Marubeni Corporation TSE:8002

Marubeni : Summary of Consolidated Financial Results For the Three-Month Period Ended June 30, 2026 (IFRS basis)

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Source: MarketScreener

Financial Results

Q1 Fiscal year ending March 31, 2027

Summary of Consolidated Financial Results

For the Three-Month Period Ended June 30, 2026

(IFRS basis)

(The Completion of the Independent Auditor’s Interim Review of Japanese-Language Original Version)

(April 1, 2026 – June 30, 2026)

First Release: August 3, 2026

Second Release (updated): August 5, 2026

Following the completion of the interim review of the Japanese-language original version of the Condensed Quarterly Consolidated Financial Statements by certified public accountants or audit firms, and the subsequent update announcement on August 5, this English version has also been replaced with minor revisions to reflect these changes in the Condensed Quarterly Consolidated Financial Statements and Notes for the three-month period ended June 30, 2026.

Please note that there are no changes to the Condensed Quarterly Consolidated Financial Statements and Notes as well as other related documents announced on August 3, 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）

August 5, 2026

Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2026 (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., Stakeholder Engagement 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: Held (for institutional investors and analysts)

  1. Consolidated financial results for the three-month period ended June 30, 2026 (April 1, 2026 - June 30, 2026) (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

      Three months ended June 30,

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      (millions of yen)

      (%)

      2026

      2025

      2,609,225

      2,163,722

      20.6

      5.5

      132,125

      85,410

      54.7

      (8.5)

      228,796

      181,480

      26.1

      1.4

      191,105

      157,568

      21.3

      8.5

      186,432

      154,400

      20.7

      8.3

      269,536

      79,954

      237.1

      (80.4)

      Basic earnings per share

      Diluted earnings per share

      Three months ended June 30,

      (yen)

      (yen)

      2026

      114.19

      114.08

      2025

      93.42

      93.33

      (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 Consolidated 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

    June 30, 2026

    March 31, 2026

    (millions of yen) 10,559,670

    10,531,764

    (millions of yen) 4,612,035

    4,513,798

    (millions of yen) 4,461,731

    4,363,719

    (%) 42.3

    41.4

    (yen) 2,742.51

    2,663.18

  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, 2026

    Fiscal year ending March 31, 2027

    (yen)

    —

    —

    (yen)

    50.00

    (yen)

    —

    (yen)

    57.50

    (yen)

    107.50

    Fiscal year ending March 31, 2027

    (forecast)

    57.50

    —

    57.50

    115.00

    (Note) Changes from the latest announced dividends forecast: None

  3. Consolidated earnings forecast for the fiscal year ending March 31, 2027 (April 1, 2026 - March 31, 2027) (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, 2027

(forecast)

580,000

6.6

356.75

(Note) Changes from the latest announced earnings forecast: None

* 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

June 30, 2026

1,660,758,361

(Treasury stock is included)

March 31, 2026

1,660,758,361

②Number of treasury stock at the end of the period

June 30, 2026

33,979,475

March 31, 2026

22,361,446

③Average number of outstanding shares during the period

Three months ended June 30, 2026

1,632,587,901

Three months ended June 30, 2025

1,652,802,675

  • 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 Monday, August 3, 2026. The Company held an IR meeting on financial results for institutional investors and analysts on Monday, August 3, 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 Three-Month Period

2

(2)

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

5

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

Forecast

2.

