✦ The Future BetsNarrow moat

Mitsubishi Corporation (8058) — the future bets

Mitsubishi's guidance assumes 37% profit growth, a quarter of it from planned asset sales, and the market has marked the shares down since.

Mitsubishi's guidance for the year to March 2027 is net income of ¥1.1 trillion, up 37.4%, with earnings per share of ¥300.42 and a dividend of ¥1251. Its Corporate Strategy 2027 aims for ¥1.2 trillion or more by the year to March 2028 and ROE of 12% or more2. Of the ¥1.1 trillion, ¥280.0 billion is capital recycling and one-time items3.

Net income (¥ bn, years to March)964.02024950.72025800.520261,100.02027 guidanceMitsubishi Corporation results, May 2026
A fall to ¥800 billion, then a planned jump to ¥1.1 trillion.

The largest single contributor is the new Energy & Power Solution segment, forecast to earn ¥363.0 billion against ¥210.0 billion restated for the latest year4, driven by LNG Canada and the Aethon gas assets. Four further bets carry the growth after that.

Data centres: Mitsubishi operates eight data centres across three locations in Japan, and its power supply capacity for servers has grown from 29 megawatts in the year to March 2018 to 168 megawatts in the latest year5. Eneco: the Dutch energy company it bought with Chubu Electric in March 2020 for about ¥500 billion6, in which it holds 80%7. American power through Diamond Generating Corporation, whose profit rose from ¥7.3 billion to ¥22.9 billion8. And the energy portfolio's growth to 18 million tonnes a year or more of equity LNG capacity9.

The market is unconvinced so far: the shares fell from ¥5,317 at the end of March 202610 to ¥4,811 in September11, while guidance calls for 37% growth.

Underlying operating cash flow is forecast at ¥1,250.0 billion for the current year12, and the Corporate Strategy 2027 target is average growth of 10% or more13. The company's three-year plan allocates ¥4.6 trillion or more to investment14.

The measure is the first-half result against guidance. The April-June quarter delivered 27.1% of the full-year figure15.

Moat trajectory: Widening

Guidance is for a large increase, and the first quarter rose 47%.

The number that tests this moat
Reported
Net income guidance for the year to March 2027
¥1,100.0bn, up 37.4%

Includes ¥280.0 billion of capital recycling and one-time items; the first quarter delivered 27.1%.

