Consolidated Financial Results for the Nine-Month Period Ended December 31, 2023 [IFRS]Tokyo, February 2, 2024 - Mitsui & Co., Ltd. announced its consolidated financial results for the nine-month period ended December
31, 2023, based on International Financial Reporting Standards ("IFRS").
Mitsui & Co., Ltd. and subsidiaries( Web Site : https://www.mitsui.com/jp/en/ )President and Chief Executive Officer : Kenichi Hori
Investor Relations Contacts : Hideaki Konishi, Investor Relations Division TEL 81-3-3285-1111
1. Consolidated financial results(1) Consolidated operating results information for the nine-month period ended December 31, 2023
(from April 1, 2023 to December 31, 2023)
Nine-month period ended December 31,
2023

2022
%

%

(9.4) 11,036,515

28.5

Revenue

Millions of Yen

9,998,472

Profit before Income Taxes

Millions of Yen

933,537(12.3)

1,064,819

28.0

Profit for the Period

Millions of Yen

743,209(13.8)

862,348

32.6

Profit for the Period Attributable to Owners of the Parent

Millions of Yen

726,407(13.6)

840,787

32.8

Comprehensive Income for the Period

Millions of Yen

1,118,820

20.4

929,389

30.7

Earnings per Share Attributable to Owners of the Parent, Basic

Yen

480.90533.17

Earnings per Share Attributable to Owners of the Parent, Diluted

Yen

480.58532.99Note:
Percentage figures for Revenue, Profit before Income Taxes, Profit for the Period, Profit for the Period Attributable to Owners of the
Parent, and Comprehensive Income for the Period represent changes from the previous year.
(2) Consolidated financial position information
December 31, 2023

March 31, 2023

Total Assets

Millions of Yen

16,488,932

15,380,916

Total Equity

Millions of Yen

7,324,741

6,565,148

Total Equity Attributable to Owners of the Parent

Millions of Yen

7,100,696

6,367,750

Equity Attributable to Owners of the Parent Ratio

%

43.1

41.4

2. Dividend information
Year ended March 31,2024

Year ending March
31, 2024 (Forecast)

2023

Interim dividend per share

Yen

Year-end dividend per share

Yen

75

85

Annual dividend per share

Yen

140

170

Note :
Change from the latest released dividend forecast: None

85

65

3. Forecast of consolidated operating results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Year ending
March 31, 2024
Profit Attributable to Owners of the Parent
Earnings per Share Attributable to Owners of the Parent, Basic

Millions of Yen

950,000

Yen

630.20Note :
Change from the latest released earnings forecast: Yes
4. Others(1) Increase/decrease of important subsidiaries during the period : Yes
Excluded: 1 company (MOEX North America)(2) Changes in accounting policies and accounting estimates :(i) Changes in accounting policies required by IFRS
Yes(ii) Other changes(iii) Changes in accounting estimates

None
Yes

Note :For further details please refer to page 29 "4. Condensed Consolidated Financial Statements (6) Changes in Accounting Policies andChanges in Accounting Estimates".
(3) Number of shares outstanding (common stock)
December 31, 2023
Number of Shares (Including Treasury Stock)
Number of Treasury Stock

March 31, 2023

1,522,687,968

1,544,660,544

22,724,839

20,361,049

Nine-month period ended Nine-month period ended
December 31, 2023
December 31, 2022
Average Number of Shares

1,510,522,471

1,576,960,820

This quarterly earnings report is not subject to quarterly review.
A Cautionary Note on Forward-Looking Statements:
This report contains forward-looking statements including those concerning future performance of Mitsui & Co., Ltd. ("Mitsui"), andthose statements are based on Mitsui’s current assumptions, expectations and beliefs in light of the information currently possessed byit. Various factors may cause Mitsui’s actual results to be materially different from any future performance expressed or implied bythese forward-looking statements.
Therefore, these statements do not constitute a guarantee by Mitsui that such future performance will be realized.
For cautionary notes with respect to forward-looking statements, please refer to the "Notice" section on page 23.
Supplementary materials and IR meetings on financial results:
Supplementary materials on financial results can be found on our web site.
We will hold an IR meeting on financial results for analysts and institutional investors on February 2, 2024.
Contents of the meeting (English and Japanese) will be posted on our web site immediately after the meeting.

Table of Contents
1. Qualitative Information(1) Operating Environment……………………………………………………………………...………….…... 2(2) Results of Operations……………………………………………………………………………………….. 3(3) Financial Condition and Cash Flows……………………………………………………………………….. 13
2. Management Policies(1) Forecasts for the Year Ending March 31, 2024......................…………………………………………….... 20(2) Profit Distribution Policy................................................................................................................................ 23
3. Other Information…………………………………………………………………………………………….. 23
4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position........................................................…................ 24(2) Condensed Consolidated Statements of Income and Comprehensive Income...............................…............ 26(3) Condensed Consolidated Statements of Changes in Equity...............................................................…........ 27(4) Condensed Consolidated Statements of Cash Flows..............................................................................….... 28(5) Assumption for Going Concern..................................................................................................................… 29(6) Changes in Accounting Policies and Changes in Accounting Estimates........................................................ 29(7) Segment Information.................................................................................................….................................. 30(8) The Fire Incident of Intercontinental Terminals Company............................................................................ 31(9) Impact of the Security Situation in Northern Mozambique on LNG Project.................................................. 31(10) Impact of the Russia-Ukraine Situation on the Russian LNG Business........................................................ 31- 1 -1. Qualitative Information
As of the date of disclosure of this quarterly earnings report, the review procedures for quarterly financial
statements in accordance with the Financial Instruments and Exchange Act are in progress.
As used in this report, “Mitsui” and the “Company” refer to Mitsui & Co., Ltd. (Mitsui Bussan Kabushiki Kaisha),and “we”, “us”, “our” and the “companies” are used to indicate Mitsui & Co., Ltd. and its subsidiaries, unlessotherwise indicated.

(1) Operating Environment
In the nine-month period ended December 31, 2023, the US economy was generally firm while growth in Europe
continued to stall and China’s recovery was weak. As a result, the overall global economy continued to slow.

In the US, the economy showed overall strength, supported by persistent consumer spending against a backdrop ofsolid employment, but there was a sense of a slowdown in the last quarter due to the effects of monetary tightening.
Looking ahead, as inflation further settles down, consumer spending is expected to pick up and the Federal Reserveis expected to lower interest rates, leading to expectations the economy will gradually emerge from this slowdown
and transition into a recovery phase. In Europe, the economy continued to stall due to the impact of monetary
tightening and a slump in exports. Looking ahead, although there are hopes of a recovery in consumer spending as
inflation settles down, a slow recovery in China, a major export destination for the region, is expected to lead to aconsiderably slow recovery pace. In Japan, domestic demand including consumer spending and capital investment
was weak, but the economy continued to recover, albeit slowly, due in part to an increase in exports, including
automobiles, and a recovery in inbound demand. Looking ahead, although there are concerns about the impact of
the Noto Peninsula earthquake and other factors, the recovery trend is expected to continue as consumer spending is
expected to pick up due to favorable employment and income conditions. In China, investment in real estatedevelopment decreased and exports were sluggish leading to a weak economic situation. Looking ahead, there areconcerns over a prolonging of the situation in the real estate market. However, expansive policies are being put inplace and there are expectations that the economy will be bottoming out. In Brazil, as inflation eased, a lowering ofinterest rates began in August 2023, and there are expectations for a pick-up in consumer spending and capital
investment. In Russia, in addition to lower oil prices, downward pressure on economic activity is expected toremain due to economic sanctions imposed by the international community, but an increase in annual expenditure,such as defense spending, is leading to growth.
The global economy is expected to breakout from a period of deceleration in the second half of 2024 onwards, as
inflation in the US, Europe, and other developed countries is expected to settle down, and as the US is expected toshift away from its tight monetary policy through lower interest rates and other means. However, geopolitical risks
such as increased instability in the Middle East remain a concern.

