Mitsui & Co.,ltd · TSE:8031
Mitsui & Co.,ltd — Mitsui & Co Ltd Ord — Q3 2026 Earnings Presentation
52 slides from Mitsui & Co.,ltd's earnings presentation, Feb 3, 2026
Slide 1: Creating Sustainable Futures: FY March 2026 Q1-3 Financial Results
Creating Sustainable Futures FY March 2026 Q1 -3 (April -December 2025) Financial Results This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, objectives, and views of future developments that are forward -looking in nature and are not
Slide 2: Progress of Medium-term Management Plan
Progress of Medium -term 1 Management Plan 2 Operating Results 3 Supplementary Information
Slide 3: Progress of Medium-term Management Plan
Progress of Medium -term 1 Management Plan 2 Operating Results 3 Supplementary Information
Slide 4: Summary of Operating Results
Summary of Operating Results ◆ COCF* 1 : Strong progress pacing above previous forecast. Revised up forecast again to 950 bn yen. ◆ Profit* 2 : Steady progress despite one -time loss related to JA Mitsui Leasing. No change to forecast. (JPY) FY March 2026 YoY change Previous forecast Progress Latest
Slide 5: Progress Against Previous Forecast for FY March 2026 (COCF)
Progress Against Previous Forecast for FY M a rch 2026 (COCF) ◆ Steady progress made in Mineral & Metal Resources, Energy, Machinery & Infrastructure, and Iron & Steel Products . R evised up forecast by 50 bn yen (bn JPY) Previous forecast Latest forecast Segment Q1 -3 results (announced Progress (a
Slide 6: Progress Against Previous Forecast for FY March 2026 (Profit)
Progress Against Previous Forecast for FY M a rch 2026 (Profit) ◆ Steady progress overall, good performance in Mineral & Metal Resources, Energy, Machinery & Infrastructure, and Iron & Steel Products ◆ Slow progress in Innovation & Corporate Development due to one -time loss, but further asset sale
Slide 7: Cash Flow Allocation (Results)
Cash Flow Allocation (Results) ◆ Investments for growth and asset recycling steadily executed in line with the MTMP* 1 ◆ Investments for growth for current fiscal year exceed 1 tr yen after completing acquisition of Rhodes Ridge iron ore interest MTMP 2026 FY March FY March 2026 3-year forecast *3 2
Slide 8: Timing of Earnings Contribution from New Projects
Timing of Earnings Contribution from New Projects Investments for ◆ Higher base profit from projects contributing to earnings in the near -term growth forecast ◆ Steadily executed investments for growth that fortify long -term earnings base during MTMP FY March 2027 2.5 tr JPY FY March 2026 onwards
Slide 9: Shareholder Returns
Shareholder Returns (no change to policy from FY March 2026 Q2 announcement) ◆ Plan to complete announced share repurchase and cancel shares by end of FY March 2026 ◆ DPS* for FY March 2026 to be 115 yen (no change), a 15 yen increase YoY (interim: 55, year 1 -end: 60) ◆ Cumulative shareholder retur
Slide 10: Operating Results
Progress of Medium -term 1 Management Plan 2 Operating Results 3 Supplementary Information
Slide 11: Q1-3 COCF: YoY Segment Comparison
FY March 2026 Q1 -3 COCF : YoY Segment Comparison ◆ Lower mainly due to swing back of large LNG dividends in previous period (accrued in FY March 2024) (bn JPY) FY March 2025 FY March 2026 Segment Change Main factors Q1 -3 results Q1 -3 results Mineral & Metal Metallurgical coal and iron ore prices,
Slide 12: Q1-3 Profit: YoY Segment Comparison
FY March 2026 Q1 -3 Profit: YoY Segment Comparison (bn JPY) FY March 2025 FY March 2026 Segment Change Main factors Q1 -3 results Q1 -3 results Mineral & Metal [－] Metallurgical coal and iron ore (prices), copper (costs, Resources 229.2 199.7 -29.5 volume) [＋] Vale dividends [＋] US gas prices, absen
Slide 13: Factor Comparison: Q1-3 Profit YoY
Factor Comparison: FY March 2026 Q1 -3 Profit YoY +56 -23 (bn JPY) -20 -77 +24 Commodity prices Valuation Total -11.0 Resources Asset gains/losses and Base profit ■ Min. & Metal -19.0 costs/volume ・Iron ore -9.0 recycling one -time factors ＜Positive factors ＞ Costs -11.0 ・Metallurgical coal -12.0 ■
Slide 14: Factor Comparison: Latest vs Previous Profit Forecast
