Mitsubishi Corporation
8058・Prime Market・Wholesale Trade
Business
Mitsubishi Corporation was newly established as a general trading company in 1954 and now forms a global corporate group comprising 833 consolidated subsidiaries and 349 equity-method affiliates. The company operates across eight segments: Global Environmental & Energy (LNG/natural gas), Material Solutions (petrochemicals/steel), Metals Resources (copper/coking coal), Social Infrastructure (urban development/industrial machinery), Mobility (automotive value chain), Food Industry (grains/marine products/livestock), S.L.C. (Smart Life & Community) (retail/distribution/finance), and Power Solutions (renewable energy/power trading). It has a customer base spanning a wide range of industries and regions, centered on Japan, North America, Europe, and Asia, and possesses a unique business model combining trading functions with business investment functions.
Business Model
Revenue is composed of a multi-layered structure including gross profit (¥1,655,100 million for FY2026 (ending March 2026)), equity in earnings of affiliates (¥467,900 million), and gains/losses on securities and fixed assets. In the Resources & Energy field, the company secures stable equity income and dividend income based on long-term contracts, while in the Food & Living Infrastructure field, it builds up business revenue from consolidated subsidiaries. Through a circular growth model of repeated investment recovery and asset replacement, the company maintains a structure that channels cash back into reinvestment.
Company Strengths
Revenue sources are diversified across 8 segments including energy, resources, food, living infrastructure, and power, reducing dependence on specific commodity market conditions or regional economic trends. In FY2026 (ending March 2026) as well, Metals Resources, S.L.C. (Smart Life & Community), Food Industry, Social Infrastructure and others each recorded profit attributable to owners of the parent on the order of tens of billions of yen, structurally limiting the risk of reliance on a single segment.
The company holds interests in long-term LNG businesses such as BRUNEI LNG, CAMERON LNG, and LNG Canada, as well as copper mining interests in Chile and Peru (including ANGLO AMERICAN QUELLAVECO), and records stable earnings as equity in earnings of associated companies. The balance of equity-method investments in the Metals Resources segment reached ¥903,000 million at the end of the fiscal year under review, forming a long-term earnings base.
The company maintains high credit ratings of R&I "AA (Stable Outlook)", Moody's "A2", and S&P "A", securing competitive funding costs. While continuing its progressive dividend policy, the balance of cash and cash equivalents stood at ¥1,841,500 million at the end of the fiscal year under review, and the liquidity coverage surplus, including commitment lines, was at a sufficient level of ¥2,492,900 million.
ENVALITH's Perspective
Performance Trend
Revenue is expected to increase slightly to ¥18,915,995 million (+1.6% year on year) in FY2026 (ending March 2026), while profit attributable to owners of parent is expected to decline for the second consecutive year to ¥800,460 million (-15.8% year on year). Since peaking at ¥1,180,694 million in FY2023 (ended March 2023), the main factors have been the normalization of resource market conditions and the drop-off of prior-year special gains (the Lawson revaluation gain and the gain on sale of the Australian coal mine). As external factors, the decline in crude oil and LNG market prices and the decline in Australian coking coal market prices have weighed on earnings. On the other hand, equity in earnings of affiliates rose significantly year on year to ¥467,941 million, supported by the reversal of impairment in the Copper Business and improvement in Power Solutions. Cash flows from operating activities remained at a high level of ¥1,490,041 million. A substantial recovery to ¥1,100,000 million (+37.4% year on year) is projected for FY2027 (ending March 2027).
Growth Strategy
Under "Management Strategy 2027," the company is accelerating growth investments in the three areas of energy transition, digital, and food
LNG Canada, with an annual production capacity of 14 million tons, commenced production in June 2025. The company has built an integrated value chain from upstream shale gas development (CDGR, 40% interest) through liquefaction and export sales. The book value of Diamond LNG Canada's tangible fixed assets (¥428,700 million) and right-of-use assets (¥236,400 million) is transitioning into the full-scale operation phase, and expanded earnings contribution is expected from FY2027 (ending March 2027) onward.
Recorded a reversal of impairment of ¥53.2 billion related to Chile's Anglo American Sur (20.4% equity stake, book value ¥216.5 billion), reflecting a rising copper price trend and upward revisions to mid- to long-term price outlooks by external institutions. Peru's Quellaveco (40% interest, book value ¥523.5 billion) also achieved stable operations with copper production of approximately 310,000 tons in 2025. Integrated operations with Codelco (Los Bronces and Andina mines) are pending finalization of business plan details, and additional earnings contribution is expected once realized.
The Power Solutions segment achieved net income attributable to owners of the parent of ¥43,408 million in FY2026 (ending March 2026), a significant improvement from a loss of ¥15,607 million in the previous fiscal year. This was driven by the reversal of the prior-year impairment loss in the domestic offshore wind power business and increased profit in the Americas and European power trading businesses. The company continues to expand its European renewable energy and trading business through Eneco (goodwill book value ¥167.0 billion) and to make new investments in the Americas Power Business.
Newly consolidated Cermaq Finnmark AS, Cermaq Canada AS, and Cermaq Newfoundland AS, subsidiaries of Grieg Seafood, significantly expanding the scale of the Salmon Aquaculture Business. Also implemented a change in the fair value measurement method for biological assets to ensure appropriate valuation. Net income attributable to owners of the parent for the Food Industry segment was largely maintained at ¥83,257 million (down ¥9.1 billion year on year). The company continues to strengthen its food value chain over the mid to long term against the backdrop of global population growth and food security needs.
The company's basic policy is a "progressive dividend" that increases in line with sustained profit growth. The dividend per share was ¥110 (up ¥10 year on year) in FY2026 (ending March 2026), with a forecast of ¥125 for FY2027 (ending March 2027). In FY2026 (ending March 2026), the company conducted share buybacks totaling ¥1,021,476 million, and combined with dividend payments of ¥405,973 million, total shareholder returns amounted to approximately ¥1,427,449 million. The dividend payout ratio was 52.2% in FY2026 (ending March 2026), with a forecast of 41.6% for FY2027 (ending March 2027).
Last updated: July 19, 2026