Marubeni (8002) Q1 2025 earnings summary

Executive summary

• Net profit for Q1 FYE 3/2025 was ¥142.6bn, up 0.9% year-over-year, achieving about 30% of the full-year forecast.

• Revenue rose 1.6% year-over-year to ¥2,051.3bn, with growth in Power, Chemicals, and Construction, Industrial Machinery & Mobility.

• Adjusted net profit was ¥133.0bn, down ¥1.0bn year-over-year, representing 29% of the annual target.

• Gross trading profit grew 9.7% year-over-year to ¥303.7bn, led by Agri Business, Power, and Chemicals.

• Shareholder returns enhanced with a ¥50.0bn share buyback and a forecasted annual dividend of ¥90 per share.

Financial highlights

• Earnings per share (basic) was ¥85.50, up from ¥83.16 year-over-year.

• Core operating cash flow reached ¥184.7bn, up ¥42.9bn year-over-year, achieving 32% of the full-year plan.

• Free cash flow after shareholder distributions was -¥184.6bn, a decline from -¥67.5bn year-over-year.

• Total assets increased to ¥9,322.8bn from ¥8,923.6bn at the previous fiscal year-end.

• Cash and cash equivalents at period-end were ¥535.7bn, up ¥29.5bn from the previous year-end.

Outlook and guidance

• Full-year net profit forecast remains at ¥480.0bn; adjusted net profit forecast at ¥460.0bn.

• Core operating cash flow for the year is projected at ¥570.0bn.

• Annual dividend forecast is ¥90.00 per share.

• Total payout ratio for FYE 3/2025 expected to reach 42%, exceeding the 30-35% range.

• Full-year basic EPS forecast is ¥289.02.