Marubeni : Q2 IR Supplementary Information

IR Supplementary Information

November 2, 2023

Marubeni Corporation

Consolidated Financial Results for the 2nd Quarter of Fiscal Year Ending March 31, 2024

1.	Operating Results	・	・	・	1
2.	Net Profit and Adjusted Net Profit by Segment	・	・	・	2
3.	One-time Items by Segment	・	・	・	3
4.	Cash Flows and Financial Position	・	・	・	4
Reference 1.	Net Profit of Major Group Companies	・	・	・ 5-8
Reference 2.	Segment Information	・ ・ ・ 9-11
Reference 3.	Aircraft Leasing Business in the U.S.	・	・	・	12

(TSE Code 8002)

Disclaimer Regarding Forward Looking Statements and Original Language

This material contains forward-looking statements about the future performance, events or management plans of Marubeni Corporation and its Group companies (the Company) based on the available information, certain assumptions and expectations at the point of disclosure, of which many are beyond the Company's control. These are subject to a number of risks, uncertainties and factors, including, but not limited to, economic and financial conditions, factors that may affect the level of demand and financial performance of the major industries and customers we serve, interest rates and currency fluctuations, availability and cost of funding, fluctuations in commodity and materials prices, political turmoil in certain countries and regions, litigation claims, changes in laws, regulations and tax rules, and other factors. Actual results, performances and achievements may differ materially from those described explicitly or implicitly in the relevant forward-looking statements.

The Company has no responsibility for any possible damages arising from the use of information on this material, nor does the Company have any obligation to update these statements, information, future events or otherwise.

This material is an English language translation of the materials originally written in Japanese. In case of discrepancies, the Japanese version is authoritative and universally valid.

1. Operating Results

Items

Revenue

Gross trading profit

Selling, general and administrative expenses

Provision for doubtful accounts

Operating profit (*1)

Interest expense, net of interest income

Dividend income

Non-operatingother-net (*2)

Share of profits of associates and joint ventures

Profit before tax

Corporate income tax

Profit for the period/ year

Profit attributable to owners of the parent (Net profit) (*3)

Profit attributable to non-controlling interests

FYE 3/2023

Q1-Q2

5,595.1

574.3

(340.0)

(4.2)

230.1

(12.7)

6.4

13.0

153.9

390.6

(70.0)

320.6

314.7

5.9

		FYE 3/2024		Change
			Change in
Q1	Q2	Q1-Q2
		percentage
2,019.7	1,730.9	3,750.6		-1,844.5	-33%
276.9	246.2	523.1		-51.3	-9%
(178.4)	(186.7)	(365.0)		-25.0	7%
(3.4)	(3.2)	(6.5)		-2.3	54%
95.1	56.4	151.5		-78.6	-34%
(9.2)	(9.0)	(18.2)		-5.5	43%
11.5	0.9	12.4		+6.0	94%
2.2	3.7	5.9		-7.1	-55%
73.0	81.6	154.7		+0.8	0%
172.7	133.6	306.3		-84.3	-22%
(29.0)	(20.7)	(49.7)		+20.4	-29%
143.7	112.9	256.6		-64.0	-20%
141.3	110.0	251.3		-63.3	-20%
2.4	2.9	5.3		-0.6	-11%

	(Unit: billions of yen)
Forecasts for FYE 3/2024
announced on	announced on
Progress in
May 8, 2023	Nov. 2, 2023
percentage

1,030.0	1,080.0	48%
(710.0)	(760.0)	-
(5.0)	(5.0)	-
315.0	315.0	48%
(55.0)	(45.0)	-
15.0	15.0	-
(25.0)	(30.0)	-
275.0	300.0	52%
525.0	555.0	55%
(95.0)	(95.0)	-
430.0	460.0	56%
420.0	450.0	56%
10.0	10.0	-

