Slides
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Marubeni IR Day 2026.09.09 Marubeni IR Day 2026 －P a t h w a y t o Va l u e C r e a t i o n－
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Disclaimer Regarding Forward Looking Statements and Original Language This material contains forward-looking statements about the future performance, events or management plans of Marubeni Corporation and its Group companies (the Company) based on the available information, certain assumptions and expectations at the point of disclosure, of which many are beyond the Company’s control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, economic and financial conditions, factors that may affect the level of demand and financial performance of the major industries and customers we serve, interest rates and currency fluctuations, availability and cost of funding, fluctuations in commodity and materials prices, political turmoil in certain countries and regions, litigation claims, changes in laws, regulations and tax rules, and other factors. Actual results, performances and achievements may differ materially from those described explicitly or implicitly in the relevant forward-looking statements. The Company has no responsibility for any possible damages arising from the use of information on this material, nor does the Company have any obligation to update these statements, information, future events or otherwise. This material is an English language translation of the materials originally written in Japanese. In case of discrepancies, the Japanese version is authoritative and universally valid.
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Towards a Value Creation Group beyond the Boundaries of Sogo Shosha Director, Representative Executive Officer, President and CEO Masayuki Omoto Marubeni IR Day 2026 The Five Ways We Have Evolved Since IR Day 2025 Marubeni IR Day 2026
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The Five Ways We Have Evolved Since IR Day 2025 Marubeni IR Day 2026 Towards a Value Creation Group beyond the Boundaries of Sogo Shosha Director, Representative Executive Officer, President and CEO Masayuki Omoto Marubeni IR Day 2026
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© Marubeni Corporation All Rights Reserved. 5 The Marubeni Group's long -term goal is to rank among the global top 100 companies by market capitalization GC2021 ― Transformation ― GC2024 ― Putting Strategy Into Practice ― GC2027 ― Accelerating Growth ― Steady Growth Toward Global Heights Around ¥1.0 tn Global top 1,600 by market cap. 2027 20282019 2020 2021 2024 2025 20262022 2023 Evolution 1 New Heights Reached ¥2.0 tn Global top 1,100 by market cap. Reached ¥5.0 tn Global top 600 by market cap. Reached ¥10.0 tn Global top 400 by market cap. Toward the global 100top
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© Marubeni Corporation All Rights Reserved. 6 Implementing Two Transformations to Reach Global Heights Transition to Strategic Platform Businesses (SPBs) Achieving global excellence in value creation capabilities ⚫ Establishment and strengthening of value creation functions ⚫ Promoting lean mindset and facilitating the deployment of human resources to the field. ⚫ Evolution of Capital Allocation Policies (Updated GC2027 Policy) ⚫ Transformation of the investment deliberation process (introduction of winning strategy sessions) ⚫ To achieve global excellence in value creation, we are focusing on: 1) capital allocation, 2) operational excellence and kaizen, and 3) next-generation, long-term forward-looking investments ⚫ Expanding long-term, forward-looking investments to anticipate global changes. ⚫ Transition to a “Company with Nominating Committee, etc.” governance model ⚫ Implementing executive compensation reform (Adding ROE and ROIC targets to executive compensation) Corporate Value Cash Flow, Profits Gradually increasing proportion of SPBs Vision: Global Excellence Investments with a Long-Term Perspective Disciplined Capital Allocation Operational Excellence and Kaizen Governance and Incentives Evolution 2 Transformation 1 Transition to SPBs Transformation 2 Achieving global excellence in value creation capabilities Transformation 1 Transformation 2
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© Marubeni Corporation All Rights Reserved. 7 Enhancing Capital Allocation Policies Relentlessly pursuing long -term compound growth in cash flow Shareholder Returns 900.0 Divestments 600.0 Core Operating Cash Flow 2,000.0 Cash In Cash Out New Investments 1,350.0 (billion yen) Leverage Enhancement of GC2027 Capital Allocation Policy Revision of Three-Year Cumulative Capital Allocation Policy (August 2026) 5 32 3 4 1 6 CAPEX, etc. 600.0 Evolution 3 1 2 3 4 5 6 Implementing risk management to turn losing strategies into winning strategies Strengthening our ability to generate sustainable and repeatable core operating cash flow Divesting from low-ROIC businesses and focusing investments on winning strategies, such as high-ROIC SPBs Initiating new investments not to fill investment budgets, but carefully selecting and executing only projects with winning strategies (opportunity-driven) Prudently utilize leverage while maintaining our A credit rating for medium- to long-term value creation opportunities, with the aim of maximizing value creation Strengthening shareholder returns through progressive dividends and flexible share buybacks Maintaining a holistic perspective and pursuing capital allocation initiatives offering higher relative returns across short-, mid-, and long-term horizons 62% YoY growth in core operating cash flow (FY2026 Q1) 250.0 billion yen increase in new investment capital allocation 200.0 billion yen increase in shareholder return capital allocation
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© Marubeni Corporation All Rights Reserved. 8 2… Discipline in Asset Turnover; Strengthening Growth Pipeline Resolutely divesting from low -ROIC businesses and investing in SPBs 240.9 117.1 190.0 1,100.0 As of Q1 FY2026 GC2027 3-Year Cumulative (Published: February 2025) Approved Cumulative 548.0 Preparation for Approval / Under Deliberation Sourcing / Negotiation3,000.0～ Executed in Q1 FY2026 Executed in FY2025 800.0 311.2 195.6 600.0 As of Q1 FY2026 GC2027 3-Year Cumulative (Published: February 2025) Cumulative 506.8 Pipeline (billion yen) Progress: 84% 500.0～ SPB Ratio 84% +250.0 (After Revision) 1,350.0 Revised Capital Allocation (Published: August 2026) New Investments (Excluding CAPEX) Evolution 4 2026 Forecast Sourcing / Negotiation, Preparation for Approval / Under Deliberation Executed in FY2025 and Q1 FY2026 Pipeline ROIC for divested businesses in FY2024 was approximately 1% Divestments 84% of the pipeline consists of SPBsNew investments (billion yen)
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© Marubeni Corporation All Rights Reserved. 9 Improving Quality of Investments and Profitability Timeline Strengthening opportunity -driven investment discipline from GC2027 Large Scale* Investments GC2021 FY2019~FY2021 3 years 5 Investments GC2024 FY2022~FY2024 3 years ROIC criteria not set 11 Investments GC2027 FY2025~Present 9 Investments Within 3 years ROIC 10 % Achievement Timeline (Average) Within 3 years Five investments are expected to achieve a cash flow ROIC of 10% by FY2026 Cash Flow Perspective • Added a 10% ROIC target in the fifth year after investment as an investment criteria • Implemented the “winning strategy” sessions • Establishment of a Growth Investment Management Office in each business div. • Clarification of the strategic platform model Evolution 5 Improving the Quality of Growth Investments * Large-scale = New investment of 10 billion yen or more
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IR Day 2026: A New Context Marubeni IR Day 2026
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© Marubeni Corporation All Rights Reserved. 11 153.9 249.9369.6 575.1 660.0 SPBs: Drivers of Marubeni's Cash Generation Q1 FY2025 53.0 84.9 37.4 57.7 Q1 FY2026 The YoY growth in core operating cash flow has been driven by the SPBs over the past six years and Q1 FY2026 Consolidated 10% Resources 12% 7 Core SPBs 24% CAGR (FY2020→FY2026) Consolidated 62% Resources 54% 7 Core SPBs 60% Growth Rates (Q1 FY2025→Q1 FY2026) 69.1 188.0 255.067.1 134.9 132.1 FY2020 FY2026FY2025 Forecast ROIC 11% ROIC 9% ROIC 15% (billion yen) Consolidated 7 Core SPBs Resources (billion yen) Resources and SPBs have driven growth in core operating cash flow over the medium-term SPBs have also made a significant contribution to the growth in core operating cash flow in Q1 FY2026 Consolidated 7 Core SPBs Resources
