⚠ DelinquenciesModerate threat

Marubeni (8002) — threat to the moat

Marubeni's largest American car profit comes from lending to buyers with weaker credit, and the company itself flags delinquencies.

Marubeni's own description of the mobility platform's issues is specific: a change in delinquency trends due to increasing uncertainty in the macroeconomic environment1. Nowlake lends to used-car buyers, many of them with weaker credit, and its profits depend on how many of them pay.

Finance, Leasing & Real Estate net profit, April-June (¥ bn)30.9202517.92026Marubeni results, April-June 2026
The segment's first quarter fell by more than two-fifths.

The Finance, Leasing & Real Estate segment's profit fell to ¥17.9 billion in April-June 2026 from ¥30.9 billion, with the company citing lower Nowlake results alongside the absence of a prior-year railcar sale gain2.

The same segment contains Mizuho Leasing, 20.2% owned, and Aircastle3, so the segment's profit is a combination of American consumer credit, aircraft leasing and Japanese leasing. In the April-June quarter Aircastle's contribution rose while Nowlake's fell4.

The measure is Nowlake's quarterly contribution. A further fall while the American economy is growing would say credit is weakening faster than the market.

References
  1. ReportedMarubeni's own description of the mobility platform's issues is specific: a change in delinquency trends due to increasing uncertainty in the macroeconomic environment.
    Marubeni Integrated Report 2026, Section 5 Business Portfolio - the businesses inside each segment, recent acquisitions and disposals, and the issues each segment names for itself. — 2026 · publ. 2026 · source ↗
  2. ReportedThe Finance, Leasing & Real Estate segment's profit fell to ¥17.9 billion in April-June 2026 from ¥30.9 billion, with the company citing lower Nowlake results alongside the absence of a prior-year railcar sale gain.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
  3. ReportedThe same segment contains Mizuho Leasing, 20.2% owned, and Aircastle, so the segment's profit is a combination of American consumer credit, aircraft leasing and Japanese leasing.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedIn the April-June quarter Aircastle's contribution rose while Nowlake's fell.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 24, 2026