Mitsubishi Corporation · TSE:8058
Mitsubishi — Mitsubishi Corp Ord — Q1 2025 Earnings Presentation
51 slides from Mitsubishi's earnings presentation, Aug 4, 2025
Slide 1: FY2025 Q1 Earnings Presentation
Mitsubishi Corporation FY2025 Q1 Earnings Presentation Three months ended June 30, 2025 August 4, 2025 Forward-Looking Statements - This release contains forward-looking statements regarding Mitsubishi Corporation’s (“MC”, the “Company” or “Parent”) future plans, strategies, beliefs and performance
Slide 2: Progress of Corporate Strategy 2027 / Supplementary Information
1 Progress of Corporate Strategy 2027 Supplementary Information 2 to the Consolidated Financial Statements 3 Supplementary Information
Slide 3: Progress of Corporate Strategy 2027
Executive Summary Summary Results for FY2025 Q1 Cash Flow Allocation & Leverage Progress of 1 Corporate Strategy 2027 Summary Results by Segment Examples of “Enhance” “Reshape” and “Create” Initiatives under Corporate Strategy 2027 Shareholder Returns Policy in Corporate Strategy 2027
Slide 4: Executive Summary: FY2025 Q1 Highlights
1 Executive Summary FY2025 Q1 Highlights FY2025 Q1 underlying operating CF was ¥250.4 billion and consolidated net income was ¥203.1 billion. Underlying operating CF was largely in line with full-year guidance of ¥900 billion at 28% progress, although there is variability across segments due to
Slide 5: Summary Results for FY2025 Q1
1 Summary Results for FY2025 Q1 Progress of both underlying operating CF and consolidated net income was largely in line with full-year guidance. Steady progress was also made in our ¥1 trillion share buyback program, which was announced on April 3, 2025. Total repurchased as of June 30, 2025: ¥
Slide 6: Cash Flow Allocation & Leverage
1 Cash Flow Allocation & Leverage Corporate Strategy 2027 Leverage as at June 30, 2025 3-year CF Allocation: 2025 - 2027 FY2025 Q1 Details (announced April 3, 2025) Underlying Net D/E ratio operating CF ¥0.3 trillion / Solid progress in each segment. Upper limit ¥250.4 billion ¥3.3 trillion~ Appro
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 ［＋］Decrease in tax expenses related to the reduction of capital in the European business. Environmental Energy 35.9 (24.4) ［－］Decrease in dividend income from the Asia-Pacific LNG busines
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 40.9 (19.9) ［－］Decrease in dividend income and absence of previous FY revision of depreciation method Environmental Energy in the Asia-Pacific LNG business. 60.8 (33%) 11.9 (5.2) Material
Slide 9: Examples of Enhance, Reshape and Create Initiatives
1 Examples of “Enhance” “Reshape” and “Create” Initiatives under Corporate Strategy 2027 “Enhance”: First cargo shipped from LNG Canada. “Reshape”: Completion of tender offer for shares in Mitsubishi Shokuhin to make it a wholly owned subsidiary. Environmental Completion of tender offer for shares S
Slide 10: Examples of Enhance, Reshape and Create Initiatives
1 Examples of “Enhance” “Reshape” and “Create” Initiatives under Corporate Strategy 2027 Strengthen seafood value chain through expansion of salmon farming capacity (“Enhance”) and increase stake in global seafood processing business (“Create”). Acquisition of Food Increase stake of a major Food Enh
Slide 11: Examples of Enhance, Reshape and Create Initiatives
1 Examples of “Enhance” “Reshape” and “Create” Initiatives under Corporate Strategy 2027 We will leverage our integrated strengths and capture new market demand to “Create” new businesses. Create Participate in biofuel production and sales business Environmental Energy × Food Industry Participation
Slide 12: Shareholder Returns Policy in Corporate Strategy 2027
1 Shareholder Returns Policy in Corporate Strategy 2027 Announced 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 dividend increases will be d
Slide 13: Supplementary Information to the Consolidated Financial Statements
Net Income by Segment Supplementary Information Net Income Detail 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 / losses in asset turno
Slide 14: Net Income by Segment
2 Net Income by Segment FY2025 Full-Year Guidance （Icons link to “Segment Detail”） FY2025 Q1 Net income Announced Progress Progress Status on May 2nd (¥ bn) [+] Decrease in tax expenses associated with the reduction of capital in the European business. Environmental 40.9 158.0 26% [ー] Decrease in di
Slide 15: 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 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) FY2024 60.8 33.8 75.1 28.9 198.6 Environmental Energy FY2025 40.9 － － － － FY2024 17.1 19.8 11
Slide 16: Net Income Detail
2 Net Income Detail of which are One-time items of which are Capital recycling gains / losses （Icons link to “Segment Detail”） Net income from Asset from Asset Total turnover-type Other Total turnover-type Other (¥ bn) businesses businesses FY2024 60.8 5.8 － 5.8 － － － Environmental Energy FY2025 40.