- 2 -(2) Results of Operations
1) Analysis of Consolidated Income Statements(Billions of Yen)

Current Period

Previous Period

Revenue

9,998.5

11,036.5(1,038.0)

Gross Profit

984.4

1,018.2(33.8)

Selling, General and Administrative Expenses(586.3)(511.7)(74.6)

Gain (Loss) on Securities and Other
Investments—Net

150.1

54.5

+95.6

Impairment Reversal (Loss) of Fixed
Assets—Net(12.8)(16.1)+3.3

Gain (Loss) on Disposal or Sales of
Fixed Assets—Net

15.1

16.8

(1.7)

Other Income (Expense)—Net(23.6)

22.8(46.4)

Interest Income

50.5

32.3

+18.2

Dividend Income

95.8

103.4

(7.6)

Interest Expense(121.9)(72.9)(49.0)

Share of Profit (Loss) of Investments Accounted for
Using the Equity Method

382.1

417.4

(35.3)

Income Taxes(190.3)(202.5)+12.2

Profit for the Period

743.2

862.3

(119.1)

Profit for the Period Attributable to Owners of the Parent

726.4

840.8

(114.4)

Other Income(Expenses)

Finance Income(Costs)Change* May not match with the total of items due to rounding off. The same shall apply hereafter.
Revenue

Revenue for the nine-month period ended December 31, 2023 (“current period”) was ¥9,998.5 billion, a decrease of¥1,038.0 billion from ¥11,036.5 billion for the corresponding nine-month period of the previous year (“previous
period”).
Gross Profit

Mainly the Energy and Mineral & Metal Resources segments recorded a decrease, while the Lifestyle andMachinery & Infrastructure segments recorded an increase.

- 3 -Selling, General and Administrative Expenses
Mainly the Lifestyle and Machinery & Infrastructure segments recorded an increase in expenses. The table provides

a breakdown of Selling, General and Administrative Expenses.
Billions of Yen
Current Period
Personnel …………………………………….

¥(316.7)

Previous Period¥(278.7)

Change*¥(38.0)

Welfare ………………………………………

(11.8)(10.1)(1.7)

Travel ………………………………………..

(24.1)(18.6)(5.5)

Entertainment ………………………………..

(5.5)

(4.6)

(0.9)

Communication ……………………………...

(45.5)(40.1)(5.4)

Rent ………………………………………….

(10.4)

(8.3)

(2.1)

Depreciation …………………………………

(35.9)(31.4)(4.5)

Fees and Taxes ………………………………

(9.9)(12.1)+2.2

Loss Allowance ……………………………...

(14.5)(15.0)+0.5

Others ………………………………………..

(112.0)(92.8)(19.2)

Total …………………………………………

¥(586.3)¥(511.7)¥(74.6)*Negative amounts in the “Change” column displayed in parentheses represent an increase in expenses.

Other Income (Expenses)
Gain (Loss) on Securities and Other Investments—Net
For the current period, mainly the Machinery & Infrastructure, Lifestyle, Innovation & Corporate Development,
and Chemicals segments recorded profit and loss related to securities.
For the previous period, mainly the Mineral & Metal Resources and Innovation & Corporate Development
segments recorded a gain on sales of securities, while the Machinery & Infrastructure segment recorded an
impairment loss.
Impairment Reversal (Loss) of Fixed Assets—Net
For the current and previous periods, mainly the Machinery & Infrastructure segment recorded an impairment lossof fixed assets.
Gain (Loss) on Disposal or Sales of Fixed Assets—Net
For the current and previous periods, mainly the Innovation & Corporate Development segment recorded a gain on
sales of fixed assets.
Other Income (Expense)—Net

For the current and previous periods, multiple segments recorded profit and loss related to provisions, foreignexchange, commodity prices, and interest rates. Also, while the Energy segment recorded a profit in accordancewith the sale of a business, the Lifestyle segment declined due to a valuation on an options contract.
Finance Income (Costs)
Dividend Income
Mainly the Energy segment recorded a decrease.
Share of Profit (Loss) of Investments Accounted for Using the Equity Method
Mainly the Mineral & Metal Resources and Energy segments recorded a decrease, while the Machinery &Infrastructure segment recorded an increase.

- 4 -Income Taxes
Income taxes for the current period were ¥190.3 billion, a decrease of ¥12.2 billion from ¥202.5 billion for theprevious period. The effective tax rate for the current period was 20.4%, an increase of 1.4 percentage points from
19.0% for the previous period.

Profit for the Period Attributable to Owners of the Parent
As a result, profit for the period attributable to owners of the parent was ¥726.4 billion, a decrease of ¥114.4 billion
from the previous period.

- 5 -2) Operating Results by Operating Segment
The fluctuation analysis for the results by operating segment is as follows.

Note, “Others” includes income taxes, but generally, the impact of income taxes is not included in the explanationsin the “Description” column relating to each account title.
Mineral & Metal Resources(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
242.1

355.4

Description(113.3)● Mitsui Resources -41.0 (lower metallurgical

Gross Profit

259.9

282.7

(22.8)

coal prices)● Iron ore mining operations in Australia +21.2(higher iron ore prices)● Decrease due to sale of Stanmore SMC
1● Oriente Copper Netherlands* -21.5
2

Profit (Loss) of Equity

Method Investments

Dividend Income
Selling, General and

Administrative Expenses(impairment loss* -12.2, new mining royalty
in Chile -6.3, other factors)(50.8) ● INNER MONGOLIA ERDOS ELECTRIC
POWER AND METALLURGY GROUP -9.1
(lower prices in ferroalloys and chemicals
businesses)● Iron ore mining operations in Australia +5.6

52.4

103.2

58.1

51.6

+6.5

(27.5)(25.6)(1.9)● Higher dividends from Vale +7.7 (current

period 36.5, previous period 28.8)● Absence of gain on sale of Stanmore SMC

recorded in the previous period -36.7● Increase in interest expense at Oriente Copper

Others(100.8)(56.5)(44.3)

1

Netherlands* -5.2
● Mitsui Resources foreign exchange related loss
-4.2
● Increase in net interest income at iron ore
mining operations in Australia +6.1

*1 An investor in Inversiones Mineras Becrux, which invests in Anglo American Sur, a copper mining company inChile.
*2 Recorded an equity method loss of ¥12.2 billion due to a change in the properties of the ore and a revision in the
production plan regarding Anglo American Sur.

- 6 -Energy(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
95.8

190.8

Description(95.0)● Mitsui E&P Australia -38.1 (volume decrease,increase in costs)● Mitsui E&P USA -35.4 (lower gas prices)● MEP Texas Holdings -7.7 (lower oil and gas

prices)Gross Profit

139.5

194.8

(55.3)● MOEX North America -5.1 (decrease due tosale of interest recorded in the current period,
lower oil prices)● Mitsui E&P Middle East -3.8 (lower oil prices)● Increase in LNG trading● Fuel supply trading related profit +4.7
(absence of loss recorded in the previous
period)● Decrease in Japan Australia LNG (MIMI)(lower oil and gas prices)

Profit (Loss) of Equity
Method Investments

53.7

78.4

(24.7)● Japan Arctic LNG -4.4 (oil prices and foreignexchange valuation profit)● Mitsui Oil Exploration -3.2 (absence of profit

due to changes to lease accounting in theprevious period, other factors)
1

Dividend Income

16.2

32.5

(16.3) ● 4 LNG projects* -15.0 (current period 15.8,
previous period 30.8)

Selling, General and
Administrative Expenses(46.9)(43.2)(3.7)● Gain on sale of Kaikias field +11.8● MOEX North America +3.8 (derivative related

profit and loss)● Increase in interest expenses at several

Others(66.7)(71.7)+5.0

business divisions within Mitsui & Co. HQ-15.1● Loss allowance for Arctic LNG 2 project*2
guarantees -13.5● Mitsui Oil Exploration (recorded geothermal
steam release related expenses)● Foreign exchange hedging loss related to fuelsupply trading and other factors -4.0

*1 Abu Dhabi, Oman, Qatar, and Sakhalin II.
*2 Including loss allowance of 12.3 billion yen in the third quarter of this fiscal year.