Condensed Quarterly Consolidated Financial Statements and Notes

8

(1)

Condensed Quarterly Consolidated Statement of Financial Position

8

(2)

Condensed Quarterly Consolidated Statement of Comprehensive Income

10

(3)

Condensed Quarterly Consolidated Statement of Changes in Equity

11

(4)

Condensed Quarterly Consolidated Statement of Cash Flows

13

(5)

Notes Related to Going Concern Assumptions

13

(6)

Segment Information

14

(7)

Material Subsequent Events

16

(8)

Applicable Financial Reporting Framework

17

◆

Independent Auditor’s Interim Review Report

18

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

      (Billions of yen)

      Three-month period ended June 30,

      Variance

      2025

      2026

      Revenue

      2,163.7

      2,609.2

      445.5

      Gross trading profit

      299.8

      381.0

      81.2

      Operating profit

      85.4

      132.1

      46.7

      Share of profit (loss) of associates and joint ventures

      77.1

      88.8

      11.8

      Profit attributable to owners of the parent

      154.4

      186.4

      32.0

      (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 445.5 billion yen, or 20.6% year on year, to 2,609.2 billion yen. By operating segment, revenue increased mainly in Energy & Chemicals, Food & Agri Business and Metals & Mineral Resources.

      Gross trading profit

      Gross trading profit increased by 81.2 billion yen, or 27.1% year on year, to 381.0 billion yen. Main increases and decreases by operating segment are as follows.

      • Energy & Chemicals: Increased by 32.2 billion yen

        Due to increases in profit from the trading of petrochemical products and the oil & natural gas business.

      • Food & Agri Business: Increased by 12.3 billion yen

        Due to increases in profit from Helena Agri-Enterprises (Helena) and the fertilizer wholesale business in the U.S.

      • Aerospace & Mobility: Increased by 12.2 billion yen

        Due to increases in profit from the aviation-related business and profit resulting from the consolidation of an aircraft parts distributor (DASI) as a wholly-owned subsidiary.

      • Next Generation Business Development: Increased by 10.9 billion yen

      Due to increases in profit from the pharmaceutical sales business.

      Operating profit

      Operating profit increased by 46.7 billion yen, or 54.7% year on year, to 132.1 billion yen, despite an increase in SG&A expenses.

      Share of profit (loss) of associates and joint ventures

      Share of profit (loss) of associates and joint ventures increased by 11.8 billion yen, or 15.2% year on year, to 88.8 billion yen. Main increases and decreases by operating segment are as follows.

      - Metals & Mineral Resources: Increased by 9.7 billion yen

      Due to an increase in profit from the Chilean copper business and the Australian Steelmaking coal business reflecting higher commodity prices.

      Profit attributable to owners of the parent

      Due to the factors described above, profit attributable to owners of the parent increased by

      32.0 billion yen, or 20.7% year on year to 186.4 billion yen. As a result, the Company achieved 32.1% of 580.0 billion yen, the forecast for profit attributable to owners of the parent for the fiscal year ending March 31, 2027.

      Results (profit attributable to owners of the parent) for each operating segment for the three-month period ended June 30, 2026 were as follows:

      (Billions of yen)

      Three-month period

      ended June 30,

      Variance

      Major Factors for Increase/Decrease

      2025

      2026

      Lifestyle

      6.8

      7.2

      0.4

      Food & Agri Business

      35.5

      31.4

      (4.1)

      ・Weaker performance in the US beef processing and sales business

      ・Deterioration due to the absence of the gains and losses on futures in the overseas instant coffee manufacturing and sales business

      Metals & Mineral Resources

      28.7

      42.0

      13.2

      ・Increase in profit from the Chilean copper business, the Australian Steelmaking coal business and aluminum business reflecting higher

      commodity prices

      Energy & Chemicals

      8.9

      25.8

      17.0

      ・Increase in profit from the trading of petrochemical products

      ・Increase in profit from natural gas trading in North America

      Power & Infrastructure

      Services

      17.1

      29.3

      12.2

      ・Gain on sale of overseas IPP investment

      Finance, Leasing & Real Estate Business

      30.9

      17.9

      (13.0)

      ・The absence of the gain on sale of the North American railcar leasing business recognized in the same period of the previous fiscal year

      ・Decrease in profits from the mobility business in North America

      ・Increase in profit from the aircraft leasing business

      Aerospace & Mobility

      11.5

      22.8

      11.3

      ・Valuation gains on existing shares as a result of the consolidation of an aircraft parts distributor (DASI) as a wholly-owned subsidiary

