Slide 1: FY2025 Q2 Earnings Presentation
Mitsubishi Corporation FY2025 Q2 Earnings Presentation Six months ended September 30, 2025 November 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 perform
Slide 2: Corporate Strategy 2027 Update; Supplementary Information
1 Corporate Strategy 2027 Update Supplementary Information 2 to the Consolidated Financial Statements 3 Supplementary Information
Slide 3: Corporate Strategy 2027 Summary Update
Executive Summary FY2025 Q2 Summary Results Cash Flow Allocation & Leverage Corporate Strategy 2027 Summary Results by Segment 1 Update Full-Year Forecast by Segment Corporate Strategy 2027 Key Investment Projects Announced Status of Select “Enhance” Initiatives Shareholder Return P
Slide 4: Executive Summary: FY2025 Q2 Highlights
1 Executive Summary FY2025 Q2 Highlights FY2025 Q2 underlying operating CF was ¥446.3 billion and consolidated net income was ¥355.8 billion. Underlying operating CF and consolidated net income are largely in line with our full-year guidance, although there is variability across segments due to
Slide 5: FY2025 Q2 Summary Results
1 FY2025 Q2 Summary Results Underlying operating CF declined year on year primarily due to worsening market conditions in the Australian steelmaking coal business and the reclassification of Lawson as an equity method affiliate. Consolidated net income decreased year on year reflecting the absen
Slide 6: Cash Flow Allocation & Leverage
1 Cash Flow Allocation & Leverage Progress is largely in line with the CF allocation plan under Corporate Strategy 2027. Corporate Strategy 2027 Leverage as at September 30, 2025 3-year CF Allocation: 2025 - 2027 FY2025 Q2 Details (announced April 3, 2025) Underlying operating CF ¥0.4 trillion / S
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 ［＋］Timing difference in recording dividend income in the Asia-Pacific LNG business. 97.9 +24.7 Environmental Energy ［－］Impact of increased costs associated with the start-up of production
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 ［＋］Timing difference in recording dividend income in the Asia-Pacific LNG business. 85.8 (8.8) Environmental Energy ［－］Impact of increased costs associated with the start-up of production
Slide 9: Full-Year Forecast by Segment (Underlying operating CF)
1 Full-Year Forecast by Segment (Underlying operating CF) Segment Underlying operating CF Change Details （¥ bn） 167.0 +14.0 ［＋］Restructuring of the upstream resource development business in the North American LNG Environmental Energy business. 153.0 +9% 79.0 (12.0) ［－］Decline in transactions in the
Slide 10: Full-Year Forecast by Segment (Consolidated net income)
1 Full-Year Forecast by Segment (Consolidated net income) Segment Consolidated net income Change Details （¥ bn） 158.0 - Environmental Energy － 158.0 - 52.0 (15.0) ［－］Decrease in market prices in the commodity chemicals business. Materials Solution Decline in transactions in the ceramic materials and
Slide 11: Corporate Strategy 2027 Key Investment Projects Announced
1 Corporate Strategy 2027 Key Investment Projects Announced Following the initiatives announced at Q1, this quarter saw the implementation of “Reshape” and “Create” initiatives in the copper business. Start of profit Segment Business Description Investment Profit contribution contribution Key projec
Slide 12: Status of Select "Enhance" Initiatives
1 Corporate Strategy 2027 Status of Select “Enhance” Initiatives “Enhance” initiatives are currently ongoing in each of our businesses. Status of select “Enhance” initiatives aimed at strengthening our earnings base. Marine Products ASEAN (Thailand and Indonesia) Automotive Current Status Select “En
Slide 13: Corporate Strategy 2027 Shareholder Return Policy
Corporate Strategy 2027 1 Shareholder Return Policy (No change from the announcement made on 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
Slide 14: Supplementary Information to the Consolidated Financial Statements
