Mitsubishi Corporation (8058) Q2 2026 earnings summary

Executive summary

• Underlying operating cash flow for Q2 was ¥446.3 billion and consolidated net income was ¥355.8 billion, both tracking close to 50% of full-year guidance despite segment variability and the impact of Lawson's reclassification.

• Revenues for the six months ended September 30, 2025, declined 7.7% year-over-year to ¥8,637.8 billion, mainly due to Lawson becoming an equity method affiliate.

• Profit before tax dropped 49.3% to ¥458.5 billion, and profit attributable to owners of the Parent fell 42.4% to ¥355.8 billion.

• Corporate Strategy 2027 initiatives continue, with new projects in copper mining and digital finance, and agreements for a joint mine plan in Chile and a U.S. copper mining project.

Financial highlights

• Q2 underlying operating cash flow declined by ¥81 billion year-on-year, mainly due to weaker Australian steelmaking coal markets and Lawson's reclassification.

• Q2 consolidated net income fell by ¥262.3 billion year-on-year, reflecting the absence of prior year one-off gains.

• Gross profit decreased 33.3% year-over-year to ¥706.5 billion, reflecting the impact of Lawson's change in accounting treatment.

• Share buyback program made steady progress, with ¥578.2 billion repurchased out of a ¥1 trillion plan as of September 30, 2025.

• Dividend per share increased to ¥110 for FY2025.

Outlook and guidance

• Full-year forecasts for underlying operating cash flow and consolidated net income are unchanged at ¥900 billion and ¥700 billion, respectively, with about 50% achieved at Q2.

• Segment-level forecasts adjusted for macroeconomic and market trends, with some segments expecting stronger H2 performance due to timing of income and market recovery.

• Full-year profit attributable to owners of the Parent is forecast at ¥700 billion, a 26.4% decrease year-over-year, with EPS projected at ¥186.74.