ITOCHU (8001) Q3 2026 earnings summary

Executive summary

• Consolidated net profit for Q1-3 FY2025 rose 4.3% year-over-year to a record ¥705.3 billion, achieving 78% of the full-year forecast of ¥900 billion.

• Non-resource sectors, especially Food, Textile, and The 8th, drove profit growth, offsetting resource sector declines.

• Shareholder returns enhanced with a total payout ratio of 52%, including a dividend per share of ¥42 and share buybacks totaling ¥170 billion.

• Major turnaround projects and capital restructuring, such as IFL and DESCENTE, were completed, supporting future growth.

• A five-for-one share split was executed on January 1, 2026.

Financial highlights

• Core profit for Q1-3 was ¥573.5 billion, with non-resource core profit at a record high of ¥613.4 billion.

• Gross trading profit increased to ¥1,825.8 billion, up ¥54.8 billion year-over-year.

• Operating cash flows for Q1-3 FY2025 hit a record ¥718.7 billion, up ¥12.4 billion year-over-year.

• Shareholders' equity increased to ¥6.3 trillion; total assets rose to ¥16.6 trillion as of December 2025.

• Net DER at 0.52x as of December 2025.

Outlook and guidance

• Full-year consolidated net profit forecast maintained at ¥900 billion; core profit forecast revised to ¥800–820 billion.

• ROE target set at approximately 15%.

• Investment cap for FY2025 set at ¥1 trillion, with net DER to remain below 0.6x.

• Non-resource sector expected to continue strong performance, with further growth in DESCENTE, North American power, CTC, and FamilyMart.

• Basic earnings per share for the full year is projected at ¥127.96 (post-split basis).