Interim report
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Q2 Fiscal year ending March 31, 2026 Summary of Consolidated Financial Results For the Six-Month Period Ended September 30, 2025 (IFRS basis) (April 1, 2025 – September 30, 2025) *This document is an English translation of materials originally prepared in Japanese. The Japanese original shall be considered the primary version. （TSE Code: 8002） Financial Results
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November 4, 2025 Summary of Consolidated Financial Statements for the Six-Month Period Ended September 30, 2025 (IFRS basis) Company name: Marubeni Corporation (URL https://www.marubeni.com/en/) Listed: Tokyo Code number: 8002 Representative: OMOTO Masayuki President and CEO, Member of the Board Inquiries: MATSUSHITA Sachiko General Manager, Media Relations Sec., Corporate Communications Dept. TEL +81 - 3 - 3282 - 4658 Expected date of quarterly financial statement report : November 10, 2025 Expected date of the beginning of delivery of dividends : December 1, 2025 Supplementary explanations of quarterly business results : Prepared IR meeting on financial results: To be held (for institutional investors and analysts) 1. Consolidated financial results for the six-month period ended September 30, 2025 (April 1, 2025 - September 30, 2025) (Remarks) Figures are rounded to the nearest million. (1) Consolidated business results %: change from the same period of the previous fiscal year Revenue Operating profit Profit before tax Profit for the period Profit attributable to owners of the parent Comprehensive income for the period Six months ended September 30, (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) 2025 4,203,366 8.0 126,419 (12.9) 365,543 23.9 311,969 28.0 305,497 28.3 363,751 530.7 2024 3,891,199 3.7 145,140 (4.2) 295,045 (3.7) 243,770 (5.0) 238,124 (5.2) 57,674 (91.0) Basic earnings per share Diluted earnings per share Six months ended September 30, (yen) (yen) 2025 185.18 185.02 2024 143.11 142.97 (Note 1) "Operating profit" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS Accounting Standards. "Operating profit" is the sum of "Gross trading profit", "Selling, general and administrative expenses" and " Gains (losses) on allowance for doubtful accounts ” stated in Condensed Quarterly Consolidate Statements of Comprehensive Income. (Note 2) “Basic earnings per share” and “Diluted earnings per share” are calculated based on “Profit attributable to owners of the parent”. (2) Consolidated financial position Total assets Total equity Equity attributable to owners of the parent Equity attributable to owners of the parent ratio Equity per share attributable to owners of the parent (millions of yen) (millions of yen) (millions of yen) (%) (yen) September 30, 2025 9,287,395 4,017,280 3,876,582 41.7 2,354.57 March 31, 2025 9,201,974 3,768,633 3,629,236 39.4 2,187.73 2. Dividends information Annual dividends per share 1st Quarter-end 2nd Quarter-end 3rd Quarter-end 4th Quarter-end Total (yen) (yen) (yen) (yen) (yen) Fiscal year ended March 31, 2025 － 45.00 － 50.00 95.00 Fiscal year ending March 31, 2026 － 50.00 Fiscal year ending March 31, 2026 (forecast) － 50.00 100.00 (Note) Changes from the latest announced dividends forecast: None 3. Consolidated earnings forecast for fiscal year ending March 31, 202 6 (April 1, 2025 - March 31, 2026) (Remarks) %: change from the same period of the previous fiscal year Profit attributable to owners of the parent Basic earnings per share (millions of yen) (%) (yen) Fiscal year ending March 31, 2026 (forecast)) 510,000 1.4 309.44 (Note) Changes from the latest announced earnings forecast: None
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* Notes (1) Changes in significant subsidiaries during the period : None (2) Changes in accounting policies and accounting estimates ①Changes in accounting policies required by IFRS Accounting Standards : None ②Changes other than ① : None ③Changes in accounting estimate : None (3) Number of issued shares (Ordinary shares) ①Number of issued shares at the end of the period September 30, 2025 1,660,758,361 (Treasury stock is included) March 31, 2025 1,660,758,361 ②Number of treasury stock at the end of the period September 30, 2025 14,322,825 March 31, 2025 2,058,377 ③Average number of outstanding shares during the period Six months ended September 30, 2025 1,649,687,073 Six months ended September 30, 2024 1,663,870,419 * The Summary of Consolidated Financial Results For the Six-Month Period is not subject to review by certified accountants or audit firms. * Descriptions relating to the proper use of earnings forecast and other special notes (Forward-looking statements) The forward-looking statements, including the earnings forecast presented above, are based on currently available information and certain assumptions considered to be reasonable by the Company. Therefore, actual results may differ materially from the forecast due to various factors. (How to access supplementary explanations of quarterly business results and the details of IR meeting of financial results) Supplementary explanations on business results will be made available on the Company's website on Tuesday, November 4, 2025. The Company is scheduled to hold an IR meeting on financial results for institutional investors and analysts on Tuesday, November 4, 2025, and to post the transcript of the meeting together with the materials used at the briefing on the Company's website at the earliest possible time.
