Mitsui & Co.,ltd · TSE:8031
Mitsui & Co.,ltd — Investor Day (2025)
53 slides from Mitsui & Co.,ltd's investor day presentation, 2025
Slide 1: Mitsui & Co. Investor Day 2025
Mitsui & Co. Investor Day 2025 MITSUI&CO.
Slide 2: Chemicals Business Strategy
Chemicals Business Strategy Senior Executive Managing Officer Takashi Furutani Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.
Slide 3: Chemicals Segment Earnings Performance
Chemicals Segment Earnings Performance ◆ COCF *1: Approx. 90 billion yen level over last few years ◆ Profit: Steady growth at a CAGR of 12.3% since FY March 2018 Expecting record high in FY March 2026 FY March 2026 - Expecting Record Profit (bn JPY) COCF Profit 95 bn JPY 80 bn JPY 93.8 89.5 90.6 90
Slide 4: Main Businesses
Main Businesses ◆ Leveraging trading as base, create investment opportunities and build core businesses ◆ Core businesses with competitive advantages create solid base Investments continuously made in new growth areas Basic Materials Performance Materials Trading x investment Nutrition & Agriculture
Slide 5: Trading
Trading ◆ Trading generates around 30% of segment profit and serves as foundation for growth ◆ Leveraging global network and trading assets to identify growth investment opportunities Production assets Global ⚫ Methanol production ⚫ Inventory network functions ⚫ Salt fields Trading ⚫ Phosphate ore ⚫
Slide 6: Strengths
Strengths ◆ Four strengths based on trusted, long -term relationships with global partners Virtuous cycle Strategic Cross - Steady growth of trading and portfolio industry of core clusters investment reconfiguration initiatives Trusted, long -term relationships with top -tier global partners Copyrig
Slide 7: Strength 1: Virtuous Cycle of Trading and Investment - Methanol
Strength 1: Virtuous Cycle of Trading and Investment Methanol ◆ Making investments based on market expertise cultivated through trading ◆ Leveraging trading assets acquired through investments to create new value Extend Methanol trading Expanded asset portfolio Global trade volume Share in US market
Slide 8: Strength 1: Virtuous Cycle of Trading and Investment - Ammonia
Strength 1: Virtuous Cycle of Trading and Investment Ammonia ◆ Making investments based on market expertise cultivated through trading ◆ Leveraging trading assets acquired through investments to create new value Ammonia trading Global trade volume Share of imports to Japan Extend Expansion into fuel
Slide 9: Strength 2: Steady Growth of Core Clusters
Agricultural inputs Strength 2: Steady Growth of Core Clusters (crop protection and fertilizers) ◆ Agricultural inputs profit: Over past six years achieved CAGR of 55%, now at the 10 bn yen level ◆ Created synergies through natural and biologically derived bioproducts, seeds, and animal medicine, st
Slide 10: Strength 3: Strategic Portfolio Enhancement
Strength 3: Strategic Portfolio Enhancement ◆ Based on strong cash generation capabilities, assess market conditions and capital efficiency for timely sale of assets ◆ Reinvest that capital into growth areas we are familiar with to enhance the portfolio (bn JPY) Cash inflows Approx. 910 Steady enhan
Slide 11: Strength 4: Cross-industry Initiatives
Strength 4: Cross -industry Initiatives ◆ Teamwork that brings together company -wide expertise to maximize value across the entire value chain ◆ Provide cross -industry real solutions to social issues to create new value Collaborating segments Segment strengths Portfolio ⚫ Power generation fuel US:
Slide 12: Conclusion
Conclusion ◆ On track to achieving targets set at start of MTMP 2026: COCF of 130 bn yen and profit of 100 bn yen ◆ Will accelerate growth by reinforcing core strengths and driving cross -industry collaboration On track to achieving MTMP targets, looking to accelerate further growth 2018 2019 2020 2
Slide 13: 360° business innovation.
360° business innovation. MITSUIECO.
Slide 14: Portfolio Enhancement
Portfolio Enhancement Representative Director, Senior Executive Managing Officer CSO Kazumasa Nakai Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.
