Marubeni (8002): FY2025 Results Summary — Record Net Profit of ¥543.9 bn, Dividend Raised to ¥115

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Marubeni Corporation (8002) reported net profit of ¥543.9 bn for FY2025 (fiscal year ended March 31, 2026), up ¥40.9 bn year on year and a record high. Adjusted net profit — net profit excluding one-time items — rose to ¥480.0 bn (+¥29.0 bn YoY), with Non-resources adjusted net profit reaching a record ¥328.0 bn. For FY2026, Marubeni forecasts net profit of ¥580.0 bn and adjusted net profit of ¥540.0 bn, both anticipated to reach record highs, and has raised its annual dividend forecast to ¥115 per share while resolving share buybacks of up to ¥45.0 bn.

Consolidated Results (Full-Year Actual)

Net profit for FY2025 was ¥543.9 bn, up ¥40.9 bn (8%) year on year. Adjusted net profit was ¥480.0 bn (+¥29.0 bn YoY): Non-resources adjusted net profit rose to ¥328.0 bn (+¥12.0 bn YoY), a record high, mainly driven by the Finance, Leasing & Real Estate Business, while Resources adjusted net profit rose to ¥147.0 bn (+¥13.0 bn YoY), mainly driven by the copper business amid higher commodity prices. Core operating cash flow was +¥575.1 bn, down ¥31.5 bn YoY due to reduced dividends from equity-method affiliates. ROE was 13.6%, down 0.6 points YoY. On an IFRS income-statement basis, revenue was ¥8,265.8 bn (+6% YoY), gross trading profit was ¥1,182.7 bn (+3% YoY), operating profit (loss) was ¥256.7 bn (-6% YoY), and profit before tax was ¥664.5 bn (+6% YoY).

Item	FY2024	FY2025	Change
Net profit	503.0	543.9	+40.9
Adjusted net profit	451.0	480.0	+29.0
Non-resources	316.0	328.0	+12.0
Resources	134.0	147.0	+13.0
Core operating cash flow	+606.6	+575.1	-31.5
ROE	14.2%	13.6%	-0.6 points
Annual dividend per share	95 yen (interim 45, year-end 50)	107.5 yen (interim 50, year-end 57.5)	+12.5 yen
Share buyback	80.0 bn yen	55.0 bn yen	ー
USD/JPY Term Average	152.58	150.77	-1.81

Segment Results

Marubeni reports results across eleven operating segments (FY2025 organization basis). Finance, Leasing & Real Estate Business was the largest driver of profit growth, with net profit up ¥102.9 bn to ¥162.0 bn, reflecting a valuation gain from the integration of the domestic real estate business with Dai-ichi Life Holdings, Inc. (currently Daiichi Life Group, Inc.), a gain on sale of the North American railcar leasing business, and increased profits from the mobility business in North America and the aircraft leasing business. Food & Agri Business net profit rose ¥12.5 bn to ¥81.5 bn, and Metals & Mineral Resources rose ¥10.8 bn to ¥134.3 bn on higher profit from the copper business. Energy & Chemicals net profit fell ¥63.0 bn to ¥23.2 bn, mainly due to the absence of a prior-year realized gain from foreign currency translation adjustments tied to the end of the Qatar LNG project, an impairment loss on property, plant and equipment for oil and gas E&P, and lower profit from petrochemical products trading. Power & Infrastructure Services net profit fell ¥7.5 bn to ¥53.6 bn on lower profit from the wholesale and retail power trading business and an impairment loss on the geothermal IPP project in Indonesia.

