Kawasaki Heavy Industries Ltd. · TSE:7012
Kawasaki Heavy Industries — Kawasaki Heavy Industrial — Q1 FY2025 Earnings Presentation
52 slides from Kawasaki Heavy Industries's earnings presentation, Aug 6, 2025
Slide 1: Financial Results for First Quarter FY2025
Financial Results for First Quarter FY2025 For the year ending March 31, 2026 0 August 6, 2025
Slide 2: Financial Results and Performance Forecast Highlights
0 Financial Results and Performance Forecast Highlights Consolidated Results for First Quarter FY2025 Business profit totaled 20.5 billion yen, an increase of 3.5 billion yen YoY. This represents 14% progress toward the full -year forecast of 145.0 billion yen — a solid start compared to 12% in the
Slide 3: Table of Contents
0 Table of Contents Consolidated Results for 1 First Quarter FY2025 3 Details by segment Summary 5 Aerospace Systems 21 Segment 6 Rolling Stock 26 Statement of Profit and Loss 7 Energy Solution & Marine Engineering 29 （ES&M） Details of Change in business profit 9 Precision Machinery & Robot 33 State
Slide 4: Consolidated Results for First Quarter FY2025
1 Consolidated Results for First Quarter FY2025 (for the year ending March 31, 2026) © Kawasaki Heavy Industries, Ltd. All Rights Reserved 4
Slide 5: Consolidated Results for First Quarter FY2025 - Summary
Consolidated Results for First Quarter FY2025 1 –Summary- Revenue and Business profit increased YoY, reaching a record high for Q1 revenue Profit before tax and net profit decreased YoY due to the contraction of foreign exchange gains resulting from the appreciation of the yen (Billion Yen) Quarterl
Slide 6: Consolidated Results - Segment
Consolidated Results for First Quarter FY2025 1 –Segment- Business profit increased in Rolling Stock due to improved profitability and recovery ① from a temporary decline in profit in the previous year ※ Impact of the revision to the indirect cost allocation rate ※ Business profit in Aerospace Syste
Slide 7: Statement of Profit and Loss
Consolidated Results for First Quarter FY2025 1 –Statement of Profit and Loss- (billion yen) FY24 Q1 FY25 Q1 Change Details % % Revenue 444.2 100.0 488.4 100.0 + 44.2 ① Selling, general and administrative expenses Cost of sales 358.8 80.8 396.6 81.2 + 37.8 increased in line with revenue growth, but
Slide 8: Statement of Profit and Loss
Consolidated Results for First Quarter FY2025 1 –Statement of Profit and Loss- (billion yen) FY24 Q1 FY25 Q1 Change Details % % Finance income and Finance costs 8.9 - 3.6 - 12.6 ② Despite the nominal tax burden ratio on quarterly Net Interest expense (incl. dividend income) - 1.9 - 2.6 - 0.7 profit
Slide 9: Details of change in business profit
Consolidated Results for First Quarter FY2025 1 –Details of change in business profit- Change in revenue was mainly driven due to increase of sales in PS&E Change in product mix and other factors revealed significant profitability improvement in Rolling Stock, while Aerospace Systems and PS&E saw de
Slide 10: Details of change in business profit
Consolidated Results for First Quarter FY2025 1 –Details of change in business profit- (billion yen) FY24 Q1 Details of change FY25 Q1 Business Change in Change in Business Effects of Change share of profit (loss) Change in Profit product mix and of investments SG & A Total Profit (Loss) FX rates※1
