Marubeni (8002) Q3 2026 earnings summary

Executive summary

• Net profit for Q1–Q3 FYE 3/2026 was ¥432.3bn, up 1.7% year-over-year, supported by a one-time real estate gain.

• Revenue rose 7.9% year-over-year to ¥6,172.4bn, driven by growth in Metals & Mineral Resources and Food & Agri Business.

• Operating profit declined 14.3% year-over-year to ¥190.6bn due to higher SG&A expenses and lower gross trading profit.

• Full-year net profit forecast was raised to ¥540.0bn (+¥30.0bn), reflecting improved business performance and higher commodity prices.

• Upward revisions reflect increased contributions from growth investments and a one-time valuation gain from real estate integration.

Financial highlights

• Gross trading profit decreased by 1.2% to ¥858.8bn, mainly due to declines in Energy & Chemicals and Metals & Mineral Resources.

• Basic earnings per share for the nine months was ¥262.33, up from ¥255.82 in the prior year.

• Total assets increased to ¥10,011.3bn, and equity attributable to owners rose to ¥4,138.7bn.

• Net interest-bearing debt increased to ¥2,182.9bn; net D/E ratio at 0.53x.

• Free cash flow was positive at ¥7.7bn for the period.

Outlook and guidance

• Full-year net profit forecast is ¥540.0bn, with adjusted net profit at ¥485.0bn.

• Core operating cash flow forecast raised to ¥570.0bn.

• Annual dividend forecast increased to ¥107.5 per share; share buyback program totals ¥55.0bn for FYE 3/2026.

• Share repurchases of up to ¥15.0bn or 5 million shares are planned between February and June 2026.

• Market cap target of over ¥10tn brought forward to FYE 3/2028.