Marubeni Corporation TSE:8002

Marubeni : Summary of Consolidated Financial Results For the Nine-Month Period Ended December 31, 2025 (IFRS basis)

Published

Source: MarketScreener

Financial Results

Q3 Fiscal year ending March 31, 2026

Summary of Consolidated Financial Results

For the Nine-Month Period Ended December 31, 2025

(IFRS basis)

(April 1, 2025 – December 31, 2025)

First Release: February 4, 2026

Second Release (updated): February 9, 2026

Following the completion of the quarterly review by certified public accountants and other auditors on the Japanese-language original version of the Summary of Consolidated Financial Results, and the subsequent update announcement on February 9, this English version has also been replaced with minor revisions to reflect these changes in the “Notes” to Summary of Consolidated Financial Statements for the Nine-Month Period Ended December 31, 2025 (IFRS basis).

Please note that there are no changes to the “Consolidated Financial Statements and Notes,”

and other related documents announced on February 4, 2026.

*This document is an English translation of materials originally prepared in Japanese.

The Japanese original shall be considered the primary version.

（TSE Code: 8002）

February 9, 2026

Summary of Consolidated Financial Statements for the Nine-Month Period Ended December 31, 2025 (IFRS basis)

Company name: Marubeni Corporation (URL https://www.marubeni.com/en/) Listed: Tokyo Code number: 8002

Representative:

OMOTO Masayuki

President and CEO, Member of the Board

Inquiries:

MATSUSHITA Sachiko

General Manager, Media Relations Sec., Corporate Communications Dept.

TEL +81 - 3 - 3282 - 4658

Expected date of the beginning of delivery of dividends : －

Supplementary explanations of quarterly business results: Prepared

IR meeting on financial results: To be held (for institutional investors and analysts)

  1. Consolidated financial results for the nine-month period ended December 31, 2025 (April 1, 2025 - December 31, 2025) (Remarks)

    Figures are rounded to the nearest million.

    1. Consolidated business results %: change from the same period of the previous fiscal year

      Revenue

      Operating

      profit

      Profit before

      tax

      Profit for the period

      Profit attributable to owners of the parent

      Comprehensive income for the period

      Nine months ended December 31,

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      2025

      2024

      6,172,419

      5,719,747

      7.9

      5.4

      190,603

      222,314

      (14.3)

      5.1

      521,304

      539,925

      (3.4)

      19.6

      443,196

      434,902

      1.9

      14.5

      432,290

      425,179

      1.7

      14.5

      735,939

      468,190

      57.2

      (27.9)

      Basic earnings per share

      Diluted earnings per share

      Nine months ended December 31,

      (yen)

      (yen)

      2025

      262.33

      262.08

      2024

      255.82

      255.55

      (Note 1) "Operating profit" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS Accounting Standards. "Operating profit" is the sum of "Gross trading profit", "Selling, general and administrative expenses" and "Gains (losses) on allowance for doubtful accounts” stated in Condensed Quarterly Consolidate Statements of Comprehensive Income.

      (Note 2) “Basic earnings per share” and “Diluted earnings per share” are calculated based on “Profit attributable to owners of the parent”.

    2. Consolidated financial position

    Total assets

    Total equity

    Equity attributable to owners of the parent

    Equity attributable to owners of the parent ratio

    Equity per share attributable to owners of the parent

    December 31, 2025

    March 31, 2025

    (millions of yen) 10,011,259

    9,201,974

    (millions of yen) 4,286,989

    3,768,633

    (millions of yen) 4,138,707

    3,629,236

    (%) 41.3

    39.4

    (yen) 2,520.04

    2,187.73

  2. Dividends information

    Annual dividends per share

    1st Quarter-end

    2nd Quarter-end

    3rd Quarter-end

    4th Quarter-end

    Total

    Fiscal year ended March 31, 2025

    Fiscal year ending March 31, 2026

    (yen)

    —

    —

    (yen)

    45.00

    50.00

    (yen)

    —

    —

    (yen)

    50.00

    (yen)

    95.00

    Fiscal year ending March 31, 2026

    (forecast)

    57.50

    107.50

    (Note 1) Changes from the latest announced dividends forecast: Yes

    (Note 2) For details of the dividend forecast above, please refer to the Company release titled “Notice Regarding the Revision of the Dividend Forecast for the Fiscal Year Ending March 31, 2026” announced on February 4, 2026.

  3. Consolidated earnings forecast for the fiscal year ending March 31, 2026 (April 1, 2025 - March 31, 2026) (Remarks)

%: change from the same period of the previous fiscal year

Profit attributable to owners of the parent

Basic earnings per share

(millions of yen)

(%)

(yen)

Fiscal year ending March 31, 2026

(forecast)

540,000

7.4

328.08

(Note 1) Changes from the latest announced earnings forecast: Yes

(Note 2) For the details of the forecasts of consolidated earnings, please refer to P.6 "1.Summary of Business Results, (3) Qualitative Information on Future Outlook Including Consolidated Earnings Forecast " on the attached material.

* Notes

  1. Changes in significant subsidiaries during the period : None

  2. Changes in accounting policies and accounting estimates

    ①Changes in accounting policies required by IFRS Accounting Standards

    : None

    ②Changes other than ① : None

    ③Changes in accounting estimate : None

  3. Number of issued shares (Ordinary shares)

①Number of issued shares at the end of the period

December 31, 2025

1,660,758,361

(Treasury stock is included)

March 31, 2025

1,660,758,361

②Number of treasury stock at the end of the period

December 31, 2025

18,395,270

March 31, 2025

2,058,377

③Average number of outstanding shares during the period

Nine months ended December 31, 2025

1,647,858,518

Nine months ended December 31, 2024

1,662,022,387

  • Review of the Condensed Quarterly Consolidated Financial Statements by certified public accountants or audit firms: Yes (voluntary)

  • Descriptions relating to the proper use of earnings forecast and other special notes (Forward-looking statements)

The forward-looking statements, including the earnings forecast presented above, are based on currently available information and certain assumptions considered to be reasonable by the Company. Therefore, actual results may differ materially from the forecast due to various factors.