      ・Increase in profit from the aviation-related business

      IT Solutions

      0.7

      0.3

      (0.4)

      Next Generation Business Development

      10.2

      4.6

      (5.6)

      ・The absence of the gain from negative goodwill arising from the acquisition of the device solution business recognized in the same period of the previous year

      ・Increase in profit from the pharmaceutical sales business

      Next Generation

      Corporate Development

      (1.4)

      (1.5)

      (0.0)

      Other

      5.5

      6.6

      1.1

      Consolidated

      154.4

      186.4

      32.0

      (Note 1) Effective from the fiscal year ending March 31, 2027, certain businesses in “Power & Infrastructure Services” have been reclassified to “Energy & Chemicals,” and certain businesses in “Next Generation Business Development” have been reclassified to “Lifestyle.” In conjunction with these changes, operating segment information for the three-month period ended June 30, 2025 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 Three-Month Period

      ① Cash Flows

      Cash and cash equivalents as of June 30, 2026 were 607.9 billion yen, an increase of 56.8 billion yen from the end of the previous fiscal year.

      (Operating activities)

      Net cash provided by operating activities was 176.5 billion yen due to operating revenue and dividend income, partially offset by an increase in working capital requirements and other activities.

      (Investing activities)

      Net cash used in investing activities was 183.4 billion yen, due to the outflow from capital expenditures in overseas businesses, the acquisition of shares of subsidiaries and other activities, 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 three-month period ended June 30, 2026 was an outflow of 6.9 billion yen.

      (Financing activities)

      Net cash provided by financing activities was 59.0 billion yen due to the proceeds from bonds and borrowings and other activities, partially offset by dividend payments and the purchase of treasury stock.

      ② Assets, Liabilities and Equity

      (Billions of yen)

      March 31,

      2026

      June 30,

      2026

      Variance

      Total assets

      10,531.8

      10,559.7

      27.9

      Net-interest-bearing debt

      1,858.7

      2,050.5

      191.8

      Equity attributable to owners of the parent

      4,363.7

      4,461.7

      98.0

      Net DE ratio (times)

      0.43

      0.46

      0.03 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 June 30, 2026 increased by 27.9 billion yen from the end of the previous fiscal year to 10,559.7 billion yen primarily due to an increase in notes, trade accounts and loans receivable and the depreciation of the Japanese yen, despite a decrease in inventories. Net interest-bearing debt increased by 191.8 billion yen from the end of the previous fiscal year to 2,050.5 billion yen, due to dividend payments and the purchase of treasury stock. Equity attributable to owners of the parent increased by 98.0 billion yen from the end of the previous fiscal year to 4,461.7 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, despite a decrease resulting from the purchase of treasury stock. Consequently, Net DE ratio stood at 0.46 times.

    3. Qualitative Information on Future Outlook Including Consolidated Earnings Forecast

    The earnings forecast for the fiscal year ending March 31, 2027 is unchanged from the initial forecast announced on May 1, 2026 (profit attributable to owners of the parent: 580.0 billion yen.)

    In light of the progress of GC2027, which is the Company’s Mid-Term Management Strategy (FYE 3/2026 – FYE 3/2028) announced on February 5, 2025, the Company has decided to revise its capital allocation. With respect to new investments, CAPEX and others, the Company will allocate an additional 250.0 billion yen as a new investment limit to the investment limit of 1,700.0 billion yen under GC2027, increasing the total amount to 1,950.0 billion yen. In addition, with respect to shareholder returns, the Company will increase shareholder returns under GC2027 from 700.0 billion yen to 900.0 billion yen.

