Mitsubishi Heavy Industries, Ltd. · TSE:7011

Mitsubishi Heavy Industries — FY2025 Earnings Presentation

36 slides from Mitsubishi Heavy Industries's earnings presentation, May 12, 2026

  1. Slide 1: FY2025 Financial Results

    FY2025 Financial Results May 12, 2026 Mitsubishi Heavy Industries, Ltd. © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  2. Slide 2: Table of Contents

    Table of Contents 1. Key Takeaways 3-8 2. FY2025 Financial Results 9-20 • Financial Results Overview • Financial Position, Cash Flows • Profit Bridge • Financial Results by Segment 3. FY2026 Earnings Forecast 21-28 • Earnings Forecast Overview, Highlights • Profit Bridge • Trends in Financial Indica

  3. Slide 3: 1. Key Takeaways

    1. Key Takeaways © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  4. Slide 4: FY2025 Financial Results

    FY2025 Financial Results Order Intake Revenue EBITDA (excl. ML) Free Cash Flow (billion yen) 7,653.6 (incl. ML) 553.7 7,071.2 893.4 6,684.0 +14% (excl. ML) 5,027.1 4,974.1 (excl. ML) 5,982.6 6,405.1 +20% 4,657.1 billion yen billion yen (excl. ML) (+¥83.7 bn YoY) (+¥550.6 bn YoY) (excl. ML) 4,361.1 3

  5. Slide 5: FY2025 Financial Results Highlights

    FY2025 Financial Results Highlights ◼ Order intake, business profit, net income, and free cash flow reached record highs ◼ Order Intake: ¥7,653.6 bn (+¥1,248.4 bn [+20%] YoY) Order intake grew significantly in Energy Systems, with main contributions from Gas Turbine Combined Cycle (GTCC), Nuclear Po

  6. Slide 6: Financial Results Highlights: GTCC Order Intake and Revenue

    Financial Results Highlights: GTCC Order Intake and Revenue ◼ Market growth driven by transition away from coal- and oil-fired thermal power, need for peaking power to offset renewable energy intermittence, and high electricity demand – especially from data centers ◼ Booked orders for 35 large frame

  7. Slide 7: Financial Results Highlights: Nuclear Power Order Intake and Revenue

    Financial Results Highlights: Nuclear Power Order Intake and Revenue ◼ Order intake growing in all main business areas: Japan light water reactors, nuclear fuel cycle facilities, and development work on demonstration reactors utilizing fast reactor and high temperature gas-cooled reactor technologie

  8. Slide 8: Financial Results Highlights: Defense & Space Order Intake and Revenue

    Financial Results Highlights: Defense & Space Order Intake and Revenue ◼ Booked orders for several large projects, including Australian frigate program. Expecting order intake to remain high in FY2026. ◼ Revenue rose 40% YoY, driven by strong order intake from FY2023 onward ◼ Continuing to invest in

  9. Slide 9: 2. FY2025 Financial Results

    2. FY2025 Financial Results © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  10. Slide 10: Financial Results Overview

    Financial Results Overview FY2024 YoY (Profit Margin) FY2025 (B) (YoY%) (Profit Margin) (B) – (A) (billion yen) Excl. ML* (A) (Profit Margin) Order Intake 7,071.2 6,405.1 7,653.6 +1,248.4 (+19.5%) Revenue 5,027.1 4,361.1 4,974.1 +613.0 (+14.1%) Profit from 383.1 354.9 432.2 +77.2 (+21.8%) Business A

  11. Slide 11: Financial Position

    Financial Position Assets Liabilities & Equity (billion yen) 8,269.7 (billion yen) 800.0 8,000 800.0 8,000 Trade Payables 700.0 7,000 6,658.9 Trade Receivables 700.0 7,000 6,000 600.0 6,000 600.0 Contract Liabilities Inventories 5,000 500.0 5,000 500.0 Other Liabilities 4,000 400.0 Other Current 4,0

  12. Slide 12: Financial Position

    Financial Position FY24 End FY25 End YoY Before ML After ML Reclass. (A) (B) (B) – (A) (billion yen) Reclass. (Reference Data) Trade Receivables and Contract Assets 1,776.5 1,664.5 2,127.7 +463.2 Inventories 1,062.5 939.8 1,041.8 +102.0 Other Current Assets 1,072.5 1,603.6 2,270.7 +667.1 (Cash and C

  13. Slide 13: Cash Flows

    Cash Flows Free Cash Flow FY25 FY26 Forecast (billion yen) Advances received +663.5 Changes in working -274.6 Asset sales capital, +106.0 893.4 Income Changes -155.1 EBITDA taxes paid, EBITDA in working Capital +660.0 others +553.7 capital, expenditures, income -160.0 investments, taxes paid, busine

