Mitsui & Co (8031) investor relations material

Executive summary

• Core operating cash flow (COCF) reached ¥978.9 billion, exceeding forecasts for the fifth consecutive year, though down year-on-year due to lower LNG dividends and commodity prices.

• Profit attributable to owners was ¥834.0 billion, surpassing guidance but down ¥66.3 billion year-on-year, mainly from lower resource prices and absence of one-time gains.

• Dividend per share increased to ¥115, with a record dividend hike planned for FY March 2027 and ¥200 billion in share repurchases completed and cancelled.

• Comprehensive income surged 158.3% to ¥1,756.5 billion, driven by gains in financial assets and FX translation.

• MTMP 2029 sets a vision for profit above ¥1.4 trillion and ROE above 13% by 2030.

Financial highlights

• COCF: ¥978.9 billion (down ¥48.6 billion YoY); Profit: ¥834.0 billion (down ¥66.3 billion YoY); ROE: 10.2%.

• Shareholder equity rose to ¥8.8 trillion, net D/E ratio at 0.47x, and total assets at ¥20.8 trillion.

• Dividend per share set at ¥115 for FY March 2026, with a planned increase to ¥140 as the floor for MTMP 2029.

• Shareholder returns (dividends + buybacks) exceeded 53% of COCF over MTMP2026.

• Free cash flow turned negative at -¥80.6 billion due to large investments.

Outlook and guidance

• FY March 2027 targets: COCF of ¥1,050 billion, profit of ¥920 billion, EPS of ¥324.61, and dividend per share of ¥140.

• FY March 2029 targets: COCF of ¥1.2 trillion, profit of ¥1.1 trillion, ROE of 12%.

• Key assumptions: oil price at $78/bbl, US gas at $3.50/mmBtu, copper at $9,939/ton, USD/JPY at 150–151.

• Shareholder returns payout ratio to be around 50% of COCF over MTMP 2029.