＜Gross trading profit＞
・ Metals & Mineral Resources	-25.4 (	55.0	→	29.6 )	Decrease in profit from the Australian coking coal business caused by decline in market prices
・ Agri Business		-17.0 (	150.6	→	133.7 )	Decreased profits at Helena and MacroSource against the backdrop of decline in agrichemical and fertilizer prices
・ Construction, Industrial Machinery & Mobility	+12.7	(	50.7	→	63.4 )	Increases in profits from the increased sales volume and others in the construction machinery business
							and the automotive-related business
＜Share of profits of associates and joint ventures＞
・ Power		+11.7	(	19.8	→	31.5 )	Increases in profits from the overseas power generation businesses and others
・ Infrastructure Project	+3.8	(	7.7	→	11.5 )	Increases in profits from the overseas water/wastewater services and IWP projects
・ Metals & Mineral Resources	-17.3 (	82.2	→	64.9 )	Decrease in profit from the Australian coking coal business caused by decline in market prices
＜Net profit＞	Consolidated	-63.3(	314.7	→	251.3 )	Net profit for Q1-Q2 FYE 3/2024 amounted to 251.3 billion yen, with 63.3 billion yen (20%) year-on-year decrease
	Non-resources	-22.8 (	192.6	→	169.8 )	The forecast for FYE 3/2024 has been revised from 420.0 billion yen to 450.0 billion yen
	Resources	-43.3 (	119.4	→	76.1 )
	Other	+2.8	(	2.6	→	5.3 )

*1 "Operating profit" is presented in accordance with Japanese accounting practice for investors' convenience and is not required by IFRS.

*2 "Non-operatingother-net" is the sum of "Gains (losses) in investment securities", "Gains (losses) on property, plant and equipment" and "Other-net". *3 "Profit attributable to owners of the parent" is shown as "Net profit" in this material.

1

2. Net Profit and Adjusted Net Profit by Segment

Operating Segment (*1)

Lifestyle

IT Solutions

Food I

Food II

Agri Business

Forest Products

Chemicals

Metals & Mineral Resources

Energy

Power

Infrastructure Project

Aerospace & Ship

Finance, Leasing & Real Estate Business

Construction, Industrial Machinery & Mobility

Next Generation Business Development

Next Generation Corporate Development

Other

Consolidated

Non-resources (*2)

Resources (*2)

Other (*2)

Net profit

				FYE 3/2024 Forecasts
FYE 3/2023	FYE 3/2024	Change	Main reasons for increase/decrease	announced on	announced on
Q1-Q2	Q1-Q2
		May 8, 2023	Nov. 2, 2023
3.4	4.9	+1.5	Increase in profit from the trading of apparel and other products	10.0	11.0
Absence of the one-time loss related to the planning, manufacturing, and sales of apparel
			and other products recognized in the same period of the previous year
4.0	2.4	-1.6	Profit decrease in domestic mobile phone sales business	8.0	9.0
6.2	8.9	+2.7	Increases in profits from the instant coffee manufacturing and sales business and the	11.0	14.0
domestic confectionary wholesale business
14.3	12.7	-1.5	Decrease in profit of the beef processing and sales business and others	24.0	23.0
46.9	27.2	-19.7	Decreased profits at Helena and MacroSource against the backdrop of decline in	45.0	42.0
agrichemical and fertilizer prices
4.3	3.1	-1.2	Lower profit of the MUSI pulp business resulting from the deteriorated pulp market prices	6.0	3.0
and others
9.2	2.1	-7.1	Decrease in profit from petrochemicals and inorganic chemicals trading	14.0	12.0
115.5	79.3	-36.3	Decrease in profit from the Australian coking coal business caused by decline in market	173.0	161.0
prices
28.7	19.1	-9.6	Decreases in profit from oil and gas E&P caused by lower oil and gas prices and others	32.0	37.0
Deterioration in interest expense-net
22.4	28.0	+5.6	Increases in profits from the overseas power generation business and others	34.0	44.0
3.8	6.4	+2.6	Increases in profits from the overseas water/wastewater services and IWP projects	11.0	12.0
17.8	12.1	-5.7	Decline in profit in the ship owning and operating business following the weaker ship	20.0	22.0
market conditions
			Profit increase in the aviation-related business due to a recovery in demand
23.7	24.2	+0.5	Increase in profits of the domestic real estate business and others	37.0	42.0
11.9	15.7	+3.8	Increases in profits of the construction machinery business and the industrial equipment	23.0	29.0
business
(2.4)	(0.1)	+2.3	Increase in profit of the Middle East healthcare turnkey solutions provider	0.0	0.0
Absence of the bad debt expense posted in the same period of the previous year
(0.4)	(1.4)	-1.0		(3.0)	(3.0)
5.4	6.9	+1.5		(25.0)	(8.0)
314.7	251.3	-63.3		420.0	450.0
192.6	169.8	-22.8		280.0	301.0
119.4	76.1	-43.3		168.0	160.0
2.6	5.3	+2.8		(28.0)	(11.0)

