Mitsui & Co (8031) Q1 2026 earnings summary

Executive summary

• Profit attributable to owners declined by ¥84.5 billion year-on-year to ¥191.6 billion, mainly due to the absence of prior-year asset sale gains, but performance aligns with the business plan and solid COCF progress was made.

• Core operating cash flow (COCF) rose by ¥0.5 billion year-on-year to ¥216.3 billion, reflecting solid progress against the business plan.

• Revenue for the quarter ended June 30, 2025, was ¥3,299.9 billion, down 14.1% year-on-year; comprehensive income dropped 67.4% year-on-year.

• Progress is in line with the business plan at 25%, with full contributions from key segments expected from Q2.

• A 2-for-1 share split was conducted on July 1, 2024; EPS for the quarter was ¥66.68 (basic).

Financial highlights

• Cash inflows totaled ¥270 billion, with ¥216 billion from COCF and ¥54 billion from asset recycling.

• Net interest-bearing debt increased by ¥0.1 trillion to ¥3.4 trillion; shareholder equity rose to ¥7.6 trillion.

• Net D/E ratio stands at 0.45 times as of end-June 2025, up slightly from 0.44 at end-March.

• Gross profit decreased to ¥301.4 billion from ¥332.8 billion year-over-year.

• Net cash from operating activities was ¥262.6 billion, with free cash flow at ¥92.9 billion, both lower than the previous year.

Outlook and guidance

• Full-year profit attributable to owners is forecast at ¥770 billion, with EPS of ¥267.87; Q1 progress at 25%.

• COCF full-year plan: ¥820 billion; Q1 progress at 26%.

• Full-year DPS forecast raised to ¥115, up ¥15, with a progressive dividend policy beyond the current plan.

• No changes have been made to previously announced earnings or dividend forecasts.

• Shareholder returns for the 3-year plan expected to exceed 49% of COCF.