    Under the policy of maximizing core operating cash flow and investment recoveries, the Company does not necessarily seek to maintain positive free cash flow after shareholder distributions. While maintaining financial discipline with due consideration to its credit ratings, the Company will flexibly utilize leverage, and pursue and implement capital allocation initiatives expected to generate high relative returns, by taking a multifaceted view across the short, medium, and long term. For further details, please refer to the supplementary explanations of quarterly business results posted on the Company’s website on August 3, 2026.

    (Share repurchases of treasury stock)

    Based on the revision to the capital allocation policy described above, the Company has resolved to repurchase shares of its common stock as part of its shareholder returns, with the aggregate repurchased amount of up to 100 billion yen. For details, please refer to the Company release titled “Notice Regarding Share Repurchases” announced on August 3, 2026. The matters related to the repurchases are as follows:

    Matters related to the repurchases

    Class of shares to be

    repurchased

    Common stock of the Company

    Total number of shares to be repurchased

    Up to 40 million shares

    [Ratio to the number of outstanding shares (excluding treasury stock): about 2.5%]

    Aggregate repurchased

    amount

    Up to 100 billion yen

    Period for repurchases

    From August 4, 2026 to March 31, 2027

    (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 Statement of Financial Position

    (Millions of yen)

    March 31,

    2026

    June 30,

    2026

    Variance

    Assets

    Current assets:

    Cash and cash equivalents

    551,064

    607,851

    56,787

    Time deposits

    208

    184

    (24)

    Notes, trade accounts and loans receivable

    1,570,127

    1,769,355

    199,228

    Other current financial assets

    586,496

    420,338

    (166,158)

    Inventories

    1,272,883

    1,096,951

    (175,932)

    Assets classified as held for sale

    40,800

    37,072

    (3,728)

    Other current assets

    484,558

    407,912

    (76,646)

    Total current assets

    4,506,136

    4,339,663

    (166,473)

    Non-current assets:

    Investments in associates and joint ventures

    3,504,176

    3,535,138

    30,962

    Other investments

    341,176

    337,311

    (3,865)

    Notes, trade accounts and loans receivable

    134,913

    139,266

    4,353

    Other non-current financial assets

    184,596

    193,432

    8,836

    Property, plant and equipment

    1,144,761

    1,210,582

    65,821

    Intangible assets

    557,926

    638,388

    80,462

    Deferred tax assets

    6,599

    5,385

    (1,214)

    Other non-current assets

    151,481

    160,505

    9,024

    Total non-current assets

    6,025,628

    6,220,007

    194,379

    Total assets

    10,531,764

    10,559,670

    27,906

    (Millions of yen)

    March 31,

    2026

    June 30,

    2026

    Variance

    Liabilities and equity

    Current liabilities:

    Bonds and borrowings

    471,738

    753,462

    281,724

    Notes and trade accounts payable

    1,406,298

    1,253,350

    (152,948)

    Other current financial liabilities

    737,044

    576,965

    (160,079)

    Income tax payable

    33,893

    46,983

    13,090

    Liabilities directly associated with assets held-for-sale

    6,707

    6,895

    188

    Other current liabilities

    625,328

    563,291

    (62,037)

    Total current liabilities

    3,281,008

    3,200,946

    (80,062)

    Non-current liabilities:

    Bonds and borrowings

    1,938,239

    1,905,054

    (33,185)

    Notes and trade accounts payable

    1,291

    1,133

    (158)

    Other non-current financial liabilities

    385,433

    400,957

    15,524

    Accrued pension and retirement benefits

    26,656

    28,162

    1,506

    Deferred tax liabilities

    266,102

    286,047

    19,945

    Other non-current liabilities

    119,237

    125,336

    6,099

    Total non-current liabilities

    2,736,958

    2,746,689

    9,731

    Total liabilities

    6,017,966

    5,947,635

    (70,331)

    Equity:

    Issued capital

    263,711

    263,711

    -

    Capital surplus

    101,982

    95,228

    (6,754)

    Treasury stock

    (74,333)

    (133,823)

    (59,490)

