Marubeni's first-half fiscal 2026 (ending March 2027) net profit was JPY 338 billion, up 45% year-over-year on an adjusted basis. Higher commodity prices, a weak JPY, and organic growth in leasing and pharmaceuticals drove the increase. Guidance was raised by 5%, while the interim dividend rose 15%.
Improved leverage compared with the past gives Marubeni greater flexibility to pursue new growth initiatives.
Bears
Marubeni shares are trading at a relatively higher level on a P/E and EV/EBITDA basis compared with its Japanese trading house peers, without as strong a track record as Itochu to support it.
Marubeni is a general trading house, or sogo shosha, a type of conglomerate unique to Japan, playing the core role of a trading intermediary in various industrial sectors. Marubeni operates in sectors such as metals and minerals, oil and gas and nuclear fuel production, and also nonresources businesses such as power and infrastructure services, food and agribusiness, lifestyle, and IT solutions. In addition to acting as a midstream trading/processing intermediary, Marubeni participates in the upstream production and downstream distribution businesses. Its exposure is weighted to the upstream, on par with its peers, while its investment focus ahead will be on selective upstream investments supporting the energy transition and recycling capital via divestment of legacy, low-return assets.