Marubeni (8002) investor relations material

Strategic evolution and growth trajectory

• Aims to rank among the global top 100 by market capitalization, targeting ¥10.0 tn and ROE above 15% from FY2027 onward.

• Transitioning to Strategic Platform Businesses (SPBs) and global excellence in value creation, focusing on disciplined capital allocation, operational excellence, and next-generation investments.

• Enhanced capital allocation policy includes divesting low-ROIC businesses, prioritizing high-ROIC SPBs, and increasing new investment and shareholder return allocations.

• Strengthening asset turnover discipline, with 84% of new investment pipeline in SPBs and a focus on opportunity-driven investments.

• Implemented winning strategy sessions and set a 10% ROIC target for large-scale investments within five years.

Financial strategy and capital optimization

• Pursuing a wider ROIC-WACC spread by optimizing WACC through leverage and SPB transition.

• Improved financial foundation and asset quality, with a risk buffer of ¥850 bn and reduced one-time losses.

• Lower net debt-to-equity ratio and higher credit ratings enable flexible deployment of debt capacity for growth investments.

• Targeting beta optimization by enhancing market recognition of growth and capital allocation capabilities, improving cash flow predictability, and reducing volatility.

Business segment highlights and next-generation initiatives

• Agri-inputs retail business in the US and Brazil leverages proprietary products and M&A for scalable growth, with Helena and Adubos Real as key drivers.

• North American mobility business (Nowlake, Wheels) expands through data-driven credit, AI, and lifecycle management, targeting scalable asset growth and high cash conversion.

• Power trading business accelerates renewable energy expansion, especially for data centers, with strong market share in the UK and Iberia and advanced risk management.

• Copper mining business focuses on cost-competitive, low-risk projects, with Centinela expansion doubling production and leveraging robust demand from AI and electrification.

• Aviation aftermarket business grows via M&A, digital platforms, and ecosystem building in Asia, targeting high profitability and global customer reach.