Good afternoon, I am Tetsuya Shigeta, CFO. Thank you for joining us today. I will begin by giving a summary of the operating results for the first nine months and the full year forecast. I will then hand over to Masao Kurihara, General Manager of the Global Controller Division, who will speak on the details of our operating results. Although the global economy saw a gradual pickup during the third quarter, uncertainties remain due to factors such as developments surrounding tariff policies in the U.S. and geopolitical risks. Even under such conditions, we continue to strengthen our earning space by thoroughly executing integrated risk management and improving the quality of our globally diversified business portfolio that spans a wide range of industries. Let me begin with a summary of operating results for the first nine months.
Core operating cash flow, or COCF, was JPY 748.8 billion, and profit was JPY 611.9 billion. There was solid progress in COCF, at a pace exceeding the forecast that was revised upward in the second quarter. Reflecting the strong progress, we are revising up our full-year forecast for COCF once again by JPY 50 billion to JPY 950 billion. Despite recording a one-time loss in relation to JA Mitsui Leasing, profit has progressed steadily across the board against a forecast that was revised upward in the second quarter, and we are maintaining this full-year forecast of JPY 820 billion. I will now move on to the forecast for COCF.
The mineral and metal resources, energy, machinery and infrastructure, and Iron & Steel Product segments all had progress of above 80% against the previous forecast. Based on this, we have revised up the full-year forecast by JPY 50 billion to JPY 950 billion. Regarding profit, progress was steady overall, with strong results in the Mineral & Metal Resources, Energy, Machinery & Infrastructure, and Iron & Steel product segments, and we have made no change to the previous forecast of JPY 820 billion. In Innovation & C orporate Development, we recorded a one-time loss at JA Mitsui Leasing. However, we expect gains from asset sales before the end of the fiscal year. Let me provide some details regarding JA Mitsui Leasing.
As JA Mitsui Leasing announced today at 12:00, in connection with the recoverability of risk of receivables from a counterparty of one of its group companies, Katsumi Global, MITSUI recorded a JPY 34.1 billion loss in the third quarter. This amount includes the approximately JPY 3 billion impact that we explained in the full-year forecast at the second quarter financial results announcement. This matter concerns a counterparty's account receivables, for which there are emerging indications of possible inflated and fabricated billing or multiple assignments. Based on this, JA Mitsui Leasing has recorded a provision for doubtful accounts. We will continue to closely monitor developments, and while JA Mitsui Leasing will make every effort to recover the receivables, we will also take appropriate actions as the shareholder. For details, please refer to today's press release from both JA Mitsui Leasing and Mitsui.
Next, I will discuss cash flow allocation for the first nine months. Cash inflows totaled JPY 950 billion, consisting of JPY 749 billion in COCFs and JPY 201 billion from asset recycling. Cash outflows totaled JPY 1,442 billion. This includes JPY 1,206 billion in investments and loans, as in the third quarter, we completed acquisition of our interest in the Rhodes Ridge Iron Ore Project, and JPY 236 billion in shareholder returns. I will now speak on the progress made in the current period related to investment for growth, executed during the current medium-term management plan, or MTMP. Investments for growth aimed at the long-term enhancement of our earnings base are progressing steadily.
For the Rhodes Ridge Iron Ore Project, we completed the acquisition of our interest, and based on favorable results from the pre-feasibility study, we have decided to move on to a comprehensive feasibility study toward development of the own deposits. This study is a key milestone toward making a final investment decision and will assess development of an initial production stage of 40-50 million tons per year, with completion of the study in 2029 and first ore by 2030. The Mozambique LNG Project lifted a declaration of force majeure in November 2025 and announced a restart of all activities, including construction, on January 29th, following improvements in security conditions around the project site. We continue to target commencing production by 2029.
Regarding the U.S. low-carbon ammonia project , Blue Point, we acquired certification for Japan's Price Cap Support System from the Ministry of Economy, Trade, and Industry. Based on the business plan for which we have certification, we will work towards developing a low-carbon ammonia supply chain for Japan. By executing carefully selected investments for growth, aligned with our key strategic initiatives, we continue to solidify and further enhance our earnings base, heading into the next MTMP. We will persist in our efforts to substantially enhance our cash generation capability. Regarding shareholder returns, there is no change from the policy announced at the time of the fiscal year, March 2026, second quarter financial results. The JPY 200 billion share repurchase announced in the second quarter is progressing steadily, and we plan to complete the acquisition and cancellation by the end of March 2026.
We will continue to consider enhancing shareholder returns, maintaining a good balance with investments for growth. This concludes my part of the explanation. I will now hand over to General Manager of the Global Controller Division, Masao Kurihara, for details of our financials.
I am Masao Kurihara, General Manager of Global Controller Division. I'll now provide details of our operating results for the first nine months. First, I will explain the main year-on-year changes in COCF by segment. COCF for the first nine months decreased by JPY 44.7 billion year-on-year to JPY 748.8 billion. In the Mineral & Metal Resources segment, there was a decrease of JPY 40 billion to JPY 244.8 billion, mainly due to lower metallurgical coal and iron ore prices and lower dividends from equity method investees. In the Energy segment, despite higher U.S. gas prices, there was a decrease of JPY 62.3 billion to JPY 215.5 billion, mainly due to the swing back of large LNG dividends received in the previous year.