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© Marubeni Corporation All Rights Reserved. 12 In the advent of the AI era, our winning strategies will become even more effective Enhancing Customer Value as a Winning Strategy, Further Accelerated by AI Essential needs × value-adding initiatives (proprietary data × technology infrastructure) ＝ enhanced customer value ⚫ The advent of the AI era A CAGR of 26% is anticipated for the AI / data center market ⚫ Further growth in essential needs ⚫ Further evolution of technology infrastructure to analyze proprietary data Customer Value Value-adding Initiatives Essential Needs Agri-inputs AGRIntelligence/ Helena Products Group Yield improvement Used car loans Fast & accurate credit decisions Time saving & confidence Electricity Power trading & environmental certificates Flexibility & environmental value Copper, critical minerals Cost competitiveness Stable production Mobility Business In North America Wholesale and Retail Power Trading Business Agri-inputs Retail Business Copper Business
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© Marubeni Corporation All Rights Reserved. 13 Improving Existing Businesses through Kaizen, Technology, and Propagation of Winning Strategies Commitment to kaizen × AI & technology and propagation of winning strategies = improvement of existing businesses Japan Chicken Business Energy & Chemicals Trading Improvements in Progress Copper Business Improvement of Existing Business Organic Growth of Existing Businesses, etc U.S. Beef Business Margin improvementChallenges Renewable Energy Retail Business Construction Machinery Business Sales and Inventory optimization Challenges The VCO was established to improve and strengthen measures to address challenges Q1 FY2026 improvements: +20.0 billion yen (Progress rate: 62%) ⚫ Improving the culture of kaizen across all business front lines ⚫ Operational improvements in Energy & Chemicals Division ⚫ Expansion of copper business ⚫ AI and technology propagation ⚫ Execution of winning strategies Continuing improvements Improvements Challenges
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© Marubeni Corporation All Rights Reserved. 14 In True Marubeni Style: Taking Steps to Ensure Next-Gen Growth A global perspective that anticipates changes × identifying enduring needs = next-generation growth • Domain growth • Energy • Supply security • Service reliability • Trading • Data security Leveraging Marubeni’s Distinctive Strengths ⚫ Global perspective that anticipates changes ⚫ Thorough customer-centric perspective ⚫ Identifying enduring needs ⚫ Capital allocation with long-term perspective AI / Semiconductors Quantum / Nuclear Fusion Consumer Businesses Critical Minerals Space - Related Businesses Data Traffic • Key component • Excellent technology Maintaining a Global Perspective and Rigorously Identifying Market Needs
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© Marubeni Corporation All Rights Reserved. 15 Top ROIC Level & Capital Investment Growth within the Sector Closing the ROIC gap with the world’s leading companies 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2 0 2 4 6 8 10 12 FY2025 ROIC Capital Investment Growth Rate (March 2021→ March 2026) (%) (Fold Increase) 3.6x (Reference) Source: Created from S&P Capital IQ *World-leading companies: Berkshire Hathaway, Danaher, KKR, Hitachi, Ltd. **Sector: 4 companies in the sogo shosha (diversified trading conglomerate) sector, excluding Marubeni ROIC: Sector average (adjusted net profit ÷ invested capital), world’s leading company average (consolidated net profit ÷ invested capital) (Reference) Marubeni Sector Average World-Leading Company Average 14.0x 16.3x 30.1x PER (as of August 31, 2026) Marubeni 7 Core SPBs Sector** Average World- Leading Company* Average Marubeni 7 Core SPBs Sector Average World- Leading Company Average
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© Marubeni Corporation All Rights Reserved. 16 Grow or Change Reaching new global heights: The Marubeni Group’s next evolution starts here and now Kaizen by All Gemba for Cash Generation ⚫ Thorough implementation of a k aizen mindset at all business frontlines across the Group ⚫ Implementation of AI & new technology, and execution of winning strategies ⚫ Enhancement of cash generation capabilities Growth Investments to Increase SPB Ratio ⚫ Improvement of discipline and quality of growth investments ⚫ Expansion of investment pipeline, including large-scale investments ⚫ High ROIC x investing in scalability = compound growth engine for core operating cash flow Transformation to Global Excellence ⚫ Confront losing strategies and invert them into winning strategies ⚫ Bring capital allocation, operation and next-generation investments to global excellence
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© Marubeni Corporation All Rights Reserved. 17 In Closing: Toward Global Heights Pursuing an ROE of 15% or higher from FY2027 onwards GC2021 ― Transformation ― GC2024 ― Putting Strategy Into Practice ― GC2027 ― Accelerating Growth ― Steady Growth Toward Global Heights Around ¥1.0 tn Global top 1,600 by market cap. 2027 20282019 2020 2021 2024 2025 20262022 2023 Reached ¥2.0 tn Global top 1,100 by market cap. Reached ¥5.0 tn Global top 600 by market cap. Reached ¥10.0 tn Global top 400 by market cap. FY2030 ROE above 15 % Toward the global 100top
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Financial Strategy and Cost of Capital Optimization Director, Representative Executive Officer CFO Chijo Tajima Marubeni IR Day 2026
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© Marubeni Corporation All Rights Reserved. 19 Cost of Debt Capital Structure (Leverage) Cost of Equity Beta (β) Cost of Capital (WACC) ROIC ROE Correlation Coefficient Volatility Ratio Approach to Optimizing Cost of Capital (WACC) Today’s ScopeInitiatives to Enhance Corporate Value Achieving Our Long- Term Goal Global Top 100 by Market Capitalization ROIC Cost of Capital (WACC) ⚫ Long-Term Investments ⚫ Widen the ROIC–WACC Spread ⚫ Strengthen Governance ⚫ Introduce Incentives Linked to Shareholder Value ⚫ Execute Opportunity-Driven Growth Investments ⚫ Operational Excellence and Continuous Improvement ⚫ Enhance Risk Management ⚫ Maintain Financial Discipline Transition to SPBs Key Messages Today ⚫Continued improvements in our financial foundation and asset quality are being recognized in the bond market through higher credit ratings and tighter corporate bond spreads. ⚫We will utilize leverage while maintaining financial discipline with due consideration for our credit ratings. ⚫Through the transition to Strategic Platform Businesses and greater reproducibility and predictability of future cash flows, we aim to ensure that the market appropriately assesses our risk profile. To widen the ROIC –WACC spread, we will optimize WACC by utilizing leverage and transitioning to Strategic Platform Businesses (SPBs) 15％ Excellence in Capital Allocation Growth Expectations
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© Marubeni Corporation All Rights Reserved. 20 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Mar. 2020 Mar. 2021 Mar. 2022 Mar. 2023 Mar. 2024 Mar. 2025 Mar. 2026 Risk Asset Shareholder's Equity Improving Our Financial Foundation, Asset Quality, and Cash Flow Risk buffer (equity minus risk assets) has improved year-on-year, reaching approximately 850.0 billion yen (trillion yen) Even before diversification benefits, equity provides a sufficient buffer against risk assets. The current portfolio has also been confirmed to reduce risk by approximately 25% through diversification. 0 10 20 30 40 50 0 200 400 600 800 FY2007 FY2010 FY2013 FY2016 FY2019 FY2022 FY2025 Core Operating CF (Left) 5-Year Coefficient Variation (Right) Note: The five-year coefficient of variation is calculated by dividing the standard deviation of core operating cash flow over t he five most recent years through each fiscal year by its average over the same period. Note: Core operating cash flow for FY2012 and earlier is calculated as operating profit plus equity in earnings/losses and o ther items. (billion yen) （%） -16.0 -18.0 -25.0 -422.0 -20.0 -65.0 17.0 5.0 52.0 64.0 -150.0 -100.0 -50.0 0.0 50.0 100.0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (billion yen) Through cash flow management and rigorous investment discipline, we have strengthened our financial foundation, improved asset quality, and enhanced cash flow stability Risk Assets and Equity One-time Gains and Losses Core Operating Cash Flow and 5-Year Coefficient of Variation (Forecast) Improving Asset Quality (One-time losses Gains on asset recycling)
