Selling What It BuiltNarrow moat
Mitsui & Co. (8031) — moat facet
Mitsui sold nearly twice as much as it planned in its last three years, which is how an investor keeps its portfolio honest.
Mitsui recycled ¥1,481 billion of assets over its last three-year plan, against a target of ¥870 billion1: ¥392.0 billion in the year to March 2023, ¥537.0 billion in 2024, ¥601.0 billion in 2025 and ¥343.0 billion in 20262.
Asset recycling is how an investor turns gains on paper into cash and keeps the portfolio from filling with businesses past their best. Mitsui's sales in recent years have included its stakes in power projects and in VLI, whose gains in the prior year are part of why the latest year's profit fell3.
The first quarter of the current year shows the process still running: a restructuring of its interest in CIM Group, an American real estate business, produced a gain of ¥44.2 billion4.
The company also sold listed shares it held for relationship reasons: the shares of 18 listed companies during the last plan5. That kind of sale releases capital from holdings that earned only their dividend, and it is the Japanese equivalent of an American company shedding non-core assets.
The measure is recycling as a share of new investment. A ratio well below the last plan's would mean the portfolio is growing faster than it is being pruned.
Recycling slowed in the latest year and resumed in the first quarter.
The pace of sales; the first quarter added a ¥44.2 billion CIM gain.
Source: Mitsui & Co. Integrated Report 2026, data ↗- ReportedMitsui recycled ¥1,481 billion of assets over its last three-year plan, against a target of ¥870 billion: ¥392.0 billion in the year to March 2023, ¥537.0 billion in 2024, ¥601.0 billion in 2025 and ¥343.0 billion in 2026.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 ↗
- ReportedMitsui recycled ¥1,481 billion of assets over its last three-year plan, against a target of ¥870 billion: ¥392.0 billion in the year to March 2023, ¥537.0 billion in 2024, ¥601.0 billion in 2025 and ¥343.0 billion in 2026.Mitsui & Co. Integrated Report 2026, data section - results by operating segment: gross profit, equity-method profit, dividend income, core operating cash flow and total assets. — FY to March 2022-2026 · publ. 2026 · source ↗
- ReportedMitsui's sales in recent years have included its stakes in power projects and in VLI, whose gains in the prior year are part of why the latest year's profit fell.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 ↗
- ReportedThe first quarter of the current year shows the process still running: a restructuring of its interest in CIM Group, an American real estate business, produced a gain of ¥44.2 billion.Mitsui & Co., first-quarter presentation for the year to March 2027 - one-time items including the CIM Group restructuring and the Quantinuum IPO gain, and the power portfolio. — April-June 2026 · publ. 4 August 2026 · source ↗
- ReportedThe company also sold listed shares it held for relationship reasons: the shares of 18 listed companies during the last plan.Mitsui & Co., results presentation for the year to March 2026 - producing assets with partners and stakes, LNG projects, affiliates and power contracts. — FY to March 2026 · publ. 1 May 2026 · source ↗