Mitsui & Co. (8031): FY2025 Results Summary — Profit and COCF Both Beat Forecast, DPS Raised to 115 Yen

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Mitsui & Co., Ltd. reported profit attributable to owners of the parent of 834.0 bn yen for FY March 2026 (April 2025-March 2026), down 66.3 bn yen year-on-year but above the company’s forecast of 820 bn yen announced in February 2026. Core Operating Cash Flow (COCF) was 978.9 bn yen, down 48.6 bn yen year-on-year and also above the 950 bn yen forecast; the results presentation states that COCF has reached the 1 trillion yen level for the fifth consecutive fiscal year. ROE was 10.2%, down from 11.9% a year earlier. The company raised the full-year dividend per share to 115 yen (interim 55 yen / year-end 60 yen), up 15 yen year-on-year, and executed 200 bn yen of share repurchases during the year.

Consolidated Results (Full-Year Actual)

Gross profit for FY March 2026 was 1,328.2 bn yen (FY March 2025: 1,288.4 bn yen, +39.8 bn yen), and SG&A expenses were -902.1 bn yen (FY March 2025: -887.7 bn yen, -14.4 bn yen). Gain on securities and other investments-net was 35.3 bn yen (FY March 2025: 116.3 bn yen, -81.0 bn yen), profit of equity method investments was 447.4 bn yen (FY March 2025: 494.1 bn yen, -46.7 bn yen), and dividend income was 178.7 bn yen (FY March 2025: 184.3 bn yen, -5.6 bn yen). After income taxes of -222.7 bn yen and non-controlling interests of -30.4 bn yen, profit attributable to owners of the parent totaled 834.0 bn yen.

Item	FY March 2025 (Results)	FY March 2026 (Results)	YoY Change	FY March 2026 Forecast (announced Feb 2026)
COCF	1,027.5 bn yen	978.9 bn yen	-48.6 bn yen	950 bn yen
Profit	900.3 bn yen	834.0 bn yen	-66.3 bn yen	820 bn yen
ROE	11.9%	10.2%	–	–
Dividend per share	100 yen	115 yen	–	115 yen
Share repurchases	400 bn yen	200 bn yen	–	200 bn yen

Segment Results

By segment, profit at Mineral & Metal Resources declined 31.8 bn yen to 253.6 bn yen mainly on iron ore and metallurgical coal prices and higher copper costs/volumes, partly offset by higher copper prices. Energy profit fell 9.3 bn yen to 164.2 bn yen on lower LNG volumes and crude oil prices, partly offset by US gas prices and the absence of impairments. Machinery & Infrastructure profit was down 7.0 bn yen to 225.9 bn yen on the absence of asset sales, partly offset by FVTPL gains from the Firefly IPO. Chemicals profit fell 8.4 bn yen to 67.5 bn yen on the absence of asset sales and FVTPL gains, partly offset by a valuation gain on ITC Antwerp and the absence of impairment. Iron & Steel Products profit rose 5.7 bn yen to 18.9 bn yen on trading. Lifestyle profit was down 1.7 bn yen to 52.0 bn yen on the absence of asset sales, partly offset by protein and FVTPL gains. Innovation & Corporate Development profit fell 28.3 bn yen to 59.0 bn yen mainly on the absence of asset sales and a loss at JA Mitsui Leasing, partly offset by asset sales and commodity derivative trading. Others, Adjustment & Eliminations improved 14.5 bn yen to -7.1 bn yen on the absence of an amendment to the retirement benefit system in the prior year.

Segment	FY March 2025 (Results)	FY March 2026 (Results)	YoY Change
Mineral & Metal Resources	285.4	253.6	-31.8
Energy	173.5	164.2	-9.3
Machinery & Infrastructure	232.9	225.9	-7.0
Chemicals	75.9	67.5	-8.4
Iron & Steel Products	13.2	18.9	+5.7
Lifestyle	53.7	52.0	-1.7
Innovation & Corporate Development	87.3	59.0	-28.3
Others, Adjustment & Eliminations	-21.6	-7.1	+14.5
Total (Profit attributable to owners of the parent, bn JPY)	900.3	834.0	-66.3

Balance Sheet / Financial Position

As of end-March 2026, total assets were 20.8 tr yen (end-March 2025: 16.8 tr yen) and shareholder equity was 8.8 tr yen (end-March 2025: 7.5 tr yen), with the net D/E ratio at 0.47x (end-March 2025: 0.44x). Shareholder equity increased 1.3 tr yen year-on-year, reflecting profit of +0.8 tr yen and other comprehensive income of +0.9 tr yen, partly offset by dividend payments of -0.3 tr yen and share repurchases of -0.2 tr yen.

