor sector progressed steadily.
452
276
176
＋45
＋9
＋37
497
285
213
Target 20％
42%
Operating ProfitGross profit margin on net sales improved from 23.3% to 25.4% (up 2.1%), driven by
FY2024 FY2025
30%
Percentage of priority domains
Gross profit margin (%)
(decarbonization-related)
contributions from projects with improved profitability.
Operating profit increased due to the positive impact of higher net sales and an improvement
in gross profit margin on net sales. 21
41
+20
25%
20%
25.3%
23.7%
24.6%
23.3%
25.4%
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
FY2024 FY2025
FY2021 FY2022 FY2023 FY2024 FY2025
6
Consolidated results for FY2025（Operating profit ) Operating profit【Water Environmental】 Despite increased revenue, profit decreased due to increased SG&A resulting from increased human capital investment and R&D expenses, a decrease in insurance income, and lower profitability in certain projects.
【Industrial】 Profit increased due to higher revenue and contributions from certain projects with improved profitability.
【Other】 Profit declined due to the sale of logistics facilities (in 2Q, September 2025) and temporary factors such as size-based enterprise tax.
Unit： 100 million yen
120
+11
Water Environmental
Industrial Other
+10
100
8980
60
40
20
+11
△ 7
〔 Water Environmental 〕
・Decrease in insurance income
・Due to lower profitability in certain projects
〔 Industrial 〕
・Improved profitability in certain projects
98△ 1
△ 7
△ 8
〔Common〕
・Human capital investment
(base salary increase, mid-career hiring)
〔Water Environmental〕
・Increased R&D expenses
・DX investment (remote monitoring systems, etc.)
0
FY2024
Revenue effect
Profit margin effect
Selling, general and administrative expenses
Other
FY2025
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 7
関係者外秘 －社外秘
Consolidated Balance SheetTotal assets increased by ¥10.8 billion, primarily attributable to increases in inventories.
Liabilities increased by ¥5.4 billion due to increases in income taxes payable and accounts payable.
Net assets increased by ¥5.4 billion due to increases in valuation difference on available-for-sale securities and retained earnings.
192.2 billion yen
Cash and deposits
+10.8 billion yenCash and deposits
（30 billion yen）
203 billion yen
Current liabilities
Increase in Income taxes payable with
（30.6 billion yen）
Other current assets
（81.2 billion yen ）
Investment securities
（24.4 billion yen ）
Other
non-current assets
（56.2 billion yen ）
Current liabilities
（48.1 billion yen ）
Non-current liabilities
（32.1 billion yen ）
Non-controlling Interests （19.0 billion yen ）
Net assets
（93.1 billion yen ）
Net assets ratio 48.4%
Increase in contract assets
（11.3 billion yen ）
Other current assets
（101.5 billion yen ）
Investment securities
（27.1 billion yen ）
Other
non-current assets
（44.4 billion yen ）
（56 billion yen ）
Non-current liabilities
（29.6 billion yen ）
Non-controlling Interests （19.3 billion yen ）
Net assets
（98.2 billion yen ）
Net assets ratio 48.4%
real estate sales
(+6.3 billion yen)
Increase in notes payable and accounts payable
(+1.3 billion yen)
Increase in retained earnings
(+1.8 billion yen)
Increase in valuation difference on available-for-sale securities
(+2.6 billion yen)
FY2024 FY2025
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 8
関係者外秘 －社外秘
Consolidated Cash FlowsCash flows from operating activities increased by 5.2 billion yen due to an increase in profit before income taxes.
Cash flows from investing activities increased by 27.2 billion yen due to proceeds from the sale of logistics facilities and investment securities.
Cash flows from financing activities decreased by 21.6 billion yen due to expenditures for the acquisition of treasury shares and dividend payments.
Unit： 100 million yen
600
500
400
+26.1 billion yen Profit before income taxes
+3.3 billion yen Depreciation
△11.8 billion yen Gains/losses on sale and disposal of property, plant and equipment
△10.4 billion yen Increase/decrease in trade receivables and contract assets
△2.0 billion yen Others (including gains/losses on sale of investment securities)
Cash flows from investing activities
△12.8 billion yen Purchase of treasury shares
△3.9 billion yen Repayment of long-term borrowings
△4.9 billion yen Other items, such as dividend payments
Cash flows from financing activities
Others
300
Cash flows from operating activities
＋5.2 billion yen
＋27.2 billion yen
△21.6 billion yen
△0.1 billion yen
Cash and cash equivalents
200
100
Cash and cash equivalents
27.5 billion yen
+22.2 billion yen Proceeds from the sale of property, plant and equipment
+5.0 billion yen Proceeds from the sale and redemption of securities and investment securities and other factors
38.2 billion yen
0
FY2024
+10.7 billion yen
FY2025
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 9
Section2
Forecast for FY 2026
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 10
Forecast for FY2026Orders received, net sales, and operating profit are expected to hit record highs
Orders received are expected to increase, supported by large-scale projects in the Water Environmental Business and continued strong performance in the Industrial Business.
Net sales are expected to increase as projects in the order backlog progress in both businesses.
Operating profit is expected to increase, mainly due to higher profit in the Water Environmental Business.
Profit attributable to owners of parent is expected to decrease due to the absence of gains from the sale of logistics facilities in the previous fiscal year.
Impact of military conflict in the Middle East
Although we do not expect a significant impact on overall business performance, we are closely monitoring the situation, as the potential impacts listed below are anticipated.
[ Orders received ]
Potential impact on customers' capital investment decisions in the Industrial Business. [ Net sales, Operating profit ]
Increased costs due to rising prices and delivery delays due to procurement difficulties of petroleum-derived products
Challenges in securing utilities (chemicals, etc.) for operation and maintenance business in the Water Environmental Business, as well as rising costs.
