⚠ A Revaluation Gain Made 2025Low threat

Mitsubishi Corporation (8058) — threat to the moat

Lawson's best year in Mitsubishi's accounts was the one in which it gave away control.

When KDDI's tender offer for Lawson completed and the two companies' ownership was adjusted to 50% each1, Mitsubishi recorded a revaluation gain of ¥122.5 billion2. It was the largest single item in the year to March 2025's ¥268.8 billion of capital recycling and one-time items3.

Lawson in Mitsubishi's accounts (¥ bn)122.5Revaluation gain, yr to Mar 202525.5Share of profit, yr to Mar 202528.8Share of profit, yr to Mar 2026Mitsubishi Corporation results presentation, May 2026
The gain was nearly five times a year's profit.

A revaluation gain on changing ownership says the business was worth more than its book value. It does not say Lawson earned more. Lawson's own contribution was ¥25.5 billion that year4.

The same pattern appeared elsewhere in the consumer businesses that year: gains on selling KFC Holdings Japan and on Princes were among the year's capital recycling items5. The consumer segments earned a large share of the year's gains.

The measure is Lawson's contribution. Growth from ¥28.8 billion would show the partnership with KDDI adding something to the stores.

References
  1. ReportedWhen KDDI's tender offer for Lawson completed and the two companies' ownership was adjusted to 50% each, Mitsubishi recorded a revaluation gain of ¥122.5 billion.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedWhen KDDI's tender offer for Lawson completed and the two companies' ownership was adjusted to 50% each, Mitsubishi recorded a revaluation gain of ¥122.5 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 ↗
  3. ReportedIt was the largest single item in the year to March 2025's ¥268.8 billion of capital recycling and one-time items.
    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. ReportedLawson's own contribution was ¥25.5 billion that year.
    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 same pattern appeared elsewhere in the consumer businesses that year: gains on selling KFC Holdings Japan and on Princes were among the year's capital recycling items.
    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