Marubeni (8002.T): First Take: 1Q beats consensus, strong progress in metals and energy & chemicals; additional ¥100 bn share buyback

Research evidence excerpt

Marubeni (8002.T): First Take: 1Q beats consensus, strong progress in metals and energy & chemicals; additional ¥100 bn share buyback

Equity Research

4 August 2026 | 1:13AM JST

Marubeni (8002.T): First Take: 1Q beats consensus , strong progress in

metals and energy & chemicals; additional ¥100 bn share buyback

Results highlights Takeru Adachi

+81(3)4587-4067 |

Marubeni released 1Q results during morning trading on August 3. 1Q net profit was takeru.adachi@gs.com

Goldman Sachs Japan Co., Ltd.

¥186.4 bn, beating the Bloomberg consensus of ¥169.1 bn. The progress rate toward

full-FY3/27 guidance was 32%, and 33% on an underlying net profit basis, marking a

solid start. By business, earnings were driven by the metals segment, which saw solid

performances in copper, coking coal, and aluminum, and the energy & chemicals

segment, centered on petrochemical trading. At the results briefing held on the same

day, there were many questions regarding equity-method affiliate Nowlake, which is

struggling with bad debt from loans made during the COVID-19 period. However, the

company indicated that progress is broadly in line with its assumptions, as it had

factored in improvement in 2H from the start of FY3/27.

Marubeni also announced an additional ¥100 bn share buyback on top of the ¥45 bn

buyback that has already been completed. The company decided to add to its share

buybacks at this early stage, taking into account stronger-than-expected cash flow

generation in 1Q and its stance that it should show an even stronger commitment to

improving ROE.

Our view

We view the results as generally positive, given the high progress rate for 1Q, the

consequently higher expectations for an upward revision during the fiscal year, and

the additional share buyback.