Mitsubishi Corporation · TSE:8058

Mitsubishi — Mitsubishi Corp Ord — Q3 2025 Earnings Presentation

56 slides from Mitsubishi's earnings presentation, Feb 25, 2026

  1. Slide 1: FY2025 Q3 Earnings Presentation

    Mitsubishi Corporation FY2025 Q3 Earnings Presentation Nine months ended December 31, 2025 February 5, 2026 Forward-Looking Statements - This release contains forward-looking statements regarding Mitsubishi Corporation’s (“MC”, the “Company” or “Parent”) future plans, strategies, beliefs and perform

  2. Slide 2: Corporate Strategy 2027 Update; Supplementary Information

    1 Corporate Strategy 2027 Update Supplementary Information 2 to the Consolidated Financial Statements 3 Supplementary Information

  3. Slide 3: Contents: Corporate Strategy 2027 Update

     Executive Summary  FY2025 Q3 Summary Results  Cash Flow Allocation & Leverage  Summary Results by Segment  Full-Year Forecast by Segment Corporate Strategy 2027 1 Update  Corporate Strategy 2027  Profit Growth Outlook Through FY2027  Progress and Breakdown of ‘Enhance’ Profit Growth Through

  4. Slide 4: Executive Summary: FY2025 Q3 Highlights

    1 Executive Summary FY2025 Q3 Highlights  FY2025 Q3 underlying operating CF was ¥763.3 billion (83% progress against the revised full-year forecast) and consolidated net income was ¥607.9 billion (87% progress). Performance remained stronger than expected, supported by improved market conditions, e

  5. Slide 5: FY2025 Q3 Summary Results

    1 FY2025 Q3 Summary Results  Underlying operating CF was flat year on year primarily due to worsening market conditions in the Australian steelmaking coal business and upfront costs associated with the start of production at LNG Canada, offset by improved profitability at Chiyoda Corporation and in

  6. Slide 6: Cash Flow Allocation & Leverage

    1 Cash Flow Allocation & Leverage  Progress is largely in line with the CF allocation plan under Corporate Strategy 2027 (CS 2027). CS 2027 3-year CF Allocation: 2025 - 2027 FY2025 Q3 Details (announced April 3, 2025) Underlying Leverage as at December 31, 2025 operating CF ¥0.8 trillion / Solid pr

  7. Slide 7: Summary Results by Segment (Underlying operating CF)

    1 Summary Results by Segment (Underlying operating CF) YoY Segment Underlying operating CF Details （¥ bn） Change 124.1 (32.3) ［＋］Timing of tax payment in the Asia-Pacific LNG business. Environmental Energy ［－］Impact of increased costs associated with the start of production in the North American LNG

  8. Slide 8: Summary Results by Segment (Consolidated net income)

    1 Summary Results by Segment (Consolidated net income) YoY Segment Consolidated net income Details （¥ bn） Change ［＋］Tax gain due to start of production in the North American LNG business. 127.8 (41.9) ［－］Impact of increased costs associated with the start of production in the North American LNG / En

  9. Slide 9: Summary Results by Segment (Consolidated net income bridge)

    1 Summary Results by Segment (Consolidated net income bridge) (¥ bn) Increase / decrease of Consolidated net income capital recycling and one-time items (189.0) 827.4 Previous FY Current FY  Revaluation gain on Lawson’s  Tax gain following the start of production reclassification to equity method

  10. Slide 10: Full-Year Forecast by Segment (Underlying operating CF)

    1 Full-Year Forecast by Segment (Underlying operating CF) Segment Underlying operating CF Change Details （¥ bn） 160.0 (7.0) Environmental Energy ［－］Decrease in volume in the North American LNG / Equity LNG marketing business. 167.0 (4%) ［－］Decrease in dividend income due to decrease in market prices

  11. Slide 11: Full-Year Forecast by Segment (Consolidated net income)

    1 Full-Year Forecast by Segment (Consolidated net income) Segment Consolidated net income Change Details （¥ bn） 143.0 (15.0) ［－］Decrease in volume in the North American LNG / Equity LNG marketing business. Environmental Energy Valuation loss in the next-generation energy business. 158.0 (9%) 47.0 (5

  12. Slide 12: Profit Growth Outlook Through FY2027

    1 Profit Growth Outlook Through FY2027  We expect to deliver most of the plan for ‘Create’ through our recent announcement to acquire Haynesville shale gas assets, while continuing to make progress on ‘Reshape’, with several projects currently under consideration.  In addition, we will achieve rou

