Mitsui & Co.,ltd · TSE:8031
Mitsui & Co.,ltd — FY March 2025 Earnings Presentation
64 slides from Mitsui & Co.,ltd's earnings presentation, May 1, 2025
Slide 1: Medium-term Management Plan 2026 Progress and FY March 2026 Business Plan
Creating Sustainable Futures Medium-term Management Plan 2026 Progress and FY March 2026 Business Plan MITSUI&CO. ! This material contains statements (including figures) regarding Mitsui & Co., Ltd. ("Mitsui")'s corporate strategies, : ' objectives, and views of future developments that are forward-
Slide 2: Agenda
Bow & Management Policy Progress of Medium-term Management Plan FY March 2025 Results and FY March 2026 Business Plan Supplementary Information
Slide 3: Management Policy
Management Policy
Slide 4: Entering the Final Year of MTMP 2026
Entering the Final Year of MTMP 2026 > @ Action plan for Medium-term Management Plan (MTMP) progressing ahead of schedule @ Securing various management options in changing business environment Enhancement of base profit Portfolio management Balance sheet management Copyright © MITSUI & CO., LTD. ALL
Slide 5: Major Projects Announced in First Two Years of MTMP
Major Projects Announced in First Two Years of MTMP > @ Captured new opportunities through our cross-industry functions @ Collaborating with global partners to solve social issues © Functional food ingredients ®Low-carbon ammonia Cleese (Blue Point) . Contact Center (Altius Link) i Broilers = Q_/ ©
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Slide 7: MTMP Progress (Key Strategic Initiatives)
> MTMP Progress (Key Strategic Initiatives) Gren @ Progress in both near-term earnings contribution, and building of long-term earnings base @ Further strengthened existing businesses, drove forward earnings from PMI and forming business clusters _ Investment decision in Rhodes Industrial Ridge (Aus
Slide 8: Review of Materiality (Material Issues)
Review of Materiality (Material Issues ) > MITSUIECO. @ Inreviewing important social issues, incorporated perspective of double materiality’ which is indispensable for sustainable corporate activities @ Reflecting growing importance of human rights, added a standalone Materiality item Materiality Re
Slide 9: Americas and US Business
Americas and US Business > @ Domestic operations is largest component in US portfolio @ Seeing changes in supply chains as opportunity and deploying trading functions Exports LNG - ® Grains | Domestic operations ; wali 4 @ Automotives, trucks US A C | | ehatmelions business ratio pprox. , : @ Methan
Slide 10: Initiatives to Enhance Corporate Value
> Initiatives to Enhance Corporate Value Gren @ Persist with initiatives for continuous ROE growth @ Strengthening resilience through risk management, timely investments and asset recycling FY March 2026 Key Initiatives + © Enhancing productivity, strengthening earnings base, and Strengthening deepe
Slide 11: Cash Flow Allocation Policy
Cash Flow Allocation Policy > MITSUIECO. @ Maintain existing cash flow allocation framework @ Balanced allocation between investments and shareholder returns to enhance corporate value @ Maintain sufficient Management Allocation to keep management options wide open for various scenarios Core Operati
Slide 12: Progress of Medium-term Management Plan
2 Progress of Medium-term Management Plan
Slide 13: FY March 2025 Results and FY March 2026 Business Plan
FY March 2025 Results and FY March 2026 Business Plan > @ COCF*! reached 1 trillion-yen level for fourth consecutive fiscal year @ Based on solid cash flow, dividend for FY March 2026 will be increased by 15 yen per share @ FY March 2026 business plan formulated reflecting latest state of business e
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Slide 15: Cash Flow Allocation (Forecast)
Cash Flow Allocation (Forecast) > MITSUIECO. @ Balancing carefully selected investments for growth, such as Rhodes Ridge, and shareholder returns @ 400 bn yen replenished from balance sheet to Management Allocation MTMP 2026 3-year cumulative (onsPY) Ny COcF 3,000 2,850 . Management Allocation cach
Slide 16: Progress in Enhancement of Base Profit