    Retained earnings

    2,876,685

    2,971,531

    94,846

    Other components of equity:

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

    110,490

    109,467

    (1,023)

    income

    Foreign currency translation adjustments

    1,025,031

    1,086,689

    61,658

    Gains (losses) on cash flow hedges

    60,153

    68,928

    8,775

    Equity attributable to owners of the parent

    4,363,719

    4,461,731

    98,012

    Non-controlling interests

    150,079

    150,304

    225

    Total equity

    4,513,798

    4,612,035

    98,237

    Total liabilities and equity

    10,531,764

    10,559,670

    27,906

  2. Condensed Quarterly Consolidated Statement of Comprehensive Income

    (Millions of yen)

    Three-month period ended June 30,

    2025

    2026

    Variance

    Ratio (%)

    Revenue:

    Sales of goods

    2,125,341

    2,553,420

    428,079

    20.1

    Commissions on services and trading margins

    38,381

    55,805

    17,424

    45.4

    Total revenue

    2,163,722

    2,609,225

    445,503

    20.6

    Cost of goods sold

    (1,863,882)

    (2,228,234)

    (364,352)

    19.5

    Gross trading profit

    299,840

    380,991

    81,151

    27.1

    Other income (expenses):

    Selling, general and administrative expenses

    (213,016)

    (246,463)

    (33,447)

    15.7

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

    Impairment losses

    (1,414)

    (93)

    (2,403)

    (6,076)

    (989)

    (5,983)

    69.9

    -

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

    2,584

    2,295

    (289)

    (11.2)

    Other income

    16,442

    7,786

    (8,656)

    (52.6)

    Other expenses

    (7,628)

    (8,274)

    (646)

    8.5

    Total other income (expenses)

    (203,125)

    (253,135)

    (50,010)

    24.6

    Finance income (expenses):

    Interest income

    6,794

    8,564

    1,770

    26.1

    Interest expenses

    (20,064)

    (20,040)

    24

    (0.1)

    Dividend income

    6,224

    2,750

    (3,474)

    (55.8)

    Gains (losses) on investment securities

    14,738

    20,843

    6,105

    41.4

    Total finance income (expenses)

    7,692

    12,117

    4,425

    57.5

    Share of profit (loss) of associates and joint ventures

    77,073

    88,823

    11,750

    15.2

    Profit before tax

    181,480

    228,796

    47,316

    26.1

    Income taxes

    (23,912)

    (37,691)

    (13,779)

    57.6

    Profit for the period

    157,568

    191,105

    33,537

    21.3

    Profit for the period attributable to:

    Owners of the parent

    154,400

    186,432

    32,032

    20.7

    Non-controlling interests

    3,168

    4,673

    1,505

    47.5

    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

    3,143

    (5,315)

    (8,458)

    -

    Remeasurements of defined benefit plan

    1,277

    2,007

    730

    57.2

    Changes in other comprehensive income of associates and joint ventures

    Items that may be reclassified subsequently to profit or loss:

    178

    5,167

    4,989

    -

    Foreign currency translation adjustments

    (60,011)

    58,471

    118,482

    -

    Gains (losses) on cash flow hedges

    (4,811)

    16,708

    21,519

    -

    Changes in other comprehensive income of associates and joint ventures

    (17,390)

    1,393

    18,783

    -

    Other comprehensive income, net of tax

    (77,614)

    78,431

    156,045

    -

    Total comprehensive income for the period

    79,954

    269,536

    189,582

    237.1

    Total comprehensive income for the period attributable to:

    Owners of the parent

    78,161

    263,785

    185,624

    237.5

    Non-controlling interests

    1,793

    5,751

    3,958

    220.7

  3. Condensed Quarterly Consolidated Statement of Changes in Equity

    • Three-month period ended June 30, 2025 (April 1, 2025 - June 30, 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

      154,400

      Other comprehensive income

      3,276

      (65,160)