Slide 17: Net Income Detail: One-Time Items
2 Net Income Detail One-Time Items （Icons link to “Segment Detail”） Three months Three months Three months Three months Full-year ended Jun 30 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Environmental Energy FY2024 Total 5.8 － － － 5.8 Revision of depreciation method in the Asia-Pa
Slide 18: Net Income Detail: One-Time Items (cont'd)
2 Net Income Detail One-Time Items (cont’d) （Icons link to “Segment Detail”） Three months Three months Three months Three months Full-year ended Jun 30 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Mobility FY2024 Total － － 13.1 (8.7) 4.4 Gain related to change in equity interest in
Slide 19: Net Income Detail: Capital Recycling Gains / Losses
2 Net Income Detail Capital Recycling Gains / Losses （Icons link to “Segment Detail”） Three months Three months Three months Three months Full-year ended Jun 30 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Environmental Energy FY2024 Total － － － － － FY2025 Total 6.7 － － － － Reducti
Slide 20: Net Income Detail: Capital Recycling Gains / Losses (cont'd)
2 Net Income Detail Capital Recycling Gains / Losses (cont’d) （Icons link to “Segment Detail”） Three months Three months Three months Three months Full-year ended Jun 30 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Urban Development FY2024 Total (0.7) 1.1 12.5 14.3 27.2 & Infrastru
Slide 21: Net Income Detail: Capital Recycling Gains / Losses (cont'd)
2 Net Income Detail Capital Recycling Gains / Losses (cont’d) （Icons link to “Segment Detail”） Three months Three months Three months Three months Full-year ended Jun 30 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Food Industry FY2024 Total 6.9 32.0 2.1 － 41.0 Gain related to sale
Slide 22: Income Statement Items by Segment
2 Income Statement Items by Segment (Three months ended June 30) FY2024 Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Gross profit 27.7 58.3 87.9 12.0 40.9 82.6 206.0 25.0 1.8
Slide 23: Balance Sheet Items by Segment (June 30, 2025)
2 Balance Sheet Items by Segment (as at June 30, 2025) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 3,151.2 1,962.2 4,518.4 2,071.1 1,787.5 1,903.6 2,584.0 2,483.
Slide 24: Balance Sheet Items by Segment (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