> Progress in Enhancement of Base Profit mae @ First 2 years’ progress of 120 billion yen*! against target of 170 billion yen increase by end-FY March 2026 @ Steady progress so far, expecting to achieve MTMP 2026 target (bn JPY) Continued Enhancement of Base Profit Strengthening existing businesses
Slide 17: Timing of Earnings Contribution from New Projects
> Timing of Earnings Contribution from New Projects mae @ Progressing ahead of schedule with investment decisions and executions, fortifying near-term earnings contribution and long-term earnings base @ Steadily implement PMIs to achieve expected earnings for newly acquired projects — FY March 2027
Slide 18: Shareholder Returns Policy
> Shareholder Returns Policy ie @ DPS*! for FY March 2026 to be 115 yen per share, a 15 yen increase (interim: 55, year-end: 60) @ Cumulative shareholder returns as % of COCF for 3-year MTMP expected to exceed 49% @ Based on confidence in significant growth in earnings base, plan to maintain progres
Slide 19: FY March 2025 Results and FY March 2026 Business Plan
3 FY March 2025 Results and FY March 2026 Business Plan
Slide 20: FY March 2025 COCF (Results): YoY Segment Comparison
FY March 2025 COCF (Results): YoY Segment Comparison > (bn JPY) FY March 2024 FY March 2025 Sg Result Result Change Main YoY factors Mineral & Metal Resources 409.1 357.9 -51.2 [-] Ironore and metallurgical coal prices Energy 247.8 363.4 +115.6 [+] LNGdividends Maciinean7® [- ] Consolidated subsidia
Slide 21: FY March 2025 Profit (Results): YoY Segment Comparison
FY March 2025 Profit (Results): YoY Segment Comparison > (bn JPY) FY March 2024 FY March 2025 Segment Change Main YoY factors Result Mineral & Metal Result Resources 335.1 285.4 -49.7 [-] Ironore and metallurgical coal prices Energy 281.7 173.5 -108.2 [-] Absence of one-time profit, LNG trading Me c
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Slide 23: Balance Sheet as of End-March 2025
Balance Sheet as of End-March 2025 End-March 2024 (Tr JPY) Other Current liabilities assets 5.8 4.4 Non-controlling interests End-March 2025 Gurrent, assets Nng- and shor+| term debt? 4.8 (3:3) Non-current assets Non-controlling > MITSUIECO. (Tr JPY) Interest-bearing debt *3 4.3 +0.0 Net interest-be
Slide 24: FY March 2026 Business Plan: COCF YoY Segment Comparison
FY March 2026 Business Plan: COCF YoY Segment Comparison (bn JPY) FY March 2025) FY March 2026 result business plan Change Segment > MITSUIECO. Main YoY factors Mineral & Metal [-] Iron ore and metallurgical coal prices, dividends from Resources 357.9 260 -97.9 equity method investees, interest expe
Slide 25: FY March 2026 Business Plan: Profit YoY Segment Comparison
FY March 2026 Business Plan: Profit YoY Segment Comparison > MITSUIECO. (bn JPY) FY March 2025 FY March 2026 . F han Main YoY factors Seg eM result business plan Cineemnishe a Mincralle ere 285.4 200 -85.4 [-] Ironore and metallurgical coal prices, interest expenses [- ] LNGdividends, crude oil pric
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Slide 27: Supplementary Information
4 | Supplementary Information
Slide 28: Supplementary Information contents
29 supplementary Information 7 8 9 Asset Recycling, Valuation Gains/Losses and One-Time Factors by Segment Initiatives to Enhance Corporate Value Corporate Governance Assumptions and Sensitivities Mineral & Metal Resources: Equity Share of Production Mineral & Metal Resources : Main Businesses - Pro
Slide 29: Asset Recycling, Valuation Gains/Losses and One-Time Factors by Segment
1. Asset Recycling, Valuation Gains/Losses and One-Time Factors by Segment Profit FY March 2025 result > MITSUIECO. (bn JPY) FY March 2026 business plan Profit Asset recycling, valuation gains/losses and one-time factors Mineral & Metal Resources 285.4 0.3 6.3 200 4 Energy 173.5 0.3 -14.1 140 11 Mac
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Slide 32: Assumptions and Sensitivities
4. Assumptions and Sensitivities "1 2 3 *4 a) *6 “7 “8 9 “10 MITSUIECO. Impact on profit for the year attributable to owners of FY March 2026 FY March 2025 the parent for the year ending FY March 2026 assumption result Crude oil/JCC - 67 83 Consolidated oil price? 2.4bn JPY (1USD/bbl) 75 86 US gas?
