Interim report
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Q1 Fiscal year ending March 31, 2027 Summary of Consolidated Financial Results For the Three-Month Period Ended June 30, 2026 (IFRS basis) (April 1, 2026 – June 30, 2026) *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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August 3, 2026 Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2026 (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., Stakeholder Engagement Dept. TEL +81 - 3 - 3282 - 4658 Expected date of the beginning of delivery of dividends : － 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 three-month period ended June 30, 2026 (April 1, 2026 - June 30, 2026) (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 Three months ended June 30, (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) (millions of yen) (%) 2026 2,609,225 20.6 132,125 54.7 228,796 26.1 191,105 21.3 186,432 20.7 269,536 237.1 2025 2,163,722 5.5 85,410 (8.5) 181,480 1.4 157,568 8.5 154,400 8.3 79,954 (80.4) Basic earnings per share Diluted earnings per share Three months ended June 30, (yen) (yen) 2026 114.19 114.08 2025 93.42 93.33 (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 Consolidated 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) June 30, 2026 10,559,670 4,612,035 4,461,731 42.3 2,742.51 March 31, 2026 10,531,764 4,513,798 4,363,719 41.4 2,663.18 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, 2026 － 50.00 － 57.50 107.50 Fiscal year ending March 31, 2027 － Fiscal year ending March 31, 2027 (forecast) 57.50 － 57.50 115.00 (Note) Changes from the latest announced dividends forecast: None 3. Consolidated earnings forecast for the fiscal year ending March 31, 2027 (April 1, 2026 - March 31, 2027) (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, 2027 (forecast) 580,000 6.6 356.75 (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 June 30, 2026 1,660,758,361 (Treasury stock is included) March 31, 2026 1,660,758,361 ②Number of treasury stock at the end of the period June 30, 2026 33,979,475 March 31, 2026 22,361,446 ③Average number of outstanding shares during the period Three months ended June 30, 2026 1,632,587,901 Three months ended June 30, 2025 1,652,802,675 * Review of the Condensed Quarterly Consolidated Financial Statements by certified public accountants or audit firms: None * 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 Monday, August 3, 2026. The Company is scheduled to hold an IR meeting on financial results for institutional investors and analysts on Monday, August 3, 2026, 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. (Review by certified public accountants or audit firms) The Company has engaged Ernst & Young ShinNihon LLC to perform a voluntary review of the Condensed Quarterly Consolidated Financial Statements and other documents attached to the Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2026. After the completion of the voluntary review, the Company intends to disclose the Summary of Consolidated Financial Statements for the Three-Month Period Ended June 30, 2026, which includes the review report, on Wednesday, August 5, 2026.
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1 [Table of Contents of Attached Materials] 1. Summary of Business Results 2 (1) Summary of Business Results for the Three-Month Period 2 (2) Summary of Cash Flows and Financial Position for the Three-Month Period 5 (3) Qualitative Information on Future Outlook Including Consolidated Earnings Forecast 6 2. Condensed Quarterly Consolidated Financial Statements and Notes 8 (1) Condensed Quarterly Consolidated Statement of Financial Position 8 (2) Condensed Quarterly Consolidated Statement of Comprehensive Income 10 (3) Condensed Quarterly Consolidated Statement of Changes in Equity 11 (4) Condensed Quarterly Consolidated Statement of Cash Flows 13 (5) Notes Related to Going Concern Assumptions 13 (6) Segment Information 14 (7) Material Subsequent Events 16 (8) Applicable Financial Reporting Framework 17
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2 1. Summary of Business Results (1) Summary of Business Results for the Three-Month Period (Billions of yen) Three-month period ended June 30, Variance 2025 2026 Revenue 2,163.7 2,609.2 445.5 Gross trading profit 299.8 381.0 81.2 Operating profit 85.4 132.1 46.7 Share of profit (loss) of associates and joint ventures 77.1 88.8 11.8 Profit attributable to owners of the parent 154.4 186.4 32.0 (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 445.5 billion yen, or 20.6% year on year, to 2,609.2 billion yen. By operating segment, revenue increased mainly in Energy & Chemicals, Food & Agri Business and Metals & Mineral Resources. Gross trading profit Gross trading profit increased by 81.2 billion yen, or 27.1% year on year, to 381.0 billion yen. Main increases and decreases by operating segment are as follows. - Energy & Chemicals: Increased by 32.2 billion yen Due to increases in profit from the trading of petrochemical products and the oil & natural gas business. - Food & Agri Business: Increased by 12.3 billion yen Due to increases in profit from Helena Agri-Enterprises (Helena) and the fertilizer wholesale business in the U.S. - Aerospace & Mobility: Increased by 12.2 billion yen Due to increases in profit from the aviation-related business and profit resulting from the consolidation of an aircraft parts distributor (DASI) as a wholly-owned subsidiary.
