Mitsubishi Corporation
FY2025 Q3 Earnings Presentation Ni ne months ended December 31, 2025February 5, 2026
Forward-Looking Statements
This release contains forward-looking statements regarding Mitsubishi Corporation's ("MC", the "Company" or "Parent") future plans, strategies, beliefs and performance that are not historical facts. Such statements are based on the Company's assumptions and beliefs as a result of competitive, financial and economic data currently available, and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices.
Accordingly, Mitsubishi Corporation cautions readers that actual results may differ materially from those projected in this release and that Mitsubishi Corporation bears no responsibility for any negative impact arising from the use of this release.
Notes Regarding This Earnings Release
"Consolidated net income" refers to "Profit (loss) for the year attributable to owners of the Parent" which excludes non-controlling interests.
"Equity" refers to "Equity attributable to owners of the Parent" which excludes non-controlling interests.
Mitsubishi Corporation's fiscal year ends March 31.
Disclaimer: This English translation is solely for reference purposes only and not a legally definitive translation of the original Japanese text. In the event a difference arises regarding the meaning herein, the original Japanese version will prevail as the official authoritative version.
2
1
Corporate Strategy 2027 Update Supplementary Information
to the Consolidated Financial Statements
3
Supplementary Information
1
Corporate Strategy 2027 Update
Executive Summary
FY2025 Q3 Summary Results
Cash Flow Allocation & Leverage
Summary Results by Segment
Full-Year Forecast by Segment
Corporate Strategy 2027
Profit Growth Outlook Through FY2027
Progress and Breakdown of 'Enhance' Profit Growth Through FY2027
Key Investment Projects Announced
Shareholder Return Policy
FY2025 Q3 Highlights
FY2025 Q3 underlying operating CF was ¥763.3 billion (83% progress against the revised full-year forecast) and consolidated net income was ¥607.9 billion (87% progress). Performance remained stronger than expected, supported by improved market conditions, enhanced profitability, and revenue growth across multiple businesses.
In response to changes in the business environment following our FY2025 Q2 earnings results, together with updated segment-level risk assessments, we have revised the FY2025 full-year forecast for underlying operating CF upward to ¥920 billion (+¥20 billion), while maintaining consolidated net income at ¥700 billion.
Corporate Strategy 2027 Update
In FY2025 Q3, we announced an agreement to acquire Haynesville shale gas assets in the U.S., our largest investment to date [Create]. We also announced the acquisition of upstream gas assets in Brunei [Enhance].
We are making steady progress toward achieving the quantitative targets across our 'Enhance', 'Reshape', and 'Create' initiatives. Notably, the 'Create' initiative is already on track to meet its target.
Enhance: Expected profit contribution from projects executed to date put us on track to achieve roughly half of the plan.
Reshape: One project completed (full consolidation of Mitsubishi Shokuhin) with several others currently under consideration.
Create: Haynesville project alone accounts for ~80% of plan progress. Considering other projects, full-plan achievement is in sight.
Underlying operating CF was flat year on year primarily due to worsening market conditions in the Australian steelmaking coal business and upfront costs associated with the start of production at LNG Canada, offset by improved profitability at Chiyoda Corporation and increased trading profit from the power and mineral resources businesses.
In addition to major capital recycling gains / losses, one-time items and dividend recognition, the majority of segments have outperformed expectations, resulting in strong overall progress towards our full-year forecast for both underlying operating CF and consolidated net income.
Steady progress was also made in our ¥1 trillion share buyback program, which was announced on April 3, 2025. Total repurchased as of December 31, 2025: ¥794.3 billion.
(¥ bn, except per share amounts)
FY2024 Q3
FY2025 Q3
Change3
Underlying operating CF1 771.4
763.3
(8.1)
Consolidated net income 827.4
[Capital recycling gains / losses
and one-time items]2 [274.6]
607.9
[85.7]
(219.5)
[(188.9)]
FY2025 Forecast
Nov 4, 2025
Revised3
Progress
900.0
920.0
83%
700.0
700.0
87%
[100.0]
[100.0]
[86%]
Notes:
Dividend per share
¥110
¥110
1,000.0
1,000.0
Share buybacks (upper limit)
1 Underlying operating CF: [Operating cash flow excluding changes in working capital]* + repayment of lease liabilities.
* Net income (including non-controlling interests) - DD&A - profits and losses related to investing activities - equity in earnings of affiliated companies not recovered through dividends - allowance for bad debt etc. - deferred tax.
2 Excluding asset turnover-type businesses such as certain real estate and power businesses.
3 For detail by segment, please refer to Summary Results by Segment and Full-Year Forecast by Segment.
Progress is largely in line with the CF allocation plan under Corporate Strategy 2027 (CS 2027).
CS 2027
3-year CF Allocation: 2025 - 2027
(announced April 3, 2025)
Underlying operating CF
Cash In
¥3.3 trillion+
Divestitures1
FY2025 Q3
¥0.8 trillion /
¥763.3 billion
¥0.3 trillion /
Details
Solid progress in each segment.
Underlying operating CF forecast revised upward to ¥0.92 trillion.
FY2025 Key Projects
Leverage as at December 31, 2025
¥1.7 trillion+
¥334.8 billion
Loan collection in copper business (Quellaveco)
Collection of deferred payment related to divestiture of two Australian steelmaking coal mines
Sale of TH Foods
Sale of properties in North American real estate development business
9.3
Equity
4.3
Net terest-beari
debt
in ng
Debt financing
We will strategically use leverage while preserving financial soundness, capping our net D/E ratio at approximately 0.6x during CS 2027.
Investment progress
Net D/E ratio
0.46x
Cash Out
Investments1
¥4.0 trillion+
¥0.9 trillion /
¥913.9 billion
Sustaining CAPEX
0.1
Enhance Reshape Create
CS 2027 Plan FY2025 Key Projects
0.3
Acquisition of salmon farming business
Malaysia LNG project (Dua) North American power business
¥1.0 trillion+ Eneco, Australian steelmaking coal business
0.4
¥1.5 trillion+
0.1
¥0.5 trillion+ Execution of tender offer for Mitsubishi Shokuhin
¥1.0 trillion+
Digital finance business in the Philippines (GCash) Managed-care business in Southeast Asia (Fullerton)
Shareholders returns
¥2.4 trillion+
FY2025 forecast:
¥1.5 trillion
Key Announced Projects with Planned Investments:
Haynesville shale gas assets (¥0.8 trillion) and U.S. copper mining project (¥0.1 trillion)
Includes ¥1 trillion in share buybacks announced on April 3, 2025 and cash dividends paid to non-controlling interests.
