Mitsui Profit Rises 35.7% to ¥574.862 Billion, Setting a Record
Key Facts
Mitsui said on November 4 that net profit attributable to owners of the parent for the six months ended September 30, 2026, rose 35.7% to ¥574.862 billion from ¥423.733 billion a year earlier. The company said in its results presentation that first-half profit reached a record level. The announcement came at 12:00 Japan time, according to the company’s financial calendar. Revenue rose 23.1% to ¥8.322 trillion, while profit before income tax increased 29.8% to ¥709.539 billion. The results combined growth in profitability and revenue with a decline in reported operating cash flow.
Profit in the mineral and metal resources segment rose to ¥189.9 billion in the first half from ¥162.2 billion in the comparable period, while energy profit increased to ¥134.7 billion from ¥106.6 billion. The increase in underlying operating cash flow in the two segments was linked to one-off gains related to energy outside Japan and oil and gas production, as well as increases in iron ore and coking coal, the company said in a disclosure. Gains on securities and other investments also rose to ¥118.6 billion from ¥27.5 billion, according to Investing.com coverage. Those gains included the valuation of Mitsui’s remaining stake in U.S. real estate group CIM. The coverage also cited a one-off gain related to a Brazilian railway company’s deconsolidation, while the mobility, digitalization, and infrastructure segment posted profit of ¥153.7 billion, up from ¥102.7 billion, attributing part of the increase to the Brazilian transaction.
By contrast, cash flow from operating activities fell to ¥223.4 billion in the six months from ¥428.7 billion a year earlier. Mitsui attributed the decline to an increase in working capital, particularly higher trade receivables. The change in working capital, which is excluded from the calculation of underlying cash flow, was negative ¥350.0 billion. Free cash flow consequently fell to ¥23.4 billion from ¥187.6 billion in the comparable period. These figures show the effect of working capital on cash generated from operations during the period, despite an increase in the underlying cash flow measure.
Underlying operating cash flow was ¥511.6 billion, compared with ¥448.5 billion in the first half of the previous fiscal year, an increase of ¥63.1 billion. The company said the increase included energy and mineral and metal resources, with contributions from gains related to energy outside Japan and oil and gas production, and increases in iron ore and coking coal. Mitsui raised its forecast for this cash flow for the fiscal year ending March 31, 2027, by ¥70 billion to ¥1.12 trillion, from ¥1.05 trillion previously. It also raised its annual net profit forecast by ¥130 billion to ¥1.05 trillion, compared with a previous estimate of ¥920 billion. The revisions represent a 14.1% increase in the annual profit forecast, according to the official results table.
The company said the revised forecasts assume an average exchange rate of ¥157.52 to the dollar and a JCC crude price of $112 a barrel. Investing.com coverage said the revision reflected expectations for higher gross profit and equity-method investment earnings, alongside improved gains from investments and asset divestments, with higher oil prices and a weaker yen assumed. For dividends, Mitsui expects to pay ¥140 a share for fiscal 2027. The expected amount is split equally between an interim dividend of ¥70 a share and a final dividend of ¥70 a share. The company set December 2, 2026, as the scheduled dividend payment date.
Mitsui shares fell 2.44% to ¥4,797 in the November 4 session, their lowest level since October 13, according to Investing.com. The broader TOPIX index fell 1.1% in the same session. EL7 data recorded MITSY closing at $623.41 on November 3 and $647.66 on October 29. Mitsui is scheduled to hold a meeting for analysts and institutional investors on November 6. It has also set November 13 as the scheduled date for filing its semiannual securities report.