Cermaq and the Salmon FarmsNarrow moat

Mitsubishi Corporation (8058) — moat facet

Mitsubishi owns one of the larger salmon farmers and is buying more licences in a business where licences are the moat.

Cermaq, a salmon farmer in Norway, Chile and Canada, is wholly owned by Mitsubishi. It sold 98,675 tonnes in Norway, 97,671 tonnes in Chile and 17,430 tonnes in Canada in the year to March 2026, on a gutted-weight basis1. Its contribution was ¥27.1 billion, including ¥18.3 billion of one-time items2.

Cermaq sales volume, yr to Mar 2026 (tonnes, gutted weight)Norway98,675Chile97,671Canada17,430Mitsubishi Corporation results presentation, May 2026
Norway and Chile are almost equal; Canada is small.

Mitsubishi is growing it. Cermaq acquired three of Grieg Seafood's salmon businesses at an enterprise value of about ¥145 billion3, and the operations in Finnmark, Canada and Newfoundland were consolidated4. The acquisition produced a gain of ¥12.1 billion5.

The acquisition added to Mitsubishi's food assets at a time when the Food Industry segment was recovering from its loss. The segment's total assets were ¥2,334.1 billion at March 20266.

The measure is Cermaq's profit excluding one-time items. At about ¥9 billion in the latest year, the business has to earn much more on the larger base to justify the ¥145 billion.

Moat trajectory: Widening

Three Grieg salmon businesses were added at an enterprise value of about ¥145 billion.

The number that tests this moat
Reported
Cermaq salmon sales volume, Norway
98,675 tonnes gutted weight

The largest region; volume growth after the Grieg acquisition is the test.

Source: Mitsubishi Corporation results presentation, May 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Biology and Regulation
A salmon farmer's worst years come from biology and regulation, and Mitsubishi now has more of both.
References
  1. ReportedIt sold 98,675 tonnes in Norway, 97,671 tonnes in Chile and 17,430 tonnes in Canada in the year to March 2026, on a gutted-weight basis.
    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 contribution was ¥27.1 billion, including ¥18.3 billion of 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 ↗
  3. ReportedCermaq acquired three of Grieg Seafood's salmon businesses at an enterprise value of about ¥145 billion, and the operations in Finnmark, Canada and Newfoundland were consolidated.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedCermaq acquired three of Grieg Seafood's salmon businesses at an enterprise value of about ¥145 billion, and the operations in Finnmark, Canada and Newfoundland were consolidated.
    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 ↗
  5. ReportedThe acquisition produced a gain of ¥12.1 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 ↗
  6. ReportedThe segment's total assets were ¥2,334.1 billion at March 2026.
    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 ↗
Sources
Generated September 24, 2026