(How to access supplementary explanations of quarterly business results and the details of IR meeting of financial results) Supplementary explanations on business results were made available on the Company's website on Wednesday, February 4, 2026. The Company held an IR meeting on financial results for institutional investors and analysts on Wednesday, February 4, 2026.

The transcript of the meeting together with the materials used at the briefing will be posted on the Company's website.

[Table of Contents of Attached Materials]

1.

Summary of Business Results

2

(1)

Summary of Business Results for the Nine-Month Period

2

(2)

Summary of Cash Flows and Financial Position for the Nine-Month Period

5

(3) Qualitative Information on Future Outlook Including Consolidated Earnings 6

Forecast

2.

Condensed Quarterly Consolidated Financial Statements and Notes

9

(1)

Condensed Quarterly Consolidated Statements of Financial Position

9

(2)

Condensed Quarterly Consolidated Statements of Comprehensive Income

11

(3)

Condensed Quarterly Consolidated Statements of Changes in Equity

12

(4)

Condensed Quarterly Consolidated Statements of Cash Flows

14

(5)

Notes Related to Going Concern Assumptions

14

(6)

Segment information

15

(7)

Applicable Financial Reporting Framework

16

◆

Independent Auditor’s Interim Review Report

17

  1. Summary of Business Results
    1. Summary of Business Results for the Nine-Month Period

      (Billions of yen)

      Nine-month period ended December 31,

      Variance

      2024

      2025

      Revenue

      5,719.7

      6,172.4

      452.7

      Gross trading profit

      869.6

      858.8

      (10.8)

      Operating profit

      222.3

      190.6

      (31.7)

      Share of profit (loss) of associates and joint ventures

      247.6

      246.9

      (0.7)

      Profit attributable to owners of the parent

      425.2

      432.3

      7.1

      (Note 1) Figures are rounded to the nearest billion yen unless otherwise stated.

      (Note 2) “Operating profit” is presented in accordance with Japanese accounting practice for investors’ convenience and is not required by IFRS Accounting Standards. “Operating profit” is the sum of “Gross trading profit,” “Selling, general and administrative expenses” and “Gains (losses) on allowance for doubtful accounts” stated in Condensed Quarterly Consolidated Statements of Comprehensive Income.

      Revenue

      Revenue increased by 452.7 billion yen, or 7.9% year on year, to 6,172.4 billion yen. By operating segment, revenue increased mainly in Metals & Mineral Resources and Food & Agri Business.

      Gross trading profit

      Gross trading profit decreased by 10.8 billion yen, or 1.2% year on year, to 858.8 billion yen. Main increases and decreases by operating segment are as follows.

      • Energy & Chemicals: Decreased by 12.8 billion yen

        Due to a decrease in profit from the trading of petrochemical products.

      • Metals & Mineral Resources: Decreased by 11.2 billion yen

        Due to a decrease in profit from Australian steelmaking coal business caused by a decline in market prices.

      • Next Generation Business Development: Increased by 13.9 billion yen

      Due to an increase in profit from the acquisition of the pharmaceutical sales business and

      the electronic components business.

      Operating profit

      Operating profit decreased by 31.7 billion yen, or 14.3% year on year, to 190.6 billion yen, due to increases in SG&A expenses, in addition to a decrease in gross trading profit.

      Share of profit (loss) of associates and joint ventures

      Share of profit (loss) of associates and joint ventures decreased by 0.7 billion yen, or 0.3% year on year, to 246.9 billion yen. Main increases and decreases by operating segment are as follows.

      • Aerospace & Mobility: Decreased by 6.1 billion yen

        Due to a decrease in profit from the ship owning and operating business.

      • Energy & Chemicals: Decreased by 5.9 billion yen

        Due to the absence of a gain on the sale of assets in the Australian salt field business recognized in the nine-month period ended December 31, 2024 and other factors.

      • Metals & Mineral Resources: Increased by 11.6 billion yen

      Due to an increase in profit from the Chilean copper mining business.

      Profit attributable to owners of the parent

      In addition to the factors described above, the Company recognized a valuation gain of 76.5 billion yen, net of tax, arising from the integration of domestic real estate business with Dai-ichi Life Holdings, Inc. in the nine-month period ended December 31, 2025, offsetting a decrease in profit due to the absence of a realized gain of 45.7 billion yen, net of tax, from foreign currency translation adjustments associated with the end of the Qatar LNG project, which was recognized in the nine-month period ended December 31, 2024. As a result, profit attributable to owners of the parent increased by 7.1 billion yen, or 1.7% year on year to

      432.3 billion yen.

      Results (profit attributable to owners of the parent) for each operating segment for the nine-month period ended December 31, 2025 were as follows:

      (Billons of yen)

      Nine-month period

      ended December 31,

      Variance

      Major Factors for Increase/Decrease

      2024

      2025

      Lifestyle

      21.7

      17.0

      (4.7)

      ・Decrease in profit from the MUSI pulp business owing to the deteriorating pulp market, decreases in sales volume, and other factors

      ・Decreases in profit from the Australian wood-chip manufacturing and

      sales business and the afforestation business

      Food & Agri Business

      59.6

      62.0

      2.5

      ・Increases in profits from the domestic chicken sales business and the fertilizer wholesale business in the U.S.

      ・Decrease in profit from Helena due to adverse weather conditions in

      some regions

      Metals & Mineral Resources

      97.5

      96.5

      (1.1)

      ・Decreases in profits from the Australian steelmaking coal business and the Australian iron ore project caused by a decline in market prices

      ・Decrease in profit from the aluminum business

      ・Increase in profit from the Chilean copper mining business

      Energy & Chemicals

      85.6

      9.2

      (76.3)

      ・The absence of a realized gain from foreign currency translation adjustments associated with the end of the Qatar LNG project

      ・Impairment loss on property, plant and equipment for oil and gas E&P

      ・Decrease in profit from the trading of petrochemical products

      Power & Infrastructure Services

      50.5

      48.6

      (1.9)

      ・Impairment loss on investment in the geothermal IPP project in Indonesia

      ・Gain related to sale of the oil and gas E&P related business in the U.S.