Item (bn JPY)	End-March 2026	End-March 2025
Interest-bearing debt	5,122.9	4,309.9
Net interest-bearing debt	4,139.0	3,330.1
Total equity attributable to owners of the parent	8,767.7	7,546.6
Net D/E ratio (times)	0.47	0.44
Adjusted net D/E ratio (times)	0.44	0.40

FY March 2027 Business Plan

For FY March 2027, Mitsui’s business plan targets COCF of 1,050 bn yen (FY March 2026 results: 978.9 bn yen, +71.1 bn yen) and profit of 920 bn yen (FY March 2026 results: 834.0 bn yen, +86.0 bn yen). The plan reflects an organizational restructuring in which the Digital & Infrastructure Solutions and Mobility segments (announced January 15, 2026) have been integrated into a new Mobility, Digital & Infrastructure segment, and Lifestyle has been renamed Wellness Ecosystem; the FY March 2026 results shown in the plan tables below are restated on this new segment basis and therefore differ from the FY March 2026 actual segment results shown above, which use the prior segment structure. On this restated basis, Energy profit is planned at 200 bn yen (FY March 2026 restated: 157.8 bn yen, +42.2 bn yen), Mobility, Digital & Infrastructure at 240 bn yen (FY March 2026 restated: 232.3 bn yen, +7.7 bn yen), and Wellness Ecosystem at 55 bn yen (FY March 2026 restated: 52.0 bn yen, +3.0 bn yen).

Segment	FY March 2026 (Results, restated basis)	FY March 2027 (Business Plan)	Change
Mineral & Metal Resources	253.6	250	-3.6
Iron & Steel Products	18.9	20	+1.1
Energy	157.8	200	+42.2
Mobility, Digital & Infrastructure	232.3	240	+7.7
Chemicals	67.5	75	+7.5
Wellness Ecosystem	52.0	55	+3.0
Innovation & Corporate Development	59.0	70	+11.0
Others, Adjustment & Eliminations	-7.1	10	+17.1
Total (Profit, bn JPY)	834.0	920	+86.0

Shareholder Returns

For FY March 2026, the full-year dividend per share was 115 yen (interim 55 yen, year-end 60 yen), up 15 yen year-on-year, matching the company’s forecast. Share repurchases of 200 bn yen were executed during the year, also matching the forecast. DPS CAGR was 22% for FY March 2021-2026. Over the three-year Medium-term Management Plan 2026 period (FY March 2024-2026), shareholder returns as a percentage of COCF exceeded 53%, and the total payout ratio against profit exceeded 57%.

Medium-Term Management Plan 2026 Results

Under the Medium-term Management Plan 2026 (FY March 2024-2026), cumulative three-year COCF was 3,002 bn yen against a forecast of 2,930 bn yen, and cumulative asset recycling cash inflows were 1,481 bn yen against a forecast of 1,500 bn yen, bringing total cash inflows to 4,483 bn yen (forecast: 4,430 bn yen). On the outflow side over the three years, sustaining CAPEX was 700 bn yen (forecast: 690 bn yen), investments for growth were 2,412 bn yen (forecast: 2,540 bn yen), share repurchases were 720 bn yen (forecast: 720 bn yen), and dividends were 879 bn yen (forecast: 880 bn yen). For FY March 2026 alone, investments for growth reached 1,127 bn yen, described in the materials as a historical high for a single fiscal year. New projects launched under the plan-spanning the Global Energy Transition, Wellness Ecosystem Creation, and Industrial Business Solutions key strategic initiatives-are stated to have lifted base profit by 54 bn yen in FY March 2026.

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