Mitsubishi Corporation · TSE:8058
Mitsubishi — Mitsubishi Corp Ord — Q1 2027 Earnings Presentation
58 slides from Mitsubishi's earnings presentation, Aug 3, 2026
Slide 1: FY2026 Q1 Earnings Presentation
Mitsubishi Corporation FY2026 Q1 Earnings Presentation Three months ended June 30, 2026 August 3, 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
Slide 2: Corporate Strategy 2027 Update
1 Corporate Strategy 2027 Update Supplementary Information 2 to the Consolidated Financial Statements 3 Supplementary Information
Slide 3: Corporate Strategy 2027 Update
Executive Summary Profit Growth Outlook Through FY2027 FY2026 Q1 Summary Results Cash Flow Allocation & Leverage Summary Results by Segment Corporate Strategy 2027 1 Update Capital Recycling Track Record Corporate Strategy 2027 Progress and Breakdown of “Enhance” and “Reshape” Profit
Slide 4: Executive Summary
1 Executive Summary FY2026 Q1 Highlights FY2026 Q1 underlying operating CF was ¥341.2 billion (27% progress) and consolidated net income was ¥298.5 billion (27% progress), representing a solid start toward achieving our full-year forecast. With foreign exchange rates and certain commodity prices
Slide 5: Profit Growth Outlook Through FY2027
1 Profit Growth Outlook Through FY2027 Steady project earnings have continued into this fiscal year, driving progress toward our profit growth plan. Quantitative Target 12%+ ROE Oil and gas price Create ¥1.2tn+ assumptions reflect pricing prior to the + ¥100bn+ recent developments in the Middle Ea
Slide 6: FY2026 Q1 Summary Results
1 FY2026 Q1 Summary Results Underlying operating CF and consolidated net income increased year on year due to favorable market conditions in the Australian steelmaking coal business and the copper business, as well as increased transactions associated with the start-up of production at LNG Canada.
Slide 7: Update for ongoing developments in the Middle East
1 Update for ongoing developments in the Middle East We initially anticipated disruption to continue through the first half of FY2026, however, the situation remains fluid and the likelihood of a prolonged impact has increased. Even under a conservative scenario where current conditions persist
Slide 8: Cash Flow Allocation & Leverage
1 Cash Flow Allocation & Leverage Alongside solid underlying operating CF, we completed several divestitures e.g. the redemption of preferred shares in Chiyoda Corporation. Cash inflows remain on track with the Corporate Strategy 2027 (CS2027) plan, while we continue to rigorously screen and pri
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 111.6 +51.4 [ + ] Increase in transactions due to the start-up of North American LNG / Equity LNG marketing business. Energy & Power Solution Increase in dividend income from the Asia-Pac
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 71.9 +31.2 [ + ] Increase in transactions due to the start-up of North American LNG / Equity LNG marketing business. Energy & Power Solution Increase in dividend income from the Asia-Paci
Slide 11: Summary Results by Segment (Consolidated net income bridge)
1 Summary Results by Segment (Consolidated net income bridge) Increase / decrease of capital recycling and one-time items (8.5) Previous FY Current FY Gain on construction completion in energy Gain on sale in the overseas food materials business +23.0 infrastructure-related business (12.0) Rev
Slide 12: Capital Recycling Track Record
1 Capital Recycling Track Record Beyond “Enhance” and “Reshape,” we systematically evaluate all businesses through a best-owner lens to optimize our portfolio, including underperforming and low-growth investments. Under Corporate Strategy 2027, we are strengthening our asset base through discipl
Slide 13: Progress and Breakdown of "Enhance" and "Reshape"
Progress and Breakdown of “Enhance” and “Reshape” 1 Profit Growth Through FY2027 (No change from the FY2025 Results and FY2026 Forecast announcement) We expect profit contributions of approximately ¥145 billion from projects executed as of the end of FY2025. In addition to the recovery of core bus
Slide 14: Plans and Progress under "Enhance" and "Reshape"
1 Plans and Progress under “Enhance” and “Reshape” (No change from the FY2025 Results and FY2026 Forecast announcement) 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 C
Slide 15: Plans and Progress under "Enhance" and "Reshape" (cont'd)