      Finance, Leasing & Real Estate Business

      44.2

      140.3

      96.1

      ・Valuation gain on the integration of domestic real estate business with Dai-ichi Life Holdings, Inc.

      ・Increases in profits from the mobility business in North America and the aircraft leasing business

      ・Gain on sale of the North American railcar leasing business

      ・The absence of a gain on negative goodwill recognized in the same period of the previous fiscal year caused by the additional acquisition of

      shares in Mizuho Leasing

      Aerospace & Mobility

      46.3

      38.7

      (7.7)

      ・Decrease in profit from the ship owning and operating business

      IT Solutions

      1.8

      4.1

      2.3

      ・Increase in profit from the IT/Digital solutions business

      Next Generation

      Business Development

      3.9

      16.4

      12.5

      ・Gain from negative goodwill arising from the acquisition of the electronic components business

      Next Generation

      Corporate Development

      (0.9)

      (0.4)

      0.5

      Other

      14.9

      (0.1)

      (14.9)

      Consolidated

      425.2

      432.3

      7.1

      (Note 1) Effective from the fiscal year ending March 31, 2026, the Company has reorganized its operating segments from "Lifestyle," "Forest Products," "IT Solutions," "Food I," "Food II," "Agri Business," "Chemicals," "Metals & Mineral Resources," "Energy," "Power," "Infrastructure Project," "Aerospace & Ship," "Finance, Leasing & Real Estate Business," "Construction, Industrial Machinery & Mobility," "Next Generation Business Development," and "Next Generation Corporate Development" to the following: "Lifestyle," "Food & Agri Business," "Metals & Mineral Resources," "Energy & Chemicals," "Power & Infrastructure Services," "Finance, Leasing & Real Estate Business," "Aerospace & Mobility," "IT Solutions," "Next Generation Business Development," and "Next Generation Corporate Development”. In conjunction with these organizational changes, operating segment information for the nine-month period ended December 31, 2024 has been restated and is presented accordingly.

      (Note 2) Inter-segment transactions are generally priced in accordance with the prevailing market prices.

      (Note 3) “Other” includes profit/loss such as head office expenses that are not allocated to the operating segments, inter-segment elimination, and others.

    2. Summary of Cash Flows and Financial Position for the Nine-Month Period

      ① Cash Flows

      Cash and cash equivalents as of December 31, 2025 were 516.7 billion yen, a decrease of

      52.4 billion yen from the end of the previous fiscal year.

      (Operating activities)

      Net cash provided by operating activities was 215.2 billion yen due to operating revenue and dividend income, partially offset by an increase in working capital and other activities.

      (Investing activities)

      Net cash used in investing activities was 207.5 billion yen, due to the outflow from capital expenditures in overseas businesses, the acquisition of shares of subsidiaries and associates and joint ventures accounted for under the equity method and others, partially offset by the proceeds from the sale of investments in associates and joint ventures accounted for under the equity method and other activities.

      As a result of the above-mentioned activities, free cash flow for the nine-month period ended December 31, 2025 was an inflow of 7.7 billion yen.

      (Financing activities)

      Net cash used in financing activities was 82.7 billion yen due to dividend payments and the purchase of treasury stock, partially offset by the proceeds from bonds and borrowings and other activities. As for the progress of the purchase of treasury stock that was resolved at the meetings of the Board of Directors held on February 5, 2025 and May 2, 2025, aggregate purchased amount totaled 50.3 billion yen as of December 31, 2025.

      ② Assets, Liabilities and Equity

      (Billions of yen)

      March 31,

      2025

      December 31,

      2025

      Variance

      Total assets

      9,202.0

      10,011.3

      809.3

      Net-interest-bearing debt

      1,965.5

      2,182.9

      217.4

      Equity attributable to owners of the parent

      3,629.2

      4,138.7

      509.5

      Net DE ratio (times)

      0.54

      0.53

      (0.01) point

      (Note) Net interest-bearing debt is calculated as cash and cash equivalents and time deposit subtracted from the sum of bonds and borrowings (current and non-current).

      Total assets as of December 31, 2025 increased by 809.3 billion yen from the end of the previous fiscal year to 10,011.3 billion yen due to the depreciation of the Japanese yen and an increase in investments in associates and joint ventures accounted for under the equity method. Net interest-bearing debt increased by 217.4 billion yen from the end of the previous fiscal year to 2,182.9 billion yen, due to dividend payments and the purchase of treasury stock. Equity attributable to owners of the parent increased by 509.5 billion yen from the end of the previous fiscal year to 4,138.7 billion yen, due to an increase in the retained earnings from net profit accumulation and an increase in foreign currency translation adjustments owing to the depreciation of the Japanese yen. Consequently, Net DE ratio stood at 0.53 times.

    3. Qualitative Information on Future Outlook Including Consolidated Earnings Forecast

    The profit attributable to owners of the parent for the nine-month period ended December 31, 2025 amounted to 432.3 billion yen, with a steady progress of 85% against the full-year consolidated earnings forecast announced on November 4, 2025 (510.0 billion yen).

    In the financial results announcement released on February 4, 2026, the full-year consolidated earnings forecast for profit attributable to owners of the parent has been revised to 540.0 billion yen. This is due to an expected increase in profit from the Chilean copper mining business in Metals & Mineral Resources, as well as upward revisions to the forecasts for Aerospace & Mobility, Finance, Leasing & Real Estate Business and other segments, which offset downward revisions to the forecasts for Energy & Chemicals and Power & Infrastructure Services based on the actual results for the nine-month period ended December 31, 2025.