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3 - Next Generation Business Development: Increased by 10.9 billion yen Due to increases in profit from the pharmaceutical sales business. Operating profit Operating profit increased by 46.7 billion yen, or 54.7% year on year, to 132.1 billion yen, despite an increase in SG&A expenses. Share of profit (loss) of associates and joint ventures Share of profit (loss) of associates and joint ventures increased by 11.8 billion yen, or 15.2% year on year, to 88.8 billion yen. Main increases and decreases by operating segment are as follows. - Metals & Mineral Resources: Increased by 9.7 billion yen Due to an increase in profit from the Chilean copper business and the Australian Steelmaking coal business reflecting higher commodity prices. Profit attributable to owners of the parent Due to the factors described above, profit attributable to owners of the parent increased by 32.0 billion yen, or 20.7% year on year to 186.4 billion yen. As a result, the Company achieved 32.1% of 580.0 billion yen, the forecast for profit attributable to owners of the parent for the fiscal year ending March 31, 2027.
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4 Results (profit attributable to owners of the parent) for each operating segment for the three- month period ended June 30, 2026 were as follows: (Billions of yen) Three-month period ended June 30, Variance Major Factors for Increase/Decrease 2025 2026 Lifestyle 6.8 7.2 0.4 Food & Agri Business 35.5 31.4 (4.1) ・ Weaker performance in the US beef processing and sales business ・ Deterioration due to the absence of the gains and losses on futures in the overseas instant coffee manufacturing and sales business Metals & Mineral Resources 28.7 42.0 13.2 ・ Increase in profit from the Chilean copper business, the Australian Steelmaking coal business and aluminum business reflecting higher commodity prices Energy & Chemicals 8.9 25.8 17.0 ・ Increase in profit from the trading of petrochemical products ・ Increase in profit from natural gas trading in North America Power & Infrastructure Services 17.1 29.3 12.2 ・ Gain on sale of overseas IPP investment Finance, Leasing & Real Estate Business 30.9 17.9 (13.0) ・ The absence of the gain on sale of the North American railcar leasing business recognized in the same period of the previous fiscal year ・ Decrease in profits from the mobility business in North America ・ Increase in profit from the aircraft leasing business Aerospace & Mobility 11.5 22.8 11.3 ・ Valuation gains on existing shares as a result of the consolidation of an aircraft parts distributor (DASI) as a wholly-owned subsidiary ・ Increase in profit from the aviation-related business IT Solutions 0.7 0.3 (0.4) Next Generation Business Development 10.2 4.6 (5.6) ・ The absence of the gain from negative goodwill arising from the acquisition of the device solution business recognized in the same period of the previous year ・ Increase in profit from the pharmaceutical sales business Next Generation Corporate Development (1.4) (1.5) (0.0) Other 5.5 6.6 1.1 Consolidated 154.4 186.4 32.0 (Note 1) Effective from the fiscal year ending March 31, 2027, certain businesses in “Power & Infrastructure Services” have been reclassified to “Energy & Chemicals,” and certain businesses in “Next Generation Business Development” have been reclassified to “Lifestyle.” In conjunction with these changes, operating segment information for the three-month period ended June 30, 2025 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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5 (2) Summary of Cash Flows and Financial Position for the Three-Month Period ① Cash Flows Cash and cash equivalents as of June 30, 2026 were 607.9 billion yen, an increase of 56.8 billion yen from the end of the previous fiscal year. (Operating