Mitsui & Co (8031) Q4 2025 earnings summary

Executive summary

• Progressing ahead of schedule on the Medium-Term Management Plan, with strong base profit growth, strategic investments in growth areas, and asset reconfiguration.

• FY March 2025 profit attributable to owners fell 15.4% year-on-year to JPY 900.3 billion due to lower commodity prices and higher expenses, while COCF exceeded 1 trillion JPY for the fourth consecutive year.

• Major investments in Rhodes Ridge iron ore, Ruwais LNG, and low-carbon ammonia, with divestment from coal-fired power assets and strategic acquisitions in healthcare and logistics.

• Dividend per share for FY March 2026 will increase by JPY 15 to JPY 115, with a progressive dividend policy and cumulative shareholder returns expected to exceed 49% of COCF over the MTMP period.

• A 2-for-1 share split was conducted on July 1, 2024; EPS figures are adjusted accordingly.

Financial highlights

• FY March 2025: Profit attributable to owners was JPY 900.3 billion (down 18% YoY); COCF reached JPY 1.03 trillion (up JPY 31.7 billion YoY); gross profit decreased to JPY 1,288.4 billion.

• Net interest-bearing debt decreased to JPY 3.3 trillion, with a net D/E ratio of 0.44x.

• ROE for FY March 2025 was 11.9%, down from 15.3% in FY March 2024.

• Share repurchases totaled JPY 400 billion in FY March 2025, with all repurchased shares cancelled.

• Dividend per share increased to JPY 100 (post-split), with a payout ratio of 32.6%.

Outlook and guidance

• FY March 2026 profit forecast is JPY 770 billion, with COCF projected at JPY 820 billion, reflecting lower commodity prices and reduced dividends from equity method investees.

• Dividend per share set at JPY 115, with a progressive dividend policy to continue beyond the current MTMP.

• Management allocation maintained at JPY 400 billion to support growth investments and shareholder returns.