⇒Although we plan to recover costs through negotiations with customers,
the magnitude and outlook of the impact remain difficult to estimate at this point.
【Unit： 100 | million yen】 | FY2025 Actual | FY2026 Forecast | Change |
Orders received | Water Environmental | 936 | 1,300 | +364 |
Industrial | 600 | 600 | ±0 | |
Net sales | Water Environmental | 986 | 1,000 | +14 |
Industrial | 497 | 520 | +23 | |
Water Environmental | 58 | 70 | +12 | |
Operating | （Operating profit margin） | 5.9% | 7.0% | +1.1% |
profit | Industrial （Operating profit margin) | 41 8.2% | 43 8.3% | +2 +0.1% |
【Orders Received, Net Sales, Operating profit by Segment 】
【Unit： 100 million yen】 | FY2025 Actual | FY2026 Forecast | Change | 【At the time of formulating the Medium-term Management Plan】 FY2026 Targets | |
Orders received | 1,542 | 1,900 | +358 | - | |
Order backlog | 3,235 | 3,615 | +380 | - | |
Net sales | 1,490 | 1,520 | +30 | 1,600 | |
Operating profit | 98 | 110 | +12 | 120 | |
Operating profit margin | 6.6% | 7.2% | +0.6% | 7.5％ | |
Profit attributable to owners of parent | 169 | 85 | △84 | 70 | |
EBITDA | 135 | 146 | +11 | 152 | |
R O I C | 6.0% | around 7% | - | 7% or higher | |
R O E | 17.7% | mid 8% range | - | 8% or higher |
Factors Behind the Difference Between the Medium-term Management Plan Targets and the Current Forecast
Elimination of real estate rental income following the sale of logistics facilities in FY2025
Investments in human capital exceeded the level assumed at the time of the Medium-term Management Plan formulation.
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
Note: As figures related to "Other Business" are excluded, totals do not match consolidated figures.
11
Forecast for FY2026（Water Environmental Business）
Orders receivedWater infrastructure
Orders received are expected to increase significantly, supported by large-scale projects including sewage sludge incinerators and sludge treatment facilities for water purification plants.
Life cycle business
Orders received are expected to increase due to the anticipated acquisition of multiple large-scale comprehensive projects.
関係者外秘 －社外秘
Water infrastructure
Life cycle business
+364
1,300 m
936
+287
685
398
538 +77
615
FY2025
FY2026
９86 ＋１4
1,000
Unit: 100 illion yen
Net salesWater infrastructure
Net sales are expected to remain at the same level as the previous fiscal year as multiple sewage sludge incinerator projects and projects for sludge treatment facilities for water purification plants progress steadily.
Life cycle business
Net sales are expected to increase due to the progress of secured projects such as PFI and DBO projects, as well as the anticipated acquisition of repair works.
539
447
+1
＋13
540
460
Operating profitGross profit margin on net sales improved from 18.8% to 20.4% (up 1.6%), mainly due to the resolution of the impact from lower profitability in certain projects in the previous fiscal year.
FY2025 FY2026
Gross profit margin (%)
25%
70
19.3% 19.6%
18.8%
20.4%
Operating profit is expected to increase due to improved profitability, despite the continued impact of investments in human capital and increased R&D expenses.
58 +12
20%
15%
18.6%
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
FY2025 FY2026
FY2022 FY2023 FY2024 FY2025 FY2026
(Plan)
12
Forecast for FY2026 : Order trend and order backlog for Water Environmental Business Order Trends
Orders received decreased in FY2025 due to a transitional period between large-scale projects.
In FY2026, a significant increase is expected, including multiple large-scale projects.
Order backlog remains at a high level, ensuring that sufficient resources for sales have been secured.
Breakdown of Order backlogOrder backlog at beginning of fiscal year remains at a high level of 271.5 billion yen
The ratio of water infrastructure (EPC) to life cycle business (O&M) is approx. 30:70
In Water infrastructure, construction periods tend to become longer due to delays in separately contracted civil engineering works, growing scale of projects and restrictions on overtime work.
In Life cycle business, the proportion of long-term projects is on the rise as orders for PPP projects such as PFI and DBO remain strong, with the increasing volume of these projects.
Unit： 100 million yen
3,000
2,500
Order backlog at the beginning of the fiscal year
2,765 2,715
2,323
～FY2026
2,000
Water Infrastructure
Life cycle Business
～FY2029
Water
Life cycle
1,500
1,369
1,300
Infrastructure
FY2026
Business
1,000
500
0
724
645
936
398
538
685
615
FY2030～
Order backlog at beginning of fiscal year
271.5 billion yen
FY2030～
【Large projects】
FY2024 FY2025 FY2026
[Forecast]
～FY2026
EPC(incineration etc)
Comprehensive O&M、PPP
4 items 1 item
6 items 2 items
An increase is expected year on year.
～FY2029
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 13
Forecast for FY2026
（Industrial Business）
Orders received関係者外秘 －社外秘
Industrial infrastructure
Environment
Industrial infrastructure
Orders received are expected to increase due to anticipated projects for equipment such as filters and mixers, as well as plant projects for chemical applications.
Environment
Although orders are expected to continue for solid waste incinerators and construction and repair works of incinerators, orders received are expected to decrease year on year due to a rebound effect from the previous fiscal year.
600
281
318
±0
+49
△48
600
330
270
Unit: 100 million yen
Net salesFY2025 FY2026
Industrial infrastructure
Net sales are expected to increase due to the progress of domestic and overseas projects for equipment such as dryers and filters for chemical applications, as well as EPC projects for chemical applications.
Environment
Net sales are expected to increase due to the progress of projects for solid waste incinerators, waste liquid incineration, and waste gas treatment facilities.