    Previous forecast announced on November 4,

    2025 (A)

    Revised forecast (B)

    Variance (B-A)

    Variance in Percentage (%)

    Profit attributable to owners of the parent for the fiscal year ending March 31, 2026

    (Billions of yen)

    510.0

    540.0

    30.0

    5.9%

    Basic earnings per share for the fiscal year ending March 31, 2026 (yen)

    309.44

    328.08

    18.64

    6.0%

    (Note) Upon review, the forecast of profit attributable to owners of the parent for the fiscal year ending March 31, 2026 announced on November 4, 2025 remained unchanged from the initial projection of 510.0 billion yen announced on May 2, 2025.

    The Company’s revised full-year consolidated earnings forecast by operating segment and assumptions of major financial indicators are as follows:

    (Billions of yen)

    Previous forecast announced on November 4, 2025 (A)

    Revised forecast (B)

    Variance (B-A)

    Lifestyle

    30.0

    31.0

    1.0

    Food & Agri Business

    82.0

    82.0

    —

    Metals & Mineral Resources

    113.0

    134.0

    21.0

    Energy & Chemicals

    30.0

    24.0

    (6.0)

    Power & Infrastructure Services

    70.0

    64.0

    (6.0)

    Finance, Leasing & Real Estate Business

    160.0

    164.0

    4.0

    Aerospace & Mobility

    43.0

    50.0

    7.0

    IT Solutions

    6.0

    6.0

    —

    Next Generation Business Development

    19.0

    19.0

    —

    Next Generation Corporate Development

    (2.0)

    (2.0)

    —

    Other

    (41.0)

    (32.0)

    9.0

    Consolidated

    510.0

    540.0

    30.0

    (Note) For the details of the previous earnings forecast announced on November 4, 2025, please refer to supplementary explanations on business results for the six-month period ended September 30, 2025.

    Previous assumption (November 4, 2025) (A)

    Revised

    Variance (B-A)

    Q1-Q3 FYE 3/2026

    Actual

    Q4 FYE 3/2026

    Assumption

    assumption (B)

    Copper LME: USD/MT

    9,759

    9,906

    12,300

    10,496

    737

    Oil WTI: USD/Barrell

    63

    63

    58

    61

    (2)

    JPY TIBOR 3M: %

    0.9

    0.81

    1.0

    0.9

    —

    USD SOFR 3M: %

    4.2

    4.1

    3.8

    4.0

    (0.2)

    Foreign exchange rate (full-year average): USD/JPY

    143

    148.74

    150

    149

    6

    (Note) For the details of the previous assumption announced on November 4, 2025, please refer to supplementary explanations on business results for the six-month period ended September 30, 2025.

    (Dividend)

    The Company has adopted a basic policy of paying dividends which states that the Company pays shareholders a stable dividend over the long term while increasing its dividends through its medium- and long-term profit growth. Reflecting the policy, for the period of the GC2027 Mid-Term Management Strategy (from the fiscal year ending March 31, 2026 to the fiscal year ending March 31, 2028), the Company adopts a progressive dividend policy, aiming to increase the annual dividend in response to medium- and long-term profit growth.

    As the Company revised the full-year forecast for profit attributable to owners of the parent for the fiscal year ending March 31, 2026 to 540.0 billion yen from the previous forecast of

    510.0 billion yen, the Company has revised the annual dividend forecast for the fiscal year ending March 31, 2026 to 107.50 yen per share from the previous forecast (announced on May 2, 2025) of 100.00 yen per share. In line with this, the Company revised the year-end dividend forecast to 57.50 yen per share, from the previous forecast (announced on May 2, 2025) of 50.00 yen. (The interim dividend has already been paid at 50.00 yen per share.) For details, please refer to the Company release titled “Notice Regarding the Revision of the Dividend Forecast for the Fiscal Year Ending March 31, 2026” announced on February 4, 2026.

    (Share repurchases of treasury stock)

    To enhance shareholder returns and to improve capital efficiency, the Company has resolved to repurchase shares of its common stock, up to 15.0 billion yen or 5.0 million shares during the period from February 5, 2026, to June 30, 2026.

    For details, please refer to the Company release titled “Notice Regarding Share Repurchases” announced on February 4, 2026.

    (Forward-looking statements)

    The forward-looking statements, including the earnings forecast presented above, are based on currently available information and certain assumptions considered to be reasonable by the Company. Therefore, actual results may differ materially from the forecast due to various factors.

  2. Condensed Quarterly Consolidated Financial Statements and Notes
  1. Condensed Quarterly Consolidated Statements of Financial Position

    (Millions of yen)

    March 31,

    2025

    December 31,

    2025

    Variance

    Assets

    Current assets:

    Cash and cash equivalents

    569,144

    516,744

    (52,400)

    Time deposits

    383

    1,005

    622

    Notes, trade accounts and loans receivable

    1,518,734

    1,628,541

    109,807

    Other current financial assets

    261,365

    315,675

    54,310

    Inventories

    1,180,366

    1,165,060

    (15,306)

    Assets classified as held for sale

    91,880

    52,973

    (38,907)

    Other current assets

    399,570

    463,777

    64,207

    Total current assets

    4,021,442

    4,143,775

    122,333

    Non-current assets:

    Investments in associates and joint ventures

    2,954,616

    3,397,089

    442,473

    Other investments

    277,130

    368,024

    90,894

    Notes, trade accounts and loans receivable

    129,953

    133,669

    3,716

    Other non-current financial assets

    139,253

    171,175

    31,922

    Property, plant and equipment

    1,125,412

    1,126,327

    915

    Intangible assets

    443,241

    543,205

    99,964

    Deferred tax assets

    6,178

    5,691

    (487)

    Other non-current assets

    104,749

    122,304

    17,555

    Total non-current assets

    5,180,532

    5,867,484

    686,952

    Total assets

    9,201,974

    10,011,259

    809,285

    (Millions of yen)

    March 31,

    2025

    December 31,

    2025

    Variance

    Liabilities and equity

    Current liabilities:

    Bonds and borrowings

    516,251

    627,006

    110,755

    Notes and trade accounts payable

    1,339,974

    1,298,693

    (41,281)