Equity and Debt
(¥ trillion)
Note: In calculating the net D/E ratio, 50% of the hybrid financing balance is deducted from net interest-bearing debt (numerator) and added to equity attributable to owners of the parent (denominator).
1 Cash flow from investing activities + equity transactions with non-controlling interests − surplus fund management (changes in time deposits or acquisitions / disposals of
short-term investments) − adjustments of cash balance associated with business acquisitions / disposals 5
1
Summary Results by Segment (Underlying operating CF)Segment Underlying operating CF YoY Change
Details
（¥ bn）
Environmental Energy Materials Solution
Mineral Resources
Urban Development & Infrastructure
Mobility
Food Industry Smart-Life Creation Power Solution Other
124.1
45.9
69.6
118.8
96.9
56.9
79.5
77.2
85.8
78.6
84.1
95.5
80.5
68.7
47.7 4.6
156.4
164.1
(32.3)
(21%)
(23.7)
(34%)
(45.3)
(28%)
+40.0
+70%
+2.3
+3%
+7.2
+9%
(11.4)
(12%)
+11.8
+17%
+43.1
+937%
［＋］Timing of tax payment in the Asia-Pacific LNG business.
［－］Impact of increased costs associated with the start of production in the North American LNG / Equity LNG marketing business. Decrease in dividend income from the Asia-Pacific LNG business.
［－］Decrease in dividend income from the North American plastic building materials business.
Decline in transactions in the steel products business.
［－］Decrease in market prices in the Australian steelmaking coal business.
Decrease in dividend income from the iron ore business.
［＋］Profit improvement resulting from amendment of contract terms for the U.S. Golden Pass LNG project and other factors in Chiyoda Corporation.
Increase in dividend income from the Japanese real estate development business and the ASEAN urban development-related business.
［＋］Absence of previous FY FX loss on receivables in the overseas auto financing business.
［－］Decrease in dividend income from the ASEAN automotive business.
［＋］Increase in valuation of biological assets in the salmon farming business.
Increase in market prices in the Japanese meat products business.
［－］Absence of previous FY tax gain in the overseas food materials business.
［＋］Dividends from Lawson's prior-year retained earnings.
［－］Impact of reclassification of Lawson to equity method affiliate.
［＋］Increase in trading profit in the European integrated energy business and the North American power business.
Unallocated income / expenses and intersegment eliminations.
Nine months ended December 31, 2025 | 763.3 | (8.1) | ||
Nine months ended December 31, 2024 | 771.4 | (1%) | ||
6
1
Summary Results by Segment (Consolidated net income)Segment Consolidated net income YoY Change
Details
（¥ bn）
Environmental Energy
Materials Solution
Mineral Resources
Urban Development & Infrastructure
Mobility
Food Industry
29.0
48.2
13.7
69.5
127.8
101.5
169.7
229.4
(41.9)
(25%)
(19.2)
(40%)
(127.9)
(56%)
+55.8
+407%
［＋］Tax gain due to start of production in the North American LNG business.
［－］Impact of increased costs associated with the start of production in the North American LNG / Equity LNG marketing business. Decrease in dividend income and market prices in the Asia-Pacific LNG business. Valuation loss in the next-generation energy business.
［－］Decrease in market prices in the North American plastic building materials business.
Decline in transactions in the essential materials business.
［＋］Increase in market prices in the copper business.
［－］Absence of previous FY gain on sale of two steelmaking coal mines and decrease in market prices in the Australian steelmaking coal business.
Increase in costs and decrease in market prices in the iron ore business.
64.8 | (34.2) | |
99.0 | (35%) | |
59.2 | (27.1) |
［＋］Absence of previous FY provisions for Chiyoda Corporation's U.S. Golden Pass LNG project, together with profit improvement in current FY resulting from amendment of contract terms and other factors. Gain on completion of construction in the energy infrastructure-related business. Absence of previous FY impairment and loss on sales in the North American real estate development business.
［－］Absence of previous FY revaluation gain due to restructure of the Indian automobile business.
Absence of previous FY gain related to change in equity interest in Mitsubishi Motors. Market headwinds, impact of U.S. tariffs and other factors in the automotive business.
［＋］Gain on sale of TH Foods. Increase in market prices in the Japanese meat products business.
Smart-Life Creation
Power Solution
Other
(21.1)
40.2
39.7
28.3
86.3
76.2
173.9
(31%)
(97.7)
(56%)
+61.3
-
+11.4
+40%
［－］Absence of previous FY gain on sale of KFC Holdings Japan and Princes. Absence of previous FY tax gain in the overseas food materials business.
［＋］Reversal of deferred tax liabilities related to dividends from Lawson's prior-year retained earnings. Increase in net income due to increased equity stake in Mitsubishi Shokuhin following completion of tender offer.
［－］Absence of previous FY revaluation gain due to reclassification of Lawson as equity method affiliate.
［＋］Absence of previous FY impairments and other losses in the Japanese offshore wind power business. Increase in trading profit in the North American power business and the European integrated energy business.
［－］Absence of previous FY gain on sale of the European power transmission business' U.K. operation.
Unallocated income/expenses and intersegment eliminations.
Nine months ended December 31, 2025 607.9
Nine months ended December 31, 2024 827.4
(219.5)
(27%)
7
1
Summary Results by Segment (Consolidated net income bridge)(¥ bn)
Consolidated net income
827.4
Previous FY
Increase / decrease of
capital recycling and one-time items (189.0)
Current FY
Capital recycling and
one-time items1
275.0
(275.0)
Revaluation gain on Lawson's
reclassification to equity method affiliate (123.0)
Sale of two Australian steelmaking coal mines (99.0)
Impairments and other losses in Japanese
offshore wind power business +52.0
Tax gain following the start of production
at LNG Canada +24.0
Contract amendment for Chiyoda Corporation's
U.S. Golden Pass LNG project +12.0
Gain on construction completion in energy
infrastructure-related business +12.0
Gain in Japanese offshore wind power business (including tax gain due to project withdrawal) +10.0
+86.0
607.9
86.0
Capital recycling
(31.0) 2.0 (2.0)
and one-time items from previous FY
Commodity prices3
Foreign exchange3
Other factors by segment
Capital recycling
and one-time items from current FY
Adjusted consolidated net income2
553.0
Environmental Energy
Oil & Gas (10.0)
LNG +4.0
Mineral Resources
Steelmaking Coal (37.0)
Copper +15.0
Iron Ore (4.0)
Other +36.0
Urban Development
& Infrastructure +33.0
S.L.C. +12.0
Food Industry +9.0
Power Solution -
Mobility (4.0)
Mineral Resources (8.0)
Materials Solution (19.0)
Environmental Energy(60.0)
522.0
Increase / decrease of adjusted net income (31.0)
FY2024 Q3 FY2025 Q3
1 Capital recycling and one-time items excluding asset turnover-type businesses such as certain real estate and power businesses. For further detail, please refer to Net Income Detail.