activities) Net cash provided by operating activities was 176.5 billion yen due to operating revenue and dividend income, partially offset by an increase in working capital requirements and other activities. (Investing activities) Net cash used in investing activities was 183.4 billion yen, due to the outflow from capital expenditures in overseas businesses, the acquisition of shares of subsidiaries and other activities, partially offset by the proceeds from the sale of investments in associates and joint ventures accounted for under the equity method and other activities. As a result of the above-mentioned activities, free cash flow for the three-month period ended June 30, 2026 was an outflow of 6.9 billion yen. (Financing activities) Net cash provided by financing activities was 59.0 billion yen due to the proceeds from bonds and borrowings and other activities, partially offset by dividend payments and the purchase of treasury stock. ② Assets, Liabilities and Equity (Billions of yen) March 31, 2026 June 30, 2026 Variance Total assets 10,531.8 10,559.7 27.9 Net-interest-bearing debt 1,858.7 2,050.5 191.8 Equity attributable to owners of the parent 4,363.7 4,461.7 98.0 Net DE ratio (times) 0.43 0.46 0.03 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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6 Total assets as of June 30, 2026 increased by 27.9 billion yen from the end of the previous fiscal year to 10,559.7 billion yen primarily due to an increase in notes, trade accounts and loans receivable and the depreciation of the Japanese yen, despite a decrease in inventories. Net interest-bearing debt increased by 191.8 billion yen from the end of the previous fiscal year to 2,050.5 billion yen, due to dividend payments and the purchase of treasury stock. Equity attributable to owners of the parent increased by 98.0 billion yen from the end of the previous fiscal year to 4,461.7 billion yen, due to an increase in the retained earnings from net profit accumulation and an increase in foreign currency translation adjustments owing to the depreciation of the Japanese yen, despite a decrease resulting from the purchase of treasury stock. Consequently, Net DE ratio stood at 0.46 times. (3) Qualitative Information on Future Outlook Including Consolidated Earnings Forecast <Earnings forecast for the fiscal year ending March 31, 2027> The earnings forecast for the fiscal year ending March 31, 2027 is unchanged from the initial forecast announced on May 1, 2026 (profit attributable to owners of the parent: 580.0 billion yen.) <Mid-Term Management Strategy> In light of the progress of GC2027, which is the Company’s Mid-Term Management Strategy (FYE 3/2026 – FYE 3/2028) announced on February 5, 2025, the Company has decided to revise its capital allocation. With respect to new investments, CAPEX and others, the Company will allocate an additional 250.0 billion yen as a new investment limit to the investment limit of 1,700.0 billion yen under GC2027, increasing the total amount to 1,950.0 billion yen. In addition, with respect to shareholder returns, the Company will increase shareholder returns under GC2027 from 700.0 billion yen to 900.0 billion yen. Under the policy of maximizing core operating cash flow and investment recoveries, the Company does not necessarily seek to maintain positive free cash flow after shareholder distributions. While maintaining financial discipline with due consideration to its credit ratings, the Company will flexibly utilize leverage, and pursue and implement capital allocation initiatives expected to generate high relative returns, by taking a multifaceted view across the short, medium, and long term. For further details, please refer to the supplementary explanations of quarterly business results posted on the Company’s website on August 3, 2026.
