Marubeni (8002) Q4 2026 earnings summary

Executive summary

• Net profit for FY2025 reached ¥543.9 bn, up ¥40.9 bn or 8.1% year-over-year, marking a record high, aided by a ¥76.5 bn valuation gain from real estate integration and higher profits from associates.

• Revenue rose 6.1% year-over-year to ¥8,265.8 bn, driven by growth in Metals & Mineral Resources, Food & Agri Business, and Next Generation Business Development.

• Adjusted net profit was ¥480.0 bn, with non-resources at ¥328.0 bn and resources at ¥147.0 bn.

• FY2026 forecasts further growth: net profit of ¥580.0 bn and adjusted net profit of ¥540.0 bn, both record highs.

• Annual dividend per share increased to ¥107.5 for FY2025 and forecasted at ¥115 for FY2026, with share buybacks totaling ¥55.0 bn in FY2025 and up to ¥45.0 bn planned for FY2026.

Financial highlights

• Revenue for FY2025 was ¥8,265.8 bn, up 6.1% year-over-year; gross trading profit rose 3.1% to ¥1,182.7 bn.

• Operating profit declined 5.7% to ¥256.7 bn due to higher SG&A expenses.

• Profit before tax was ¥664.5 bn (+5.6% YoY); basic EPS was ¥330.42 (+9.1% YoY).

• Core operating cash flow was ¥575.1 bn, down ¥31.5 bn year-over-year; free cash flow for FY2025 was ¥417.4 bn.

• ROE for FY2025 was 13.6%, down 0.6 points year-over-year.

Outlook and guidance

• FY2026 net profit forecast is ¥580.0 bn (+¥36.1 bn YoY), adjusted net profit forecast is ¥540.0 bn (+¥60.0 bn YoY); EPS forecast at ¥354.67.

• Core operating cash flow expected to reach ¥660.0 bn (+¥84.9 bn YoY).

• Annual dividend forecast raised to ¥115 per share; total payout ratio expected around 40% with a progressive dividend policy and flexible share repurchases.

• Share buybacks up to ¥45.0 bn resolved for FY2026.

• Economic growth expected to decelerate globally due to inflation, higher fuel prices, and geopolitical tensions.