- 7 -Machinery & Infrastructure(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
210.2

131.1

Description+79.1● Increase in number of ships delivered● Komatsu-Mitsui Maquinarias Perú +4.0 (goodsales performance)

Gross Profit

169.0

147.7

+21.3

● Hino Mexico +3.4 (good sales performance)● Position Partners consolidation +3.0
● Decrease in profit after sale of Mitsui Rail

Capital Europe -3.6

● Absence of profit from Brazilian passenger

railway business recorded in the previous
period● Canadian automotive company (increase in

Profit (Loss) of Equity
Method Investments

Dividend Income
Selling, General and
Administrative Expenses

183.0

151.7

+31.3

4.9

3.1

+1.8

(139.6)(120.6)

unit sales, decrease in sales promotion
expenses)● One-time valuation gain due to acquisition of*1
shares in MPIC and other factors +10.2● VLI +7.2 (increase due to swing back of lower
profit recorded in the previous period owing
to bad weather and other factors, reduction in*2
fixed assets impairment loss +2.4)● Power generation business in Thailand +5.9
(becoming partially operational, other factors)● FPSO +3.8 (increase due to MV34 and other
FPSOs starting operations)*3● East Anglia +3.4 (resumption of earnings
contribution following book value recovery)*4● Fixed assets impairment loss at Mainstream-15.1● MBK USA Commercial Vehicles -15.0(increase in interest expense, lower profit
from sale of used cars)● Decrease in Paiton*5(19.0) ● BAF -5.7 (increase in provisions forreceivables, other factors)- 8 -● Gain on sale of Mitsui Rail Capital Europe+64.4● Dividends from Paiton +9.4
● Gain on sale of International Power (Australia)

Holdings +8.7

● Absence of fixed assets impairment loss in

Others(7.1)(50.8)+43.7

Brazilian passenger railway business recorded*6in the previous period +8.4
● Gain on sale of gas-fired power generation
business in Ontario, Canada +4.6
*5
● Profit related to gain on sale of BAF +4.1
● Absence of MT Falcon impairment loss
*7
recorded in the previous period +3.1
*8
● Impairment loss of goodwill at Mainstream-12.9● Fixed assets impairment loss in Brazilian*9
passenger railway business -9.8
● Absence of corporate income tax burden
decrease resulting from the sale of Lucid
Group shares recorded in the previous*10
period -5.7
● Provision for Hazelwood power generation*11
business in Australia -5.7

*1 Metro Pacific Investments Corporation, an integrated infrastructure company in the Philippines.
*2 VLI recorded a fixed assets impairment loss of ¥7.0 billion in the previous period and ¥4.6 billion in the current

period due to the reassessment of a recoverable amount of some assets related to a Brazilian freight railway
concession.
*3 A passenger rail franchise business in the UK.
*4 Recorded an equity method loss of ¥15.1 billion due to a fixed asset impairment loss related to Mainstream’s
projects mainly in Chile.
*5 Bussan Auto Finance*6 In the previous period, a fixed assets impairment loss was recorded based on the latest estimation regarding thedecrease in revenue and the increased discount rate for the passenger railway business in Brazil.
*7 For the previous period, an impairment loss of ¥3.1 billion was recorded, based on the revision of a sale andpurchase agreement for the shares of MT Falcon Holdings.
*8 Recorded a valuation loss on securities of ¥12.9 billion due to an impairment of goodwill related to
Mainstream’s projects.
*9 A fixed asset impairment loss of ¥9.8 billion was recorded based on the latest estimation regarding the decrease
in revenue for the passenger railway business in Brazil.
*10 In the previous period, the corporate income tax burden was reduced due to tax expenses being recognized asother comprehensive income resulting from the sale of financial assets in Lucid Group shares measured at
FVTOCI.
*11 An additional provision was recorded due to a revision in expenses related to the closure of the mine.

- 9 -Chemicals(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
37.1

54.7

Description(17.6)● Decrease in Mitsui Agro Business (lower

prices)● Decrease in fertilizer related trading (lower

Gross Profit

152.3

160.0

(7.7)

prices)● MMTX +4.6 (lower raw material prices, good

production)● Intercontinental Terminals Company +3.4

(good performance)

Profit (Loss) of Equity
Method Investments

20.3

21.3

(1.0)

Dividend Income

3.0

3.2

(0.2)

(113.6)(103.1)(10.5)(24.9)(26.7)+1.8

Selling, General and

Administrative Expenses
Others● Japan-Arabia Methanol -3.0 (lower prices)● Hexagon Composites +6.6 (mainly a valuation

gain due to one of its subsidiaries becoming
an equity accounted investee)● Gain on sale of Thorne HealthTech +11.5

Iron & Steel Products(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent
Gross Profit
Profit (Loss) of Equity
Method Investments
Dividend Income
Selling, General and

Administrative Expenses
OthersCurrent Previous
ChangePeriod Period
7.5

19.5

(12.0)

32.4

32.0

+0.4

14.6

19.4

(4.8)

2.7

2.5

+0.2

(23.8)(20.9)(2.9)(18.4)(13.5)(4.9)- 10 -

Description● Impairment loss recorded in Gestamp -4.1

Lifestyle(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
85.5

42.3

Description+43.2● Aim Services becoming a subsidiary +16.1*1● AUSJ becoming a subsidiary +6.1
● Absence of fair value valuation loss of drug

Gross Profit

Profit (Loss) of Equity
Method Investments
Dividend Income
Selling, General and
Administrative Expenses

141.4

117.8

+23.6

45.1

29.9

+15.2

7.0

6.0

+1.0

(130.5)(106.7)(23.8)

discovery support fund recorded in theprevious period +5.2
● Food import and export business foreignexchange impact -5.5
● MBK HUMAN CAPITAL -3.0 (decrease indemand and unit price)● WILSEY FOODS +14.0 (good performanceand sale of a part of the business at Ventura
Foods, a manufacturer of processed oil food)● Aim Services becoming a subsidiary -12.6
1● AUSJ* becoming a subsidiary -5.3
2

● Aim Services fair value gain* +43.4● Foreign exchange hedging profit in coffee

trading +9.9

● Food import and export business foreignexchange profit +5.4

Others

22.5

(4.7)

+27.2

● Absence of decrease in corporate income tax

burden resulting from the sale of financial
assets measured at FVTOCI recorded in the3previous period* -12.2
4● Put option related to R-Pharm* -8.4(current
period -1.7, previous period +6.7)●Absence of Multigrain related tax refund
recorded in the previous period -3.2

*1 Aramark Uniform Services Japan.
*2 Revaluation gain on previously held equity interest due to Aim Services being reclassified from an equity
accounted investee to a consolidated subsidiary.

*3 The corporate income tax burden was reduced due to tax expenses being recognized as other comprehensive
income resulting from the sale of financial assets measured at FVTOCI.
*4 A valuation gain/loss was recorded for the foreign exchange translation of a put option in relation to R-Pharm.

- 11 -

Innovation & Corporate Development(Billions of Yen)
Profit for the Period Attributableto Owners of the Parent

Current Previous
ChangePeriod Period
37.0

49.7

(12.7)

Gross Profit

86.0

77.8

+8.2

Profit (Loss) of Equity
Method Investments

12.7

13.2

(0.5)

Dividend Income

2.9

3.6

(0.7)

(67.2)(60.9)(6.3)

Selling, General and
Administrative Expenses

Description● Absence of gain on sale of real estate business

Others

2.6

16.0

1

in Singapore recorded in the previous period*● Absence of gain on sale of real estate in the US
2recorded in the previous period* -11.6● Absence of gain on sale of investment(13.4)
securities recorded in the previous period -4.0
● Fair value valuation gain related to Altius
3
Link* +8.9
● Gain on sale of property in US real estate2business* +6.1
● Gain on partial sale of Hibiya Fort Tower +5.7

*1 A gain on sale of Southernwood Property, an investment vehicle that owns an office building in Singapore.
*2 Gain on sale of fixed assets due to property sales in the US.
*3 A valuation gain relating to Mitsui & Co.’s equity in Relia which occurred due to the business integration
between KDDI Evolva and Relia.

- 12 -

(3) Financial Condition and Cash Flows
1) Financial Condition(Billions of Yen)

December 31, 2023

Total Assets

March 31, 2023

Change16,488.9

15,380.9+1,108.0

Current Assets

5,806.7

5,674.8+131.9Non-current Assets

10,682.3

9,706.1+976.2Current Liabilities

3,911.6

3,766.6+145.0Non-current Liabilities

5,252.6

5,049.1+203.5

3,326.9

3,212.7+114.27,100.7

6,367.8+732.90.47

0.50(0.03)

ChangeDescription

Net Interest-bearing Debt
Total Equity Attributable to Owners of the
ParentNet Debt-to-Equity Ratio (times)
AssetsCurrent Assets:(Billions of Yen)
Current Assets
Cash and cash equivalents

December 31,
2023
5,806.7

March 31,2023
5,674.8

1,121.6

1,390.1+131.9(268.5)● Trade receivables +171.0 (EN,*1

Trade and other receivables

LI) Increase in trading+111.3volume, seasonal factors● Loan receivables -74.2, of*2which BAF -70.0*1● (Corporate, EN, LI) Increasein derivative assets+149.7*1● (Corporate, EN, IC) Increasein margin deposits*1● (EN, IS, CH, MM) Decrease
in inventories(17.7)● Komatsu Mining Corp. Perúbecoming a subsidiary +11.3

2,302.5

2,191.2

Other financial assets

922.7

773.0

Inventories

922.8

940.5

336.0

226.7

+109.3

201.1

153.3

+47.8

Advance payments to
suppliers
Other Current assets*1

Increase in trading
volume● (MI)*1 EN: Energy segment, LI: Lifestyle segment, CH: Chemicals segment, MM: Mineral & Metal Resources
segment, IC: Innovation & Corporate Development segment, IS: Iron & Steel Products segment, MI: Machinery& Infrastructure segment.
*2 Bussan Auto Finance becoming an associated company.

