Marubeni : Full-year IR Supplementary Information (Updated on May 15, 2024)

IR Supplementary Information

May 2, 2024

Marubeni Corporation

Consolidated Financial Results for the Fiscal Year Ended 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.	Natural Resource Investments: Major Projects	・	・	・	12
Reference 4.	Outstanding Balance of Country Exposure	・	・	・	13
Reference 5.	Aircraft Leasing Business in the U.S.	・	・	・	14

(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 year

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

Profit attributable to non-controlling interests

FYE 3/2023	FYE 3/2024	Change
Results	Results	Change in
			percentage
9,190.5	7,250.5	-1,940.0	-21%
1,051.3	1,065.8	+14.5	1%
(704.5)	(781.2)	-76.7	11%
(6.0)	(8.3)	-2.3	39%
340.8	276.3	-64.5	-19%
(31.7)	(40.8)	-9.1	29%
10.4	18.0	+7.7	74%
45.5	2.2	-43.3	-95%
286.8	311.4	+24.6	9%
651.7	567.1	-84.6	-13%
(98.9)	(84.6)	+14.3	-14%
552.8	482.5	-70.3	-13%
543.0	471.4	-71.6	-13%
9.8	11.1	+1.3	13%

	(Unit: billions of yen)
FYE 3/2025
Forecasts	Year on year

1,140.0	+74.2
(820.0)	-38.8
(10.0)	-1.7
310.0	+33.7
(50.0)	-9.2
5.0	-13.0
35.0	+32.8
300.0	-11.4
600.0	+32.9
(110.0)	-25.4
490.0	+7.5
480.0	+8.6
10.0	-1.1

＜Gross trading profit＞
・ Agri Business		+27.6	(	231.4	→	259.0 )	Improvement in the fertilizer wholesale business in the U.S.
・ Construction, Industrial Machinery & Mobility	+18.8	(	106.2	→	125.0 )	Increases in profits from the increased sales volume and others in the automotive-related business and the construction machinery business
・ Metals & Mineral Resources	-28.8 (	89.3	→	60.5 )	Decrease in profit from the Australian coking coal business caused by decline in market prices
＜Non-operatingother-net＞
・ Gains (losses) on investment securities	-54.0 (	57.5	→	3.5 )	Absence of gains on the sale of Gavilon's grain business recognized in the previous fiscal year
＜Share of profits of associates and joint ventures＞
・ Forest Products		+13.9	(	-11.3	→	2.6 )	Absence of impairment loss on investment in the domestic paper manufacturing and sales business recognized in the previous fiscal year
							and others
・ Power		+8.5	(	40.7	→	49.2 )	Increases in profits from the overseas power generation businesses and others
・ Metals & Mineral Resources	-16.4 (	155.0	→	138.7 )	Decrease in profit from the Australian coking coal business caused by decline in market prices and others
＜Net profit＞	Consolidated	-71.6(	543.0	→	471.4 )	Net profit for FYE 3/2024 amounted to 471.4 billion yen, with 71.6 billion yen (13%) year-on-year decrease
	Non-resources	-55.8 (	344.3	→	288.5 )	The forecast for FYE 3/2025 is 480.0 billion yen
	Resources	-27.9 (	190.8	→	162.9 )
	Other	+12.1	(	7.9	→	20.0 )

*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", "Other income" and "Other expenses."
*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

(Unit: billions of yen)