497
285
213
＋23
＋5
+17
520
290
230
Operating ProfitFY2025 FY2026
Gross profit margin on net sales declined from 25.4% to 24.9% (down 0.5%) due to differences in project mix.
30%
Gross profit margin (%)
25.4%
Operating profit increased due to the positive impact of higher net sales, despite increased investments in human capital and the absence of reversal of allowance for doubtful accounts recorded in the previous fiscal year.
41 +2 43
25%
20%
23.7%
24.6%
23.3%
24.9%
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
FY2025 FY2026
FY2022 FY2023 FY2024 FY2025 FY2026
(Plan)
14
Forecast for FY2026 （Operating Profit） Operating ProfitIn Water Environmental Business, operating profit is expected to increase due to improved profitability, despite continuing investments in human capital (including base salary increases) and increased R&D expenses.
In Industrial Business, operating profit is expected to increase due to higher net sales, despite the impact of increased investments in human capital and the absence of reversal of allowance for doubtful accounts compared with the previous fiscal year.
Unit： 100 million yen
140
120
+15
+6 △ 3
+3
Water Environmental
△ 6 △ 2
Industrial Other110
△ 1
100 98
〔 Common 〕
・Human capital investment
（Base salary increase, mid-career hiring）
〔 Water Environmental 〕
・Increased R&D expenses
〔 Industrial 〕
・The absence of reversal of allowance for doubtful accounts compared with the previous fiscal year
〔 Water Environmental 〕
・The resolution of the impact from lower profitability in certain projects in the previous fiscal year
〔 Industrial 〕
・The impact of changes in project mix
80
60
40
20
0
FY2025
Selling, general and administrative expenses
Profit margin effect
Revenue effect
Other
FY2026
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 15
Section3
Progress of Medium-Term Management Plan and Actions for Enhancing Corporate Value
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 16
Medium-Term Management Plan Progress of Basic Policy
1 |
|
|
Promoting sustainability management |
Main basic policies Progress
2
Enhancing business domains and strengthening
the Group's earning capabilities
3
Improving capital efficiency and enhancing returns to shareholders
Generating synergies with JFE Engineering Corporation
Enhancing competitive strengths in fine particle manufacture technologies in the battery business and other fields
Shift toward environmental businesses that contribute to the reduction of greenhouse gas emissions and priority areas with strong growth potential
Promotion of management focused on enhancing corporate value with due consideration for capital efficiency and cost of capital
Sale of non-business assets, investments, and shareholder returns based on capital allocation
Active shareholder returns and control of shareholders' equity through flexible share repurchases
【Water Environmental Business】
DX promotion: Launched OPTINOA, a next-generation integrated digital solution
M&A: Absorbed Higashi-Nihon Engineering (a company engaged in operation and management of water and sewage treatment facilities)
【Industrial Business】
Strengthened fine particle technology for advanced materials beyond battery-related applications
Expanded orders for semiconductor wastewater treatment projects
Divested logistics facilities and cross-shareholdings (achieved mid-term plan 3rd year target)
Introduced a Dividend on Equity (DOE) policy
Share buybacks of JPY 12.8 billion (approx. 4.3 million shares) and cancellation of 4.0 million shares
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 17
Analysis of current situation[Yen]
3,500
Since April 2025, the share price has outperformed the TOPIX. ⚫ PBR is on an improving trend, and further enhancement is targeted.
PBR
Share price trend
・PBR＝ Market capitalization ÷ shareholders' equity
株価
相対化TOPIX
Relative TOPIX
stock price
[Times]
3,000
2,500
1.40
1.20
1.00
1.08
0.72 0.79
Reference）
PBR 1.３1 as of May 8, 2026
2,000
1,500
1,000
500
21/4 22/4 23/4 24/4 25/4 26/4
0.80
0.60
0.40
0.20
22.3期
23.3期
24.3期
25.3期
26.3期
FY2021 FY2022 FY2023 FY2024 FY2025
0.00
0.60 0.59
Improving ROE is essential to increase PBR
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 18
PBR↑
Steadily implement the Medium-Term
Management Plan and aim for continuous improvement of corporate value
＝
ROE↑
Improve profitability and capital efficiency
× PER↑
Achieve sustainable growth over the medium to long term
Analysis of ROE
20%
ROE for FY2025 increased due to extraordinary income.
ROE
17.7%
15%
10%
（ ）
5%
22.3期
FY2021 FY2022 FY2023 FY2024 FY2025
0%
8.8%
4.3%
26.3期
2.2%
4.8%
11.4%
FY2021: Affected by extraordinary income (sale of factory land)
FY2023: Affected by extraordinary losses (impairment of subsidiary's non-current assets) FY2025: Impact of extraordinary gains (sale of logistics facilities and cross-shareholdings)
15%
10%
5%
22.3期
23.3期
FY2021 FY2022 FY2023 FY2024 FY2025
0%
10.9%
5.2%
3.2%
7.4%
23.3
期 24.3
期 25.3期
2.0
t u
r T
n o
o t
v a
e l
r
a
t s
i s
m e
e t
s
1.5
1.0
(
0.5
)
0.0
4.0
3.0
FY2021 FY2022 FY2023 FY2024 FY2025
0.63 0.65 0.70 0.72
0.75
22.3期
23.3期
24.3期
25.3期 2
6.3期
Improving total asset turnover is key to improving ROE
24.3期
25.3期
26.3期
The shaded area indicates the range of maximum and minimum
values of competitors
(The figures for competitors in FY2025 are estimates)
2.0
(
1.0
22.3期
23.3期
FY2021 FY2022 FY2023 FY2024 FY2025
)
0.0
1.9 1.8
2.4 2.1 2.1
24.3期
25.3期
26.3期
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 19
N
M e
a t
r
g P
i
r
n o
％ f i
t
L
e v
e F
r i
a n
g a
e n c
t i
m l
e s
i a
Action for Improvement of Corporate Value
From the third year of the mid-term management plan, measures were consolidated into two pillars
••• Initiatives for low total asset turnover ratio (Net sales ÷ Total assets)
Further promotion of strategic investments Measures to drive 『sales growth』 | Strengthening BS management Measures that contribute to optimizing 『total assets』 |
⇒ Water Environmental Business: Contributing to a decarbonized, recycling-based society, building national resilience, and responding to PPP projects, among others ⇒ Industrial Business: Contributing to decarbonization, resource recycling, healthcare, and semiconductors |
⇒ Introducing Dividend on Equity (DOE) ⇒ Acquired approximately 4.3 million shares of treasury stock worth 12.8 billion yen and canceled about 4.0 million shares (Total acquisition: 13.9 billion yen over 3 years, equivalent to 12.8% of total shares outstanding as of the end of FY2025) |
Promote investments aimed at increasing revenue and strengthening profitability Reduction of total assets and control of shareholders' equity
Through these measures, we will achieve an improvement in the total asset turnover ratio.