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© Marubeni Corporation All Rights Reserved. 21 0 20 40 60 80 100 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY20260.00 0.50 1.00 1.50 2.00 2.50 FY2015 FY2017 FY2019 FY2021 FY2023 FY2025 Marubeni Peer Median FY2007 FY2010 FY2013 FY2016 FY2019 FY2022 FY2025 S＆P Moody's JCR R＆I JCR ：AA R＆I ：AA‐ S＆P：A - Moody’s：Baa1 Aa2/AA Aa3/AA‐ A1/A+ A2/A A3/A- Baa1/BBB+ Baa2/BBB Baa3/BBB- Aa1/AA+ Source: Bloomberg. The figures represent the difference between the secondary-market spread on Marubeni’s five-year USD-denominated bond and the spread on the five-year USD-denominated bond index for U.S. A-rated companies as of the respective dates, after adjusting for differences in maturity. 0.3 0.4 0.5 0.6 0.7 26年3月末 26年6月末 0.43x Flexibly Deploy Debt Capacity toward Attractive Investment Opportunities0.46x (x) Leveraging Debt Capacity Going Forward S&P, Apr. 2022 BBB → BBB+ S&P, Nov. 2025 BBB+ → A- (x) （bp） A stronger financial foundation has translated into higher credit ratings and lower debt costs in the bond market. Going forward, we will deploy debt capacity toward growth investment Net Debt-to-Equity Ratio Marubeni Bond Spreads (vs. A-Rated Index) Leverage Policy (Net Debt-to-Equity Ratio)Marubeni Credit Ratings Leverage Optimization Phase Additional New Investments of 250.0 Billion Yen Established (Announced August 2026) Improvement Mar. 2026 Jun. 2026
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© Marubeni Corporation All Rights Reserved. 22 0.40 0.60 0.80 1.00 1.20 1.40 Beta: Components and Current Assessment Source: Bloomberg Source: Bloomberg Components of Beta Correlation Coefficient Financial LeverageVolatility RatioBeta Key Factors Currently Driving Marubeni’s Higher Beta (Estimate) Has Improved in Recent Years 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 0.50 0.55 0.60 0.65 0.70 0.75 0.80 Volatility Ratio TOPIXとの相関係数 丸紅 A社 B社 C社 D社 Beta 1.0 Beta 0.8 Beta 1.2 There is still room for optimization of beta, which reflects the market’s assessment of our risk profile. We recognize this as an issue to address in optimizing the cost of equity Adjusted Beta Comparison (as of June 2026) Correlation Coefficient and Volatility Ratio (June 2026: ●, June 2024: ▲) Note: Beta refers to adjusted beta calculated using two years of weekly data. The contour lines represent adjusted beta levels derived from the correlation coefficient and the volatility ratio. Marubeni Peer Median Company A Company B Company C Company D Correlation coefficient with TOPIX Marubeni Company A Company B Company C Company D
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© Marubeni Corporation All Rights Reserved. 23 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 2.60 0.50 0.55 0.60 0.65 0.70 0.75 0.80 Volatility ratio Correlation coefficient Optimizing Beta through the Transition to SPBs Beta 1.2 Beta 0.8 Increase Recognition of Marubeni’s Distinctive Growth and Capital Allocation Capabilities Marubeni’s distinctive model actively allocates capital, enhances businesses, and generates compounding growth—rather than merely being driven by market conditions Beta 1.0 Further enhance transparent, high-quality IR and disclosure to minimize gaps between expectations or guidance and actual results. We will leverage our SPBs to improve market recognition of Marubeni’s distinctive growth and capital allocation capabilities, as well as the reproducibility and predictability of future cash flows. This will support more appropriate beta assessment through correlation and volatility, optimizing our cost of equity SPBs MarubeniDirection of Beta Optimization Correlation Coefficient Operational Excellence Capabilities and Focus on Priority Areas Demonstrating Growth Track Record Apply global best practices across the organization to improve existing businesses Focusing on areas where we can win and pursuing dynamic, opportunity-driven capital deployment Continuously demonstrate the expansion and portfolio share of SPBs to deepen understanding of Marubeni’s distinctive growth potential. Enhance the Reproducibility and Predictability of Future Cash Flows Strengthen earnings structure and investment discipline to improve the reproducibility and predictability of future cash flows and, in turn, moderate share-price volatility. Volatility High Value Added Growth Areas and Scalability Investment Discipline and Governance Differentiated products and services grounded in a deep understanding of customers and markets enhance the sustainability of high ROIC Structural demand growth and expansion across regions, customers, and products increase the certainty of future earnings and cash flow growth Advanced risk management and rigorous project reviews improve investment quality while reducing impairment risk Transition to Strategic Platform Businesses
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Agri -inputs Retail Business Marubeni IR Day 2026 Managing Executive Officer COO, Food & Agri Business Div. Hidefumi Oya
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© Marubeni Corporation All Rights Reserved. 25 Agri-inputs Retail Business: A Look Back at IR Day 2025 Consultation services and sales of fertilizers, crop protections, seeds, and other agri-inputs for large-scale farmers; Providing proprietary products and services that meet the needs of our customers Capturing strong domestic and export demand, primarily in the U.S., the world’s 3rd largest agricultural producer, and Brazil, the 4th largest Achieving growth that exceeds market average AGRIntelligence Helena Products Group Expansion in Brazil U.S. expansion Growth Domains High Added Value Scalability Agricultural production growth potential by country Agri-inputs Retail Strategic Platform Expansion of products and services Operating regions ⚫ Bahia ⚫ Minas Gerais ⚫ São Paulo ⚫ Espírito Santo ⚫ Rio de Janeiro (Source FAO) AGRIntelligence Scientific analysis / proposals Custom solutions through proprietary products Country Agricultural production value (2023, billion USD) Agricultural production value CAGR (past 10 years) 1 China 1,170 3% 2 India 380 4% 3 U.S. 250 3% 4 Brazil 210 6% 5 Indonesia 110 1% Building trust by providing solutions to customers, leading to high retention and new customer acquisition Following our winning strategies as a Strategic Platform Business, aim to achieve continuous growth toward 2030 Expansion through acquisitions + strengthening Helena’s expertise and know-how, while leveraging those expertise and know-how to capture growth Continue sustainable growth with AGRIntelligence and Helena Products Group as growth drivers
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© Marubeni Corporation All Rights Reserved. 26 As the market environment improves, higher grain prices and better farm margin are expected Increase in export volumes to China Higher grain prices driven by supply-demand balance Subsidies provided to farmers by U.S. government 0 100 200 300 400 2020 2025 Helena 2027Net Profit （billion yen） 22.8 37.3 CAGR 1 0 % 480 500 520 540 560 580 2020 2025 514 575 Number of Locations U.S. sales share No. 2 • 1987 (at the time of acquisition): approx. 100 locations • 18 acquisitions completed in the past 5 years • Gained through acquisitions: Customers: approx. 2,400 Locations: 34 • Development of products that meet customers’ needs • Proprietary product launches in 2025: 9 products • 2026 to 2027: up to 26 products (expected) Proprietary product lineup of over 500 items U.S. locations increased to 575 with the addition of 80 locations over the past 10 years Growth Drivers Helena proprietary products “HPG” M&A with industry peers to expand customer base and increase locations Enhancing AGRIntelligence Building a strong sales base; steadily executing initiatives to capture future growth • Strengthened specialist staffing at locations and expanded data assets • Higher quality of solutions provided to customers
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© Marubeni Corporation All Rights Reserved. 27 Adubos Real In 2019, Marubeni acquired Adubos Real in Brazil, a growth market; Helena’s expertise and insights leveraged for sustainable growth New store openings and M&As with industry peers continue to drive geographic expansion Scalability ・10 stores at acquisition (2019) ⇒ over 80 stores today ・Operations in 1 state at acquisition ⇒ 5 states today Brazil is one of the world’s leading agricultural producers and its agri-inputs market is expected to grow significantly in the medium- to long-term, driven by the expansion of farmland and rising demand, including domestic demand. Growth Domains FY2025: Despite a challenging market environment, Adubos Real grew sales by more than 20% year on year. ・Proprietary AR Products introduced; plants for in-house production established in 2025. ・Brazilian version of AGRIntelligence, Real Tech, being rolled out High Added Value Adubos Real leverages Helena’s expertise and insights: 0 10 20 30 40 50 60 2020 2025 Net Profit （billion yen） 3.7 CAGR 28 % 0 20 40 60 80 100 2020 2025 Number of Stores and Plants Target ・・・ 15 80 51 Store Plant While competitors are restructuring amid insufficient credit management for farm borrowers and difficulty securing stable earnings, AdubosReal has continued its strategic growth initiatives, growing together with its farmer customers through proprietary solutions, disciplined credit management, and acquisitions of competitors and new locations.
