Mitsubishi Corporation (8058) Q2 2027 earnings summary

Executive summary

• H1 underlying operating cash flow was ¥728.1bn and parent-attributable profit was ¥619.7bn, supported by favorable markets, stronger equity-method earnings and asset disposals.

• Full-year forecasts rose to record underlying operating cash flow of ¥1.38tn and consolidated net income of ¥1.2tn.

• Forecast ROE of 12.7% exceeds the Corporate Strategy 2027 target of 12%, one year ahead of schedule.

Financial highlights

• H1 revenue was ¥10.410tn vs. ¥8.638tn; gross profit was ¥973.6bn vs. ¥706.5bn year over year.

• H1 profit before tax was ¥815.8bn vs. ¥458.5bn; parent-attributable profit was ¥619.7bn vs. ¥355.8bn, up 74.2%.

• Underlying operating cash flow was ¥728.1bn vs. ¥446.3bn; operating cash flow was ¥991.3bn vs. ¥428.0bn.

• Adjusted consolidated net income was ¥539.1bn; capital recycling gains were ¥109.2bn and one-time items were -¥28.6bn.

Outlook and guidance

• Full-year consolidated net income forecast rose to ¥1.2tn from ¥1.1tn; underlying operating cash flow forecast rose to ¥1.38tn from ¥1.25tn.

• Adjusted consolidated net income forecast increased to ¥930bn from ¥820bn; H1 progress toward the revised consolidated net income forecast was 52%.

• FY2027 growth plan targets adjusted consolidated net income growth of ~¥150bn versus the FY2026 adjusted forecast, with ROE of 12%+ and no continued resource-market tailwinds assumed.

• Growth contributions are expected from LNG Canada, Malaysia LNG Tiga, executed projects and recovery initiatives; salmon-farming earnings remain below initial expectations amid weak markets and higher feed costs.