⚠ The Additions Are Getting SmallerLow threat

Mitsui & Co. (8031) — threat to the moat

Mitsui's steady profit growth is slowing just as its targets need it to speed up.

Base profit enhancement fell from ¥65 billion to ¥55 billion and then ¥52 billion over the three years of the last plan1. Each year added less than the one before.

Net profit (¥ bn, years to March)834.02026920.02027 plan1,1002029 targetMitsui results and MTMP2029
The targets need faster growth than base profit has been giving.

For a company with ¥834.0 billion of net profit2, ¥52 billion is growth of about 6% a year before prices. The plan's profit target of ¥1.1 trillion3 needs more than that, which means either higher prices, more gains from sales or larger additions from new projects.

The largest new project, Rhodes Ridge, will not produce until around 20304.

The measure is the current year's addition. Below ¥50 billion would say the steady growth is slowing just as the plan needs it to accelerate.

References
  1. ReportedBase profit enhancement fell from ¥65 billion to ¥55 billion and then ¥52 billion over the three years of the last plan.
    Mitsui & Co., Medium-term Management Plan 2029 presentation - targets, the 2030 vision and the scorecard of MTMP2026. — FY to March 2027-2029 · publ. 1 May 2026 · source ↗
  2. ReportedFor a company with ¥834.0 billion of net profit, ¥52 billion is growth of about 6% a year before prices.
    Mitsui & Co., Consolidated Financial Results for the year ended March 31, 2026 (IFRS) - the consolidated statements of income, financial position and cash flows, segment information, dividends, buybacks and the forecast for the year to March 2027. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedThe plan's profit target of ¥1.1 trillion needs more than that, which means either higher prices, more gains from sales or larger additions from new projects.
    Mitsui & Co., notice of the Medium-term Management Plan 2029 - core operating cash flow of ¥1.2 trillion, profit of ¥1.1 trillion and ROE of 12%, and the dividend floor of ¥140. — FY to March 2027-2029 · publ. 1 May 2026 · source ↗
  4. ReportedThe largest new project, Rhodes Ridge, will not produce until around 2030.
    Mitsui & Co. release, 19 February 2025 - acquisition of a 40% interest in the Rhodes Ridge iron ore project for $5,342 million. — February 2025 · publ. 19 February 2025 · source ↗
Sources
Generated September 24, 2026