			(Unit: billions of yen)
	Adjusted net profit (*3)
			FYE 3/2024 Forecasts
FYE 3/2023	FYE 3/2024	Change	announced on	announced on
Q1-Q2	Q1-Q2
	May 8, 2023	Nov. 2, 2023
5.0	5.0	0.0	10.0	11.0
4.0	2.0	-2.0	8.0	9.0
6.0	9.0	+3.0	12.0	15.0
13.0	11.0	-2.0	24.0	20.0
47.0	25.0	-22.0	44.0	39.0
4.0	3.0	-1.0	6.0	3.0
9.0	2.0	-7.0	14.0	9.0
116.0	73.0	-43.0	167.0	155.0
31.0	19.0	-12.0	32.0	36.0
25.0	31.0	+6.0	30.0	47.0
4.0	5.0	+1.0	9.0	9.0
18.0	12.0	-6.0	23.0	25.0
23.0	23.0	0.0	37.0	41.0
12.0	15.0	+3.0	23.0	29.0
0.0	(1.0)	-1.0	0.0	(1.0)
0.0	(1.0)	-1.0	(3.0)	(3.0)
7.0	10.0	+3.0	4.0	16.0
322.0	244.0	-78.0	440.0	460.0
194.0	165.0	-29.0	277.0	295.0
122.0	71.0	-51.0	162.0	153.0
6.0	8.0	+2.0	1.0	12.0

*1 Effective from the FYE 3/2024, "ICT Business & Logistics" has been renamed "IT Solutions". Also, parts of "Lifestyle" have been incorporated into "Finance, Leasing & Real Estate Business" and "Next Generation Business Development," parts of "ICT Business & Logistics" into "Next Generation Business Development", parts of "Energy" into "Power", parts of "Next Generation Business Development" into "Chemicals", and parts of "Other" into "IT Solutions" respectively. In conjunction with these organizational changes, operating segment information for the six-month period ended September 30, 2022 has been reclassified.

Additionally, for "New Energy Business Development Dept." which has been newly established in the FYE 3/2024, incorporating parts of "Energy", "Power" and "Infrastructure Project", the profit/loss and others are allocated to "Energy", "Power" and "Infrastructure Project". In conjunction with these organizational changes, operating segment information for the six-month period ended September 30, 2022 has been reclassified.

*2 Business fields	Resources: Total of "Energy" and "Metals & Mineral Resources" excluding "Steel Products Dept."
*2 Business fields	Other: Total of "Next Generation Business Development", "Next Generation Corporate Development" and "Other" segments
	Non-resources: Other than the above

*3 Adjusted net profit: net profit excluding one-time items, shown in an approximate figure. The figures of "Consolidated" and the sum of each segment total may not accord due to rounding errors. For one-time items, please refer to the next page.

2

3. One-time Items by Segment

Segment

Lifestyle

IT Solutions

Food I

Food II

Agri Business

Forest Products

Chemicals

Metals & Mineral Resources

Energy

Power

Infrastructure Project

Aerospace & Ship

Finance, Leasing & Real Estate Business

Construction,

Industrial Machinery & Mobility

Next Generation

Business Development

Next Generation

Corporate Development

Other

Consolidated

(Unit: billions of yen, in approximate figures)