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 20
Capital Allocation（Cumulative over 4 years）
Review of financial discipline | Equity-to-asset ratio | Approx. 40～50% 0.8 or lower Securing twice monthly turnover (unchanged) |
D/E ratio | ||
Cash on hand |
Disposal of non-operating assets・・・The real estate (logistics facility) has been sold,
and the sale of cross-shareholdings is being promoted.
The generated cash will be utilized for shareholder returns, strategic investments, M&A, human capital investment, etc.
Cash inflows
Cash flow from operations
Cash outflows
[Cancellation of Treasury Shares] In FY25, 4 million shares of treasury stock were cancelled.
Actual result （3 years）: 5.7 billion yen
Capital investment
Actual acquisition of treasury shares (3 years) :
13.9 billion yen
⇒FY25: Acquired 12.8 billion yen of treasury shares (approx. 4.3 million shares)
Total dividends paid （3 years* ) : 8.6 billion yen
* Including FY25 year-end dividends
Shareholder returns
Actual sale proceeds （3 years）:
9.3 billion yen
Sale of
cross-shareholdings
The sale of the logistics facility Transfer Price 21.7 billion yen Gain on sale 12.0 billion yen
12 billion yen or more
Sale of
real estate assets Sold logistics facilities
Debt funding etc.
Strategic investment 15 - 22 billion yen
Acquisition of Higashinihon Engineering
R&D investment , human capital investment , DX/IT investments
Actual result （3 years）: 14.3 billion yen
Investment in growth strategy (M&A)
※If external funding is required, respond flexibly, including through debt financing.
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 21
Shareholder Return policy
（Enhancing Returns to Shareholders）
Shareholder return policy: "The level of stable dividends will be set with a minimum DOE of 3.5%, and a total return ratio will be 50% or more."
Dividend for FY2025: 83 yen per share plus a commemorative dividend of 2 yen, totaling 85 yen per share.
Dividend for FY2026: The Company aims to maintain stable dividends and continue increasing dividends, with a planned dividend of 88 yen per share.
150%
Dividend per share (yen) Commemorative dividends (yen)Total return ratio
(※)
(※) (Average number of shares outstanding during the period × dividend per share + amount of treasury share acquisition) ÷ profit attributable to owners of parent
100%
50%
33.3%
108.9%
16.1% 41.6%
97.2%
55.0%
96.3%
85
2
78
88
0%
-50%
-100%
83
40
24
24
30
5
35
42
Dividend on Equity （DOE）
FY2026FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
1.6% | 1.5% | 1.8% | 2.2% | 2.1% | 3.7% | 3.5% |
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 22
Appendix
(Business Overview, Market Environment, etc.)
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 23
Composition of Business
We provide equipment and plants for producing materials that support a rich and comfortable lifestyle, along with maintenance and related services.
Industrial Business
We provide water infrastructure such as water supply and sewerage systems to ensure a comfortable water environment, along with operation and management services.
Water Environmental Business
Other Business (Including Real Estate)
0.6 billion yen (1%)
Industrial infrastructure Equipment (such as dryers, filters, and mixers) and plants for industries including chemicals, energy, food and cosmetics.supply for equipment and plant systems to water purification and wastewater treatment facilities.
98.6billion yen
FY2025
49.7billion yen
Also manufacturing machinery for producing materials used in lithium-ion batteries for electric vehicles.
Filter press (water purification)
Dehydration and drying systems (sewage)
66％Consolidated net sales
149.0 billion yen
33％Steam tube dryer
Overseas plants
Life cycle business Operation management and maintenance of water purification and wastewater treatment facilities.Commissioned by municipalities to handle operation management and maintenance of water purification and wastewater treatment plants (approximately 160 locations across Japan)
Contributing to performance as a source of stable net sales.
maintenance of facilities
Environment Waste incineration facilities and waste gas and wastewater treatment systems.Holding a strong market share in incineration systems for liquid and solid industrial waste.
Also capable of handling wastewater treatment for semiconductor factories.
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
Solid waste
treatment facility
Wastewater Treatment
(Ammonia Recovery System)
24
Our group history
Contributing to the modernization of industrial machinery and addressing environmental pollution issues. In recent years, expanding business through M&A and other initiatives.
Rapid economic growth, pollution
Rise of modern industry
Industrial development
problems Advancing public
Advancing public-private partnerships
Foundation
Domestic production of industrial
Business expansion
Expanding into the chemical and iron & steel fields
Expanding into the environmental field
Expanding into the field of water supply and sewer systems
Business development in the environmental and energy fields
Expanding
into new domains
1900s～ 1930s～ 1960s～ 2000s～
Contributing to the domestic production of industrial machinery, when most of which were imported
Contributing to the modernization of industrial machinery
Supporting the improvement of the environmental infrastructure in response
Industrial
Waste Incinerator
Biogas power
generation
Environmental field
（Waste Treatment）
Environmental field
（Renewable Energy Supply）
We deployed our filtration, drying, and
incineration technologies accumulated in industrial fields in sludge treatment of water purification and sewage treatment plants.