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Mobility Business in North America Executive Officer COO, Finance, Leasing & Real Estate Business Div. Takashi Tsunoda Marubeni IR Day 2026
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© Marubeni Corporation All Rights Reserved. 29 Growth Domains High Added-Value Scalability Mobility Business in North America: A Look Back at IR Day 2025 Building a strategic platform in growth domains Cars, essential to life and business in North America, continue to see steady growth Continuing to build a customer-oriented, OEM-independent value chain centered on our customer base and covering the entire asset lifecycle, enhancing customer convenience and efficiency Continued growth expected in U.S. vehicle ownership [Number of vehicles in operation] +6% Expansion built on business resilience; Entry into untapped adjacencies Enhancing customer convenience and providing one-stop solutions for car-related needs High-Quality Customers Approx. 2,000 companies (70% investment grade) Leased Asset Balance Approx. USD 10.6 billion Number of Units Managed Approx. 900,000 units Annual Vendor Spending USD 7.5 billion Leveraging extensive data and AI/DX to deepen dealer relationships and capture financing opportunities across diverse customer needs Number of Outstanding Loans Approx. 1.6 million Earning Assets Approx. USD 21.0 billion Auto Approval Rate Approx. 97% ● Approx. 33,000 dealers ● Approx. Highly Convenient Dealer System Data-Driven Fast Credit Decisions Commercial Vehicle Rental / Leasing Parts / Warranties / Insurance / F&I Largest Dealer Group in U.S. Connecting existing businesses / partners Mutual referrals and complementarity Expanding into adjacent areas Capturing profit opportunities Sales/Acquisitions Upfitting Fleet Management Operations Maintenance/Tires Accidents/Risk Transportation/Disposal Leveraging share-growth potential in a massive market and adjacent expansion to drive further growth centered on Nowlake and Wheels (million) Proven track records; Advanced and diversified solutions Nowlake End-to-end vehicle lifecycle management from acquisition to disposal Delivering comprehensive solutions for customers Wheels Finance Offerings Undertaking FM Lowering TCO Pursuing mid-term to long-term compound growth in this massive market through expanding customer bases, services, AI use, and adjacent areas Nowlake Used Car Finance Market Share Approx. 4.3% Wheels Share of U.S. Fleet Vehicles Approx. 10% Massive Market × Share Upside 285 288 297 300 319 2023 2024 2025 2026 2034 Forecast 11 million applications per year
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© Marubeni Corporation All Rights Reserved. 30 Nowlake: Balancing Rapid Adaptation to Changing Conditions and Scalable Growth Leveraging unmatched data/customer bases as the largest U.S. independent player, Nowlake will adapt to a changing market, improve risk-adjusted returns, and sustain asset and growth, while also delivering sustainable growth through synergies between financing and dealer services Swiftly adapting credit policies amid macro headwinds while leveraging competitive strengths and rigorous risk monitoring to scale assets while maintaining risk -adjusted returns Business Environment Earning Assets & Cash Generation Scale × Data: A Solid Business Foundation Expanding assets while controlling riskRising delinquencies addressed through credit tightening and a shift to prime since 2023 Processing 11 million applications annually through system connections with 33,000 U.S. dealerships Expanding selectively while maintaining asset qualityPortfolio Quality Improvement: — Collections progress on high-delinquency 2022– 2023 vintages, reducing their portfolio share — Shift toward more creditworthy prime customers Portfolio Composition Prime / Subprime Origination Year Earning Assets: USD 20.0 billion target achieved two years early in 2025 USD 23.9 billion planned for 2026 with tighter credit Cash Generation: Three-year average cash conversion1: approx. 50%, ensuring steady cash generation Earning Assets Dividends / Cash Conversion 1 Cash conversion is calculated as a percentage of the entity’s profit before tax CAGR+14% Dealer Relationship Enhancement: Seamless financing from applications to execution, combined with a broad range of dealer services → Nationwide network of 33,000 dealers DX/AI-Driven Efficiency Improvements: Enhancing efficiency in underwriting and collections through automation and voice AI Data-Driven Credit Decision Acceleration: Leveraging external data based on customer attributes; Using systems to instantly update credit criteria and accelerate process Average Cash Conversion Approx. 50% (USD million) 24% 11% 29% 16% 12% 47% 28% 15% 45% 25% 48% 2023 2024 2025 2025 2024 2023 2022 -2021 60% 63% 68% 40% 37% 32% 2023 2024 2025 Subprime Prime $18.3B $21.0B $23.9B 2024 2025 2026 (Forecast) 0 500 1,000 1,500 2024 2025 2026 (Forecast)
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© Marubeni Corporation All Rights Reserved. 31 Wheels: Entering the Post-Integration Growth Phase Ensuring the resilience of fleet management and its essential role in corporate vehicle operations while accelerating growth by enhancing value through AI, data, and synergies High Value-Added Services Customer Base & Scalability Multi-Layered Services, Stickiness and Resilience: ● End-to-end services from acquisition to disposal ● Customer retention rate: approx. 98% ● Supports the shift from “ownership to use” Data and Network: ● Vast vehicle / customer data and extensive vendor network Next-Generation Mobility: ● Solutions for e-commerce and ride-hailing services Infrastructure Supporting the Entire Vehicle Lifecycle 10,100 10,600 10,800 2024 2025 2026 (USD million) Leased Asset Balance Dividends and Cash Conversion Leased Asset Balance: ● USD 14–15 billion by the mid-2030s ● Transition to a growth phase from FY2026 following integration Cash Generation: ● Avg. cash conversion since investment1: approx. 80%, demonstrating strong cash generation 1 Cash conversion is calculated as a percentage of the entity’s profit before tax Growth Potential, Adjacencies, and Business Synergies Organic Growth: ● Cross-selling / upselling to existing customers ● Greater market penetration of fleet management services Strategic IT Investment: ● Improve customer experience and efficiency through AI / data and automation Business Synergies / Adjacent Expansion: ● Combine with TDF’s rental capabilities ● Expand into insurance, upfitting, registration, transportation, accident management, and other adjacent areas Average Cash Conversion Approx. 80% (USD million) 0 50 100 150 200 2024 2025 2026 (Forecast) Leased Assets & Cash Generation Wheels provides essential services for corporate vehicle operations as the largest U.S. fleet management company. By integrating AI/data-driven financing and services to strengthen its business platform, while also expanding its customer base and business synergies, Wheels is quickly accelerating its growth.