    Other current financial liabilities

    359,240

    427,590

    68,350

    Income tax payable

    26,628

    38,438

    11,810

    Liabilities directly associated with assets held-for-sale

    20,907

    8,900

    (12,007)

    Other current liabilities

    559,988

    514,673

    (45,315)

    Total current liabilities

    2,822,988

    2,915,300

    92,312

    Non-current liabilities:

    Bonds and borrowings

    2,018,759

    2,073,608

    54,849

    Notes and trade accounts payable

    597

    613

    16

    Other non-current financial liabilities

    278,792

    343,825

    65,033

    Accrued pension and retirement benefits

    28,238

    28,781

    543

    Deferred tax liabilities

    208,859

    255,813

    46,954

    Other non-current liabilities

    75,108

    106,330

    31,222

    Total non-current liabilities

    2,610,353

    2,808,970

    198,617

    Total liabilities

    5,433,341

    5,724,270

    290,929

    Equity:

    Issued capital

    263,711

    263,711

    —

    Capital surplus

    94,954

    101,217

    6,263

    Treasury stock

    (5,807)

    (54,739)

    (48,932)

    Retained earnings

    2,435,272

    2,716,681

    281,409

    Other components of equity:

    Gains (losses) on financial assets measured at fair value through other comprehensive

    90,424

    121,449

    31,025

    income

    Foreign currency translation adjustments

    679,209

    930,917

    251,708

    Gains (losses) on cash flow hedges

    71,473

    59,471

    (12,002)

    Equity attributable to owners of the parent

    3,629,236

    4,138,707

    509,471

    Non-controlling interests

    139,397

    148,282

    8,885

    Total equity

    3,768,633

    4,286,989

    518,356

    Total liabilities and equity

    9,201,974

    10,011,259

    809,285

  2. Condensed Quarterly Consolidated Statements of Comprehensive Income

    (Millions of yen)

    Nine-month period ended December 31,

    2024

    2025

    Variance

    Ratio (%)

    Revenue:

    Sales of goods

    5,604,337

    6,053,718

    449,381

    8.0

    Commissions on services and trading margins

    115,410

    118,701

    3,291

    2.9

    Total revenue

    5,719,747

    6,172,419

    452,672

    7.9

    Cost of goods sold

    (4,850,127)

    (5,313,580)

    (463,453)

    9.6

    Gross trading profit

    869,620

    858,839

    (10,781)

    (1.2)

    Other income (expenses):

    Selling, general and administrative expenses

    (640,289)

    (661,073)

    (20,784)

    3.2

    Gains (losses) on allowance for doubtful accounts Gains (losses) on property, plant and equipment

    Impairment losses

    (7,017)

    (3,258)

    (7,163)

    (19,890)

    (146)

    (16,632)

    2.1

    510.5

    Gains (losses) on sales of property, plant and equipment

    5,444

    8,015

    2,571

    47.2

    Other income

    105,641

    42,369

    (63,272)

    (59.9)

    Other expenses

    (16,927)

    (27,853)

    (10,926)

    64.5

    Total other income (expenses)

    (556,406)

    (665,595)

    (109,189)

    19.6

    Finance income (expenses):

    Interest income

    21,869

    20,292

    (1,577)

    (7.2)

    Interest expenses

    (60,922)

    (59,500)

    1,422

    (2.3)

    Dividend income

    7,331

    9,647

    2,316

    31.6

    Gains (losses) on investment securities

    10,816

    110,700

    99,884

    923.5

    Total finance income (expenses)

    (20,906)

    81,139

    102,045

    —

    Share of profit (loss) of associates and joint ventures

    247,617

    246,921

    (696)

    (0.3)

    Profit before tax

    539,925

    521,304

    (18,621)

    (3.4)

    Income taxes

    (105,023)

    (78,108)

    26,915

    (25.6)

    Profit for the period

    434,902

    443,196

    8,294

    1.9

    Profit for the period attributable to:

    Owners of the parent

    425,179

    432,290

    7,111

    1.7

    Non-controlling interests

    9,723

    10,906

    1,183

    12.2

    Other comprehensive income:

    Items that will not be reclassified subsequently to profit or loss:

    Gains (losses) on financial assets measured at fair value

    through other comprehensive income

    (3,566)

    29,791

    33,357

    —

    Remeasurements of defined benefit plan

    (5,061)

    8,907

    13,968

    —

    Changes in other comprehensive income of associates and joint ventures

    Items that may be reclassified subsequently to profit or loss:

    3,571

    7,350

    3,779

    105.8

    Foreign currency translation adjustments

    35,018

    250,958

    215,940

    616.7

    Gains (losses) on cash flow hedges

    (1,400)

    3,515

    4,915

    —

    Changes in other comprehensive income of associates and joint ventures

    4,726

    (7,778)

    (12,504)

    —

    Other comprehensive income, net of tax

    33,288

    292,743

    259,455

    779.4

    Total comprehensive income for the period

    468,190

    735,939

    267,749

    57.2

    Total comprehensive income for the period attributable to:

    Owners of the parent

    460,784

    719,356

    258,572

    56.1

    Non-controlling interests

    7,406

    16,583

    9,177

    123.9

  3. Condensed Quarterly Consolidated Statements of Changes in Equity

    • Nine-month period ended December 31, 2024 (April 1, 2024 - December 31, 2024) (Millions of yen)

      Equity attributable to owners of the parent

      Issued capital

      Capital surplus

      Treasury stock

      Retained earnings

      Other components of equity

      Gains (losses) on financial assets measured at fair value through other comprehensive

      income

      Foreign currency translation adjustments

      Balance at the beginning of the period

      263,599

      98,340

      (4,189)

      2,086,701

      121,239

      833,429

      Profit for the period

      425,179

      Other comprehensive income

      (240)

      50,739

      Share-based payment transactions

      112

      (298)

      996

      Purchase and sale of treasury stock

      (1,068)

      (48,949)

      Cancellation of treasury stock

      (45,879)

      45,879

      Dividends

      (147,475)

      Equity transactions with non-controlling interests and others Transfer from other components of equity to retained earnings Transfer from retained earnings to capital surplus