Slide 11: Statement of financial position
Consolidated Results for First Quarter FY2025 1 –Statement of financial position- (billion yen) End of End of Change Details Mar. 2025 % Jun. 2025 % Cash and cash equivalents 132.7 73.9 - 58.8 1 ① Decreased in Aerospase, Trade receivables (Incl. contract assets) 888.8 810.6 - 78.2 Plant, and PS&E et
Slide 12: Statement of financial position
Consolidated Results for First Quarter FY2025 1 –Statement of financial position- (billion yen) End of End of Details Change Mar. 2025 % Jun. 2025 % Trade payables ② A portion of the 80.0 billion 512.1 490.7 - 21.3 yen proceeds from the 2 transfer of a 20% stake in Interest-bearing debt 692.5 663.2
Slide 13: Cash Flows
Consolidated Results for First Quarter FY2025 1 –Cash Flows- (billion yen) FY24 Q1 FY25 Q1 Change Details Profit before tax 25.8 16.8 - 9.0 Depreciation and amortization 20.8 24.3 + 3.4 ①FY’24 Q1： Operating cash flows were at Increase and decrease in working capital 7.2 40.3 + 33.1 the same level as
Slide 14: Cash Flows
Consolidated Results for First Quarter FY2025 1 –Cash Flows- Although working capital increased significantly over the past three years, its contribution to cash flow has gradually become more apparent Operating cash flow in Q1 FY2025 was slightly negative, but remained on an improvement trend (bill
Slide 15: Forecasts for FY2025
2 Forecasts for FY2025 (for the year ending March 31, 2026) © Kawasaki Heavy Industries, Ltd. All Rights Reserved 15
Slide 16: Forecasts for FY2025 - Summary
Forecasts for FY2025 2 -Summary- The Forecasts incorporate the impact of U.S. Tariff Policy The FX rate assumption from the second quarter onward has been revised to 145 yen, while the full-year profit forecast remains unchanged from May (billion yen) FY2024 FY2025 Forecast and Progress Actual Old F
Slide 17: Forecasts - Details of change in business profit
Forecasts for FY2025 2 -Details of change in business profit- The impact of increase in costs due to U.S. tariff policy and decreased in sales due to market conditions was offset by price strategies, effective control of fixed costs, and yen’s depreciation Change in share Cost Increase of profit(los
Slide 18: Forecasts for FY2025 - Segment
Forecasts for FY2025 2 -Segment- Aerospace Systems and ES&M have been revised up due to improved profitability 1 from changes in FX rate assumptions and effective control of fixed costs PS&E have been revised down due to the impact of U.S. tariffs and 2 decreased in sales based on the dampened consu
Slide 19: Intentionally blank slide
Intentionally blank slide © Kawasaki Heavy Industries, Ltd. All Rights Reserved 19
Slide 20: Details by segment
3 Details by segment © Kawasaki Heavy Industries, Ltd. All Rights Reserved 20
Slide 21: Aerospace Systems
Details by segment 3 -Aerospace Systems- FY2025.Q1（vs. FY2024.Q1） FY2025 forecast（vs. Forecast in May） Orders Increased due to an increase in MOD※ Orders Revised upward due to an increase in received and commercial aircraft engines received MOD +¥10.7 Bil. +¥50.0 Bil. Expected to remain at the same
Slide 22: Aerospace Systems
