確認メモ（原文・英語）English tanshin every period, the same day, with the segment note and the cash-flow note. But both English tanshin read leave out the whole Japanese qualitative section (keiei seiseki-to no gaikyo) and the subsequent-events note: Q1 FY2026 runs 10 English pages against 15, FY2025 16 against 23. A content cut: 3 (was 5; re-checked 14 Oct 2026 against the Japanese page by page). Named contact Katsumi Shiraishi, General Manager, Corporate Communications Dept.
確認メモ（原文・英語）Compared the English and Japanese tanshin for both latest periods. FY2025 (13 May 2026): the English is 16 pp and the Japanese 23 pp. The English attachment contents start at '1. Consolidated Financial Statements and Primary Notes'. It leaves out the Japanese section 1, '経営成績等の概況' (pp 2-9: results by segment, financial position, cash flow and the FY2026 outlook with segment forecasts, FX and metal-price assumptions) and section 2 (the basis for choosing accounting standards). It also leaves out the subsidiary-change and subsequent-events notes. Q1 FY2026 (7 Aug 2026): the English is 10 pp and the Japanese 15 pp. The English again drops section 1 '当四半期決算に関する定性的情報' (results, financial position, forecast explanation) and the subsequent-events note (the stock split). The summary pages, statements and segment note are translated. The qualitative review exists only in Japanese, so a section of the document's own substance is cut: 3.
確認メモ（原文・英語）The English Q1 FY2026 tanshin has the quarterly balance sheet, income statement and comprehensive income statement. Its notes cover going concern, a segment note (sales by customer and intersegment, segment profit, reconciliation footnotes) and the cash-flow/depreciation note. The FY2025 English tanshin adds the full balance sheet, P&L, comprehensive income, changes in equity and cash flows, with notes on going concern, segment (overview, basis of measurement, assets) and per-share data. Some notes the Japanese carries are not translated in either period: subsequent events (the Aug 2026 10-for-1 split), the significant subsidiary change and the shareholders'-equity note. There is no English yuho. These are the statements with their main notes, but not every note, so 4 (floor between 4 and 5).
確認メモ（原文・英語）hunt_yuho.py found nothing beyond the financial-highlights page; the Integrated Report itself points readers to "our Securities Report" for financial detail, which stays Japanese-only.
確認メモ（原文・英語）Every English tanshin carries the segment note with sales (external and intersegment) and segment profit (on an ordinary-income basis) for each segment. In FY2025 these were Engineered Materials, Metals, Automotive Parts & Components and Other; from FY2026 they are Engineered Materials, Metals and Other. Each is reconciled to the consolidated figure. The FY2025 note states the segment definitions and the measurement basis (budget FX rates for overseas subsidiaries, market prices for intersegment sales). It says prior-year figures were restated for the segment change, and the Q1 note does the same. The decks repeat the segment figures with volume and price variance analysis. Every period, defined and kept consistent: 5.
確認メモ（原文・英語）There is no spreadsheet. A search of the English IR Library (Financial Results Reports, Integrated Report), Business Performance and Financial Information (Financial Highlights, Business Performance by Segment), ESG Data and the IR top for xls, xlsx, csv, Excel or download links found none. Financial Highlights has HTML charts for FY2022 to FY2026 (sales, operating income, ordinary income, net income). The segment page shows chart images for FY2022 to FY2025. ESG Data has HTML tables and links to integrated-report PDFs. Nothing is downloadable as a data file.