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1 [Table of Contents of Attached Materials] 1. Summary of Business Results 2 (1) Summary of Business Results for the Six -Month Period 2 (2) Summary of Cash Flows and Financial Position for the Six-Month Period 5 (3) Qualitative Information on Future Outlook Including Consolidated Earnings Forecast 6 2. Condensed Quarterly Consolidated Financial Statements and Notes 7 (1) Condensed Quarterly Consolidated Statements of Financial Position 7 (2) Condensed Quarterly Consolidated Statements of Comprehensive Income 9 (3) Condensed Quarterly Consolidated Statements of Changes in Equity 10 (4) Condensed Quarterly Consolidated Statements of Cash Flows 12 (5) Notes Related to Going Concern Assumptions 12 (6) Segment information 13
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Marubeni Corporation Consolidated Financial Results 2 1. Summary of Business Results (1) Summary of Business Results for the Six-Month Period (Billions of yen) Six-month period ended September 30, Variance 2024 2025 Revenue 3,891.2 4,203.4 312.2 Gross trading profit 566.6 557.4 (9.2) Operating profit 145.1 126.4 (18.7) Share of profit (loss) of associates and joint ventures 165.0 159.7 (5.3) Profit attributable to owners of the parent 238.1 305.5 67.4 (Note 1) Figures are rounded to the nearest billion yen unless otherwise stated. (Note 2) “Operating profit” is presented in accordance with Japanese accounting practice for investors’ convenience and is not required by IFRS Accounting Standards. “Operating profit” is the sum of “Gross trading profit,” “Selling, general and administrative expenses” and “Gains (losses) on allowance for doubtful accounts” stated in Condensed Quarterly Consolidated Statements of Comprehensive Income. Revenue Revenue increased by 312.2 billion yen, or 8.0% year on year, to 4,203.4 billion yen. By operating segment, revenue increased mainly in Metals & Mineral Resources and Food & Agri Business. Gross trading profit Gross trading profit decreased by 9.2 billion yen, or 1.6% year on year, to 557.4 billion yen. Main increases and decreases by operating segment are as follows. - Metals & Mineral Resources: Decreased by 8.8 billion yen Due to a decrease in profit from Australian steelmaking coal business caused by decline in market prices. - Energy & Chemicals: Decreased by 8.7 billion yen Due to a decrease in profit from the trading of petrochemical products. - Power & Infrastructure Services: Decreased by 8.7 billion yen Due to decreases in profits from the electricity wholesale and retail businesses.
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Marubeni Corporation Consolidated Financial Results 3 - Food & Agri Business: Increased by 11.2 billion yen Due to increases in profits from the fertilizer wholesale business in the U.S. and the domestic chicken sales business. Operating profit Operating profit decreased by 18.7 billion yen, or 12.9% year on year, to 126.4 billion yen, due to increases in SG&A expenses, in addition to a decrease in gross trading profit. Share of profit (loss) of associates and joint ventures Share of profit (loss) of associates and joint ventures decreased by 5.3 billion yen, or 3.2% year on year, to 159.7 billion yen. Main increases and decreases by operating segment are as follows. - Aerospace & Mobility: Decreased by 4.5 billion yen Due to a decrease in profit from the ship owning and operating business. - Finance, Leasing & Real Estate Business: Decreased by 2.9 billion yen Due to non-recurrence of a gain on negative goodwill recognized in the same period of the previous fiscal year caused by the additional acquisition of shares in Mizuho Leasing. In addition to the above, the valuation gain of 76.5 billion yen, net of tax, arising from the integration of domestic real estate business with Dai-ichi Life Holdings, Inc. was recognized in the Finance, Leasing, & Real Estate Business. Profit attributable to owners of the parent Due to the factors presented above , profit attributable to owners of the parent for the six- month period ended September 30, 2025 increased by 67.4 billion yen, or 28.3% year on year, to 305.5 billion yen. As a result, the Company achieved 59.9% of 510.0 billion yen, the forecast for profit attributable to owners of the parent for the fiscal year ending March 31, 2026.
