Marubeni (8002) Q1 2027 earnings summary

Executive summary

• Net profit for Q1 FY2026 was ¥186.4 bn, up 20.7% year-over-year, achieving 32% of the full-year forecast.

• Revenue rose 21% year-over-year to ¥2,609.2 bn, driven by strong performance in Energy & Chemicals, Food & Agri Business, and Metals & Mineral Resources.

• Adjusted net profit rose to ¥177.0 bn, up ¥49.0 bn year-over-year, with 33% progress toward the annual target.

• Core operating cash flow reached ¥249.9 bn, a record high, up ¥96.0 bn year-over-year, representing 38% of the full-year forecast.

• Operating profit surged 54.7% year-over-year to ¥132.1 bn, despite higher SG&A expenses.

Financial highlights

• Revenue: ¥2,609.2 bn (+21% YoY); Gross trading profit: ¥381.0 bn (+27% YoY).

• Operating profit: ¥132.1 bn (+54.7% YoY); Net profit: ¥186.4 bn (+21% YoY).

• Adjusted net profit: ¥177.0 bn (+¥49.0 bn YoY); Core operating cash flow: ¥249.9 bn (+¥96.0 bn YoY).

• Net interest-bearing debt increased to ¥2,050.5 bn; Net DE ratio at 0.46x.

• Free cash flow for Q1 was an outflow of ¥6.9 bn due to increased investments.

Outlook and guidance

• FY2026 full-year net profit forecast: ¥580.0 bn; Adjusted net profit forecast: ¥540.0 bn.

• Annual dividend per share forecast maintained at ¥115; total share buybacks for FY2026 set at ¥145.0 bn.

• Capital allocation for new investments increased by ¥250.0 bn to ¥1,950.0 bn under GC2027.

• Shareholder distributions raised by ¥200.0 bn to ¥900.0 bn over three years.

• Basic EPS forecast for the year: ¥356.75.