確認メモ（原文・英語）The English tanshin gives the FY2026 forecast (1H and full year: sales ¥830bn, operating profit ¥91bn, ordinary profit ¥93bn, net ¥75bn), but the English tanshin itself drops the qualitative basis. The basis is in the English decks. 'FY2026 Q1 Results & FY2026 Forecast' (7 Aug 2026, 28 pp, same day as the Japanese) gives segment forecasts. It has a 'Metal Prices and FOREX' table of assumptions by quarter (zinc $3,200/t, lead, copper, indium, palladium, rhodium; ¥155/$), showing the 13 May and 7 Aug forecasts side by side. It gives LME and FX sensitivities and an operating-income bridge from the 13 May forecast (¥94.0bn) to the 7 Aug forecast (¥91.0bn). The English revision notices (11 Nov 2025, 13 Feb 2026) give the reasons for revising: AI-server copper foil demand, metal prices, the weaker yen, inventory factors. FX, market and segment assumptions plus explained revisions: 5.
確認メモ（原文・英語）The current plan is the 2025-2027 Medium Term Business Plan. The English deck on the MTP page is 42 pp, the same as the Japanese 「25中計」説明資料 (42 pp); the English PDF was created 20 May 2025 against 28 May for the Japanese. It sets ordinary income ¥70bn in FY2027 and ¥100bn in FY2030, ROE/ROIC of 14%, FCF of ¥84bn by 2030, a growth-investment budget and DOE 3.5%. The upward revision ('Progress Briefing on the 2025-2027 Medium Term Business Plan', 21 May 2026, 29 pp: ROE/ROIC to 15%, growth investment raised to ¥122bn, operating CF ¥300bn) was posted in English the same day as the Japanese. Integrated Report 2026 repeats it. Complete and current: 5.
確認メモ（原文・英語）A results presentation plus a separately published "Record of Briefing session" (the Q&A transcript) for the full-year results, in English, matching the Japanese practice of holding a briefing.
確認メモ（原文・英語）There is no 'why invest' or 'investment highlights' page on the English IR site; the IR top offers Message from Top Management, the MTP and documents. The equity story is in the English Integrated Report 2026, in a dedicated spread, 'Our strength and the source of our value creation' (pp 18-19 of the report). It describes the material-intelligence technology base, smelting and recycling network and high-share electronics materials, and is mostly qualitative. The quantified points (97% global share for MicroThin, record results) appear in the CEO message rather than in that section. Dedicated but mostly qualitative: 4.
確認メモ（原文・英語）The English MTP progress deck (21 May 2026, 29 pp) and the MTP deck name the growth drivers and attach numbers. MicroThin ultra-thin carrier copper foil for AI/semiconductor packaging targets capacity of 1,200 t/month by 2028. VSP high-frequency copper foil capacity is being expanded for AI servers. A-SOLiD solid-electrolyte supply capacity was expanded fourfold, with a 3 GWh/yr mass-production decision under consideration. Atomized copper powder is being expanded for MLCC and optical communications. The growth-investment budget rose to ¥60bn per MTP (+¥36bn), and ordinary-income targets run to ¥100bn in FY2030. The Integrated Report 2026 CEO message cites the 97% global market share. Named drivers with capacities, shares and budgets: 5.
確認メモ（原文・英語）Every Japanese briefing record has an English counterpart, but all arrive late. From the two IR news lists, Japanese date then English: Q1 FY2026 briefing record 21 Aug, 31 Aug 2026 (10 days). FY2025 briefing record 19 May, 28 May (9 days). MTP progress Q&A 28 May, 9 Jun (12 days). Q3 FY2025 telephone conference 18 Feb, 14 Apr (55 days). Q2 telephone conference 18 Nov, 18 Dec 2025 (30 days). Business-briefing Q&As follow the same pattern (Engineered Materials 15 Jan, 26 Jan; ESG/DX 2 Dec, 28 Jan; Business Creation 22 Oct, 2 Dec). The English records are full transcripts (e.g. Q1 FY2026, 14 pp). Every period, but days to weeks after the Japanese: 4.
確認メモ（原文・英語）Integrated Report 2026 in English, "For the year ended March 31, 2026", 50 pages, published 30 September 2026 - the current edition. 5 (was 4 on 12 Oct, when the English page still offered the 2025 edition; re-checked 14 Oct 2026).
