Marubeni Q1 Net Profit Rises 21% to ¥186.4 Billion as Revenue Jumps 21% and Operating Profit Climbs 55%

Marubeni Corporation (TSE: 8002), one of Japan's five major general trading houses, reported consolidated results for the first quarter of the fiscal year ending March 2027 under IFRS. Revenue rose 20.6% to ¥2,609,225 million from ¥2,163,722 million, gross profit climbed 27.1% to ¥381.0 billion, operating profit jumped 54.7% to ¥132,125 million even after higher selling, general and administrative expenses, profit before tax advanced 26.1% to ¥228,796 million, and profit attributable to owners of the parent rose 20.7% to ¥186,432 million from ¥154,400 million. Basic earnings per share were ¥114.19, up from ¥93.42; diluted EPS was ¥114.08.

Energy, food and aerospace drive the gross-profit surge

Gross profit expanded by ¥81.2 billion year on year, and the gains were broad-based rather than concentrated in a single unit. Energy & Chemicals added the most, ¥32.2 billion, on stronger petrochemical trading and a better oil and gas business. Food & Agriculture contributed ¥12.3 billion, helped by higher earnings at U.S. agricultural-input distributor Helena and the U.S. fertiliser wholesale business — though a deterioration in the U.S. beef business and the reversal of prior-year futures-related gains at the overseas instant-coffee manufacturing and sales operation pulled in the other direction. Aerospace & Mobility added ¥12.2 billion on aviation-related businesses and the full consolidation of aircraft-parts distributor DASI, while Next Generation Business Development added ¥10.9 billion on higher pharmaceutical distribution earnings.

Marubeni notes that the operating-profit line is disclosed voluntarily, following Japanese accounting convention for investor convenience; it is not a line item required under IFRS, and is defined as gross profit less SG&A expenses and less provision for doubtful accounts.

Commodity prices lift equity-method income

Income from equity-method investments rose 15.2% to ¥88.8 billion, an increase of ¥11.8 billion. The Metals segment supplied ¥9.7 billion of that, as rising commodity prices boosted earnings at the Chilean copper business and the Australian coking-coal business; the aluminium business also benefited. Elsewhere, petrochemical trading and North American natural-gas trading both improved, and a gain was booked on the sale of an overseas power IPP investment, while the prior-year quarter had included a contribution from the North American railcar leasing business. Comprehensive income more than tripled, rising 237.1% to ¥269,536 million.

Balance sheet and a shrinking share count

Total assets were broadly flat at ¥10,559,670 million against ¥10,531,764 million at March 31, 2026, while total equity rose to ¥4,612,035 million and equity attributable to owners of the parent increased to ¥4,461,731 million from ¥4,363,719 million. The ratio of equity attributable to owners improved to 42.3% from 41.4%, and book value per share rose to ¥2,742.51 from ¥2,663.18. Treasury holdings grew to 33,979,475 shares from 22,361,446 out of 1,660,758,361 shares issued, and the average share count for the quarter fell to 1,632,587,901 from 1,652,802,675 — buybacks that helped EPS grow faster (+22.2%) than net profit (+20.7%).

Dividend raised, full-year guidance unchanged

Marubeni left its full-year forecast intact, guiding profit attributable to owners of the parent of ¥580,000 million (+6.6%) and basic EPS of ¥356.75. The first quarter therefore represents 32.1% of the annual target. The annual dividend forecast is also unchanged at ¥115.00 per share — ¥57.50 at the interim and ¥57.50 at year-end — up from ¥107.50 in FY3/2026. The company voluntarily has EY ShinNihon review its condensed quarterly financial statements and plans to publish a version carrying the review report on August 5, 2026.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.