These dividends were from FY March 2024, but the payments were delayed into FY March 2025. In the Machinery & Infrastructure segment, there was an increase of JPY 20.6 billion to JPY 136.1 billion, mainly due to an increase in dividends from equity method investees and the absence of taxes paid in the previous period due to asset sales. In the Chemicals segment, there was an increase of JPY 4.5 billion to JPY 74.7 billion, mainly due to the gain on the reversal of provisions related to business outside Japan. In Iron & Steel Products segment, there was an increase of JPY 13.3 billion to JPY 17.7 billion, mainly due to trading and increase in dividends from equity method investees.
In the Lifestyle segment, there was a decrease of JPY 18.8 billion to JPY 10 billion, mainly due to an inter-segment transaction with others, adjustments and eliminations, and coffee trading. In Innovation & Corporate Development segment, there was an increase of JPY 11.9 billion to JPY 30.5 billion, mainly due to the absence of taxes paid in the previous period due to asset sales. Others, adjustments and eliminations, recorded an increase of JPY 26.1 billion to JPY 19.5 billion, mainly due to an inter-segment transaction with the Lifestyle segment. Next, I will explain the main year-on-year changes in profit by segment. Profit for the first nine months decreased by JPY 40.3 billion, year-on-year, to JPY 611.9 billion.
In the Mineral & Metal Resources segment, there was a decrease of JPY 29.5 billion to JPY 199.7 billion, mainly due to lower prices of metallurgical coal and iron ore, and higher costs and lower volumes of for copper, despite higher dividends from Vale. In the Energy segment, there was an increase of JPY 14.6 billion to JPY 138.5 billion, driven by higher U.S. gas prices and absence of impairment losses, despite lower crude oil prices. In the Machinery & Infrastructure segment, there was a decrease of JPY 23.9 billion to JPY 162.1 billion, mainly due to the absence of asset sales, despite valuation gains related to FVTPL from the Firefly IPO and higher profit from automotives.
In the Chemical segment, there was an increase of JPY 15.2 billion to JPY 55.5 billion, mainly due to a valuation gain on ITC Antwerp and the absence of an impairment loss. The Iron & Steel Products segment, there was an increase of JPY 7.6 billion to JPY 16.5 billion, mainly due to trading. In the Lifestyle segment, there was an increase of JPY 0.8 billion to JPY 33.1 billion, mainly due to asset sales, despite lower profit from coffee trading. In the Innovation and Corporate Development segment, there was a decrease of JPY 62.9 billion to JPY 4.2 billion, mainly due to the absence of asset sales and a one-time loss of JA Mitsui Leasing.
Others, adjustment and eliminations, recorded an increase of JPY 37.8 billion to JPY 2.3 billion, mainly due to the absence of an amendment to the retirement benefit system. This page provides a summary of the year-over-year factor comparison for profit. Base profit increased by JPY 56 billion, mainly due to increases in Vale dividends, LNG-related businesses, Iron & S teel Products, Automotives, IPP, Protein, and Chemicals, despite decreases in tankers, coffee trading and oil trading. Resources costs volume decreased by JPY 23 billion, mainly due to higher costs and lower volumes in copper and lower volumes in energy. Commodity prices saw a net decrease of JPY 11 billion due to lower metallurgical coal and iron ore prices, despite higher U.S. gas prices. Forex decreased by JPY 9 billion due to a stronger yen. As a result, commodity prices and Forex decreased by JPY 20 billion.
Asset recycling decreased by JPY 77 billion, mainly due to the absence of gains recorded in the previous period. Valuation gains, losses, and one-time factors increased by JPY 24 billion, mainly due to the absence of losses in the previous period and valuation gain at ITC Antwerp, despite one-time losses at JA Mitsui Leasing and Mainstream. This page provides a summary of the latest full year for profit forecast against the previous forecast. Base profit is expected to be JPY 21 billion lower, mainly due to chemicals trading, coffee trading, and other factors, despite higher Vale dividends and FVTPL than previously expected. Resources cost volume is expected to be JPY 1 billion lower. Commodity prices and Forex is expected to be JPY 28 billion higher, mainly due to higher prices for iron ore, copper, and U.S. gas, and a weaker yen.
Asset recycling is expected to be JPY 30 billion higher due to several asset sales we have planned for Q4. Valuation gains and losses and one-time factors is expected to be JPY 36 billion lower, mainly due to a one-time loss related to JA Mitsui Leasing. Finally, I will speak on the balance sheet as of the end of the third quarter. Net interest bearing debt increased by JPY 1.1 trillion from the end of March 2025 to JPY 4.4 trillion, mainly due to borrowings associated with the acquisition of our interest in the Rhodes Ridge Iron Ore Project. Shareholder equity increased by JPY 0.9 trillion to JPY 8.4 trillion, reflecting an increase of foreign exchange translation adjustments driven by the weaker yen, an increase in FVTOCI financial assets due to rising stock prices of listed holdings.
As a result, the net DE ratio was 0.52x . This concludes my explanation.