I'm Nouchi, CFO of Mitsubishi Corporation. Thank you very much for joining our FY 2025 Q1 earnings presentation despite your very busy schedule. First, I will provide an overview of FY 2025 Q1 earnings. Please find page number three at the bottom right corner of the earnings presentation material. Underlying operating cash flow for FY 2025 Q1 was JPY 250.4 billion, and consolidated net income was JPY 203.1 billion. Underlying operating cash flow progressed 28% against the full-year guidance. While there are variations across segments due to the timing of dividend income, progress was largely in line with full-year guidance. Consolidated net income showed 29% progress against the full-year guidance. Slightly higher progress was driven by capital recycling gains and one-time items across multiple business units. However, similar to the underlying operating cash flow, progress was largely in line with full-year guidance of JPY 700 billion.
Next, I would like to explain the key progress made in Enhance, Reshape, and Create, which is a value creation framework we outlined in our Corporate Strategy 2027. First, regarding our efforts to Enhance, the LNG Canada project successfully shipped the first cargo as scheduled. Additionally, a wholly owned subsidiary, Cermaq, has reached an agreement to acquire the salmon farming business from Grieg Seafood. By expanding production in our core Norwegian operations and our Canadian operations, we aim to achieve further growth for Cermaq. Regarding our Reshape initiative, a tender offer for the full acquisition of Mitsubishi Shokuhin was completed in July. Regarding our Create initiative, we announced today our plan to make Thai Union Group, a major global seafood processing company primarily using tuna and bonito as raw materials, our equity-method affiliate.
By leveraging the company's business foundation and pursuing synergies with our own operations, we aim to create a new pillar of revenue in the seafood business following our salmon farming business. Together with NLS, we have participated in the renewable fuel manufacturing and sales business by Par Pacific in the state of Hawaii, United States. By combining the expertise and capabilities of our Environment Energy Group and the Food Industry Group, we aim to enhance business value and contribute to the realization of a decarbonized society. Details of each project are outlined from page eight for your reference. We will continue to advance initiatives that leverage our comprehensive capabilities to create value in line with the Corporate Strategy 2027, aiming at an average growth of underlying operating cash flow of 10% or more and an ROE of 12% or higher by FY 2027.
Please find page four indicated on the bottom right of the page. For Q1 FY 2025, both underlying operating cash flow and the consolidated net income were down year-on-year. However, as mentioned in the outset, both underlying operating cash flow and consolidated net income are progressing largely in line with the full-year guidance for FY 2025. Additionally, the share buyback program announced on the 3rd of April with a maximum limit of JPY 1 trillion progressed smoothly, with a total purchase at the end of June amounting to JPY 347.3 billion. Please turn to page five. The page number is shown on the bottom right. I will now explain the progress against the cash flow allocation plan outlined in the Corporate Strategy 2027, as well as the current status of financial leverage. Cash inflows include underlying operating cash flow of JPY 250.4 billion and JPY 179.7 billion from divestitures.
Cash outflows include JPY 280.2 billion for the reinvestment in the Malaysia LNG Dua project and investments in the U.S. PAR business.
As for the shareholder returns, including the share buybacks up to JPY 1 trillion announced on April 3rd, we expect a total of JPY 1.5 trillion in FY 2025. As we said in the capital allocation strategy of Corporate Strategy 2027, when the investments are executed steadily and if the additional capital is necessary, we will consider the use of leverage as we maintain the financial soundness. At the end of Q1 FY 2025, the financial soundness indicator net debt-to-equity ratio was 0.38 x. Compared to the ceiling of 0.6 x, we have the debt financing buffer. Based on the active capital allocation strategy, utilizing strong financial strength, we will steadily execute the initiatives of Enhance, Reshape, and Create to promote value creation framework. That concludes my part of the presentation. I would hand over to Mr. Shimazu, General Manager of the Corporate Accounting Department.
This is Shimazu speaking.
I'd like to make some additional explanation on the details of the Q1 financial results. Please turn to page six. Let me first explain the major year-on-year differences of underlying operating cash flow by segment. In environmental energy, the tax expenses declined due to the reduced capital in European business. Dividend from Asia Pacific LNG business decreased. Costs associated with the startup of LNG Canada in North American business increased. Underlying operating cash flow was JPY 35.9 billion, down JPY 24.4 billion year-on-year. Next, the third from the top, mineral resources. Market prices declined in Australian steelmaking coal business. Dividend from iron ore and copper businesses decreased. Underlying operating cash flow was JPY 37.6 billion, down JPY 28.6 billion year-on-year. Urban development and infrastructure. In North American real estate development business, dividend declined while tax expenses increased. Also, dividend income from energy infrastructure business decreased.
Underlying operating cash flow was JPY 10.6 billion, down JPY 12.8 billion year-on-year. Please turn to page seven. Let me explain the major year-on-year differences of consolidated net income by segment. The top, the environmental energy due to the lower dividend income and absence of previous fiscal year revision of depreciation method in Asia Pacific LNG gas, consolidated net income declined JPY 19.9 billion year-on-year to JPY 40.9 billion. Next is mineral resources with the absence of previous fiscal year sales gain of coal mines and lower market prices in Australian steelmaking coal business. The consolidated net income decreased JPY 140.7 billion year-on-year to JPY 25 billion. In urban development and infrastructure, with the absence of previous fiscal year provisions for the Chiyoda Corporation's U.S.
Golden Pass LNG project and gain on construction completion in the energy infrastructure business and gain on sale of Japanese real estate development business, consolidated net income increased JPY 42.9 billion year-on-year to JPY 35.8 billion. Supplementary information, including details by segment and assumptions, are shown on pages 12 and onwards for your reference. Thank you.