Mitsui : Medium-term Management Plan 2029 Presentation Material

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ed -term Management Plan 2d29 Pathway to 2030 and beyond Shaping Futures through Trust and Innovation This material contains staiei lents(including figures) regarding I'ditsui 6 Co., Ltd.("Nitsui")'s corporate strategies, objectives, and views of future developments that are forward-look- ing in nature and are not simply reiterations of historical facts. You should be aware that a number of known or unknown risks, uncertainties and other factors could lead to outcomes that differ materially from those presented in such forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Semi-annual Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking state ments. These statements are presented to inform stakeholders of the views of Mitsui's management but should not be relied on solely in making investment and other decisions. f'4itsui cannot be held liable for any damages arising as a result of use of this material. May 1, 2026 Mitsui & Co., Ltd. (Securities Code: 8031) 36O°business innovation. H I TS UI 6‹ CO. Introduction Amid an environment where heightened volatility driven by global developments has become the norm, management is increasingly required to operate with a sharper awareness of ex†ernaI uncertainties and the rising pace of change in the business environment. Medium-term Management Plan 2029 sets out a clear pathway toward achieving Mitsui's medium- to longterm vision for 2030 and beyond. We have designated the three-year period through FY March 2029 as the phase to firmly es†abIish this trajectory and adopted Shaping Futures through Trust and Innovation as the theme of the plan. In line with our Key Strategic Initiatives, we will continue to expand our business portfolio by combining growth potential with downside resilience through integrated risk management. At the same time, we will continue to deliver real, cross-industry solutions and ensure the stable, long-term supply of a wide range of products and services that respond to evolving social and market needs through persistent innovation, including the use of data and AI. By establishing a virtuous cycle between enhancing corporate value and addressing social challenges, we will aim to remain a company tha† continues to earn the trust of all our stakeholders. President and CEO, Kenichi Hori Medium-term Management Plan 202& Review 全面 ◆ MTMP2026 Review quantitative Targets COCF reached 1 trillion yen level for fifth consecutive fiscal year Both ROE and shareholder returns targets were achieved (JPY) COCF Profit ROE Payout ratio against COCF * Dividend per share 1y000 bn (FY March 2026) 9 0 bn (FY March 2026) Over 12% (MTMP2026 average) Around J% (For MTMP2026 period) Targets 978.9 bn For MTMP2026 period: 3,002.2 bn 834.0 bn 12.5% Over 5 % 995.8 bn 1,027.5 bn 978.9 bn 1,063.7 bn 900.3 bn 834.0 bn 15.3% 11.9% 10.2% DPS*: 85 DPS: 100 DPS: 115 Share Share Share repurchases: repurchases: repurchases: 120 bn 400 bn 200 bn MTMP2026 Review Enhancement of Base Profit Enhanced base profit by 52 bn yen in FY March 2026 Achieved target of 170 bn yen enhancement by end-FY March 2026 (bn JPY) Continued Enhancement of Base Profit FY March 2026 enhancement FY March 2025 enhancement FY March 2024 enhancement Steady progress in strengthening t•10i) Turnaroundst•22' ) +52 +33 +8 +11 +65 +30 +10 +25 +55 +20 +25 +10 Started contribution to earnings beMeen FY March 2024 and 2026 Mobility (ships, Americas automotives, etc.) Chemicals (methanol, tank terminals, etc.) Innovation & Corporate Development (affiliated companies in Japan) IHH Sluggish performance due to Drug discovery support fund Infrastructure (logistics infrastructure, hydro power, etc.) Novus Broiler business in Morocco Coffee trading (remaining challenging) Exit from loss-making businesses t•21) Thai gas-fired power generation FPSO (MV32, 33) KMMP Aim Services I PSP Altius Link Wadi Nutrinova WMES Euricom Taylor & Martin BIGI Holdings Mitsui & Co. Supply operating environment(-18) Affiliated companies (IPP, mobility, iron & steel products, ICT, etc.) ITC Antwerp Chain Solutions *1 Profit adjusted to exclude asset recycling, valuation gains/losses and one-time factors, and to align commodity price and forex (including consolidated adjustments) assumptions with FY Nlarch 2026 assumptions set at the time of the NITNIP announcement *2 Total change in profit for ongoing projects from FY N!arch 2023 to Q2 of FY N!arch 2026 • Medium-term Management Plan 2029 全面 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ Reproducible value creation Nonlinear combinatory value* ⚫ ① • ① ② ③ ② ③ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ • • • • • • • • ◆ FY March 2029 