⚠ More Than a Quarter of 2025's Profit Was GainsModerate threat

Mitsubishi Corporation (8058) — threat to the moat

Mitsubishi's profit fell 16% last year mainly because it sold less, not because it earned less.

In the year to March 2025, capital recycling and one-time items contributed ¥268.8 billion of Mitsubishi's ¥950.7 billion of net income12, more than a quarter. The biggest items were the ¥122.5 billion Lawson revaluation gain and the ¥92.9 billion gain on the two coal mines3.

Net income (¥ bn, years to March)950.72025 reported681.92025 adjusted800.52026 reported703.72026 adjustedAdjusted excludes capital recycling and one-time items; Mitsubishi presentation
Reported profit fell 16%; adjusted profit rose 3%.

A company that sells well will have years like that. But the following year they fell to ¥96.8 billion4 and net income fell 15.8% to ¥800.5 billion5, which says how much of the earlier level was the gains.

The guidance for the current year includes ¥280.0 billion of capital recycling and one-time items6, more than in either of the last two years. The company is planning for a year of large gains.

The measure is adjusted net income, which excludes both: ¥681.9 billion then ¥703.7 billion7. That is the business's growth rate, about 3%.

References
  1. ReportedIn the year to March 2025, capital recycling and one-time items contributed ¥268.8 billion of Mitsubishi's ¥950.7 billion of net income, more than a quarter.
    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 ↗
  2. ReportedIn the year to March 2025, capital recycling and one-time items contributed ¥268.8 billion of Mitsubishi's ¥950.7 billion of net income, more than a quarter.
    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 ↗
  3. ReportedThe biggest items were the ¥122.5 billion Lawson revaluation gain and the ¥92.9 billion gain on the two coal mines.
    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 ↗
  4. ReportedBut the following year they fell to ¥96.8 billion and net income fell 15.8% to ¥800.5 billion, which says how much of the earlier level was the gains.
    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 ↗
  5. ReportedBut the following year they fell to ¥96.8 billion and net income fell 15.8% to ¥800.5 billion, which says how much of the earlier level was the gains.
    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 guidance for the current year includes ¥280.0 billion of capital recycling and one-time items, more than in either of the last two years.
    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 ↗
  7. ReportedThe measure is adjusted net income, which excludes both: ¥681.9 billion then ¥703.7 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