Factor Comparison: Latest vs Previous Profit Forecast (bn JPY) +30 -36 -21 -1 +28 Commodity prices Valuation Total +5.0 Resources Asset gains/losses and Base profit ■ Min. & Metal +3.0 costs/volume ・Iron ore +3.0 recycling one -time factors ＜Negative factors ＞ Costs -1.0 ・Metallurgical coal -5.0 ■ P
Slide 15: Balance Sheet as of end-December
Balance Sheet as of end -December 20 25 End -March 2025 End -December 2025 Main balances and changes Other Current liabilities Changes from (tr JPY) assets End -Dec 2025 end -March 2025 5.5 (Tr JPY) Current Other liabilities 6.7 Interest -bearing debt *3 5.2 ＋0.9 assets 4.3 Net interest -bearing deb
Slide 16: Information on IR Event
Information on IR Event Business briefing Date & Time: Friday, March 13, 2026, 15:00 -17:00 (JST) Speaker: Managing Officer, General Manager of Corporate Sustainability Division / Chisato Onda Managing Officer, General Manager of Human Resources & General Affairs Division I / Tetsu Watanabe Topic: S
Slide 17: Supplementary Information
Progress of Medium -term 1 Management Plan 2 Operating Results 3 Supplementary Information
Slide 18: Supplementary Information
3 Supplementary Information Asset Recycling, Valuation Gains/Losses and 1 One -Time Factors by Segment 10 YoY Profit Change (by Segment and Factor ) 2 Assumptions and Sensitivities Consolidated Statements of Income & Financial 11 Position 3 Cash Flow Allocation (Forecast) 12 Segment Data - FY March
Slide 19: Asset Recycling, Valuation Gains/Losses, and One-Time Factors
1. Asset Recycling, Valuation Gains/Losses 1. and One -Time Factors by Segment (bn JPY) FY March 2026 latest forecast FY March 2026 previous forecast FY March 2026 Q1 -3 results (announced Feb 2026) (announced Nov 2025) Segment Incl. asset recycling, Incl. asset recycling, Incl. valuation Incl. asse
Slide 20: Assumptions and Sensitivities
2. Assumptions and Sensitivities Impact on profit attributable to owners FY March 2026 FY March 2026 March 2026 of the parent for FY March 2026 previous forecast Q1 -3 Q4 full -year forecast (announced May 2025) (announced Nov 2025) (results) (assumption) (avg. of Q1 -3 and Q4) Crude Oil/JCC - bn JP
Slide 21: Cash Flow Allocation (Forecast) - Q2 recap
3. Cash Flow Allocation (Forecast) - FY March 2026 Q2 recap - ◆ Management Allocation now fully allocated to carefully selected investments for growth and shareholder returns MTMP 2026 3 -year cumulative (bn JPY) Announced May 2025 Announced November 2025 COCF 2,850 2,930 IN Cash Asset recycling 1,5
Slide 22: Progress in Enhancement of Base Profit - Q2 recap
4. Progress in Enhancement of Base Profit - FY March 2026 Q2 recap - ◆ Solid progress toward achieving target of 170 bn yen enhancement by end -FY March 2026 ◆ Earnings enhanced by strengthening existing businesses Continued Enhancement of Base Profit (bn JPY) MTMP Strengthening existing businesses
Slide 23: Mineral & Metal Resources – Equity Share of Production
5. Mineral & Metal Resources – Equity Share of Production Iron ore Metallurgical coal Copper *1 *2 *3 *1 *2 (Million tons) (Million tons) (Kilotons) 61.1 62.0 62.3 63.7 115 110 5.6 5.5 5.8 92 Equity Share 5.0 of Production *5 ( as of May 2025) 2024 2025 2026 2027 *4 2024 2025 2026 2027 *4 2024 2025
Slide 24: Mineral & Metal Resources: Main Businesses – Producing Assets
6. Mineral & Metal Resources : Main Businesses – Producing Assets Product Name *1 Location FY March 2025 Main partners Equity Revenue Accounting equity production ratio *3 recognition period Consolidated Robe River Australia 19.7 million tons Rio Tinto 33.0% (partially accounted for Mar by equity me
Slide 25: Energy: Natural Gas & Crude Oil – Equity Share of Production & Reserves
7. Energy: Natural Gas & Crude Oil – Equity Share of Production & Reserves Production *1 *2 *as of May 2025 Reserves *1 *3 *as of Oct 2025 (KBoE *4/day) (100m barrels) ■ Natural gas, LNG ■Crude oil ■ Natural gas, LNG ■Crude oil 247 13.3 13.6 12.5 12.2 213 205 207 204 10.9 11.9 166 159 162 10.5 10.3
Slide 26: Energy: Main Businesses – Producing Assets