  13. Slide 13: Progress and Breakdown of 'Enhance' Profit Growth Through FY2027

    1 Progress and Breakdown of ‘Enhance’ Profit Growth Through FY2027  We expect over ¥110 billion in profit contribution from projects executed to date. Together with the rebound of core businesses that saw temporary profit declines, the plan is achievable through expansion and additional investments

  14. Slide 14: Corporate Strategy 2027 Key Investment Projects Announced

    1 Corporate Strategy 2027 Key Investment Projects Announced Start of profit Investment Segment Business Description Investment Profit contribution progress contribution (as of FY2025 Q3) Key projects announced at FY2025 Q1 Note: Figures are approximate LNG First cargo shipped from LNG Canada Enhance

  15. Slide 15: Corporate Strategy 2027 Key Investment Projects Announced

    1 Corporate Strategy 2027 Key Investment Projects Announced Start of profit Investment Segment Business Description Investment Profit contribution progress contribution (as of FY2025 Q3) Key projects announced at FY2025 Q3 Note: Figures are approximate Gas production: Investment pending LNG Final In

  16. Slide 16: Corporate Strategy 2027 Shareholder Return Policy

    Corporate Strategy 2027 1 Shareholder Return Policy (No change from the announcement made on April 3, 2025) CS 2027: Maintain progressive dividends and flexible share buybacks.  Dividend Policy: MC will continue to implement progressive dividends based on the dividend amount per share. Any further

  17. Slide 17: Supplementary Information to the Consolidated Financial Statements

     Progress of Net Income by Segment Supplementary Information  Net Income by Segment 2 to the Consolidated  Income Statement Items by Segment Financial Statements  Balance Sheet Items by Segment  Segment Detail Notes regarding Net Income Detail section - “Asset turnover” represents gains / losse

  18. Slide 18: Progress of Net Income by Segment

    2 Progress of Net Income by Segment Net income for FY2025 Full-Year Guidance （Icons link to “Segment Detail”） nine months ended Announced Progress Progress Status Dec 31, 2025 on Feb 5th (¥ bn) Environmental [+] Dividend income and production volume from the Asia-Pacific LNG business are concentrate

  19. Slide 19: Net Income by Segment (Quarterly)

    2 Net Income by Segment (Quarterly) （Icons link to “Segment Detail”） Three months Three months Three months Nine months Three months Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 total (¥ bn) FY2024 60.8 33.8 75.1 169.7 28.9 198.6 Environmental Energy FY2025 40.9 44.9 4

  20. Slide 20: Net Income Detail

    2 Net Income Detail Net income for of which are One-time items of which are Capital recycling gains / losses Adjusted （Icons link to “Segment Detail”） nine months ended consolidated from Asset from Asset Dec 31, 2025 Total turnover-type Other (B) Total turnover-type Other (C) net income (¥ bn) (A) b

  21. Slide 21: Net Income Detail: One-Time Items

    2 Net Income Detail One-Time Items Three months Three months Three months Nine months Three months （Icons link to “Segment Detail”） Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Environmental Energy FY2024 Total 5.8 － － 5.8 － 5.8 Revision of depreciation method i

  22. Slide 22: Net Income Detail: One-Time Items (cont'd)

    2 Net Income Detail One-Time Items (cont’d) Three months Three months Three months Nine months Three months （Icons link to “Segment Detail”） Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Urban Development FY2024 Total (12.4) － 4.2 (8.2) 7.8 (0.4) & Infrastructure

  23. Slide 23: Net Income Detail: One-Time Items (cont'd)

    2 Net Income Detail One-Time Items (cont’d) Three months Three months Three months Nine months Three months （Icons link to “Segment Detail”） Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Smart-Life Creation FY2024 Total － － － － (2.4) (2.4) Increase in tax effect

  24. Slide 24: Net Income Detail: Capital Recycling Gains / Losses

    2 Net Income Detail Capital Recycling Gains / Losses Three months Three months Three months Nine months Three months （Icons link to “Segment Detail”） Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Environmental Energy FY2024 Total － － － － － － FY2025 Total 6.7 － －

  25. Slide 25: Net Income Detail: Capital Recycling Gains / Losses (cont'd)

    2 Net Income Detail Capital Recycling Gains / Losses (cont’d) Three months Three months Three months Nine months Three months （Icons link to “Segment Detail”） Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Urban Development FY2024 Total (0.7) 1.1 12.5 12.9 14.3 27

  26. Slide 26: Net Income Detail: Capital Recycling Gains / Losses (cont'd)

    2 Net Income Detail Capital Recycling Gains / Losses (cont’d) Three months Three months Three months Nine months Three months （Icons link to “Segment Detail”） Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Food Industry FY2024 Total 6.9 32.0 2.1 41.0 － 41.0 Gain r

