Mitsubishi lowers 2025/26 guidance as forex and tariffs bite

It is a testament to Mitsubishi’s downturn in the previous quarter that a 79% year-on-year drop in profit for Q2 2025/26 is actually somewhat of an improvement, recovering margins 0.9pts to 1.8%. However, a triple-whammy of volume/mix, forex and tariffs hit the company hard: net losses stacked up to JP¥8.6bn, versus a JP¥3.4bn net profit three months ago.