⚠ Salmon Farming Is a Biological BusinessModerate threat

Mitsubishi Corporation (8058) — threat to the moat

Mitsubishi is expanding a salmon business that lost ¥20 billion two years ago.

Cermaq, Mitsubishi's salmon farmer in Norway, Chile and Canada, lost ¥20.3 billion in the year to March 2024, taking the Food Industry segment to a loss of ¥25.3 billion12. It recovered to ¥13.1 billion and then ¥27.1 billion, the latter including a one-time gain of ¥18.3 billion3.

Cermaq net income (¥ bn, years to March)-20.3202413.1202527.1 (incl. 18.3 one-time)2026Mitsubishi Corporation results presentations
A loss, a recovery, and a year flattered by a one-time gain.

Salmon farming profits depend on fish health, sea lice, water temperatures and prices, all of which vary by season and region. Mitsubishi is expanding it anyway, acquiring three of Grieg Seafood's salmon businesses for an enterprise value of about ¥145 billion4.

The Food Industry segment's forecast for the current year is ¥99.0 billion5, which assumes the enlarged Cermaq performs well from its first full year.

The measure is Cermaq's profit excluding one-time items, about ¥9 billion in the latest year. A business that recently lost ¥20 billion needs to show it can earn consistently before it is doubled.

References
  1. ReportedCermaq, Mitsubishi's salmon farmer in Norway, Chile and Canada, lost ¥20.3 billion in the year to March 2024, taking the Food Industry segment to a loss of ¥25.3 billion.
    Mitsubishi Corporation, FY2024 results presentation - the review of Midterm Corporate Strategy 2024, the Enhance programmes covering all 244 operating companies, capital recycling, and the credit ratings. — FY to March 2025 · publ. 2 May 2025 · source ↗
  2. ReportedCermaq, Mitsubishi's salmon farmer in Norway, Chile and Canada, lost ¥20.3 billion in the year to March 2024, taking the Food Industry segment to a loss of ¥25.3 billion.
    Mitsubishi Corporation, Consolidated Financial Results for the year ended March 31, 2025 (IFRS) - including the eight-segment note with the year to March 2024 restated and the three-for-one share split of 1 January 2024. — FY to March 2025 · publ. 2 May 2025 · source ↗
  3. ReportedIt recovered to ¥13.1 billion and then ¥27.1 billion, the latter including a one-time gain of ¥18.3 billion.
    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. ReportedMitsubishi is expanding it anyway, acquiring three of Grieg Seafood's salmon businesses for an enterprise value of about ¥145 billion.
    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. ReportedThe Food Industry segment's forecast for the current year is ¥99.0 billion, which assumes the enlarged Cermaq performs well from its first full 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 ↗
Sources
Generated September 24, 2026