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Wholesale and Retail Power Trading Business Marubeni IR Day 2026 Executive Officer COO, Power & Infrastructure Services Div. Naoki Ito
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© Marubeni Corporation All Rights Reserved. 33 0 10 20 30 40 2000 2004 2008 2012 2016 2020 2024 2025 （TWh） Marubeni Group Retail Sales VolumeData Centers’ Installed Capacity by Region ⚫ SmartestEnergy Expansion of trading desk operations ⚫ Marubeni Power Trading Established in October 2025 C&I* Supply Market Share No.3 Customer Satisfaction Top Rating (Supplier of the Year 2025) PPS Retail Sales Volume No.5 Market Share in Data Center Sector Approximately20% Expansion into Texas (ERCOT) Expansion into Iberia and Latin America Pursuit of Added Value 35 43 53 10230 36 41 92 15 16 17 27 0 50 100 150 200 250 FY2023 FY2024 FY2025 FY2030 (forecast) North America Asia Pacific Europe Other Source: IEA Growth Domains High Added Value Scalability Global demand for renewable energy for data centers is growing rapidly. Amidst this, the Marubeni Group is also working to secure high-quality, large-scale renewable energy sources. The Marubeni Group has expanded into Iberia, where renewable energy accounts for a proportionally high share of power, and has plans for multiple AI data centers. We are also expanding into Mexico, Chile, and Brazil. The shift to renewable energy is accelerating due to increased demand, led by data centers. The Marubeni Group’s retail power business is also steadily expanding Source: Cornwall Report Source: Our analysis based on government-published data Source: The Energy Professionals Association Source: Agency for Natural Resources and Energy, "Electricity Survey Statistics" UK JP US UK (FY) Installed capacity(GW) The Marubeni Group offers a wide range of products and services by leveraging diverse renewable energy sources. We are continuing to invest in IT to streamline operations and to enhance advanced risk management. * Commercial & Industrial Wholesale and Retail Power Trading Business: A Look Back at IR Day 2025
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© Marubeni Corporation All Rights Reserved. 34 0 10 20 30 2021 2022 2023 2024 2025 2026 Company A Company B SmartestEnergy Armed with a customer -first philosophy and our renewable energy brands, we aim to secure the second largest market share in the UK and accelerate growth toward even greater heights Marubeni Power Retail Smartest Energy Toward Further Expansion Trend in Retail Sales Volume • Further enhancing risk management in anticipation of unforeseen events （%） Comparable in scale to Japanese major power utilities Equivalent to 500MW- class offshore wind 26.4 sites 2001 2030 (forecast) 2025 2027 (forecast) 0 28 45 80 （TWh） CAGR approx. 30 % Equivalent to 1,000MW- class nuclear 6.6 units *Assumes 90% utilization Enduring Strengths & Competitive Advantages C&I Supply Market Share in UK • Approaching No. 2 share (1% gap) • Highest growth rate in the past five years* *among the top five companies Strong customer trust built on quality customer flow Attentive to customer needs Expertise in renewable energy Current Initiatives /Drivers for Further Growth UK US AU JP • Strengthening trading and risk management functions • Further improving operational efficiency through greater IT investment and AI utilization • Strengthening portfolio soundness • Reviewing portfolio composition • Securing high-quality, large-scale renewable energy, including with in the Marubeni Group *Assumes 45% utilization Source: Cornwall Report Current Initiatives and Growth Drivers Cumulate 52TWh to 2030
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© Marubeni Corporation All Rights Reserved. 35 Trading platform for C&I AI-driven operational efficiency SmartestEnergy has a strong track record serving C&I and data centers. SmartestEnergy analyzes and optimizes massive volumes of customer and transaction data. Retail power and gas services, focused on residential customers and SMEs. Factorenergia's combined power and gas supply points are growing at the second-fastest pace among independent retailers* in Spain. (*Excluding one company with an extremely small base) AI has been implemented across the entire value chain, from sales to billing and collection. Productivity improvements have enabled FE to handle approximately four times more customer inquiries than previously. Over 60% of voice inquiries are fully handled by AI. Advanced trading and risk management capabilities Approx. 4 times more inquiries handled Source: Factorenergia (2026) FE: No. 2 out of 8 companies (growth rate: 132%) Approx. 350,000 supply points Source: CNMC “Informe de supervisión de los Cambios de comercializador – 3T” Trend in Customer Interactions Handled The Marubeni Group is pursuing greater added -value through M&As, while expanding our geographic footprint and evolving and strengthening our Strategic Platform Businesses A chain reaction of improvement driven by combining value-added strengths: Complementary Customer Bases and Touchpoints Scaling Specialized Capabilities Across Markets Expanding into regions with potential for further enhancement Broad customer touchpoints for residential customers and SMEs Supply Points Growth Rate( 2022-2025 ) Wholesale power business Retail power business Wholesale trading market Power generators Retail customers Power Green certificates Company A FE Company B Company C Company D Company E Company F Company G Company H 60+% Conventional Customer Support FE with AI Utilization AI-completed responses Approx. 400 cases Approx. 1400 cases Enhancing Added-Value and Expanding Our Footprint
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Executive Officer COO, Metals & Mineral Resources Div. Seiji Taguchi Marubeni IR Day 2026 Copper Mining Business
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© Marubeni Corporation All Rights Reserved. 37 Copper Mining Business: A Look Back at IR Day 2025 01 02 03 04 Winning Strategy in Metal Resources 0 3,000 6,000 9,000 12,000 15,000 (USD/T) Trend LineMarket Price Copper Demand Growth Upward Trend in Market Price Electrification, infrastructure expansion, rising power demand, and tight transmission line supply from AI-related data center construction and economic growth are driving copper demand Medium- to long-term upward trend with short-term swings 0 5 10 15 20 25 30 35 2000 2010 2020 2030 2040 2050 Supply - Demand Gap Widening (MT) Supply from Existing and Development-Decided Mines (est.) Supply Demand Key Project Centinela copper mine expansion (Chile) Copper Mine Supply-Demand Outlook Copper Price Trends Enduring Needs High Cost Competitiveness Holdings Interests in Low Risk Countries Reliable Partners Source: Created by Marubeni based on Wood Mackenzie data Source: Created by Marubeni
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© Marubeni Corporation All Rights Reserved. 38 Demand Centinela Copper Mine Expansion Project Capturing a Robust Copper Supply -Demand Environment for Further Growth Trends Supporting the Copper Market Centinela Expansion Project • Due to various factors (mainly affecting Chile) including inclement weather, declining ore grades, and equipment malfunctions, major mining companies (including Anglo American and Lundin Mining) have successively revised their 2026 production guidance downwards. • The Grasberg mine (Indonesia) experienced a major incident in September 2025 where a large amount of mud flowed into the underground mine, leading to a temporary suspension of operations. Currently, operations are being gradually resumed. • Kamoa-Kakula mine (Democratic Republic of Congo) experienced an earthquake in May 2025, causing flooding and halting underground mining operations. Currently, operations are being gradually resumed. New concentrator plant doubling production capacities for copper concentrate Concentrator Plant Capacity ⚫ Copper demand stays firm with AI data center investment and power grid expansion ⚫ U.S. tariff-driven imports and the concentration of inventories in the U.S. also tighten short- term supply-demand conditions ⚫ Output halted or down at major mines Supply Cost Curve 100KT to 200KT per day Copper Production Capacity T otal equity production 160KT to 200KT per year Strengthening Cost Competitiveness First quartile costs （USD/T） 10,000 7,500 5,000 2,500 0 (2,500) (5,000) 25% 50% 75% 100% Centinela Expansion work underway Source: Created by Marubeni based on Wood Mackenzie data
