Mitsubishi Corporation · TSE:8058

Mitsubishi — FY2024 Q3 Earnings Presentation

42 slides from Mitsubishi's earnings presentation, Feb 6, 2025

  1. Slide 1: FY2024 Q3 Earnings Presentation

    Mitsubishi Corporation FY2024 Q3 Earnings Presentation Nine months ended December 31, 2024 February 6, 2025 Forward-Looking Statements - This release contains forward-looking statements regarding Mitsubishi Corporation’s (the “Company” or “Parent”) future plans, strategies, beliefs and performance t

  2. Slide 2: Midterm Corporate Strategy 2024 Update, Segment Performance, Supplementary Information

    1 Midterm Corporate Strategy 2024 Update 2 Segment Performance 3 Supplementary Information © Copyright 2025 Mitsubishi Corporation 1

  3. Slide 3: Midterm Corporate Strategy 2024 Update

     Executive Summary  Summary Results for FY2024 Q3 Midterm Corporate 1  Cash Flow Allocation Strategy 2024 Update  Summary Results by Segment  Full-Year Forecast by Segment  Progress of Quantitative Targets © Copyright 2025 Mitsubishi Corporation 2

  4. Slide 4: Executive Summary

    1 Executive Summary FY2024 Q3 Highlights ● Consolidated net income for the nine months ended December 31, 2024 was ¥827.4 billion. ● This represents 87% progress against full-year guidance, primarily driven by major gains on revaluation and sale of assets as of Q3 YTD. ● We recorded impairments and

  5. Slide 5: Summary Results for FY2024 Q3

    1 Summary Results for FY2024 Q3 (Nine Months Ended December 31, 2024)  87% progress against full-year guidance, primarily driven by major gains on revaluation and sale of assets as of Q3 YTD, and dividend income from our LNG business recorded in Q3.  We recorded impairments and other losses in our

  6. Slide 6: Cash Flow Allocation

    1 Cash Flow Allocation Midterm Corporate Strategy 2024 Nine Months Ended Cumulative Progress 3-year CF Allocation: 2022 - 2024 Details December 31, 2024 as of December 31, 2024 Revised February 6, 2024 Underlying operating CF ¥771.4 billion Solid progress in each segment. ¥3.2 trillion [¥3,234.6 bil

  7. Slide 7: Summary Results by Segment

    1 Summary Results by Segment YoY (¥ bn) Segment Consolidated Net Income Details Change 169.7 +26.1 [＋] Dividend income recorded for LNG business. Revision of depreciation method in the Asia-Pacific LNG business. Environmental Energy [－] Decrease in market prices in the shale gas business. Lower spot

  8. Slide 8: Full-Year Forecast by Segment

    1 Full-Year Forecast by Segment (¥ bn) Segment Consolidated Net Income Change Details 186.0 +11.0 Environmental Energy [＋] Market factors in the shale gas business. Decrease and delay in new business development expenditures. 175.0 +6% 70.0 - Materials Solution - 70.0 - 235.0 +20.0 Mineral Resources

  9. Slide 9: Progress of Quantitative Targets

    1 Progress of Quantitative Targets Quantitative Targets of Midterm Corporate Strategy 2024 Net Income / CF Maintain / Improve Capital Efficiency Ensuring Financial Soundness FY2024 Consolidated ¥800.0 billion Maintain High Single-A Credit Rating net income Double-Digit ROE Post-Returns FCF > 0 Under

  10. Slide 10: Segment Performance

     Net Income by Segment  Net Income Detail - One-Time Items 2  Net Income Detail - Capital Recycling Gains / Losses Segment Performance  Major Subsidiaries and Affiliates  Income Statement Items by Segment  Balance Sheet Items by Segment Supplementary Information on Breakdown of Net Income - In

  11. Slide 11: Net Income by Segment

    2 Net Income by Segment Nine months ended Dec 31, 2023 Nine months ended Dec 31, 2024 YoY Change of which of which of which Net income One-time Net income One-time Net income One-time (¥ bn) items items items Environmental Energy 143.6 － 169.7 5.8 26.1 5.8 Materials Solution 51.5 (10.6) 48.2 － (3.3)

  12. Slide 12: Net Income by Segment (Quarterly)

    2 Net Income by Segment (Quarterly) Net income 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) FY2023 55.2 34.6 53.8 143.6 95.2 238.8 Environmental Energy FY2024 60.8 33.8 75.1 169.7 － － FY2023 2