Water Environmental Business (water supply and sewer systems)
Applying separation and drying
technologies developed in the sugar industry to fields such as chemicals (fibers, fertilizers), steel, and paper manufacturing.
Industrial Business (chemicals, iron & steel, etc.)
1905 Founded as Tokyo
Tsukishima Kikai Seisakusho
to pollution problems
Providing comfortable water environments and clean energy, along with high-quality and efficient industrial machinery
Current Business Development
(Expansion into Cosmetics and Pharmaceuticals)
Machiner manufacturing business (our original business)
Energy field
Life-science field
Centrifuge for sugar refining
(used to separate sugar crystals) We have delivered more than 1,000 sets worldwide.
Large-scale industrial dryer
(Steam tube dryer)
Sludge Dewatering Machines
Widely Used in Water Supply and Sewerage Facilities Nationwide.
Ultrafine particle
crystallization equipment
（Manufacturing of Lithium-Ion Battery Materials）
Emulsification
Equipment for Cosmetics
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 25
Features of our financial results
Sales recognition is concentrated in the 4th quarter
Project lead time from order receipt to delivery depends on the order amount, project size, and level of difficulty.
Example) For equipment, small to medium scale projects : approx. 1 to 2 years For large-scale projects (several billion yen level): approx. 3 to 5 years
In recent years, the lead time for large-scale projects in the water environmental business has tended to increase to a multi-year basis due to the following factors.
EPC : Larger-scale projects, along with extended construction periods due to overtime regulations, as well as delays in separately contracted civil engineering work, have contributed to longer project schedules.
O&M: An increase in long-term operations and maintenance contracts, such as PFI and DBO projects, with contract periods of up to 20 years.
Unit： 100 million yen
600
4Q
36%
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
1Q
17%
3Q
26%
2Q
21%
400
200
0
1Q 2Q 3Q 4Q
FY2025 | Quarterly Sales （100 million yen） | Cumulative Sales （100 million yen） |
1Q | 248 | 248 |
2Q | 318 | 566 |
3Q | 381 | 947 |
4Q | 543 | 1,490 |
26
Medium-Term Management Plan Performance
Operating profit,
Profit attributable to owners of parent
(Unit: 100 million yen)
Water
Order backlog （FY2025）
323.5 billion yen
Net sales, Order backlog
Environmental Business
Industrial
Net profit increased significantly due to the sale of logistics facilities and other assets.
Business
Other
Business
(Unit: 100 million yen)
Order backlog
Due to the impact of decreased orders in the industrial business during the COVID-19 pandemic, net sales declined
Business volume expanded as a result of the integration with JFE Engineering.
Operating profit Net sales
純利 益
Profit attributable to owners of parent
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 27
関係者外秘 －社外秘
Financial Targets【Unit: 100 million yen】 | FY2023 results | FY2024 results | FY2025 results | FY2026 targets | FY2023 - FY2026 |
Net sales | 1,242 | 1,392 | 1,490 | 1,520 | CAGR： 7.0% |
EBITDA | 104 | 127 | 135 | 146 | CAGR： 12.0% |
Operating profit | 68 | 89 | 98 | 110 | CAGR： 17.6% |
Operating profit margin | 5.4% | 6.4% | 6.6％ | 7.2% | +1.8pt |
Profit attributable to owners of parent | 27 | 67 | 169 | 85 | CAGR： 47.0% |
ROIC | 4.2% | 5.2% | 6.0% | around 7% | +2.8pt～ |
ROE | 3.2% | 7.4% | 17.7% | mid 8% range | +5.3pt～ |
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 28
関係者外秘 －社外秘
Segment Financial Targets【Unit: 100 million yen】 | FY2023 results | FY2024 results | FY2025 results | FY2026 targets | FY2023 - FY2026 | |
Water Environmental Business | Net sales | 810 | 927 | 986 | 1,000 | CAGR： 7.3% |
Operating profit | 51 | 61 | 58 | 70 | CAGR： 11.3% | |
Operating profit margin | 6.3％ | 6.6% | 5.9％ | 7.0％ | +0.7pt | |
Net sales | 419 | 452 | 497 | 520 | CAGR： 7.5% | |
Industrial | Operating | 14 | 21 | 41 | 43 | CAGR： 46.2% |
Business | profit | |||||
Operating | 3.3％ | 4.7% | 8.2％ | 8.3％ | +5.0pt | |
profit margin | ||||||
Net sales | 13 | 13 | 6 | 0 | - | |
Other | ||||||
Business | Operating | 3 | 7 | △1 | △3 | - |
profit | ||||||
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 29
Forecast of Orders Received and Net Sales
Water Environmental Business
Orders received
With the transitional period between large-scale projects in the previous fiscal year now resolved, a significant increase is expected, particularly in EPC projects for sewage sludge treatment facilities.
Net sales are expected to increase as numerous secured projects, including multiple sewage sludge incineration EPC and O&M contracts, progress.
Water infrastructure Life cycle business591
1,240 1,369
520 724
936
398
Unit: 100 million yen
Net sales
1,300
685
596
325
810
462
927
509
Unit: 100 million yen
311
280
720 645 538 615
271
348 418
986 | 1,000 | |
539 | 540 | |
447 | 460 |
FY2022 FY2023 FY2024 FY2025 FY2026（Plan）
FY2022 FY2023 FY2024 FY2025 FY2026（Plan)
Industrial Business
Orders received
Orders are expected in the chemical, life science, and environmental sectors.
Close attention is being paid to changes in investment decisions due to the situation in the Middle East.