2 Adjusted consolidated net income＝consolidated net income－capital recycling and one-time items.
3 Actual results are affected by factors such as differences in fiscal year-ends among consolidated companies and the timing of price recognition. For further detail, please refer to Assumptions and Sensitivities.
1
Full-Year Forecast by Segment (Underlying operating CF)Segment Underlying operating CF Change Details
（¥ bn）
Environmental Energy Materials Solution
Mineral Resources
Urban Development & Infrastructure
Mobility
Food Industry Smart-Life Creation Power Solution Other
160.0
167.0
75.0
79.0
143.0
136.0
104.0
84.0
96.0
87.0
100.0
98.0
82.0
79.0
114.0
104.0
46.0
66.0
(7.0)
(4%)
(4.0)
(5%)
+7.0
+5%
+20.0
+24%
+9.0
+10%
+2.0
+2%
+3.0
+4%
+10.0
+10%
(20.0)
(30%)
［－］Decrease in volume in the North American LNG / Equity LNG marketing business.
［－］Decrease in dividend income due to decrease in market prices in the basic chemicals business.
Decline in transactions in the steel products business.
［＋］Increase in market prices in the copper business.
Increase in trading profit in the precious metals trading business.
［－］Decrease in volume in the Australian steelmaking coal business.
［＋］Profit improvement resulting from amendment of contract terms for the U.S. Golden Pass LNG project and other factors in Chiyoda Corporation.
［＋］Increase in business profit in the ASEAN automotive business.
［＋］Increase in dividend income from the grain business.
［＋］Increase in dividend income from Lawson.
［＋］Increase in trading profit in the European integrated energy business and the North American power business.
Unallocated income/expenses and intersegment eliminations.
Revised FY2025 forecast (as of February 5) | 920.0 | +20.0 | ||
FY2025 forecast (as of November 4) | 900.0 | +2% | ||
1
Full-Year Forecast by Segment (Consolidated net income)Segment Consolidated net income Change Details
（¥ bn）
Environmental Energy Materials Solution
Mineral Resources
Urban Development
47.0
52.0
110.0
95.0
76.0
143.0
(5.0) | |||
(10%) | |||
158.0
(15.0)
(9%)
+15.0
+16%
+16.0
［－］Decrease in volume in the North American LNG / Equity LNG marketing business.
Valuation loss in the next-generation energy business.
［－］Decline in transactions in the essential materials business and the steel products business.
［＋］Increase in market prices in the copper business.
Increase in trading profit in the precious metals trading business.
［－］Decrease in volume in the Australian steelmaking coal business.
［＋］Profit improvement resulting from amendment of contract terms for the U.S. Golden Pass
83.0 | - | |||
83.0 | - | |||
78.0 | - | |||
78.0 | - | |||
83.0 | - | |||
83.0 | - | |||
40.0 | - | |||
40.0 | - | |||
40.0 | (11.0) | |||
51.0 | (22%) | |||
& Infrastructure Mobility
60.0
+27%
-
LNG project and other factors in Chiyoda Corporation.
Increase in handover units in the ASEAN urban development-related business.
Revised FY2025 forecast (as of February 5) 700.0
-
Food Industry Smart-Life Creation Power Solution Other
-
-
［＋］Increase in trading profit in the European integrated energy business and the North American power business.
［－］Potential challenges in some projects.
Unallocated income / expenses and intersegment eliminations.
1 Profit Growth Outlook Through FY2027
We expect to deliver most of the plan for 'Create' through our recent announcement to acquire Haynesville shale gas assets, while continuing to make progress on 'Reshape', with several projects currently under consideration.
Capital recycling and one-time items
¥268.8bn1
Create
+ ¥100bn+
Enhance
+ ¥250bn+
+ ¥10bn+3
(vs. FY20244)
(vs. FY20244)
+ ¥80bn+ 3
¥950.7bn
(vs. FY20244)
New investments and joint projects
to capture further growth Key announced projects
Acquisition of Haynesville shale gas assets
Investment in digital finance business in the Philippines (GCash)
Multiple projects
currently under consideration
Key announced projects
+ ¥110bn+3
Full consolidation of Mitsubishi Shokuhin
Reinforcing the earnings base,
including rebound of core businesses Key announced projects
Profit contribution from executed projects
(Details on next page)
Full-scale operation of LNG Canada
Acquisition of salmon farming business
¥600bn
Adjusted consolidated net income
¥681.9bn2
¥100bn
Reshape
+ ¥50bn+
¥700bn
In addition, we will achieve roughly half of the plan for 'Enhance' due to expected profit contribution from projects executed to date, and we are on track to achieve our target.
Capital recycling gains / losses5
¥1.2tn+
FY2024
consolidated net income results
FY2025
11
consolidated net income forecast
1 Capital recycling and one-time items excluding asset turnover-type businesses such as certain real estate and power businesses. For further detail, please refer to Net Income Detail.
2 Adjusted consolidated net income＝consolidated net income－capital recycling and one-time items
3 Represents the projected profit contribution from projects executed to date, based on certain assumptions.
FY2027
consolidated net
© Copyright 2026 Mitsubishi Corporation
4 Planned increase in consolidated net income excluding capital recycling gains / losses, one-time items, and profit from asset turnover-type businesses.income outlook
5 Excludes asset turnover-type businesses such as certain real estate and power businesses.
1
Progress and Breakdown of 'Enhance' Profit Growth Through FY2027We expect over ¥110 billion in profit contribution from projects executed to date. Together with the rebound of core businesses that saw temporary profit declines, the plan is achievable through expansion and additional investments, and disciplined efficiency-driven measures to strengthen the earnings base.
Resource businesses
Total 'Enhance'
profit growth1
+ ¥250bn+
+ ¥55bn+
Recovery in steelmaking coal volumes
Includes the effects of a favorable resource market conditions and reduced equity production volumes
Reinforcing the earnings base / rebound of core businesses
Examples of key executed projects
Full-scale operation of LNG Canada
Re-entry into Malaysia LNG project (Tiga)
+ ¥25bn+
Non-resource businesses
+ ¥195bn+
Executed projects 2
+ ¥30bn+
+ ¥55bn+
Example businesses expected to deliver strong profit growth
Reinforcing the earnings base
+ ¥90bn+
Approximately
180 companies
Rebound of core
Enhance 2.0
+ ¥35bn+
Enhance 1.0
Enhancing profitability in existing businesses
via expansion and additional investments, etc.