Slide 15: Diversified Business Portfolio
Diversified Business Portfolio Industry Time axis Region Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 15
Slide 16: Transition of Portfolio by Industry
Transition of Portfolio by Industry ◆ Progress in building a diversified portfolio across segments over past decade ◆ Continue to build a well balanced portfolio in the next MTMP *1 ■Mineral & Metal Resources ■Energy ■Machinery & Infrastructure ■Chemicals ■Iron & Steel Products ■Lifestyle ■Innovatio
Slide 17: Transition of Portfolio by Region
Transition of Portfolio by Region ◆ Progress in building a well -diversified business portfolio across regions ■Asia Pacific ■ Americas ■Japan ■Europe, others 10% 26% 18% FY March FY March2025 2015 * Profit 57% Profit 40% 306.5 bn JPY 900.3 bn JPY 17% 32% ©ADNOC *The Americas is not included in this
Slide 18: Portfolio Review and Asset Recycling
Portfolio Review and Asset Recycling Annual cycle of portfolio management Asset portfolio review ⚫ Confirmation of holding policy ⚫ Confirmation of exit plan ⚫ Follow -up of projects planned for exit in for all investment projects feasibility previous fiscal year ⚫ Verification of projects ⚫ Verific
Slide 19: Asset Reconfiguration
Asset Reconfiguration ◆ Further portfolio enhancement with focus on improving ROIC in the next MTMP Trend and future vision of asset recycling (bn JPY) 601 Next MTMP 600 Investment cash inflows 537 Profit from asset recycling 500 392 362 400 (Forecast) 300 300 250 257 230 200 163 147 143 91 49 100 6
Slide 20: Progress in Enhancement of Base Profit
Progress in Enhancement of Base Profit ◆ Solid progress toward achieving target of 170 bn yen enhancement by end -FY March 2026 (USD/JPY130) ◆ Earnings enhanced by strengthening existing businesses (bn JPY) Continued Enhancement of Base Profit Strengthening Efficiency improvements, New businesses MT
Slide 21: Strengthening Existing Businesses
Strengthening Existing Businesses ◆ Drove forward middle game initiatives, realized expansion of base profit Strengthening MTMP outlook existing businesses 75 bn JPY Efficiency improvements, turnarounds New businesses (bn JPY) Americas FY 23/3 : 34.6 +11.2 Higher profit from automotive sales and ser
Slide 22: Efficiency Improvements, Turnarounds
Efficiency Improvements, Turnarounds ◆ Withdrew from loss -making businesses and improved performance in others, expected enhancement of base profit approx. 40 bn yen Efficiency improvements, MTMP outlook Strengthening existing businesses turnarounds 40 bn JPY New businesses Exit IPAH Turnaround TIA
Slide 23: Ongoing Efficiency Improvements, Turnarounds
Ongoing Efficiency Improvements, Turnarounds Mainstream (renewable energy) Coffee trading Anglo American Sur Background Background Background ⚫ Business environment in Chile, deteriorating ⚫ Soaring coffee prices due to weather conditions ⚫ Decrease in production due to lower profitability and growi
Slide 24: New Businesses
New Businesses ◆ Accumulation of assets mindful of earnings contribution timeline, leading to ROIC expansion MTMP outlook Strengthening existing businesses Efficiency improvements, turnarounds New businesses 55 bn JPY Note: Earnings contribution are adjusted to USD/JPY145, IC * only includes project
Slide 25: Toward Further Portfolio Enhancement
Toward Further Portfolio Enhancement High -quality Enhanced Asset investments portfolio reconfiguration for growth review Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 25
Slide 26: 360° business innovation.
360° business innovation. MITSUIECO.
Slide 27: Sustainable Enhancement of Corporate Value
Sustainable Enhancement of Corporate Value Representative Director, Executive Vice President CFO Tetsuya Shigeta Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.
