Power & Infrastructure ServicesNarrow moat

Marubeni (8002) — moat facet

Marubeni's power plants carried the segment while its power retailer ran at a loss.

Power & Infrastructure Services had revenue of ¥485,323 million and net profit of ¥53,625 million in the year to March 2026, down from ¥61,077 million1. Its operating result was a loss of ¥25,127 million, while its share of associates' profit was ¥71,990 million2. Its investments in associates were ¥807,356 million3 and its segment assets ¥1,776,109 million4.

Power & Infrastructure, yr to Mar 2026 (¥ bn)-25.1Operating result72.0Share of associates53.6Net profitMarubeni segment note
The plants earned; the retail business lost.

It holds the IPP projects, SmartestEnergy, FPSO projects and overseas water and wastewater businesses5. The IPPs earned ¥43.0 billion against ¥59.8 billion, SmartestEnergy ¥7.1 billion against ¥23.5 billion, the FPSOs ¥6.4 billion and water ¥13.8 billion6.

The operating loss is the consolidated businesses — mainly the power retailer — having a bad year, while the power plants, held through associates, carried the segment. On assets of ¥1,776.1 billion, it earned about 3.0%7.

From the year to March 2027 part of the segment moves into Energy & Chemicals8, and it is forecast to earn ¥71.0 billion9. The April-June 2026 quarter was ¥29.3 billion against ¥17.1 billion, helped by a gain of about ¥13 billion on selling a power plant interest1011.

The measure is the operating result. A return to operating profit would say SmartestEnergy has recovered.

Moat trajectory: Narrowing

Profit fell from ¥61.1 billion to ¥53.6 billion with an operating loss; the latest quarter was helped by an asset sale.

The number that tests this moat
Reported
Power & Infrastructure Services operating result
a loss of ¥25.1bn, against associates' profit of ¥72.0bn

The consolidated power retail business lost money while the plants earned; an operating profit would mark the retailer's recovery.

Source: Marubeni financial results, year to March 2026 ↗
References
  1. ReportedPower & Infrastructure Services had revenue of ¥485,323 million and net profit of ¥53,625 million in the year to March 2026, down from ¥61,077 million.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedIts operating result was a loss of ¥25,127 million, while its share of associates' profit was ¥71,990 million.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedIts investments in associates were ¥807,356 million and its segment assets ¥1,776,109 million.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedIts investments in associates were ¥807,356 million and its segment assets ¥1,776,109 million.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedIt holds the IPP projects, SmartestEnergy, FPSO projects and overseas water and wastewater businesses.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedThe IPPs earned ¥43.0 billion against ¥59.8 billion, SmartestEnergy ¥7.1 billion against ¥23.5 billion, the FPSOs ¥6.4 billion and water ¥13.8 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 ↗
  7. Moat Explorer calcOn assets of ¥1,776.1 billion, it earned about 3.0%.
    Moat Explorer calculation from Marubeni's reported figures. Equity-method share of profit before tax: 338.3 / 664.5 = 50.9%. Resources share of adjusted net profit: 147.0 / 480.0 = 30.6%. Investments in associates as a share of total assets: 3,504.2 / 10,531.8 = 33.3%. Segment net profit over segment assets, year to March 2026: Food & Agri 81.5 / 2,700.6 = 3.0%; Metals & Mineral Resources 134.3 / 1,647.6 = 8.2%; Finance, Leasing & Real Estate 162.0 / 1,021.0 = 15.9%; Power & Infrastructure 53.6 / 1,776.1 = 3.0%; Aerospace & Mobility 47.8 / 838.6 = 5.7%; Energy & Chemicals 23.2 / 1,147.6 = 2.0%; Lifestyle 25.9 / 667.6 = 3.9%. Food & Agri net margin on revenue: 81.5 / 3,720.5 = 2.2%. Total payout: (176.5 + 55.0) / 543.9 = 42.6%. Trailing twelve months to June 2026: net profit 543.9 + 186.4 - 154.4 = 575.9; revenue 8,265.8 + 2,609.2 - 2,163.7 = 8,711.3. Net profit growth from the year to March 2016: 543.9 / 62.3 = 8.7 times. Share of the Food & Agri segment's profit from Helena: 37.3 / 81.5 = 45.8%. Dividends received against equity-method income: 220.9 / 338.3 = 65.3%. Berkshire's gain on cost: 4,468 / 1,572 = 2.84 times. Equity growth from currency translation: 345.8 of 734.5 = 47.1%. Market value against the ¥26 trillion that ranked 100th in the world at March 2026: 8.09 / 26 = 31%. Other segments, year to March 2026: IT Solutions 5.4 + Next Generation Business Development 19.6 - Next Generation Corporate Development 1.7 - Other 7.7 = 15.6; with Lifestyle 25.9 the chart's last band is 41.5, and for the year to March 2025 29.5 + 3.5 + 4.7 - 2.2 + 17.3 = 52.8. Trailing P/E: 8.09 / 0.5759 = 14.0. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Marubeni's financial results, integrated report and IR presentations; operands shown in the source line.
  8. ReportedFrom the year to March 2027 part of the segment moves into Energy & Chemicals, and it is forecast to earn ¥71.0 billion.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedFrom the year to March 2027 part of the segment moves into Energy & Chemicals, and it is forecast to earn ¥71.0 billion.
    Marubeni Corporation, Summary of Consolidated Financial Results for the fiscal year ended March 31, 2026 (IFRS) - consolidated statements of profit or loss, financial position and cash flows, the segment note on the ten operating segments with revenue, gross trading profit, operating profit, share of profit of associates, net profit and segment assets, the investments in associates by segment, the one-time items including the Daiichi Life real-estate valuation gain, the dividend and buyback record, and the forecast for the year to March 2027 with its assumptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  10. ReportedThe April-June 2026 quarter was ¥29.3 billion against ¥17.1 billion, helped by a gain of about ¥13 billion on selling a power plant interest.
    Marubeni Corporation, Summary of Consolidated Financial Results for the three months ended June 30, 2026 (IFRS) - revenue, operating profit and net profit, segment results, progress against the full-year forecast, the balance sheet at 30 June 2026, and the revised GC2027 capital allocation and new share buyback. — April-June 2026 · publ. 3 August 2026 · source ↗
  11. ReportedThe April-June 2026 quarter was ¥29.3 billion against ¥17.1 billion, helped by a gain of about ¥13 billion on selling a power plant interest.
    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