Slide 33: Mineral & Metal Resources - Equity Share of Production
5. Mineral & Metal Resources - Equity Share of Production Equity Share of Production (as of May 2025) Production (Million tons) *? 61.1 62.0 62.3 63.7 2024 2025 2026 2027“ Est. Est. Result Nest Metall cal coal (Million tons)? 5.6 5.5 5.0 5.8 2024 2025 = 2026 = 2027 Est. Est. Result \ Result > MITSUI
Slide 34: Mineral & Metal Resources: Main Businesses - Producing Assets
6. Mineral & Metal Resources: Main Businesses - Producing Assets 1 . FY March 202: Eq Reven equity productio' Men pening ratio recogniti Consolidated > MITSUIECO. Accounti Period Robe River Australia 19.7 million tons Rio Tinto 33.0% (partially accounted for Mar by equity method) Mt. Newman / Yandi/
Slide 35: Energy: Natural Gas & Crude Oil - Equity Share of Production & Reserves
7. Energy: Natural Gas & Crude Oil - Equity share of Production & Reserves > MITSUIECO. Production” \ *as of May 2025 (KBoE"4/day) © Natural gas, LNG @ Crude oil 247 12.7 213 205 207 159 162 46 45 2024 2025 2026 2027. *5 2021 Result Result Est. Est. Result erves *1°3 *as of Oct 2024 (100m barrels) ©
Slide 36: Energy: Main Businesses - Producing Assets
8. Energy: Main Businesses - Producing Assets > A 4 a hol iti Location | Production capacity s a eee or noel ren ADNOC Gas (70%), Business| Project name BP(10%), —mitsui (15%) ADNOC LNG UAE 6.0 million tons/year TotalEnergies (5%) income Dec an QatarEnergy (68.5%) sui Dividend QatarEnergy LNG N(3) Q
Slide 37: Energy: Main Businesses - Producing Assets
8. Energy: Main Businesses - Producing Assets Business| Project name Location Production (most recent data) Shareholder composition /Interest holders > MITSUIECO. Revenue |Accounting Period Block? Block27 Block 3&4 Tempa Rossa Greater Enfield Kipper E&P = Waitsia Casino, Henry, Netherby Meridian Eag
Slide 38: Power Generation Portfolio
9. Power Generation Portfolio (Mitsui’s share) Mar Net10.5GW 2024 (Gross 40GW) © Jun Net9.7GW 2024 (Gross 36GW) | Sept Net9.7GW 2024 (Gross 36GW) - Dec Net9.7GW 2024 (Gross 36GW) | Net 9.5GW. (Gross 34GW) Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. Energy Source Gas m Coal > MITSUIECO. (Targ
Slide 39: YoY Profit Change (by Factor and Segment)
10. YoY Profit Change (by Factor and Segment) Resources MITSUIECO. (bn JPY) Asset recycling *1*5 Valuation gains/losses and on ime factors *1*5 [Prices rex “2°3 Base profit "1 25/3 Change Previous Current year Previous Current year ‘Various -0.4 +1.2)-Various rot ae eck a2 0 0 419.1 +1.9]-Various 32
Slide 40: YoY Profit Change (by Factor and Segment)
10. YoY Profit Change (by Factor and Segment) i (bn JPY) Resources Asset recycling *1*5 Valuation gains/losses and one-time factors *1*5 (Prices Base profit *1 25/3 Change es Previous Current year Previous Current year “23 Machinery tnrastruct *Sale of Paiton +44,7 Oilfield development support vesse
Slide 41: YoY Profit Change (by Factor and Segment)
10. YoY Profit Change (by Factor and Segment) i Resources Asset recycling *1*5 Valuation gains/losses and one-time factors *1*5 Segment 24/3 Base profit *1 rrrices 25/3 Change XQ Previous Current year Previous Current year 292 Iron & Stool Products a ° +4.0)-Various -1. ° <Negative factors> -Regency
Slide 42: YoY Profit Change (by Factor and Segment)
10. YoY Profit Change (by Factor and Segment) i Resources Asset recycling *1*5 Valuation gains/losses and one-time factors *1*5 PPrices rg 293 Segment 24/3 Base profit *1 25/3 Change Previous Current year Previous Current year -Various Various <Negative factors > Commodity derivative trading a2 0 ~0
Slide 43: Consolidated Statements of Income & Financial Position
11. Consolidated Statements of Income & Financial Position Net DER / Adjusted Net DER Consolidated Statements of Income Short-term debt Long-term debt Total debt (-) Lease debt Interest-bearing debt (-) Cash and cash equivalents, time doposits Net Interest-bearing debt Total equity attributable to o
Slide 44: Segment Data (Mineral & Metal Resources)
12. Segment Data (Mineral & Metal Resources) Information regarding "Profit & Loss Attributable to Mitsui from Major Investees” is on P.51-55 MITSUIECO. P i) FY3/24 FY 3/25 Main factors amy plan COCF 409.1 357.9 -51.2 260.0 Profit 335.1 285.4 -49.7 200.0 Gross profit 342.1 263.9 -78.2 [-] Iron ore an
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Slide 48: Segment Data (Iron & Steel Products)
12. Segment Data (Iron & Steel Products) Information regarding "Profit & Loss Attributable to Mitsui from Major Investees” is on P.51-55 FY 3/24 > MITSUIECO. FY 3/25 YoY Main factors are COCF 8.5 6.0 -2.5 10.0 Profit 11.2 13.2 +2.0 15.0 Gross profit 43.5 47.8 +43 Profit (Loss) from equity 17.2 21.2