Slide 28: Track Record of Cash Generation Capability and Cash Inflows per Share
Track Record of Cash Generation Capability and Cash Inflows per Share ◆ A marked shift to a higher level of cash generation capability - COCF *1 plus cash from asset sales Cash inflows (bn JPY) COCF per share FY March 2022 -2025 average 1,540 1,800 Asset recycling CAGR 1,000 1,600 Cash inflows per s
Slide 29: Track Record of Profit and Earnings per Share (EPS)
Track R ecord of Profit * and Earnings per Share (EPS) ◆ Profit also shifted up with average between FY March 2022 -2025 exceeding 1 trillion yen Profit FY March 2022 -2025 average 1,000 (bn JPY) EPS 1,200 EPS (JPY) CAGR 500 1,130.6 1,000 + 15 % 1,063.7 914.7 361 900.3 400 353 820 800 307 281 300 60
Slide 30: Profit by Segment
Profit by Segment ◆ High growth rate achieved by enhancing quality of each business and overall portfolio (bn JPY) 900.3 CAGR (2021 -2025) Mineral & Metal Resources Segment Energy Excl. asset recycling, Profit valuation gains/losses Machinery & Infrastructure and one -time factors 285 .4 Chemicals M
Slide 31: ROIC by Segment (1/2)
ROIC by Segment (1/2) ◆ ROIC increased in all segments due to marked shift in profit level and improved capital efficiency via asset portfolio reviews 2018 -2021 2022 -2025 Segment (average) (average) Mineral & Metal Resources 12.4% 19.1 % (＋6.7 %) Energy 3.9% 12.8 % (＋8.9 %) Machinery & Infrastruct
Slide 32: ROIC by Segment (2/2)
ROIC by Segment (2/2) 25% ROIC 20% Average profit for 2022 -2025 (bn JPY) Mineral & Metal Resources ROIC Profit Average profit for 2018 -2021 (bn JPY) 19.1 % 389.2 Fiscal years ending in March 15% Energy 12.4 % Machinery & Infrastructure Innovation & ROIC Profit Corporate Development 197.0 12.8 % 21
Slide 33: Reference: ROIC by Segment
2500% Reference ROIC by Segment (Excl. asset recycling, valuation gains/losses and one -time factors) ROIC 2000% 20% Average profit for 2022 -2025 (bn JPY) Mineral & Metal Resources Average profit for 2018 -2021 (bn JPY) ROIC Profit Fiscal years ending in March 18.7 % 384.0 15% 1500% Innovation & 12
Slide 34: ROIC Enhancement in Lifestyle Segment
ROIC Enhancement in Lifestyle Segment ◆Target set in current MTMP for 2% improvement in ROIC, but not achieved as challenges remain (ROIC at end -FY March 2023: 3.1% → end -FY March 2025: 2.5%) Progress (FY March 2024 - FY March 2026 1H) Future Initiatives ⚫ Invested in protein and MSS *1 contributi
Slide 35: Track Record of Investments and Shareholder Returns
Track R ecord of Investments and Shareholder Returns ◆ Leveraging strong cash generation to expand both investments and shareholder returns in a balanced manner (tn JPY) 5.0 Total dividend amount COCF 4.8 Share repurchases Asset recycling 4.4 Investment cash out 4.0 3.8 1.5 0.8 3.0 3.2 2.7 2.6 2.5 0
Slide 36: Cash Flow Allocation During Current MTMP
Cash Flow Allocation During Current MTMP ◆ Cash inflows increased 810 bn yen since MTMP announcement and added 400 bn yen from BS to Management Allocation. Expanded both investments and shareholder returns MTMP 2026 MTMP 2026 Management Allocation: 3-year cumulative plan 3-year cumulative forecast C
Slide 37: Track Record of Dividend per Share
Track Record of Dividend per Share ◆ DPS grew at a CAGR of 16%. Returns per share expanded through continuous share repurchases and subsequent cancellations, with positive impact compounding over time (JPY) 120 Full -year DPS 115 Of which, impact of treasury Full -year DPS stock cancellations 100 10
Slide 38: Conclusion
Conclusion ⚫ Track record of cash generation capability and cash inflows per share (P.2) ⚫ Track record of profit and earnings Enhancing Earnings per share (EPS) (P.3) enhancement ROE ⚫ Portfolio enhancement (P.4) ⚫ Capital efficiency enhancement (P.5, 6, 7, 8) Optimal capital Sustainable structure
Slide 39: 360° business innovation.
360° business innovation. MITSUIECO.
Slide 40: Substantial Growth Toward 2030
Substantial Growth Toward 2030 Representative Director, President and Chief Executive Officer Kenichi Hori Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED.