Details by segment 3 -Aerospace Systems- (billion yen) FY2024 FY2025 FY2024 FY2025 Forecast Q1 Actual Q1 Actual Change Actual Old FCST New FCST Chg. Vs. FY24 Chg. Vs. Old FCST Q2-4 FCST Orders Received 88.2 98.9 + 10.7 882.8 640.0 690.0 - 192.8 + 50.0 591.1 Aerospace 54.3 65.1 + 10.7 699.5 455.0 500
Slide 23: Aerospace Systems
Details by segment 3 -Aerospace Systems- Revenue(billion yen) Aerospace Aero Engines 213.3 51.1 160.6 129.1 54.5 120.3 162.1 110.2 106.3 104.9 101.5 93.3 93.5 81.5 80.2 46.5 71.5 48.9 36.5 70.0 63.2 63.4 21.7 37.2 17.9 106.1 33.6 36.0 35.1 13.6 24.6 88.5 23.3 82.6 83.8 14.2 20.3 75.3 75.3 69.1 71.3
Slide 24: Aerospace Systems - Market Overview and Specific Efforts
Details by segment 3 -Aerospace Systems- Market Overview Specific Efforts ⚫ Commercial business ⚫ Preparation for business expansion – Air passenger demand shifted from recovery – Arranging supply chain and production to growth phase, and demand for both aircraft system for production increase and e
Slide 25: Segment - Rolling Stock
Details by Segment 3 - Rolling Stock - FY2025.Q1（vs. FY2024.Q1） FY2025 forecast（vs. Forecast in May） Orders Decreased from the same period last year, Orders Expected to remain at the same received which included large-scale domestic orders received level -¥2.2 Bil. ±¥0.0 Bil. Revenue Increased due t
Slide 26: Rolling Stock
Details by segment 3 - Rolling Stock - (billion yen) FY2024 FY2025 FY2024 FY2025 Forecast Q1 Actual Q1 Actual Change Actual Old FCST New FCST Chg. Vs. FY24 Chg. Vs. Old FCST Q2-4 FCST Orders Received 17.0 14.8 - 2.2 251.5 110.0 110.0 - 141.5 - 95.2 Domestic & Asia 15.1 13.4 - 1.7 52.3 103.0 103.0 +
Slide 27: Rolling Stock
Details by segment 3 - Rolling Stock - Revenue(billion yen) Domestic & Asia 79.5 North America 57.5 60.1 55.6 55.2 51.6 43.5 36.1 43.8 43.2 30.8 39.5 40.6 37.5 37.5 23.2 31.5 32.1 33.7 28.7 28.8 28.4 34.3 29.3 26.4 10.9 26.7 11.3 7.3 8.2 9.9 10.2 5.4 8.0 28.6 28.3 24.2 26.1 23.9 23.8 23.9 24.8 23.3
Slide 28: Rolling Stock - Market Overview and Specific Efforts
Details by segment 3 - Rolling Stock - Market Overview Specific Efforts ⚫ Domestic Market ⚫ Compliance with delivery schedules for – Resumption of investment in rolling stock due overseas projects to recovery of inbound ⚫ Overseas Market Dhaka ‣Full delivery (All 144 cars of 24 trains was delivered
Slide 29: Energy Solution & Marine Engineering
Details by segment 3 - Energy Solution & Marine Engineering - FY2025.Q1（vs. FY2024.Q1） FY2025 forecast（vs. Forecast in May） Orders Decreased due to fewer orders for Orders Increased due to an increase in power received LPG/ammonia carriers YoY, despite received generation facilities -¥35.2 Bil. new
Slide 30: Energy Solution & Marine Engineering
Details by segment 3 - Energy Solution & Marine Engineering - (billion yen) FY2024 FY2025 FY2024 FY2025 Forecast Q1 Actual Q1 Actual Change Actual Old FCST New FCST Chg. Vs. FY24 Chg. Vs. Old FCST Q2-4 FCST Orders Received 121.8 86.6 - 35.2 542.0 430.0 440.0 - 102.0 + 10.0 353.4 Energy, Plant & 56.5
Slide 31: Energy Solution & Marine Engineering
Details by segment 3 - Energy Solution & Marine Engineering - Revenue(billion yen) Energy, Plant & Marine Machinery 137.1 Ship & Offshore Structure 118.8 20.3 102.1 100.9 95.5 23.7 96.6 116.7 86.5 77.8 22.6 77.0 80.1 79.8 26.2 70.3 70.8 15.1 70.9 70.7 95.1 31.2 60.6 63.5 24.8 80.3 19.2 79.5 21.1 25.