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© Marubeni Corporation All Rights Reserved. 39 • Completion of major plant equipment installation • Commencement of water and energy supply to the site Centinela Copper Mine Expansion Project Since the investment decision in 2023, the project has made steady progress. Installation of major plant equipment was completed this year, with pre -commissioning to begin in stages • Investment decision • Construction commencement • Signing of project finance loan agreement • Pre-stripping at Encuentro pit begins • Mechanical completion and start of ramp-up • Ramp-up completion 2023 2024 2027 2026 2025 Crushing Grinding Ore StockpileFlotation Main Plant Equipment 2028
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Executive Officer COO, Aerospace & Mobility Div. Toru Okazaki Marubeni IR Day 2026 Aviation Aftermarket and Asset Trading Business
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© Marubeni Corporation All Rights Reserved. 41 Business Overview KarbonMRO Services Sdn. Bhd. Aircraft maintenance, engine maintenance, dismantling (Malaysia / 2023-) DASI, LLC Sales of expendable and rotable parts for aircraft (United States / 2023-) Magellan Aviation Group LLLP Purchase of used aircraft, dismantling, sales of used parts, leasing of aircraft parts (United States and Ireland / 2012-)iStrings Aviation Capital Co., Ltd. Aircraft-related asset management for investors (Japan / 2018-) Aviation Aftermarket and Asset Trading Business Transforming into a high -added-value aftermarket asset trading business and becoming a value -enhancement trader that upgrades the asset value of aircraft Aircraft / Engines Maintenance & Dismantling Business Areas Aircraft / Engines Parts Sales Used Aircraft / Engines Sales & Leasing New Aircraft / Engines Sales & Leasing New Aircraft / Engines Development & Manufacturing
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© Marubeni Corporation All Rights Reserved. 42 Key KPI: Asset Acquisition Amount Track Record & Outlook Core Operating Cash Flow Adjusted Net Profit 10 20 35 0 20 40 2019 2025 2026 7 22 24 0 10 20 30 2019 2025 2026 2027 CAGR 20 % CAGR 20 % Forecast 20096 30 Forecast 70 2022 2027 2022 2027 Further growth, aiming for high profitability (billion yen) (billion yen) (million USD) (million USD)
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© Marubeni Corporation All Rights Reserved. 43 Growth Domains, High Added-Value, and Scalability Delivering high -value solutions tailored to customers’ needs in the aircraft market, which requires specialized technical expertise and has high entry barriers DASI’s Value Drivers ⚫ Utilizing big data for over 30 years ⚫ Bulk purchase of surplus parts ⚫ Procurement from over 40 countries worldwide ● Demand Increase: Steady growth due to strong air passenger demand and the increaseof middle-income consumers in Asia ● Supply Shortage: Significant shortage of new aircraft supply compared to strong demand ● Cost Consciousness: Demand for Used Serviceable Materials (USM) is expanding as a solution to reduce maintenance expenses ● Strengthening revenue base through M&A and the sharing of sales channels between Magellan and DASI ● Pursuing group synergies between Magellan and DASI through utilization of DASI’s online platform to sell partsin Magellan’s inventory ● Building an aircraft aftermarket ecosystem in Asiausing KarbonMROto capture the growing demand for parts in the region Growth Domains High Added Value Scalability ● Safety: We have obtained various certificationsfrom national aviation authorities in accordance with strict industry standards achieving safe and high-quality aircraft/engine maintenance and used parts sales ● Customer Convenience: In addition to a wide selection of products, customers can purchase low- cost, small parts individually with a single click through the online store, and immediate, around-the-clock supply is available to meet urgent needs Providing optimal solutions to more than 3,500 customers worldwide by leveraging functions in USM procurement and sales, maintenance and dismantling, and asset trading Example Purchase Inventory Management Sales Proposal of fair pricing solutions Inventory collection at self- owned warehouse Airworthiness certificate management Proprietary online platform Highly efficient operation ⚫ 2.5 million part numbers in inventory ⚫ Employees holding qualifications certified by the Civil Aviation Bureau ⚫ Warehouse space equivalent to 6 soccer fields ⚫ 7,000 quotes per day ⚫ Over 3,500 customers worldwide ⚫ Dynamic pricing
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© Marubeni Corporation All Rights Reserved. 44 Growth Strategy Expanding into adjacent fields through M&A and strengthening Group collaboration Expanding our business foundation and aiming for further growth Further expanding our business foundation through M&A in adjacent fields with expected synergies USM distribution Shared sales channels Parts sales Providing feedstock USM distribution platform Building an aircraft aftermarket ecosystem In Asia Asset management Asset liquidation and fundraising Funding Maintenance and dismantling Next Phase 〉 Expansion of Asset Trading Functions ⚫ Access to overseas customers ⚫ Strengthening Group synergies (expansion of managed assets) ⚫ Expanding the networks of lease companies and airlines Next Phase 〉 Engine Maintenance ⚫ Expanding scope of maintenance ⚫ Expanding regions of operation ⚫ Strengthening Group synergies by increasing parts sales
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Marubeni IR Day 2026 Value Enhancement Driven by the Value Creation Office General Manager, Value Creation Office Konosuke Okura
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© Marubeni Corporation All Rights Reserved. 46 Background and Mission Supporting the continuous improvement of each business; contributing to maximizing business value across the Marubeni Group Newly established to put continuous improvement into practice, responding swiftly to last fiscal year's management challenges Value Creation Office VCO Digital (AI/IT) Finance HR strategy Legal PMI Accounting Management control Logistics Diverse skills/talent brought together (Center of Excellence); A dedicated organization with a clear mission Organic growth in existing businesses on all fronts Hands-on support by specialists Propagation of best practices (see P47–P49) Strengthening competitiveness (see P50–P51) Stronger management base to reduce risk etc… etc…
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© Marubeni Corporation All Rights Reserved. 47 VCO Role 01 Propagation of Best Practices Collecting, standardizing, and propagating best practices from our core Strategic Platform Businesses Pricing Optimization Business Knowledge Accumulation/ Utilization Customer Data Management Enhancement Sales Channel Expansion/Cross- selling Inventory Optimization Receivables/Payables Optimization Logistics Cost Reduction IT Cost Reduction Executive Governance Internal Control Enhancement HR/Organizational Enhancement Marubeni Value Creation Levers Growth Revenue Growth & Value Creation Lean Cost Reduction & Productivity Improvement Governance Strengthening of Management Control & Governance Systemize into approx. 30 Value Creation Levers Accumulating examples of improvement found in practice ⚫ Future Strategic Platform Businesses ⚫ Other Group companies ⚫ Driving the Group's growth ⚫ Combining proprietary operations with DX to upgrade services and raise productivity Core Strategic Platform Businesses ⚫ Consolidating knowledge spread across the Corporate Staff Group ⚫ Accumulating experience by supporting Group companies ⚫ Organizing the above for Group-wide deployment VCO Value Creation Office Hub for best practices across the Marubeni Group Growth Accumulate Propagate Standardize etc…
