3rd Quarter Financial Results: Fiscal Year Ending March 2023

Mitsui’s financial results for the first nine months of the fiscal year ending March 2023 demonstrate strong performance across a globally diversified business portfolio, resulting in record-level Core Operating Cash Flow (COCF) and profit. Driven by robust results in energy, automotive, and commodity trading, the company has revised its full-year profit forecast upward to 1.08 trillion yen and its COCF forecast to 1.2 trillion yen. This positive momentum has prompted an increase in the annual dividend to 135 yen per share and the authorization of an additional 100 billion yen in share repurchases.

The financial success is largely attributed to favorable commodity prices and foreign exchange tailwinds, which contributed approximately 207 billion yen to profit growth during the nine-month period. While the Mineral and Metal Resources segment faced headwinds from declining iron ore prices and reduced production volumes, these were offset by significant gains in the Energy segment, particularly through increased LNG trading volumes and higher oil and gas prices. Asset recycling, including the divestment of metallurgical coal interests and power generation assets, provided substantial cash inflows to support ongoing investment strategies.

Management continues to prioritize a balanced capital allocation strategy, focusing on growth investments, shareholder returns, and financial stability. Strategic growth initiatives include the acquisition of AIM SERVICES to expand the company’s wellness and food service footprint, alongside ongoing investments in energy transition and healthcare value chains. Despite rising interest rates and market volatility, the company maintains a solid balance sheet with a net debt-to-equity ratio of 0.57, positioning it to navigate future economic shifts while sustaining its commitment to shareholder value through consistent dividend growth and flexible capital management.