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Marubeni Corporation Consolidated Financial Results 4 Results (profit attributable to owners of the parent) for each operating segment for the six- month period ended September 30, 2025 are as follows: (Billions of yen) Six-month period ended September 30, Variance Major Factors for Increase/Decrease 2024 2025 Lifestyle 14.7 11.1 (3.5) ・ Decrease in profit from the MUSI pulp business owing to the deteriorating pulp market, decreases in sales volume, and other factors Food & Agri Business 34.9 41.3 6.4 ・ Increases in profits from the domestic chicken sales business and the fertilizer wholesale business in the U.S. ・ Decrease in profit from Helena due to adverse weather conditions in some regions Metals & Mineral Resources 59.6 52.2 (7.4) ・ Decreases in profits from the Australian steelmaking coal business and the Australian iron ore project caused by decline in market prices ・ Decrease in profit from the aluminum business ・ Increase in profit from the Chilean copper mining business Energy & Chemicals 23.2 4.2 (18.9) ・ Impairment loss on property, plant and equipment for oil and gas E&P ・ Decrease in profit from the trading of petrochemical products Power & Infrastructure Services 36.0 36.8 0.8 Finance, Leasing & Real Estate Business 40.7 125.7 85.1 ・ Valuation gain on the integration of domestic real estate business with Dai-ichi Life Holdings, Inc. ・ Increases in profits from the mobility business in North America and the aircraft leasing business ・ Gain on sale of the North American railcar leasing business ・ Non-recurrence of a gain on negative goodwill recognized in the same period of the previous fiscal year caused by the additional acquisition of shares in Mizuho Leasing Aerospace & Mobility 26.0 24.0 (2.0) ・ Decrease in profit from the ship owning and operating business ・ Increase in profit from the aviation-related business IT Solutions 0.5 2.7 2.2 ・ Increase in profit from the IT/Digital solutions business Next Generation Business Development 1.4 14.1 12.7 ・ Gain from negative goodwill arising from the acquisition of the electronic components business Next Generation Corporate Development (0.7) (0.6) 0.1 Other 1.9 (6.1) (8.1) Consolidated 238.1 305.5 67.4 (Note 1) Effective from the fiscal year ending March 31, 2026, the Company has reorganized its operating segments from "Lifestyle," "Forest Products," "IT Solutions," "Food I," "Food II," "Agri Business," "Chemicals," "Metals & Mineral Resources," "Energy," "Power, " "Infrastructure Project," "Aerospace & Ship," "Finance, Leasing & Real Estate Business," "Construction, Industrial Machinery & Mobility," "Next Generation Business Development," and "Next Generation Corporate Development" to the following: "Lifestyle," " Food & Agri Business," "Metals & Mineral Resources," "Energy & Chemicals," "Power & Infrastructure Services," "Finance, Leasing & Real Estate Business," "Aerospace & Mobility," "IT Solutions," "Next Generation Business Development," and "Next Generation Co rporate Development”. In conjunction with these organizational changes, operating segment information for the six-month period ended September 30, 2024, has been restated and is presented accordingly. (Note 2) Inter-segment transactions are generally priced in accordance with the prevailing market prices. (Note 3) “Other” includes profit/loss such as head office expenses that are not allocated to the operating segments, inter - segment elimination, and others.
