Notice of Change in the Specified Subsidiary
Mitsubishi Corporation hereby announces the following change in its specified subsidiary.
1. Reason for Change
Cermaq Group AS (“Cermaq”), a wholly owned subsidiary of Mitsubishi Corporation (“the Company”), has resolved on December 19th (Norwegian time) to increase the capital of Cermaq Holding AS, Cermaq Norway Holding AS and CQ Canada Holding Ltd, subsidiaries under Cermaq. The purpose of this capital increase is to provide funds for the acquisition of three salmon farming operations under Grieg Seafood: the Northern Norway, and the East and West Coasts of Canada.
As a result of this resolution, the capital of Cermaq Holding AS, Cermaq Norway Holding AS, and CQ Canada Holding Ltd will exceed one-tenth of the Company’s capital, will therefore qualify as specified subsidiaries of the Company.
2.Overview of the Specified Subsidiary
（１）Cermaq Holding AS
| (1) | Name | Cermaq Holding AS | ||
| (2) | Location | Dronning Eufemias gate 16 0191 OSLO, Norway | ||
| (3) | Representative | General Manager・Kristoffer Moestue Sannes | ||
| (4) | Business Description | Investments in the aquaculture industry and related supplier activities | ||
| (5) | Capital | 4,161 million Norwegian Krone（equivalent to about JPY64.2 billion*） | ||
| (6) | Date of Establishment | July 5th, 2013 | ||
| (7) | Major Shareholder / Ownership Ratio | Cermaq Group AS 100.00% | ||
| (8) | Relationship with the Company | Capital | 100% owned by Cermaq Group AS | |
| Personnel | None | |||
| Business | None | |||
| (9) | Financial Performance and Position for the past three fiscal years** (NOK：Norwegian Krone) | |||
| Fiscal Year Ended March | 2025 | 2024 | 2023 | |
| Net Assets (million NOK) | 191 | 189 | 187 | |
| Total Assets (million NOK) | 192 | 192 | 190 | |
| Net Assets per Share (thousand NOK) | 1.1 | 1.0 | 1.0 | |
| Net Sales (NOK) | 0 | 0 | 0 | |
| Operating Income (thousand NOK) | (106) | (94) | (79) | |
| Net Income Attributable to Parent Company Shareholders (million NOK) | 2 | 2 | 306 | |
| Net Income per Share (thousand NOK) | 0 | 0 | 2 | |
| Dividend per Share (thousand NOK) | 0 | 0 | 2 | |
*The applied foreign exchange rate is 15.42, TTM rate as of the end of November, 2025.
**Unconsolidated base
（２）Cermaq Norway Holding AS
| (1) | Name | Cermaq Norway Holding AS | ||
| (2) | Location | Nordfoldveien 165, 8286 NORDFOLD STEIGEN, Norway | ||
| (3) | Representative | General Manager・Kristin Vibeke Hurum | ||
| (4) | Business Description | Investments in the aquaculture industry and related supplier activities | ||
| (5) | Capital | 2,615 million Norwegian Krone（equivalent to about JPY40.3 billion*） | ||
| (6) | Date of Establishment | October 1st, 2022 | ||
| (7) | Major Shareholder / Ownership Ratio | Cermaq Group AS 100.00% | ||
| (8) | Relationship with the Company | Capital | 100% owned by Cermaq Group AS | |
| Personnel | None | |||
| Business | None | |||
| (9) | Financial Performance and Position for the past three fiscal years** (NOK：Norwegian Krone) | |||
| Fiscal Year Ended March | 2025 | 2024 | 2023 | |
| Net Assets (million NOK) | 11,747 | 11,164 | 12,854 | |
| Total Assets (million NOK) | 12,421 | 11,820 | 12,856 | |
| Net Assets per Share (million NOK) | 3.9 | 3.7 | 4.3 | |
| Net Sales (million NOK) | 6.5 | 7.2 | 1.2 | |
| Operating Income (thousand NOK) | (387) | 276 | 101 | |
| Net Income Attributable to Parent Company Shareholders (million NOK) | 582 | 0 | 4,313 | |
| Net Income per Share (thousand NOK) | 194 | 0 | 1,438 | |
| Dividend per Share (thousand NOK) | 217 | 217 | 0 | |
*The applied foreign exchange rate is 15.42, TTM rate as of the end of November, 2025.
**Unconsolidated base
（３）CQ Canada Holding Ltd
| (1) | Name | CQ Canada Holding Ltd | ||
| (2) | Location | 2900 - 550 Burrard Street, Vancouver, BC V6C 0A3 | ||
| (3) | Representative | Director・Steven Rafferty | ||
| (4) | Business Description | Investments in the aquaculture industry and related supplier activities | ||
| (5) | Capital | 209 million Canadian dollars（equivalent to about JPY 23.3 billion*） | ||
| (6) | Date of Establishment | Oct 6th, 2025 | ||
| (7) | Major Shareholder / Ownership Ratio | Cermaq Holding AS 100.00% | ||
| (8) | Relationship with the Company | Capital | 100% owned by Cermaq Holding AS | |
| Personnel | None | |||
| Business | None | |||
*The applied foreign exchange rate is 111.58, TTM rate as of the end of November, 2025.
3. Impact on the Company's Financial Results
The impact on the Company’s financial results for the fiscal year ending March 31, 2026 will be immaterial.
Inquiry Recipient
Mitsubishi CorporationTelephone:+81-3-3210-2171