- 13 -

Non-current Assets:(Billions of Yen)
Non-current Assets

December 31,
2023

March 31,2023

10,682.3

9,706.1

ChangeDescription+976.2● Changes from equity method

investments profit +382.1● Foreign exchange fluctuations+239.6● Nutrinova +74.9● Offshore wind power project*1

Investments accounted forusing the equity method

4,561.7

3,929.6+632.1Other investments

2,346.3

2,134.1+212.2

Trade and other receivables

296.4

320.0

Other financial assets

165.4

208.0

Property, plant andequipment

2,348.5

2,300.6

Investment property

272.7

282.5

- 14 -in Taiwan +70.1 (YECL
becoming a subsidiary andother factors)*2● Altius Link +60.7● Mit-Pacific Infrastructure*3
Holdings +32.4● Renewable natural gas
business +28.8● FPSO business (MV32) +23.2● Euricom +17.1*4● BAF +14.3● Mitsui E&P Mozambique+13.8● Overseas real estate businesses+13.7● FPSO business (MV34) +10.7● Dividends from equity
accounted investees -331.6● Sale of International Power(Australia) Holdings -17.3● Fair value of FVTOCI
financial assets +140.3● Foreign exchange fluctuations+21.2● Acquisition of Alvotech
convertible bonds +10.5(23.6) ● BAF*4 -53.3*5● (MI) Increase in trading
volume, offshore wind power*1(42.6)
project in Taiwan (YECL
becoming a subsidiary andother factors)● Oil and gas projects +60.1(including foreign exchange
fluctuations +26.1)● Iron ore mining operations inAustralia +42.3 (including
foreign exchange fluctuations+33.4)● Mitsui Resources +13.3+47.9(including foreign exchange
fluctuations +8.4)● Mitsui Rail Capital Europe-81.8● M&T Aviation sale of owned
aircraft -27.5● Depreciation of LNG vessels
-11.9
(9.8)

● Aim Services becoming a

Intangible assets

444.6

277.3

+167.3subsidiary +124.7● Komatsu Mining Corp. Perúbecoming a subsidiary +14.4

Deferred tax assets

92.5

105.2

(12.7)

Other non-current assets

154.1

148.8

+5.3

*1 Yushan Energy Co., Ltd.
*2 After acquiring additional shares in Relia, the business was integrated with KDDI Evolva and a new company

known as Altius Link was formed.
*3 An investment in Metro Pacific Investments Corporation through Mit-Pacific Infrastructure Holdings.
*4 Bussan Auto Finance becoming an associated company.
*5 MI: Machinery & Infrastructure segment.
Liabilities
December 31,
2023

March 31,2023

Current Liabilities

3,911.6

3,766.6+145.0

Short-term debt

447.4

432.2

+15.2

Current portion of longterm debt

595.7

811.0

Trade and other payables

1,736.9

1,510.4

Other financial liabilities

663.8

622.0

Income tax payables

31.9

49.3

Advances from customers

294.6

234.9

Provisions

78.3

59.0

well as BAF -21.6● Reclassification from non(215.3)
current debt and repayments,*1
as well as BAF -28.4● Increase in trade payables+226.5(Mainly corresponding to anincrease in trade receivables)● Increase in accounts payable+41.8
other(17.4)● Corresponding to increase in+59.7
advance payments+19.3

Other current liabilities

63.1

47.8

+15.3

5,252.6

5,049.1+203.5Long-term debt, less thecurrent portion

3,850.6

3,797.3+53.3

Other financial liabilities

237.1

223.4

+13.7

Retirement benefit
liabilities

39.2

37.0

+2.2

Provisions

321.6

310.5

+11.1

Deferred tax liabilities

770.7

648.3

+122.4

Other non-current liabilities

33.4

32.6

+0.8

(Billions of Yen)

Non-current Liabilities*1 Bussan Auto Finance becoming an associated company.

- 15 -

ChangeDescription● Borrowing and repayments, as*1● Reclassification to current

portion and borrowings, as*1well as BAF -43.8● Increase in derivative
liabilities

EquityCommon stock

December 31,
2023
343.1

March 31,
2023
342.6

Capital surplus

389.6

381.9

+7.7

Retained earnings

5,241.1

4,840.5+400.6

Other components of equity

1,224.3

869.0+355.3

295.0

215.6

+79.4

(Billions of Yen)

ChangeDescription+0.5<breakdown>
Financial assets measured at
FVTOCI● USD +107.8(Dec-23 USD/JPY141.83, up
from Mar-23
USD/JPY133.53)● AUD +88.3(Dec-23 AUD/JPY96.94, up
from Mar-23 AUD/JPY89.69)

Foreign currency translation
adjustments

913.4

638.5

+274.9Cash flow hedges

15.9

14.9

+1.0

(97.3)(66.2)● Share repurchase -123.8(31.1) ● Cancellation of treasury stock+92.0

Total Equity Attributable to
Owners of the Parent

7,100.7

6,367.8+732.9Non-controlling interests

224.0

197.4

+26.6

Treasury stock2) Cash Flows(Billions of Yen)

Current Period Previous Period

ChangeCash Flows from Operating Activities

681.6

599.9

+81.7

Cash Flows from Investing Activities(323.8)(126.4)(197.4)

Free Cash Flow

357.8

473.5

(115.7)

Cash Flows from Financing Activities(677.0)(377.7)(299.3)

50.7

22.2

+28.5

(268.5)118.0(386.5)

Effect of Exchange Rate Changes on Cash and Cash
Equivalents
Change in Cash and Cash Equivalents- 16 -Cash Flows from Operating Activities(Billions of Yen)

Current Period Previous Period

ChangeCash Flows from Operating Activities

a

681.6

599.9

+81.7

Cash Flows from Change in Working Capitalb(141.9)(403.9)+262.0

Repayments of Lease Liabilitiesc(54.4)(42.6)(11.8)

a-b+c

769.1

961.2

(192.1)

Core Operating Cash Flow・ Cash flows from change in working capital (changes in operating assets and liabilities) was ¥141.9 billion of net
cash outflow. Repayments of lease liabilities was ¥54.4 billion of net cash outflow. Core Operating Cash Flow,which equals cash flows from operating activities excluding changes in working capital and repayments of leaseliabilities, amounted to ¥769.1 billion.
- Net cash inflow from dividend income, including dividends received from equity accounted investees, for-the current period totaled ¥451.4 billion, a decrease of ¥9.3 billion from ¥460.7 billion for the previous
period.
Depreciation and amortization for the current period was ¥208.9 billion, an increase of ¥2.6 billion from
¥206.3 billion for the previous period.