      Share-based payment transactions

      274

      Purchase and sale of treasury stock

      (278)

      (29,731)

      Dividends

      (82,939)

      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

      149

      227

      2,474

      (227)

      (1,226)

      Balance at the end of the period

      263,711

      95,326

      (35,538)

      2,508,980

      92,474

      614,049

      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

      154,400

      3,168

      157,568

      Other comprehensive income

      (15,603)

      1,248

      (76,239)

      (76,239)

      (1,375)

      (77,614)

      Share-based payment transactions

      274

      274

      Purchase and sale of treasury stock

      (30,009)

      (30,009)

      Dividends

      (82,939)

      (5,769)

      (88,708)

      Equity transactions with non-controlling interests and others

      149

      693

      842

      Transfer from other components of

      equity to retained earnings

      (1,248)

      (2,474)

      -

      -

      Transfer from retained earnings to

      capital surplus

      -

      -

      Transfer to non-financial assets or

      non-financial liabilities

      (506)

      (506)

      (506)

      (506)

      Balance at the end of the period

      55,364

      -

      761,887

      3,594,366

      136,114

      3,730,480

    • Three-month period ended June 30, 2026 (April 1, 2026 - June 30, 2026) (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

      101,982

      (74,333)

      2,876,685

      110,490

      1,025,031

      Profit for the period

      186,432

      Other comprehensive income

      110

      61,658

      Share-based payment transactions

      364

      Purchase and sale of treasury stock

      (518)

      (59,490)

      Dividends

      (94,213)

      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

      (7,016)

      416

      3,043

      (416)

      (1,133)

      Balance at the end of the period

      263,711

      95,228

      (133,823)

      2,971,531

      109,467

      1,086,689

      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

      60,153

      -

      1,195,674

      4,363,719

      150,079

      4,513,798

      Profit for the period

      186,432

      4,673

      191,105

      Other comprehensive income

      13,675

      1,910

      77,353

      77,353

      1,078

      78,431

      Share-based payment transactions

      364

      364

      Purchase and sale of treasury stock

      (60,008)

      (60,008)

      Dividends

      (94,213)

      (5,742)

      (99,955)

      Equity transactions with non-controlling interests and others

      (7,016)

      216

      (6,800)

      Transfer from other components of

      equity to retained earnings

      (1,910)

      (3,043)

      -

      -

      Transfer from retained earnings to

      capital surplus

      -

      -

      Transfer to non-financial assets or

      non-financial liabilities

      (4,900)

      (4,900)

      (4,900)

      (4,900)

      Balance at the end of the period

      68,928

      -

      1,265,084

      4,461,731

      150,304

      4,612,035

  4. Condensed Quarterly Consolidated Statement of Cash Flows

    Three-month period ended June 30,

    (Millions of yen)

    2025

    2026

    Variance

    Operating activities:

    Profit for the period

    Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities:

    157,568

    191,105

    33,537

    Depreciation and amortisation

    49,792

    55,713

    5,921

    (Gains) losses on property, plant and equipment

    (2,491)

    3,781

    6,272

    Finance (income) expenses

    (7,692)

    (12,117)

    (4,425)

    Share of (profit) loss of associates and joint ventures

    (77,073)

    (88,823)

    (11,750)

    Income taxes

    23,912

    37,691

    13,779

    Changes in notes and trade accounts receivable

    (23,823)

    (108,925)

    (85,102)

    Changes in inventories

    155,471

    192,799

    37,328

    Changes in notes and trade accounts payable

    (142,673)

    (178,263)

    (35,590)

    Other-net

    (33,663)

    23,927

    57,590

    Interest received

    4,377

    7,306

    2,929

    Interest paid

    (16,827)

    (17,618)

    (791)

    Dividends received

    54,407

    97,280

    42,873

    Income taxes paid

    (24,688)

    (27,349)

    (2,661)

    Net cash provided by (used in) operating activities

    116,597

    176,507

    59,910

    Investing activities:

    Net (increase) decrease in time deposits

    (2,266)

    52

    2,318

    Proceeds from sale of property, plant and equipment

    4,710

    5,194

    484

    Collection of loans receivable

    406

    752

    346

    (192)

    9,733

    9,925

    61,585

    18,758

    (42,827)

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

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

    other investments

    Purchase of property, plant and equipment

    (38,957)

    (37,539)

    1,418

    Loans provided to customers

    (47,125)

    (64,762)

    (17,637)

    Acquisition of subsidiaries, net of cash and cash equivalents acquired

    (10,437)

    (93,308)

    (82,871)

    (81,437)

    (22,244)

    59,193

    (113,713)

    (183,364)

    (69,651)

    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

    108,542

    286,785

    178,243

    Proceeds from long-term bonds and borrowings

    102,884

    7,630

    (95,254)

    Repayments of long-term bonds and borrowings

    (88,923)

    (80,527)

    8,396

    Dividends paid to owners of the parent

    (82,939)

    (94,213)

    (11,274)

    Net cash outflows on purchase and sale of treasury stock

    (30,014)

    (60,011)

    (29,997)

    Capital contribution from non-controlling interests

    240

    3,442

    3,202

    Other

    (3,188)

    (4,065)

    (877)

    Net cash provided by (used in) financing activities

    6,602

    59,041

    52,439

    Effect of exchange rate changes on cash and cash equivalents

    4,779

    6,664

    1,885

    Net increase (decrease) in cash and cash equivalents

    14,265

    58,848

    44,583

    Cash and cash equivalents at the beginning of the period

    569,144

    551,064

    (18,080)

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

    classified as held for sale

    (3,928)

    (2,061)

    1,867

    Cash and cash equivalents at the end of the period

    579,481

    607,851

    28,370

  5. Notes Related to Going Concern Assumptions

    None

  6. Segment Information

    • Three-month period ended June 30, 2025 (April 1, 2025 - June 30, 2025)

      Metals &

      Power &

      (Millions of yen)

      Finance,

      Lifestyle

      Food & Agri

      Business

      Mineral Resources

      Energy &

      Chemicals

      Infrastructure Services

      Leasing &

      Real Estate Business

      Revenue

      158,145

      1,106,311

      215,923

      304,387

      119,851

      12,000

      Gross trading profit (loss)

      45,873

      133,677

      9,791

      27,168

      21,087

      8,990

      Operating profit (loss)

      10,616

      44,958

      4,222

      10,982

      672

      1,325

      Share of profit (loss) of associates and joint

      708

      4,502

      26,416

      2,655

      16,368

      18,535

      ventures

      Profit (loss) for the period attributable to

      6,805

      35,510

      28,728

      8,864

      17,055

      30,884

      owners of the parent

      Segment assets (as of March 31, 2026)

      697,396

      2,700,620

      1,647,649

      1,151,265

      1,773,736

      1,021,012

      Investments in associates and joint ventures

      84,575

      138,820

      1,159,685

      108,251

      805,359

      920,946

      Aerospace & Mobility

      IT Solutions

      Next Generation Business

      Next Generation Corporate

      Other Consolidated

      Development

      Development

      Revenue

      166,135

      47,299

      31,376

      4,253

      (1,958)

      2,163,722

      Gross trading profit (loss)

      35,061

      11,598

      7,857

      1,949

      (3,211)

      299,840

      Operating profit (loss)

      10,057

      2,136

      1,535

      (1,708)

      615

      85,410

      Share of profit (loss) of associates and joint

      5,838

      26

      1,657

      355

      13

      77,073

      ventures

      Profit (loss) for the period attributable to

      11,542

      685

      10,214

      (1,434)

      5,547

      154,400

      owners of the parent

      Segment assets (as of March 31, 2026)