		FYE 3/2023			FYE 3/2024	Main Items
Q1	Q2	Q1-Q2	Q1	Q2	Q1-Q2
(1.0)	0.0	(1.0)	0.0	0.0	0.0
0.0	0.0	0.0	0.0	0.0	0.0
0.0	0.0	0.0	0.0	0.0	0.0
0.0	1.0	1.0	2.0	0.0	2.0
0.0	(1.0)	0.0	0.0	2.0	2.0
0.0	0.0	0.0	0.0	0.0	0.0
0.0	0.0	0.0	0.0	0.0	0.0
0.0	0.0	0.0	6.0	0.0	6.0	Special dividend from a general investment (5.8 billion yen)
2.0	(4.0)	(2.0)	(1.0)	1.0	0.0
3.0	(5.0)	(3.0)	0.0	(3.0)	(3.0)	Provision for additional costs due to delay in construction and
others in the EPC project in Taiwan (approximately -6.0 billion yen)
0.0	0.0	0.0	0.0	2.0	2.0
0.0	0.0	0.0	0.0	0.0	0.0
2.0	(1.0)	1.0	0.0	1.0	1.0
0.0	0.0	0.0	0.0	0.0	0.0
0.0	(2.0)	(2.0)	1.0	0.0	1.0
0.0	0.0	0.0	0.0	0.0	0.0
(2.0)	1.0	(2.0)	(2.0)	(2.0)	(3.0)
3.0	(11.0)	(8.0)	7.0	0.0	7.0

* Sum of each segment may not accord with the figure for consolidated due to rounding errors.
* Sum of each quarter may not accord with the figure for the cumulative total due to rounding errors.	3

4. Cash Flows and Financial Position

									(Unit: billions of yen)
	Items		FYE 3/2023		FYE 3/2024	Change		FYE 3/2024 Forecasts
				announced on	announced on
		Q1-Q2		Q1-Q2
						May 8, 2023	Nov. 2, 2023
	Cash flow from operating activities		348.2		218.5	-129.7		310.0	380.0
	Core operating cash flow (*1)		332.1		266.4	-65.6		510.0	530.0
	Increase/decrease in working capital and others		16.1		(47.9)	-64.1		(200.0)	(150.0)
	Cash flow from investing activities		(161.9)		(218.9)	-57.0		(350.0)	(390.0)
	New investments		(81.1)		(95.6)	-14.5		(250.0)	(310.0)
	CAPEX and others (*2)		(127.1)		(159.2)	-32.0		(150.0)	(150.0)
	Divestments		46.3		35.8	-10.5		50.0	70.0
	Free cash flow		186.3		(0.4)	-186.7		(40.0)	(10.0)
	Free cash flow after shareholder distributions		96.4		(51.2)	-147.6		0	(50.0)
	(excluding increase/decrease in working capital and others)
*1 Core operating cash flow: Operating cash flow excluding net increase/decrease in working capital and others.
*2 CAPEX and others: Additional capital expenditure and others in order to maintain and improve values of existing investments and loans.
	Items		March 31, 2023		September 30, 2023	Change		FYE 3/2024 Forecasts
				announced on	announced on
								May 8, 2023	Nov. 2, 2023
	Total assets		7,953.6		8,261.5	+307.9
	Net interest-bearing debt		1,483.1		1,775.4	+292.3		Approx. 1,900.0	Approx. 2,000.0
	Equity attributable to owners of the parent		2,877.7		3,248.7	+370.9		Approx. 2,900.0	Approx. 3,100.0
	Net DE ratio		0.52 times		0.55 times	+0.03 points		Approx. 0.6~0.7 times	Approx. 0.6~0.7 times

＜Cash Flows＞

• Net cash provided by operating activities was 218.5 billion yen, due to operating revenue and dividend income despite an increase of working capital and others.
• Net cash used in investing activities was 218.9 billion yen, due to the outflow of a capital expenditure in overseas businesses and acquisition of shares of equity method affiliates and others.
• As a result, free cash flow was an outflow of 0.4 billion yen.

＜Financial Position＞

• Net interest-bearing debt increased by 292.3 billion yen from the end of the previous fiscal year to 1,775.4 billion yen, due to the optional repayment of the perpetual subordinated loan(*3) as well as the dividend payments, an increase by the Japanese yen depreciation, and others.
• Equity attributable to owners of the parent increased by 370.9 billion yen from the end of the previous fiscal year to 3,248.7 billion yen, due to an increase in retained earnings by net profit accumulation and an increase in foreign currency translation adjustments by the Japanese yen depreciation, despite a decrease by the optional repayment of the perpetual subordinated loan(*3).
• As a result, net DE ratio stood at 0.55 times.