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Marubeni Corporation Consolidated Financial Results 5 (2) Summary of Cash Flows and Financial Position for the Six-Month Period ① Cash Flows Cash and cash equivalents as of September 30, 2025 were 584.1 billion yen, an increase of 14.9 billion yen from the end of the previous fiscal year. (Operating activities) Net cash provided by operating activities was 211.4 billion yen due to operating revenue and dividend income, despite an increase in working capital and others. (Investing activities) Net cash use d in investing activities was 213.8 billion yen, due to the outflow from capital expenditures in overseas businesses , the acquisition of shares of subsidiaries and associates and joint ventures accounted for under the equity method and others, despite proceeds from the sale of investments in associates and joint ventures accounted for under the equity method and others. As a result of the above-mentioned activities, free cash flow for the six-month period ended September 30, 2025 was an outflow of 2.4 billion yen. (Financing activities) Net cash provided by financing activities was 12.2 billion yen due to the proceeds from bonds and borrowings and others, despite dividend payments and the purchase of treasury stock. As for the progress of the purchase of treasury stock that was resolved at the meeting of the Board of Directors held on February 5, 2025 and May 2, 2025, aggregate purchased amount totaled 32.7 billion yen as of September 30, 2025. ② Assets, Liabilities and Equity (Billions of yen) March 31, 2025 September 30, 2025 Variance Total assets 9,202.0 9,287.4 85.4 Net-interest-bearing debt 1,965.5 2,062.2 96.7 Equity attributable to owners of the parent 3,629.2 3,876.6 247.3 Net DE ratio (times) 0.54 0.53 (0.01) point (Note) Net interest -bearing debt is calculated as cash and cash equivalents and time deposit subtracted from the sum of bonds and borrowings (current and non-current).
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Marubeni Corporation Consolidated Financial Results 6 Total assets as of September 30, 2025 increased by 85.4 billion yen from the end of the previous fiscal year to 9 ,287.4 billion yen due to an increase in investments in associates and joint ventures accounted for under the equity method, despite a decrease in inventories. Net interest-bearing debt increased by 96.7 billion yen from the end of the previous fiscal year to 2,062.2 billion yen, mainly due to dividend payments and the purchase of treasury stock. Equity attributable to owners of the parent increased by 247.3 billion yen from the end of the previous fiscal year to 3,876.6 billion yen, due to an increase in the retained earnings from net profit accumulation and an increase in foreign currency translation adjustments. Consequently, Net DE ratio stood at 0.53 times. (3) Qualitative Information on Future Outlook Including Consolidated Earnings Forecast The earnings forecast for the fiscal year ending March 31, 2026 is unchanged from the initial projections announced on May 2, 202 5 (profit attributable to owners of the parent: 510.0 billion yen). (Forward-looking statements) The forward-looking statements, including the earnings forecast presented above, are based on currently available information and certain assumptions considered to be reasonable by the Company. Therefore, actual results may differ materially from the forecast due to various factors.
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Marubeni Corporation Consolidated Financial Results 7 2. Condensed Quarterly Consolidated Financial Statements and Notes (1) Condensed Quarterly Consolidated Statements of Financial Position (Millions of yen) March 31, 2025 September 30, 2025 Variance Assets Current assets: Cash and cash equivalents 569,144 584,084 14,940 Time deposits 383 257 (126) Notes, trade accounts and loans receivable 1,518,734 1,589,916 71,182 Other current financial assets 261,365 275,501 14,136 Inventories 1,180,366 994,517 (185,849) Assets classified as held for sale 91,880 35,841 (56,039) Other current assets 399,570 226,613 (172,957) Total current assets 4,021,442 3,706,729 (314,713) Non-current assets: Investments in associates and joint ventures 2,954,616 3,230,751 276,135 Other investments 277,130 331,821 54,691 Notes, trade accounts and loans receivable 129,953 134,434 4,481 Other non-current financial assets 139,253 155,243 15,990 Property, plant and equipment 1,125,412 1,086,164 (39,248) Intangible assets 443,241 518,588 75,347 Deferred tax assets 6,178 6,206 28 Other non-current assets 104,749 117,459 12,710 Total non-current assets 5,180,532 5,580,666 400,134 Total assets 9,201,974 9,287,395 85,421