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Slide 51: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees Principal lines of business Tron ore mining operations in Australia" Dividends from Vale*2 Brazilian diversified resource and development business Mitsui Resources Investment in metallurgical coal businesses in Australia Oriente Copper Ne
Slide 52: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees MITSUI&CO. (bn JPY) Share of . 0250 Name Principal lines of business Prot caregety? yesSnd Qua a4 fullyear zone" Change| Infrastructure Projects IPP businesses*1 Investment in power generation businesses var. S/E Var. «15.7 3.1 12.7 34.0
Slide 53: Profit & Loss Attributable to Mitsui from Major Investees
Copyright © MITSUI & CO., LTD. ALL RIGHTS RESERVED. 13. Profit & Loss Attributable to Mitsui from Major Investees __...~... (bn JPY) FY March Name Principal lines of business a. Change| Basic Materials MMTX Fairway Methanol businessin he US Ss Japan-Arabia Methanol Inygstpent ip axmethanol productio
Slide 54: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees __...~... (bn JPY) Share of FY h > Entity, Fiscal FY March ness Prost category” year-end Qi-3 4 fulkyear 20247 02510 Name Principal lin XINGU AGRI Farmland leasing Ss United Grain Corporation of Oregon _ Grain merchandising and export 100
Slide 55: Profit & Loss Attributable to Mitsui from Major Investees
13. Profit & Loss Attributable to Mitsui from Major Investees __...~... (bn JPY) FY March Share of 025° Name Principal lines of business profit 5) Entity ., Fiscal category” year-end Qi-3 Q4 fulkyear 2024 Change} IT & Communication MITSUI KNOWLEDGE INDUSTRY Comprehensive ICT services 100.0 s Mar 6.0
Slide 56: Operating Segment Information (FY March 2025)
14. Operating Segment Information (FY March 2025) FY March 2025 (from April 1, 2024 to March 31, 2025) MITSUIECO. (bn JPY) Mineral & - - er : - : Trem Resources | Energy! Energyt gET6/5Y. Infrastructure £ obiltyr | Mobility t basic, £ Performance | Nutrition & Gross profit 263.9] 118.2 7d 07] 190.0
Slide 57: Operating Segment Information (FY March 2024)
14. Operating Segment Information (FY March 2024) FY March 2024 (from April 1, 2023 to March 31, 2024) MITSUIECO. (bn JPY) Owners of the parent Total Assets 68.1 225.8 Mineral it Item ncaa. Energy | Energyit | Eneray Tofeastructure | Mobility | Mobiltytt inrastructure wBasic,, Parfgrmance | Mutition
Slide 58: Progress of Investments for Growth (February 2025 to April 2025)
15. Progress of Investments for Growth (February 2025 to April 2025) Key Strategic Investments executed and decided upon Expansion of pipeline projects Initiatives Acquisition of Interest in Rhodes Ridge Iron Ore Project in Australia Industial Acquisition of an Operational Data Center Asset in Japan
Slide 59: List of Main Disclosures for FY March 2025 (Q1 recap)
16. List of Main Disclosures for FY March 2025 (Q1 recap) pleas Investment Disclosures MOUs Concluded on Joint Studies with Mitsubishi UBE Cement and Resonac Concerning CCS Value Chain fe} Topics Development between Malaysia and Japan Pi Mitsui to acquire Eu Yan Sang International Ltd, a leading Sin
Slide 60: List of Main Disclosures for FY March 2025 (Q2 recap)
16. List of Main Disclosures for FY March 2025 (Q2 recap) pleas ccitine fowariren] | fo} Aug IBS) i i Release Aug 18S) Mitsui to Establish Electrical Steel Sheet Processing Company in Poland fo) Release Sept GET Mitsui Introduces The Mobility House's EV Charging and Energy Management System in Japan
Slide 61: List of Main Disclosures for FY March 2025 (Q3 recap)
16. List of Main Disclosures for FY March 2025 (Q3 recap) Nov Nov GET D Indonesia's Tangguh UCC Project Reaches Final Investment Decision (FID) Topics fe} Topics Nov IBS) Investment in ACI Motors Limited, a Leading Mobility Solution Provider in Bangladesh fe) Topics Dec GET Mitsui Invests in Heirloo
Slide 62: List of Main Disclosures for FY March 2025 (Q4)
16. List of Main Disclosures for FY March 2025 (Q4) Investment Disclosures Acquisition of Interest in Rhodes Ridge Iron Ore Project in Australia Acquisition of an Operational Data Center Asset in Japan to be Included in New Mitsui Data Center Funt Update on Previous Disclosure: Acquisition of Intere
Slide 63: Change to Disclosure Thresholds (Voluntary Standards)
17. Change to Disclosure Thresholds (Voluntary Standards) > @ Regarding disclosure requirements set by the Tokyo Stock Exchange for timely disclosure thresholds, Mitsui has had lower voluntary standards in place @ Based on trends in financial performance and total assets, we have reviewed our volunt
Slide 64: 360° business innovation.
360° business innovation. MITSUIECO.