*3 The Company made an optional repayment of a total of 150.0 billion yen on August 16, 2023, for the perpetual subordinated loan. Perpetual subordinated loans are classified as equity instruments under IFRS.

Therefore, as a result of the above repayment, the equity decreased by 150.0 billion yen.	4

Reference 1. Net Profit of Major Group Companies

(Unit: billions of yen)

	Company name	Consolidated/	Equity	FYE 3/2023	FYE 3/2024	Change	Description of business
	Equity method	Portion	Q1-Q2	Q1-Q2

Lifestyle

Marubeni Fashion Link	Consolidated	100%	0.5	0.9	+0.5	Planning, manufacturing and sales of apparel and goods
Saide Tekstil Sanayi ve Ticaret	Equity method	45.5%	0.2	0.2	+0.0	Planning, manufacturing and sales of apparel and goods
Marubeni Intex	Consolidated	100%	0.6	0.7	+0.1	Sales of industrial materials, lifestyle materials and lifestyle products
B-Quik Business	Consolidated	90.0%	1.7	2.0	+0.3	Car maintenance business in the ASEAN
Conveyor belt distribution business	Consolidated	100%	1.3	1.1	-0.2	Sales and services for conveyor belts, parts and other industrial use rubber products in North
America

IT Solutions

Marubeni I-DIGIO Holdings (*1)	Consolidated	100%	-	1.2	-	Providing IT and digital solutions including information systems, cloud computing, security,
networking, and data centers
Marubeni Information Systems (*1)	Consolidated	100%	0.5	-	-	IT solution provider for full range of IT lifecycle in every industry
Marubeni IT Solutions (*1)	Consolidated	80.0%	0.8	-	-	Sales planning of information and communication systems, design, and development of software
MX Mobiling	Consolidated	100%	1.9	1.1	-0.8	Sales of mobile phones and related products
ARTERIA Networks (*2)	Consolidated	66.7%	1.1	1.1	+0.0	Provision of various network services for businesses and condominiums
Marubeni Logistics	Consolidated	100%	0.8	0.6	-0.2	International combined transport operation (NVOCC) , 3PL (Third-party Logistics), ocean & air
freight forwarding, consultancy relating to logistics

Food I

Yamaboshiya	Consolidated	75.6%	0.1	0.8	+0.7	Wholesale of confectionary products to mass-retail and convenience stores
United Super Markets Holdings Inc. (*3)	-	-	0.1	0.1	-0.1	Supermarket operations in the Tokyo metropolitan area
The Nisshin OilliO Group (*4)	Equity method	16.0%				Processing and sales of edible oil business
Cia. Iguacu de Cafe Soluvel	Consolidated	100%	(0.3)	1.3	+1.6	Manufacturing and sales of instant coffee in Brazil
Marubeni Foods	Consolidated	100%	0.4	0.5	+0.2	Import, export and sales of food products
Benirei	Consolidated	99.8%	1.0	0.6	-0.4	Wholesale of seafood products and warehousing

*1 Following the establishment of Marubeni I-DIGIO Holdings in April 2023, the results of Marubeni Information Systems and Marubeni IT Solutions are included in the results of Marubeni I-DIGIO Holdings for the FYE 3/2024.

*2 Additional equity interests acquisition (50.1% → 66.7%) completed in August 2023. This company's profit on 66.7% equity basis is included in the consolidated profit from the Q1-Q2 FYE 3/2024 results.

*3 We hold 14.7% of outstanding shares of this company through a holding company. Stated figures which are multiplications of disclosed figures of this company and our equity portion, are shown for reference. Adjustments of accounting standard variances have been applied to our IFRS consolidated statements.

*4 Listed Company: We are not able to mention the financial results.