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	FYE	Change	Main reasons for increase/decrease
3/2023	3/2024
6.8	9.9	+3.1	Increase in profit from the trading of apparel and other products
Absence of the one-time loss related to the planning, manufacturing, and sales of apparel and other products recognized in
			the previous fiscal year
9.5	7.8	-1.8	Increased expenses concerning the establishment of an intermediate holding company of an IT-related business and others
11.6	17.0	+5.4	Increases in profits from the instant coffee manufacturing and sales business, the instant noodles production and sales
business, and the domestic confectionary wholesale business
76.9	18.0	-58.9	Decrease in profit of the beef processing and sales business and others
Absence of gains on sale of Gavilon's grain business recognized in the previous fiscal year
42.7	41.5	-1.2	Decreases in profits of Helena against the backdrop of lower prices of agri-inputs including agrichemical and others
Improvement in the fertilizer wholesale business in the U.S.
			Lower profit of the MUSI pulp business resulting from the deteriorated pulp market prices and others
(9.4)	(14.2)	-4.8	Impairment loss on fixed assets in the business of containerboard manufacturing and distribution and sales of packaging
goods in Vietnam
			Absence of an impairment loss on investment in the domestic paper manufacturing and sales business recognized in the
			previous fiscal year
14.3	7.0	-7.2	Decreases in profits from petrochemicals and inorganic chemicals trading
Impairment loss on goodwill in the feed additives sales business and others
199.4	163.5	-35.9	Decrease in profit of the Australian coking coal business caused by decline in market prices, and others
38.7	39.2	+0.6	Decrease in profit from oil and gas E&P caused by lower oil and gas prices and others
Absence of an impairment loss on oil and gas E&P recognized in the previous fiscal year and others
40.0	47.3	+7.3	Increases in profits from the overseas power generation businesses and others
8.8	16.9	+8.1	One-time gains related to an overseas infrastructure project and others
28.2	26.4	-1.8	Decline in profit in the ship owning and operating business following the weaker ship market conditions
Profit increase in the aviation-related business due to a recovery in demand
			Increase in profits of the domestic real estate business
43.7	43.9	+0.1	Decrease in profit of the U.S. used car retail financing business
Received cash settlement proceeds in respect of aircraft leases to Russian airlines in the U.S. aircraft leasing business and
			others
23.8	27.1	+3.3	Increase in profit of the construction machinery business
(5.1)	0.3	+5.5	Increase in profit from the healthcare turnkey solutions provider business in the Middle East
Absence of the bad debt expense posted in the previous fiscal year and others
(2.0)	(3.1)	-1.1	Increase in expenses associated with the establishment of subsidiaries and others
15.1	22.7	+7.7	Improvement in tax expense
543.0	471.4	-71.6
344.3	288.5	-55.8
190.8	162.9	-27.9
7.9	20.0	+12.1

Adjusted net profit (*3)

FYE	FYE	Change
3/2023	3/2024

9.0	10.0	+1.0
10.0	8.0	-2.0
12.0	17.0	+5.0
25.0	19.0	-6.0
39.0	37.0	-2.0
5.0	5.0	0.0
14.0	8.0	-6.0
201.0	155.0	-46.0
46.0	36.0	-10.0
54.0	60.0	+6.0
9.0	9.0	0.0
31.0	30.0	-1.0
40.0	39.0	-1.0
23.0	27.0	+4.0
(1.0)	(2.0)	-1.0
(2.0)	(3.0)	-1.0
9.0	12.0	+3.0
526.0	467.0	-59.0
321.0	307.0	-14.0
199.0	152.0	-47.0
6.0	8.0	+2.0

			Net profit
Operating Segment (*4)	FYE	FYE
3/2025	Change
		3/2024
		Forecasts
Lifestyle	9.9	11.0	+1.1
Forest Products	(14.2)	9.0	+23.2
IT Solutions	7.8	8.0	+0.2
Food I	17.0	17.0	+0.0
Food II	18.0	22.0	+4.0
Agri Business	41.5	44.0	+2.5
Chemicals	7.0	13.0	+6.0
Metals & Mineral Resources	163.5	149.0	-14.5
Energy	39.2	75.0	+35.8
Power	47.3	43.0	-4.3
Infrastructure Project	16.9	11.0	-5.9
Aerospace & Ship	26.4	27.0	+0.6
Finance, Leasing	43.9	53.0	+9.1
& Real Estate Business
Construction, Industrial	27.1	32.0	+4.9
Machinery & Mobility
Next Generation	0.3	1.0	+0.7
Business Development
Next Generation	(3.1)	(3.0)	+0.1
Corporate Development
Other	22.7	(32.0)	-54.7
Consolidated	471.4	480.0	+8.6
	Non-resources (*2)	288.5	325.0	+36.5
	Resources (*2)	162.9	189.0	+26.1
	Other (*2)	20.0	(34.0)	-54.0