Net sales are expected to increase as projects progress, including equipment such as dryers and filters, chemical plants, and waste liquid and waste incineration facilities.
Net sales
Unit: 100 million yen Unit: 100 million yen
Industrial infrastructure
600 600
520
Environment
465
400 439
281 270
377
419 452 497
276 285 290
320 209 290
318 330
145 191 149
FY2022 FY2023 FY2024 FY2025 FY2026(Plan)
©Tsukishima Holdings Co., Ltd. All Rights Reserved.
193 254
184 165 176 213 230
FY2022 FY2023 FY2024 FY2025 FY2026(Plan)
30
Group Business Overview: Water Environmental Business
Water infrastructures
Design and Sales of Equipment, Design and Construction of Plants
A leading track record in the treatment of sludge from water purification plants and sewage treatment plants, building Tsukishima's reputation as a trusted brand for sludge treatment (dehydration, drying, incineration)
Also engaging in water and sewer plant and machinery
Equipment Plants
businesses overseas
Our supplied equipment contributes to approx. one-third of Japan's sewage treatment capacity.
Sludge dehydrator (water purification)
Sludge dehydrator (sewage)
Pressurized fluidized bed incineration system
Sewage sludge to fuel conversion system
PFI/DBO businesses: Bundling construction with long-term facility maintenance and management (sewage sludge to fuel conversion business, water purification, and sewage treatment business, etc.)
※According to our research, participated in 39 of 143 projects in the water and sewage sector
Comprehensive main contracting (bulk contracting of operations management, repairs, purchase of power and chemicals, etc. for 3-5 years)
Sewage digestion gas power generation business using the feed-in tariff (FIT) system (20 years)
Digestion gas power generation business
Long-term contract-type business model (up to 20 years) leveraging PPP (Public-Private Partnership)
Single-year, multiyear operation and maintenance (160
plants and facilities)
Facility repairs, supply of parts and chemicals
Operation management of water and sewage treatment facilities
(operation, maintenance)
Life cycle businesses Affiliates: Tsukishima & J Technology Maintenance Service Co., Ltd., SPCs
Facility maintenance
Operations room at sewage
treatment plant
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 31
Major Equipment/Competitors in Water Environmental Business
Water infrastructures Competitors exist by equipment and process categories
【Competitor】
Competitor
Dehydrator Top-class domestic market share for dehydrators for the water and sewer fields Machine manufacturer
Water purification（Filter press）：ISHIGAKI COMPANY, LTD.
Sewage（Centrifuge）：TOMOE Engineering Co., Ltd. , NISHIHARA Environment Co., Ltd. , Sanki Engineering Co., Ltd. etc.
Thermal technology Top-class domestic market share for sewage sludge dryer, incinerator, sewage sludge to fuel conversion system
【Competitor】
Competitor
Dryer and incinerator with abundant experience are also deployed overseas Incinerator : METAWATER Co.,Ltd. , Kobelco Eco-Solutions Co.,Ltd. , etc.
Sewage sludge to fuel conversion : NIPPON STEEL ENGINEERING CO., LTD.(dryer) , etc.
Digestion technology Gas holder : Approx. 80% share in sewage treatment plants
Digestion gas power generation : More than 50 sewage treatment plants have been delivered.
【Competitor】
Competitor
(Top share in Digestion gas power generation in private sector facility building and operation projects) Swing Corporation, Kobelco Eco-Solutions Co.,Ltd. etc. , Ohara Corporation(digestion gas power generation) , etc.
Filter press (water purification)
Sewage sludge to fuel conversion system
Centrifuge (sewage)
Digestion gas holder
Pressurized fluidized bed incineration system (Thermal technology)
Digestion gas power generation
Life cycle businesses
Operation and maintenance （Operation management of water purification and sewage treatment facilities）
【Competitor】
Competitor
High market share in contracted operation and management of water purification plants and sewage treatment plants Water agency, Swing Corporation , etc.
PFI and DBO projects for water purification plants and sewage treatment plants
【Competitor
Participated in 39 of 143 projects in the water and sewage field
Competitor
】 METAWATER Co.,Ltd., Swing Corporation, Kobelco Eco-Solutions Co.,Ltd. , etc.
Operation management
PFI business (Aichi Pref.)
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 32
Growth Strategy for Water Environmental Business
Greenhouse Gas Reduction:
Integration of Sewage Sludge Incineration Technologies from Two Companies
Response to Public-Private Partnership (PPP) Initiatives
During the incineration of sewage sludge, nitrous oxide (N₂O) is emitted, which has approx. 300 times the climate change potential of carbon dioxide (CO₂).
⇒Reducing N₂O is the key
A sewage sludge incinerator combining the strengths of both companies' technologies has been developed, and marketing activities have commenced.
Tsukishima's Technology
Capable of reducing greenhouse gas emissions by 100%.
JFEE's Technology
【Power-Generating Sludge
【Response to Public-Private Partnership Projects】
Our company holds a leading share in Japan's Operation and Maintenance services for water purification, sewage, and night soil treatment plants.
Operating at approx. 160 locations nationwide
With 28 projects order received, we lead the domestic market in biogas power generation from sewage treatment plants.
We have participated in 39 PPP projects, gaining extensive experience gaining extensive experience in schemes that integrate infrastructure development with long-term management.
【Pressurized fluidized bed incineration systems】
Power reduction (energy saving)
Incineration Technology (OdySSEA)】
Distinctive air supply, high-efficiency power generation
Energy-Creating sludge incineration systems Overview of OdySSEA-Turbo
Greenhouse Gas Reduction Effect
With the expansion of large-scale PPP initiatives, we have formed a fully integrated team with JFE Engineering to ensure effective project delivery.