Slide 32: Energy Solution & Marine Engineering - Market Overview and Efforts
Details by segment 3 - Energy Solution & Marine Engineering - Market Overview Specific Efforts ⚫ Energy, Plant & Marine Machinery Contribution to realizing a low-carbon and decarbonized society Domestic Overseas Order received for two gas engines with hydrogen co- – Growth in demand for power – Fuel
Slide 33: Precision Machinery & Robot
Details by segment 3 - Precision Machinery & Robot - FY2025.Q1（vs. FY2024.Q1） FY2025 forecast（vs. Forecast in May） Orders Increased due to an increase in Orders Revised upward due to an increase in received hydraulic machinery for Chinese received hydraulic machinery for construction +¥2.2 Bil. cons
Slide 34: Precision Machinery & Robot
Details by segment 3 - Precision Machinery & Robot - (billion yen) FY2024 FY2025 FY2024 FY2025 Forecast Q1 Actual Q1 Actual Change Actual Old FCST New FCST Chg. Vs. FY24 Chg. Vs. Old FCST Q2-4 FCST Orders Received 61.6 63.9 + 2.2 249.2 260.0 270.0 + 20.8 + 10.0 206.1 Hydraulic 36.0 43.6 + 7.6 147.5
Slide 35: Precision Machinery & Robot
Details by segment 3 - Precision Machinery & Robot - Revenue(billion yen) Hydraulic Components & Systems Robotics 73.1 73.5 72.6 69.2 65.0 60.6 61.2 61.5 28.5 59.4 57.6 29.0 56.8 33.3 56.9 53.7 55.6 30.8 52.6 27.8 52.6 20.7 22.8 49.3 22.6 23.0 17.0 19.4 21.2 17.9 20.4 19.8 17.0 16.2 44.0 44.9 40.5 4
Slide 36: Precision Machinery & Robot - Market Overview and Efforts
Details by segment 3 - Precision Machinery & Robot - Market Overview Specific Efforts ⚫ Measures for the development of ⚫ Construction machinery hydraulic business – In China, demand, previously sluggish due to the Development of new products and Strengthening the after prolonged real estate slump,
Slide 37: Powersports & Engine
Details by segment 3 - Powersports & Engine - FY2025.Q1（vs. FY2024.Q1） FY2025 forecast（vs. Forecast in May） Revenue Increased due to higher shipments of Revenue Revised downward due to weakening four-wheelers for North America, demand in the U.S. powersports, +¥15.5 Bil. despite the impact of yen ap
Slide 38: Powersports & Engine
Details by segment 3 - Powersports & Engine - (billion yen) FY2024 FY2025 FY2024 FY2025 Forecast Q1 Actual Q1 Actual Change Actual Old FCST New FCST Chg. Vs. FY24 Chg. Vs. Old FCST Q2-4 FCST Revenue 144.7 160.3 + 15.5 609.3 660.0 620.0 + 10.7 - 40.0 459.7 Motorcycles for developed contries 61.1 64.3
Slide 39: Powersports & Engine
Details by segment 3 - Powersports & Engine - Revenue(billion yen) 192.0 187.9 177.3 163.9 160.3 148.5 143.9 144.7 138.3 139.1 137.2 126.0 123.1 113.4 108.5 102.7 93.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY2021 FY2022 FY2023 FY2024 FY2025 25.6 Business Profit(billion yen) 17.3% 19.1 1
Slide 40: Powersports & Engine - Market Overview and Efforts
Details by segment 3 - Powersports & Engine - Market Overview Specific Efforts Supplying products in alignment ⚫ U.S. (Motorcycles) with market trends – Despite a softening retail market, our market – Continuous introduction of new models share remains strong – Realize stable supply of products by K
Slide 41: Shareholder Returns and Other information
4 Shareholder Returns and Other information © Kawasaki Heavy Industries, Ltd. All Rights Reserved 41
Slide 42: Shareholder Returns
4 Shareholder Returns Dividend Policy Dividend for FY2025 The medium- to long-term consolidated dividend payout ratio 30% Annual dividend per share will be 150 yen (dividend payout ratio 30.7%) – plan maintained Comprehensively considering the 1 following points - future business forecasts, financia