8. Energy: Main Businesses – Producing Assets Business Shareholder composition Mitsui Revenue Accounting Project name Location Production capacity / interest holders participating entity recognition period ADNOC Gas (70%), BP (10%), Dividend ADNOC LNG UAE 6.0 million tons/year TotalEnergies (5%) Mit
Slide 27: Energy: Main Businesses – Producing Assets
8. Energy: Main Businesses – Producing Assets Business Production Shareholder composition Mitsui Revenue Accounting Project name Location (most recent data) / interest holders participating entity recognition period Occidental (50%) Block 9 *1 Oman Not disclosed OQ (45%) MEPME (5%) Consolidated Dec
Slide 28: Power Generation Portfolio
9. Power Generation Portfolio Generation Capacity Energy Source By Region (Mitsui’s share) (Target: Renewable energy ratio over 30% by 2030) Renewable energy Gas Coal Oil Net 11.0GW Asia, Australia End -March 2022 (Gross 40 GW) 15% 63% 19% 3% 21% Europe, Africa, 42% Middle East Americas 37% End -Mar
Slide 29: YoY Profit Change (by Segment and Factor)
10. YoY Profit Change (by Segment and Factor) (bn JPY) *1 *2 Foreign exchange (yen vs FC) that does not belong to segments other than Mineral & Metal Resources and Energy is included in Others . *3 FC: f unctional c urrency, RC: r evenue currencies *4 The symbols (+/ -) listed in the two Previous pe
Slide 30: YoY Profit Change (by Segment and Factor)
10. YoY Profit Change (by Segment and Factor) (bn JPY) *1 Breakdown of Resources -related/Commodity Prices/Forex ( Resources/Prices/FX) is shown in the footnotes on page 29. *2 Foreign exchange (yen vs FC) that does not belong to segments other than Mineral & Metal Resources and Energy is included i
Slide 31: YoY Profit Change (by Segment and Factor)
10. YoY Profit Change (by Segment and Factor) (bn JPY) *1 Breakdown of Resources -related/Commodity Prices/Forex ( Resources/Prices/FX) is shown in the footnotes on page 29. *2 Foreign exchange (yen vs FC) that does not belong to segments other than Mineral & Metal Resources and Energy is included i
Slide 32: Consolidated Statements of Income & Financial Position
11. Consolidated Statements of Income & Financial Position Consolidated Statements of Income Net D/E ratio and Adjusted Net D/E ratio (bn JPY) FY 3/26 Q1 -3 FY 3/25 Q1 -3 Changes end -Dec 25 end -Mar 25 Gross profit 966.5 945.4 +21.1 Interest -bearing debt SG&A -644.7 -662.1 +17.4 Short -term debt 2
Slide 33: Segment Data: Mineral & Metal Resources
12. Segment Data (Mineral & Metal Resources) & Metal Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 YoY Main factors FY 3/26 FY 3/26 Progress Q1 -3 Q1 -3 latest forecast previous forecast COCF Metallurgical coal a
Slide 34: Segment Data: Energy
12 . Segment Data (Energy) Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 YoY Main factors FY 3/26 FY 3/26 Progress Q1 -3 Q1 -3 latest forecast previous forecast COCF [- ]Absence of LNG dividends 277.8 215.5 -62.3
Slide 35: Segment Data: Machinery & Infrastructure
12 . Segment Data (Machinery & Infrastructure) Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 YoY Main factors FY 3/26 FY 3/26 Progress Q1 -3 Q1 -3 latest forecast previous forecast COCF Dividends from equity meth
Slide 36: Segment Data: Chemicals
12 . Segment Data (Chemicals) Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 YoY Main factors FY 3/26 FY 3/26 Q1 -3 Progress Q1 -3 latest forecast previous forecast COCF 70.2 74.7 +4.5 [＋] Gain from reversal of pr
Slide 37: Segment Data: Iron & Steel Products
12 . Segment Data (Iron & Steel Products) Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 FY 3/26 FY 3/26 Q1 -3 Q1 -3 YoY Main factors latest forecast Progress previous forecast COCF 4.4 17.7 +13.3 [＋] Trading, div
Slide 38: Segment Data: Lifestyle
12 . Segment Data (Lifestyle) Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 YoY Main factors FY 3/26 Progress FY 3/26 Q1 -3 Q1 -3 latest forecast previous forecast COCF *1 28.8 10.0 -18.8 Intersegment transaction
Slide 39: Segment Data: Innovation & Corporate Development
12 . Segment Data (Innovation & Corporate Development) Information regarding “Profit & Loss Attributable to Mitsui from Major Investees” is on P. 40 -44 (bn JPY) Financials FY 3/25 FY 3/26 YoY Main factors FY 3/26 Progress FY 3/26 Q1 -3 Q1 -3 latest forecast previous forecast COCF 18.6 30.5 +11.9 [＋
