Mitsubishi Corporation (8058) Q1 2025 earnings summary

Executive summary

• Consolidated net income for Q1/Q2 FY2024 was ¥354.4 billion, up 11.5%–12% year-over-year, driven by coal mine divestitures and yen depreciation, representing 37% progress toward full-year guidance.

• Revenue for Q2 2024 was ¥4,685.9 billion, down 1% year-over-year, mainly due to lower sales in the Australian metallurgical coal business.

• Comprehensive income increased 29.9% year-over-year to ¥931.6 billion, supported by investment and FX gains.

• Underlying operating cash flow was ¥313.6 billion, with solid progress in asset replacement and shareholder returns.

Financial highlights

• Gross profit declined to ¥542.1 billion from ¥624.3 billion year-over-year, reflecting higher costs and lower investment gains.

• Adjusted/free cash flow for Q1/Q2 was ¥457.0–¥481.4 billion.

• Total assets increased to ¥24,370.9 billion as of June 30, 2024, up ¥911.4 billion from March 31, 2024.

• Dividend per share forecast for FY2024/FY2025 is ¥100.

• Equity attributable to owners of the Parent rose to ¥9,560.4 billion, with a 39.2% equity ratio.

Outlook and guidance

• FY2024/FY2025 full-year consolidated net income/profit guidance is ¥950.0 billion, with 37% achieved in Q1.

• Management will cautiously assess forecasts due to commodity market and macroeconomic risks.

• Double-digit ROE target (10.4%) and high single-A credit rating maintained.