Slide 43: Project Topics: Liquefied Hydrogen Supply Chain
4 Project Topics Steady Progress in Building a Liquefied Hydrogen Supply Chain ーAdvancing a Hydrogen Society Together with Strategic Partners ー Construction Started on Domestic Base Joint Study on the Construction Scheme for for Commercial Demonstration of Liquefied Hydrogen Supply Chain Liquefied H
Slide 44: Project Topics: hinotori Surgical Robot System
4 Project Topics Apr.2024 Approval obtained for thoracic The hinotori Surgical Robot System※ surgery (respiratory surgery) ー Update on Medicaroid's Business Development ー indication Sep. 2024 ⚫ Medicaroid, the developer of hinotori , Sales approval acquired in Malaysia plans to achieve single-year p
Slide 45: Project Topics: MINATOMAÉ Aquaculture Project
4 Project Topics hy is Kawasaki in Aquaculture The MINATOMAÉ Aquaculture Project ※1 Japan faces low food self-sufficiency among ーSustainable Aquaculture Technology for Food Securityー developed nations, making sustainable agriculture and aquaculture urgent priorities. ⚫ Developed MINATOMAÉ system, a
Slide 46: Appendix - CAPEX, Depreciation and Amortization, R&D, Employees
Appendix 4 - CAPEX, Depreciation and Amortization, R&D Expenses, Number of employees - (billion yen, persons) FY2024 FY2025 FY2024 FY2025 Q1 Actual Q1 Actual Change Actual FCST Chg. Vs. FY24 CAPEX 33.9 33.0 - 0.9 141.1 154.0 + 12.9 Depreciation and amortization 21.1 24.4 + 3.3 93.4 107.0 + 13.6 R &
Slide 47: Appendix - Orders received by quarter
Appendix 4 - Others - ⚫ Order received by quarter（billion yen) FY2023 FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Aerospace Systems 118.7 74.4 139.2 360.0 88.2 121.7 470.1 202.7 98.9 Aerospace 104.4 98.0 108.0 246.3 54.3 58.4 435.6 151.1 65.1 Aero Engine 14.2 -23.6 31.2 113.7 33.9 63.3 34.5 51.5 33.8 R
Slide 48: Appendix - Ministry of Defense orders and revenue
Appendix 4 - Others - ⚫ Orders received and Revenue for Ministry of Defense（billion yen） FY2024 FY2025 FY2024 FY2025 Forecast Q1 Actual Q1 Actual Change Actual Old FCST New FCST Chg. Vs. FY24 Chg. Vs. Old FCST Orders Received 24.8 38.0 + 13.2 774.7 400.0 460.0 - 314.7 + 60.0 Aircrafts and others 13.
Slide 49: Appendix - Order Backlog
Appendix 4 - Others - ⚫ Order Backlog （billion yen) FY24 Q1 FY25 Q1 Actual Actual Change Aerospace Systems 1,027.7 1,282.7 + 254.9 Rolling Stock 476.2 479.5 + 3.3 Energy Solution & Marine Engineering 726.3 812.6 + 86.3 Precision Machinery & Robot 92.6 98.3 + 5.7 Powersports & Engine - 2.1 + 2.1 Othe
Slide 50: Appendix - Revenue by Region
Appendix 4 - Others - ⚫ Revenue by Region （billion yen) ⚫ FY2024 Q1 (billion yen) FY24 Q1 FY25 Q1 Japan USA Europe Asia Other Total Actual Actual Change Aerospace Systems 53.8 30.1 19.4 0.0 1.5 104.9 Japan 157.5 177.7 + 20.1 Rolling Stock 7.9 34.2 - 1.6 - 43.8 Energy Solution & USA 145.0 159.8 + 14.
Slide 51: Appendix - Foreign currency and exchange rates
Appendix 4 - Others - ⚫ Amount of foreign currency ⚫ Weighted-average Exchange Rates (EUR / JPY) that affects business profit and loss ※1 (billion USD / EUR) FY2023 actual 157.09 FY2024 FY2025 FY2024 actual 163.07 Q1Actual Q1Actual Q2-4 FCST FY2025 Q1 actual 162.60 Aerospace Systems 0.16 ※2 0.19 0.8
Slide 52: © Kawasaki Heavy Industries, Ltd. All Rights Reserved
© Kawasaki Heavy Industries, Ltd. All Rights Reserved
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