Adjusted net profit (*3)
FYE	FYE
3/2025	Change
3/2024
Forecasts
10.0	11.0	+1.0
5.0	10.0	+5.0
8.0	8.0	0.0
17.0	17.0	0.0
19.0	22.0	+3.0
37.0	43.0	+6.0
8.0	13.0	+5.0
155.0	149.0	-6.0
36.0	33.0	-3.0
60.0	39.0	-21.0
9.0	11.0	+2.0
30.0	32.0	+2.0
39.0	48.0	+9.0
27.0	32.0	+5.0
(2.0)	0.0	+2.0
(3.0)	(3.0)	0.0
12.0	(5.0)	-17.0
467.0	460.0	-7.0
307.0	321.0	+14.0
152.0	147.0	-5.0
8.0	(8.0)	-16.0

*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 FYE 3/2023 has been reclassified.

Additionally, for "New Energy Business Development Dept." which was 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 FYE 3/2023 has been reclassified.

*2 Business fields	Resources: Total of "Energy" and "Metals & Mineral Resources" excluding "Steel Products Dept."
	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.

*4 Effective from the FYE 3/2025, parts of "IT Solutions" have been incorporated into "Infrastructure Project." In conjunction with this organizational change, operating segment information for the FYE 3/2024 has been reclassified in the comparison for the FYE 3/2024 - FYE 3/2025 (forecasts).

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					FYE	FYE 3/2024
Q1	Q2	Q3	Q4	3/2023	Q1	Q2	Q3	Q4	3/2024	Main Items
(1.0)	0.0	0.0	(1.0)	(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
0.0	0.0	0.0	(1.0)	(1.0)	0.0	0.0	0.0	(1.0)	0.0
0.0	1.0	57.0	(6.0)	52.0	2.0	0.0	0.0	(3.0)	(1.0)
0.0	(1.0)	0.0	4.0	4.0	0.0	2.0	2.0	0.0	4.0
0.0	0.0	(8.0)	(7.0)	(15.0)	0.0	0.0	0.0	(19.0)	(19.0)	Impairment loss on fixed asset in the business of containerboard manufacturing and
distribution and sales of packaging goods in Vietnam (approx. -19.0 billion yen)
										Impairment loss on goodwill in the feed additives sales business (approx. -4.0 billion yen)
0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.0	(4.0)	(1.0)	Revaluation gain and others on the consolidation of manufacturing and sales business of
										spices and seasonings (Euroma) in the Netherlands (approx. 2.0 billion yen)
0.0	0.0	0.0	(2.0)	(2.0)	6.0	0.0	0.0	2.0	9.0	Special dividend from a general investment (approx. 6.0 billion yen)
2.0	(4.0)	0.0	(5.0)	(7.0)	(1.0)	1.0	0.0	3.0	3.0
										Additional loss on construction in the EPC project in Taiwan (approx. -12.0 billion yen)
3.0	(5.0)	4.0	(15.0)	(14.0)	0.0	(3.0)	(3.0)	(7.0)	(13.0)	Impairment loss on investment in IPP Projects (approx. -5.0 bn yen)
Gains related to overseas wholesale and retail power sales business
										(Change in revenue recognition method for certain contracts) (approx. 4.0 billion yen)
0.0	0.0	0.0	(1.0)	0.0	0.0	2.0	0.0	7.0	8.0	Gains related to overseas infrastructure project (approx. 6.0 billion yen)
0.0	0.0	(2.0)	(1.0)	(3.0)	0.0	0.0	(3.0)	0.0	(3.0)	Impairment loss on LNG carriers owning and operating business (approx. -3.0 billion yen)
										Received cash settlement proceeds in respect of aircraft previously leased to Russian
2.0	(1.0)	(1.0)	3.0	3.0	0.0	1.0	3.0	1.0	5.0	airlines in the Aircraft leasing business (Aircastle business, USA)
										(approx. 4.0 billion yen)
0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
0.0	(2.0)	0.0	(2.0)	(4.0)	1.0	0.0	1.0	0.0	2.0
0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
(2.0)	1.0	(9.0)	17.0	6.0	(2.0)	(2.0)	2.0	12.0	10.0	Improvement in tax expense
3.0	(11.0)	40.0	(15.0)	17.0	7.0	0.0	5.0	(7.0)	5.0