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7 <Shareholder returns for the fiscal year ending March 31, 2027> (Share repurchases of treasury stock) Based on the revision to the capital allocation policy described above, the Company has resolved to repurchase shares of its common stock as part of its shareholder returns, with the aggregate repurchased amount of up to 100 billion yen. For details, please refer to the Company release titled “Notice Regarding Share Repurchases” announced on August 3, 2026. The matters related to the repurchases are as follows: Matters related to the repurchases Class of shares to be repurchased Common stock of the Company Total number of shares to be repurchased Up to 40 million shares [Ratio to the number of outstanding shares (excluding treasury stock): about 2.5%] Aggregate repurchased amount Up to 100 billion yen Period for repurchases From August 4, 2026 to March 31, 2027 (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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8 2. Condensed Quarterly Consolidated Financial Statements and Notes (1) Condensed Quarterly Consolidated Statement of Financial Position (Millions of yen) March 31, 2026 June 30, 2026 Variance Assets Current assets: Cash and cash equivalents 551,064 607,851 56,787 Time deposits 208 184 (24) Notes, trade accounts and loans receivable 1,570,127 1,769,355 199,228 Other current financial assets 586,496 420,338 (166,158) Inventories 1,272,883 1,096,951 (175,932) Assets classified as held for sale 40,800 37,072 (3,728) Other current assets 484,558 407,912 (76,646) Total current assets 4,506,136 4,339,663 (166,473) Non-current assets: Investments in associates and joint ventures 3,504,176 3,535,138 30,962 Other investments 341,176 337,311 (3,865) Notes, trade accounts and loans receivable 134,913 139,266 4,353 Other non-current financial assets 184,596 193,432 8,836 Property, plant and equipment 1,144,761 1,210,582 65,821 Intangible assets 557,926 638,388 80,462 Deferred tax assets 6,599 5,385 (1,214) Other non-current assets 151,481 160,505 9,024 Total non-current assets 6,025,628 6,220,007 194,379 Total assets 10,531,764 10,559,670 27,906
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9 (Millions of yen) March 31, 2026 June 30, 2026 Variance Liabilities and equity Current liabilities: Bonds and borrowings 471,738 753,462 281,724 Notes and trade accounts payable 1,406,298 1,253,350 (152,948) Other current financial liabilities 737,044 576,965 (160,079) Income tax payable 33,893 46,983 13,090 Liabilities directly associated with assets held-for-sale 6,707 6,895 188 Other current liabilities 625,328 563,291 (62,037) Total current liabilities 3,281,008 3,200,946 (80,062) Non-current liabilities: Bonds and borrowings 1,938,239 1,905,054 (33,185) Notes and trade accounts payable 1,291 1,133 (158) Other non-current financial liabilities 385,433 400,957 15,524 Accrued pension and retirement benefits 26,656 28,162 1,506 Deferred tax liabilities 266,102 286,047 19,945 Other non-current liabilities 119,237 125,336 6,099 Total non-current liabilities 2,736,958 2,746,689 9,731 Total liabilities 6,017,966 5,947,635 (70,331) Equity: Issued capital 263,711 263,711 - Capital surplus 101,982 95,228 (6,754) Treasury stock (74,333) (133,823) (59,490) Retained earnings 2,876,685 2,971,531 94,846 Other components of equity: Gains (losses) on financial assets measured at fair value through other comprehensive income 110,490 109,467 (1,023) Foreign currency translation adjustments 1,025,031 1,086,689 61,658 Gains (losses) on cash flow hedges 60,153 68,928 8,775 Equity attributable to owners of the parent 4,363,719 4,461,731 98,012 Non-controlling interests 150,079 150,304 225 Total equity 4,513,798 4,612,035 98,237 Total liabilities and equity 10,531,764 10,559,670 27,906
