Mitsubishi Corporation · TSE:8058

Mitsubishi — Mitsubishi Corp Ord — FY2025 Earnings Presentation

59 slides from Mitsubishi's earnings presentation, May 1, 2026

  1. Slide 1: FY2025 Results and FY2026 Forecast Presentation Materials

    Mitsubishi Corporation FY2025 Results and FY2026 Forecast Presentation Materials May 1, 2026 Forward-Looking Statements - This release contains forward-looking statements regarding Mitsubishi Corporation’s (“MC”, the “Company” or “Parent”) future plans, strategies, beliefs and performance that are n

  2. Slide 2: Corporate Strategy 2027 Update

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

  3. Slide 3: Corporate Strategy 2027 Update

     Executive Summary  Profit Growth Outlook Through FY2027  Summary of FY2025 Results and FY2026 Forecast  Cash Flow Allocation & Leverage  Summary Results by Segment Corporate Strategy 2027 1 Update  Full-Year Forecast by Segment  Corporate Strategy 2027  Progress and Breakdown of “Enhance” a

  4. Slide 4: Executive Summary

    1 Executive Summary FY2025 Results  FY2025 underlying operating CF was ¥1,048.1 billion (vs. forecast of ¥920.0 billion) and consolidated net income was ¥800.5 billion (vs. forecast of ¥700.0 billion). FY2025 FY2026 Forecast and Shareholder Returns  For FY2026, we forecast underlying operating CF

  5. Slide 5: Profit Growth Outlook Through FY2027

    1 Profit Growth Outlook Through FY2027  We continue to make steady progress toward delivering the planned ¥400 billion profit growth under CS 2027. Create ¥1.2tn+ + ¥100bn+ Capital (vs. FY20244) recycling Enhance gains / losses5 Reshape New investments and joint projects to capture + ¥300bn+ furthe

  6. Slide 6: Summary of FY2025 Results and FY2026 Forecast

    1 Summary of FY2025 Results and FY2026 Forecast  In FY2025, we consistently generated profits across our businesses, resulting in performance that exceeded our forecast.  We expect further profit growth in FY2026, driven by the “Enhance”, “Reshape”, and “Create” initiatives, including the pending

  7. Slide 7: Cash Flow Allocation & Leverage – Outlook

    1 Cash Flow Allocation & Leverage – Outlook  Based on solid underlying operating CF trends, accelerated divestitures, and our investment pipeline, we have updated our CF allocation plan.  We will flexibly assess the appropriate deployment of unallocated cash capacity between investments and additi

  8. Slide 8: Cash Flow Allocation & Leverage

    1 Cash Flow Allocation & Leverage  Progress is largely in line with the CF allocation plan under CS 2027. CS 2027 3-year CF Allocation: 2025 - 2027 FY2025 Q4 Details (Updated plan) Underlying Leverage as at March 31, 2026 Operating CF ¥1.0 trillion / Solid progress across our businesses. ¥1,048.1 b

  9. Slide 9: Summary Results by Segment (Underlying operating CF)

    1 Summary Results by Segment (Underlying operating CF) YoY Segment Underlying operating CF Details （¥ bn） Change ［＋］Timing of tax payment in the Asia-Pacific LNG business. 194.4 (6.3) ［－］Decrease in dividend income from the Asia-Pacific LNG business and decline in transactions in the petroleum produ

  10. Slide 10: Summary Results by Segment (Consolidated net income)

    1 Summary Results by Segment (Consolidated net income) YoY Segment Consolidated net income Details （¥ bn） Change ［＋］Tax gains due to start of production in the North American LNG business. 160.9 (37.7) ［－］Impact of increased costs associated with the start of production in the North American LNG / E

  11. Slide 11: Summary Results by Segment (Consolidated net income bridge)

    1 Summary Results by Segment (Consolidated net income bridge) (¥ bn) Increase / decrease of capital recycling and one-time items (172.0) Consolidated net income Previous FY Current FY  Revaluation gain on Lawson’s  Partial reversal of impairment losses previously 950.7 reclassification as an equit

  12. Slide 12: Full-Year Forecast by Segment (Underlying operating CF)

    1 Full-Year Forecast by Segment (Underlying operating CF) YoY Segment Underlying operating CF Details （¥ bn） Change ［＋］Consolidation and restructuring of the U.S. shale gas business. Increase in market prices 645.0 +316.7 Energy & Power Solution and transactions due to higher production volumes in t

  13. Slide 13: Full-Year Forecast by Segment (Consolidated net income)

    1 Full-Year Forecast by Segment (Consolidated net income) YoY Segment Consolidated net income Details （¥ bn） Change 363.0 +153.0 ［＋］Consolidation and restructuring of the U.S. shale gas business. Increase in market prices and transactions due to Energy & Power Solution higher production volumes in t