1 Plans and Progress under “Enhance” and “Reshape” (cont’d) (No change from the FY2025 Results and FY2026 Forecast announcement) Forecasted Growth in Adjusted Category Examples of Key Initiatives Progress and Outlook Consolidated Net Income (as of the end of FY2025) (vs. FY2024) Note: Figures are ap
Slide 16: 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 FY2026 Q1) Key projects announced at FY2025 Q1 Note: Figures are approximate LNG First cargo shipped from LNG Canada Enhance
Slide 17: Corporate Strategy 2027 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 FY2026 Q1) Key projects announced at FY2025 Q3 Note: Figures are approximate Gas production: Partially LNG Final In
Slide 18: Corporate Strategy 2027 Shareholder Return Policy
Corporate Strategy 2027 1 Shareholder Return Policy (No change from the announcement on May 1, 2026) CS2027: Maintain progressive dividends and flexible share buybacks. Dividends: We will continue to implement progressive dividends based on the dividend per share. Any further dividend increases wi
Slide 19: 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 - Historical results have been restated to reflect the integration of the Envir
Slide 20: Progress of Net Income by Segment
2 Progress of Net Income by Segment Net income for FY2026 Full-Year Guidance （Icons link to “Segment Detail”） three months ended Announced Progress Progress Status Jun 30, 2026 on May 1st (¥ bn) Energy & [+] North American LNG / Equity LNG marketing business benefited from a concentration of spot sa
Slide 21: 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 Dec 31 ending Mar 31 (¥ bn) Energy & FY2025 40.7 64.6 66.8 37.9 210.0 Power Solution FY2026 71.9 － － － － FY2025 12.5 8.9
Slide 22: 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 three consolidated from Asset from Asset months ended Total turnover-type Other (B) Total turnover-type Other (C) net income (¥ bn) Jun
Slide 23: 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 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Energy & FY2025 Total － － 24.1 (16.3) 7.8 Power Solution Tax gain due to prior year losses fol
Slide 24: 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 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Urban Development FY2025 Total 12.4 (0.4) 12.4 0.1 24.5 & Infrastructure Improved pro
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 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Smart-Life Creation FY2025 Total 9.8 0.5 － (2.2) 8.1 Reversal of tax effect related t
Slide 26: Net Income Detail: 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 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Energy & FY2025 Total 6.7 18.8 － 6.0 31.5 Power Solution Gain in the Japanes
Slide 27: 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 Three months Full-year （Icons link to “Segment Detail”） ended Jun 30 ending Sep 30 ending Dec 31 ending Mar 31 ending Mar 31 (¥ bn) Mobility FY2025 Total － － － 10.8 10.8 Fair value remeasurement gain
Slide 28: Income Statement Items by Segment
2 Income Statement Items by Segment FY2025 Q1 Energy & Urban Materials Mineral Food Smart-Life Power Development & Mobility Other Total Solution Resources Industry Creation (¥ bn) Solution Infrastructure Gross profit 62.8 51.3 44.8 42.1 41.0 68.3 55.1 3.0 368.5 SG&A expenses (53.5) (38.7) (22.0) (35
Slide 29: Balance Sheet Items by Segment (as at June 30, 2026)
2 Balance Sheet Items by Segment (as at June 30, 2026) Urban Energy & Power Materials Mineral Food Smart-Life Development & Mobility Other Total Solution Solution Resources Industry Creation (¥ bn) Infrastructure Total assets 5,893.4 1,999.1 5,809.6 1,686.1 1,936.0 2,375.8 2,662.5 1,087.3 23,449.8 C
Slide 30: Balance Sheet Items by Segment (as at March 31, 2026)
2 Balance Sheet Items by Segment (as at March 31, 2026) Urban Energy & Power Materials Mineral Food Smart-Life Development & Mobility Other Total Solution Solution Resources Industry Creation (¥ bn) Infrastructure Total assets 6,079.0 1,971.4 5,995.2 2,173.8 1,942.7 2,334.1 2,745.5 910.1 24,151.7 Ca
Slide 31: Energy & Power Solution: Financial Performance
2 Segment Detail Energy & Power Solution: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operating cash flow
Slide 32: 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
Slide 33: Energy & Power Solution: Global Portfolio - LNG Business
Segment Detail 2 Energy & Power Solution: Global Portfolio - LNG Business Production Capacity (MTPA) Project Country Other Key Shareholders Total MC’s Equity 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%)
Slide 34: 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.