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10 (2) Condensed Quarterly Consolidated Statement of Comprehensive Income (Millions of yen) Three-month period ended June 30, 2025 2026 Variance Ratio (%) Revenue: Sales of goods 2,125,341 2,553,420 428,079 20.1 Commissions on services and trading margins 38,381 55,805 17,424 45.4 Total revenue 2,163,722 2,609,225 445,503 20.6 Cost of goods sold (1,863,882) (2,228,234) (364,352) 19.5 Gross trading profit 299,840 380,991 81,151 27.1 Other income (expenses): Selling, general and administrative expenses (213,016) (246,463) (33,447) 15.7 Gains (losses) on allowance for doubtful accounts (1,414) (2,403) (989) 69.9 Gains (losses) on property, plant and equipment: Impairment losses (93) (6,076) (5,983) - Gains (losses) on sales of property, plant and equipment 2,584 2,295 (289) (11.2) Other income 16,442 7,786 (8,656) (52.6) Other expenses (7,628) (8,274) (646) 8.5 Total other income (expenses) (203,125) (253,135) (50,010) 24.6 Finance income (expenses): Interest income 6,794 8,564 1,770 26.1 Interest expenses (20,064) (20,040) 24 (0.1) Dividend income 6,224 2,750 (3,474) (55.8) Gains (losses) on investment securities 14,738 20,843 6,105 41.4 Total finance income (expenses) 7,692 12,117 4,425 57.5 Share of profit (loss) of associates and joint ventures 77,073 88,823 11,750 15.2 Profit before tax 181,480 228,796 47,316 26.1 Income taxes (23,912) (37,691) (13,779) 57.6 Profit for the period 157,568 191,105 33,537 21.3 Profit for the period attributable to: Owners of the parent 154,400 186,432 32,032 20.7 Non-controlling interests 3,168 4,673 1,505 47.5 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 3,143 (5,315) (8,458) - Remeasurements of defined benefit plan 1,277 2,007 730 57.2 Changes in other comprehensive income of associates and joint ventures 178 5,167 4,989 - Items that may be reclassified subsequently to profit or loss: Foreign currency translation adjustments (60,011) 58,471 118,482 - Gains (losses) on cash flow hedges (4,811) 16,708 21,519 - Changes in other comprehensive income of associates and joint ventures (17,390) 1,393 18,783 - Other comprehensive income, net of tax (77,614) 78,431 156,045 - Total comprehensive income for the period 79,954 269,536 189,582 237.1 Total comprehensive income for the period attributable to: Owners of the parent 78,161 263,785 185,624 237.5 Non-controlling interests 1,793 5,751 3,958 220.7
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11 (3) Condensed Quarterly Consolidated Statement of Changes in Equity ◆ Three-month period ended June 30, 2025 (April 1, 2025 - June 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 154,400 Other comprehensive income 3,276 (65,160) Share-based payment transactions 274 Purchase and sale of treasury stock (278) (29,731) Dividends (82,939) Equity transactions with non- controlling interests and others 149 Transfer from other components of equity to retained earnings 2,474 (1,226) Transfer from retained earnings to capital surplus 227 (227) Transfer to non-financial assets or non-financial liabilities Balance at the end of the period 263,711 95,326 (35,538) 2,508,980 92,474 614,049 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 154,400 3,168 157,568 Other comprehensive income (15,603) 1,248 (76,239) (76,239) (1,375) (77,614) Share-based payment transactions 274 274 Purchase and sale of treasury stock (30,009) (30,009) Dividends (82,939) (5,769) (88,708) Equity transactions with non- controlling interests and others 149 693 842 Transfer from other components of equity to retained earnings (1,248) (2,474) - - Transfer from retained earnings to capital surplus - - Transfer to non-financial assets or non-financial liabilities (506) (506) (506) (506) Balance at the end of the period 55,364 - 761,887 3,594,366 136,114 3,730,480
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12 ◆ Three-month period ended June 30, 2026 (April 1, 2026 - June 30, 2026) (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 263,711 101,982 (74,333) 2,876,685 110,490 1,025,031 Profit for the period 186,432 Other comprehensive income 110 61,658 Share-based payment transactions 364 Purchase and sale of treasury stock (518) (59,490) Dividends (94,213) Equity transactions with non- controlling interests and others (7,016) Transfer from other components of equity to retained earnings 3,043 (1,133) Transfer from retained earnings to capital surplus 416 (416) Transfer to non-financial assets or non-financial liabilities Balance at the end of the period 263,711 95,228 (133,823) 2,971,531 109,467 1,086,689 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 60,153 - 1,195,674 4,363,719 150,079 4,513,798 Profit for the period 186,432 4,673 191,105 Other comprehensive income 13,675 1,910 77,353 77,353 1,078 78,431 Share-based payment transactions 364 364 Purchase and sale of treasury stock (60,008) (60,008) Dividends (94,213) (5,742) (99,955) Equity transactions with non- controlling interests and others (7,016) 216 (6,800) Transfer from other components of equity to retained earnings (1,910) (3,043) - - Transfer from retained earnings to capital surplus - - Transfer to non-financial assets or non-financial liabilities (4,900) (4,900) (4,900) (4,900) Balance at the end of the period 68,928 - 1,265,084 4,461,731 150,304 4,612,035