The following table shows Core Operating Cash Flow by operating segment.
Current Period Previous Period(Billions of Yen)

ChangeMineral & Metal Resources

311.3

355.5

(44.2)

Energy

168.1

275.9

(107.8)

Machinery & Infrastructure

147.1

158.7

(11.6)

Chemicals

45.9

72.5

(26.6)

Iron & Steel Products

3.8

15.4

(11.6)

Lifestyle

49.6

31.2

+18.4

Innovation & Corporate Development

25.2

34.4

(9.2)

All Other and Adjustments and Eliminations

18.1

17.6

+0.5

Consolidated Total

769.1

961.2

(192.1)

The following table shows depreciation and amortization by operating segment.
Current Period Previous Period(Billions of Yen)

ChangeMineral & Metal Resources

48.2

42.3

+5.9

Energy

64.5

70.0

(5.5)

Machinery & Infrastructure

22.8

26.1

(3.3)

Chemicals

24.1

23.6

+0.5

Iron & Steel Products

1.8

1.1

+0.7

Lifestyle

21.2

16.7

+4.5

Innovation & Corporate Development

12.8

14.0

(1.2)

All Other and Adjustments and Eliminations

13.5

12.5

+1.0

Consolidated Total

208.9

206.3

+2.6

- 17 -Cash Flows from Investing Activities(Billions of Yen)

Current Period

Previous Period

Cash flows from investing activities(323.8)(126.4)

Net change in investments toequity accounted investees(249.5)(79.1)

Description of Current Period● Nutrinova -74.9*1● Altius Link -60.4● Mit-Pacific Infrastructure*2

Cash outflow(348.7)

Cash inflow

99.2

Net change in other investments

93.8

Cash outflow(142.3)

Cash inflow

236.1

Net change in property, plant, andequipment

Cash outflow

Cash inflow(220.1)(259.1)

Holdings -32.4● Renewable natural gas business-28.9(200.1) ● FPSO business (MV32) -23.2● Power generation business -18.8● Euricom -17.1● Mitsui E&P Mozambique -13.8● Overseas real estate businesses-13.7● FPSO business (MV34) -10.7● International Power (Australia)
121.0
Holdings +25.9● Thorne HealthTech +23.9
28.6● Aim Services becoming a
subsidiary -58.8 (net amount of:acquisition cost -68.8, cash anddeposits +10.0)(74.7)● Komatsu Mining Corp. Perú*3
● Bussan Animal Health -10.7● Acquisition of Alvotech convertible
bonds -10.5● Mitsui Rail Capital Europe
103.3 ● MyPower +18.7● Sale of Kaikias field +17.4(143.2)(175.6)

39.0

32.4

29.4

31.3

Cash outflow

(4.8)

(5.2)

Cash inflow

34.2

36.5

Net change in loan receivables

20.1

(1.2)

Net change in time deposits

2.5

37.2

Net change in investment property● Oil and gas projects -54.4● South Texas Vaquero -45.5● Iron ore mining operations inAustralia -34.8● Mitsui Resources -20.9● MyPower -19.5● M&T Aviation sale of owned

aircraft +30.8● Sale of property in US real estatebusiness +16.6● Partial sale of Hibiya Fort Tower● Repayment of loan from Gestamp

North America +16.6*1 After acquiring additional shares in Relia, the business was integrated with KDDI Evolva and a new company
known as Altius Link was formed.
*2 An investment in Metro Pacific Investments Corporation through Mit-Pacific Infrastructure Holdings.
*3 After acquiring all shares in Sumitomo Pharma Animal Health, the company name changed to Bussan Animal
Health in June 2023.
- 18 -Cash Flows from Financing Activities(Billions of Yen)

Current Period

Previous Period

Cash flows from financing activities(677.0)(377.7)

Net change in short-term debt

9.9

101.5

Net change in long-term debt

(262.1)(0.6)(Proceeds from long-term debt)

741.1

861.0

(Repayments of long-term debt)(1,003.2)(861.6)

Repayments of lease liabilities(54.4)(42.6)

Purchase and sales of treasury
stock-net(123.8)(197.1)Dividends paid

(242.4)(198.1)(4.2)(40.8)

Transactions with non-controllinginterest shareholders- 19 -

Description of Current Period● Including stock-based remunerationfor employees -19.2

2. Management Policies(1) Forecasts for the Year Ending March 31, 2024

1) Forecasts for the year ending March 31, 2024
<Assumption>

1-3Q(Actual)4Q(Forecast)Mar-24
Revised
Forecast

Mar-24Previous
Forecast

Exchange rate (USD/JPY)

143.78145.00144.09143.81

Crude oil (JCC)
Consolidated oil price$86/bbl$90/bbl$77/bbl$94/bbl$84/bbl$91/bbl$85/bbl$91/bbl(Billions of Yen)

Gross Profit

March 31, 2024 March 31, 2024
Revised forecast Previous forecast(February 2024) (October 2023)

ChangeDescription

1,310.0

1,270.0+40.0(800.0)(800.0)

-

130.0

230.0

(100.0)Interest Expenses(110.0)(110.0)-

Dividend Income

180.0

160.0

+20.0

Mineral & Metal Resources

Profit (Loss) of Equity Method
Investments

490.0

460.0

+30.0

Mineral & Metal Resources

Profit before Income Taxes

1,200.0

1,210.0(10.0)

Income Taxes(230.0)(250.0)+20.0

Non-controlling Interests(20.0)(20.0)-

Profit for the Year Attributable to
Owners of the Parent

950.0

940.0

+10.0

Depreciation and Amortization

280.0

280.0

-

1,000.0

960.0

+40.0

Selling, General and Administrative
ExpensesGain on Investments, Fixed Assets
and Other

Core Operating Cash Flow

Mineral & Metal Resources

Shift in asset sales timing, valuation
loss

Rate of change: +1.1%

Rate of change: +4.2%

・ For further major assumptions in addition to oil prices and USD/JPY, please refer to "2) Key commodity prices and otherparameters for the year ending March 31, 2024".

- 20 -

The revised forecast for Profit for the Year Attributable to Owners of the Parent by operating segment compared tothe previous forecast is as follows:
March 31, 2024
Revised forecast(February 2024)

March 31, 2024
Previous forecast(October 2023)

Mineral & Metal Resources

325.0

290.0

+35.0

Commodity prices

Energy

160.0

140.0

+20.0

LNG Trading

Machinery & Infrastructure

255.0

270.0

(15.0)

Shift in asset sales timing

Chemicals

45.0

60.0

(15.0)

Product prices

Iron & Steel Products

15.0

15.0

-

Lifestyle

95.0

100.0

(5.0)

Innovation & Corporate
Development

55.0

60.0

(5.0)

All Other and Adjustments
and Eliminations

0.0

5.0

(5.0)

950.0

940.0

+10.0

(Billions of Yen)

Consolidated Total

ChangeDescription

The revised forecast for Core Operating Cash Flow by operating segment compared to the previous forecast is asfollows:
March 31, 2024
Revised forecast(February 2024)

March 31, 2024
Previous forecast(October 2023)

Mineral & Metal Resources

400.0

350.0

+50.0

Commodity prices

Energy

250.0

240.0

+10.0

LNG Trading

Machinery & Infrastructure

170.0

150.0

+20.0

Dividends from associated companies

Chemicals

60.0

80.0

(20.0)

Product prices

Iron & Steel Products

10.0

10.0

-

Lifestyle

50.0

60.0

(10.0)

Innovation & Corporate
Development

40.0

40.0

-

All Other and Adjustments
and Eliminations

20.0

30.0

(10.0)

1,000.0

960.0

+40.0

(Billions of Yen)

Consolidated Total- 21 -

ChangeDescription

Various factors

2) Key commodity prices and other parameters for the year ending March 31, 2024
The table below shows assumptions for key commodity prices and foreign exchange rates for the forecast for theyear ending March 31, 2024. The effects of movements on each commodity price and foreign exchange rate on
Profit for the Year Attributable to Owners of the Parent are included in the table.
Impact on profit for the year attributable toowners of the parent for FY March 2024
(Announced May 2023)

FY March 2024
Previous forecast(Announced
Oct 2023)

Q1-3
ResultQ4
Assumption

FY March 2024
full-year forecast(Avg. of Q1-3
and Q4)

-

85

86

77

84

¥2.6 bn (US$1/bbl)

91

90

94

91

*2

¥1.4 bn (US$0.1/mmBtu)

2.62

2.58

*3

2.91

2.66

*4

¥2.7 bn (US$1/ton)

*5

118

*6

*5

*5

¥0.3 bn (US$1/ton)

*5

283

*7

*5

*5

¥0.7 bn (US$100/ton)

8,566

8,588

*9

8,169

8,483

¥3.9 bn (¥1/US$)

143.81143.78145.00144.09¥2.7 bn (¥1/Australian$)