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Marubeni Corporation Consolidated Financial Results 8 (Millions of yen) March 31, 2025 September 30, 2025 Variance Liabilities and equity Current liabilities: Bonds and borrowings 516,251 660,472 144,221 Notes and trade accounts payable 1,339,974 1,064,660 (275,314) Other current financial liabilities 359,240 405,767 46,527 Income tax payable 26,628 34,580 7,952 Liabilities directly associated with assets held-for-sale 20,907 4,099 (16,808) Other current liabilities 559,988 438,972 (121,016) Total current liabilities 2,822,988 2,608,550 (214,438) Non-current liabilities: Bonds and borrowings 2,018,759 1,986,088 (32,671) Notes and trade accounts payable 597 184 (413) Other non-current financial liabilities 278,792 306,906 28,114 Accrued pension and retirement benefits 28,238 28,893 655 Deferred tax liabilities 208,859 234,804 25,945 Other non-current liabilities 75,108 104,690 29,582 Total non-current liabilities 2,610,353 2,661,565 51,212 Total liabilities 5,433,341 5,270,115 (163,226) Equity: Issued capital 263,711 263,711 － Capital surplus 94,954 101,162 6,208 Treasury stock (5,807) (37,151) (31,344) Retained earnings 2,435,272 2,670,020 234,748 Other components of equity: Gains (losses) on financial assets measured at fair value through other comprehensive income 90,424 104,729 14,305 Foreign currency translation adjustments 679,209 713,642 34,433 Gains (losses) on cash flow hedges 71,473 60,469 (11,004) Equity attributable to owners of the parent 3,629,236 3,876,582 247,346 Non-controlling interests 139,397 140,698 1,301 Total equity 3,768,633 4,017,280 248,647 Total liabilities and equity 9,201,974 9,287,395 85,421
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Marubeni Corporation Consolidated Financial Results 9 (2) Condensed Quarterly Consolidated Statements of Comprehensive Income (Millions of yen) Six-month period ended September 30, 2024 2025 Variance Ratio (%) Revenue: Sales of goods 3,819,031 4,127,701 308,670 8.1 Commissions on services and trading margins 72,168 75,665 3,497 4.8 Total revenue 3,891,199 4,203,366 312,167 8.0 Cost of goods sold (3,324,648) (3,646,014) (321,366) 9.7 Gross trading profit 566,551 557,352 (9,199) (1.6) Other income (expenses): Selling, general and administrative expenses (416,413) (429,066) (12,653) 3.0 Gains (losses) on allowance for doubtful accounts (4,998) (1,867) 3,131 (62.6) Gains (losses) on property, plant and equipment Impairment losses (3,161) (13,980) (10,819) 342.3 Gains (losses) on sales of property, plant and equipment 1,363 4,769 3,406 249.9 Other income 20,856 23,357 2,501 12.0 Other expenses (14,862) (11,597) 3,265 (22.0) Total other income (expenses) (417,215) (428,384) (11,169) 2.7 Finance income (expenses): Interest income 14,403 13,558 (845) (5.9) Interest expenses (40,331) (40,204) 127 (0.3) Dividend income 5,531 7,280 1,749 31.6 Gains (losses) on investment securities 1,111 96,208 95,097 － Total finance income (expenses) (19,286) 76,842 96,128 － Share of profit (loss) of associates and joint ventures 164,995 159,733 (5,262) (3.2) Profit before tax 295,045 365,543 70,498 23.9 Income taxes (51,275) (53,574) (2,299) 4.5 Profit for the period 243,770 311,969 68,199 28.0 Profit for the period attributable to: Owners of the parent 238,124 305,497 67,373 28.3 Non-controlling interests 5,646 6,472 826 14.6 Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Gains (losses) on financial assets measured at fair value through other comprehensive income (11,085) 14,775 25,860 － Remeasurements of defined benefit plan (3,844) 6,391 10,235 － Changes in other comprehensive income of associates and joint ventures (482) 5,856 6,338 － Items that may be reclassified subsequently to profit or loss: Foreign currency translation adjustments (152,411) 40,069 192,480 － Gains (losses) on cash flow hedges (4,303) 1,106 5,409 － Changes in other comprehensive income of associates and joint ventures (13,971) (16,415) (2,444) 17.5 Other comprehensive income, net of tax (186,096) 51,782 237,878 － Total comprehensive income for the period 57,674 363,751 306,077 530.7 Total comprehensive income for the period attributable to: Owners of the parent 60,062 356,149 296,087 493.0 Non-controlling interests (2,388) 7,602 9,990 －