Progress of Net Income by Segment Net Income by Segment Supplementary Information 2 Income Statement Items by Segment to the Consolidated Balance Sheet Items by Segment Financial Statements Cash Flow Items by Segment Segment Detail Notes regarding Net Income Detail section - “Asset turno
Slide 15: Progress of Net Income by Segment
2 Progress of Net Income by Segment FY2025 Full-Year Guidance （Icons link to “Segment Detail”） Net income for six months ended Announced Sep 30, 2025 Progress Progress Status on Nov 4th (¥ bn) Environmental [+] Dividend income from Asia-Pacific LNG business is weighted towards H1. 85.8 158.0 54% Ene
Slide 16: Net Income by Segment (Quarterly)
2 Net Income by Segment (Quarterly) （Icons link to “Segment Detail”） Three months Three months Six months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Sep 30 ending Dec 31 ending Mar 31 total (¥ bn) FY2024 60.8 33.8 94.6 75.1 28.9 198.6 Environmental Energy FY2025 40.9 44.9 85
Slide 17: 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 for six months ended from Asset from Asset Sep 30, 2025 Total turnover-type Other Total turnover-type Other (¥ bn) businesses businesses FY2024 94.6 5.8 － 5.8 － －
Slide 18: Net Income Detail: One-Time Items
2 Net Income Detail One-Time Items （Icons link to “Segment Detail”） Three months Three months Six months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Sep 30 ending Dec 31 ending Mar 31 (¥ bn) Environmental Energy FY2024 Total 5.8 － 5.8 － － 5.8 Revision of depreciation method i
Slide 19: 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 Six months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Sep 30 ending Dec 31 ending Mar 31 (¥ bn) Mobility FY2024 Total － － － 13.1 (8.7) 4.4 Gain related to change in equity
Slide 20: Net Income Detail: Capital Recycling Gains / Losses
2 Net Income Detail Capital Recycling Gains / Losses （Icons link to “Segment Detail”） Three months Three months Six months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Sep 30 ending Dec 31 ending Mar 31 (¥ bn) Environmental Energy FY2024 Total － － － － － － FY2025 Total 6.7 － 6.
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 Six months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Sep 30 ending Dec 31 ending Mar 31 (¥ bn) Urban Development FY2024 Total (0.7) 1.1 0.4 12.5 14.3 27.
Slide 22: 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 Six months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Sep 30 ending Dec 31 ending Mar 31 (¥ bn) Food Industry FY2024 Total 6.9 32.0 38.9 2.1 － 41.0 Gain r
Slide 23: Income Statement Items by Segment
2 Income Statement Items by Segment FY2024 Q2 Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Gross profit 54.2 113.3 137.7 55.1 81.5 145.8 422.6 44.5 3.9 1,058.6 SG&A expenses (
Slide 24: Balance Sheet Items by Segment (Sep 30, 2025)
2 Balance Sheet Items by Segment (as at September 30, 2025) Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Total assets 3,021.6 1,985.5 4,890.2 2,076.9 1,765.9 1,944.0 2,706.0 2
Slide 25: Balance Sheet Items by Segment (Mar 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 26: Cash Flow Items by Segment
2 Cash Flow Items by Segment (Six months ended September 30, 2025) Underlying operating （Icons link to “Segment Detail”） Divestitures 1 Investments 1 Net Total cash flow (B) (C) (D) = (B) + (C) (A) + (D) (¥ bn) (A) Environmental Energy 97.9 28.3 (144.3) (116.0) (18.0) Materials Solution 34.4 4.4 (13
Slide 27: Environmental Energy: Financial Performance
2 Segment Detail Environmental Energy: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 73.2 97.9 24.7 167.
Slide 28: 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 29: 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 30: Materials Solution: Financial Performance
2 Segment Detail Materials Solution: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 57.1 34.4 (22.7) 79.0
Slide 31: Mineral Resources: Financial Performance
2 Segment Detail Mineral Resources: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 113.0 61.2 (51.8) 136.
Slide 32: 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 ☆ Exploration, F/S, (Canada) Copper World (U.S.)