5

(Unit: billions of yen)

	Company name	Consolidated/	Equity	FYE 3/2023	FYE 3/2024	Change	Description of business
	Equity method	Portion	Q1-Q2	Q1-Q2

Food II

Creekstone Farms Premium Beef	Consolidated	100%	7.3	2.3	-4.9	Production, processing and sales of beef, etc. in USA
Wellfam Foods	Consolidated	100%	1.0	2.2	+1.2	Marketing of livestock, meats and processed products
Rangers Valley Cattle Station	Consolidated	100%	0.8	(1.1)	-1.8	Cattle raising and beef sales business in Australia
S FOODS (*1)	Equity method	15.3%	0.9	1.1	+0.2	Wholesale, retail and restaurant business of meats
Gavilon Grain Business (*2,3)	Consolidated	100%	4.2	-	-4.2	Origination, storage, exporting and domestic sales of grain produced in North America
Columbia Grain International	Consolidated	100%	(0.9)	(0.5)	+0.4	Origination, storage, exporting and domestic sales of grain produced in North America
Marubeni Nisshin Feed	Consolidated	60.0%	0.6	0.9	+0.3	Manufacture and sales of livestock feed
Pacific Grain Terminal	Consolidated	78.4%	0.5	0.5	+0.0	Warehousing, stevedoring and transportation operations

Agri Business

Helena Agri-Enterprises	Consolidated	100%	41.4	27.1	-14.3	Sales of agricultural materials and provision of various services in USA
Adubos Real	Consolidated	80%	1.8	0.2	-1.6	Sales of agricultural materials and provision of various services in Brazil
MacroSource (*3)	Consolidated	100%	3.8	1.4	-2.4	Wholesale of fertilizer in USA, etc.

Forest Products

MUSI Pulp Project	Consolidated	TEL 85.1%	5.3	1.7	-3.6	Forestry (Afforestation of hardwood), production and sales of pulp in Indonesia
MHP 100%
WA Plantation Resources	Consolidated	100%	0.7	0.4	-0.3	Wood chip production and plantation in Australia
Kraft of Asia Paperboard & Packaging	Consolidated	100%	(1.9)	(1.7)	+0.2	Manufacture and sales of containerboard in Vietnam
Koa Kogyo	Consolidated	80.0%	0.9	1.7	+0.8	Manufacture and sales of corrugating medium and linerboard
Fukuyama Paper	Consolidated	55.0%	0.5	0.9	+0.3	Manufacture and sales of corrugating medium and core board
Marubeni Forest LinX	Consolidated	100%	0.9	1.0	+0.2	Wholesale of forest products including all types of paper
Santher-FÁBRICA DE PAPEL SANTA THEREZINHA	Equity method	49.0%	(0.5)	0.5	+1.0	Manufacture and sales of hygiene products in Brazil

*1 Stated figures which are multiplications of disclosed figures of this company and our equity portion, are shown for reference. Adjustments of accounting standard variances have been applied to our IFRS consolidated statements. *2 Gavilon shares transfer has been completed on October 3, 2022.

*3 One-time items regarding the reorganization of Gavilon group are excluded from the Q1-Q2 FYE 3/2023 results.

6

(Unit: billions of yen)

Company name	Consolidated/	Equity	FYE 3/2023	FYE 3/2024	Change	Description of business
Equity method	Portion	Q1-Q2	Q1-Q2

Chemicals

Marubeni Plax	Consolidated	100%	1.2	0.7	-0.5	Domestic sales and foreign trade of plastic resins and products
Olympus Holding (Orffa)	Consolidated	100%	(0.0)	(0.1)	-0.1	Sales of feed additives
Marubeni Chemix	Consolidated	100%	1.0	0.7	-0.3	Domestic sales and foreign trade of organic chemicals and functional chemicals

Metals & Mineral Resources

Roy Hill Iron Ore Project	Equity method	15.0%	14.5	19.4	+5.0	Investment in iron ore business in Australia
Marubeni Resources Development	Consolidated	100%	63.2	29.3	-33.8	Investment in steelmaking material business in Australia
Marubeni LP Holding	Consolidated	100%	4.7	3.2	-1.5	Investment in copper business in Chile
Marubeni Metals & Minerals (Canada)	Consolidated	100%	4.0	0.8	-3.2	Smelting and sales of aluminum ingots and investment in manufacturing business of magnesium
in Canada
Marubeni Aluminium Australia	Consolidated	100%	2.7	(2.4)	-5.0	Smelting and sales of aluminum ingots in Australia
Marubeni-Itochu Steel	Equity method	50.0%	25.1	22.4	-2.7	Sales and business management of steel products