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© Marubeni Corporation All Rights Reserved. 48 Pricing Optimization Improving margins through well -timed pricing optimization Improving price-setting governance Best Practices — Case Study 1 Company A — over 10,000 products; high number of business deals Solution selling CustomerWholesaler A • Delays in passing on cost increases • Quotes below the appropriate price Amid rising procurement costs Introduction of a pricing process built on an in-house quotation support tool AI shows recommended and floor prices Preventing loss-making deals and maximizing earnings Easy-to-use screens and automated quote generation Reduction in processing time 10,000+ hours a year • Application of pricing optimization and other Value Creation Levers to companies where they are effective Tens of bn of yen profit improvement targeted ⚫ Creekstone and other consumer-related businesses with frequent price changes ⚫ Industrial solutions businesses with many products etc. Deploying now to: Group-wide by 2030 Pricing optimization in practice
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© Marubeni Corporation All Rights Reserved. 49 Improving capital efficiency to reduce Group companies' invested capital Expected cut of several hundred million to several billion yen in invested capital per company Inventory - Mainly to distribution businesses such as MDS, and consumer-related businesses Receivables/payables - Rolling out at several mid- to large-scale companies Inventory optimization in practice Person-dependent management Cases where no optimal answer can be reached In-house tool visualizes and analyzes receivables and payables Takes enormous amount of time; hard to turn into concrete actions Company B: Distribution business Huge product inventory Many customers Factors in demand fluctuations, lead times, stockout risk, and frontline insights to set the right inventory by product and site Tool built to propose optimal inventory levels Does not rely on person-dependent judgment, lower inventory, fewer stockouts AI Receivables/payables optimization in practice Example: cash conversion cycle by counterparty Deploying now to: Item-by-item analysis Company C: Wholesale business Inventory & Receivables/Payables OptimizationBest Practices — Case Study 2 300 major Group companies By 2030, at about Line-item analysis by customer and deal accelerates working capital improvement
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© Marubeni Corporation All Rights Reserved. 50 Recognizing how technology, particularly AI, shapes competitive advantage, we are steadily turning this tech into value Building the platform Sustaining a long-running cycle of advancing AI use ⚫ Group users: 25,000+ ⚫ Time saved: equivalent of 900+ FTE / 1.8 million+ hours a year ⚫ Training sessions year-round and insight sharing AI use is now a fundamental part of work ⚫ Citizen-developed agents: 4,000+ ⚫ Investment screening, financial modeling, DD support, and many other ideas realized A shift to people doing what AI cannot ⚫ In 2017, during the early days of AI adoption, Marubeni decided to develop in-house AI capabilities, and we began building our team ⚫ 100% AI-driven development delivers prototypes in days 10 years of accumulated expertise and rapid development ⚫ Nearly 100 solutions offered: general-purpose AI tools, high-accuracy agents that autonomously execute complex tasks, and tools optimized for specific work A foundation that supports any kind of work Robust AI platform More users, better literacy New ideas, new ways of working Advanced in-house capabilities Employees adapting to change VCO Role 02 Strengthening Competitiveness: Technology and Human Resources
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© Marubeni Corporation All Rights Reserved. 51 Analyzing and storing causes of failure (lessons database) Daily productivity gains and habits that anticipate and avert failure strengthen the fundamentals of continuous improvement L-1 Grand Prix: a company-wide campaign to review waste in daily work Room to improve in daily work Waste Waste Waste Waste Waste Kaizen Kaizen Kaizen Kaizen Kaizen Sustain, publicize, share Entry Verification (approx. 3 months) Impact Check President's Award More inquiries from Group companies and overseas offices Aiming to instill mindsets such as "always cut out waste" and "work backwards from our losing strategies" Learn and apply insights from failures “Don't hide failures, don't keep them in silos” Shared understanding Building an AI-searchable database, open to all Fostering a culture of improvement VCO Role 02 Strengthening Competitiveness: Fostering a Culture of Improvement Generating improvements that can be widely deployed ⚫ Automated data entry for quotations/orders using OCR ⚫ AI-assisted document checks Shared through a variety of channels to establish the culture Email Signage Newsletter Examples The VCO's biggest losing strategy = misalignment with Group companies Using cutting-edge technology, we diligently earn the trust of and engagement with each management team, understand their challenges, and build partnerships that work with frontline teams The VCO's own example Company-wide sharing sessions (a forum for learning from losing strategies) Learning from losing strategies
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© Marubeni Corporation All Rights Reserved. 52 VCO Goals Contribute to achieving the +33.0 billion yen from improvement of existing businesses in the FY2026 full -year forecast FY2026 +¥33.0bn Improvement of existing businesses in the full-year forecast Continuous improvement that Group companies would struggle to achieve alone, delivered through VCO hands-on support Deploying Value Creation Levers that reduce invested capital, such as inventory and receivables/payables optimization, across all major Group companies Rolling out Value Creation Levers that raise profit, such as pricing optimization, to Group companies in phases Continuing measures to strengthen competitiveness at Group companies, such as always cutting out waste, working backwards from our losing strategies, and using technology to change our skills and how we work 01 02 03
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Marubeni IR Day 2026 Executive Officer COO, Next Generation Corporate Development Div. Toshihiro Fukumura Initiatives for the Next Generation : Consumer Sector
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© Marubeni Corporation All Rights Reserved. 54 Consumer Sector Marubeni Consumer Platform U.S. Marubeni Consumer Platform India Southeast Asia & India U.S. Marubeni Consumer Platform Japan Japan Marubeni Consumer Platform Asia Building New Strategic Platform Businesses by Implementing Best Practices that Go Beyond the Boundaries of a Sogo Shosha Corporate development activities targeting the consumer sector to capture high-growth opportunities through sizable investments Cumulative allocated investment budget for GC2027: 250 billion yen. Half the members of each of the division's Investment Committees are external experts. Investment professionals execute the full process, from initial investment to value creation, by leveraging PE industry best practices. Capture basic needs of the expanding middle-income demographic driven by economic and population growth Capture demand for outstanding products and services as well as specific consumer needs Build a sizable business platform in the U.S. consumer sector Investment Themes Regional Investment Platforms Southeast Asia & India Japan U.S.
