Mitsubishi Corporation · TSE:8058

Mitsubishi — Mitsubishi Corp Ord — FY2024 Earnings Presentation

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

  1. Slide 1: FY2024 Results and FY2025 Forecast Presentation Materials

    Mitsubishi Corporation FY2024 Results and FY2025 Forecast Presentation Materials May 2, 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 that are n

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

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

  3. Slide 3: Midterm Corporate Strategy 2024 Results

     Executive Summary  Summary of FY2024 Results and FY2025 Forecast  Cash Flow Allocation Midterm Corporate 1  Summary Results by Segment Strategy 2024 Results  Full-Year Forecast by Segment  Quantitative Targets of Midterm Corporate Strategy 2024 Review  Midterm Corporate Strategy 2024 Supplem

  4. Slide 4: Executive Summary

    1 Executive Summary FY2024 Results  FY2024 underlying operating CF was ¥983.7 billion and consolidated net income was ¥950.7 billion.  We have achieved all the quantitative targets of Midterm Corporate Strategy 2024. FY2025 Forecast  Our forecast for FY2025 consolidated net income is ¥700 billion

  5. Slide 5: Summary of FY2024 Results and FY2025 Forecast

    1 Summary of FY2024 Results and FY2025 Forecast  In FY2024, underlying operating CF decreased year on year mainly due to lower volumes and worsening market conditions in our Australian steelmaking coal and ASEAN automotive businesses, while consolidated net income stayed at roughly the same level a

  6. Slide 6: Cash Flow Allocation

    1 Cash Flow Allocation Midterm Corporate Strategy 2024 Results Cumulative results 3-year CF Allocation: 2022 - 2024 over 3-year period Details Revised February 6, 2024 FY2022 FY2023 FY2024 Underlying ¥1.0 trillion ¥3.4 trillion operating CF ¥1.3 trillion ¥1.2 trillion ¥983.7 billion ¥3,446.9 billion

  7. Slide 7: Summary Results by Segment (Underlying operating CF)

    1 Summary Results by Segment (Underlying operating CF) （¥ bn） YoY Segment Underlying operating CF FY2024 details Change Environmental Energy 200.7 (30.5) ［－］Increased taxes in the LNG business. 231.2 (13%) Materials Solutions 106.3 (4.8) ［－］Decrease in dividend income from the North American plastic

  8. Slide 8: Summary Results by Segment (Consolidated net income)

    1 Summary Results by Segment (Consolidated net income) （¥ bn） YoY Segment Consolidated net income FY2024 details Change 198.6 (40.2) ［－］Absence of previous FY gain on liquidation of subsidiary in the Malaysia LNG business. Environmental Energy Decrease in market prices in the shale gas business. 238

  9. Slide 9: Full-Year Forecast by Segment (Underlying operating CF)

    1 Full-Year Forecast by Segment (Underlying operating CF) （¥ bn） YoY Segment Underlying operating CF FY2025 details Change ［＋］Absence of previous FY tax increase in the LNG business. 153.0 (47.7) Environmental Energy ［－］Decrease in crude oil prices, decline in total volume and decrease in equity-met

  10. Slide 10: Full-Year Forecast by Segment (Consolidated net income)

    1 Full-Year Forecast by Segment (Consolidated net income) （¥ bn） YoY Segment Consolidated net income FY2025 details Change ［＋］Recognition of deferred tax at commencement of operations in the North American LNG Environmental Energy 158.0 (40.6) business. 198.6 (20%) ［－］Decrease in crude oil prices an

  11. Slide 11: Quantitative Targets of Midterm Corporate Strategy 2024 Review

    1 Quantitative Targets of Midterm Corporate Strategy 2024 Review  We have delivered all the quantitative targets of the Midterm Corporate Strategy 2024. Quantitative Targets of Midterm Corporate Strategy 2024 Net Income / CF Maintain / Improve Capital Efficiency Ensuring Financial Soundness FY2024

  12. Slide 12: From Enhance 1.0 to Enhance 2.0

    1 From Enhance 1.0 to Enhance 2.0: Midterm Corporate Strategy 2024 Supplementary Overview  As we transition from Enhance 1.0 to Enhance 2.0, we will accelerate growth and our reinforce earnings base across all businesses. Enhance 2.0 Midterm Corporate Strategy 2024 Corporate Strategy 2027 244 compa

