Marubeni (8002) Q2 2026 earnings summary

Executive summary

• Net profit for Q1–Q2 FYE 3/2026 was ¥305.5bn, up 28.3% year-over-year, achieving 59.9% of the full-year forecast.

• Revenue increased 8.0% year-over-year to ¥4,203.4bn, driven by growth in Metals & Mineral Resources and Food & Agri Business.

• Operating profit declined 12.9% year-over-year to ¥126.4bn due to higher SG&A expenses and lower gross trading profit.

• Adjusted net profit was ¥220.0bn, down ¥4.0bn year-over-year due to lower resource segment profits and FX impacts.

• Core operating cash flow was ¥240.4bn, down ¥65.6bn year-over-year, mainly due to reduced dividends from equity-method affiliates.

Financial highlights

• Revenue: ¥4,203.4bn (+8% YoY); Gross trading profit: ¥557.4bn (-1.6% YoY).

• Net profit: ¥305.5bn (+28.3% YoY); Adjusted net profit: ¥220.0bn (-2% YoY).

• Core operating cash flow: ¥240.4bn (-21% YoY); Free cash flow: outflow of ¥2.4bn.

• Net interest-bearing debt rose to ¥2,062.2bn; net D/E ratio at 0.53x.

• Basic EPS increased to ¥185.18 from ¥143.11 year-over-year.

Outlook and guidance

• Full-year forecasts for net profit (¥510.0bn), adjusted net profit (¥460.0bn), and core operating cash flow (¥550.0bn) remain unchanged.

• Annual dividend forecast is ¥100 per share, up from ¥95 in the previous year; share buyback of ¥40.0bn in progress.

• Net profit forecast includes a ¥30.0bn cushion for contingencies.