✦ American Power: Diamond GeneratingNarrow moat

Mitsubishi Corporation (8058) — the future bets

Mitsubishi's American power plants tripled their profit as American electricity demand rose.

Diamond Generating Corporation, Mitsubishi's wholly owned American power business, contributed ¥22.9 billion in the year to March 2026, up from ¥7.3 billion1. Its Asian counterpart, Diamond Generating Asia, contributed ¥7.3 billion2, and MC Energy Solutions in Japan returned to profit at ¥7.6 billion after a loss of ¥45.9 billion3.

Power businesses, net income (¥ bn, years to March)7.3Diamond Gen. (US) 202522.9Diamond Gen. (US) 2026-3.2All power 202568.8All power 2026Mitsubishi Corporation results presentation, May 2026
The power businesses swung from a loss to ¥68.8 billion.

The power businesses as a whole went from a loss of ¥3.2 billion to a profit of ¥68.8 billion4, and the Power Solution segment from a loss of ¥15.6 billion to a profit of ¥43.4 billion5.

A generator with existing plants benefits when power prices rise, and Diamond Generating's threefold increase in one year is partly that.

The turnaround in Japan was as large: MC Energy Solutions went from a loss of ¥45.9 billion, which included the offshore wind impairment, to a profit of ¥7.6 billion6.

The measure is Diamond Generating's profit. A threefold rise in one year is partly prices; sustaining it would show the business has pricing power.

Moat trajectory: Widening

Profit rose from ¥7.3 billion to ¥22.9 billion.

The number that tests this moat
Reported
Diamond Generating Corporation net income
¥22.9bn against ¥7.3bn

American power profit tripled; sustaining it depends on power prices.

Source: Mitsubishi Corporation results presentation, May 2026 ↗
References
  1. ReportedDiamond Generating Corporation, Mitsubishi's wholly owned American power business, contributed ¥22.9 billion in the year to March 2026, up from ¥7.3 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedIts Asian counterpart, Diamond Generating Asia, contributed ¥7.3 billion, and MC Energy Solutions in Japan returned to profit at ¥7.6 billion after a loss of ¥45.9 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIts Asian counterpart, Diamond Generating Asia, contributed ¥7.3 billion, and MC Energy Solutions in Japan returned to profit at ¥7.6 billion after a loss of ¥45.9 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedThe power businesses as a whole went from a loss of ¥3.2 billion to a profit of ¥68.8 billion, and the Power Solution segment from a loss of ¥15.6 billion to a profit of ¥43.4 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedThe power businesses as a whole went from a loss of ¥3.2 billion to a profit of ¥68.8 billion, and the Power Solution segment from a loss of ¥15.6 billion to a profit of ¥43.4 billion.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe turnaround in Japan was as large: MC Energy Solutions went from a loss of ¥45.9 billion, which included the offshore wind impairment, to a profit of ¥7.6 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026