Mitsubishi Corp.

We expect production volume in its metallurgical coal business, the world's largest, to recover moderately. Also, in its liquid natural gas (LNG) business, which has LNG equity production capacity of over 10 million tons per year, construction of a new project will be completed and production will start. This will likely boost companywide profit. The company is strengthening its existing businesses and restructuring its portfolio aggressively. It is doing so emphasizing capital efficiency and growth potential. We believe this will lead to a stronger earnings base. Valuation gains and sales gains from asset replacements, while volatile, will also contribute to profit, in our view. We believe, however, that the company's highly diversified businesses, which stem from its operations in an

...Mitsubishi Corp.'s net income will be at Ñ700 billion-Ñ800 billion in the next year or two, in our view. This is a decline from Ñ950 billion in fiscal 2024 (ended March 31, 2025). The absence of non-recurring gains on asset sales is behind the decline. We expect production volume in its metallurgical coal business, the world's largest, to recover moderately. Also, in its liquid natural gas (LNG) business, which has LNG equity production capacity of over 10 million tons per year, construction of a new project will be completed and production will start. This will likely boost companywide profit. The company is strengthening its existing businesses and restructuring its portfolio aggressively. It is doing so emphasizing capital efficiency and growth potential. We believe this will lead to a stronger earnings base. Valuation gains and sales gains from asset replacements, while volatile, will also contribute to profit, in our view. Mitsubishi Corp.'s extremely well-diversified and solid business...

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