Freeboard
Sand layer
combustio n exhaust gas
Air supply
secondary air
Autom atic control
Super charger
Steam
Steam turbine power generation
Greenhouse gas emissions（％）
３０～３５
100% reduction
0
【Digital Transformation of operation management】
Promoting operational efficiency through the rapid deployment of automation tools and advanced remote monitoring systems.
Promoting the implementation of labor-saving tools
Testing autonomous patrol inspections with a quadruped robot.
Utilizing drones for internal inspection of incinerators and inaccessible high-altitude areas.
Remote assistance through smart glasses technology.
Solution for water infrastructure operation・・・
The launch of OPTINOA, a next-generation integrated digital solution
Deployment of a remote monitoring hub with upgraded camera
Power
Conventional type (bubbling fluidized
pressurized fluidized bed incineration systems
１００
Power-Generating Sludge Incineration OdySSEA-Turbo TM
infrastructure.
Pressurize
d fluidized air
reduction
bed furnace)
【Current model】
【New model】
AI-driven unified control of sludge dewatering and incineration
systems
※Assumption Conditions: Dewatered Sludge Amount (Mixed Raw Sludge): 150 tons/day, Moisture Content: 74％
Quadruped Inspection Robot
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 33
Water Environmental Business Initiatives Synergies from Merger with JFE Engineering Corporation
Synergies from Merger
(domestic market shares based on Tsukishima Holdings research)
JFE Engineering：
Specialize in "water purification"
Tsukishima：
Specialize in "sludge treatment" generated during the water purification process
The technologies of both companies complement each other, enabling seamless end-to-end support for water treatment plant renovation projects.
Both Tsukishima and JFE Engineering specialize in sludge treatment which is generated during the purification of wastewater.
With an enhanced product lineup and strengthened proposal capabilities, market share is expanding.
No.1 domestic market share in sludge incinerators.（About 30%）
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 34
Major Equipment and Businesses (Water Environmental Business: Water Infrastructure/Life Cycle Business)
Issues in operation monitoring and inspection of water purification and sewer facilities
Need to improve operational efficiency, save labor requirements, and ensure the transfer of operational management know-how, given the challenges posed by declining birth rates, an aging workforce, and the retirement of experienced operators
Site inspections using smart
glasses (more efficient work on site)
Use of various tools
Applications
Optimizing the operation of sludge dehydrators
Using image analysis to optimize chemical injection rates
Stable incinerator operation
Minimizing GHGs and maximizing waste heat power generation
Use of AI
Efforts to solve issues through DX promotion
Achieving remote support, effective utilization of operational data, and centralized management of facility data."
Next-Generation Integrated Digital Solution 『OPTINOA』
Image analysis using drones
Optimized
operation using AI
Incinerator
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 35
Group Business Overview: Industrial Business
Industrial infrastructure
Undertaken by Tsukishima Kikai Co., Ltd., PRIMIX Corporation, BOKELA GmbH, TSK Engineering (Thailand) Co., Ltd., etc.
Plants and Equipment for the Chemical, Energy, Foodstuff, and Steel Industries
Plants
Proven track record in the chemical and foodstuff sectors both domestically and internationally (with overseas projects primarily in Asia)
In the environmental and energy fields, we are expanding into areas such as exhaust gas treatment systems and lithium-ion secondary battery applications
Equipment
Offering a diverse range of equipment including dryers, filters,
Large-scale overseas plant
Steam tube dryer
High-speed mixers (mixers for cosmetics,
mixers and centrifugal separators, in Japan and worldwide
(Malaysia)
(large-scale industrial dryer)
pharmaceutical, battery and foodstuff)
Environment
Undertaken by Tsukishima Kankyo Engineering Ltd., SANSHIN KOGYO Co., Ltd., and SUN ECO THERMAL Co., Ltd.,
Waste liquid and solid waste incineration facilities
Plants, equipment, and construction in the environmental sector
General and industrial waste treatment business
Solid waste incineration
Experience with some of the largest-scale facilities in Japan
Waste liquid combustion
Acid and valuable material recovery
Expanded both domestically and internationally, with a leading share in Japan
Possesses technology for recovering acids from waste gas and waste liquid, and for recovering valuable materials such as metals from waste circuit boards.
Solid waste treatment facility
Waste liquid combustion system
Ammonia processing and reuse
Provides equipment for the separation, recovery, and decomposition of ammonia contained in semiconductor and battery materials, as well as in factory wastewater.
Established technology to reduce nitrogen oxide emissions generated when using ammonia as fuel.
Waste treatment and power
generation using waste heat
Solar power
Ammonia treatment system
Waste treatment facility
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 36
Major Equipment/Competitors in Industrial BusinessIndustrial infrastructures Competition exists by equipment and process
Dryer Industrial Large-Scale Dryer Steam Tube Dryer (STD)
Used in a wide range of fields such as resins, chemicals, batteries, etc.
A strong global market share in terephthalic acid plants, which produce raw materials for polyester
【Competitor
Competitor 】 Japanese company : MITSUI E&S Co., Ltd. , Foreign company : Chinese manufacturers
Separator for Sugar Production Plants Our flagship product (Centrifugal separation) widely used both domestically and internationally
【Competitor】
Competitor
With over 1,000 units delivered domestically and internationally, we achieve energy savings through the adoption of high-efficiency motors BMA(Germany), Fives-Cail(French)
Steam tube dryer
Centrifugal separation
Agitator（PRIMIX）
As a pioneer of high-speed agitators, providing agitators for emulsification, dispersion and kneading
that are indispensable in manufacturing processes for foodstuff, pharmaceuticals, cosmetics, batteries, etc.
【Competitor
Competitor 】 High-speed agitator specialized manufacturers (MIZUHO INDUSTRIAL CO., LTD. , etc.)
