Marubeni reports strong profit growth in first half of fiscal 2026

Marubeni Corporation reported a profit attributable to owners of the parent of JPY 305.5 bn for the six-month period ended September 30, 2025, a 28.3% increase year-on-year. This achievement represents 59.9% of the full fiscal year forecast of JPY 510.0 bn, which remains unchanged. Revenue for the period increased by 8.0% to JPY 4,203.4 bn, primarily due to growth in Metals & Mineral Resources and Food & Agri Business. However, operating profit decreased by 12.9% to JPY 126.4 bn, impacted by higher selling, general, and administrative expenses and a decline in gross trading profit.

Key drivers for the profit increase included a valuation gain of JPY 76.5 bn (net of tax) from the integration of domestic real estate business with Dai-ichi Life Holdings, Inc., and improved profits in the Food & Agri Business. Conversely, the Energy & Chemicals segment experienced a profit decrease due to an impairment loss on property, plant and equipment for oil and gas E&P and lower petrochemical trading profits.

Total assets grew by JPY 85.4 bn to JPY 9,287.4 bn, while equity attributable to owners of the parent rose by JPY 247.3 bn to JPY 3,876.6 bn, resulting in a net DE ratio of 0.53 times. Cash and cash equivalents increased by JPY 14.9 bn to JPY 584.1 bn, despite a free cash flow outflow of JPY 2.4 bn for the six-month period.