  13. Slide 13: Segment Performance

     Net Income by Segment  Net Income Detail 2  Major Subsidiaries and Affiliates Segment Performance  Income Statement Items by Segment  Balance Sheet Items by Segment  Major Cash Flow Items Notes regarding Net Income Detail section - Beginning FY2024 Q2, “non-recurring items” have been classifi

  14. Slide 14: Net Income by Segment (Quarterly)

    2 Net Income by Segment (Quarterly) Three months Three months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 total (¥ bn) FY2023 55.2 34.6 53.8 95.2 238.8 Environmental Energy FY2024 60.8 33.8 75.1 28.9 198.6 FY2023 25.4 18.3 7.8 22.4 73.9 Materials Solution

  15. Slide 15: Net Income Detail

    2 Net Income Detail of which are One-time items of which are Capital recycling gains / losses Net income from Asset from Asset Total turnover-type Other Total turnover-type Other (¥ bn) businesses businesses FY2023 238.8 0.0 0.0 0.0 18.5 0.0 18.5 Environmental Energy FY2024 198.6 5.8 0.0 5.8 0.0 0.0

  16. Slide 16: Net Income Detail: One-Time Items

    2 Net Income Detail One-Time Items Three months Three months Three months Three months Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Environmental Energy FY2023 Total － － － － － FY2024 Total 5.8 － － － 5.8 Revision of depreciation method in Asia-Pacific LNG business

  17. Slide 17: 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 ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Mobility FY2023 Total － － － － － FY2024 Total － － 13.1 (8.7) 4.4 Gain related to change in equity interest in Mitsubishi Mo

  18. Slide 18: 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 ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Environmental Energy FY2023 Total － － － 18.5 18.5 Gain on liquidation of overseas business － － － 16.5 16.5 Gain o

  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 Three months Full-year ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Urban Development FY2023 Total 16.5 － 11.0 21.7 49.2 & Infrastructure Gain on sale of projects of Japane

  20. Slide 20: 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 ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Mobility FY2023 Total (2.6) 1.8 20.3 (0.9) 18.6 Gain related to sale of overseas business (2.6) 3.9 14.2

  21. Slide 21: 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 ended Jun 30 ended Sep 30 ended Dec 31 ended Mar 31 ended Mar 31 (¥ bn) Smart-Life Creation FY2023 Total 36.9 － － 11.9 48.8 Gain on sale of an affiliated company 36.9 － － － 36.

  22. Slide 22: Major Subsidiaries and Affiliates

    2 Major Subsidiaries and Affiliates Full-Year Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Environmental Segment net income 238.8 198.6 (40.2) Energy Equity in earnings of LNG business from － － － 91.5 92.7 1.2 subsidiaries

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

    2 Major Subsidiaries and Affiliates (cont’d) Full-Year Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Mineral Resources Segment net income 295.5 227.8 (67.7) Iron Ore Company Of Canada (Canada) Iron ore mining, processing, a

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

    2 Major Subsidiaries and Affiliates (cont’d) Full-Year Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Urban Development Segment net income 50.9 39.8 (11.1) & Infrastructure Diamond Realty Investments, Inc. (U.S.A.) Real esta

  25. Slide 25: Major Subsidiaries and Affiliates (cont'd)

    2 Major Subsidiaries and Affiliates (cont’d) Full-Year Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change Food Industry Segment net income (25.3) 92.4 117.7 Origination and export of grains, sale of agricultural inputs, Agrex do

  26. Slide 26: Major Subsidiaries and Affiliates (cont'd)

    2 Major Subsidiaries and Affiliates (cont’d) Full-Year Profit (Loss) Subsidiary / Equity Company / Operation (Country) Description YoY Affiliate (% ) FY2023 FY2024 (¥ bn) Change 1 Smart-Life Creation Segment net income 102.7 185.0 82.3 Hospital management solutions, medication and medical MC Healthc

  27. Slide 27: Performance of All Subsidiaries and Affiliates

    2 Major Subsidiaries and Affiliates (cont’d) Performance of All Subsidiaries and Affiliates 1 1 Attributable Profit and Loss (¥ bn) Number of Entities Year ended as at Mar 31, 2024 as at Mar 31, 2025 YoY Change YoY Change Mar 31, 2024 Mar 31, 2025 Count Ratio Count Ratio Count Ratio Profitable entit