High-speed agitators
Environment
Waste fluid incineration Efficient combustion treatment of liquid waste from industrial plants
The top market share domestically and rank among the leading shares globally
【Competitor
Competitor 】 Volcano Co., Ltd, John Zink(USA), Callidus Technologies(USA), Zeeco(USA) etc.
Solid waste treatment facility Melting kiln system capable of handling a wide variety of wastes
【Competitor】
Competitor
Possible to recover valuable materials from shredder dust (material recycling) Sumitomo Heavy Industries, Ltd. , TAKUMA CO., LTD. , EBARA Environmental Plant Co., Ltd. , etc.
Waste liquid combustion system
Melting kiln system
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 37
Growth Strategy for Industrial Business
Strengthening fine particle production technologies in the mobility sector
to contribute to decarbonization (Tsukishima Kikai Co., Ltd. and PRIMIX Corporation)
Focusing on ''crystallization'', a particle manufacturing technology in the cathode material production process.
Crushing
Drying
Filtration
Crystallization
⇒ ⇒ ⇒
In recent years, the demand for finer particles and higher sphericity has been increasing to enhance battery performance. As particle sizes become smaller, the requirements for post-crystallization processes such as Filtration, Drying, and Crushing, also become more stringent. In response, new technologies have been added to the product lineup. (We are advancing the application of this technology beyond the battery sector）
We are enhancing market development and sample-based contract.
Requests for testing as well as inquiries regarding next-generation all-solid-state batteries are increasing.
Ultrafine particle crystallization equipment
New model
Compared to the current particle size of several to a few dozen micrometers, it is now possible to produce even
finer particles at the 1-micrometer level
BoCross® Filter
Applicable even to fine particles that were previously difficult to filter.
Improved Inclined Disc Dryer for Fine Particles
An improved dryer with enhanced measures to prevent fine particle leakage from the sealing section
Cyclone Mill
Particles are finely pulverized using a proprietary high-velocity airflow
Lithium-ion battery manufacturing process (example)
Technical area of PRIMIX
Pre-process
Post-process
Cathode material
Crystallization Washing, Filtration Drying [Precursor] sintering Calcination
Stirring Coating Rolling ･Cutting
Cathode material
Cathode material
c M
o o
m d
Technical Areas of Tsukishima Kikai
Active material Dispersant Binder
Current collector foil
Stacking Electrolyte filling
Cell assembly p u
inspection l l
e e t
Purification and processing of natural graphite and other materials
Anode material
Anode material
Anode material
i o
Electrolyte・Separator
Stirring Coating Rolling ･Cutting n
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 38
Growth Strategy for Industrial Business
Strengthening the promotion and expanding sales of high-speed mixers in the pharmaceutical and cosmetics sectors（PRIMIX Co., Ltd.)）
PRIMIX, a manufacturer of high-speed mixers, is experiencing strong order growth in the cosmetics, pharmaceutical, battery, and food sectors
We are intensifying efforts to expand sales in the pharmaceutical and cosmetics markets, which are expected to see significant growth in the coming years.
Customer witness testing in Tokyo is being consolidated at the R&D Center, aiming to strengthen collaboration and broaden the customer base within the group
In February 2025, in partnership with TSK Engineering (Thailand) Co., Ltd., we successfully completed the design and installation of equipment at the Thai factory of a Japanese cosmetics company
Strengthening efforts to expand the sales of wastewater treatment systems in the semiconductor sector （Tsukishima Kankyo Engineering Ltd.）
Tsukishima Kankyo Engineering Ltd., which specializes in incineration technologies for solid waste and liquid waste, also possesses technologies for ammonia recovery and decomposition
In semiconductor manufacturing plants, wafers are cleaned using chemical solutions containing ammonia, which results in wastewater containing ammonia.
We actively respond to inquiries regarding ammonia treatment systems and are strengthening our efforts to expand the sales.
Meanwhile, the use of ammonia as a fuel is one of the options for reducing greenhouse gas emissions. Tsukishima Kankyo Engineering Ltd. also possesses ammonia combustion technology.
Vacuum emulsifying equipment (Overview)
Vacuum emulsifier
Ammonia Treatment System Test Equipment
for Ammonia Combustion
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 39
Major orders and completion projects as of FY 2025
Water Environmental Business Industrial Business
Order received
Sewage Sludge incinerator:
DBO contract for Design, construction, maintenance and management in sludge treatment facility for Oi Sewage Treatment Center (Oi Mizu Mirai Center) Yamatogawa Downstream Regional Sewerage
(22nd achievements as Pressurized fluidized bed incineration system project)
Start of operations
DBO for Tsubame-Yahiko Integrated Water Treatment Plant Project, operating 20 years of O&M for the new facility
Agreement
Southern Wastewater Treatment Plant Digester Gas Power Generation Project in Hakodate City
The first project in Japan to adopt a privately owned and operated model for digestion gas power generation, utilizing the FIP* scheme
* FIP (Feed-in Premium): a scheme under which electricity generated from renewable energy sources is sold at market prices, with an additional fixed premium paid on top of the market price.
Equipment (orders received)
Dryer for overseas chemical companies (Tsukishima Kikai Co., Ltd.) Filter for overseas chemical companies (BOKELA GmbH)
Plant (orders received)
Waste liquid incineration system for domestic market （Tsukishima Kankyo Engineering Ltd.,）
Solid waste treatment facility for domestic market （Tsukishima Kankyo Engineering Ltd.,） Distillation and purification equipment for domestic chemical companies
(Tsukishima Kikai Co., Ltd.)
Equipment (Completed project)
Dryer for overseas chemical companies (Tsukishima Kikai Co., Ltd.)
The Steam Tube Dryer (STD) delivered this time is one of the largest ever
Plant (Completed project)
Plant expansion of electronic materials manufacturing in Thailand (TSK Engineering (Thailand) Co., Ltd.)
©Tsukishima Holdings Co., Ltd. All Rights Reserved. 40