Medium-term Management Plan 2029 Presentation Material

ed -term Management Plan 2d29

Pathway to 2030 and beyond

Shaping Futures through Trust and Innovation

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

◆

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)

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

      
      
      
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  Medium-term Management Plan 2029

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  Reproducible value creation

  Nonlinear combinatory value*

  
  
  
  
  
  
  
  
  

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• • •

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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

280

102.6

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

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,

FY March 2026 FY March 2029

FY March 2026

FY March 2029

Corporate

Development

financial solutions, next-generation businesses

*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 202s 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

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

1. Contribution to Stable Supply

2. 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

1. Assumptions and Sensitivities

2. 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

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1. 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

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

1. 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

   
   
   

2. Assumptions and Sensitivities

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 iooe8

Metallurgical coal 0.3 bn JPY (1USD/ton) *12 *7

201*

*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.

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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

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