* 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

Cash flow from operating activities

Core operating cash flow (*1)

Increase/decrease in working capital and others

Cash flow from investing activities

New investments

CAPEX and others (*2)

Divestments

Free cash flow

Free cash flow after shareholder distributions

(excluding increase/decrease in working capital and others)

FYE 3/2023	FYE 3/2024	Change
606.3	442.5	-163.9
584.2	548.0	-36.2
22.2	(105.5)	-127.7
156.8	(334.4)	-491.2
(130.2)	(273.5)	-143.3
(117.5)	(168.1)	-50.6
404.5	107.2	-297.3
763.1	108.0	-655.1
572.8	24.9	-547.9

FYE 3/2025

Forecasts

470.0

570.0

(100.0)

(510.0)

(400.0)

(180.0)

70.0

(40.0)

(140.0)

*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

Total assets

Net interest-bearing debt

Equity attributable to owners of the parent

Net DE ratio

March 31, 2023	March 31, 2024	Change
7,953.6	8,923.6	+970.0
1,483.1	1,902.4	+419.3
2,877.7	3,459.7	+581.9
0.52 times	0.55 times	+0.03 points

Forecasts for

March 31, 2025

around 2,200.0

around 3,300.0

around 0.6~0.7 times

＜Cash Flows＞

• Net cash provided by operating activities was 442.5 billion yen due to operating revenue and dividend income despite an increase of working capital and others.
• Net cash used by investing activities was 334.4 billion yen, mainly due to 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 inflow of 108.0 billion yen.

＜Financial Position＞

• Net interest-bearing debt increased by 419.3 billion yen from the end of the previous fiscal year to 1,902.4 billion yen, due to the optional repayment of the perpetual subordinated loan(*3) as well as dividend payments and others.
• Equityand attributable to owners of the parent increased by 581.9 billion yen from the end of the previous fiscal year to 3,459.7 billion yen, due to an increase in retained earnings by net profit accumulation 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（Updated on May 15, 2024）

(Unit: billions of yen)

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

Lifestyle

Marubeni Fashion Link	Consolidated	100%	0.9	1.7	+0.8	Planning, manufacturing and sales of apparel and goods
Saide Tekstil Sanayi ve Ticaret	Equity method	45.5%	0.1	0.1	+0.1	Planning, manufacturing and sales of apparel and goods
Marubeni Intex	Consolidated	100%	1.4	1.4	+0.0	Sales of industrial materials, lifestyle materials and lifestyle products
B-Quik Business	Consolidated	90.0%	3.8	4.3	+0.6	Car maintenance business in the ASEAN
Conveyor belt distribution business	Consolidated	100%	2.3	1.8	-0.4	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%	-	3.6	-	Providing IT and digital solutions including information systems, cloud computing, security, networking,
and data centers
Marubeni Information Systems (*1)	Consolidated	100%	1.8	-	-	IT solution provider for full range of IT lifecycle in every industry
Marubeni IT Solutions (*1)	Consolidated	80.0%	1.3	-	-	Sales planning of information and communication systems, design, and development of software
MX Mobiling	Consolidated	100%	3.6	4.1	+0.4	Sales of mobile phones and related products
ARTERIA Networks (*2)	Consolidated	66.7%	2.6	2.4	-0.2	Provision of various network services for businesses and condominiums
Marubeni Logistics	Consolidated	100%	1.5	1.3	-0.3	International combined transport operation (NVOCC) , 3PL (Third-party Logistics), ocean & air freight
forwarding, consultancy relating to logistics