Slide 40: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees (bn JPY) Share of *9 FY March Entity Fiscal FY March 2026 Name Principal lines of business profit category *8 2025 *9 Change year -end (％) H1 Q3 Q1 -3 Q1 -3 Iron ore mining operations in Australia*1 Investment in iron ore business in Aust
Slide 41: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees (bn JPY) Share of *9 FY March Entity Fiscal FY March 2026 Name Principal lines of business profit category *8 2025 *9 Change year -end (％) H1 Q3 Q1 -3 Q1 -3 Infrastructure Projects IPP businesses*1 Investment in power generation businesse
Slide 42: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees (bn JPY) Share of *9 FY March Entity Fiscal FY March 2026 Name Principal lines of business profit category *8 2025 *9 Change year -end (％) H1 Q3 Q1 -3 Q1 -3 Basic Materials MMTX Fairway Methanol business in the US 100.0 S Mar 4.0 1.6 5.6
Slide 43: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees (bn JPY) Share of *9 FY March Entity Fiscal FY March 2026 Name Principal lines of business profit category *8 2025 *9 Change year -end (％) H1 Q3 Q1 -3 Q1 -3 Food Minh Phu Seafood Shrimp processing, export and sales 35.0 E Dec -0.3 0.3 0.1
Slide 44: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees (bn JPY) Share of *9 FY March Entity Fiscal FY March 2026 Name Principal lines of business profit category *8 2025 *9 Change year -end (％) H1 Q3 Q1 -3 Q1 -3 IT & Communication MITSUI KNOWLEDGE INDUSTRY Comprehensive ICT services 100.0 S M
Slide 45: Operating Segment Information (Q1-3)
14. Operating Segment Information (FY March 2026 Q1 -3) FY March 2026 Q1 -3 (from April 1, 2025 to December 31, 2025) (bn JPY) Mineral & Machinery & Item Metal Energy Energy Infrastructure Infrastructure Basic Performance Nutrition ＆ Chemicals Resources Energy I Energy II Solutions Projects Mobility
Slide 46: Operating Segment Information (FY March 2025 Q1-3)
14. Operating Segment Information (FY March 2025 Q1 -3) FY March 2025 Q1 -3 (from April 1, 2024 to December 31, 2024) (bn JPY) Mineral & Machinery & Item Metal Energy Energy Infrastructure Infrastructure Basic Performance Nutrition ＆ Chemicals Resources Energy I Energy II Solutions Projects Mobility
Slide 47: Progress of Investments for Growth
15. Progress of Investments for Growth (Nov 2025 to Feb 2026) Key Strategic Initiatives Investments executed and decided upon Expansion of pipeline projects ⚫ Mitsui to Invest in EVERSTEEL – Developer and Supplier of AI -based Steel Scrap Analysis Industrial Systems Business ⚫ Mitsui Develops AIDeeD
Slide 48: List of Main Disclosures for FY March 2026 (Q1 recap)
16. List of Main Disclosures for FY March 2026 (Q1 recap ) Key Strategic Investment Asset Pipeline Disclosures Initiatives decision made recycling expansion etc. Apr IBS ＊1 Recycling of Plastic Waste Discharged at 7 -Eleven Stores in Expo 2025 〇 Topics Apr IBS Notice of ITC Rubis, a European Tank Te
Slide 49: List of Main Disclosures for FY March 2026 (Q2 recap)
16. List of Main Disclosures for FY March 2026 (Q2 recap ) Key Strategic Investment Asset Pipeline Disclosures Initiatives decision made recycling expansion etc. Aug WEC *1 Launch of QIDO: A Quantum -Integrated Chemistry Platform to Accelerate Drug Discovery and Materials Development 〇 Topics Sep IB
Slide 50: List of Main Disclosures for FY March 2026 (Q3)
16. List of Main Disclosures for FY March 2026 (Q3 ) Key Strategic Investment Asset Pipeline Disclosures Initiatives decision made recycling expansion etc. Dec IBS Mitsui to Invest in EVERSTEEL – Developer and Supplier of AI -based Steel Scrap Analysis Systems 〇 Topics Dec GET First commercial gas f
Slide 51: Change to Operating Segments
17. Change to Operating Segments (Effective as of April 1, 2026) Present: 16 BUs, 7 Segments New: 15 BUs, 8 Segments Mineral & Metal Resources Mineral & Metal Resources Business Unit Mineral & Metal Resources Mineral & Metal Resources Business Unit Change in Order ▊ Energy Business Unit I Iron & Ste
Slide 52: 360° business innovation.
360° business innovation. MITSUIECO.