  14. Slide 14: Full-Year Forecast by Segment (Middle East assumptions)

    1 Full-Year Forecast by Segment (Ongoing developments in the Middle East: Assumptions and Implications)  Our FY2026 forecast reflects risk-adjusted exchange rate and commodity price assumptions 1, factoring in ongoing geopolitical developments in the Middle East.  In addition, we have embedded a ¥

  15. Slide 15: Progress and Breakdown of “Enhance” and “Reshape”

    1 Progress and Breakdown of “Enhance” and “Reshape” Profit Growth Through FY2027  Despite upward revisions in asset turnover-type businesses and downward revisions reflecting changes in the business environment, the overall profit growth plan for “Enhance” and “Reshape” remains unchanged at ¥300 bi

  16. Slide 16: Plans and Progress under “Enhance” and “Reshape”

    1 Plans and Progress under “Enhance” and “Reshape”  The key initiatives and progress under “Enhance” and “Reshape”, together with profit growth forecasts for FY2026-FY2027 versus FY2024 are summarized below: Forecasted Growth in Category Examples of Key Initiatives Progress and Outlook Adjusted Con

  17. Slide 17: Plans and Progress under “Enhance” and “Reshape” (cont’d)

    1 Plans and Progress under “Enhance” and “Reshape” (cont’d) Forecasted Growth in Adjusted Category Examples of Key Initiatives Progress and Outlook Consolidated Net Income Note: Figures are approximate. Americas and  Enhancing the value of power generation assets by capturing rising  Progress is b

  18. Slide 18: 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 Q4) Key projects announced at FY2025 Q1 Note: Figures are approximate LNG First cargo shipped from LNG Canada Enhance

  19. Slide 19: Key Investment Projects Announced (cont’d)

    1 Corporate Strategy 2027 Key Investment Projects Announced (cont’d) Start of profit Investment Segment Business Description Investment Profit contribution progress contribution (as of FY2025 Q4) Key projects announced at FY2025 Q3 Note: Figures are approximate Gas production: Partially LNG Final In

  20. Slide 20: Shareholder Return Policy

    1 Corporate Strategy 2027 Shareholder Return Policy CS 2027: Maintain progressive dividends and flexible share buybacks.  Dividend Policy: We will continue to implement progressive dividends based on the dividend amount per share. Any further dividend increases will be determined after assessing pr

  21. Slide 21: Supplementary Information to the Consolidated Financial Statements

     Net Income by Segment Supplementary Information  Income Statement Items by Segment 2 to the Consolidated  Balance Sheet Items by Segment Financial Statements  Cash Flow Items by Segment  Segment Detail Notes - Net Income Detail section: “Asset turnover” represents gains / losses in asset turno

  22. Slide 22: Net Income by Segment (Quarterly)

    2 Net Income by Segment (Quarterly) （Icons link to “Segment Detail”） Three months Three months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) FY2024 60.8 33.8 75.1 28.9 198.6 Environmental Energy FY2025 40.9 44.9 42.0 33.1 160.9 FY2024 17.

  23. Slide 23: Net Income Detail

    2 Net Income Detail Consolidated net of which are One-time items of which are Capital recycling gains / losses Adjusted （Icons link to “Segment Detail”） income for Full-year consolidated from Asset from Asset ended Mar 31 Total turnover-type Other (B) Total turnover-type Other (C) net income (¥ bn)

  24. Slide 24: Net Income Detail: One-Time Items

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

  25. Slide 25: Net Income Detail: One-Time Items (cont’d)

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

  26. Slide 26: Net Income Detail: One-Time Items (cont’d)

    2 Net Income Detail One-Time Items (cont’d) Three months Three months Three months Three months Full-year （Icons link to “Segment Detail”） ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Food Industry FY2024 Total 10.5 － － － 10.5 Tax gain related to impairment of overseas foo

  27. Slide 27: Capital Recycling Gains / Losses

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

  28. Slide 28: Capital Recycling Gains / Losses (cont’d)

    2 Net Income Detail Capital Recycling Gains / Losses (cont’d) Three months Three months Three months Three months Full-year （Icons link to “Segment Detail”） ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Urban Development FY2024 Total (0.7) 1.1 12.5 14.3 27.2 & Infrastructur

  29. Slide 29: Capital Recycling Gains / Losses (cont’d)

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

  30. Slide 30: Income Statement Items by Segment

    2 Income Statement Items by Segment FY2024 Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Gross profit 114.2 229.1 193.9 141.9 154.0 280.0 538.5 175.9 8.9 1,836.4 SG&A expenses

  31. Slide 31: Balance Sheet Items by Segment (as at March 31, 2026)

    2 Balance Sheet Items by Segment (as at March 31, 2026) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 3,339.2 1,971.4 5,995.2 2,173.8 1,942.7 2,334.1 2,745.5 2,739