確認メモ（原文・英語）The English 25-27 MTP deck opens with '1. Previous Medium Term Business Plan (22-24 MTP) in Review'. It sets FY2024 targets against results: ordinary income target ¥60bn against ¥76.4bn, ROE 14% against 21.2%, equity ratio 50% against 50.4%, net D/E 0.42 against 0.37. It does the same by sector: Engineered Materials ordinary income target ¥31.0bn against ¥25.2bn, explained by sluggish smartphone demand and a slowdown in PC and data-centre investment; Metals ¥17.5bn against ¥44.5bn. It also explains non-financial shortfalls (the Atalaya feasibility study delayed more than a year) and the issue carried forward (market cap unchanged, PBR 0.75). Target against actual with variances explained: 5.
確認メモ（原文・英語）Corporate Governance Report, English, "Last Updated: March 26, 2025" - filed-report structure and complete, but more than a year stale as at Oct 2026 with no newer English edition found despite an AGM (and a governance-relevant shareholder proposal) since.
確認メモ（原文・英語）The English notice of the 101st AGM (28/29 May 2026, 70 pp) covers the six director candidates who are not Audit & Supervisory Committee members. Each has years served as director (e.g. NOU 11, IKENOBU 3, TOIDA 6, TAKEGAWA 5), attendance, career history, concurrent posts, reasons for nomination and the Outside/Independent designation, with notes on TSE independent-officer notification. The four Audit & Supervisory Committee members (SHIKI, ISHIDA, INOUE, KAWANISHI) were not up for election in 2026. In English they appear only as names and titles on the Board of Directors page and in the skills matrix; their profiles are in the 2025 notice. Re-checked 21 Oct 2026 under v1.1.1: an AGM candidate list covers the board when every sitting director is a candidate or is profiled elsewhere in English on the company's site. The four Audit and Supervisory Committee members are profiled, with tenure, career and independence, as candidates in the English notice of the 100th AGM (2025), still on the site. Every director covered, so 5.
確認メモ（原文・英語）The English 101st AGM notice (May 2026), at pp 22-24, gives the skills matrix. It explains why each skill was selected and the sufficient condition for it, then maps every Director and Audit & Supervisory Committee member, with ○ for skills held and ● for skills expected. Integrated Report 2026 (30 Sep 2026) repeats the current matrix ('Skills matrix of Directors'), and the governance page links it too. Current: 5.
確認メモ（原文・英語）Integrated Report 2026 (English, pp 64-65 of the report) and the English Corporate Governance page set out the structure: base pay, performance-linked pay and stock compensation (tenure-based plus ESG-indicator-based restricted stock). KPIs: consolidated ordinary income (minimum ¥50bn, benchmark ¥70bn, cap ¥180bn) and ROIC for the bonus. ESG KPIs: a GHG plan, CDP score, the share of female managers, engagement score, Board Effectiveness follow-up, and compliance. Weights: composition at benchmark, President 33/42/25 and other directors 42/42/16 (stock = tenure 8% + ESG 8%); outside and A&SC directors 90/10. Amounts for FY2025: totals by class (e.g. executive directors ¥474m: base 211, performance 198, stock 65) and per-person consolidated pay for NOU ¥118m, IKENOBU ¥161m and OKABE ¥111m. The FY2026 revisions are explained. Re-checked 21 Oct 2026 under v1.1.1, which needs the weight of each performance measure in every performance-linked element: the bonus uses ordinary income and ROIC, and the ESG stock uses six indicators, with no weights between them. So 4.
確認メモ（原文・英語）Notice of Convocation of the 101st AGM, 28 May 2026 for a 26 Jun 2026 meeting - 29 days' notice - with the full proposals, director biographies and an "Exercise of Voting Rights Electronically (Internet, etc.)" section including a dedicated Help Desk, entirely in English with no Japanese-only caveat found. Notably, this AGM also carried three shareholder-sponsored proposals (stock dividends, compensation disclosure, company-name change), all likewise translated in full. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, www.web54.net (Sumitomo Mitsui Trust Bank), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4.