  27. Slide 27: Income Statement Items by Segment

    2 Income Statement Items by Segment FY2024 Q3 Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Gross profit 83.3 169.9 177.5 95.8 117.7 219.7 483.2 104.7 5.7 1,457.5 SG&A expenses

  28. Slide 28: Balance Sheet Items by Segment (as at December 31, 2025)

    2 Balance Sheet Items by Segment (as at December 31, 2025) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 3,197.4 2,074.2 6,164.5 2,120.8 1,929.0 2,262.9 2,954.4 2,

  29. Slide 29: Balance Sheet Items by Segment (as at March 31, 2025)

    2 Balance Sheet Items by Segment (as at March 31, 2025) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 3,246.9 2,021.4 4,538.1 2,159.5 1,848.1 1,952.1 2,587.3 2,512

  30. Slide 30: Environmental Energy: Financial Performance

    2 Segment Detail Environmental Energy: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 156.

  31. Slide 31: Environmental Energy: Global Portfolio

    2 Segment Detail Environmental Energy: Global Portfolio ■Execution & Operation Phase ■Planning Phase Astomos Energy Corporation​ LNG Canada AP Ventures Mitsubishi Corporation Energy LNG Canada Expansion 1 Breakthrough Energy Catalyst 2 Petro-Diamond Inc. (Hydrogen-related Venture Investments)​ Montn

  32. Slide 32: Environmental Energy: Global Portfolio (cont'd)

    2 Segment Detail Environmental Energy: Global Portfolio (cont’d) Production Capacity (MTPA) Project Country Other Key Shareholders Total MC’s Share Brunei LNG Brunei 7.2 1.8 25% Brunei Gov. (50%), Shell (25%) Malaysia LNG I (Satu) Malaysia 8.4 0.4 5% PETRONAS (90%), Sarawak Gov. (5%) Malaysia LNG II

  33. Slide 33: Materials Solution: Financial Performance

    2 Segment Detail Materials Solution: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 69.6 4

  34. Slide 34: Mineral Resources: Financial Performance

    2 Segment Detail Mineral Resources: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 164.1 1

  35. Slide 35: Mineral Resources: Global Portfolio

    2 Segment Detail Mineral Resources: Global Portfolio ■ Steelmaking Coal Arctial ■ Copper (Finland) ■ Iron Ore PAK Lithium ■ Bauxite (Canada) Turnagain (Canada) ■ Low Carbon Aluminum ■ Nickel IOC ■ Lithium （Iron Ore Company of Canada） ○ Operating Asset ☆ Exploration, F/S, (Canada) Copper World (U.S.)

  36. Slide 36: Mineral Resources: Steelmaking Coal Operation

    2 Segment Detail Mineral Resources: Steelmaking Coal Operation BMA Annual Production and Sales Volume1 (50% Equity Basis) （mil. MT）  BMA production from October to December 2025 decreased by 3% to 4.3 mil. MT on a Apr-Jun Jul-Sep Oct-Dec Jan-Mar 40 year-over-year basis.  Despite the strong perform

  37. Slide 37: Mineral Resources: Copper Business

    2 Segment Detail Mineral Resources: Copper Business Equity Share Production Volumes Jan-Mar Apr-Jun Jul-Sep Oct-Dec Note: Quarterly figures may not necessarily add up to total annual figures due to rounding. (kt) 127 123 CY2022 *Began production CY2023 CY2024 CY2025 108 Total 248 in July 2022. Total

  38. Slide 38: Urban Development & Infrastructure: Financial Performance

    2 Segment Detail Urban Development & Infrastructure: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating

  39. Slide 39: Urban Development & Infrastructure: Global Portfolio - Real Estate

    Segment Detail 2 Urban Development & Infrastructure: Global Portfolio - Real Estate and Urban Development Business Vietnam Development Large-scale urban development projects, condominiums North America Development Multifamily, student housing, industrial properties, data centers Japan Development In

  40. Slide 40: Mobility: Financial Performance

    2 Segment Detail Mobility: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 77.2 79.5 2.3 96

  41. Slide 41: Mobility: Global Portfolio - Mitsubishi Motors & Mitsubishi Fuso

    2 Segment Detail Mobility: Global Portfolio - Mitsubishi Motors & Mitsubishi Fuso ■ Distribution * Mitsubishi Motors: MMC Russia ■ Production Mitsubishi Fuso: MFTBC Poland ■ MMCR Distribution ■ MCBR Automotive finance ■ Automotive finance ■ Astara Distribution ① 535.0k units ① 1,064.4k units ■ Retai