Slide 33: Mineral Resources: Steelmaking Coal Operation
2 Segment Detail Mineral Resources: Steelmaking Coal Operation BMA Annual Production and Sales Volume1 (50% Equity Basis) （mil. MT） Apr-Jun Jul-Sep Oct-Dec Jan-Mar BMA production from July to September 2025 increased by 8% to 4.9 mil. MT on 40 a year-over-year basis. 30.22 29.52 28.72 28.12 High
Slide 34: 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 1 Began production Total: 248 in July 2022. Total:
Slide 35: Urban Development & Infrastructure: Financial Performance
2 Segment Detail Urban Development & Infrastructure: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 57.5
Slide 36: Urban Development & Infrastructure: 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, student housing, industrial properties, data centers Japan Development In
Slide 37: Mobility: Financial Performance
2 Segment Detail Mobility: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 65.2 55.0 (10.2) 87.0 63% [ー] M
Slide 38: Mobility: 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 ① 318.7k units ① 640.5k units ■ Retail
Slide 39: Mobility: 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 0.9k units2 ■■ IMEX Production/Distribution ■ Other
Slide 40: Food Industry: Financial Performance
2 Segment Detail Food Industry: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 47.8 41.4 (6.4) 98.0 42% [
Slide 41: Food Industry: Salmon Farming Business
2 Segment Detail Food Industry: Global Portfolio - Salmon Farming Business Cermaq Cermaq Relative market size Norway Canada Fish Species: Atlantic salmon, 45,172 5,532 Coho, Trout, Chinook salmon Europe Cermaq sales volume by region Year: FY2025 Q2 YTD North Scale: MT (GWE basis1) Japan America Dist
Slide 42: Smart-Life Creation: Financial Performance
2 Segment Detail Smart-Life Creation: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 76.2 51.0 (25.2) 79.
Slide 43: Power Solution: Financial Performance
2 Segment Detail Power Solution: Financial Performance (¥ bn) Results for six months ended Sep 30 FY2025 Full-year guidance Net income detail for six months ended Sep 30, 2025 FY2024 FY2025 YoY change as of Nov 4 Progress Comments (YoY change) Underlying operating cash flow 30.2 44.6 14.4 104.0 43%
Slide 44: Power Solution: Electric Power Business
2 Segment Detail Power Solution: Global Portfolio - Electric Power Business Eneco (Netherlands) Mitsubishi Corporation Nexamp (U.S.A.) An integrated energy company Energy Solutions Distributed solar generation active primarily in the Netherlands, (MCES / Japan) business. Belgium, and Germany. Develo
Slide 45: Supplementary Information
Balance Sheet Ratios and Metrics / Exchange Rates Supplementary 3 Information Assumptions and Sensitivities Overview of Major Subsidiaries and Affiliates
Slide 46: Balance Sheet Ratios and Metrics / Exchange Rates
3 Balance Sheet Ratios and Metrics / Exchange Rates 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 Sep 30 Equity attributable to owners of the parent (¥ bn) 9,368.7 8,891.5 (477.2)
Slide 47: Assumptions and Sensitivities
3 Assumptions and Sensitivities 1 FY2025 Consolidated FY2025 Forecast1 Revised Forecast Variance Six months ended Net Income Sensitivities (Announced May 2, 2025) (as of Nov 4, 2025) Sep 30, 2025 (Announced May 2, 2025) Foreign Exchange 145.00 145.51 0.51 146.02 ¥4.0 billion (JPY / USD)2 (JPY / USD)
Slide 48: 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 Environmental Energy Natural Gas, LNG Business in Asia Consolidated net income of affiliates and subsidiaries in Asia (Asia-Pacific) Business in
Slide 49: 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 steelmaking coal and other mineral resource
Slide 50: 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.A.) Real estate investment & Infrastructure business Diamond Re
Slide 51: 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 52: 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) Franchise chain of convenience stores Healthcar
Slide 53: Mitsubishi Corporation
2a Mitsubishi Corporation