91.72

94.47

95.00

94.60

Crude oil/JCC
Consolidated*1

oil priceCommo

US gasdity

Iron ore

Metallurgicalcoal*8Copper
Forex

US$

*10

Australian$FY March 2024

*1 As the crude oil price affects our consolidated results with a time lag, the effect of crude oil prices on
consolidated results is estimated as a consolidated oil price, which reflects this lag. For the year ending March
2024, we have assumed that there is a 4-6 month time lag for approx. 35%, a 1-3 month time lag for approx.
30%, an over 1-year time lag for approx. 30%, and no time lag for approx. 5%. The above sensitivities show theannual impact of changes in the consolidated oil price.
*2 As Mitsui has very limited exposure to US natural gas sold at Henry Hub (HH), the above sensitivities show theannual impact of changes in the weighted average sale price.
*3 US gas figures for the year ending March 2024 Q1-3 (result) are the average daily prompt month closing prices
for Henry Hub Natural Gas Futures traded on NYMEX during January to September 2023.
*4 The effect of dividend income from Vale has not been included.
*5 Iron ore and Metallurgical coal price assumptions are not disclosed.
*6 Iron ore figures for the year ending March 2024 Q1-3 (result) are the daily average (reference price) spot index
price (Fe 62% CFR North China) recorded in several industry trade magazines from April to December 2023.
*7 Metallurgical coal figures for the year ending March 2024 Q1-3 (result) are the quarterly average prices ofrepresentative coal brands in Japan (US$/MT).
*8 As the copper price affects our consolidated results with a 3-month time lag, the above sensitivities show theannual impact of US$100/ton change in averages of the LME monthly average cash settlement prices for theperiod from March to December 2023.
*9 Copper figures for the year ending March 2024 Q1-3 (result) are the averages of the LME monthly average cash
settlement prices for the period from January to September 2023.
*10 The above sensitivities show the impact of currency fluctuations on reported profit for the year of overseas
subsidiaries and equity accounted investees denominated in their respective functional currencies and theimpact of dividends received from major foreign investees. Depreciation of the yen has the effect of increasing
profit for the year through the conversion of profit (denominated in functional currencies) into yen. In theoverseas subsidiaries and equity accounted investees where the sales contract is in USD, the impact of currency
fluctuations between USD and the functional currencies (AUD) and the impact of currency hedging are notincluded.
- 22 -

(2) Profit Distribution Policy
Our profit distribution policy is as follows:・ In order to increase corporate value and maximize shareholder value, we seek to maintain an optimal balance
between meeting demand for capital in our core and growth areas through reinvestment of our retained

earnings, and based on the level of stable cash generation, directly providing returns to shareholders by payingout cash dividends.
・ In addition to the above, regarding share repurchases, which are done to improve capital efficiency amongst

other things, the amount and timing will be decided in a prompt and flexible manner taking into consideration
the business environment. Such considerations include balance between share repurchases and growthinvestments, cash flow level after accounting for shareholder returns, interest-bearing debt levels, and return on
equity.
For the current period, we repurchased ¥70.0 billion of our own stock between April 1 and July 7, 2023, and ¥50.0
billion between November 1, 2023 and January 31, 2024, for a total of ¥120.0 billion.
The full-year dividend for the year ending March 31, 2024 is planned to be ¥170 per share (an increase of ¥30 fromthe previous year, including the interim dividend of ¥85). Furthermore, for the current Medium-term Management
Plan (from the year ending March 31, 2024 to the year ending March 31, 2026), we have set a minimum dividendof ¥170 per share and will maintain or increase the dividend level.
We have set a shareholder returns policy (dividends and share repurchases) of around 37% of Core Operating Cash
Flow on a three-year cumulative basis for the current Medium-term Management Plan.

3. Other Information
Notice:This flash report contains forward-looking statements about Mitsui and its consolidated subsidiaries. These

forward-looking statements are based on Mitsui’s current assumptions, expectations and beliefs in light of theinformation currently possessed by it and involve known and unknown risks, uncertainties and other factors. Suchrisks, uncertainties and other factors may cause Mitsui’s actual consolidated financial position, consolidated
operating results or consolidated cash flows to be materially different from any future consolidated financial
position, consolidated operating results or consolidated cash flows expressed or implied by these forward-looking
statements.
These important risks, uncertainties and other factors include, among others, (1) business investment risks, (2)geopolitical risks, (3) country risks, (4) risks regarding climate changes, (5) commodity market risks, (6) foreign
currency risks, (7) stock price risks of listed stock Mitsui and its subsidiaries hold, (8) credit risks, (9) risks
regarding fund procurement, (10) operational risks, (11) risks regarding employee’s compliance with laws,
regulations, and internal policies, (12) risks regarding information systems and information securities, (13) risks
relating to natural disasters, terrorism, violent groups and infectious diseases. For further information on the above,please refer to Mitsui’s Annual Securities Report.
Forward-looking statements may be included in Mitsui’s Annual Securities Report and Quarterly Securities Reports
or in its other disclosure documents, press releases or website disclosures. Mitsui undertakes no obligation to
publicly update or revise any forward-looking statements.

- 23 -

4. Condensed Consolidated Financial Statements(1) Condensed Consolidated Statements of Financial Position(Millions of Yen)
Assets
December 31,
2023

March 31,2023

Current Assets:
Cash and cash equivalents
Trade and other receivables
Other financial assets
Inventories
Advance payments to suppliers¥

Other current assets

1,121,610
2,302,535
922,712922,793335,963¥

1,390,130
2,191,181
772,984
940,543
226,692

201,062

153,3035,806,675

5,674,833

4,561,727

3,929,636

Other investments
Trade and other receivables

2,346,295
296,371

2,134,103
320,040

Other financial assets
Property, plant and equipment
Investment property

165,4112,348,538
272,682

208,0212,300,607
282,497

Intangible assets

444,602277,316

Deferred tax assets
Other non-current assets

92,508154,123

105,197
148,666

10,682,257

9,706,083

Total current assets
Non-current Assets:
Investments accounted for using the equity method

Total non-current assets
Total

¥

- 24 -

16,488,932¥

15,380,916

(Millions of Yen)
Liabilities and Equity
December 31,
2023

March 31,2023

Current Liabilities:
Short-term debt
Current portion of long-term debt¥

447,363595,738¥

432,233
810,999

Trade and other payables
Other financial liabilities
Income tax payables

1,736,879
663,750
31,8871,510,391
621,979
49,335

Advances from customers
Provisions

294,566
78,344

234,946
58,952Other current liabilities

63,11147,802

3,911,638

3,766,637

3,850,579
237,058

3,797,328
223,381Retirement benefit liabilities
Provisions

39,241
321,550

36,998
310,513

Deferred tax liabilities
Other non-current liabilities

770,708
33,417648,263
32,648

Total non-current liabilities

5,252,553

5,049,131

Total liabilities

9,164,191

8,815,768

343,062

342,560

389,561
5,241,077
1,224,278

381,869
4,840,510
868,963(97,282)(66,152)

7,100,696

6,367,750

Non-controlling interests

224,045

197,398

Total equity

7,324,741

6,565,148

Total current liabilities
Non-current Liabilities:
Long-term debt, less current portion
Other financial liabilities

Equity:Common stock
Capital surplus
Retained earnings
Other components of equity
Treasury stock
Total equity attributable to owners of the parent

Total

¥

- 25 -

16,488,932¥

15,380,916

(2) Condensed Consolidated Statements of Income and Comprehensive Income
Condensed Consolidated Statements of Income(Millions of Yen)
Nine-monthNine-month
period ended
period ended
December 31, 2023 December 31, 2022
Revenue¥Cost

9,998,472¥

11,036,515(9,014,059)(10,018,266)

984,413

1,018,249

Selling, general and administrative expenses(586,308)(511,716)

Gain (loss) on securities and other investments－net

150,148

54,454

Impairment reversal (loss) of fixed assets－net
Gain (loss) on disposal or sales of fixed assets－net(12,763)
15,100(16,090)
16,849Gross Profit
Other Income (Expenses):

Other income (expense) －net

(23,612)22,829(457,435)(433,674)Interest income
Dividend income

50,481
95,82832,336
103,394

Interest expense(121,874)(72,930)

Total other income (expenses)
Finance Income (Costs):

Total finance income (costs)

24,43562,800382,124

417,444

Profit before Income Taxes

933,537

1,064,819

Income Taxes(190,328)

Share of Profit (Loss) of Investments Accounted for Using the Equity Method

Profit for the Period(202,471)¥

743,209¥862,348¥

726,407¥

840,787

Profit for the Period Attributable to:
Owners of the parent
Non-controlling interests

16,802

21,561

Condensed Consolidated Statements of Comprehensive Income(Millions of Yen)
Nine-monthNine-month
period ended
period ended
December 31, 2023 December 31, 2022
Profit for the Period¥

743,209¥862,348

Other Comprehensive Income:Items that will not be reclassified to profit or loss:
Financial assets measured at FVTOCI
Remeasurements of defined benefit plans
Share of other comprehensive income of investments accounted for using the equity method
Income tax relating to items not reclassified
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments
Cash flow hedges
Share of other comprehensive income of investments accounted for using the equity method
Income tax relating to items that may be reclassified
Total other comprehensive income

129,902(347)(5,645)(35,686)(252,116)(777)(10,288)
69,50958,691(7,292)(33,824)
65,733

