ITOCHU (8001) Q2 2026 earnings summary

Executive summary

• First-half consolidated net profit reached ¥500.3 billion, up 14.1% year-on-year, driven by robust non-resource sector results and extraordinary gains from asset replacements, with 56% progress toward the full-year forecast of ¥900.0 billion.

• Operating cash flows hit a record ¥609.2 billion, and core profit increased year-over-year, especially in non-resource segments.

• Total comprehensive income rose 80.1% to ¥558.1 billion, while revenues slightly decreased by 0.6% to ¥7,249.2 billion.

• Dividend per share increased to ¥210, marking 11 consecutive years of increases, and a 5-for-1 share split is planned for January 1, 2026.

Financial highlights

• H1 consolidated net profit: ¥500.3 billion (+¥61.8 billion YoY), with 56% progress toward the full-year target.

• Core profit: ¥379.0 billion, up year-over-year, driven by non-resource sectors (+¥25.0 billion).

• Operating cash flows: ¥609.2 billion (record high); core operating cash flows: ¥503.0 billion.

• Gross trading profit for H1: ¥1,209.6 billion (+3.7% YoY).

• Total assets grew to ¥15,586.0 billion, and shareholders' equity increased to ¥6,060.9 billion.

Outlook and guidance

• Full-year consolidated net profit forecast remains at ¥900.0 billion, a 2.2% increase year-on-year.

• Core profit forecast revised to ¥800.0–820.0 billion (from ¥770.0–850.0 billion), reflecting steady profit growth.

• Basic EPS for FY2025 is projected at ¥127.95 post-share split (¥639.74 pre-split).

• Dividend per share raised to ¥210 (pre-split), with a total payout ratio target of 50%.

• Share buybacks of ¥150.0 billion or more planned.