Marubeni Corporation (8002): 1Q results: High profit progress and announcement of ¥100 billion share buyback look positive

Research evidence excerpt

Marubeni Corporation (8002): 1Q results: High profit progress and announcement of ¥100 billion share buyback look positive

J P M O R G A N Asia Pacific Equity Research

04 August 2026

Marubeni Corporation (8002) Neutral

8002.T, 8002 JP

1Q results: High profit progress and announcement of Price (03 Aug 26):¥5,132

¥100 billion share buyback look positive Price Target (Dec-26):¥5,650

Positive: Adjusted net profit (excluding one-time gains/losses) and core operating Japan Equity Research

cash flow grew significantly in 1Q FY2026, and efforts to improve existing

Trading Companies, Energy

businesses are yielding benefits, which we view as positive. However, earnings

trends in strategic platform businesses are still mixed. Marubeni announced an Jiro Iokibe AC

additional share buyback for ¥100 billion, which came sooner than we expected. (81-3) 6736-8668

jiro.iokibe@jpmorgan.com

We take a positive view of management’s proactive stance on improving ROE. JPMorgan Securities Japan Co., Ltd.

• Strong chemicals trading, metals and mineral resources: Net profit grew

21% YoY to ¥186.4 billion in 1Q, achieving 32% of initial FY2026 guidance

(¥580 billion) and surpassing our estimate of ¥168 billion. Net profit in the

energy and chemicals segment increased by ¥17.0 billion YoY on high profit

growth in the chemicals trading business resulting from the Middle East

conflict. Net profit in the metals and mineral resources segment also increased,

by ¥13.2 billion, supported by high market prices for copper, coking coal, and

other resources. Combined net profit in the seven strategic platform

businesses, which are a focus area for Marubeni, grew by ¥3 billion, to ¥45

billion. Marubeni also announced an additional share buyback for ¥100 billion