252,321(16,333)

247,380(18,576)375,611Comprehensive Income for the Period

67,041¥

1,118,820¥

929,389¥

1,090,418
28,402¥905,480
23,909Comprehensive Income for the Period Attributable to:
Owners of the parent
Non-controlling interests- 26 -

(3) Condensed Consolidated Statements of Changes in Equity(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2022¥

342,384

CapitalSurplus¥376,516¥

Retained
Earnings

Other
Components ofEquity4,165,962¥

Profit for the period
Other comprehensive income for the period

840,787

Comprehensive income for the period
Transaction with owners:
Dividends paid to the owners of the parent

840,787

827,441

Treasury
Stock
¥

¥

5,605,205¥

190,211

Total
Equity¥64,693

21,561
2,348

862,348
67,04164,693

905,480

23,909929,389(198,082)(198,082)(198,082)(17,564)

Sales of treasury stock(201)

Cancellation of treasury stock
Compensation costs related to share-based
payment

176(197,072)(197,072)

(186)

388

1

1

(143,174)

143,174

-

-

2,722

2,722

1,660

Transfer to retained earnings

39,334¥

342,560¥

380,521¥(17,564)(197,072)

2,546

Equity transactions with non-controllinginterest shareholders

5,795,416

840,787
64,693

Dividends paid to non-controlling interest
shareholders
Acquisition of treasury stock

Balance as at December 31, 2022

(107,098)

Noncontrolling
Interests

Total

4,704,641

¥

513

2,173

(39,334)-

853,313¥(160,608)¥

6,120,427

9,978

12,151-¥

206,534¥

6,326,961(Millions of Yen)
Attributable to owners of the parent
CommonStock
Balance as at April 1, 2023¥

342,560

CapitalSurplus¥381,869¥

Profit for the period
Other comprehensive income for the period

Retained
Earnings

Other
Components ofEquity4,840,510¥

868,963

Treasury
Stock¥(66,152)¥

726,407

Comprehensive income for the period
Transaction with owners:

726,407

Dividends paid to the owners of the parent

Noncontrolling
Interests

Total
6,367,750¥¥

364,011

16,802
11,600743,209375,611364,011

1,090,418

28,402

1,118,820(242,368)(242,368)(242,368)(16,483)

Acquisition of treasury stock
Sales of treasury stock(450)

Cancellation of treasury stock
Compensation costs related to share-based502

payment
Equity transactions with non-controllinginterest shareholders(213)(123,836)
663(92,043)

92,043

88

Transfer to retained earnings

8,784
¥

343,062¥

389,561¥

5,241,077- 27 -

1,224,278(123,836)
0

-

-

5,924

5,924

2,808

(8,784)¥(16,483)(123,836)
0

5,422
2,720

6,565,148

726,407364,011

Dividends paid to non-controlling interest
shareholders

Balance as at December 31, 2023

197,398

Total
Equity14,72817,536¥(97,282)¥

7,100,696¥

224,045¥

7,324,741

(4) Condensed Consolidated Statements of Cash Flows(Millions of Yen)

Nine-month period ended Nine-month period ended
December 31, 2023
December 31, 2022
Operating Activities:
Profit for the period¥

743,209¥862,348

Adjustments to reconcile profit for the period to cash flows
from operating activities:
Depreciation and amortization
Change in retirement benefit liabilities
Loss allowance

208,937(270)
14,453

206,3283,286
15,028(Gain) loss on securities and other investments-net
Impairment (reversal) loss of fixed assets-net(Gain) loss on disposal or sales of fixed assets-net(150,148)
12,763(15,100)(54,454)
16,090(16,849)

Interest income, dividend income and interest expense
Income taxes
Share of (profit) loss of investments accounted for using the equity method
Valuation (gain) loss related to contingent considerations and others
Changes in operating assets and liabilities:(56,901)
190,328(382,124)
869(89,392)
202,471(417,444)(2,908)Change in trade and other receivables
Change in inventories(225,458)
71,131

22,686(36,215)

Change in trade and other payables
Other-net

152,438(140,050)(37,057)(353,370)

Interest received
Interest paid

77,256(106,937)

58,157(59,177)

Dividends received
Income taxes paid

451,387(164,179)

460,735(180,367)

681,604

599,896

2,517

37,087

Net change in investments in equity accounted investees
Net change in other investments
Net change in loan receivables(249,520)
93,84420,056(79,109)
28,636(1,183)

Net change in property, plant and equipment
Net change in investment property(220,146)
29,424(143,164)
31,331

Cash flows from investing activities(323,825)(126,402)

9,929(262,137)(54,433)

101,545(593)(42,644)

Purchases and sales of treasury stock(123,811)(197,068)

Dividends paid
Transactions with non-controlling interest shareholders(242,368)(4,153)(198,082)(40,813)(676,973)(377,655)

50,674

22,111(268,520)
1,390,130

117,950
1,127,868

Cash flows from operating activities
Investing Activities:
Net change in time deposits

Financing Activities:
Net change in short-term debt
Net change in long-term debt
Repayments of lease liabilities

Cash flows from financing activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Change in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Period
Cash and Cash Equivalents at End of Period¥

1,121,610¥

1,245,818“Interest income, dividend income and interest expense”, “Interest received”, “Interest paid” and “Dividends received” of Condensed
Consolidated Statements of Cash Flows include not only interest income, dividend income and interest expense that are included in“Finance Income (Costs)” of Condensed Consolidated Statements of Income, but also interest income, dividend income, interest
expense that are included in Revenue and Cost respectively and cash flows related with them.

- 28 -

(5) Assumption for Going Concern: None
(6) Changes in Accounting Policies and Changes in Accounting Estimates

1) Changes in Accounting Policies
Material accounting policies applied in the Condensed Consolidated Financial Statements for the period ended
December 31, 2023 are the same as those applied in the Consolidated Financial Statements of the previous fiscal
year.
The companies applied the following new standards for the Condensed Consolidated Financial Statements from
April 1, 2023. Impacts from the application of these on the Condensed Consolidated Financial Statements are
immaterial.

IFRS

Title

IFRS 17

Insurance Contracts

IAS 12

Income Taxes(amended in May 2021)

IAS 12

Income Taxes(amended in May 2023)

Summaries
Fundamental amendment of accounting for insurance
contracts
Clarification of accounting treatment for deferred tax
related to assets and liabilities arising from a single
transaction
Accounting treatment and disclosures about income taxes
arising from tax law enacted to implement the Pillar Twomodel rules published by the OECD.

2) Changes in Accounting Estimates
Material changes in accounting estimates in the Condensed Consolidated Financial Statements are as follows:(Changes in accounting estimates related to Russian LNG business)
Changes in accounting estimates related to the Russian LNG business are described in (10) Impact of the RussiaUkraine Situation on the Russian LNG Business.
(Impairment losses for the Mainstream Renewable Energy business)
Shamrock Investment International, a subsidiary in the Machinery & Infrastructure Segment which invests in
Mainstream Renewable Energy business, recognized an impairment loss of ¥27,941 million as the difference

between the carrying amount accounted for using the equity method and the recoverable amount.
In the Condensed Consolidated Statements of Income, an impairment loss for fixed assets included in share of
profit (loss) of investments accounted for using the equity method is recorded by ¥15,054 million in “Share ofProfit (Loss) of Investments Accounted for Using the Equity Method”. The impairment loss was mainly related tothe difference in spot prices between power plants and the demand area, and the Chilean electricity system.
Additionally, an impairment loss for investments accounted for using the equity method is recorded by ¥12,887
million in “Gain (loss) on securities and other investments-net”. The impairment loss was mainly due to delays in
new project development and portfolio reorganization resulting from rising interest rates and development costs.