North American power Food & Wellness
Midterm Corporate Strategy 2024 / continued holdings3
Continuous execution of earnings improvement plans
Farm, Dairy & Meat Products Industrial Machinery
businesses
Executed projects
+ ¥80bn+
+ ¥25bn+
Rebound of temporarily underperforming businesses
Automotive business (including increased sales in ASEAN (Thailand / Indonesia))
Salmon farming business (including improved productivity and strengthened processing capabilities)
Our track record under Midterm Corporate Strategy 2024
Achieved a ¥100 billion profit increase through the replacement and improvement of target businesses
Examples of key executed projects
Profit from asset turnover-type businesses, both complete and in development (including reduced losses in the North American real estate business)
Acquisition of salmon farming business
1 Estimated incremental profit growth attributable to "Enhance" from FY2024 to FY2027.
2 Excludes the impact of market fluctuations.
3 Primarily businesses identified as underperforming / low-growth under Midterm Corporate Strategy 2024 retained for continued holding.
Segment
Business
Description
Investment
Start of profit
contribution
Profit contribution
Investment
progress
(as of FY2025 Q3)
Key projects announced at FY2025 Q1
Note: Figures are approximate
LNG equity production capacity:
Increase of 2 MTPA
FY2026
Undisclosed
First cargo shipped from LNG Canada
LNG
(North America)
Enhance
ー
Marine Products
Food
Agreement by Cermaq to acquire three salmon farming businesses
Reshape
Full consolidation of
¥145 billion
Enhance
(enterprise value)
FY2026
+ ¥10 billion+
(Contribution expected in FY2027)
Invested (FY2025 Q3)
Mostly
Create
Distribution
Mitsubishi Shokuhin ¥138 billion FY2025 ＋approximately ¥10 billion1
invested (FY2025 Q2)
Next-Generation Energy
Agreement to invest in a biofuel production and sales business
¥8 billion Undisclosed
SAF production: 150,000 KL / year (MC's share:18.6%)
Invested (FY2025 Q3)
Key projects announced at FY2025 Q2
Copper (Chile) Definitive agreement for a joint mine
plan with AAS's adjacent copper mines
Agreement to acquire shares in a Copper (U.S.) copper mining project
Limited additional capital investment
Reshape
Create
Consideration for equity interest: ¥61 billion Development costs:
¥26 billion
Around 2030
(Expected start of production)
Around 2029
(Expected start of production)
Average annual copper production volume increase of approximately 12,000 MT on an equity basis (compared with standalone operations)
Average annual copper production volume increase of approximately 30,000 MT on an equity basis
ー
Investment pending
(planned for FY2025 Q4 onward)
1 Estimated increase in profit from FY2026 onward due to the increase of our equity stake from 50.1% to 100% (calculated based on Mitsubishi Shokuhin's actual FY2024 net profit).
Segment
Business
Description
Investment
Start of profit
contribution
Profit contribution
Investment
progress
(as of FY2025 Q3)
Key projects announced at FY2025 Q3
Note: Figures are approximate
¥40 billion
Final Investment Decision for Brunei
Offshore Gas DevelopmentProject
LNG
(Asia)
Enhance
Around 2030 Gas production:
Approximately 2.9 MTPA
(Expected start of production) (MC's share:18.75%)
Investment pending
(planned for FY2025 Q4)
Natural gas (North America)
Acquisition of Haynesville Shale Gas ¥800 billion Assets in the U.S.1
FY2026
(Upon closing of acquisition)
+¥70~80 billion
(100% basis contribution expected in FY2027)
Investment pending (planned for FY2026 Q1)
Create
1 For further details, please refer to the project briefing materials.
1
Corporate Strategy 2027 Shareholder Return Policy(No change from the announcement made on April 3, 2025)
配当総 額
自己株式 取得
1株当たり配当 （円）※1
CS 2027: Maintain progressive dividends and flexible share buybacks.
Dividend Policy: MC will continue to implement progressive dividends based on the dividend amount per share. Any further dividend increases will be determined after assessing profit and underlying operating CF improvement. In FY2025, the dividend per share will increase from ¥100 to ¥110.
Share buybacks: In a potential excess cash scenario, we will flexibly decide on the appropriateness of allocating funds to investments or additional shareholder returns in consideration of our investment pipeline.
Total payout ratio: Although there is no total payout ratio target for CS 2027, the three-year average total payout ratio for FY2025 to FY2027 is expected to exceed the 40% target set under Midterm Corporate Strategy 2024 (MCS 2024).
(¥ bn, except per share amounts)
1,400
Total dividends
890
Share buybacks
1,000
Under MCS 2024, financial soundness
improved through a strategy of positive post-shareholder returns FCF3, enabling the rebalancing of accumulated capital.
Dividend per share (¥)1
Total
630
Continue Progressive Dividends
Note: Figures are approximate.
290
400
100
110
200
44
200
45
70
50
200
200
220
260
290
400
400
370
60
70
600
200%
Exceeds the 40％ target in MCS 2024
Total Payout ratio
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY20252
FY2027
Target for Total Payout Ratio: around 40％
Midterm Corporate Strategy 2024
115%
53%
31%
92%
42%
37%
1 Dividend per share has been retroactively adjusted in line with the January 1, 2024 stock split (three-for-one; pre-split dividend x 1/3; rounded to the nearest whole number).
2 Forecast figures are based on the full-year earnings outlook of ¥700 billion announced on April 3, 2025; the values used for additional returns represent the cap.
3 Under CS 2027, rather than setting a KPI for post-shareholder returns FCF as we did in MCS 2024, our strategy is to maintain financial soundness while also considering the use of leverage and targeting a net
Corporate Strategy 2027
(3-year average Total Payout Ratio)
2
Supplementary Information to the Consolidated Financial Statements
Progress of Net Income by Segment
Net Income by Segment
Income Statement Items by Segment
Balance Sheet Items by Segment
Segment Detail
Notes regarding Net Income Detail section
- "Asset turnover" represents gains / losses in asset turnover-type businesses (real estate and power generation businesses that are subject to capital gains on sale at the time of project development).