  42. Slide 42: Mobility: Global Portfolio - Isuzu Motors

    2 Segment Detail Mobility: Global Portfolio - Isuzu Motors ■ Distribution Belgium ■ Export ■ IBX Distribution ■ Production (Benelux, Germany, Austria, Poland, Czechia, Slovakia) ■ Automotive finance LCV ① …1 Mexico ■ Retail / After-sales service ② 1.7k units2 ■■ IMEX Production / Distribution ■ Othe

  43. Slide 43: Food Industry: Financial Performance

    2 Segment Detail Food Industry: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 78.6 85.8 7

  44. Slide 44: Food Industry: Global Portfolio - Salmon Farming Business

    2 Segment Detail Food Industry: Global Portfolio - Salmon Farming Business Cermaq Cermaq Relative market size Norway Canada Fish Species: Atlantic salmon, 72,215 5,532 Coho, Trout, Chinook salmon Europe Cermaq sales volume by region Year: FY2025 Q3 YTD North Scale: MT (GWE basis1) Japan America Dist

  45. Slide 45: Smart-Life Creation: Financial Performance

    2 Segment Detail Smart-Life Creation: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 95.5

  46. Slide 46: Power Solution: Financial Performance

    2 Segment Detail Power Solution: Financial Performance (¥ bn) Results for nine months ended Dec 31 FY2025 Full-year guidance Consolidated net income detail for nine months ended Dec 31, 2025 FY2024 FY2025 YoY change as of Feb 5 Progress Comments (YoY change) Underlying operating cash flow 68.7 80.5

  47. Slide 47: Power Solution: Global Portfolio - Electric Power Business

    2 Segment Detail Power Solution: Global Portfolio - Electric Power Business Eneco (Netherlands) Mitsubishi Corporation Nexamp (U.S.A.) An integrated energy company Energy Solutions Distributed solar generation active primarily in the Netherlands, (MCES / Japan) business. Belgium, and Germany. Develo

  48. Slide 48: Supplementary Information: Balance Sheet Ratios, Assumptions, Subsidiaries

     Balance Sheet Ratios and Metrics / Exchange Rates Supplementary 3 Information  Assumptions and Sensitivities  Overview of Major Subsidiaries and Affiliates

  49. Slide 49: Balance Sheet Ratios and Metrics / Exchange Rates

    3 Balance Sheet Ratios and Metrics / Exchange Rates FY2024 FY2025 Change ROE and ROA Actual Estimate 1 ROE (Return On Equity) 10.3% 7.9% (2.4%) 1 ROA (Return On Assets) 4.2% 3.2% (1.0%) Equity ratios as at Mar 31 as at Dec 31 Equity attributable to owners of the parent (¥ bn) 9,368.7 9,103.4 (265.3)

  50. Slide 50: Assumptions and Sensitivities

    3 Assumptions and Sensitivities 1 FY2025 Consolidated FY2025 Forecast1 Revised Forecast Change Nine months ended Net Income Sensitivities (Announced Nov 4, 2025) (as of Feb 5, 2026) Dec 31, 2025 (Announced May 2, 2025) Foreign Exchange 145.51 149.03 3.52 148.71 ¥4.0 billion (JPY / USD)2 (JPY / USD)

  51. Slide 51: Overview of Major Subsidiaries and Affiliates

    3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Business (Country / Region) Description Environmental Energy Natural Gas, LNG Business in Asia Consolidated net income of affiliates and subsidiaries in Asia (Asia-Pacific) Business in

  52. Slide 52: Overview of Major Subsidiaries and Affiliates

    3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Business (Country / Region) Description Mineral Resources Steelmaking Coal Mitsubishi Development Pty Ltd. (Australia) Investment company for steelmaking coal and other mineral resource

  53. Slide 53: Overview of Major Subsidiaries and Affiliates

    3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Business (Country / Region) Description Urban Development Urban Development-related Diamond Realty Investments, Inc. (U.S.A.) Real estate investment & Infrastructure business Diamond Re

  54. Slide 54: Overview of Major Subsidiaries and Affiliates

    3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Business (Country / Region) Description Food Industry Food Resources Agrex do Brasil LTDA. (Brazil) Origination and export of grain, sale of agricultural inputs, and grain production Mi

  55. Slide 55: Overview of Major Subsidiaries and Affiliates

    3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Business (Country / Region) Description Smart-Life Creation Retail Life Corporation (Japan) Supermarket chain stores Lawson, Inc. (Japan) Franchise chain of convenience stores Healthcar

  56. Slide 56: Mitsubishi Corporation

    2a Mitsubishi Corporation

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