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13 (4) Condensed Quarterly Consolidated Statement of Cash Flows (Millions of yen) Three-month period ended June 30, 2025 2026 Variance Operating activities: Profit for the period 157,568 191,105 33,537 Adjustments to reconcile profit for the period to net cash provided by (used in) operating activities: Depreciation and amortisation 49,792 55,713 5,921 (Gains) losses on property, plant and equipment (2,491) 3,781 6,272 Finance (income) expenses (7,692) (12,117) (4,425) Share of (profit) loss of associates and joint ventures (77,073) (88,823) (11,750) Income taxes 23,912 37,691 13,779 Changes in notes and trade accounts receivable (23,823) (108,925) (85,102) Changes in inventories 155,471 192,799 37,328 Changes in notes and trade accounts payable (142,673) (178,263) (35,590) Other-net (33,663) 23,927 57,590 Interest received 4,377 7,306 2,929 Interest paid (16,827) (17,618) (791) Dividends received 54,407 97,280 42,873 Income taxes paid (24,688) (27,349) (2,661) Net cash provided by (used in) operating activities 116,597 176,507 59,910 Investing activities: Net (increase) decrease in time deposits (2,266) 52 2,318 Proceeds from sale of property, plant and equipment 4,710 5,194 484 Collection of loans receivable 406 752 346 Proceeds from sale of subsidiaries, net of cash and cash equivalents disposed of (192) 9,733 9,925 Proceeds from sale of investments in associates and joint ventures, and other investments 61,585 18,758 (42,827) Purchase of property, plant and equipment (38,957) (37,539) 1,418 Loans provided to customers (47,125) (64,762) (17,637) Acquisition of subsidiaries, net of cash and cash equivalents acquired (10,437) (93,308) (82,871) Purchase of investments in associates and joint ventures, and other investments (81,437) (22,244) 59,193 Net cash provided by (used in) investing activities (113,713) (183,364) (69,651) Financing activities: Net increase (decrease) in short-term borrowings 108,542 286,785 178,243 Proceeds from long-term bonds and borrowings 102,884 7,630 (95,254) Repayments of long-term bonds and borrowings (88,923) (80,527) 8,396 Dividends paid to owners of the parent (82,939) (94,213) (11,274) Net cash outflows on purchase and sale of treasury stock (30,014) (60,011) (29,997) Capital contribution from non-controlling interests 240 3,442 3,202 Other (3,188) (4,065) (877) Net cash provided by (used in) financing activities 6,602 59,041 52,439 Effect of exchange rate changes on cash and cash equivalents 4,779 6,664 1,885 Net increase (decrease) in cash and cash equivalents 14,265 58,848 44,583 Cash and cash equivalents at the beginning of the period 569,144 551,064 (18,080) Increase (decrease) in cash and cash equivalents included in assets classified as held for sale (3,928) (2,061) 1,867 Cash and cash equivalents at the end of the period 579,481 607,851 28,370 (5) Notes Related to Going Concern Assumptions None
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14 (6) Segment Information <Operating Segment> ◆ Three-month period ended June 30, 2025 (April 1, 2025 - June 30, 2025) (Millions of yen) Lifestyle Food & Agri Business Metals & Mineral Resources Energy & Chemicals Power & Infrastructure Services Finance, Leasing & Real Estate Business Revenue 158,145 1,106,311 215,923 304,387 119,851 12,000 Gross trading profit (loss) 45,873 133,677 9,791 27,168 21,087 8,990 Operating profit (loss) 10,616 44,958 4,222 10,982 672 1,325 Share of profit (loss) of associates and joint ventures 708 4,502 26,416 2,655 16,368 18,535 Profit (loss) for the period attributable to owners of the parent 6,805 35,510 28,728 8,864 17,055 30,884 Segment assets (as of March 31, 2026) 697,396 2,700,620 1,647,649 1,151,265 1,773,736 1,021,012 Investments in associates and joint ventures 84,575 138,820 1,159,685 108,251 805,359 920,946 Aerospace & Mobility IT Solutions Next Generation Business Development Next Generation Corporate Development Other Consolidated Revenue 166,135 47,299 31,376 4,253 (1,958) 2,163,722 Gross trading profit (loss) 35,061 11,598 7,857 1,949 (3,211) 299,840 Operating profit (loss) 10,057 