quantitative Targets by Segment Steady growth expected in all segments driven by improvements in existing businesses and by results of projects for which investment decisions have already been made I¥lineral & I¥letal Enhance iron ore, copper, metallurgical coal businesses, expand Resources production, capture prime opportunities in each field Iron & Steel Enhance existing businesses, expand global trading, increase Products sophistication of value chains (bn JPY) L‹L11 230 370 280 102.6 i00 978.9 330.4 17.9 270.4 175.7 834.0 253.6 18.9 157.8 232.3 67.5 52.0 110 Energy 300 35 180 270 I¥lobility, Digital & Infrastructure Chemicals Wellness Ecosystem Commence production at new projects (natural gas, next-generation fuels, others), development of projects under construction, bolt-on investments, expansion of LNG trading Evolve mobility business foundation, form new businesses, expand earnings of digital and power value chain Expand global trading, grow food science business, enhance existing businesses Grow hospital business, combine healthcare and data to create new business, equipment industrialization in service business, expand protein business 590 Innovation & Expand AI and digital transformation solutions, BPO business, COCF' 1 FY March 2026 FY March 2029 FY March 2026 FY March 2029 Corporate Development financial solutions, next-generation businesses Profit* 1 *1 Others/Adjustment & Eliminations is not displayed in this graph *2 Refer to Revision of the Operating Segment for the Realization of the Medium-term /4anagemenf P/an 202 s dated May 1, 2026 Copyright @ MITSUI & CO., LTD. ALL RIGHTS RESERVED. 20 Investments to strengthen existing businesses Dividend amount ● ■ ■ Reproducible value creation Non linear combinatory value 全面 Appendix 1 Evolved KeySOategicIniflaflves(IndustrialBusinessSoluflons2.0) 7 Iron Ore and Copper Initiatives in Japan 2 Evolved Key Strategic Initiatives (Industrial Business Solutions 2.0) Mobility Contribution to Stable Supply FY March 2027 Business Plan ・ FY March 2029 Target 3 Evolved Key Strategic Initiatives (Global Energy Transformation 2.0) 1 0 Gas Value Chain Continuous Growth of COCF Per Share 4 Evolved Key Strategic Initiatives (Global Energy Transformation 2.0) Digital and Power Value Chain Assumptions and Sensitivities Mineral & Metal Resources - Equity Share of Production 5 Evolved Key Strategic Initiatives (Wellness Ecosystem Creation 2.0) 1 3 Combining Healthcare and Data 14 6 Evolved Key Strategic Initiatives (Wellness Ecosystem Creation 2.0) Mineral & Metal Resources: Main Businesses Producing Assets Energy: Natural Gas, LNG, and Crude Oil Equity Share of Production and Reserves Protein Ecosystem Copyright @ MITSUI & CO., LTD. ALL RIGHTS RESERVED. 15 Energy: Main Businesses - Producing Assets 25 ‌⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ‌⚫ ⚫ ⚫ ‌⚫ ⚫ ⚫ ～ ‌⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ‌⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ a ⚫ Ecosystem and dat ‌⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ FY March 2027 Business Plan and FY March 2029 Target COCF Profit (bn JPY) 978.9 1,050 340 15 330 200 L«ñfifi 280 230 370 100 834.0 L‹L11 920 250 20 200 240 75 55 300 180 270 110 70 FY March FY March FY March FY March 2026 2027 2029 2026 ■■ ■■ Mineral & Metal Resources ■■ ■■ Iron & Steel Products ■■ ■■ Energy ■■ ■■ Mobility, Digital & Infrastructure FY March 2027 FY Nlarch 2029 ■■ ■■ Chemicals ■■ ■■ Wellness Ecosystem ■■ ■■ Innovation & Corporate Development ■■ ■■ Others/Adjustments and Eliminations Continuous Growth of COCF Per Share MITSUISCO. (million shares) 4,000 COCF per share CAGR •8% FY March 2013 FY March 2029 3,500 3,000 2,500 2,000 1,500 1,000 500 Outstanding shares (left axis) COCF per share (right axis) (JPY) 600 500 400 300 200 100 0 （ bn JPY ） 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Fiscal years ending in March Share repurchases - 50.0 - - 47.5 50.0 - 57.9 64.5 174.6 270.0 120.0 400.0 200.0 Assumptions and Sensitivities FY March 2026 result Commodity Crude oil/JCC Consolidated oil price* 2 US gas*° Gross: 1.3 Net* 3 : 0.9 Gross: 1.6 Net* 3 : 1.2 bn JPY (1USD/bbl) bn JPY (1USD/bbl) bn JPY (0.1USD/mmB†u) 84" 80 3.50 71 78 3.63' 5 Iron ore*^ 3.0 bn JPY (1USD/ton) * 12 e7 ioo e8 Metallurgical coal 0.3 bn JPY (1USD/ton) * 12 * 7 201* Copper* 10 0.5 bn JPY (100USD/ton) * 12 12,000 9,939* 1 1 Forex* 1 3 USD 4.6 bn JPY (per 1 yen change) 150.00 151.09 AUD 1.8 bn JPY (per 1 yen change) 100.00 100.39 *1 *2 *3 *4 '5 *6 '7 '8 *9 *10 Set based on a Brent price assumption of USD 78/bbI. As the crude oil price affects our consolidated results with a time lag, the effect of crude oil prices on consolidated results is estimated as the consolidated oil price, which reflects this lag. For FY March 2027, we have assumed that there is a 4-6 month time lag for approx. 