      Transfer to non-financial assets or

      non-financial liabilities

      (3,690)

      46,722

      15,944

      (46,722)

      (20,862)

      Balance at the end of the period

      263,711

      94,127

      (6,263)

      2,333,627

      100,137

      884,168

      Equity attributable to owners of the parent

      Non-controlling interests

      Total equity

      Other components of equity

      Total equity attributable to owners of the parent

      Gains (losses) on cash flow hedges

      Remeasurements

      of defined benefit plan

      Total other

      components of equity

      Balance at the beginning of the period

      60,563

      —

      1,015,231

      3,459,682

      103,164

      3,562,846

      Profit for the period

      425,179

      9,723

      434,902

      Other comprehensive income

      (9,976)

      (4,918)

      35,605

      35,605

      (2,317)

      33,288

      Share-based payment transactions

      810

      810

      Purchase and sale of treasury stock

      (50,017)

      (50,017)

      Cancellation of treasury stock

      —

      —

      Dividends

      (147,475)

      (7,014)

      (154,489)

      Equity transactions with non-controlling interests and others Transfer from other components of equity to retained earnings Transfer from retained earnings to capital surplus

      Transfer to non-financial assets or

      non-financial liabilities

      (7,888)

      4,918

      (15,944)

      (7,888)

      (3,690)

      —

      —

      (7,888)

      39,312

      35,622

      —

      —

      (7,888)

      Balance at the end of the period

      42,699

      —

      1,027,004

      3,712,206

      142,868

      3,855,074

    • Nine-month period ended December 31, 2025 (April 1, 2025 - December 31, 2025) (Millions of yen)

      Equity attributable to owners of the parent

      Issued capital

      Capital surplus

      Treasury stock

      Retained earnings

      Other components of equity

      Gains (losses) on financial assets measured at fair value through other comprehensive

      income

      Foreign currency translation adjustments

      Balance at the beginning of the period

      263,711

      94,954

      (5,807)

      2,435,272

      90,424

      679,209

      Profit for the period

      432,290

      Other comprehensive income

      36,869

      251,708

      Share-based payment transactions

      (159)

      955

      Purchase and sale of treasury stock

      (450)

      (49,887)

      Cancellation of treasury stock

      Dividends

      (165,265)

      Equity transactions with non-controlling interests and others Transfer from other components of equity to retained earnings Transfer from retained earnings to capital surplus

      Transfer to non-financial assets or

      non-financial liabilities

      6,658

      214

      14,598

      (214)

      (5,844)

      Balance at the end of the period

      263,711

      101,217

      (54,739)

      2,716,681

      121,449

      930,917

      Equity attributable to owners of the parent

      Non-controlling interests

      Total equity

      Other components of equity

      Total equity attributable to owners of the parent

      Gains (losses) on cash flow hedges

      Remeasurements of defined benefit

      plan

      Total other components of

      equity

      Balance at the beginning of the period

      71,473

      —

      841,106

      3,629,236

      139,397

      3,768,633

      Profit for the period

      432,290

      10,906

      443,196

      Other comprehensive income

      (10,265)

      8,754

      287,066

      287,066

      5,677

      292,743

      Share-based payment transactions

      796

      796

      Purchase and sale of treasury stock

      (50,337)

      (50,337)

      Cancellation of treasury stock

      —

      —

      Dividends

      (165,265)

      (6,761)

      (172,026)

      Equity transactions with non-controlling interests and others Transfer from other components of equity to retained earnings Transfer from retained earnings to capital surplus

      Transfer to non-financial assets or

      non-financial liabilities

      (1,737)

      (8,754)

      (14,598)

      (1,737)

      6,658

      —

      —

      (1,737)

      (937)

      5,721

      —

      —

      (1,737)

      Balance at the end of the period

      59,471

      —

      1,111,837

      4,138,707

      148,282

      4,286,989

  4. Condensed Quarterly Consolidated Statements of Cash Flows

    (Millions of yen)

    Nine-month period ended December 31,

    2024

    2025

    Variance

    Operating activities:

    Profit for the period

    434,902

    443,196

    8,294

    Adjustments to reconcile profit for the period to net cash provided by (used

    in) operating activities:

    Depreciation and amortisation

    150,219

    154,945

    4,726

    (Gains) losses on property, plant and equipment

    (2,186)

    11,875

    14,061

    Finance (income) expenses

    20,906

    (81,139)

    (102,045)

    Share of (profit) loss of associates and joint ventures

    (247,617)

    (246,921)

    696

    Income taxes

    105,023

    78,108

    (26,915)

    Changes in notes and trade accounts receivable

    26,305

    27,035

    730

    Changes in inventories

    38,696

    24,807

    (13,889)

    Changes in notes and trade accounts payable

    (94,944)

    (88,540)

    6,404

    Other-net

    (243,925)

    (159,301)

    84,624

    Interest received

    16,780

    14,774

    (2,006)

    Interest paid

    (59,580)

    (55,632)

    3,948

    Dividends received

    179,584

    142,661

    (36,923)

    Income taxes paid

    (51,777)

    (50,641)

    1,136

    Net cash provided by (used in) operating activities

    272,386

    215,227

    (57,159)

    Investing activities:

    Net (increase) decrease in time deposits

    (1,855)

    (608)

    1,247

    Proceeds from sale of property, plant and equipment

    10,535

    15,855

    5,320

    Collection of loans receivable

    2,612

    10,385

    7,773

    Proceeds from sale of subsidiaries, net of cash and cash equivalents

    disposed of

    442

    42,109

    41,667

    Proceeds from sale of investments in associates and joint ventures, and

    other investments

    93,745

    90,657

    (3,088)

    Purchase of property, plant and equipment

    (141,882)

    (105,615)

    36,267

    Loans provided to customers

    (40,117)

    (55,124)

    (15,007)

    Acquisition of subsidiaries, net of cash and cash equivalents acquired

    (47,628)

    (71,220)

    (23,592)

    (292,639)