      838,588

      272,189

      267,769

      132,407

      29,133

      10,531,764

      Investments in associates and joint ventures

      218,684

      7,813

      50,840

      31,450

      (22,247)

      3,504,176

    • Three-month period ended June 30, 2026 (April 1, 2026 - June 30, 2026)

      Metals &

      Power &

      (Millions of yen)

      Finance,

      Lifestyle

      Food & Agri

      Business

      Mineral Resources

      Energy &

      Chemicals

      Infrastructure Services

      Leasing &

      Real Estate Business

      Revenue

      171,868

      1,234,621

      317,272

      460,477

      132,668

      2,762

      Gross trading profit (loss)

      50,009

      145,930

      16,469

      59,345

      25,994

      3,010

      Operating profit (loss)

      11,630

      44,120

      10,325

      42,727

      699

      (1,980)

      Share of profit (loss) of associates and joint

      843

      1,987

      36,091

      2,007

      17,654

      22,661

      ventures

      Profit (loss) for the period attributable to

      7,178

      31,390

      41,974

      25,833

      29,255

      17,884

      owners of the parent

      Segment assets (as of June 30, 2026)

      701,608

      2,520,063

      1,698,830

      1,113,982

      1,845,143

      1,054,803

      Investments in associates and joint ventures

      85,903

      140,542

      1,193,228

      102,624

      807,286

      930,165

      Aerospace & Mobility

      IT Solutions

      Next Generation Business

      Next Generation Corporate

      Other Consolidated

      Development

      Development

      Revenue

      187,470

      49,518

      46,641

      8,589

      (2,661)

      2,609,225

      Gross trading profit (loss)

      47,279

      11,680

      18,746

      5,050

      (2,521)

      380,991

      Operating profit (loss)

      17,012

      1,216

      7,595

      (1,910)

      691

      132,125

      Share of profit (loss) of associates and joint

      5,495

      195

      1,274

      519

      97

      88,823

      ventures

      Profit (loss) for the period attributable to

      22,835

      329

      4,619

      (1,462)

      6,597

      186,432

      owners of the parent

      Segment assets (as of June 30, 2026)

      917,548

      269,276

      275,709

      136,779

      25,929

      10,559,670

      Investments in associates and joint ventures

      206,433

      7,972

      49,862

      32,030

      (20,907)

      3,535,138

      (Note 1) Effective from the fiscal year ending March 31, 2027, certain businesses in “Power & Infrastructure Services” have been reclassified to “Energy & Chemicals,” and certain businesses in “Next Generation Business Development” have been reclassified to “Lifestyle.” In conjunction with these changes, operating segment information for the three-month period ended June 30, 2025 and the year ended March 31, 2026 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. Material Subsequent Events

    The Company, at the Board of Directors’ Meeting held on August 3, 2026, has resolved to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the “Act”), as applied pursuant to Paragraph 3, Article 165 of the Act as follows:

    Matters related to the repurchases

    Class of shares to be

    repurchased

    Common stock of the Company

    Total number of shares to be repurchased

    Up to 40 million shares

    [Ratio to the number of outstanding shares (excluding treasury stock): about 2.5%]

    Aggregate repurchased

    amount

    Up to 100 billion yen

    Period for repurchases

    From August 4, 2026 to March 31, 2027

  8. 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

August 5, 2026

To Mr. Masayuki Omoto, President and CEO, Member of the Board Marubeni Corporation

Ernst & Young ShinNihon LLC Tokyo, Japan

Designated Engagement Partner

Certified Public Accountant: Yoshifumi Mitsugi Designated Engagement Partner

Certified Public Accountant: Kosuke Kawabata 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 June 30, 2026, and the condensed quarterly consolidated statements of comprehensive income, changes in equity and cash flows for the three-month period ended June 30, 2026, 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 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 Committee 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 Committee is 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 Committee regarding the planned scope and timing of the review and significant review findings.

We also provide the Audit Committee with a statement that we have complied with the ethical requirements regarding independence 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.