55%, a 1-3 month time lag for approx. 40%, and no time lag for approx. 5%. The above sensitivities show the annual impact of changes in the consolidated oil price. Actual sensitivity (includes the effects of hedging). As Mitsui has very limited exposure to US natural gas sold at Henry Hub (HH), the above sensitivities show the annual impact of changes in the weighted average sale price. The US gas figure for the year ended March 2026 (result) is the Henry Hub Natural Gas Futures average daily (reference price) prompt month closing price traded on NYMEX during January to December 2025. The effect of dividend income from Vale has not been included. Iron ore and metallurgical coal price assumptions are not disclosed. The iron ore figure for the year ended March 2026 (result) is the daily average (reference price) spot indicated price (Fe 61% CFR China) recorded in an industry trade magazine from April 2025 to March 2026. In the case for Fe 62%, the result was USD103/ton. The metallurgical coal figure for the year ended March 2026 (result) is the quarterly average (reference price) of spot indicated price (Premium HCC FOB Australia) recorded in an industry trade magazine from April 2025 to March 2026. The copper price affects our consolidated results with a 3-month time lag. The above sensitivities show the annual impact of a 100 USD/ton change in the average of the LME monthly average cash settlement prices for the period from March to December 2026. The copper figure for the year end March 2026 (result) is the average of the LME monthly average cash settlement prices for the period from January to December 2025. The impact on profit for iron ore, metallurgical coal, and copper, does not include the impact of hedging. The above sensitivities show the impact of currency fluctuations on reported profit of overseas affiliated companies denominated in their respective functional currencies and the impact of dividends received from major foreign investees. Depreciation of the yen has the effect of increasing profit through the conversion of profit (denominated in functional currencies) into yen. In the overseas affiliated companies where sales contracts are in USD, the impact of currency fluctuations between USD and the functional currency of AUD, and the impact of currency hedging, are not included. ■ ■ 13. Mineral & Metal Resources: Main Businesses - Producing Assets Iron ore Robe River Mt. Newman / Yandi / Mt. Goldsworthy / Jimblebar Vale Australia 20.8 million †ons Australia 20.6 million †ons Brazil 22.5 million †ons* 2 Rio Tinto BHP Vale Consolidated 33.0% (partially accounted for Mar by equity method) Consolidated 7.0% (partially accounted for Mar by dividend) 6.71% Dividend income Dec Metallurgical Coal Kestrel Moranbah North / Australia 0.9 million †ons EMR / Adaro 20.0% Consolidated Mar Grosvenor/ Capcoal / Australia 4.1 million †ons Dawson Anglo American Various Consolidated Mar Copper Collahuasi Chile 48.5 †housand tons* 2 Anglo American Sur Chile 19.7†housand tons" 2 Anglo American Glencore Anglo American Codelco 12.0% Equity method 9.5% Equity method Dec Dec Nickel Taganito Philippines 4.1 †housand †ons" 2 Aluminum ingot: 100.8 Sumitomo Metal ».0% Dividend income Dec Mining Equity Method Aluminum Albras / Alunorte Brazil †housand †ons* 2 Alumina: 204.7†housand †ons* 2 Norsk Hydro Various (partially dividend Dec income) *1 Includes JV names, company names, and project names *2 Jan-Dec 2025 results *3 As of end-March 2026 ■ ■ ■ ■ 15. Energy: Main Businesses -Producing Assets ADNOC LNG UAE QatarEnergy LNG N(3) Qatar 6.0 million †ons/year 7.8 million †ons/year ADNOC Gas (70%), BP (10%), TotalEnergies (5%) CtatarEnergy (68.5%) ConocoPhillips (30%) Mitsui (15%) Mitsui (1.5%) Dividend income Dividend income Dec Dec LNG Oman LNG Sakhalin II North West Shelf Tangguh Oman Russia Australia Indonesia 7.6 million †ons/year 9.6 million †ons/year 14.3 million †ons/year 11.4 million Oman government (51%) 5heII (30%), others Gazprom (77.5%) Mitsubishi Corp (10%) Woodside (33.3%) MIMI, Shell, BP, Chevron (16.7% each) BP (40.2%) MI Berau [Mitsubishi Corp/INPEX] (16.3%) CNOOC (13.9%) Mitsui (2.77%) MITSEL (12.5%) MIMI [Mitsui/Mitsubishi Corp=50:50] Mitsui holds 3.16% equi†y of whole project Dividend income Dividend income Equity method Equity Dec Dec Dec †ons/year ENEOS Xplora Berau [ENEOS/JOGMEC] (12.2%) KG Berau (8.6%) LNG Japan (7.4%) KG Wiriagar (1.4%) †hrough KG Berau and KG Wiriagar method / Dec consolidated Cameron 12.0 million US †ons/year Sempra (50.2%) TotalEnergies, [Mitsubishi Corp /NYK] (16.6% each) Mitsui (16.6%) Equity method Dec Copyright ©MITSUI & CO., LTD. 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