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Marubeni Corporation Consolidated Financial Results 10 (3) Condensed Quarterly Consolidated Statements of Changes in Equity ◆ Six-month period ended September 30, 2024 (April 1, 2024 - September 30, 2024) (Millions of yen) Equity attributable to owners of the parent Issued capital Capital surplus Treasury stock Retained earnings Other components of equity Gains (losses) on financial assets measured at fair value through other comprehensive income Foreign currency translation adjustments Balance at the beginning of the period 263,599 98,340 (4,189) 2,086,701 121,239 833,429 Profit for the period 238,124 Other comprehensive income (11,860) (173,319) Share-based payment transactions 112 (568) 996 Purchase and sale of treasury stock (915) (49,098) Dividends (72,839) Equity transactions with non- controlling interests and others (3,887) Transfer from other components of equity to retained earnings 6,064 (9,631) Transfer from retained earnings to capital surplus 713 (713) Transfer to non-financial assets or non-financial liabilities Balance at the end of the period 263,711 93,683 (52,291) 2,257,337 99,748 660,110 Equity attributable to owners of the parent Non-controlling interests Total equity Other components of equity Total equity attributable to owners of the parent Gains (losses) on cash flow hedges Remeasurements of defined benefit plan Total other components of equity Balance at the beginning of the period 60,563 - 1,015,231 3,459,682 103,164 3,562,846 Profit for the period 238,124 5,646 243,770 Other comprehensive income 10,684 (3,567) (178,062) (178,062) (8,034) (186,096) Share-based payment transactions 540 540 Purchase and sale of treasury stock (50,013) (50,013) Dividends (72,839) (6,685) (79,524) Equity transactions with non- controlling interests and others (3,887) 38,690 34,803 Transfer from other components of equity to retained earnings 3,567 (6,064) - - Transfer from retained earnings to capital surplus - - Transfer to non-financial assets or non-financial liabilities (4,098) (4,098) (4,098) (4,098) Balance at the end of the period 67,149 - 827,007 3,389,447 132,781 3,522,228
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Marubeni Corporation Consolidated Financial Results 11 ◆ Six-month period ended September 30, 2025 (April 1, 2025 - September 30, 2025) (Millions of yen) Equity attributable to owners of the parent Issued capital Capital surplus Treasury stock Retained earnings Other components of equity Gains (losses) on financial assets measured at fair value through other comprehensive income Foreign currency translation adjustments Balance at the beginning of the period 263,711 94,954 (5,807) 2,435,272 90,424 679,209 Profit for the period 305,497 Other comprehensive income 20,399 34,433 Share-based payment transactions (5) 955 Purchase and sale of treasury stock (417) (32,299) Dividends (82,939) Equity transactions with non- controlling interests and others 6,441 Transfer from other components of equity to retained earnings 12,379 (6,094) Transfer from retained earnings to capital surplus 189 (189) Transfer to non-financial assets or non-financial liabilities Balance at the end of the period 263,711 101,162 (37,151) 2,670,020 104,729 713,642 Equity attributable to owners of the parent Non-controlling interests Total equity Other components of equity Total equity attributable to owners of the parent Gains (losses) on cash flow hedges Remeasurements of defined benefit plan Total other components of equity Balance at the beginning of the period 71,473 - 841,106 3,629,236 139,397 3,768,633 Profit for the period 305,497 6,472 311,969 Other comprehensive income (10,465) 6,285 50,652 50,652 1,130 51,782 Share-based payment transactions 950 950 Purchase and sale of treasury stock (32,716) (32,716) Dividends (82,939) (6,682) (89,621) Equity transactions with non- controlling interests and others 6,441 381 6,822 Transfer from other components of equity to retained earnings (6,285) (12,379) - - Transfer from retained earnings to capital surplus - - Transfer to non-financial assets or non-financial liabilities (539) (539) (539) (539) Balance at the end of the period 60,469 - 878,840 3,876,582 140,698 4,017,280