  14. Slide 14: Profit Bridge

    Profit Bridge Changes in Rebound from FY24 revenue, equity-method SPC* margin investment losses FY24: 64.0 (Yokohama Dockyard land, others) improvements +20.0 FY25: 8.0 +184.0 -10.0 Changes in -30.0 one-time expenses Goodwill impairment -56.0 FY25 Business -4.0 Profit FY24 Changes in Business gains

  15. Slide 15: Financial Results by Segment

    Financial Results by Segment Profit from Order Intake Revenue Business Activities YoY FY24 FY25 YoY FY24 FY25 YoY FY24 FY25 (%) (billion yen) +61.9 Energy Systems 2,622.4 3,936.7 +1,314.2 1,815.7 2,062.6 +246.8 205.3 267.2 (+30%) Plants & Infrastructure +24.4 1,000.2 1,158.0 +157.8 852.1 880.8 +28.7

  16. Slide 16: Intentionally left blank

    Intentionally left blank © Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 16

  17. Slide 17: Financial Results: Energy Systems

    Financial Results: Energy Systems (billion yen) Order Intake Revenue Business Profit 3,936.7 267.2 YoY Changes in +30% Business Profit Increase: 205.3 - GTCC - Nuclear Power 2,622.4 13.0% Others Decrease: - Steam Power Nuclear Power 2,062.6 11.3% Aero Engines 1,815.7 Steam Power GTCC FY24 FY25 Takea

  18. Slide 18: Financial Results: Plants & Infrastructure Systems

    Financial Results: Plants & Infrastructure Systems (billion yen) Order Intake Revenue Business Profit YoY Changes in Business Profit Increase: - Engineering +41% 84.1 - Metals 1,158.0 Machinery 1,000.2 - Machinery 59.6 852.1 880.8 Systems Others 9.5% Machinery Systems 7.0% Metals Machinery FY24 FY25

  19. Slide 19: Financial Results: Logistics, Thermal & Drive Systems

    Financial Results: Logistics, Thermal & Drive Systems (billion yen) Order Intake Revenue Business Profit YoY Changes in Business Profit Increase: - Engines - Turbochargers 664.4 638.1 641.0 630.8 +62% HVAC* & 33.0 Car A/C 20.4 5.2% 3.2% FY24 FY25 Engines & Turbochargers Takeaways ◼ In Engines, reven

  20. Slide 20: Financial Results: Aircraft, Defense & Space

    Financial Results: Aircraft, Defense & Space (billion yen) Order Intake Revenue Business Profit YoY Changes in 2,100.1 Business Profit Commercial 1,929.4 Aviation Increase: +52% 151.5 - Defense & Space 1,393.8 99.9 10.9% 1,030.6 Defense & Space 9.7% FY24 FY25 Takeaways ◼ Defense & Space booked order

  21. Slide 21: 3. FY2026 Earnings Forecast

    3. FY2026 Earnings Forecast Forecasts regarding future performance in these materials are based on judgments made in accordance with information available at the time this presentation was prepared. As such, these projections involve risks and uncertainties. Investors are recommended not to depend s

  22. Slide 22: Earnings Forecast Overview

    Earnings Forecast Overview FY2025 FY2026 YoY (YoY%) (billion yen) (Profit Margin) (Profit Margin) (Profit Margin) Order Intake 7,653.6 6,800.0 -853.6 (-11.2%) Revenue 4,974.1 5,400.0 +425.8 (+8.6%) Profit from Business 432.2 540.0 +107.7 (+24.9%) Activities (8.7%) (10.0%) (+1.3 pts) Profit Attributa

  23. Slide 23: FY2026 Earnings Forecast Highlights

    FY2026 Earnings Forecast Highlights ◼ Order intake: ¥6.8 tr, Revenue: ¥5.4 tr, Business profit: ¥540.0 bn Order Business Revenue Takeaways Intake Profit Revenue and business profit to grow driven Energy Systems ¥3.45 tr ¥2.2 tr ¥340.0 bn primarily by GTCC and Nuclear Power Plants & Strong order inta

  24. Slide 24: Profit Bridge

    Profit Bridge ◼ Business profit to grow driven by higher revenue and improved margins – primarily in Energy Systems and Aircraft, Defense & Space – as well as rebound from FY2025 goodwill impairment Foreign Changes in Changes in exchange Rebound from one-time gains on FY26 FY25 goodwill impact Chang