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© Marubeni Corporation All Rights Reserved. 55 Building Investment Track Records in the Consumer Sector and Expanding Strategic Platforms To expand business platforms, we leverage regional investment platforms to drive investments and roll-ups in high-potential companies that address consumer needs Investment Track Records and Progress Since Last Year Southeast Asia & India Japan U.S. Coffee and Baked Goods Restaurant Chain Leading Food Ingredients Supplier Largest Domestic Medical Consumables Manufacturer Skincare & Cosmetics Brand Lifestyle Brand Management Company Slipper Licensing Rights Footwear BrandRoll-up Investment Completed two roll-up investments anchored by R.G. Barry, thus expanding the business platform. We will continue to make sizable investments targeting mass- market consumer businesses. Acquired ETVOS, a well-established skincare and cosmetics brand designed to be gentle on the sensitive skin. Starting with this acquisition, we aim to build a business platform in the Beauty & Health sector. Established our fourth regional investment platform in Mumbai, India. We have commenced the full-scale launch of strategic investments in consumer businesses. Consumer Sector
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© Marubeni Corporation All Rights Reserved. 56 0 100 200 300 400 500 600 FY2022 FY2023 FY2024 FY2025 FY2027 FY2030 By FY2030 (JPY bn) Investment Amount（left axis） From Accumulating Investments to Growing Investment Value Create multiple Strategic Platform Businesses through value creation and roll-ups of portfolio companies *Includes investments made through June 2026. Growth in Investment Value Accumulate growth investments to approximately JPY 250 billionBy FY2027 Create multiple Strategic Platform Businesses of sufficient scale to generate ROIC above 10% ROIC 10+% Growth in Investment Value Approx. JPY 100 bn* Approx. JPY 250 bn Consumer Sector
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Initiatives for the Next Generation: AI & Semiconductor Fields Executive Officer COO, Next Generation Business Development Div. Dai Sakakura Marubeni IR Day 2026
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© Marubeni Corporation All Rights Reserved. 58 Physical Constraints Emerging from the Expansion of AI Data Centers Advances in AI and its expanding adoption are accelerating investment in AI data centers. Six physical constraints are emerging across the supply chain that supports growth in the AI era AI Data Center Market Size Forecast 15.1 94.0 2024 2032 （USD bn） CAGR 26 % *Source: Calculated based on data from Fortune Business Insights Physical Constraints Emerging as Investment in AI Data Centers Expands Expansion of AI Data Center Capacity and Investment Advances in AI and Expansion of Applications Expansion of Implementation in Companies and Industries Demand for Higher-Performance, Higher-Density AI Servers Emergence of Physical Constraints High-Performance Devices Supply Constraints for High-Density Substrates and High-Performance Electronic Components Manufacturing & Assembly Addressing Semiconductor Miniaturization and Stacking, Precision Machining, and Automation AI Infrastructure Power Leveling, Protection against Momentary Power Dips, GPU Protection, and Improved Inference Efficiency Constraints on Power Supply and Transmission Grids Driven by AI Data Center Expansion Power & Energy Critical Materials Securing Copper and Other Resources Essential for Power Grids, Semiconductors, and Electronic Equipment Communications Infrastructure Fiber-Optic and Communications Networks; Faster Data Transmission
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© Marubeni Corporation All Rights Reserved. 59 Today's Presentation High-Performance Devices Meeting surging demand for high-density substrates and high-performance electronic components, and strengthening the supply of core components for next-generation servers. Industrial Solutions Providing advanced manufacturing equipment that supports semiconductor miniaturization and stacking, as well as data center cooling solutions. AI Infrastructure Optimization Power leveling and protection against momentary power dips; protection of high-value assets such as GPUs; and reductions in inference costs and power consumption. Marubeni Group Business Foundations for Addressing Physical Constraints in the AI Era Bringing together our business foundations in power, resources, communications, and next-generation businesses, the Marubeni Group will address physical constraints across the entire AI supply chain. Our division will focus on high-performance devices, manufacturing and assembly, and AI infrastructure optimization Our AI Physical Constraints Solution Business A multifaceted approach to the supply chain Power & Energy Expanding power generation and transmission networks and establishing a stable, low-carbon power supply for AI data centers. Critical Materials Advancing the development and stable supply of copper resources essential for power grids, high-performance semiconductors, and electronic equipment. Connectivity T echnologies Developing fiber-optic and high-speed communications networks and optimizing them to accommodate rising data traffic. Market share in data center sector: Approx. 20%UK Marubeni Group Initiatives Source: Marubeni analysis based on government-published data Power Business Copper Business Communications Infrastructure Business
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© Marubeni Corporation All Rights Reserved. 60 Unlocking Growth Constraints in AI and Semiconductors: Upfront Investments and Business Foundations in Three Key Areas By combining our existing business foundations with investments in next -generation technologies, we address physical constraints that impede growth. Through approaches tailored to business maturity levels - expanding existing businesses, partnerships, and investments - we will achieve discontinuous growth Global Customer and Supplier Networks Access to Advanced Technologies Discernment and Engineering Capabilities Rapid Deployment Capabilities Leveraging relationships with over 5,000 customers and suppliers worldwide Bringing Japan’s advanced technologies to the world through business and capital alliances and M&A Providing comprehensive technical solutions from design and ODM through application development Rapidly deploying new technologies by leveraging our customer and supplier networks Examples of Marubeni's Initiatives Growth Area / Maturity Market Challenges / Physical Constraints Initiatives / Business Foundations A i m Device Solutions Industrial Solutions AI Infra Optimization Surge in demand for high- performance components; increasingly sophisticated and complex circuit design Needs for semiconductor miniaturization and stacking, precision packaging, and process automation Increasing sophistication and cost of GPUs; risks associated with power fluctuations and momentary power dips Stable supply of high-performance electronic components and global expansion of design and ODM capabilities Continuous strengthening of technological foundations to solve manufacturing and assembly challenges Resolving power constraints and protecting high-value assets, including GPUs Improving inference efficiency and reducing power consumption, thereby contributing to broader AI adoption • Diversified operations and extensive product lineup in Japan, ASEAN, and India • Leveraging our circuit design and ODM capabilities • Enhancing value through capital and business alliances with leading technology companies • Providing an integrated range of services, from equipment sales to engineering and maintenance • Supporting the stable operation of AI data centers • Commercial deployment of high-power, long-life next-generation energy storage devices • Improving inference efficiency with proprietary quantum-inspired technology • Contributing to the expansion of edge and physical AI implementation OS Electronics Marubeni Ele-Next DTDS Marubeni Techno-Systems Beams Skeleton Technologies Multiverse Computing Marubeni Citizen-Cincom Existing Business Enhancement Existing Businesses + Partnerships Investment / Commercialization Partnerships / Market Development Securing Competitively Advantageous Products Selecting Outstanding Companies through Rigorous Analysis Our Strengths Rising inference costs and delays in societal deployment due to power constraints
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© Marubeni Corporation All Rights Reserved. 61 Business Value Enhancement Scenarios toward 2035 We will simultaneously work to add higher -value to our existing businesses while monetizing new AI ventures. Through partnerships and M&A as catalysts for growth, we aim to increase business value more than tenfold by 2035 Toward a high-added-value solutions platform that overcomes growth constraints in the AI and semiconductor industries Business Value Enhancement Roadmap (Concept Image) Business Value over 10X Three Priority Areas Pursued in Parallel Catalysts for Discontinuous Growth Access to Leading Companies; Business and Capital Alliances; M&A Engineering and Application Development Expansion across Asia and the World Customer and Supplier Networks Expanding electronic component and semiconductor offerings and increasing added value through circuit design and other capabilities Integrating advanced technologies to provide equipment and services for AI data centers Addressing power constraints and protecting high-value assets in AI data centers; improving inference efficiency and reducing power consumption to broaden AI adoption Devices AI Infrastructure Optimization Industrial Solutions Higher Value Added in Existing Businesses Existing Businesses + Partnerships Commercialization / Market Expansion 2025 2030 2035 AI & Infrastructure Solutions Leading-Technology Partnerships and Capability Expansion Higher Added-Value in Existing Businesses Working across the Marubeni Group—including power, resources, and communications infrastructure—to expand businesses addressing physical constraints in the AI era.
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Closing Marubeni IR Day 2026 Director, Representative Executive Officer, President and CEO Masayuki Omoto
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© Marubeni Corporation All Rights Reserved. 63 The Marubeni Group’s Enduring Values Our Vision of the FutureCompany Creed Value Creation Beyond the Boundaries of a Sogo Shosha “Fairness, Innovation, and Harmony” Values That Serve as Constant Guides