✦ MTMP2029: ¥1.1 Trillion and a 12% ReturnNarrow moat

Mitsui & Co. (8031) — the future bets

Mitsui's new plan asks for a third more profit and a higher return from a lower starting point.

Mitsui's medium-term plan for the three years to March 2029 has three targets: core operating cash flow of ¥1.2 trillion, net profit of ¥1.1 trillion and ROE of 12%1. It sets a minimum dividend of ¥140 a share2 and, since August 2026, a commitment to return over 50% of three-year core operating cash flow3.

MTMP2029 targets, year to March 2029 (¥ bn)1,200Core operating cash flow1,100Net profit834.0Latest-year profitMitsui MTMP2029 notice, May 2026
A third more profit in three years.

The plan builds on one that met most of its targets. Over the three years to March 2026, Mitsui generated ¥3,002 billion of core operating cash flow, recycled ¥1,481 billion of assets against ¥870 billion planned, and averaged a 12.5% ROE against a target above 12%4.

The difference now is the starting point. ROE was 10.2% in the latest year5, and net profit of ¥834.0 billion6 has to rise by about a third to reach the target. An analyst at the results meeting said the plan appeared to reach only the low 11% range7.

The measure is the current year. Reaching the ¥920 billion forecast8 with an upward revision would put the plan on track; missing it would confirm the analyst's arithmetic.

Moat trajectory: Holding steady

The last plan met its ROE average; the new one starts below it.

The number that tests this moat
Reported
MTMP2029 net profit target
¥1.1 trillion by the year to March 2029

The plan's central number; progress starts from ¥834.0 billion.

Source: Mitsui & Co. MTMP2029 notice ↗
References
  1. ReportedMitsui's medium-term plan for the three years to March 2029 has three targets: core operating cash flow of ¥1.2 trillion, net profit of ¥1.1 trillion and ROE of 12%.
    Mitsui & Co., notice of the Medium-term Management Plan 2029 - core operating cash flow of ¥1.2 trillion, profit of ¥1.1 trillion and ROE of 12%, and the dividend floor of ¥140. — FY to March 2027-2029 · publ. 1 May 2026 · source ↗
  2. ReportedIt sets a minimum dividend of ¥140 a share and, since August 2026, a commitment to return over 50% of three-year core operating cash flow.
    Mitsui & Co., notice of the Medium-term Management Plan 2029 - core operating cash flow of ¥1.2 trillion, profit of ¥1.1 trillion and ROE of 12%, and the dividend floor of ¥140. — FY to March 2027-2029 · publ. 1 May 2026 · source ↗
  3. ReportedIt sets a minimum dividend of ¥140 a share and, since August 2026, a commitment to return over 50% of three-year core operating cash flow.
    Mitsui & Co., Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, profit, segment results on the new basis, core operating cash flow and the balance sheet. — April-June 2026 · publ. 4 August 2026 · source ↗
  4. ReportedOver the three years to March 2026, Mitsui generated ¥3,002 billion of core operating cash flow, recycled ¥1,481 billion of assets against ¥870 billion planned, and averaged a 12.5% ROE against a target above 12%.
    Mitsui & Co., Medium-term Management Plan 2029 presentation - targets, the 2030 vision and the scorecard of MTMP2026. — FY to March 2027-2029 · publ. 1 May 2026 · source ↗
  5. ReportedROE was 10.2% in the latest year, and net profit of ¥834.0 billion has to rise by about a third to reach the target.
    Mitsui & Co. Integrated Report 2026, data section - the five-year financial data: market capitalisation, PER, PBR, ROE, net debt, free cash flow, asset recycling and payout. — FY to March 2022-2026 · publ. 2026 · source ↗
  6. ReportedROE was 10.2% in the latest year, and net profit of ¥834.0 billion has to rise by about a third to reach the target.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedAn analyst at the results meeting said the plan appeared to reach only the low 11% range.
    Mitsui & Co., Q&A of the results meeting for the year to March 2026 - the Management Allocation, the 2030 vision and an analyst's question on the ROE target. — FY to March 2026 · publ. May 2026 · source ↗
  8. ReportedReaching the ¥920 billion forecast with an upward revision would put the plan on track; missing it would confirm the analyst's arithmetic.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
Sources
Generated September 24, 2026