Food I

	Yamaboshiya	Consolidated	75.6%	1.3	2.4	+1.1	Wholesale of confectionary products to mass-retail and convenience stores
	United Super Markets Holdings Inc. (*3,4)	-	-	0.2	0.0	-0.2	Supermarket operations in the Tokyo metropolitan area
	The Nisshin OilliO Group (*3)	Equity method	16.0%	1.8	2.4	+0.6	Processing and sales of edible oil business
	Cia. Iguacu de Cafe Soluvel	Consolidated	100%	(0.2)	1.6	+1.8	Manufacturing and sales of instant coffee in Brazil
	Marubeni Foods	Consolidated	100%	0.7	1.1	+0.4	Import, export and sales of food products
	Benirei	Consolidated	100%	1.3	0.8	-0.5	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 Q2 of FYE 3/2024 results.
*3	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	Shares transfer has been completed on December 29, 2023.

5

(Unit: billions of yen)

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

Food II

Creekstone Farms Premium Beef	Consolidated	100%	12.5	4.6	-7.9	Production, processing and sales of beef, etc. in USA
Wellfam Foods	Consolidated	100%	3.6	3.3	-0.3	Marketing of livestock, meats and processed products
Rangers Valley Cattle Station	Consolidated	100%	0.2	(2.0)	-2.3	Cattle raising and beef sales business in Australia
S FOODS (*1)	Equity method	15.3%	1.6	1.4	-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%	(1.8)	0.9	+2.7	Origination, storage, exporting and domestic sales of grain produced in North America
Marubeni Nisshin Feed	Consolidated	60.0%	(1.4)	1.9	+3.3	Manufacture and sales of livestock feed
Pacific Grain Terminal	Consolidated	78.4%	0.9	0.8	-0.1	Warehousing, stevedoring and transportation operations

Agri Business

Helena Agri-Enterprises	Consolidated	100%	47.0	39.4	-7.7	Sales of agricultural materials and provision of various services in USA
Adubos Real	Consolidated	80.0%	2.7	2.3	-0.3	Sales of agricultural materials and provision of various services in Brazil
MacroSource (*3)	Consolidated	100%	(6.3)	3.2	+9.5	Wholesale of fertilizer in USA, etc.

Forest Products

MUSI Pulp Project	Consolidated	TEL 85.1%	9.0	0.3	-8.6	Forestry (Afforestation of hardwood), production and sales of pulp in Indonesia
MHP 100%
WA Plantation Resources	Consolidated	100%	1.8	1.3	-0.5	Wood chip production and plantation in Australia
Kraft of Asia Paperboard & Packaging	Consolidated	100%	(14.3)	(22.7)	-8.5	Manufacture and sales of containerboard and sales of packaging goods in Vietnam
Koa Kogyo	Consolidated	80.0%	1.2	3.4	+2.2	Manufacture and sales of corrugating medium and linerboard
Fukuyama Paper	Consolidated	55.0%	1.0	1.8	+0.8	Manufacture and sales of corrugating medium and core board
Marubeni Forest LinX	Consolidated	100%	1.4	2.1	+0.7	Wholesale of forest products including all types of paper
Santher-FÁBRICA DE PAPEL SANTA THEREZINHA	Equity method	49.0%	(0.2)	1.9	+2.1	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 FYE 3/2023 results.