  28. Slide 28: Income Statement Items by Segment

    2 Income Statement Items by Segment (Twelve months ended March 31) FY2023 Urban Environmental Materials Mineral Food Smart-Life Power Development & Mobility Other Total Energy Solution Resources Industry Creation Solution (¥ bn) Infrastructure Gross profit 108.0 232.5 397.9 168.9 182.1 300.6 806.1 1

  29. Slide 29: 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

  30. Slide 30: Balance Sheet Items by Segment (March 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

  31. Slide 31: Major Cash Flow Items

    2 Major Cash Flow Items (Twelve months ended March 31, 2025) Cash flows from investing activities Underlying operating Adjusted free cash flows Sales and New / Replacement cash flows Net Collection Investments (¥ bn) Environmental Energy 200.7 87.4 (157.1) (69.6) 131.1 Materials Solution 106.3 7.9 (

  32. Slide 32: Supplementary Information

     Balance Sheet Ratios and Metrics / Exchange Rates Supplementary 3 Information  Assumptions and Sensitivities  Operational Data by Segment © Copyright 2025 Mitsubishi Corporation 31

  33. Slide 33: Balance Sheet Ratios and Metrics / Exchange Rates

    3 Balance Sheet Ratios and Metrics / Exchange Rates Year ended Year ended YoY March 31, 2024 March 31, 2025 Change ROE and ROA Actual Actual ROE (Return On Equity) 1 11.3% 10.3% (1.0%) 1 ROA (Return On Assets) 4.2% 4.2% 0.0% Equity ratios as at Mar 31 as at Mar 31 Equity attributable to owners of th

  34. Slide 34: Assumptions and Sensitivities

    3 Assumptions and Sensitivities 1 FY2025 Consolidated FY2024 FY2025 Forecast Variance Net Income Sensitivities Foreign Exchange (JPY / USD) 152.61 145.00 (7.61) ¥4.0 billion (JPY / USD)2 Crude Oil (Brent)3 81 71 (10) ¥2.0 billion (USD / BBL)4 (USD / BBL) (Apr to Dec: 69) Copper (LME) (USD / MT) 9,37

  35. Slide 35: 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 C

  36. Slide 36: 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

  37. Slide 37: Mineral Resources Segment: Global Portfolio

    Mineral Resources Segment: 3 Global Portfolio Supplementary Information Turnagain (Canada) PAK Lithium (Canada) Arctial（Finland） IOC (Iron Ore Company of Canada) (Canada) Aurukun (Australia) Quellaveco (Peru) BMA (Australia) Antamina (Peru) Marimaca (Chile) Kalgoorlie Nickel Project (Australia） Esco

  38. Slide 38: 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  BMA production from January to March 2025 decreased by 12% to 3.9Mt on a year-over-year basis. 30 30.22 29.52 28

  39. Slide 39: 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. CY2022 CY2023 CY2024 CY2025 Total 248 Total 325 127 Total 329 123 To

  40. Slide 40: Urban Development & Infrastructure: Global Real Estate and Urban Development 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

  41. Slide 41: Mobility Segment: Global Automobile Business 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 ① 625.5k units Russia vehicle sales (market share) ② MMC

  42. Slide 42: Mobility Segment: Global Automobile Business 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

  43. Slide 43: Food Industry Segment: Salmon Farming Business

    3 Food Industry Segment: Salmon Farming Business Supplementary Information Cermaq Cermaq Norway Canada 93,702 9,699 Europe North America Japan Relative Market Size Cermaq Sales Volume Other South (by region) Asia America Year: FY2024 Q4 YTD Fish Species: Atlantic Scale: MT (GWE basis*) salmon, Coho,

  44. Slide 44: Power Solution Segment: Electric Power Business

    3 Power Solution Segment: Electric Power Business Supplementary Information Americas Eneco (Netherlands) Mitsubishi Corporation Diamond Generating An integrated energy company mainly active Corporation (DGC USA) 3,230MW in the Netherlands, Belgium and Germany Energy Solutions (MCES) Japan Developmen

  45. Slide 45: Mitsubishi Corporation

    2a Mitsubishi Corporation

Mitsubishi Corp Ord — FY2024 Earnings Presentation on 6ix