⚠ Biology and RegulationModerate threat

Mitsubishi Corporation (8058) — threat to the moat

A salmon farmer's worst years come from biology and regulation, and Mitsubishi now has more of both.

Cermaq lost ¥20.3 billion in the year to March 20241. Losses in salmon farming usually come from fish health and biological events that no farmer controls.

Cermaq, year to March 2026Net income¥27.1bnof which one-time items¥18.3bnincl. Grieg acquisition gain¥12.1bnGrieg businesses, enterprise valueabout ¥145bnMitsubishi Corporation results presentation, May 2026
From a large loss to a large profit in two years.

Mitsubishi's expansion doubles its exposure to those risks in Canada and Norway2.

The recovery since then has been partly one-time. The ¥27.1 billion Cermaq contribution in the latest year included ¥18.3 billion of one-time items3, among them a gain of ¥12.1 billion on the Grieg acquisition4.

The measure is Cermaq's result in a biologically difficult year. A loss on the enlarged business would be larger than the last one.

References
  1. ReportedCermaq lost ¥20.3 billion in the year to March 2024.
    Mitsubishi Corporation, FY2024 results presentation - the review of Midterm Corporate Strategy 2024, the Enhance programmes covering all 244 operating companies, capital recycling, and the credit ratings. — FY to March 2025 · publ. 2 May 2025 · source ↗
  2. ReportedMitsubishi's expansion doubles its exposure to those risks in Canada and Norway.
    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 ¥27.1 billion Cermaq contribution in the latest year included ¥18.3 billion of one-time items, among them a gain of ¥12.1 billion on the Grieg acquisition.
    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. ReportedThe ¥27.1 billion Cermaq contribution in the latest year included ¥18.3 billion of one-time items, among them a gain of ¥12.1 billion on the Grieg acquisition.
    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 ↗
Sources
Generated September 24, 2026