Mitsui & Co., Ltd. (MITSY) Q1 2027 Earnings Call Prepared Remarks Transcript

Good afternoon. I am Makoto Tanaka, CFO. Thank you for joining us today. Firstly, we would like to express our deepest condolences to those who lost their lives in the earthquake in Kumamoto and extend our heartfelt sympathies to all those affected by this disaster. At this point, no material impact on the business activities of Mitsui & Co Group has been confirmed. However, we'll continue to closely monitor the situation and assess any damage. We will also consider appropriate support measures and responses going forward. I'll begin by giving a summary of the operating results for the first 3 months. I will then hand over to Masao Kurihara, General Manager of the Global Controller Division, who will speak on the details of the operating results. Let me begin by -- or let me begin with a summary of our financial results for the quarter. Core operating cash flow, COCF, increased by JPY 64.6 billion year-on-year to JPY 280.9 billion, while profit increased by JPY 102.5 billion year-on-year to JPY 294.1 billion. Both posted substantial growth. Profit reached a record high for Q1. Both COCF and profit are progressing at a pace well ahead of our business plan, driven by asset recycling and our middle game initiatives. In light of our strong performance and with the aim of improving capital efficiency and enhancing shareholder returns, we have decided on the share repurchase of JPY 200 billion to be completed by the end of January 2027. To continuously enhance per share value, all shares acquired through this repurchase will be canceled. While closely monitoring development in the Middle