確認メモ（原文・英語）Report on the Resolutions, 26 Jun 2026: all four company proposals "passed as per the original proposal" and all three shareholder proposals "rejected," with no vote counts given for any of the seven, contested or not.
確認メモ（原文・英語）The English Corporate Governance page ('Status of Cross-held Stocks') and the CG Guidelines (Article 10, 1 Oct 2025) give the policy. The company holds such stocks only with a rational reason and sells otherwise. The Board reviews each holding every year for purpose, benefits and risks and its relation to the cost of capital. Voting criteria and no obstruction of sales are stated. The English ESG Data page gives the numbers for FY2020-FY2024: listed holdings fell from 11 to 4 companies and ¥5,951m to ¥985m; unlisted from 32 to 25 companies, ¥1,868m. No reduction target or schedule was found in English: not in the governance page, CG report, guidelines or Integrated Report 2026. Policy and numbers, no target: 3.
確認メモ（原文・英語）On the English homepage (www.mitsui-kinzoku.com/en/), 'Investor Relations' is a visible item in the global navigation and links straight to /en/toushi/. A homepage 'Investor Information' block with a MORE link does the same. One click.
確認メモ（原文・英語）Sampled 18 English document links across types and years. Tanshin: Q1 FY2026, FY2025. Decks: Q1 FY2026, FY2025, Q3 FY2025, FY2020 Q1. Transcripts: Q1 FY2026, Q3 FY2025, FY2020 Q1. MTP progress briefing and its Q&A; the 2019-21 MTP progress deck (2020). Notices: shareholder-proposal opinion and absorption merger. 97th AGM notice (2022). CG Guidelines (2025). CG Report (2025). Integrated Report 2024 financial section and Integrated Report 2026. Every one opened as an English document. The FY2020 Q1 deck keeps a few untranslated Japanese table labels (売上高, 今回予想) on one slide, but it is an English deck. All English: 5.
確認メモ（原文・英語）In the same 18-link sample, every link resolved to a live PDF, from 2 to 70 pp and dated 2020 to Aug 2026; none was dead. The IR News and Financial Results Reports pagination (pno pages) and the integrated-report back-number links also resolved. All live: 5.
確認メモ（原文・英語）Rendered in Chromium, every main English IR page shows its content. Pages checked: IR top (IR News block, library links), IR News (dated list, year filter, category tabs, ten paginated pages), Financial Results Reports, Integrated Report (links through to the Integrated Reports page), MTP, Corporate Governance (full text and tables), Board of Directors, Shareholders' meeting, Financial Highlights (charts drawn) and Business Performance by Segment (charts drawn), plus the Disclaimer. Nothing rendered blank. The IR Calendar does render, but its newest entry is the 13 May 2026 results, so it is stale rather than broken. All render: 5.
確認メモ（原文・英語）English IR News is one dated list, each item typed (Financial Results Reports, IR News Release, Shareholders' meeting). It has year filters from 2016 to 2026 and category tabs (Release, IR Briefing Materials, Stock Information). It covers tanshin, decks, transcripts and Q&A, timely disclosures, AGM notices and resolutions. The integrated reports, the Corporate Governance Report, the CG Guidelines and the MTP deck are not in it; they sit only on their own pages. One dated, typed page, but not every type: 4.
確認メモ（原文・英語）The archive is deep. The Financial Results Reports library has year filters from FY2016 to FY2026, with documents back to at least 2020 opened (FY2020 Q1 deck and transcript, 2019-21 MTP progress deck). IR News runs back to 2016. AGM notices and resolutions go back to the 97th (2022) in the news list. Integrated reports in English run from 2021 to 2026. Several years across types: 5.
確認メモ（原文・英語）Katsumi Shiraishi, Corporate Communications Dept., named with phone in the tanshin header; "Corporate Communications Dept." is also the first option in the general inquiry form's department list - a genuine, correctly-matched route, but one entry among many departments rather than a dedicated IR contact.