Slide 41: Strengthening Base Profit through Three Initiatives
Strengthening Base Profit through Three Initiatives MTMP * 2026 Investments Trading for growth Middle Game & Initiatives Investment Asset reconfiguration * Medium -term Management Plan Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 41
Slide 42: Enhancement of Base Profit Progressing as Planned
Enhancement of Base Profit Progressing as Planned (bn JPY) Base profit Strengthening Efficiency New existing improvements, businesses businesses turnarounds + 170 + 75 + 40 + 55 Expecting to achieve target USD/JPY130 Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 42
Slide 43: New Investments: Earnings Contribution and Organic Growth
New Investments Earnings Contribution and Organic Growth Investment executed, contribution to earnings started Investment executed, before contribution to earnings (as of Dec 3, 2025) Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 43
Slide 44: New Investments: Earnings Contribution and Organic Growth
New Investments Earnings Contribution and Organic Growth (JPY) FY March Profit ROIC FY March USD/JPY145 2026 (Invested capital) 2031 26 bn 6.7 % 42 bn 10.2 % (390 bn ) (410 bn ) 14 bn 4.8 % 19 bn 7.0 % (290 bn ) (270 bn ) 20 bn 4.3 % 45 bn 8.7 % (470 bn ) (520 bn ) Organic Total 60 bn 5.2 % growth 1
Slide 45: Large-scale Projects Will Start Generating Cash
Large -scale Projects *1 Will Start Generating Cash FY March Wellness Ecosystem Creation FY March 2035 2031 Global Energy Transition FY March Blue Point (US: low -carbon ammonia) COCF Industrial Business Solutions (JPY) 2030 Mozambique LNG Rhodes Ridge (Australia: iron ore) 4 50 bn FY March Indonesi
Slide 46: 3 Key Strategic Initiatives Toward the Next MTMP
Toward the Next MTMP Enhanced Path to Agile 3 Key Next Level through Capital Strategic sustainable Allocation Initiatives growth Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 46
Slide 47: From Conviction to Expansion
Global Diversification 3 Key Strategic Initiatives: Key Strategic Initiatives 2.0 From Conviction to Expansion Industrial Business Solutions Timeline Global Wellness Energy Ecosystem Transition Creation Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 47
Slide 48: Next Level: Elevation of Cash Generation through Growth Drivers
Elevation of Cash Generation through Growth Drivers Industrial Global Business Energy Solutions Transition Iron Ore and Copper Next Level Industrial Global Business Energy of COCF Solutions Transition Mobility 2030s Natural Gas/ LNG (bn JPY) Balanced and Clean growth 1,000 Molecules with various dri
Slide 49: Next Level of Earnings Base, Further Enhancement of ROE
New investments Sustainable growth for growth Organic growth Next Level of Earnings Base Further Enhancement of ROE MTMP 2026 Earnings Base Roadmap for 2030 Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 49
Slide 50: Capital Allocation
Capital Allocation MTMP 2026 original plan MTMP 2026 forecast (Cumulative 3 years) (Cumulative 3 years) Cash inflows Cash inflows (tn JPY) 4.4 Against plan 3.6 +0.8 Asset COCF recycling COCF Asset recycling 2.7 0.9 2.9 +0.2 1.5 +0.6 Allocation Allocation Shareholder Management Investments returns Al
Slide 51: Effect of Share Repurchases and Cancellations
Effect of Share Repurchases and Cancellations (million shares) Outstanding shares 4,000 3,500 3,000 21 2,500 2,000 Cancellation of % of 1,500 1,000 outstanding shares 500 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2031 Fiscal years ending in March (tentative) Share repur
Slide 52: Growth of Per Share COCF and Dividends
Growth of Per Share COCF and Dividends (million shares) Outstanding shares COCF per share DPS * (yen) 600 4,000 3,500 5 00 3,000 400 2,500 FY March 2013 -2026 COCF per share 300 2,000 CAGR + 7% FY March 2013 -2026 Continuation of 1,500 Dividend per share progressive 200 1,000 CAGR + 14 % dividend 10
Slide 53: 360° business innovation.
360° business innovation. MITSUIECO.