Slide 25: Environmental Energy: Financial Performance
2 Segment Detail Environmental Energy: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 60.3 35.9 (24.4) 1
Slide 26: 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) Canad
Slide 27: 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
Slide 28: Materials Solution: Financial Performance
2 Segment Detail Materials Solution: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 32.4 25.3 (7.1) 91.0
Slide 29: Mineral Resources: Financial Performance
2 Segment Detail Mineral Resources: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 66.2 37.6 (28.6) 145.
Slide 30: 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 (Canada) ☆ Exploration, F/S, or Under Developmen
Slide 31: 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 April to June 2025 increased by 5% to 5.1 mil. MT on a Apr-Jun Jul-Sep Oct-Dec Jan-Mar 40 year-over-year basis. 30.2 2 29.5 2 2 2 Higher product
Slide 32: 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 CY2023 CY2024 CY2025 * Began Total: 248 production Total: 325 37 102 Tot
Slide 33: Urban Development & Infrastructure: Financial Performance
2 Segment Detail Urban Development & Infrastructure: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 23.4
Slide 34: Urban Development & Infrastructure: Global Portfolio
2 Segment Detail Urban Development & Infrastructure: Global Portfolio Vietnam Development Large-scale urban development projects, condominiums North America Development Multifamily, student housing, industrial properties, data centers Japan Indonesia Development Large-scale urban development project
Slide 35: Mobility: Financial Performance
2 Segment Detail Mobility: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 26.4 26.3 (0.1) 90.0 29% [ー] I
Slide 36: 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 Automobile finance ■Automotive finance ■Astara Distribution ① 160.0k units ① 279.8k units ■Retail/After-s
Slide 37: 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) ■Automobile finance LCV ① …1 Mexico ■Retail/After-sales service ② 0.5k units2 ■■ IMEX Production/Distribution ■Other Philippin
Slide 38: Food Industry: Financial Performance
2 Segment Detail Food Industry: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 32.1 22.4 (9.7) 98.0 23%
Slide 39: Food Industry: Global Portfolio - Salmon Farming Business
2 Segment Detail Food Industry: Global Portfolio - Salmon Farming Business Cermaq Cermaq Relevant Market Size Norway Canada Fish Species: Atlantic salmon, 12,392 4,510 Coho, Trout, Chinook salmon Europe Cermaq Sales Volume (by region) Year: FY2025 Q1 YTD North Scale: MT (GWE basis1) Japan America Di
Slide 40: Smart-Life Creation: Financial Performance
2 Segment Detail Smart-Life Creation: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 45.7 48.1 2.4 72.0
Slide 41: Power Solution: Financial Performance
2 Segment Detail Power Solution: Financial Performance Profit / loss for three months ended June 30 FY2025 Full-year guidance Detail for three months ended June 30, 2025 (¥ bn) FY2024 FY2025 YoY change as of May 2 Progress Comments (YoY change) Underlying operating cash flow 14.2 23.0 8.8 93.0 25% [
Slide 42: Power Solution: Global Portfolio - Electric Power Business
2 Segment Detail Power Solution: Global Portfolio - Electric Power Business Eneco (Netherlands) Mitsubishi Corporation Nexamp (U.S.) An integrated energy company Energy Solutions (MCES / Distributed solar generation mainly active in the Netherlands, Japan) business in North America. Belgium, and Ger
Slide 43: Supplementary Information
Balance Sheet Ratios and Metrics / Exchange Rates Supplementary 3 Information Assumptions and Sensitivities Overview of Major Subsidiaries and Affiliates
Slide 44: Balance Sheet Ratios and Metrics / Exchange Rates
3 Balance Sheet Ratios and Metrics / Exchange Rates YoY 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 Jun 30 Equity attributable to owners of the Parent (¥ bn) 9,368.7 8,906.1 (46
Slide 45: Assumptions and Sensitivities
3 Assumptions and Sensitivities Three months ended FY2025 Forecast1 Variance FY2025 Consolidated June 30, 2025 (announced May 2, 2025) Net Income Sensitivities Foreign Exchange (JPY / USD) 144.59 145.00 (0.41) ¥4.0 billion (JPY / USD)2 Crude Oil (Brent)3 (USD / BBL) 75 71 +4 ¥2.0 billion (USD / BBL)
Slide 46: Overview of Major Subsidiaries and Affiliates
3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Operation (Country / Region) Description Environmental Energy Natural Gas, LNG Business in Asia Consolidated net income of affiliates and subsidiaries in Asia (Asia-Pacific) Business in
Slide 47: Overview of Major Subsidiaries and Affiliates
3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Operation (Country / Region) Description Mineral Resources Steelmaking Coal Mitsubishi Development Pty Ltd. (Australia) Investment company for steelmaking coal and other mineral resourc
Slide 48: Overview of Major Subsidiaries and Affiliates
3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Operation (Country / Region) Description Urban Development Urban Development-related Diamond Realty Investments, Inc. (U.S.A.) Real estate investment & Infrastructure business Diamond R
Slide 49: Overview of Major Subsidiaries and Affiliates
3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Operation (Country / Region) Description Food Industry Food Resources Agrex do Brasil LTDA. (Brazil) Origination and export of grains, sale of agricultural inputs, and grain production
Slide 50: Overview of Major Subsidiaries and Affiliates
3 Overview of Major Subsidiaries and Affiliates （Icons link to “Segment Detail”） Business Classification Company / Operation (Country / Region) Description Smart-Life Creation Retail Life Corporation (Japan) Supermarket chain stores Lawson, Inc. (Japan) Franchise chain of convenience stores Healthca
Slide 51: Mitsubishi Corporation
2a Mitsubishi Corporation