Mitsui & Co (8031) Q3 2026 earnings summary

Executive summary

• Operating results for the first nine months showed steady profit and strong core operating cash flow (COCF), exceeding revised forecasts despite global economic uncertainties and a one-time loss at JA Mitsui Leasing.

• Revenue for the nine months ended December 31, 2025, was ¥10,356.3 billion, down 5.7% year-over-year, with profit attributable to owners at ¥611.9 billion, down 6.2% year-over-year.

• Comprehensive income surged to ¥1,283.8 billion, up 108.8% year-over-year, driven by gains in financial assets and FX translation.

• Interim dividend of ¥55 per share was paid, with a full-year dividend forecast of ¥115 per share, up ¥15 year-over-year.

• A 2-for-1 share split was conducted on July 1, 2024, and all per-share data is adjusted accordingly.

Financial highlights

• Core Operating Cash Flow for the first nine months was ¥748.8 billion, down ¥44.7 billion year-over-year, but the full-year forecast was revised up by ¥50 billion to ¥950 billion.

• Profit for the period was ¥611.9 billion, down ¥40.3 billion year-over-year, with the full-year forecast maintained at ¥820 billion.

• Gross profit for Q1-3 FY March 2026 was ¥966.5 billion, up ¥21.1 billion year-over-year.

• Net interest-bearing debt rose to ¥4,389.1 billion, with a net debt-to-equity ratio of 0.52.

• Total assets increased to ¥19,903.5 billion, and shareholder equity to ¥8,425.5 billion.

Outlook and guidance

• Full-year COCF forecast raised to ¥950 billion, reflecting strong progress in key segments.

• Profit forecast remains at ¥820 billion, with expected gains from asset sales in Q4.

• Full-year dividend is planned at ¥115 per share, up ¥15 from the previous year, reflecting a progressive dividend policy.

• Shareholder return policy unchanged, with a ¥200 billion share repurchase to be completed by March 2026.

• Key assumptions include a USD/JPY rate of 149.48 and a consolidated oil price of $78/bbl.