Mitsubishi : FY2025 Q3 Earnings Presentation

About this update from Mitsubishi Corporation

Mitsubishi Corporation FY2025 Q3 Earnings Presentation Ni ne months ended December 31, 2025 February 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 Change 3 Underlying operating CF 1 771.4 763.3 (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 Revised 3 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 Ful l -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+ Divestitures 1 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 Investments 1 ¥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 items 1 275.0 (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 prices 3 Foreign exchange 3 Other factors by segment Capital recycling and one-time items from current FY Adjusted consolidated net income 2 553.0 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 Detai l . 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 ¥ 268.8 bn 1 Create + ¥ 100 bn+ Enhance + ¥ 250 bn+ + ¥ 10 bn+ 3 (vs. FY2024 4 ) (vs. FY2024 4 ) + ¥ 80 bn+ 3 ¥ 950.7 bn (vs. FY2024 4 ) 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 + ¥ 110 bn+ 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 ¥ 600 bn Adjusted consolidated net income ¥ 681.9 bn 2 ¥ 100 bn Reshape + ¥ 50 bn+ ¥ 700 bn 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 / losses 5 ¥ 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 Detai l . 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 FY2027 We 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 growth 1 + ¥ 250 bn+ + ¥ 55 bn + 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) + ¥ 25 bn+ Non-resource businesses + ¥ 195 bn + Executed projects 2 + ¥ 30 bn+ + ¥ 55 bn + Example businesses expected to deliver strong profit growth Reinforcing the earnings base + ¥ 90 bn+ Approximately 180 companies Rebound of core Enhance 2.0 + ¥ 35 bn + Enhance 1.0 Enhancing profitability in existing businesses via expansion and additional investments, etc. North American power Food & Wellness Midterm Corporate Strategy 2024 / continued holdings 3 Continuous execution of earnings improvement plans Farm, Dairy & Meat Products Industrial Machinery businesses Executed projects + ¥ 80 bn+ + ¥ 25 bn+ 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 Mitsubish i Shokuhin ¥138 billion FY2025 ＋approximately ¥10 billion 1 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 pla n wit h 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 Offshor e Gas Development Project 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 FCF 3 , 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 FY2025 2 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 method 2 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 receivables 1 , 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 property 2 743.0 132.7 1,108.6 184.3 52.8 408.3 65.3 700.6 91.6 3,487.3 Right-of-use assets 2 310.1 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 investments 2 351.8 186.9 496.5 62.0 205.6 175.5 388.7 44.6 264.0 2,175.6 Intangible assets and goodwill 3 5.8 18.7 3.1 101.1 5.0 256.2 40.4 374.6 21.3 826.4 Trade and other payables 1 331.8 568.5 530.9 331.2 187.3 229.2 921.2 319.1 (31.7) 3,387.5 1 Current and non-current total. 2 Please refer to the table below for a breakdown of the balance sheet items in the Environment Energy segment and Mineral Resources segment. 3 More 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 method 2 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 receivables 1 , 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 property 2 482.1 127.0 995.0 182.5 52.9 295.2 66.1 614.5 92.1 2,907.4 Right-of-use assets 2 327.0 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 investments 2 264.1 157.4 540.3 63.4 174.9 163.8 338.8 44.3 237.2 1,984.2 Intangible assets and goodwill 3 4.2 16.3 3.3 98.8 5.6 237.2 35.5 334.8 23.2 758.9 Trade and other payables 1 383.8 583.2 305.2 327.0 146.0 238.8 706.5 257.4 (25.5) 2,922.4 1 Current and non-current total. 2 Please refer to the table below for a breakdown of the balance sheet items in the Environment Energy segment and Mineral Resources segment. 3 More 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 Detail Environmental 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 Assumptions 1 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$70/BBL Sensitivities ¥2.0 billion [+] Dividend income and production volume from the Asia-Pacific LNG business are concentrated in the Q3 YTD period. Tax gain due to start of production in the North American LNG business recorded in Q3 YTD results. Note: For further detail, please refer to I ncome Statement Items by Segment , Net Income Detail One-Time Items , Net Income Detail Capital Recycling Gains / Losses . 1 Forecast uses average prices over the period. Sensitivity (US$/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.

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