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Marubeni Corporation Consolidated Financial Results 12 (4) Condensed Quarterly Consolidated Statements of Cash Flows (Millions of yen) Six-month period ended September 30, 2024 2025 Variance Operating activities: Profit for the period 243,770 311,969 68,199 Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities: Depreciation and amortisation 98,896 102,245 3,349 (Gains) losses on property, plant and equipment 1,798 9,211 7,413 Finance (income) expenses 19,286 (76,842) (96,128) Share of (profit) loss of associates and joint ventures (164,995) (159,733) 5,262 Income taxes 51,275 53,574 2,299 Changes in notes and trade accounts receivable 85,643 51,580 (34,063) Changes in inventories 234,083 188,044 (46,039) Changes in notes and trade accounts payable (381,991) (287,350) 94,641 Other-net 7,162 8,885 1,723 Interest received 11,293 10,197 (1,096) Interest paid (41,485) (40,687) 798 Dividends received 112,021 78,647 (33,374) Income taxes paid (24,915) (38,334) (13,419) Net cash provided by (used in) operating activities 251,841 211,406 (40,435) Investing activities: Net (increase) decrease in time deposits (213) 125 338 Proceeds from sale of property, plant and equipment 5,167 8,471 3,304 Collection of loans receivable 2,401 3,251 850 Proceeds from sale of subsidiaries, net of cash and cash equivalents disposed of 414 9,065 8,651 Proceeds from sale of investments in associates and joint ventures, and other investments 34,511 75,400 40,889 Purchase of property, plant and equipment (85,347) (67,338) 18,009 Loans provided to customers (70,565) (79,066) (8,501) Acquisition of subsidiaries, net of cash and cash equivalents acquired (47,742) (52,147) (4,405) Purchase of investments in associates and joint ventures, and other investments (280,725) (111,558) 169,167 Net cash provided by (used in) investing activities (442,099) (213,797) 228,302 Financing activities: Net increase (decrease) in short-term borrowings 170,479 194,818 24,339 Proceeds from long-term bonds and borrowings 352,133 133,797 (218,336) Repayments of long-term bonds and borrowings (239,826) (194,292) 45,534 Dividends paid to owners of the parent (72,839) (82,939) (10,100) Net cash outflows on purchase and sale of treasury stock (50,017) (32,719) 17,298 Capital contribution from non-controlling interests 31,457 240 (31,217) Acquisition of additional interests in subsidiaries from non -controlling interests (3,495) - 3,495 Other (6,652) (6,682) (30) Net cash provided by (used in) financing activities 181,240 12,223 (169,017) Effect of exchange rate changes on cash and cash equivalents (20,880) 5,108 25,988 Net increase (decrease) in cash and cash equivalents (29,898) 14,940 44,838 Cash and cash equivalents at the beginning of the period 506,254 569,144 62,890 Increase (decrease) in cash and cash equivalents included in assets classified as held for sale (1,960) - 1,960 Cash and cash equivalents at the end of the period 474,396 584,084 109,688 (5) Notes Related to Going Concern Assumptions None
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Marubeni Corporation Consolidated Financial Results 13 (6) Segment Information <Operating Segment> ◆ Six-month period ended September 30, 2024 (April 1, 2024 - September 30, 2024) (Millions of yen) Lifestyle Food & Agri Business Metals & Mineral Resources Energy & Chemicals Power & Infrastructure Services Finance, Leasing & Real Estate Business Revenue 319,397 1,864,470 300,143 661,703 255,835 27,996 Gross trading profit (loss) 88,751 218,440 27,476 59,440 46,895 15,392 Operating profit (loss) 23,860 47,920 15,456 30,422 505 1,470 Share of profit (loss) of associates and joint ventures 1,830 4,185 49,499 4,849 41,918 45,516 Profit (loss) for the period attributable to owners of the parent 14,660 34,875 59,618 