（Icons link to "Segment Detail"） (¥ bn) | Net income for nine months ended Dec 31, 2025 | FY2025 Full-Year Guidance | ||
Announced on Feb 5th | Progress | Progress Status | ||
Environmental Energy | 127.8 | 143.0 | 89% | [+] Dividend income and production volume from the Asia-Pacific LNG business are concentrated in the Q3 YTD period. Tax gain due to start of production in the North American LNG business recorded in Q3 YTD results. |
|
Materials Solution | 29.0 | 47.0 | 62% | [ー] Dividend income from the North American plastic building materials business expected in Q4. |
|
Mineral Resources | 101.5 | 110.0 | 92% | [+] Decrease in volume in the Australian steelmaking coal business expected in Q4. |
Urban Development & Infrastructure | 69.5 | 76.0 | 91% | [+] Profit improvement resulting from amendment of contract terms for the U.S. Golden Pass LNG project and other factors recorded in Q3 YTD results in Chiyoda Corporation. Gain on completion of construction in the energy infrastructure-related business recorded in Q3 YTD results. Gain on sale in the Japanese real estate development business recorded in Q3 YTD results. |
|
Mobility | 64.8 | 83.0 | 78% | - |
|
Food Industry | 59.2 | 78.0 | 76% | [+] Gain on sale of TH Foods recorded in Q3 YTD results. [ー] Gain on sale in the overseas food materials business expected in Q4. |
|
Smart-Life Creation | 76.2 | 83.0 | 92% | [+] Equity method earnings from Lawson are concentrated in the Q3 YTD period. Reversal of deferred tax liabilities related to dividends from Lawson's prior-year retained earnings recorded in Q3 YTD results. Effect of the change of fiscal year-end of Mitsubishi HC Capital's subsidiaries recorded in Q3 YTD results. |
|
Power Solution | 40.2 | 40.0 | 101% | [+] Increase in capital recycling gains in the power business. Potential challenges in some projects. |
Other | 39.7 | 40.0 | 99% | - |
Total | 607.9 | 700.0 | 87% | - |
（Icons link to "Segment Detail"） | Three months | Three months | Three months | Nine months | Three months | Full-year | |
ended Jun 30 | ended Sep 30 | ended Dec 31 | ended Dec 31 | ending Mar 31 | total | ||
(¥ bn) | |||||||
Environmental Energy | FY2024 FY2025 | 60.8 40.9 | 33.8 44.9 | 75.1 42.0 | 169.7 127.8 | 28.9 - | 198.6 - |
Materials Solution | FY2024 FY2025 | 17.1 11.9 | 19.8 8.2 | 11.3 8.9 | 48.2 29.0 | 20.1 - | 68.3 - |
Mineral Resources | FY2024 FY2025 | 165.7 25.0 | 30.0 16.6 | 33.7 59.9 | 229.4 101.5 | (1.6) - | 227.8 - |
Urban Development | FY2024 | (7.1) | 7.2 | 13.6 | 13.7 | 26.1 | 39.8 |
& Infrastructure | FY2025 | 35.8 | 7.1 | 26.6 | 69.5 | - | - |
Mobility | FY2024 FY2025 | 34.8 26.5 | 20.2 12.2 | 44.0 26.1 | 99.0 64.8 | 13.4 - | 112.4 - |
Food Industry | FY2024 FY2025 | 25.2 21.0 | 35.2 13.1 | 25.9 25.1 | 86.3 59.2 | 6.1 - | 92.4 - |
Smart-Life Creation | FY2024 FY2025 | 16.2 26.1 | 140.1 23.1 | 17.6 27.0 | 173.9 76.2 | 11.1 - | 185.0 - |
Power Solution | FY2024 FY2025 | 2.4 (1.6) | (9.0) 18.4 | (14.5) 23.4 | (21.1) 40.2 | 5.5 - | (15.6) - |
Other | FY2024 FY2025 | 39.3 17.6 | (13.7) 9.0 | 2.7 13.1 | 28.3 39.7 | 13.7 - | 42.0 - |
Total | FY2024 FY2025 | 354.4 203.1 | 263.7 152.7 | 209.3 252.1 | 827.4 607.9 | 123.3 - | 950.7 - |
Net income for | of which are One-time items | of which are Capital recycling gains / losses | Adjusted | |||||
nine months ended Dec 31, 2025 (A) | consolidated net income (A-B-C) | |||||||
Total | from Asset turnover-type businesses | Other (B) | Total | from Asset turnover-type businesses | Other (C) | |||
（Icons link to "Segment Detail"）
Environmental Energy
Materials Solution
Mineral Resources
(¥ bn)
FY2024 169.7 5.8 － 5.8 － － － 163.9
FY2025 127.8 24.1 － 24.1 6.7 － 6.7 97.0
FY2024 48.2 － － － － － － 48.2
FY2025 29.0 － － － － － － 29.0
FY2024 229.4 (16.2) － (16.2) 109.4 － 109.4 136.2
Urban Development
& Infrastructure
FY2024
FY2025
13.7
69.5
(8.2)
24.4
-
-
(8.2)
24.4
12.9
19.0
0.6
15.9
12.3
3.1
9.6
42.0
FY2025 101.5 0.7 － 0.7 (6.4) － (6.4) 107.2
Smart-Life Creation
Power Solution
Mobility
FY2024
FY2025
99.0
64.8
13.1
(2.1)
-
-
13.1
(2.1)
15.5
-
-
-
15.5
-
70.4
66.9
Food Industry
FY2024
FY2025
86.3
59.2
10.5
6.2
-
-
10.5
6.2
41.0
9.0
-
-
41.0
9.0
34.8
44.0
FY2024 173.9 － － － 119.6 － 119.6 54.3
FY2025 76.2 10.3 － 10.3 － － － 65.9
FY2024 (21.1) (52.2) － (52.2) 14.5 14.5 － 31.1
FY2025 40.2 － － － 18.8 9.1 9.7 30.5
Other
FY2025
39.7
-
-
-
-
-
-
39.7
FY2024 28.3 24.0 － 24.0 － － － 4.3
FY2024 827.4 (23.2) － (23.2) 312.9 15.1 297.8 552.8
Total
FY2025
607.9
63.6
-
63.6
47.1
25.0
22.1
522.2
（Icons link to "Segment Detail"） (¥ bn) | Three months ended Jun 30 | Three months ended Sep 30 | Three months ended Dec 31 | Nine months ended Dec 31 | Three months ending Mar 31 | Full-year | ||
Environmental Energy | FY2024 | Total | 5.8 | - | - | 5.8 | - | 5.8 |
Revision of depreciation method in the Asia-Pacific LNG business | 5.8 | - | - | 5.8 | - | 5.8 | ||
FY2025 | Total | - | - | 24.1 | 24.1 | - | - | |
Tax gain due to prior year losses following the start of production at LNG Canada Train 2 | - | - | 24.1 | 24.1 | - | - | ||
Materials Solution | FY2024 | Total | - | - | - | - | - | - |
FY2025 | Total | - | - | - | - | - | - | |
