
	Retail & Digital Business Group		Global Corporate & Investment Banking Business Group		Global Commercial Banking Business Group		Asset Management & Investor Services Business Group		Global Markets Business Group		Total
	(in millions)
Balance at March 31, 2023 (As Adjusted):
Goodwill(2)	¥	—	¥	152,236	¥	481,263	¥	253,725	¥	2,300	¥	889,524
Accumulated impairment losses(1)(2)	—		(63,568)		(481,263)		(47,921)		—		(592,752)
	—		88,668		—		205,804		2,300		296,772
Goodwill acquired during the fiscal year(3)	15,884		—		94,320		63,063		—		173,267

Foreign currency translation adjustments and other	—		6,995		2,556		14,168		—		23,719
Balance at March 31, 2024 (As Adjusted):
Goodwill	15,884		159,231		578,139		330,956		2,300		1,086,510
Accumulated impairment losses	—		(63,568)		(481,263)		(47,921)		—		(592,752)
	¥	15,884	¥	95,663	¥	96,876	¥	283,035	¥	2,300	¥	493,758
Goodwill acquired during the fiscal year(3)	63,730		—		—		149,782		—		213,512
Impairment loss	—		—		(32,388)		(117,701)		—		(150,089)
Foreign currency translation adjustments and other	—		(253)		(977)		2,213		—		983
Balance at March 31, 2025:
Goodwill	79,614		158,978		577,162		482,951		2,300		1,301,005
Accumulated impairment losses	—		(63,568)		(513,651)		(165,622)		—		(742,841)
	¥	79,614	¥	95,410	¥	63,511	¥	317,329	¥	2,300	¥	558,164

(1)Effective April 1, 2018, the MUFG Group reorganized its business groups. Goodwill originally recognized for Retail Banking Business Group, Corporate Banking Business Group, Trust Assets Business Group and Global Business Group other than MUAH and Krungsri was ¥1,900,019 million, which has been fully impaired before April 1, 2017. As these impairment losses recorded in past before the reorganization of the segment and are irrelevant to the annual impairment test under the new segment, the accumulated impaired loss is not allocated to new business segments after the reorganization of business group.

(2)For the balance at March 31, 2023, the Goodwill and Accumulated impairment losses of the Global Corporate & Investment Banking Business Group and Global Commercial Banking Business Group in the above table exclude the goodwill and accumulated impairment losses previously recorded for MUFG Union Bank, which was sold during the fiscal year ended March 31, 2023. See Note 2 for further information.

U.S. GAAP requires to test goodwill for impairment at least annually, or more frequently if events or changes in circumstances indicate that goodwill may be impaired, using a process that compares the carrying amount of a reporting unit with its fair value. An impairment loss is recognized to the extent that the carrying amount of a reporting unit exceeds its fair value, but not exceeding the total amount of goodwill allocated to that reporting unit.

For the fiscal year ended March 31, 2023, the MUFG Group recognized ¥33,553 million of impairment of goodwill relating to the First Sentier Investors reporting unit within the Asset Management & Investor Services Business Group segment. Due largely to market volatility and a decline in the equity markets, the portfolio balance of assets under management decreased, which resulted in a decrease in the reporting unit’s cash flow projections. As a result, the fair value of the reporting unit was measured on December 31,

2022 for the quantitative goodwill impairment test, and led to an impairment of goodwill as the fair value had fallen below the carrying amount of the reporting unit. The income approach estimates the fair value of the reporting unit by discounting management’s projections of the reporting unit’s cash flows, including a terminal value to estimate the fair value of cash flows beyond the final year of projected results, using a discount rate derived from the capital asset pricing model.

For the fiscal year ended March 31, 2025, the MUFG Group recognized ¥109,933 million of impairment of goodwill relating to the First Sentier Investors reporting unit within the Asset Management & Investor Services Business Group segment. Due largely to market volatility and a decline in the equity markets, the portfolio balance of assets under management across a number of strategies decreased, which resulted in a decrease in the reporting unit’s cash flow projections, and the discount rate increased. As a result, the fair value of the reporting unit was measured on December 31, 2024, for the quantitative goodwill impairment test, and led to an impairment of goodwill as the fair value had fallen below the carrying amount of the reporting unit. The income approach estimates the fair value of the reporting unit by discounting management’s projections of the reporting unit’s cash flows, including a terminal value to estimate the fair value of cash flows beyond the final year of projected results, using a discount rate derived from the capital asset pricing model.

For the fiscal year ended March 31, 2025, the MUFG Group recognized ¥32,388 million of impairment of goodwill relating to the Mandala Multifinance reporting unit within the Global Commercial Banking Business Group segment. Due largely to the weak auto markets in Indonesia, two-wheeler retail sales showed slow growth during the fiscal year ended March 31, 2025, which resulted in a decrease in the reporting unit’s cash flow projections. As a result, the fair value of the reporting unit was measured on December 31,2024 for the quantitative goodwill impairment test, and led to an impairment of goodwill as the fair value had fallen below the carrying amount of the reporting unit. The income approach estimates the fair value of the reporting unit by discounting management’s projections of the reporting unit’s cash flows, including a terminal value to estimate the fair value of cash flows beyond the final year of projected results, using a discount rate derived from the capital asset pricing model.


	2024 (As Adjusted)						2025
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Intangible assets subject to amortization:
Software	¥	3,793,187	¥	2,865,294	¥	927,893	¥	4,093,320	¥	3,081,494	¥	1,011,826
Customer relationships	556,183		291,101		265,082		632,016		335,898		296,118
Core deposit intangibles	130,276		86,535		43,741		138,203		102,052		36,151
Trade names	84,758		46,137		38,621		87,183		50,871		36,312
Other	23,353		9,108		14,245		23,702		9,821		13,881
Total	¥	4,587,757	¥	3,298,175	1,289,582		¥	4,974,424	¥	3,580,136	1,394,288
Intangible assets not subject to amortization:
Other					8,178						8,227
Total					¥	1,297,760					¥	1,402,515

Intangible assets subject to amortization acquired during the fiscal year ended March 31, 2024, amounted to ¥386,626 million, which primarily consisted of ¥327,752 million of software and ¥53,885 million of customer relationships. The weighted average amortization periods for these assets are 6 years and 13 years, respectively. There is no significant residual value estimated for these assets. Intangible assets not subject to amortization acquired during the fiscal year ended March 31, 2024, amounted to ¥2 million.

Intangible assets subject to amortization acquired during the fiscal year ended March 31, 2025, amounted to ¥403,938 million, which primarily consisted of ¥335,848 million of software and ¥68,010 million of customer relationships. The weighted average amortization periods for these assets are 6 years and 16 years, respectively. There is no significant residual value estimated for these assets. Intangible assets not subject to amortization acquired during the fiscal year ended March 31, 2025, amounted to ¥46 million.

For the fiscal years ended March 31, 2023, 2024 and 2025, the MUFG Group recognized ¥5,151 million, ¥15,042 million and ¥14,353 million, respectively, of impairment losses for intangible assets whose carrying amounts exceeded their fair value. In computing the amount of impairment losses, fair value was determined primarily based on the present value of expected future cash flows, the estimated value based on appraisals, or market prices.