23,152 36,007 40,651 Segment assets (as of March 31, 2025) 634,153 2,474,713 1,436,374 857,634 1,591,977 914,782 Investments in associates and joint ventures 58,319 130,435 957,130 95,112 740,379 719,864 Aerospace & Mobility IT Solutions Next Generation Business Development Next Generation Corporate Development Other Consolidated Revenue 320,516 94,374 38,987 12,047 (4,269) 3,891,199 Gross trading profit (loss) 74,780 22,223 13,050 5,789 (5,685) 566,551 Operating profit (loss) 22,115 3,440 106 462 (616) 145,140 Share of profit (loss) of associates and joint ventures 14,107 (103) 2,748 394 52 164,995 Profit (loss) for the period attributable to owners of the parent 26,013 536 1,395 (715) 1,932 238,124 Segment assets (as of March 31, 2025) 731,867 265,370 169,869 93,282 31,953 9,201,974 Investments in associates and joint ventures 186,982 7,128 51,459 27,018 (19,210) 2,954,616 ◆ Six-month period ended September 30, 2025 (April 1, 2025 - September 30, 2025) (Millions of yen) Lifestyle Food & Agri Business Metals & Mineral Resources Energy & Chemicals Power & Infrastructure Services Finance, Leasing & Real Estate Business Revenue 308,618 1,948,380 435,509 670,030 295,674 14,005 Gross trading profit (loss) 85,502 229,639 18,650 50,702 38,202 11,532 Operating profit (loss) 18,480 56,377 7,484 19,867 (5,258) (1,729) Share of profit (loss) of associates and joint ventures 1,280 5,625 51,538 4,519 40,694 42,581 Profit (loss) for the period attributable to owners of the parent 11,142 41,313 52,213 4,216 36,835 125,734 Segment assets (as of September 30, 2025) 625,840 2,270,807 1,444,204 896,396 1,634,821 966,754 Investments in associates and joint ventures 62,225 136,979 1,034,589 94,364 769,915 847,862 Aerospace & Mobility IT Solutions Next Generation Business Development Next Generation Corporate Development Other Consolidated Revenue 343,971 98,370 77,556 15,212 (3,959) 4,203,366 Gross trading profit (loss) 77,100 24,474 20,228 7,371 (6,048) 557,352 Operating profit (loss) 23,866 5,151 2,392 (590) 379 126,419 Share of profit (loss) of associates and joint ventures 9,636 158 2,899 765 38 159,733 Profit (loss) for the period attributable to owners of the parent 24,023 2,710 14,067 (623) (6,133) 305,497 Segment assets (as of September 30, 2025) 803,873 264,224 277,503 97,321 5,652 9,287,395 Investments in associates and joint ventures 212,402 8,237 56,858 27,034 (19,714) 3,230,751
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Marubeni Corporation Consolidated Financial Results 14 (Note 1) Effective from the fiscal year ending March 31, 2026, the Company has reorganized its operating segments from "Lifestyle," "Forest Products," "IT Solutions," "Food I," "Food II," "Agri Business," "Chemicals," "Metals & Mineral Resources," "Energy," "Power," "Infrastructure Project," "Aerospace & Ship," "Finance, Leasing & Real Estate Business," "Construction, Indu strial Machinery & Mobility," "Next Generation Business Development," and "Next Generation Corporate Development" to the following: "Lifestyle," " Food & Agri Business," "Metals & Mineral Resources," "Energy & Chemicals," "Power & Infrastructure Services," "Finance, Leasing & Real Es tate Business," "Aerospace & Mobility," "IT Solutions," "Next Generation Business Development," and "Next Generation Corporate Development”. In conjunction with these organizational changes, operating segment information for the six-month period ended September 30, 2024, and at March 31, 2025, has been restated and is presented accordingly. (Note 2) “Operating profit (loss)" is presented in accordance with Japanese accounting practice for investors' convenience and is not r equired by IFRS Accounting Standards. "Operating profit (loss)" is the sum of "Gross trading profit", "Selling, general and administrative expenses" and "Gains (losses) on allowance for doubtful accounts". (Note 3) Inter-segment transactions are generally priced in accordance with the prevailing market prices. (Note 4) “Other” includes profit/loss such as head office expenses that are not allocated to the operating segments and inter -segment elimination, and assets such as cash and cash equivalents related to financing held for general corporate purposes that are not allocated to the operating segments.