Mineral Resources | FY2024 | Total | - | (13.8) | (2.4) | (16.2) | - | (16.2) |
Loss in Chinese business | - | (13.8) | - | (13.8) | - | (13.8) | ||
Impairment losses on fixed assets in the iron ore business | - | - | (2.4) | (2.4) | - | (2.4) | ||
FY2025 | Total | - | - | 0.7 | 0.7 | - | - | |
Reduction of financial liabilities in the copper business | - | - | 2.9 | 2.9 | - | - | ||
Provision for the copper business | - | - | (2.2) | (2.2) | - | - | ||
（Icons link to "Segment Detail"） (¥ bn) | Three months ended Jun 30 | Three months ended Sep 30 | Three months ended Dec 31 | Nine months ended Dec 31 | Three months ending Mar 31 | Full-year | ||
Urban Development | FY2024 | Total | (12.4) | - | 4.2 | (8.2) | 7.8 | (0.4) |
& Infrastructure | Gain on construction completion in energy infrastructure-related business Tax gain due to restructuring of energy infrastructure-related business | - - | - - | - 4.2 | - 4.2 | 8.5 (0.7) | 8.5 3.5 | |
Provision for Chiyoda Corporation's U.S. Golden Pass LNG project 1 | (12.4) | - | - | (12.4) | - | (12.4) | ||
FY2025 | Total | 12.4 | (0.4) | 12.4 | 24.4 | - | - | |
Improved profitability resulting from contract amendment for Chiyoda Corporation's U.S. Golden Pass LNG project | - | - | 12.4 | 12.4 | - | - | ||
Gain on construction completion in energy infrastructure-related business | 12.4 | (0.4) | - | 12.0 | - | - | ||
Mobility | FY2024 | Total | - | - | 13.1 | 13.1 | (8.7) | 4.4 |
Gain related to change in equity interest in Mitsubishi Motors | - | - | 13.1 | 13.1 | - | 13.1 | ||
Impairment loss in Mitsubishi Motors | - | - | - | - | (8.7) | (8.7) | ||
FY2025 | Total | - | (2.1) | - | (2.1) | - | - | |
Loss due to deconsolidation of a Japanese affiliate | - | (2.1) | - | (2.1) | - | - | ||
Food Industry | FY2024 | Total | 10.5 | - | - | 10.5 | - | 10.5 |
Tax gain related to impairment of overseas food materials business in previous FY | 10.5 | - | - | 10.5 | - | 10.5 | ||
FY2025 | Total | - | - | 6.2 | 6.2 | - | - | |
Valuation gain due to change in fair value measurement methodology for Cermaq's biological assets | - | - | 6.2 | 6.2 | - | - | ||
1 The estimated provision related to this project was recorded under "Other" in Q4 FY2023. The impact of the reversal of this provision is recorded under "Other" in Q1 FY2024.
（Icons link to "Segment Detail"） (¥ bn) | Three months ended Jun 30 | Three months ended Sep 30 | Three months ended Dec 31 | Nine months ended Dec 31 | Three months ending Mar 31 | Full-year | ||
Smart-Life Creation | FY2024 | Total | - | - | - | - | (2.4) | (2.4) |
Increase in tax effect of Lawson's revaluation gain due to the defense boost tax hike | - | - | - | - | (2.4) | (2.4) | ||
FY2025 | Total | 9.8 | 0.5 | - | 10.3 | - | - | |
Reversal of tax effect related to dividends from Lawson's prior-year retained earnings | 6.2 | - | - | 6.2 | - | - | ||
Effect of the change of fiscal year-end of Mitsubishi HC Capital's subsidiaries | 3.6 | 0.5 | - | 4.1 | - | - | ||
Power Solution | FY2024 | Total | - | - | (52.2) | (52.2) | (0.2) | (52.4) |
Impairments and other losses in Japanese offshore wind power business | - | - | (52.2) | (52.2) | (0.2) | (52.4) | ||
FY2025 | Total | - | - | - | - | - | - | |
（Icons link to "Segment Detail"） (¥ bn) | Three months ended Jun 30 | Three months ended Sep 30 | Three months ended Dec 31 | Nine months ended Dec 31 | Three months ending Mar 31 | Full-year | ||
Environmental Energy | FY2024 | Total | - | - | - | - | - | - |
FY2025 | Total | 6.7 | - | - | 6.7 | - | - | |
Reduction in tax expenses due to capital reduction in European business | 6.7 | - | - | 6.7 | - | - | ||
Materials Solution | FY2024 | Total | - | - | - | - | - | - |
FY2025 | Total | - | - | - | - | - | - | |
Mineral Resources | FY2024 | Total | 96.9 | 4.4 | 8.1 | 109.4 | (5.8) | 103.6 |
Gain and adjustment related to sale of two Australian steelmaking coal mines | 96.9 | (6.9) | 8.6 | 98.6 | (5.7) | 92.9 | ||
Gain on liquidation of overseas subsidiary | - | 8.5 | - | 8.5 | - | 8.5 | ||
Gain related to sale of overseas business | - | 2.8 | (0.5) | 2.3 | (0.1) | 2.2 | ||
FY2025 | Total | (3.5) | (4.2) | 1.3 | (6.4) | - | - | |
Adjustment on sale of two Australian steelmaking coal mines | (3.5) | (4.2) | 1.3 | (6.4) | - | - | ||
（Icons link to "Segment Detail"） (¥ bn) | Three months ended Jun 30 | Three months ended Sep 30 | Three months ended Dec 31 | Nine months ended Dec 31 | Three months ending Mar 31 | Full-year | |||
Urban Development | FY2024 | Total | (0.7) | 1.1 | 12.5 | 12.9 | 14.3 | 27.2 | |
& Infrastructure | (Asset turnover) (Asset turnover) | Gain on sale of an affiliated company Gain on sale of projects of Japanese and overseas real estate development businesses | - (0.7) | - 2.2 | - 5.5 | - 7.0 | 11.2 1.8 | 11.2 8.8 | |
Gain on sale of equity interest in overseas business | - | 6.3 | 0.4 | 6.7 | - | 6.7 | |||
Gain on sale of overseas water infrastructure business | - | - | - | - | 4.7 | 4.7 | |||
Tax gain due to divestiture process of overseas fund-related company | - | - | 3.3 | 3.3 | 0.2 | 3.5 | |||
Gain on sale of ships | - | - | 2.3 | 2.3 | (0.1) | 2.2 | |||