  13. Slide 13: Net Income by Segment (Forecast and Progress)

    2 Net Income by Segment (Forecast and Progress) Nine months ended Dec 31, 2024 FY2024 Full-Year Guidance of which as of Net income One-time Progress Comments Feb 6 (¥ bn) items ・ Strong progress due to dividend income recorded for LNG business in Q3. Environmental Energy 169.7 5.8 186.0 91% ・ Next-g

  14. Slide 14: Net Income Detail: One-Time Items

    2 Net Income Detail One-Time Items 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 (¥ bn) Environmental Energy FY2023 Total － － － － － － FY2024 Total 5.8 － － 5.8 － － Revision of depreciation method in Asia-Pac

  15. Slide 15: 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 Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Food Industry FY2023 Total － － － － (33.4) (33.4) Losses related to salmon farming business － － － － (33.4) (33

  16. Slide 16: 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 Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Environmental Energy FY2023 Total － － － － 18.5 18.5 Gain on liquidation of overseas business － － － －

  17. Slide 17: 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 Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Urban Development FY2023 Total 16.5 － 11.0 27.5 21.7 49.2 & Infrastructure Gain on sale of

  18. Slide 18: 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 Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Food Industry FY2023 Total － － (39.2) (39.2) (1.4) (40.6) Impairment losses in overseas foo

  19. Slide 19: 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 Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Dec 31 ending Mar 31 (¥ bn) Power Solution FY2023 Total － 3.0 － 3.0 95.5 98.5 Gain on sale and revaluation of European

  20. Slide 20: Major Subsidiaries and Affiliates

    2 Major Subsidiaries and Affiliates Nine months Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Environmental Segment net income 143.6 169.7 26.1 Energy Equity in earnings of LNG business from － － － 73.6 78.2 4.6 subsidiaries

  21. Slide 21: Major Subsidiaries and Affiliates (cont'd)

    2 Major Subsidiaries and Affiliates (cont’d) Nine months Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Mineral Resources Segment net income 216.9 229.4 12.5 Iron Ore Company Of Canada (Canada) Iron ore mining, processing, a

  22. Slide 22: Major Subsidiaries and Affiliates (cont'd)

    2 Major Subsidiaries and Affiliates (cont’d) Nine months Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Urban Development Segment net income 36.4 13.7 (22.7) & Infrastructure Diamond Realty Investments, Inc. (U.S.A.) Real es

  23. Slide 23: Major Subsidiaries and Affiliates (cont'd)

    2 Major Subsidiaries and Affiliates (cont’d) Nine months Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Food Industry Segment net income 3.7 86.3 82.6 Origination and export of grains, sale of agricultural inputs, Agrex do B

  24. Slide 24: Major Subsidiaries and Affiliates (cont'd)

    2 Major Subsidiaries and Affiliates (cont’d) Nine months Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Smart-Life Creation 1 Segment net income 83.2 173.9 90.7 Hospital management solutions, medication and medical MC Health

  25. Slide 25: Performance of All Subsidiaries and Affiliates

    2 Major Subsidiaries and Affiliates (cont’d) Performance of All Subsidiaries and Affiliates 1 Attributable Profit and Loss (¥ bn) Number of Entities Nine months ended as at Mar 31, 2024 as at Dec 31, 2024 YoY Change YoY Change Dec 31, 2023 Dec 31, 2024 Count Ratio Count Ratio Count Ratio Profitable

  26. Slide 26: Income Statement Items by Segment

    2 Income Statement Items by Segment (Nine months ended December 31) FY2023 Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Gross profit 90.3 172.8 280.2 126.5 145.6 235.6 603.0 1

  27. Slide 27: Balance Sheet Items by Segment (Dec 31, 2024)

    2 Balance Sheet Items by Segment (as at December 31, 2024) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 3,245.7 2,208.3 4,576.3 2,118.4 1,954.7 1,998.4 2,767.3 2,

  28. Slide 28: Balance Sheet Items by Segment (Mar 31, 2024)

    2 Balance Sheet Items by Segment (as at March 31, 2024) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 2,875.3 2,103.5 4,379.2 2,093.4 1,976.0 2,164.6 4,662.2 2,731

  29. Slide 29: Supplementary Information

     Balance Sheet Ratios and Metrics / Exchange Rates Supplementary 3 Information  Assumptions and Sensitivities  Operational Data by Segment © Copyright 2025 Mitsubishi Corporation 28

  30. Slide 30: Balance Sheet Ratios and Metrics / Exchange Rates

    3 Balance Sheet Ratios and Metrics / Exchange Rates Year ended Year ending YoY March 31, 2024 March 31, 2025 Change ROE and ROA Actual Estimate ROE (Return On Equity) 1 11.3% 10.4% (0.9%) ROA (Return On Assets) 1 4.2% 4.1% (0.1%) Equity ratios as at Mar 31 as at Dec 31 Investment leverage ratio 2 13