    (133,973)

    158,666

    (416,787)

    (207,534)

    209,253

    Purchase of investments in associates and joint ventures, and other investments

    Net cash provided by (used in) investing activities Financing activities:

    Net increase (decrease) in short-term borrowings

    214,200

    203,298

    (10,902)

    Proceeds from long-term bonds and borrowings

    417,091

    320,063

    (97,028)

    Repayments of long-term bonds and borrowings

    (338,143)

    (383,987)

    (45,844)

    Dividends paid to owners of the parent

    (147,475)

    (165,265)

    (17,790)

    Net cash outflows on purchase and sale of treasury stock

    (50,020)

    (50,341)

    (321)

    Capital contribution from non-controlling interests

    31,445

    240

    (31,205)

    Acquisition of additional interests in subsidiaries from non-controlling interests

    (3,495)

    —

    3,495

    Other

    (6,993)

    (6,754)

    239

    Net cash provided by (used in) financing activities

    116,610

    (82,746)

    (199,356)

    Effect of exchange rate changes on cash and cash equivalents

    (1,020)

    22,950

    23,970

    Net increase (decrease) in cash and cash equivalents

    (28,811)

    (52,103)

    (23,292)

    Cash and cash equivalents at the beginning of the period

    506,254

    569,144

    62,890

    Increase (decrease) in cash and cash equivalents included in assets

    classified as held for sale

    (2,396)

    (297)

    2,099

    Cash and cash equivalents at the end of the period

    475,047

    516,744

    41,697

  5. Notes Related to Going Concern Assumptions

    None

  6. Segment Information

    • Nine-month period ended December 31, 2024 (April 1, 2024 - December 31, 2024)

      Metals &

      Power &

      (Millions of yen)

      Finance,

      Lifestyle

      Food & Agri

      Business

      Mineral Resources

      Energy &

      Chemicals

      Infrastructure Services

      Leasing &

      Real Estate Business

      Revenue

      492,397

      2,617,942

      452,592

      1,050,219

      363,008

      37,867

      Gross trading profit (loss)

      135,351

      343,495

      43,403

      90,363

      63,951

      21,403

      Operating profit (loss)

      36,591

      80,903

      25,011

      45,423

      (7,401)

      (174)

      Share of profit (loss) of associates and joint

      2,762

      7,528

      81,314

      12,776

      60,825

      61,931

      ventures

      Profit (loss) for the period attributable to

      21,744

      59,556

      97,523

      85,568

      50,547

      44,167

      owners of the parent

      Segment assets (as of March 31, 2025)

      634,153

      2,474,713

      1,436,374

      857,634

      1,591,977

      914,782

      Investments in associates and joint ventures

      58,319

      130,435

      957,130

      95,112

      740,379

      719,864

      Aerospace & Mobility

      IT Solutions

      Next Generation Business

      Next Generation Corporate

      Other Consolidated

      Development

      Development

      Revenue

      484,293

      141,841

      60,800

      25,258

      (6,470)

      5,719,747

      Gross trading profit (loss)

      113,903

      33,924

      21,249

      11,506

      (8,928)

      869,620

      Operating profit (loss)

      35,195

      6,243

      1,775

      1,452

      (2,704)

      222,314

      Share of profit (loss) of associates and joint

      16,055

      (2)

      3,543

      812

      73

      247,617

      ventures

      Profit (loss) for the period attributable to

      46,346

      1,808

      3,913

      (864)

      14,871

      425,179

      owners of the parent

      Segment assets (as of March 31, 2025)

      731,867

      265,370

      169,869

      93,282

      31,953

      9,201,974

      Investments in associates and joint ventures

      186,982

      7,128

      51,459

      27,018

      (19,210)

      2,954,616

    • Nine-month period ended December 31, 2025 (April 1, 2025 - December 31, 2025)

      Metals &

      Power &

      (Millions of yen)

      Finance,

      Lifestyle

      Food & Agri

      Business

      Mineral Resources

      Energy &

      Chemicals

      Infrastructure Services

      Leasing &

      Real Estate Business

      Revenue

      469,340

      2,777,440

      638,253

      1,035,250

      403,178

      16,346

      Gross trading profit (loss)

      130,601

      352,668

      32,239

      77,517

      57,082

      13,719

      Operating profit (loss)

      28,007

      86,107

      15,415

      30,671

      (14,457)

      (4,817)

      Share of profit (loss) of associates and joint

      2,661

      7,862

      92,931

      6,830

      59,336

      61,686

      Profit (loss) for the period attributable to

      17,026

      62,013

      96,465

      9,243

      48,611

      140,258

      owners of the parent

      Segment assets (as of December 31, 2025)

      651,771

      2,615,382

      1,515,629

      990,134

      1,749,587

      1,028,661

      Investments in associates and joint ventures

      64,973

      139,372

      1,100,944

      99,452

      801,039

      896,595

      ventures

      Aerospace & Mobility

      IT Solutions

      Next Generation Business

      Next Generation Corporate

      Other Consolidated

      Development

      Development

      Revenue

      527,044

      148,651

      136,398

      26,452

      (5,933)

      6,172,419

      Gross trading profit (loss)

      118,133

      37,621

      35,170

      13,054

      (8,965)

      858,839

      Operating profit (loss)

      37,071

      8,257

      5,622

      28

      (1,301)

      190,603

      Share of profit (loss) of associates and joint

      9,932

      241

      4,155

      1,222

      65

      246,921

      ventures

      Profit (loss) for the period attributable to

      38,654

      4,096

      16,410

      (412)

      (74)

      432,290

      owners of the parent

      Segment assets (as of December 31, 2025)

      838,580

      266,026

      295,211

      130,230

      (69,952)

      10,011,259

      Investments in associates and joint ventures

      216,013

      8,210

      60,981

      30,494

      (20,984)

      3,397,089

      (Note 1) Effective from the fiscal year ending March 31, 2026, the Company has reorganized its operating segments from "Lifestyle," "Forest Products," "IT Solutions," "Food I," "Food II," "Agri Business," "Chemicals," "Metals & Mineral Resources," "Energy," "Power," "Infrastructure Project," "Aerospace & Ship," "Finance, Leasing & Real Estate Business," "Construction, Industrial Machinery & Mobility," "Next Generation Business Development," and "Next Generation Corporate Development" to the following: "Lifestyle," "Food & Agri Business," "Metals & Mineral Resources," "Energy & Chemicals," "Power & Infrastructure Services," "Finance, Leasing & Real Estate Business," "Aerospace & Mobility," "IT Solutions," "Next Generation Business Development," and "Next Generation Corporate Development”. In conjunction with these organizational changes, operating segment information for the nine-month period ended December 31, 2024, and at March 31, 2025, has been restated and is presented accordingly.