(Asset turnover) | Impairment losses in Japanese and overseas real estate development business | - | (7.4) | 1.0 | (6.4) | (1.3) | (7.7) | ||
Losses related to sale of overseas water infrastructure business | - | - | - | - | (2.2) | (2.2) | |||
FY2025 | Total | 16.0 | 2.1 | 0.9 | 19.0 | - | - | ||
(Asset turnover) | Gain on sale of projects of Japanese and overseas real estate development businesses | 12.9 | 2.1 | 0.9 | 15.9 | - | - | ||
Gain on deconsolidation of overseas water infrastructure business | 3.1 | - | - | 3.1 | - | - | |||
Mobility | FY2024 | Total | - | - | 15.5 | 15.5 | - | 15.5 | |
Revaluation gain due to restructure of Indian automobile business | - | - | 15.5 | 15.5 | - | 15.5 | |||
FY2025 | Total | - | - | - | - | - | - | ||
（Icons link to "Segment Detail"） (¥ bn) | Three months ended Jun 30 | Three months ended Sep 30 | Three months ended Dec 31 | Nine months ended Dec 31 | Three months ending Mar 31 | Full-year | |||
Food Industry | FY2024 | Total | 6.9 | 32.0 | 2.1 | 41.0 | - | 41.0 | |
Gain related to sale of KFC Holdings Japan | - | 20.5 | - | 20.5 | - | 20.5 | |||
Gain related to sale of Princes | 3.8 | 11.6 | - | 15.4 | - | 15.4 | |||
Valuation gain related to acquisition of additional equity in Cermaq's affiliate | 3.1 | (0.1) | - | 3.0 | - | 3.0 | |||
Gain related to sale of overseas business | - | - | 2.1 | 2.1 | - | 2.1 | |||
FY2025 | Total | 8.9 | 0.1 | - | 9.0 | - | - | ||
Gain on sale of TH Foods | 8.9 | 0.1 | - | 9.0 | - | - | |||
Smart-Life Creation | FY2024 | Total | - | 122.5 | (2.9) | 119.6 | 0.9 | 120.5 | |
Revaluation gain on Lawson's reclassification to equity method affiliates | - | 122.5 | - | 122.5 | - | 122.5 | |||
Losses related to sale of Japanese business | - | - | (2.9) | (2.9) | 0.9 | (2.0) | |||
FY2025 | Total | - | - | - | - | - | - | ||
Power Solution | FY2024 | Total | - | - | 14.5 | 14.5 | 0.1 | 14.6 | |
(Asset turnover) | Gain on sale of European power transmission assets | - | - | 11.1 | 11.1 | - | 11.1 | ||
(Asset turnover) | Gain on sale of Japanese power generation assets | - | - | 3.4 | 3.4 | 0.1 | 3.5 | ||
FY2025 | Total | - | 18.8 | - | 18.8 | - | - | ||
Gain in the Japanese offshore wind power business (including tax gain due to withdrawal from process) | - | 9.7 | - | 9.7 | - | - | |||
(Asset turnover) | Gain on sale of Japanese power generation assets | - | 9.1 | - | 9.1 | - | - | ||
2 Income Statement Items by Segment
FY2024 Q3 (¥ bn) | Environmental Energy | Materials Solution | Mineral Resources | Urban Development & Infrastructure | Mobility | Food Industry | Smart-Life Creation | Power Solution | Other | Total |
Gross profit | 83.3 | 169.9 | 177.5 | 95.8 | 117.7 | 219.7 | 483.2 | 104.7 | 5.7 | 1,457.5 |
SG&A expenses | (55.0) | (116.7) | (80.5) | (102.6) | (79.6) | (162.5) | (420.0) | (102.8) | (34.2) | (1,153.7) |
Dividend income | 77.5 | 7.2 | 63.3 | 2.4 | 8.5 | 7.9 | 3.9 | 0.0 | 2.9 | 173.7 |
Income from investments accounted for using the equity method | 101.5 | 29.9 | 42.0 | 24.1 | 49.9 | 13.9 | 47.1 | (30.2) | 0.2 | 278.4 |
Net income | 169.7 | 48.2 | 229.4 | 13.7 | 99.0 | 86.3 | 173.9 | (21.1) | 28.3 | 827.4 |
Depreciation, Depletion and Amortization | (20.2) | (18.6) | (44.1) | (36.1) | (9.0) | (44.5) | (137.4) | (56.1) | (17.5) | (383.6) |
FY2025 Q3 (¥ bn) | Environmental Energy | Materials Solution | Mineral Resources | Urban Development & Infrastructure | Mobility | Food Industry | Smart-Life Creation | Power Solution | Other | Total |
Gross profit | 65.6 | 156.0 | 129.2 | 189.2 | 122.9 | 228.2 | 174.2 | 129.3 | 5.8 | 1,200.3 |
SG&A expenses | (54.4) | (117.5) | (66.2) | (109.1) | (75.7) | (165.4) | (156.4) | (114.2) | (30.1) | (889.2) |
Dividend income | 60.3 | 4.4 | 59.3 | 0.5 | 9.5 | 4.2 | 4.4 | 0.1 | 2.9 | 145.6 |
Income from investments accounted for using the equity method | 79.4 | 18.8 | 48.6 | 48.1 | 32.1 | 17.8 | 78.2 | 24.7 | 0.0 | 347.7 |
Net income | 127.8 | 29.0 | 101.5 | 69.5 | 64.8 | 59.2 | 76.2 | 40.2 | 39.7 | 607.9 |
Depreciation, Depletion and Amortization | (23.4) | (18.0) | (49.8) | (36.3) | (8.1) | (43.8) | (20.4) | (61.4) | (18.7) | (280.0) |
5,012.0
1.5
589.3
1,155.3
298.9
579.7
650.2
703.2
358.6
675.3
Investments accounted for using the
equity method2
Cash and cash equivalents,
Time deposits
45.9
42.5
113.1
212.6
98.2
42.4
23.9
105.0
855.4
1,539.0
(¥ bn)
Total assets
3,197.4
2,074.2
6,164.5
2,120.8
1,929.0
2,262.9
2,954.4
2,719.3
519.2
23,941.8
Trade and other receivables1, Inventories
934.2
1,260.8
2,514.4
673.4
956.6
708.3
1,153.3
650.5
(957.3)
7,894.1
Property, plant and equipment,
Investment property2
743.0
132.7
1,108.6
184.3
52.8
408.3
65.3
700.6
91.6
3,487.3
Right-of-use assets2
310.1
18.5
15.7
57.6
1.6
76.5
74.9
69.2
84.4
708.4
Total
Other
Power Solution
Smart-Life Creation
Food Industry
Mobility
Urban Development & Infrastructure
Mineral Resources
Materials Solution
Environmental Energy
Other investments2 351.8 186.9 496.5 62.0 205.6 175.5 388.7 44.6 264.0 2,175.6
Intangible assets and goodwill3 5.8 18.7 3.1 101.1 5.0 256.2 40.4 374.6 21.3 826.4
Trade and other payables1 331.8 568.5 530.9 331.2 187.3 229.2 921.2 319.1 (31.7) 3,387.5
1Current and non-current total.