Energy

LNG Projects	-	-	4.8	5.0	+0.2	Liquefaction of natural gas overseas
Oil & Gas E&P (*1)	Consolidated	100%	8.1	5.3	-2.8	Total of oil and gas E&P at U.S. Gulf of Mexico, U.S. onshore and offshore India.
ENEOS GLOBE	Equity method	20.0%	1.1	0.1	-1.0	Import and sales of LPG, and sales of new energy-related equipment
MIECO	Consolidated	100%	(1.0)	1.9	+2.9	Sales of all types of petroleum products and natural gas

Power

IPP Projects (*2)	-	-	24.1	33.0	+8.9	Overseas and domestic power generation
SmartestEnergy	Consolidated	100%	13.1	8.6	-4.6	Electricity aggregation and retail business in UK

*1 Due to the revision of calculation method, U.S. onshore was added to the scope of oil and gas development business from the FYE 3/2023 full-year results, replacing from the FYE 3/2023 figures. *2 Total profits of consolidated subsidiaries and share of associates and joint ventures of our IPP projects.

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(Unit: billions of yen)

	Company name	Consolidated/	Equity	FYE 3/2023	FYE 3/2024	Change	Description of business
	Equity method	Portion	Q1-Q2	Q1-Q2

Infrastructure Project

FPSO Projects (*1)	-	-	2.5	2.4	-0.0	FPSO project investment and management
Overseas Water/Wastewater Services and IWP Projects (*2)	-	-	3.2	6.3	+3.1	Overseas water/wastewater services and IWP projects

Aerospace & Ship

Marubeni Aviation Parts Trading	Consolidated	100%	0.1	1.2	+1.1	Investment in aircraft parts trading business in USA
Vessel owning and operating business	Consolidated	100%	15.8	7.5	-8.2	Owning and operating of vessels

Finance, Leasing ＆ Real Estate Business

Nowlake Business	Equity method	21.7%	15.7	15.9	+0.2	Used car retail financing business in USA
PLM Fleet	Equity method	50.0%	1.6	1.4	-0.2	Leasing and rental of refrigerated trailers in USA
Marubeni Fuyo Auto Investment (Canada)	Equity method	50.0%	1.3	1.3	-0.0	Investment in commercial vehicle rental and leasing business in Canada
Marubeni SuMiT Rail Transport	Equity method	50.0%	0.7	0.8	+0.1	Investment in railcar leasing business in USA
Mizuho Marubeni Leasing	Equity method	50.0%	1.3	1.5	+0.3	General leasing and related businesses
Aircastle Business	Equity method	75.0%	(1.8)	(1.9)	-0.1	Aircraft operating lease business in USA
Marubeni Real Estate Management	Consolidated	100%	0.9	0.7	-0.1	Leasing and subleasing of real estate, management of office buildings and complex facilities
Marubeni Safenet	Consolidated	100%	0.2	0.1	-0.1	Insurance agency and lending business

Construction, Industrial Machinery & Mobility

Construction Machinery Business	-	-	7.1	10.7	+3.5	Sales of construction machinery and related services, financing
Automotive Aftermarket Business	-	-	1.9	2.2	+0.3	Automotive aftermarket business in USA
Marubeni Auto Investment (UK)	Consolidated	100%	0.6	0.4	-0.2	Investment in retail sales business of automobiles in UK
Marubeni Techno-Systems	Consolidated	100%	0.7	1.6	+0.9	Sales, export and import of industrial machinery
Marubeni Ele-Next	Consolidated	100%	1.1	0.6	-0.5	Sales of electrical equipment connecting parts and materials

*1 Total profits of consolidated subsidiaries and share of associates and joint ventures of our FPSO projects.

*2 Total profits of consolidated subsidiaries and share of associates and joint ventures of our overseas water/wastewater services and IWP projects.