- 29 -

(7) Segment Information
Nine-month period ended December 31, 2023 (from April 1, 2023 to December 31, 2023)(Millions of Yen)
Mineral &Metal
Resources

EnergyRevenue

1,537,987

Gross Profit

259,851

Innovation &Corporate
Development

Others /AdjustmentsandEliminations

Consolidated
Total

Machinery &Infrastructure

Chemicals

Iron & Steel
Products

2,220,941

999,148

2,082,106

518,075

2,437,336

201,9219,997,514

958

9,998,472

139,496

169,011

152,298

32,367

141,374

85,956980,353

4,060

984,41352,44253,718

182,977

20,251

14,63945,121

12,673381,821303

382,124

242,093

95,779210,173

37,0887,505

85,48736,957715,082

11,325

726,407

Lifestyle

Total

Share of Profit (Loss) of
Investments Accounted for Using
the Equity Method
Profit for the Period Attributable to
Owners of the Parent
Core Operating Cash Flow
Total Assets at December 31, 2023

311,277

168,119

147,141

45,851

3,847

49,59025,200751,025

18,085769,110

3,057,694

3,171,929

3,505,629

1,940,666

783,1102,850,146

1,701,474

17,010,648(521,716)

16,488,932

Nine-month period ended December 31, 2022 (from April 1, 2022 to December 31, 2022)(Millions of Yen)
Mineral &Metal
Resources

EnergyRevenue

1,687,817

Gross Profit

282,736

Share of Profit (Loss) of
Investments Accounted for Using
the Equity Method

Innovation &Corporate
Development

Others /AdjustmentsandEliminations

Consolidated
Total

Machinery &Infrastructure

Chemicals

Iron & Steel
Products

2,786,029

797,878

2,469,107

560,001

2,556,536

178,956

11,036,324

191

11,036,515

194,762

147,736

159,958

32,029117,753

77,791

1,012,765

5,484

1,018,249

103,238

78,377

151,668

21,337

19,407

29,914

13,192

417,133311

417,444

Profit for the Period Attributable to
Owners of the Parent

355,410

190,776

131,092

54,653

19,52742,25349,740843,451(2,664)

840,787

Core Operating Cash Flow

355,452

275,920

158,681

72,523

15,43531,22734,386

943,624

17,584

961,208

3,062,836

3,009,472

3,216,794

1,773,664

776,5312,504,078

1,642,459

15,985,834(604,918)

15,380,916

Total Assets at March 31, 2023

Lifestyle

Total

Notes:1. “Others / Adjustments and Eliminations” includes of the Corporate Staff Unit which provides financing
services and operations services to the companies and affiliated companies. Total assets of “Others /Adjustments and Eliminations” at March 31, 2023 and December 31, 2023 includes cash, cash
equivalents and time deposits related to financing activities, and assets of the Corporate Staff Unit andcertain subsidiaries related to the above services amounting to ¥ 8,215,000 million and ¥ 8,708,838
million, respectively.
2. Transfers between reportable segments are made at cost plus a markup.
3. Profit for the Period Attributable to Owners of the parent of “Others /Adjustments and Eliminations”
includes income and expense items that are not allocated to specific reportable segments, andeliminations of intersegment transactions.
4. Total assets of “Others / Adjustments and Eliminations” at March 31, 2023 and December 31, 2023
includes elimination of receivables and payables between segments amounting to ¥ 8,819,918 million and¥ 9,230,554 million, respectively.
5. Core Operating Cash Flow is calculated by deducting the total of the “Changes in Operating Assets andLiabilities” from the “Cash Flows from Operating Activities”, and further deducting the “Repayments oflease liabilities” in the “Cash Flows from Financing Activities” from it, in the Condensed Consolidated
Statements of Cash Flows.

- 30 -

(8) The Fire Incident of Intercontinental Terminals Company
On March 17, 2019 (US time) a fire began at the Deer Park tank terminal of Intercontinental Terminals Company(“ITC”), a wholly owned U.S. subsidiary of the Company. The Deer Park tank terminal is located in the outskirts of
Houston, Texas. The fire partially damaged tanks owned by ITC. ITC has resumed its operation after discussions
with related authorities. Harris County Fire Marshal’s Office released its final report with respect to the fire incident
on December 6, 2019 (US time) and the report classified the fire as accidental, while not specifying the cause of thefire. On July 6, 2023, U.S. Chemical Safety and Hazard Investigation Board released its final investigation reportwith respect to the fire incident, and determined that the fire was caused by the release of a flammable naphtha
product from a failure of the Tank 80-8 circulation pump, which accumulated in the area and ignited.
The profit and loss related to this incident recognized in the nine-month period ended December 31, 2023 and 2022,
and the outstanding balance of related provision and assets recognized as reimbursement as of December 31, 2023
are immaterial.
While there are multiple lawsuits that have been brought against ITC in relation to this incident, ITC has reached anagreement in principle to resolve many of the lawsuits and claims to the extent the settlement amount is fully
covered by insurance. Certain additional lawsuits are not covered by the proposed settlement and will remain
pending against ITC. As of now, the ultimate outcome of these lawsuits is not expected to have significant impact
on our consolidated financial position, operating results and cash flow.
(9) Impact of the Security Situation in Northern Mozambique on LNG Project
The Company participates in the Mozambique LNG Project through Mitsui E&P Mozambique Area 1, an equity
accounted investee in the Energy Segment. In April 2021, all project personnel evacuated the project site due to thedeteriorating security situation in northern Mozambique where the project site is located, and on April 26, 2021, theproject operator, TotalEnergies of France, announced that it had declared force majeure under the Joint Operating
Agreement.
Progress has been seen in the restoration of order, stability and security in the region, and project partners areworking with the government and relevant stakeholders for an early restart of the construction, while the exact
restart date is still being reviewed.
The Company does not expect a significant impact on our consolidated financial position, operating results andcash flow at this stage.
(10) Impact of the Russia-Ukraine Situation on the Russian LNG Business
The Russian LNG business in which the Company, its subsidiary, and the equity accounted investee in the Energy
Segment have invested, financed and guaranteed, is affected by the Russia-Ukraine situation that has been ongoingsince February 2022 and the resulting sanctions against Russia, etc. Based on discussions with each partner, theCompany has evaluated its relevant assets and liabilities.
In relation to the investment in Sakhalin II project held by MIT SEL Investment, a subsidiary of the Company thatinvests in Sakhalin Energy LLC (“SELLC”), while the decision on the new LLC member of SELLC has been
acknowledged by Order of the Government of the Russian Federation dated April 11, 2023 (No.890), the situation
still remains uncertain as the relevant LLC members agreement is not signed, etc. Under this situation, the fair valueof our investment in the Sakhalin II project was measured using the income approach by expected present value
technique and the probability-weighted average considering a scenario where the continuous dividend income isexpected from SELLC and other scenarios. As a result, the fair value increased by ¥6,821 million from the balance
as of March 31, 2023, and it is recorded in “Financial assets measured at FVTOCI” in the Condensed Consolidated
Statements of Comprehensive Income. The outstanding balances of “Other investments” in the Condensed
Consolidated Statements of Financial Position related to this project as of December 31, 2023 and March 31, 2023
were ¥111,891 million and ¥98,505 million, respectively. The fair value may increase or decrease due to further
changes in situation hereafter.
In addition, with regards to the carrying amounts of the investments, loans and financial guarantees related to thebusiness in Japan Arctic LNG, an equity accounted investee that invests in and finances the Arctic LNG 2 project,
the Company is taking appropriate measures in compliance with laws and regulations cooperating with stakeholders
in response to the announcement from the Office of Foreign Assets Control of the US Department of the Treasury
on November 2, 2023 (US time), that Arctic LNG2 has been additionally designated as SDN (Specially DesignatedNationals). We reviewed the recoverability and the likelihood of performing guarantee considering the portion of- 31 -

liability based on the rights and obligations of Japan Arctic LNG and the Company under various agreements
including the shareholders agreement, insurance such as overseas investment insurance and third-party agreements.
The outstanding balances of the investments and loans (*) as of December 31, 2023 and March 31, 2023 were¥17,143 million and ¥15,759 million, respectively. The balance of financial guarantees as contingent liabilities were¥229,321 million and ¥223,415 million, respectively, and the provision for loss on guarantees included in "Other
financial liabilities" in the Condensed Consolidated Statements of Financial Position were ¥33,542 million and¥18,213 million, respectively. For the nine-month period ended December 31, 2023, loss of ¥16,771 million wasrecognized, mainly ¥13,473 million as a loss allowance included in “Other income (expense)” in the Condensed
Consolidated Statements of Income.
These estimates may be affected by subsequent developments in Russia and Ukraine. Also, any changes in thecredit rating of the Russian Federation, in the business environment of Arctic LNG2 caused by sanction etc., and in
the Company’s policies regarding its Russian LNG business etc., may have a significant impact on the amounts ofrelated investments, loans, financial guarantees and its recoverable or liable amounts in the Consolidated Financial
Statements for the next quarter period and thereafter. The Company ongoingly takes appropriate measures.
(*) Investments and loans are the sum of “Investments accounted for using the equity method”, and loans (net ofloss allowance) included in “Trade and other receivables” in the Condensed Consolidated Statements of Financial
Position.

- 32 -