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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

Chemicals

Marubeni Plax	Consolidated	100%	2.2	1.5	-0.7	Domestic sales and foreign trade of plastic resins and products
Olympus Holding (Orffa)	Consolidated	100%	(0.1)	(4.4)	-4.2	Sales of feed additives
Marubeni Chemix	Consolidated	100%	2.0	1.6	-0.4	Domestic sales and foreign trade of organic chemicals and functional chemicals

Metals & Mineral Resources

Roy Hill Iron Ore Project	Equity method	15.0%	28.5	42.4	+13.9	Investment in iron ore business in Australia
Marubeni Resources Development	Consolidated	100%	98.8	63.0	-35.8	Investment in steelmaking material business in Australia
Marubeni LP Holding	Consolidated	100%	18.5	10.1	-8.4	Investment in copper business in Chile
Marubeni Metals & Minerals (Canada)	Consolidated	100%	3.7	1.3	-2.4	Smelting and sales of aluminum ingots in Canada
Marubeni Aluminium Australia	Consolidated	100%	1.9	(2.7)	-4.6	Smelting and sales of aluminum ingots in Australia
Marubeni-Itochu Steel	Equity method	50.0%	47.8	40.1	-7.6	Sales and business management of steel products

Energy

LNG Projects	-	-	8.1	8.4	+0.3	Liquefaction of natural gas overseas
Oil & Gas E&P	Consolidated	100%	8.3	12.2	+3.9	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%	2.1	3.1	+1.0	Import and sales of LPG, and sales of new energy-related equipment
MIECO	Consolidated	100%	4.9	4.1	-0.8	Sales of all types of petroleum products and natural gas

Power

IPP Projects (*1)	-	-	42.3	55.8	+13.5	Overseas and domestic power generation
SmartestEnergy	Consolidated	100%	27.8	25.6	-2.2	Electricity aggregation and retail business in UK

*1 Total profits of consolidated subsidiaries and share of associates and joint ventures of our IPP projects. Due to reorganization implemented in the FYE 3/2024, figures for the FYE 3/2023 have been replaced.

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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

Infrastructure Project

FPSO Projects (*1)	-	-	5.3	5.6	+0.2	FPSO project investment and management
Overseas Water/Wastewater Services and IWP Projects (*2)	-	-	6.8	10.5	+3.7	Overseas water/wastewater services and IWP projects

Aerospace & Ship

Marubeni Aviation Asset Investment (*3)	Consolidated	100%	0.5	4.2	+3.7	Investment in aircraft parts trading business in USA
Vessel owning and operating business	Consolidated	100%	24.5	14.3	-10.1	Owning and operating of vessels

Finance, Leasing & Real Estate Business

Nowlake Business	Equity method	21.7%	29.6	28.9	-0.7	Used car retail financing business in USA
PLM Fleet	Equity method	50.0%	3.1	2.9	-0.3	Leasing and rental of refrigerated trailers in USA
Marubeni Fuyo Auto Investment (Canada)	Equity method	50.0%	2.6	1.9	-0.7	Investment in commercial vehicle rental and leasing business in Canada
Marubeni SuMiT Rail Transport	Equity method	50.0%	1.5	1.9	+0.4	Investment in railcar leasing business in USA
Mizuho Marubeni Leasing	Equity method	50.0%	2.0	2.8	+0.8	General leasing and related businesses
Aircastle Business	Equity method	75.0%	(1.0)	2.6	+3.6	Aircraft operating lease business in USA
Marubeni Real Estate Management	Consolidated	100%	1.1	1.0	-0.1	Leasing and subleasing of real estate, management of office buildings and complex facilities
Marubeni Safenet	Consolidated	100%	0.5	0.4	-0.1	Insurance agency business

Construction, Industrial Machinery & Mobility

Construction Machinery Business	-	-	14.3	19.2	+5.0	Sales of construction machinery and related services, financing
Automotive Aftermarket Business	-	-	3.3	4.4	+1.1	Automotive aftermarket business in USA
Marubeni Auto Investment (UK)	Consolidated	100%	1.1	0.5	-0.5	Investment in retail sales business of automobiles in UK
Marubeni Techno-Systems	Consolidated	100%	2.0	2.7	+0.7	Sales, export and import of industrial machinery
Marubeni Ele-Next	Consolidated	100%	2.1	1.0	-1.1	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. *3 The company name has been changed from Marubeni Aviation Parts Trading LLC to Marubeni Aviation Asset Investment LLC in December 2023.