Source: Mitsubishi Corporation results, year to March 2026 ↗
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
Data Centres: From 29 to 168 Megawatts
Mitsubishi has grown its Japanese data-centre capacity nearly sixfold in eight years, to a size that is still small.
✦ FUTURE BET 02
Eneco and Europe's Power
Mitsubishi's European utility earns ¥31 billion a year, while its Japanese offshore wind ambitions ended in a ¥52 billion impairment.
✦ FUTURE BET 03
American Power: Diamond Generating
Mitsubishi's American power plants tripled their profit as American electricity demand rose.
✦ FUTURE BET 04
Eighteen Million Tonnes of LNG
Mitsubishi plans to grow its LNG capacity by more than a third, which requires new projects to be sanctioned soon.
References
  1. ReportedMitsubishi's guidance for the year to March 2027 is net income of ¥1.1 trillion, up 37.4%, with earnings per share of ¥300.42 and a dividend of ¥125.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  2. ReportedIts Corporate Strategy 2027 aims for ¥1.2 trillion or more by the year to March 2028 and ROE of 12% or more.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - Corporate Strategy 2027 targets, the three-year cash flow plan, divestitures, shareholder returns and leverage policy. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedOf the ¥1.1 trillion, ¥280.0 billion is capital recycling and one-time items.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - capital recycling and one-time items and adjusted consolidated net income. — FY to March 2026 · publ. 1 May 2026 · source ↗
  4. ReportedThe largest single contributor is the new Energy & Power Solution segment, forecast to earn ¥363.0 billion against ¥210.0 billion restated for the latest year, driven by LNG Canada and the Aethon gas assets.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  5. ReportedData centres: Mitsubishi operates eight data centres across three locations in Japan, and its power supply capacity for servers has grown from 29 megawatts in the year to March 2018 to 168 megawatts in the latest year.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedEneco: the Dutch energy company it bought with Chubu Electric in March 2020 for about ¥500 billion, in which it holds 80%.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the notes on significant investments: MDP and BMA, Lawson, Eneco, LNG Canada, Anglo American Sur and Quellaveco, with book values and ownership. — FY to March 2026 · publ. 1 May 2026 · source ↗
  7. ReportedEneco: the Dutch energy company it bought with Chubu Electric in March 2020 for about ¥500 billion, in which it holds 80%.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  8. ReportedAmerican power through Diamond Generating Corporation, whose profit rose from ¥7.3 billion to ¥22.9 billion.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  9. ReportedAnd the energy portfolio's growth to 18 million tonnes a year or more of equity LNG capacity.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - the LNG, copper and steelmaking coal portfolios with stakes, capacities and production volumes, data centre capacity, the Thai and Indonesian automotive businesses, and Cermaq's salmon volumes. — FY to March 2026 · publ. 1 May 2026 · source ↗
  10. ReportedThe market is unconvinced so far: the shares fell from ¥5,317 at the end of March 2026 to ¥4,811 in September, while guidance calls for 37% growth.
    Mitsubishi Corporation (TYO: 8058) ratios - market capitalisation, P/E, P/S and P/B at each March year-end, 2022-2026. — March 2022-March 2026 · publ. September 2026 · source ↗
  11. ReportedThe market is unconvinced so far: the shares fell from ¥5,317 at the end of March 2026 to ¥4,811 in September, while guidance calls for 37% growth.
    Mitsubishi Corporation (TYO: 8058) market data - share price, market capitalisation 17.62T yen, trailing revenue, net income and EPS, P/E, forward P/E, dividend and yield, September 2026. — September 2026 · publ. 24 September 2026 · source ↗
  12. ReportedUnderlying operating cash flow is forecast at ¥1,250.0 billion for the current year, and the Corporate Strategy 2027 target is average growth of 10% or more.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, the eight-segment note, dividends and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  13. ReportedUnderlying operating cash flow is forecast at ¥1,250.0 billion for the current year, and the Corporate Strategy 2027 target is average growth of 10% or more.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - Corporate Strategy 2027 targets, the three-year cash flow plan, divestitures, shareholder returns and leverage policy. — FY to March 2026 · publ. 1 May 2026 · source ↗
  14. ReportedThe company's three-year plan allocates ¥4.6 trillion or more to investment.
    Mitsubishi Corporation, FY2025 results and FY2026 forecast presentation (1 May 2026) - net income by segment and of major subsidiaries and affiliates, with ownership, and the forecast by segment. — FY to March 2026 · publ. 1 May 2026 · source ↗
  15. Moat Explorer calcThe April-June quarter delivered 27.1% of the full-year figure.
    Moat Explorer calculation from Mitsubishi Corporation's reported figures. Equity-method profit over net profit: 467.9 / 800.5 = 58.5%. Mineral Resources plus Environmental Energy over segment total: (204.5 + 160.9) / 752.1 = 48.6%. Energy & Power (Environmental Energy plus Power Solution): 238.8 + 97.9 = 336.7 (year to March 2024), 198.6 - 15.6 = 183.0 (2025), 160.9 + 43.4 = 204.3 (2026). Other and adjustments: 51.2 - 9.2 = 42.0 (2025), 51.8 - 3.5 = 48.3 (2026). Trailing twelve months to June 2026: net profit 800.5 + 298.5 - 203.1 = 895.9; revenue 19,878.3; EPS 210.92 + 81.53 - 51.59 = 240.86. Progress against guidance: 298.5 / 1,100.0 = 27.1%. Share price change since March: 4,811 / 5,317 - 1 = -9.5%. Berkshire's market value over cost: 9,207 / 4,248 = 2.17 times; dividend on cost 273 / 4,248 = 6.4%. Mitsubishi Development profit: 190.2, 132.9, 8.3. Copper profit growth: 149.9 / 63.8 = 2.35 times. Segment profit over segment assets, year to March 2026: Mineral Resources 204.5 / 5,995.2 = 3.4%; Energy & Power 204.3 / 6,079.0 = 3.4%; Smart-Life Creation 91.0 / 2,745.5 = 3.3%; Food Industry 83.3 / 2,334.1 = 3.6%; Urban Development & Infrastructure 85.1 / 2,173.8 = 3.9%; Mobility 57.6 / 1,942.7 = 3.0%; Materials Solution 26.3 / 1,971.4 = 1.3%. Adjusted net income growth implied by guidance: (1,100.0 - 280.0) / 703.7 = 1.17. Split-adjusted dividend growth: 125 / 44 = 2.8 times. Buyback share of shares: 318.4 / 4,028.9 = 7.9%. Data-centre capacity growth: 168 / 29 = 5.8 times. Average buyback price: about ¥1,000,000 million / 318.4 million shares = about ¥3,141. Lawson return on carrying value: 28.8 / 502.6 = 5.7%. Copper profit excluding the Anglo American Sur reversal: 149.9 - 53.2 = 96.7. Interest cost of one percentage point on ¥5,746.9 billion: about ¥57 billion. Eneco goodwill cover: 167.0 / 31.0 = 5.4 years of profit. Aethon expected return: ¥50-60 billion on about ¥800 billion = 6-8%. Oil assumption effect: (78 - 70) x ¥2.4 billion = about ¥19 billion. Market value over adjusted net income: 17,620 / 703.7 = 25 times. Dividends paid: 408,458 / 289,692 = 1.41 (up 41%) while net income 800.5 / 964.0 = 0.83 (down 17%). MDP return on plant: 8.3 / 1,160.6 = 0.7%. — FY to March 2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mitsubishi Corporation's results, presentations and market data; operands shown in the source line.
Sources
Generated September 24, 2026