Mitsubishi : Financial Results for the Nine Months Ended December 2022TSE

February 3, 2023

Mitsubishi Corporation

Results for the First Nine Months of FY2022

Presentation Materials

February 3, 2023

Mitsubishi Corporation

Forward-Looking Statements

• This release contains forward-looking statements about Mitsubishi Corporation's future plans, strategies, beliefs and performance that are not historical facts. Such statements are based on the Company's assumptions and beliefs in light of competitive, financial and economic data currently available and are subject to a number of risks, uncertainties and assumptions that, without limitation, relate to world economic conditions, exchange rates and commodity prices.
• Accordingly, Mitsubishi Corporation wishes to caution readers that actual results may differ materially from those projected in this release and that Mitsubishi Corporation bears no responsibility for any negative impact arising from the use of this release.

Notes Regarding This Release

• Consolidated net income in this presentation shows the amount of net income attributable to owners of the Parent, excluding non-controlling interests. Equity shows the amount of equity attributable to owners of the Parent, excluding non-controlling interests, which is a component of total equity.
• • "FY2021" refers to fiscal 2021 (April 1, 2021 to March 31, 2022).
  • "FY2022" refers to fiscal 2022 (April 1, 2022 to March 31, 2023).

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February 3, 2023

Mitsubishi Corporation

Contents

1 Progress of Midterm Corporate Strategy 2024

1. Detailed Results for the First Nine Months of FY2022
2. Supplementary Information of Consolidated Financial Statements
3. Supplementary Information by Segment

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February 3, 2023

Mitsubishi Corporation

1 Progress of Midterm Corporate Strategy 2024

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February 3, 2023

Mitsubishi Corporation

Summary of Results for the First Nine Months of FY2022

Results		First nine months	First nine months	Change
	of FY2021	of FY2022
Consolidated		644.8	955.8	+311.0
net income

Results

• Consolidated net income for the first nine months of the year exceeded the previous full-year record (FY2021: ¥937.5 billion).
• In addition to Mineral Resources and Natural Gas, which were bolstered by market factors, and Urban Development, which recorded a major gain on sale, performance in Automotive &
  Mobility and Industrial Materials remained strong.

Forecast for FY2022

Consolidated net income

Shareholder returns

Dividend per share (full year forecast)

Share buybacks (upper limit)

		（Billions of Yen）
November 2022	Revised	Change
forecast	forecast
1,030.0	1,150.0	+120.0
November 2022	Addition	Full year
forecast
155 yen	+25 yen	180 yen
70.0	+100.0	170.0

Forecast for the year(consolidated net income)

 Based on the strong progress in the first nine months of the year

and a favorable start to the fourth quarter, the forecast released in

Forecast for earnings and shareholder returns
Earnings forecast	（Billions of Yen）

November 2022 has been upwardly revised by ¥120.0 billion.

 The forecast for earnings independent of market factors is

¥730.0 billion, up ¥80.0 billion from the November forecast.

Despite such headwinds as volume decreases and cost increases in

resources projects, underlying earnings has been growing steadily

due to the strong progress in Automotive & Mobility and Industrial

Materials, etc. Also, ¥30.0 billion in risk buffer was deducted in light

of the reduced uncertainty in the remaining period.

Earnings independent of market factors *

850.0 +180.0

650.0

1,030.0

Share

Buybacks

¥70.0 bn

650.0

+120.0

+80.0

1,150.0

Share

Buybacks ¥170.0 bn

730.0

Shareholder returns

• Reflecting increased dividends and additional share buybacks, total payout is expected to reach approximately ¥430.0 billion.
• In accordance with the revised forecast for FY2022, the per-share dividend forecast has been raised to ¥180, up ¥25 from the November forecast, in line with the continuation of the progressive dividend policy.
• Moreover, additional share buybacks of up to ¥100.0 billion have been resolved.

Dividend per

Dividend per

Dividend per

share: ¥150

share: ¥155

share: ¥180

（¥220.0 bn）

（¥230.0 bn）

（¥262.0 bn）

Original forecast (Released May 10)

Nov. 8 forecast

Revised forecast (Released Feb. 3)

Total Payout

Total Payout

Total Payout

¥220.0 bn

¥300.0 bn

¥432.0 bn

*Earnings after adjustment based on market price assumptions

Total Payout

for the year ending March 2025 made when formulating Midterm

Ratio 38%

Corporate Strategy 2024.

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February 3, 2023

Mitsubishi Corporation

Progress of Midterm Corporate Strategy 2024

toward Earnings Target

• Earnings independent of market factors, one of the quantitative targets of Midterm Corporate Strategy
  2024, is expected to reach ¥730.0 billion, up ¥80.0 billion from the initial forecast for FY2022, reflecting strong performance in Automotive & Mobility, Industrial Materials and other segments.
• To reach the earnings target of ¥800.0 billion in the year ending March 2025, we are maintaining and expanding our earnings base and investing in EX-related initiatives as well as DX/growth initiatives.

Earnings forecast

1,150.0

（Billions of Yen）

+300.0

+140.0 (due to resource prices）

850.0

+80.0 (due to foreign exchange)

800.0

+80.0（Earnings independent of market factors）

Earnings

independent of

market factors *

(50.0)

+30.0

730.0

650.0

+100.0

Volume decreases and

Deduction of

Strong performance in

cost increases at

risk buffer

resources projects

Automotive & Mobility,

(including inflation

Industrial Materials, etc.

effects), etc.

*Earnings after adjustment based on market price assumptions for the year ending March 2025 made	Revised forecast	FY2024 target
Original forecast when formulating Midterm Corporate Strategy 2024.

(Released May 10) (adjustment to: foreign exchange and resource prices (metallurgical coal, copper, iron ore, crude oil, gas and LNG))(Released Feb. 3)

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