Segment	FY2024	FY2025	Change
Lifestyle	29.5	25.9	-3.6
Food & Agri Business	68.9	81.5	+12.5
Metals & Mineral Resources	123.5	134.3	+10.8
Energy & Chemicals	86.2	23.2	-63.0
Power & Infrastructure Services	61.1	53.6	-7.5
Finance, Leasing & Real Estate Business	59.1	162.0	+102.9
Aerospace & Mobility	51.4	47.8	-3.5
IT Solutions	3.5	5.4	+1.8
Next Generation Business Development	4.7	19.6	+14.9
Next Generation Corporate Development	-2.2	-1.7	+0.5
Other	17.3	-7.7	-25.0
Consolidated	503.0	543.9	+40.9

FY2026 Forecast

For FY2026, Marubeni forecasts net profit of ¥580.0 bn (+¥36.1 bn YoY) and adjusted net profit of ¥540.0 bn (+¥60.0 bn YoY), both anticipated to reach record highs. The net profit forecast includes approximately ¥40.0 bn in asset replacement gains/losses, with no buffer incorporated. On a FY2026-organization basis, Non-resources adjusted net profit is forecast at ¥382.0 bn (+¥52.0 bn YoY) and Resources at ¥161.0 bn (+¥16.0 bn YoY). Core operating cash flow is forecast at +¥660.0 bn (+¥84.9 bn YoY), also a record high. ROE is expected to be around 13~14%.

Item	FY2025	FY2026 Forecast	Change
Net profit	543.9	580.0	+36.1
Adjusted net profit	480.0	540.0	+60.0
Non-resources	330.0	382.0	+52.0
Resources	145.0	161.0	+16.0
Core operating cash flow	+575.1	+660.0	+84.9
ROE	13.6%	around 13~14%	ー
Annual dividend per share	107.5 yen (interim 50, year-end 57.5)	115 yen (forecast) (interim 57.5, year-end 57.5)	+7.5 yen
Share buyback	55.0 bn yen	45.0 bn yen	ー
Total payout ratio	–	around 40%	–

Shareholder Returns

Marubeni raised its FY2026 annual dividend forecast to ¥115 per share (interim ¥57.5, year-end ¥57.5), up from the FY2025 actual of ¥107.5 per share (interim ¥50, year-end ¥57.5). Share buybacks of up to ¥45.0 bn have been resolved for FY2026, including ¥15.0 bn announced on February 4, 2026, following FY2025 buybacks of ¥55.0 bn (down from ¥80.0 bn in FY2024). The total payout ratio for FY2026 is expected to be approximately 40%. Marubeni’s capital allocation policy is to maintain a progressive dividend policy with a total payout ratio of around 40% and a consolidated dividend payout ratio of 25% or more.

Item	FY2025 Actual	FY2026 Forecast
Annual dividend per share	107.5 yen (interim 50, year-end 57.5)	115 yen (forecast) (interim 57.5, year-end 57.5)
Share buyback	55.0 bn yen	45.0 bn yen (incl. ¥15.0 bn announced Feb 4, 2026)
Total payout ratio	–	around 40%

Medium-Term Plan / Topics

Under its GC2027 medium-term management plan (announced February 2025), Marubeni targets, on a three-year cumulative basis, core operating cash flow of ¥2,000.0 bn, divestments of ¥600.0 bn, shareholder distributions of ¥700.0 bn, and new investments/CAPEX and others of ¥1,700.0 bn. Two-year cumulative progress against these targets (through the FY2026 forecast) stands at core operating cash flow of ¥1,235.1 bn (62%), divestments of ¥506.8 bn (84%), shareholder distributions of ¥461.5 bn (66%), and new investments/CAPEX and others of ¥1,064.9 bn (63%). GC2027 also targets consolidated net profit of over ¥620.0 bn, ROE of around 15%, a total payout ratio of around 40%, and a Non-resources ROIC target of over 10% toward FY2030. Marubeni newly added the Pharmaceutical Sales Business to its Core Strategic Platform Businesses (core SPBs) in FY2025. Combined adjusted net profit from the seven core SPBs was ¥131.0 bn in FY2025 (+¥2.0 bn YoY, ROIC 10%), forecast to rise to ¥164.0 bn in FY2026 (ROIC around 11%). Marubeni’s market capitalization reached ¥10 tn on February 10, 2026, achieving the GC2027 market-cap target ahead of schedule and placing the company in the global top 400 by market capitalization, with a long-term target of ranking among the global top 100. In November 2025, S&P upgraded Marubeni’s long-term issuer rating from BBB+ to A- (Stable).

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.