      (Note 2) “Operating profit (loss)" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS Accounting Standards. "Operating profit (loss)" is the sum of "Gross trading profit", "Selling, general and administrative expenses" and "Gains (losses) on allowance for doubtful accounts" in the Condensed Quarterly Consolidated Statements of Comprehensive Income.

      (Note 3) Inter-segment transactions are generally priced in accordance with the prevailing market prices.

      (Note 4) “Other” includes profit/loss such as head office expenses that are not allocated to the operating segments and inter-segment elimination, and assets such as cash and cash equivalents related to financing held for general corporate purposes that are not allocated to the operating segments.

  7. Applicable Financial Reporting Framework

The Company’s Condensed Quarterly Consolidated Financial Statements, which comprise Condensed Quarterly Consolidated Statement of Financial Position, Condensed Quarterly Consolidated Statement of Comprehensive Income, Condensed Quarterly Consolidated Statement of Changes in Equity, Condensed Quarterly Consolidated Statement of Cash Flows, and Notes to the Condensed Quarterly Consolidated Financial Statements, have been prepared in accordance with Article 5, Paragraph 2 of the Tokyo Stock Exchange, Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards), applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards. These condensed quarterly consolidated financial statements have been prepared based on IAS 34, Interim Financial Reporting, (“IAS 34”) except that certain of the required disclosures and notes have not been given. Therefore, they are not a set of condensed financial statements in accordance with IAS 34

(Translation)

Independent Auditor’s Interim Review Report

February 9, 2026

To Mr. Masayuki Omoto, President and CEO Marubeni Corporation

Ernst & Young ShinNihon LLC Tokyo, Japan

Designated Engagement Partner

Certified Public Accountant: Tadashi Watanabe Designated Engagement Partner

Certified Public Accountant: Yoshifumi Mitsugi Designated Engagement Partner

Certified Public Accountant: Keisuke Matsunaga

Auditor’s Conclusion

We have reviewed the accompanying condensed quarterly consolidated financial statements of Marubeni Corporation and its subsidiaries (the Group), which comprise the condensed quarterly consolidated statement of financial position as at December 31, 2025, and the condensed quarterly consolidated statements of comprehensive income, changes in equity and cash flows for the nine-month period ended December 31, 2025, and notes to the condensed quarterly consolidated financial statements.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed quarterly consolidated financial statements are not prepared, in all material respects, in accordance with Article 5, Paragraph 2 of the Tokyo Stock Exchange, Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards), applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

Basis for Auditor’s Conclusion

We conducted our review in accordance with review standards for interim financial statements generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Review of the Condensed Quarterly Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our review of the condensed quarterly consolidated financial statements in Japan (including those applicable to audits of

financial statements of public interest entities), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained provides a basis for our conclusion.

Responsibilities of Management, the Audit and Supervisory Board Member and the Audit and Supervisory Board for the Condensed Quarterly Consolidated Financial Statements

Management is responsible for the preparation of these condensed quarterly consolidated financial statements in accordance with Article 5, Paragraph 2 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards and for the internal controls as management determines are necessary to enable the preparation of condensed quarterly consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the condensed quarterly consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, including the disclosures related to matters of going concern, as required by Article 5, Paragraph 2 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

The Audit and Supervisory Board Member and the Audit and Supervisory Board are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Review of the Condensed Quarterly Consolidated Financial Statements

Our responsibility is to express a conclusion on these condensed quarterly consolidated financial statements based on our review.

As part of a review in accordance with review standards for interim financial statements generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the review. We also:

  • Make inquiries, primarily of management and persons responsible for financial and accounting matters and apply analytical and other interim review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in Japan.

  • Conclude based on the evidence obtained whether anything has come to our attention that causes us to believe that the condensed quarterly consolidated financial statements are not prepared in accordance with Article 5, Paragraph 2 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards, should we determine that a material uncertainty exists related to events or

    conditions that may cast significant doubt on the Group’s ability to continue as a going concern. Additionally, if we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s interim review report to the related disclosures in the condensed quarterly consolidated financial statements or, if such disclosures are inadequate, to modify our conclusion. Our conclusions are based on the evidence obtained up to the date of our auditor’s interim review report. However, future events or conditions may cause the Group to cease to continue as a going concern.

  • Evaluate whether anything has come to our attention that causes us to believe that the overall presentation and disclosure of the condensed quarterly consolidated financial statements are not prepared in accordance with Article 5, Paragraph 2 of the Standards, applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards.

  • Obtain evidence regarding the financial information of the entities or business activities within the Group as a basis for expressing a conclusion on the condensed quarterly consolidated financial statements. We are responsible for the direction, supervision and review of the documentation of the interim review. We remain solely responsible for our conclusion.

We communicate with the Audit and Supervisory Board Member and the Audit and Supervisory Board regarding the planned scope and timing of the review and significant review findings.

We also provide the Audit and Supervisory Board Member and the Audit and Supervisory Board with a statement that we have complied with the ethical requirements regarding independence that are relevant to our review of the condensed quarterly consolidated financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level.

Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan Our firm and its designated engagement partners do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

The original Independent Auditor’s Interim Review Report related to the condensed quarterly consolidated financial statements is in Japanese.

This English translation is prepared only for readers’ convenience.