2Please refer to the table below for a breakdown of the balance sheet items in the Environment Energy segment and Mineral Resources segment.
3More than half is comprised of intangible assets (including those subject to amortization). Goodwill includes amounts attributable to non-controlling interests.
Environmental Energy | Mineral Resources | ||||
Natural Gas / LNG | Other | MDP | Copper | Other | |
Breakdown of Environmental Energy / Mineral Resources Segment Balance Sheet Items as at December 31, 2025
Investments accounted for using the 575.0 | 100.3 | 0.6 | 518.3 | 184.3 |
Property, plant and equipment, 713.3 | 29.7 | 1,108.3 | 0.0 | 0.3 |
Right-of-use assets 309.4 | 0.7 | 13.2 | 0.0 | 2.5 |
Other investments 326.0 | 25.8 | 0.0 | 477.5 | 19.0 |
(¥ bn)
equity method Investment property
5,143.0
1.4
581.9
1,085.1
294.9
547.8
693.6
630.3
351.8
956.2
Investments accounted for using the
equity method2
Cash and cash equivalents,
Time deposits
56.6
20.2
57.0
198.8
78.3
26.6
17.7
62.5
1,052.2
1,569.9
(¥ bn)
Total assets
3,246.9
2,021.4
4,538.1
2,159.5
1,848.1
1,952.1
2,587.3
2,512.1
630.6
21,496.1
Trade and other receivables1, Inventories
1,043.2
1,274.0
1,640.5
676.2
953.0
653.3
931.8
658.1
(1,032.5)
6,797.6
Property, plant and equipment,
Investment property2
482.1
127.0
995.0
182.5
52.9
295.2
66.1
614.5
92.1
2,907.4
Right-of-use assets2
327.0
20.0
17.4
58.0
1.9
63.9
62.1
61.9
76.8
689.0
Total
Other
Power Solution
Smart-Life Creation
Food Industry
Mobility
Urban Development & Infrastructure
Mineral Resources
Materials Solution
Environmental Energy
Other investments2 264.1 157.4 540.3 63.4 174.9 163.8 338.8 44.3 237.2 1,984.2
Intangible assets and goodwill3 4.2 16.3 3.3 98.8 5.6 237.2 35.5 334.8 23.2 758.9
Trade and other payables1 383.8 583.2 305.2 327.0 146.0 238.8 706.5 257.4 (25.5) 2,922.4
1Current and non-current total.
2Please refer to the table below for a breakdown of the balance sheet items in the Environment Energy segment and Mineral Resources segment.
3More than half is comprised of intangible assets (including those subject to amortization). Goodwill includes amounts attributable to non-controlling interests.
Environmental Energy | Mineral Resources | ||||
Natural Gas / LNG | Other | MDP | Copper | Other | |
Breakdown of Environmental Energy / Mineral Resources Segment Balance Sheet Items as at March 31, 2025
Investments accounted for using the 864.8 | 91.4 | 0.7 | 449.9 | 179.7 |
Property, plant and equipment, 451.3 | 30.8 | 994.6 | 0.1 | 0.3 |
Right-of-use assets 326.0 | 1.0 | 14.3 | 0.1 | 3.0 |
Other investments 234.9 | 29.2 | 64.5 | 457.7 | 18.1 |
(¥ bn)
equity method Investment property
2
Segment DetailEnvironmental Energy: Financial Performance
Consolidated net income detail for nine months ended Dec 31, 2025
Comments (YoY change)
(¥ bn) | Results for nine months ended Dec 31 | FY2025 Full-year guidance | |||
FY2024 | FY2025 | YoY change | as of Feb 5 | Progress | |
Underlying operating cash flow 156.4 | 124.1 | (32.3) | 160.0 | 78% | |
Consolidated net income 169.7 | 127.8 | (41.9) | 143.0 | 89% | |
[+] Tax gain due to start of production in the North American LNG business.
[ー] Impact of increased costs associated with the start of production in the North American LNG / Equity LNG marketing business. Decrease in dividend income and market prices in the Asia-Pacific LNG business. Valuation loss in the next-generation energy business.
Comments (Progress)
Consolidated net income detail
Assumptions1
Crude oil (Brent)
One-time items 5.8 | 24.1 | 18.3 |
Capital recycling gains / losses － | 6.7 | 6.7 |
Adjusted consolidated net income 163.9 | 97.0 | (66.9) |
Forecast US$70/BBL
Sensitivities ¥2.0 billion
[+] Dividend income and production volume from the Asia-Pacific LNG business
are concentrated in the Q3 YTD period.
Tax gain due to start of production in the North American LNG business recorded in Q3 YTD results.
Note: For further detail, please refer to Income Statement Items by Segment, Net Income Detail One-Time Items, Net Income Detail Capital Recycling Gains / Losses.
1 Forecast uses average prices over the period. Sensitivity (US$/BBL basis) refers to the estimated impact on full-year net income forecast.
Major Subsidiaries and Affiliates | For further detail, please refer to Overview of Major Subsidiaries and Affiliates. | Consolidated net income for nine months ended Dec 31 | |||||||
Business Classification | Company / Business (Country / Region) | Subsidiary / Affiliate | Equity (%) | FY2024 see note* | FY2025 see note* | YoY Change | |||
Natural Gas, LNG (Asia-Pacific) | Disclosed Companies / Businesses Total Business in Asia Business in Pacific Dividend income from business in Asia-Pacific | - - - | - - - | 134.7 35.8 40.8 58.1 | 5.8 | 111.0 33.1 30.7 47.2 | (23.7) (2.7) (10.1) (10.9) | ||
Natural Gas, LNG（North America） | Disclosed Companies / Businesses Total Business in North America / Equity LNG Marketing | - | - | 35.1 35.1 | 25.9 25.9 | 24.1 | (9.2) (9.2) | ||
Petroleum-related business | Disclosed Companies / Businesses Total Astomos Energy Corporation (Japan) Mitsubishi Corporation Energy Co., Ltd. (Japan) | Affiliate Subsidiary | 49.0 100.0 | 11.2 7.7 3.5 | 9.8 5.1 4.7 | (1.4) (2.6) 1.2 | |||
* One-time items and capital recycling gains / losses excluding asset turnover-type businesses that can be attributed to specific companies or businesses. For reference purposes only.