確認メモ（原文・英語）Posting dates match for both latest periods, from the English and Japanese IR news lists. Q1 FY2026: English tanshin and deck on 7 Aug 2026, Japanese tanshin and deck on 7 Aug. The English tanshin PDF was created 4 Aug, the deck 7 Aug. FY2025: English tanshin and deck on 13 May 2026, Japanese the same day. The English tanshin PDF was created 11 May; both FY deck PDFs (EN and JP) carry a 19 May creation date, apparently a re-upload of both. The earlier periods also match: Q3 on 13 Feb 2026 and Q2 on 11 Nov 2025, both languages the same day. Transcripts lag, but that is S5. Same day every period: 5.
確認メモ（原文・英語）Lags, English against Japanese, from the two IR news lists. Q1 FY2026 tanshin: 7 Aug / 7 Aug = 0. FY2025 tanshin: 13 May / 13 May = 0. AGM notice: Japanese 28 May, English listed 29 May (PDF created 29 May) = 1. Corporate Governance Report: the Japanese was updated 29 Jun 2026, but the English is still the 26 Mar 2025 edition, so >90. Annual securities report: Japanese filed 24 Jun 2026 with no English version, so >90. Median 1 day: 4.
確認メモ（原文・英語）Compared the Japanese IR news list (適時開示) for Oct 2025 to Oct 2026 with the English IR News. Every timely disclosure has a same-day English counterpart. 11 Nov 2025: forecast/dividend revision, forecast-vs-actual difference, subsidiary transfer. 13 Feb 2026: forecast/dividend revision, change of representative director. 6 Apr: absorption merger. 13 May: dividends of surplus, restricted-stock plan revision, opinion on the shareholder proposal. 29 Jun: investment-unit policy. 14 Jul and 7 Aug: restricted-stock issuance and payment. 7 Aug: stock split with articles amendment and dividend-forecast revision. What is not translated is statutory filings: extraordinary reports, shelf-registration amendments, large-holding reports, merger statutory documents, the yuho and the amended articles (1 Oct 2026). All, same day: 5.
確認メモ（原文・英語）Rendered the English homepage, IR top, IR News, Disclosure Policy and Disclaimer and searched their visible text. There is no machine- or AI-translation notice and no translation pop-up; the Disclaimer covers only investment, forward-looking and accuracy matters. The documents (tanshin, notices, MTP deck) carry only the human-translation precedence line ('translated from the Japanese original for reference purposes only... the original shall prevail'), which belongs to R5. Nothing presented as machine-translated: 5.
Mitsui Kinzoku introduced business-specific WACC and hurdle rates and later updated FY2027 ROE, ROIC and EVA targets.
時系列と出典（2件・内容は原文）
2025-05-21Plan announced The company introduced business-specific WACC, hurdle rates and dynamic portfolio management.出典資料1
2026-03-31（公表 2026-05-21）Targets updated The FY2027 ROE, ROIC and EVA targets were updated to 17%, 14% and ¥46bn.出典資料1
経営陣が表明したこと
Mitsui Kinzoku committed to business-specific WACC, hurdle rates and dynamic portfolio management, with updated FY2027 ROE of 17%, ROIC of 14% and EVA of ¥46bn.
Investor question: Which portfolio actions and investment cohorts create the updated EVA? IR preparation: publish capital, WACC, ROIC and value contribution by business.
当調査の分析（会社の説明ではありません）
約束は具体的か5／5Return, EVA and decision-framework targets are quantified and updated.
実行の経過を追えるか4／5A formal progress briefing updates targets, but full investment-cohort outcomes are incomplete.
経済性を説明しているか5／5Business-specific WACC, hurdle rates and dynamic portfolio rules directly address capital economics.
目標に対する結果を報告しているか時期未到来The FY2027 endpoint is not due.