
	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, 2024:
Goodwill	¥	15,884	¥	159,231	¥	578,139	¥	330,956	¥	2,300	¥	1,086,510
Accumulated impairment losses(1)	—		(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(2)	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
Goodwill acquired during the fiscal year(2)	20,117		—		62,836		—		—		82,953
Impairment loss	(5,149)		—		—		(92,326)		—		(97,475)
Foreign currency translation adjustments and other	—		3,915		5,664		13,315		—		22,894
Balance at March 31, 2026:
Goodwill	99,731		162,893		645,662		496,266		2,300		1,406,852
Accumulated impairment losses	(5,149)		(63,568)		(513,651)		(257,948)		—		(840,316)
	¥	94,582	¥	99,325	¥	132,011	¥	238,318	¥	2,300	¥	566,536

(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.

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, 2025, the MUFG Group recognized ¥109,933 million of impairment of goodwill relating to the First Sentier Investors reporting unit, which was renamed the First Sentier Group 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.

For the fiscal year ended March 31, 2026, the MUFG Group recognized ¥38,636 million of impairment of goodwill relating to the MUFG Pension & Market Services reporting unit within the Asset Management & Investor Services Business Group segment. Due largely to the loss of a significant client and the decline in corporate activities in the capital market, the reporting unit’s cash flow projections have decreased. As a result, the fair value of the reporting unit was measured on June 30, 2025, 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, 2026, the MUFG Group recognized ¥53,690 million of impairment of goodwill relating to the First Sentier Group reporting unit within the Asset Management & Investor Services Business Group segment. The reporting unit’s cash flow projections decreased and the discount rate increased, primarily due to lower projected revenues and profitability of AlbaCore Capital Group, reflecting the timing of new fund launches and increased upfront investments in new business strategies prior to revenue generation from those new funds. As a result, the fair value of the reporting unit was measured on December 31, 2025, 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.


	2025						2026
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
	(in millions)
Intangible assets subject to amortization:
Software	¥	4,093,320	¥	3,081,494	¥	1,011,826	¥	4,427,757	¥	3,342,584	¥	1,085,173
Customer relationships	632,016		335,898		296,118		623,399		336,393		287,006
Core deposit intangibles	138,203		102,052		36,151		132,465		108,418		24,047
Trade names	87,183		50,871		36,312		61,729		26,917		34,812
Other	23,702		9,821		13,881		32,422		11,305		21,117
Total	¥	4,974,424	¥	3,580,136	1,394,288		¥	5,277,772	¥	3,825,617	1,452,155
Intangible assets not subject to amortization:
Indefinite-lived trade names					—						14,050
Other					8,227						8,813
Total					¥	1,402,515					¥	1,475,018

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.

Intangible assets subject to amortization acquired during the fiscal year ended March 31, 2026, amounted to ¥370,047 million, which primarily consisted of ¥348,912 million of software and ¥20,988 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, 2026, amounted to ¥14,372 million.

For the fiscal years ended March 31, 2024, 2025 and 2026, the MUFG Group recognized ¥15,042 million, ¥14,353 million and ¥8,417 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.