  25. Slide 25: Trends in Financial Indicators

    Trends in Financial Indicators FY2024 FY2025 FY2026 Forecast Revenue* ¥4.4 tr ¥5.0 tr ¥5.4 tr Business Profit Margin* 8.1% 8.7% 10.0% ROE* 10.7% 12.2% 12% Total Assets ¥6.7 tr ¥8.3 tr ¥7.8 tr Interest-Bearing Debt ¥0.7 tr ¥0.5 tr - Equity ¥2.5 tr ¥3.2 tr ¥3.4 tr Total Asset Turnover Ratio 0.78 0.67

  26. Slide 26: Earnings Forecast by Segment

    Earnings Forecast by Segment Profit from Order Intake Revenue Business Activities FY26 FY26 FY26 YoY FY25* YoY FY25* YoY FY25* Forecast Forecast Forecast (%) (billion yen) Energy Systems 3,936.7 3,450.0 -486.7 2,062.6 2,200.0 +137.3 267.2 340.0 +72.7 (+27%) Plants & Infrastructure 1,158.0 1,000.0 -1

  27. Slide 27: Earnings Forecast by Segment: Energy Systems and Plants & Infrastructure Systems

    Earnings Forecast by Segment: Energy Systems and Plants & Infrastructure Systems Energy Systems Order Intake Revenue Business Profit FY2026 Forecast Takeaways (billion yen) ◼ Strong order intake to continue primarily in GTCC despite YoY drop 3,936.7 Others ◼ Revenue to grow on back of strong order i

  28. Slide 28: Earnings Forecast by Segment: Industrial Solutions and Aircraft, Defense & Space

    Earnings Forecast by Segment: Industrial Solutions and Aircraft, Defense & Space Industrial Solutions Order Intake* Revenue* Business Profit* FY2026 Forecast Takeaways (billion yen) ◼ Forecasting increase in Engines and HVAC units sold 750.0 750.0 704.7 699.9 Others Return to Order Intake Revenue HV

  29. Slide 29: 4. Appendix

    4. Appendix © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  30. Slide 30: Appendix: Financial Position

    Appendix: Financial Position (Figures through FY2024 include ML) Total Assets (billion yen) Working Capital (billion yen) Total Assets Total Asset Turnover Ratio Working Capital CCC 0.78 0.79 0.79 0.78 0.76 49 56 0.67 45 45 36 19 8,269.7 6,256.2 6,658.9 5,116.3 5,474.8 4,810.7 581.2 612.9 452.0 448.

  31. Slide 31: Appendix: Reference Data

    Appendix: Reference Data Order Backlog Energy Systems After-Sales Services Revenue Ratios (billion yen) FY24 End FY25 (Cumulative) FY24 FY25 Energy Systems 4,918.4 6,983.2 (billion yen) Plants & Infrastructure Systems 1,705.3 2,102.8 GTCC 51% 49% Logistics, Thermal & Drive Steam Power 65% 76% 79.3 6

  32. Slide 32: Appendix: Reference Data

    Appendix: Reference Data Results and Forecast For Misc. Items1 FY2026 Foreign Exchange Rates FY2024 FY2025 (Average Rates Used for Revenue Recognition) (billion yen) Forecast Operating Cash Flow 530.4 942.6 500.0 FY2024 FY2025 Investing Cash Flow -187.7 -49.1 -200.0 U.S. Dollar (JPY/USD) 152.2 150.4

  33. Slide 33: Appendix: Revenue by Region

    Appendix: Revenue by Region Total Energy Systems Plants & Infrastructure Systems (billion yen) (billion yen) ■ FY24 (Total: 1,815.7) (billion yen) ■ FY24 (Total: 852.1) FY24 FY25 ■ FY25 (Total: 2,062.6) ■ FY25 (Total: 880.8） Japan 2,000.4 (46%) 2,352.0 (47%) Asia-Pacific 768.9 766.5 (18%) 696.9 (14%

  34. Slide 34: High Profitability Growth Investments

    Appendix: FY2025 ITO1 Initiative Highlights and FY2026 Strategy Overview Group-Wide Optimization Reach Expansion Portfolio Optimization Slim Operations (vertical) Exponential Scaling FY2025 • Streamline business processes • Licensing (increase number of • Initiated sale of (former) • Accelerate R&D

  35. Slide 35: Appendix: Capital Allocation

    Appendix: Capital Allocation ◼ Cash inflows – primarily from growing core businesses – realized ahead of initial 2024 Medium-Term Business Plan (MTBP) expectations, with cash receipts expected to significantly exceed plan ◼ Capital allocation expected to be generally in line with initial plan. Exces

  36. Slide 36: MOVE THE WORLD FORWARD - Mitsubishi Heavy Industries Group

    MOVE THE WORLD FORW>RD MITSUBISHI HEAVY INDUSTRIES GROUP MITSUBISHI HEAVY INDUSTRIES

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