The New Year greeting delivered by Masumi Kakinoki, President & CEO at the Marubeni Tokyo Head Office on January 6 is posted below.

1. Greetings
Hello, everyone. I would like to extend my best wishes for the New Year to all Marubeni Group employees and their families, and I hope that you were all able to enjoy a relaxing holiday season. This year in Japan, we had a relatively long holiday period, which I hope allowed everyone here to rest up and refuel. 
 
2. The Environment We Face 
The past year saw various events and circumstances, including the prolongation of regional conflicts and the slowdown of the Chinese economy. Among these, one particularly notable change was the resurgence of populist and economic nationalist movements in various countries, with incumbents and ruling parties being defeated across major national elections, including Mr. Trump securing a comeback term in the U.S. presidential election. 
 
I anticipate that 2025 will also be a year of significant changes. The inauguration of a new administration in the U.S. likely heralds both an escalation in U.S.-China tensions and a U.S. lean towards isolationism. If the U.S. imposes worldwide tariffs, global trade flows will experience a massive impact, leading to retaliatory measures from trading partner countries. There is a risk that the division in the international community may further widen as a result of various countries and companies embarking on new initiatives for their own interests and survival. In such a time of change, it is becoming increasingly important to pay attention not only to one’s own area of responsibility, but also to the overall flow of business, as well as to gather and analyze a wide range of information in order to take the most appropriate action. 
 
Of course, these circumstances can also present positive aspects for us. In the U.S., there is a strong possibility that the economy will become more vibrant as tax cuts and deregulation progress. In Japan, companies around the country are responding to chronic labor shortages by accelerating management reforms and restructuring, such as implementing labor-saving investments and revamped human capital strategies. Amidst these changes, we can find an expanded field of business opportunities. 
 
3. Our Mid-Term Management Strategy GC2024 and the New Mid-Term Management Strategy 
Even in such a complex environment, our Mid-Term Management Strategy GC2024, which is in its final fiscal year, is progressing smoothly, and we fully expect to achieve all our quantitative targets. We have been thoroughly implementing business management with a focus on capital efficiency for continuous enhancement of corporate value, further strengthening existing businesses and making investments for future growth, and advancing asset recovery as a source of funds for further growth investments.  

Our Green Strategy has also been taking root among our businesses. We have made progress in strengthening and expanding green businesses, such as expanding the handling of power derived from renewable energy sources and increasing our copper equity production capacity. Looking at our human capital strategy, we can say that we have established an environment that realizes merit-based placement of the right people in the right positions through a mission-centered personnel system and the abolition of the job classification system. 

We have also received some positive news, such as credit ratings from Moody’s (Baa1) and S&P (BBB+) reaching record highs and our market capitalization also reaching an all-time high, which reflects the rising expectations our stakeholders have for Marubeni. 

Over the past three years, there have been times when we have had to make painful decisions, and I believe that many of you have worked very hard under challenging circumstances on the frontlines of business amidst this rapidly changing environment. These achievements are the result of the efforts of each and every one of you in the Marubeni Group, and I would like to express my heartfelt gratitude for your efforts. 

Discussions on the next mid-term management strategy are also entering the final stages, taking “shifting into high gear” as our keyword. If we achieve FY2024’s net profit forecast of 480 billion yen, it will mark the fourth consecutive year with a net profit exceeding 400 billion yen. Compared to our net profit before FY2020 (223.3 billion yen), this can be considered a significant leap forward, revealing a new landscape. I believe it is time for our business management to shift into high gear towards the next stage of growth and accelerate our shift towards sustainable growth. 

As the first step in implementing our next mid-term management strategy, we announced organizational changes last month. We have reorganized the previous structure of 16 business divisions under 5 business groups and the CDIO into a 10-division system, consolidating operating segments to expand our scope of operational business areas. Essentially, we are establishing an organizational structure that allows all divisions to accelerate our shift towards focus and growth areas. 

As we move towards our next stage of growth, I would like to create an environment where everyone can take on greater challenges, working closely with Mr. Omoto, who will become the new Marubeni president and CEO, and support the Marubeni Group’s next step toward a higher goal. 
 
4. Conclusion 
Now, as we enter this new year, I would like to take this opportunity to go over the Marubeni Group’s management philosophy and vision, which is, in accordance with the spirit grounded in “Fairness, Innovation, and Harmony,” to be proudly committed to social and economic development and safeguarding the global environment by conducting fair and upright corporate activities. Our vision to make these convictions a reality is the “Global crossvalue platform,” which aims to generate new value and solve social challenges by combining internal and external expertise and strengths. 

I hope that 2025 will be a year where each and every member of the Marubeni Group shifts into high gear; fully demonstrates their expertise, experience, and passion; and enjoys taking on great challenges as a unified group combining these elements.

Lastly, please always remember to make the safety and health of yourselves and your families your first priority as you pursue a fulfilling year. I would like to conclude my New Year’s greetings by wishing all of you, the Marubeni Group, and the entire world a wonderful year ahead, and I ask for your continued support in 2025 as well. Thank you.