I am Nakanishi, President and CEO. Thank you very much for taking the time out of your busy schedule to join this session on FY 2024 results. First, I would like to give you the highlights of FY 2024 results as well as FY 2025 forecast. Please turn to page three of the presentation materials. Starting with FY 2024 results, underlying operating cash flow was JPY 983.7 billion. Consolidated net income was JPY 950.7 billion. We have achieved all the quantitative targets of Midterm Corporate Strategy 2024 during those three years. As for the FY 2025, underlying operating cash flow forecast is JPY 900 billion. Consolidated net income forecast is JPY 700 billion. Unlike last fiscal year, we do not expect major capital recycling gains in this fiscal year. Therefore, consolidated net income is expected to be lower than FY 2024.
We expect underlying operating cash flow to be on par with FY 2024, mainly driven by our solid non-resource businesses. As for 2025 shareholder return, post-returns free cash flow accumulated during the Midterm Corporate Strategy 2024 was JPY 0.7 trillion, which exceeded our expectations. The amount will be used to fund the shareholder returns as part of the JPY 1 trillion share repurchase program announced on April 3rd. As for the dividend, while maintaining the progressive dividend policy, the dividend will be increased by JPY 10 to JPY 110 per share. On the 3rd of April, we announced Corporate Strategy 2027. On the same day, the Trump administration announced a tariff policy. The uncertainty is mounting in politics, economy, environment, technology and other aspects.
We will calmly watch impact from those changes, will review the business strategy flexibly and boldly in response to the changes, and to work to further enhance the earnings base of existing businesses and to create new projects. As explained under Corporate Strategy 2027, through the value creation mechanism of enhance, reshape, and create, in addition to about JPY 1 trillion upgrade investments, about JPY 3 trillion new investment during the three years is planned. Through the initiatives that I have talked about, we aim to realize underlying operating cash flow of JPY 1.4 trillion and ROE of 12% in FY 2027. That concludes my presentation. Next, our CFO, Nouchi, will give you the results overview. Thank you.
I'm Nouchi, company CFO. I would like to provide some additional information on the financial results. Please turn to page four. The number can be found on the bottom right of the page. FY 2024 underlying operating cash flow was JPY 983.7 billion, down by JPY 194.8 billion year-on-year. Consolidated net income fell by JPY 13.3 billion year-on-year to JPY 950.7 billion. Underlying operating cash flow decreased year-on-year, mainly due to lower volumes and weaker market conditions in our Australian steelmaking coal and ASEAN automotive businesses.
Consolidated net income remained almost flat year-on-year due to large gains from capital recycling, such as gains on the sales of mines in the Australian steelmaking coal business and revaluation gains on Lawson. As explained by President Nakanishi, the forecast for FY 2025 is JPY 900 billion in underlying operating cash flow and consolidated net income of JPY 700 billion.
Underlying operating cash flow is expected to remain at JPY 900 billion level despite a decrease in the Mineral Resources segment. The ROE, a quantitative target of our Corporate Strategy 2027, is expected to be 7.9%, but the company will promote its growth strategy under Corporate Strategy 2027 and grow underlying operating cash flow by an average of at least 10% per year, with a sustained increase in consolidated net income. Aim to achieve an ROE of 12% or higher in FY 2027. Please turn to page five. The page number can be found on the bottom right. This shows three cumulative results against the cash flow allocation plan set out in the Midterm Corporate Strategy 2024. Cash inflows totaled JPY 5.6823 trillion, including the JPY 3.4469 trillion underlying operating cash flow and the JPY 2.2354 trillion in investment recovery cash flow from divestiture.
Cash outflow investments of JPY 2.8926 trillion were executed, resulting in an adjusted free cash flow of JPY 2.7897 trillion. Divestitures progressed better than expected, resulting in adjusted free cash flow in excess of the latest forecast of JPY 2.5 trillion. As a result, post-returns free cash flow amounted to JPY 665.9 billion. As explained by President Nakanishi, we plan to repurchase a total of JPY 1 trillion of our own shares in FY 2025, including post-returns free cash flow. The status of achievement of quantitative targets is described on page 10 for your reference. Segment information details starts from page six. We have also started providing information on underlying operating cash flow by segment. Please turn to page six. The page number can be found on the bottom right-hand corner. We will start with year-on-year changes in underlying operating cash flow.
The Australian steel making coal business in Mineral Resources and the ASEAN automobile business in Mobility have seen a significant decline in profits due to lower sales volumes and lower prices, and profitability due to weak market conditions. Second from the bottom, SLC decrease in profit is due to the effect of Lawson changing from a subsidiary to an equity method affiliate during the FY 2024. Please turn to page seven for consolidated net income. The number can be found on the bottom right-hand corner. Despite some negative factors pushing down underlying operating cash flow, consolidated net income remained almost flat year-on-year due to large gains from divestiture, such as gains on the sale of mines in the Australian steel making coal business in Mineral Resources and revaluation gains on Lawson in SLC. Please turn to page eight for segment outlook.
All segments are impacted by changes in the business environment, such as stagnant market, a strong yen, and rising yen interest rates, but company-wide underlying operating cash flow is expected to remain at JPY 900 billion level despite significant profit decline in the Environmental Energy and the Mineral Resources. Please turn to page nine for consolidated net income. The page number can be found on the bottom right-hand corner. The decrease in profit was larger than the underlying operating cash flow in Mineral Resources and SLC due to the absence of a previous fiscal year's large gain on divestiture. The market assumptions in our outlook can be found on page 33 for your reference. That's all from me.