2,136 1,535 (1,708) 615 85,410 Share of profit (loss) of associates and joint ventures 5,838 26 1,657 355 13 77,073 Profit (loss) for the period attributable to owners of the parent 11,542 685 10,214 (1,434) 5,547 154,400 Segment assets (as of March 31, 2026) 838,588 272,189 267,769 132,407 29,133 10,531,764 Investments in associates and joint ventures 218,684 7,813 50,840 31,450 (22,247) 3,504,176 ◆ Three-month period ended June 30, 2026 (April 1, 2026 - June 30, 2026) (Millions of yen) Lifestyle Food & Agri Business Metals & Mineral Resources Energy & Chemicals Power & Infrastructure Services Finance, Leasing & Real Estate Business Revenue 171,868 1,234,621 317,272 460,477 132,668 2,762 Gross trading profit (loss) 50,009 145,930 16,469 59,345 25,994 3,010 Operating profit (loss) 11,630 44,120 10,325 42,727 699 (1,980) Share of profit (loss) of associates and joint ventures 843 1,987 36,091 2,007 17,654 22,661 Profit (loss) for the period attributable to owners of the parent 7,178 31,390 41,974 25,833 29,255 17,884 Segment assets (as of June 30, 2026) 701,608 2,520,063 1,698,830 1,113,982 1,845,143 1,054,803 Investments in associates and joint ventures 85,903 140,542 1,193,228 102,624 807,286 930,165 Aerospace & Mobility IT Solutions Next Generation Business Development Next Generation Corporate Development Other Consolidated Revenue 187,470 49,518 46,641 8,589 (2,661) 2,609,225 Gross trading profit (loss) 47,279 11,680 18,746 5,050 (2,521) 380,991 Operating profit (loss) 17,012 1,216 7,595 (1,910) 691 132,125 Share of profit (loss) of associates and joint ventures 5,495 195 1,274 519 97 88,823 Profit (loss) for the period attributable to owners of the parent 22,835 329 4,619 (1,462) 6,597 186,432 Segment assets (as of June 30, 2026) 917,548 269,276 275,709 136,779 25,929 10,559,670 Investments in associates and joint ventures 206,433 7,972 49,862 32,030 (20,907) 3,535,138
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15 (Note 1) Effective from the fiscal year ending March 31, 2027, certain businesses in “Power & Infrastructure Services” have been reclassified to “Energy & Chemicals,” and certain businesses in “Next Generation Business Development” have been reclassified to “Lifestyle.” In conjunction with these changes, operating segment information for the three-month period ended June 30, 2025 and the year ended March 31, 2026 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 required 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" in the Condensed Quarterly Consolidated Statements of Comprehensive Income. (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.
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16 (7) Material Subsequent Events The Company, at the Board of Directors’ Meeting held on August 3, 2026, has resolved to repurchase shares of its common stock pursuant to Article 156 of the Companies Act of Japan (the “Act”), as applied pursuant to Paragraph 3, Article 165 of the Act as follows: Matters related to the repurchases Class of shares to be repurchased Common stock of the Company Total number of shares to be repurchased Up to 40 million shares [Ratio to the number of outstanding shares (excluding treasury stock): about 2.5%] Aggregate repurchased amount Up to 100 billion yen Period for repurchases From August 4, 2026 to March 31, 2027
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17 (8) Applicable Financial Reporting Framework The Company’s Condensed Quarterly Consolidated Financial Statements, which comprise Condensed Quarterly Consolidated Statement of Financial Position, Condensed Quarterly Consolidated Statement of Comprehensive Income, Condensed Quarterly Consolidated Statement of Changes in Equity, Condensed Quarterly Consolidated Statement of Cash Flows, and Notes to the Condensed Quarterly Consolidated Financial Statements, have been prepared in accordance with Article 5, Paragraph 2 of the Tokyo Stock Exchange, Inc.’s Standards for the Preparation of Quarterly Financial Statements (the Standards), applying the provisions for reduced disclosures as set forth in Article 5, Paragraph 5 of the Standards. These condensed quarterly consolidated financial statements have been prepared based on IAS 34, Interim Financial Reporting, (“IAS 34”) except that certain of the required disclosures and notes have not been given. Therefore, they are not a set of condensed financial statements in accordance with IAS 34.