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Reference 2. Segment Information

									(Unit: billions of yen)
	Segment		Lifestyle			IT Solutions			Food I
		FYE 3/2023	FYE 3/2024	Change	FYE 3/2023	FYE 3/2024	Change	FYE 3/2023	FYE 3/2024		Change
		Q1-Q2	Q1-Q2	Q1-Q2	Q1-Q2	Q1-Q2	Q1-Q2
Gross Trading Profit	22.6	24.9	+2.3	48.0	48.1	+0.1	26.9	32.2		+5.3
Share of Profits of Associates and Joint Ventures	0.2	0.4	+0.1	0.2	0.2	-0.0	2.2	3.5		+1.3
Net Profit	3.4	4.9	+1.5	4.0	2.4	-1.6	6.2	8.9		+2.7
Adjusted operating profit (*1)	5.8	6.1	+0.3	7.8	5.6	-2.3	4.1	7.9		+3.7
Depreciation and Amortisation	2.2	2.5	+0.3	10.3	11.2	+0.9	1.7	2.0		+0.3
Interest Income	0.0	0.3	+0.2	0.1	0.1	+0.0	0.4	0.4		-0.0
Dividend Income	0.5	0.5	-0.0	0.2	0.2	+0.0	1.4	1.6		+0.2
	Among the above, cash dividends from equity method investees	0.0	-	-0.0	0.1	0.1	-0.0	1.2	1.4		+0.2
Interest paid	(0.4)	(0.9)	-0.5	(0.2)	(0.6)	-0.3	(1.5)	(2.6)		-1.1
Income taxes paid	(2.4)	(2.2)	+0.2	(5.0)	(5.0)	-0.1	(0.8)	(2.4)		-1.6
Core operating cash flow	5.8	6.2	+0.4	13.3	11.5	-1.8	5.4	6.9		+1.5
		Mar. 31, 2023	Sep. 30, 2023	Change	Mar. 31, 2023	Sep. 30, 2023	Change	Mar. 31, 2023	Sep. 30, 2023		Change
Segment Assets	173.9	188.5	+14.6	372.1	363.9	-8.2	426.0	502.6		+76.6
	Current Assets	99.7	110.3	+10.7	150.7	134.1	-16.6	240.4	284.9		+44.5
	Non-current Assets	74.2	78.2	+4.0	221.5	229.8	+8.4	185.6	217.7		+32.1
	Segment		Food II			Agri Business		Forest Products
		FYE 3/2023	FYE 3/2024	Change	FYE 3/2023	FYE 3/2024	Change	FYE 3/2023	FYE 3/2024		Change
		Q1-Q2	Q1-Q2	Q1-Q2	Q1-Q2	Q1-Q2	Q1-Q2
Gross Trading Profit	52.4	40.1	-12.3	150.6	133.7	-17.0	27.4	23.1		-4.3
Share of Profits of Associates and Joint Ventures	2.6	0.6	-2.0	0.5	(0.1)	-0.6	(1.9)	0.7		+2.6
Net Profit	14.3	12.7	-1.5	46.9	27.2	-19.7	4.3	3.1		-1.2
Adjusted operating profit	17.2	16.2	-1.0	65.3	35.4	-29.8	14.1	9.8		-4.3
Depreciation and Amortisation	8.4	6.1	-2.3	15.8	16.8	+1.1	4.5	4.7		+0.2
Interest Income	0.6	0.2	-0.4	2.1	3.3	+1.1	0.1	0.2		+0.1
Dividend Income	0.8	0.7	-0.1	0.2	0.4	+0.2	0.6	0.5		-0.1
	Among the above, cash dividends from equity method investees	0.6	0.5	-0.1	0.2	0.4	+0.2	0.3	0.4		+0.1
Interest paid	(7.1)	(3.5)	+3.6	(2.6)	(4.2)	-1.6	(3.4)	(4.3)		-0.9
Income taxes paid	(10.6)	(2.4)	+8.2	(8.4)	(6.2)	+2.2	(1.3)	(4.4)		-3.1
Core operating cash flow	9.3	17.4	+8.1	72.3	45.5	-26.9	14.7	6.6		-8.1
		Mar. 31, 2023	Sep. 30, 2023	Change	Mar. 31, 2023	Sep. 30, 2023	Change	Mar. 31, 2023	Sep. 30, 2023		Change
Segment Assets	560.4	534.0	-26.4	1,099.3	957.1	-142.2	323.2	352.5		+29.3
	Current Assets	317.3	300.2	-17.1	841.4	657.5	-183.9	134.2	147.6		+13.4
	Non-current Assets	243.1	233.8	-9.2	257.9	299.5	+41.7	189.0	204.9		+15.9

*1 Adjusted operating profit = Gross trading profit + SGA expenses

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