Slide 35: Materials Solution: Financial Performance
2 Segment Detail Materials Solution: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operating cash flow 25.9
Slide 36: Materials Solution: Business Overview
2 Segment Detail Materials Solution: Business Overview Building supply chains around upstream Developing specialized performance materials Essential Materials essential materials Performance Materials for each industry / region Main • Silica sand • Salt • Carbon materials Main • Full range of perfor
Slide 37: Mineral Resources: Financial Performance
2 Segment Detail Mineral Resources: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operating cash flow 40.1
Slide 38: 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） ■ Fertilizer Resource (Canada) 〇 Operating Asset
Slide 39: 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 increased 10% year-on-year to 5.7Mt from April to June 2026. Apr-Jun Jul-Sep Oct-Dec Jan-Mar 40 The increase was supported by solid stripping perform
Slide 40: 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
Slide 41: Urban Development & Infrastructure: Financial Performance
2 Segment Detail Urban Development & Infrastructure: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operatin
Slide 42: Urban Development & Infrastructure: Global Portfolio - Real Estate and Urban Development
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
Slide 43: Mobility: Financial Performance
2 Segment Detail Mobility: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operating cash flow 27.0 25.7 (1.3
Slide 44: 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 180k units ① 336k units ■ Retail / Af
Slide 45: 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 0.7k units2 ■■ IMEX Production / Distribution ■ Othe
Slide 46: Food Industry: Financial Performance
2 Segment Detail Food Industry: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operating cash flow 23.2 20.5
Slide 47: 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, 36.3 17.8 Coho, Trout, Chinook salmon Europe Cermaq sales volume by region Period: FY2026 Q1 North Scale: thousand MT (GWE basis1) Japan America
Slide 48: Smart-Life Creation: Financial Performance
2 Segment Detail Smart-Life Creation: Financial Performance (¥ bn) Results for three months ended Jun 30 FY2026 Full-year guidance Consolidated net income detail for three months ended Jun 30, 2026 FY2025 FY2026 YoY change as of May 1 Progress Comments (YoY change) Underlying operating cash flow 49.
Slide 49: Smart-Life Creation: Business Overview
2 Segment Detail Smart-Life Creation: Business Overview We aim to build a unique ecosystem centered on consumer needs. By launching C2B* initiatives that enhance everyday lifestyles and seamlessly integrating them with B2B operations in finance, digital services, and logistics, we are creating a c
Slide 50: Supplementary Information
Balance Sheet Ratios and Metrics / Exchange Rates Supplementary 3 Information Assumptions and Sensitivities Overview of Major Subsidiaries and Affiliates
Slide 51: Balance Sheet Ratios and Metrics / Exchange Rates
3 Balance Sheet Ratios and Metrics / Exchange Rates FY2025 FY2026 Change ROE and ROA Actual Estimate 1 ROE (Return On Equity) 8.5% 11.5% 3.0% 1 ROA (Return On Assets) 3.5% 4.6% 1.1% Equity ratios as at Mar 31 as at Jun 30 Equity attributable to owners of the parent (¥ bn) 9,440.6 9,635.2 194.6 Hybri
Slide 52: Assumptions and Sensitivities
3 Assumptions and Sensitivities 1 FY2026 Consolidated Three months ended FY2026 Forecast June 30, 2026 (announced May 1, 2026) Change Net Income Sensitivities 8 (announced May 1, 2026) Foreign Exchange (JPY / USD) 159.57 150.00 9.57 ¥5.0 billion (JPY / USD)2 Crude Oil 3 Brent 71 78 (7) ¥2.4 billion
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 Energy & Natural Gas, LNG Business in Asia Production and sale of natural gas and LNG in Asia Power Solution (Asia-Pacific) Business in Pacific P
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 Mineral Resources Steelmaking Coal Mitsubishi Development Pty Ltd. (Australia) Investment company for BMA steelmaking coal in Australia Copper JE
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 Urban Development Urban Development-related Diamond Realty Investments, Inc. (U.S.) Real estate investment & Infrastructure business Diamond Real
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 Food Industry Food Resources Agrex do Brasil LTDA. (Brazil) Origination and export of grain, sale of agricultural inputs, and grain production Mi
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 Smart-Life Creation Retail Life Corporation (Japan) Supermarket chain stores Lawson, Inc. (Japan) Convenience store franchise Healthcare MC Healt
Slide 58: Mitsubishi Corporation
2a Mitsubishi Corporation