  32. Slide 32: 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

  33. Slide 33: Cash Flow Items by Segment

    2 Cash Flow Items by Segment (Full-year ended March 31, 2026) Underlying operating （Icons link to “Segment Detail”） Divestitures 1 Investments 1 Net Total cash flow (B) (C) (D) = (B) + (C) (A) + (D) (¥ bn) (A) Environmental Energy 194.4 37.7 (190.5) (152.8) 41.6 Materials Solution 81.1 23.3 (27.4) (

  34. Slide 34: Energy & Power Solution: Financial Performance

    2 Segment Detail Energy & Power Solution: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cash flow 326.

  35. Slide 35: Energy & Power Solution: Global Portfolio - Energy Business

    Segment Detail 2 Energy & Power Solution: Global Portfolio - Energy Business ■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 Ventur

  36. Slide 36: Global Portfolio - Energy Business (cont’d)

    Segment Detail 2 Energy & Power Solution: Global Portfolio - Energy Business (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.

  37. Slide 37: Energy & Power Solution: Global Portfolio - Electric Power Business

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

  38. Slide 38: Materials Solution: Financial Performance

    2 Segment Detail Materials Solution: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cash flow 108.0 83.

  39. Slide 39: Mineral Resources: Financial Performance

    2 Segment Detail Mineral Resources: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cash flow 185.9 186.

  40. Slide 40: 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 Woodsmith IOC ■ Lithium (U.K.) （Iron Ore Company of Canada） ■ Fertiliser Resource (Canada) ○ Operating Asset

  41. Slide 41: 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 January to March 2026 decreased by 3% to 3.8 Mt on a year-over- Apr-Jun Jul-Sep Oct-Dec Jan-Mar 40 year basis.  This was mainly driven by record

  42. Slide 42: 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) 127 123 124 CY2023 CY2024 CY2025 CY2026 108 Total 325 37 102 Total 329 Total 326 28 Tot

  43. Slide 43: Urban Development & Infrastructure: Financial Performance

    2 Segment Detail Urban Development & Infrastructure: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cas

  44. Slide 44: Global Portfolio - Real Estate and Urban Development Business

    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, industrial properties, data centers Japan Development Indonesia Large-sca

  45. Slide 45: Mobility: Financial Performance

    2 Segment Detail Mobility: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cash flow 104.5 105.2 0.7 111

  46. Slide 46: 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 ① 679.0k units ① 1,325.4k units ■ Retai

  47. Slide 47: 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 2.4k units2 ■■ IMEX Production / Distribution ■ Othe

  48. Slide 48: Food Industry: Financial Performance

    2 Segment Detail Food Industry: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cash flow 98.8 117.3 18.

  49. Slide 49: 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, 98,675 17,430 Coho, Trout, Chinook salmon Europe Cermaq sales volume by region Year: FY2025 Q4 YTD North Scale: MT (GWE basis1) Japan America Dis

  50. Slide 50: Smart-Life Creation: Financial Performance

    2 Segment Detail Smart-Life Creation: Financial Performance (¥ bn) Results for Full-year ended Mar 31 FY2026 Full-year guidance Consolidated net income detail for Full-year ended Mar 31, 2026 FY2024 FY2025 YoY change as of May 1 YoY change Results (YoY change) Underlying operating cash flow 99.6 98.

  51. Slide 51: Supplementary Information

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

  52. Slide 52: Balance Sheet Ratios and Metrics / Exchange Rates

    3 Balance Sheet Ratios and Metrics / Exchange Rates FY2024 FY2025 Change ROE and ROA Actual Actual 1 ROE (Return On Equity) 10.3% 8.5% (1.8%) 1 ROA (Return On Assets) 4.2% 3.5% (0.7%) Equity ratios as at Mar 31 as at Mar 31 Equity attributable to owners of the parent (¥ bn) 9,368.7 9,440.6 71.9 Hybr

  53. Slide 53: Assumptions and Sensitivities

    3 Assumptions and Sensitivities 1 FY2026 Consolidated FY2025 FY2026 Forecast Change Net Income Sensitivities Foreign Exchange (JPY / USD) 150.67 150.00 (0.67) ¥5.0 billion (JPY / USD)2 Crude Oil3 Brent 70 78 8 ¥2.4 billion (USD / BBL)4 (USD / BBL) （Apr to Dec: 81） Henry Hub Natural Gas (USD / MMBtu)

  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 Energy & Natural Gas, LNG Business in Asia Consolidated net income of affiliates and subsidiaries in Asia Power Solution (Asia-Pacific) Business

  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 Mineral Resources Steelmaking Coal Mitsubishi Development Pty Ltd. (Australia) Investment company for steelmaking coal and other mineral resource

  56. Slide 56: 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.) Real estate investment & Infrastructure business Diamond Real

  57. Slide 57: 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

  58. Slide 58: 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

  59. Slide 59: Mitsubishi Corporation

    2a Mitsubishi Corporation

Mitsubishi Corp Ord — FY2025 Earnings Presentation on 6ix