Marubeni (8002) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 FYE 3/2026 was ¥154.4bn, up 8.3% year-over-year, aided by gains from the sale of the North American railcar leasing business and acquisition-related negative goodwill.

• Revenue rose 5.5% year-over-year to ¥2,163.7bn, driven by Metals & Mineral Resources and Next Generation Business Development segments.

• Operating profit declined 8.5% year-over-year to ¥85.4bn due to lower gross trading profit and higher SG&A expenses.

• Adjusted net profit was ¥128.0bn, down ¥5.0bn year-over-year, mainly due to FX and commodity price impacts.

• Core operating cash flow reached ¥153.9bn, a 28% progress toward the full-year forecast.

Financial highlights

• Revenue: ¥2,163.7bn (+5.5% year-over-year); Gross trading profit: ¥299.8bn (-1.3%).

• Operating profit: ¥85.4bn (-8.5% year-over-year); Net profit: ¥154.4bn (+8.3%).

• Free cash flow for Q1 was ¥2.9bn; net interest-bearing debt at ¥2,054.6bn; net DE ratio at 0.57x.

• Earnings per share (basic) increased to ¥93.42 from ¥85.50 year-over-year.

• Total assets decreased by ¥198.6bn from March 31, 2025, to ¥9,003.4bn, mainly due to yen appreciation and lower inventories.

Outlook and guidance

• Full-year net profit forecast is ¥510.0bn, with Q1 progress at 30%.

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

• Total shareholder return ratio targeted at ~40% under GC2027.

• Management notes forecasts are based on current assumptions and subject to future uncertainties.