⚠ A One-Off Gain Made a RecordModerate threat

Marubeni (8002) — threat to the moat

The record profit included a gain that will not recur, and the company's own adjusted figure is ¥64 billion lower.

Marubeni's net profit of ¥543.9 billion was a record1. The company's own adjusted figure, which strips out one-time items of about ¥64 billion2, was ¥480.0 billion3 — above the prior year's ¥451.0 billion, but well below the reported number.

Net profit, year to March 2026 (¥ bn)543.9Reported480.0AdjustedOne-time items about ¥64bn; Marubeni IR presentation
Take out the one-time items and the record shrinks by an eighth.

The real-estate gain accounts for most of the difference, and the company guides the Finance, Leasing & Real Estate segment back to ¥76.0 billion for the year to March 20274, less than half of the ¥162.0 billion it reported.

The one-off items also went the other way. The year included an impairment of about ¥11 billion on the exploration and production business, about ¥11 billion on an Indonesian geothermal power project and about ¥4 billion on LNG carriers5. Net of those, one-time items were about ¥64 billion6.

The measure is simply adjusted net profit. If it does not rise, the record was a transaction rather than a trend.

References
  1. ReportedMarubeni's net profit of ¥543.9 billion was a record.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  2. ReportedThe company's own adjusted figure, which strips out one-time items of about ¥64 billion, was ¥480.0 billion — above the prior year's ¥451.0 billion, but well below the reported number.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe company's own adjusted figure, which strips out one-time items of about ¥64 billion, was ¥480.0 billion — above the prior year's ¥451.0 billion, but well below the reported number.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  4. ReportedThe real-estate gain accounts for most of the difference, and the company guides the Finance, Leasing & Real Estate segment back to ¥76.0 billion for the year to March 2027, less than half of the ¥162.0 billion it reported.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedThe year included an impairment of about ¥11 billion on the exploration and production business, about ¥11 billion on an Indonesian geothermal power project and about ¥4 billion on LNG carriers.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedNet of those, one-time items were about ¥64 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026