⚠ Gains Are Not RepeatableModerate threat

Marubeni (8002) — threat to the moat

Selling assets well is a skill, but a forecast that assumes it is a dependency.

Asset replacement gains of ¥96.0 billion helped Marubeni to its record in the year to March 2026, against other one-time items of minus ¥32.0 billion1. The forecast for the year to March 2027 includes about ¥40 billion of such gains2.

One-time items, year to March 2026 (¥ bn)+96.0Asset replacement gains-32.0Other one-time itemsMarubeni IR presentation, May 2026
Gains from selling assets were three times the other one-off charges.

A company that sells assets at a profit every year is managing its portfolio well. A company that needs to sell assets at a profit every year to meet its forecast is doing something else. Marubeni is somewhere between the two.

The first quarter of the current year continued the pattern: a gain of about ¥13 billion on selling an overseas power plant interest and a revaluation gain of about ¥6 billion on DASI, offset by a loss of about ¥5 billion on an oil and gas sale price adjustment3. One-time items were about ¥9 billion net4.

The measure is adjusted net profit excluding asset sales. If it stops rising, the gains are carrying the result.

References
  1. ReportedAsset replacement gains of ¥96.0 billion helped Marubeni to its record in the year to March 2026, against other one-time items of minus ¥32.0 billion.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedThe forecast for the year to March 2027 includes about ¥40 billion of such gains.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - adjusted net profit by segment and by resources and non-resources, and the one-time items. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe first quarter of the current year continued the pattern: a gain of about ¥13 billion on selling an overseas power plant interest and a revaluation gain of about ¥6 billion on DASI, offset by a loss of about ¥5 billion on an oil and gas sale price adjustment.
    Marubeni Corporation, IR presentation for the three months ended June 30, 2026 - adjusted net profit, core operating cash flow, one-time items, capital allocation, major group company results and the share buyback plan. — April-June 2026 · publ. 3 August 2026 · source ↗
  4. ReportedOne-time items were about ¥9 billion net.
    Marubeni Corporation, IR presentation for the three months ended June 30, 2026 - adjusted net profit, core operating cash flow, one-time items, capital allocation, major group company results and the share buyback plan. — April-June 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 24, 2026