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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
Gross Trading Profit	47.1	56.6	+9.5	99.1	102.8	+3.8	56.9	69.5		+12.6
Share of Profits of Associates and Joint Ventures	(0.2)	0.3	+0.5	0.6	0.1	-0.5	4.7	7.1		+2.3
Net Profit	6.8	9.9	+3.1	9.5	7.8	-1.8	11.6	17.0		+5.4
Adjusted operating profit (*)	12.4	13.4	+1.0	17.7	15.4	-2.3	10.1	17.6		+7.4
Depreciation and Amortisation	4.7	6.1	+1.4	20.7	22.7	+2.1	3.4	5.3		+1.9
Interest Received	0.1	0.7	+0.6	0.2	0.2	+0.0	0.7	0.9		+0.2
Dividends Received	1.3	0.7	-0.5	0.3	0.4	+0.2	2.7	2.7		+0.0
	Among the above, cash dividends from equity method investees	0.7	0.1	-0.6	0.1	0.2	+0.1	2.0	2.0		+0.0
Interest paid	(1.0)	(2.2)	-1.2	(0.6)	(1.2)	-0.6	(4.4)	(6.4)		-2.1
Income taxes paid	(3.5)	(3.4)	+0.0	(6.8)	(6.9)	-0.1	(3.5)	(4.8)		-1.3
Core operating cash flow	14.0	15.4	+1.4	31.4	30.7	-0.7	9.0	15.3		+6.3
		Mar. 31, 2023	Mar. 31, 2024	Change	Mar. 31, 2023	Mar. 31, 2024	Change	Mar. 31, 2023	Mar. 31, 2024		Change
Segment Assets	173.9	187.5	+13.7	372.1	384.7	+12.5	426.0	549.4		+123.4
	Current Assets	99.7	110.6	+11.0	150.7	152.1	+1.5	240.4	335.5		+95.1
	Non-current Assets	74.2	76.9	+2.7	221.5	232.5	+11.1	185.6	213.9		+28.3
	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
Gross Trading Profit	93.5	78.1	-15.4	231.4	259.0	+27.6	50.2	43.4		-6.8
Share of Profits of Associates and Joint Ventures	3.6	1.2	-2.4	1.2	0.8	-0.5	(11.3)	2.6		+13.9
Net Profit	76.9	18.0	-58.9	42.7	41.5	-1.2	(9.4)	(14.2)		-4.8
Adjusted operating profit (*)	33.0	28.1	-4.8	49.7	48.6	-1.1	24.0	16.8		-7.2
Depreciation and Amortisation	14.8	12.9	-1.9	31.8	38.2	+6.3	9.1	9.4		+0.3
Interest Received	2.8	1.0	-1.8	3.9	4.8	+0.9	0.2	0.3		+0.1
Dividends Received	1.8	5.4	+3.6	0.3	0.4	+0.0	1.0	0.8		-0.2
	Among the above, cash dividends from equity method investees	1.4	5.1	+3.6	0.3	0.4	+0.0	0.6	0.5		-0.0
Interest paid	(11.6)	(6.7)	+4.9	(7.8)	(7.7)	+0.1	(8.1)	(8.3)		-0.3
Income taxes paid	(18.1)	(5.2)	+12.8	(17.5)	(9.6)	+7.9	(2.7)	(7.4)		-4.7
Core operating cash flow	22.8	35.5	+12.8	60.4	74.6	+14.1	23.5	11.6		-11.9
		Mar. 31, 2023	Mar. 31, 2024	Change	Mar. 31, 2023	Mar. 31, 2024	Change	Mar. 31, 2023	Mar. 31, 2024		Change
Segment Assets	560.4	536.4	-24.0	1,099.3	1,222.4	+123.1	323.2	338.6		+15.3
	Current Assets	317.3	298.1	-19.2	841.4	901.0	+59.5	134.2	148.6		+14.4
	Non-current Assets	243.1	238.3	-4.8	257.9	321.4	+63.5	189.0	190.0		+1.0

* Adjusted operating profit = Gross trading profit + SGA expenses

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