  31. Slide 31: Assumptions and Sensitivities

    3 Assumptions and Sensitivities 1 FY2024 Forecast Revised Forecast 1 Variance Nine months ended FY2024 Consolidated Announced Nov 1, 2024 Announced Feb 6, 2025 Dec 31, 2024 Net Income Sensitivities Foreign Exchange 153.22 (JPY/USD) 148.88 +4.34 152.63 ¥5.0 billion (JPY/USD)2 (Jan-Mar: 155.00) Crude

  32. Slide 32: Environmental Energy Segment: Global Portfolio

    3 Environmental Energy Segment: Global​ Portfolio Supplementary Information LNG Canada AP Ventures LNG Canada Expansion (Hydrogen-related Venture Investments) Canada Shale Gas Development​ Sakhalin 2 Project​ Execution & Operation Phase NextGen BEC1 Cameron LNG Astomos Energy Corporation​ (Carbon Cr

  33. Slide 33: Environmental Energy Segment: LNG Projects

    3 Environmental Energy Segment: LNG Projects Supplementary Information 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

  34. Slide 34: Mineral Resources Segment: Global Portfolio

    Mineral Resources Segment: 3 Global Portfolio Supplementary Information Turnagain (Canada) PAK Lithium (Canada) ■ Steelmaking coal ■ Copper ■ Iron Ore ■ Bauxite ■ Nickel ■ Lithium IOC (Iron Ore Company of Canada) (Canada) ○ Operating asset ☆ Exploration, F/S, or under development Aurukun (Australia)

  35. Slide 35: Mineral Resources Segment: Steelmaking Coal Operation

    Mineral Resources Segment: 3 Steelmaking Coal Operation Supplementary Information BMA Annual Production and Sales Volume1 (50% Equity Basis) （mil. mt） Apr-Jun Jul-Sep Oct-Dec Jan-Mar 40.0 • BMA production from October to December 2024 increased by 8% to 4.4Mt on a year-over-year basis (compared to 4

  36. Slide 36: Mineral Resources Segment: Copper Business

    Mineral Resources Segment: 3 Copper Business Supplementary Information Equity Share Production Volumes （kt） Jan-Mar Apr-Jun Jul-Sep Oct-Dec Note: Quarterly figures may not necessarily add up to total annual figures due to rounding. CY2021 CY2022 CY2023 CY2024 Total 218 127 123 Total 248 Total 325 To

  37. Slide 37: Urban Development & Infrastructure: Global Real Estate Portfolio

    Urban Development & Infrastructure: 3 Global Real Estate and Urban Development Portfolio Supplementary Information Development North Multifamily, student housing, Development America industrial properties, data centers Vietnam Large-scale urban development projects, condominiums Future Investment Pl

  38. Slide 38: Mobility Segment: Mitsubishi Motors & Mitsubishi Fuso

    Mobility Segment: Global Automobile Business 3 Mitsubishi Motors & Mitsubishi Fuso Supplementary Information MMCP*2 MCBR Country/Region Distribution MMCR Automobile Distribution ① Overall Demand Finance Poland ② MC’s partner car manufacturer ① 467.1k units Russia vehicle sales (market share) ② MMC 1

  39. Slide 39: Mobility Segment: Isuzu Motors

    Mobility Segment: Global Automobile Business 3 Isuzu Motors Supplementary Information Isuzu vehicle sales LCV: Light Commercial Vehicles CV: Commercial Vehicles ① Overall Demand ② MC’s partner car manufacturer CV and LCV vehicle sales IMI IMEX (market share) Production/ IPC Production/ (April 2024 t

  40. Slide 40: Food Industry Segment: Salmon Farming Business

    3 Food Industry Segment: Salmon Farming Business Supplementary Information Cermaq Cermaq Norway Canada 71,945 6,684 Europe Russia North America Japan Relative Market Size Cermaq Sales Volume Other (by region) South Asia America Year: FY2024 Q3 YTD Fish Species: Scale: MT (GWE basis*) Atlantic salmon

  41. Slide 41: Power Solution Segment: Electric Power Business

    3 Power Solution Segment: Electric Power Business Supplementary Information Americas Japan Diamond Generating 3,220 Mitsubishi Corporation Corporation (DGC USA) Eneco (Netherlands) Energy Solutions (MCES) 750 MW Development and Operation of MW An integrated energy company Development and Operation I

  42. Slide 42: © Copyright 2025 Mitsubishi Corporation

    © Copyright 2025 Mitsubishi Corporation

Mitsubishi — FY2024 Q3 Earnings Presentation on 6ix