Mitsubishi Heavy Industries, Ltd. · TSE:7011

Mitsubishi Heavy Industries — H1 FY2026 Earnings Presentation

28 slides from Mitsubishi Heavy Industries's earnings presentation, Nov 6, 2026

  1. Slide 1: 1H FY2026 Financial Results

    1H FY2026 Financial Results November 6, 2026 Mitsubishi Heavy Industries, Ltd. © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  2. Slide 2: Agenda

    Agenda 1. Key Takeaways 3-5 2. 1H FY2026 Financial Results 6-14 • Financial Results Overview • Financial Position • Profit Bridge • Financial Results by Segment 3. FY2026 Earnings Forecast 15-20 • Earnings Forecast Overview • Profit Bridge • Earnings Forecast by Segment 4. Appendix 21-27 Notes: • FY

  3. Slide 3: 1. Key Takeaways

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

  4. Slide 4: 1H FY2026 Financial Results

    1H FY2026 Financial Results Order Intake Revenue (billion yen) EBITDA Free Cash Flow 3,612.5 313.4 468.3 3,383.5 3,314.7 +9% 2,523.2 excl. ML 2,298.1 3,054.6 2,113.7 billion yen billion yen (+¥83.7 bn YoY) (+¥317.2 bn YoY) +19% Order excl. ML Backlog 1,969.2 ¥14.2 tr EBITDA Margin Operating Cash Flo

  5. Slide 5: 1H FY2026 Financial Results Highlights

    1H FY2026 Financial Results Highlights ◼ Order Intake: ¥3,612.5 bn (+¥297.8 bn [+9%] YoY) Order intake grew YoY in Energy Systems, Plants & Infrastructure Systems, and Industrial Solutions. In terms of major businesses, order intake increased significantly in Gas Turbine Combined Cycle (GTCC), Nucle

  6. Slide 6: 2. 1H FY2026 Financial Results

    2. 1H FY2026 Financial Results © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  7. Slide 7: Financial Results Overview

    Financial Results Overview 1H FY2025 1H FY2026 YoY (A) (B) (B) – (A) (YoY%) (billion yen) (Profit Margin) (Profit Margin) (Profit Margin) Order Intake 3,314.7 3,612.5 +297.8 (+9.0%) Revenue 2,113.7 2,523.2 +409.5 (+19.4%) Profit from 171.5 249.3 +77.7 (+45.3%) Business Activities (8.1%) (9.9%) (+1.8

  8. Slide 8: Financial Position

    Financial Position (billion yen) FY2025 End 1H FY2026 End Variance Trade Receivables and Contract Assets 2,127.7 2,016.8 -110.9 Inventories 1,041.8 1,214.1 +172.2 Other Current Assets 2,270.7 2,191.2 -79.4 (Cash and Cash Equivalents) (1,334.8) (1,706.7) (+371.8) (Assets Held for Sale) (548.4) - (-54

  9. Slide 9: Profit Bridge

    Profit Bridge Changes in Changes in Foreign gains on one-time Changes in exchange asset sales expenses revenue, impact +5.0 -40.0 1H FY26 margin +22.0 Wage improvements increases, Business others Profit +103.0 (Actual) -12.2 1H FY25: 5.0 249.3 1H FY26: 10.0 1H FY25 Business Profit 1H FY25: South Afr

  10. Slide 10: Financial Results by Segment

    Financial Results by Segment Profit from Order Intake Revenue Business Activities 1H 1H 1H 1H 1H 1H YoY YoY YoY (billion yen) FY25* FY26 FY25* FY26 FY25* FY26 (%) +64.3 Energy Systems 1,981.2 2,304.2 +323.0 871.0 1,122.5 +251.5 80.7 145.1 (+80%) Plants & Infrastructure -3.1 490.6 689.5 +198.8 415.9

  11. Slide 11: Financial Results: Energy Systems

    Financial Results: Energy Systems (billion yen) Order Intake Revenue Business Profit Full Year 3,936.7 4,400.0 2,062.6 2,650.0 267.2 380.0 YoY Changes in (prev. 3,550.0) (prev. 2,200.0) (prev. 340.0) Business Profit 1H Progress 50% 52％ 42% 42％ 30% 38％ Increase: - GTCC 2,304.2 +80% 145.1 - Aero Engin

  12. Slide 12: Financial Results: Plants & Infrastructure Systems

    Financial Results: Plants & Infrastructure Systems (billion yen) Order Intake Revenue Business Profit Full Year 1,158.0 1,100.0 880.8 1,000.0 84.1 90.0 YoY Changes in (prev. 1,000.0) (prev. 950.0) Business Profit 1H Progress 42% 63％ 47% 43％ 53% 46％ Decrease: - Engineering 689.5 44.6 - Metals 41.4 Ma

  13. Slide 13: Financial Results: Industrial Solutions

    Financial Results: Industrial Solutions (billion yen) Order Intake1 Revenue1 Business Profit1 Full Year 704.7 750.0 699.9 750.0 -2.0 30.0 YoY Changes in Business Profit 1H Progress 46% 50％ 45% 47％ - 49％ Increase: - Engines 375.6 +119% 352.6 325.4 314.1 14.7 Others 6.7 HVAC2 & 4.2% Car A/C 2.1% 1H FY

  14. Slide 14: Financial Results: Aircraft, Defense & Space

    Financial Results: Aircraft, Defense & Space (billion yen) Order Intake Revenue Business Profit Full Year 1,929.4 1,800.0 1,393.8 1,600.0 151.5 180.0 YoY Changes in (prev. 1,750.0) (prev. 1,500.0) (prev. 170.0) Business Profit 1H Progress 28% 16％ 39% 40％ 40% 42％ Increase: - Defense & 633.4 +27% 76.3

  15. Slide 15: 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

  16. Slide 16: Earnings Forecast Overview

    Earnings Forecast Overview Revised from forecast announced August 4, 2026 Exchange rate assumptions: FY2026 USD 1.00 = ¥150 FY2025 (Profit Margin) YoY (YoY%) EUR 1.00 = ¥180 (Profit Margin) (Profit Margin) (billion yen) Previous Revised Order Intake 7,653.6 7,000.0 8,000.0 +346.3 (+4.5%) Revenue 4,9

  17. Slide 17: Profit Bridge

    Profit Bridge ◼ Performance stronger than initially expected, particularly in GTCC, Nuclear Power, and Defense ➔ Positioned to achieve continued growth above and beyond ¥700 bn in business profit Changes in Foreign Changes in Changes in one-time revenue, exchange gains on expenses FY26 margin Impact

  18. Slide 18: Earnings Forecast by Segment

    Earnings Forecast by Segment Revised from forecast announced August 4, 2026 Profit from Order Intake Revenue Business Activities FY26 Forecast FY26 Forecast FY26 Forecast YoY FY25* YoY FY25* YoY FY25* (%) (billion yen) Previous Revised Previous Revised Previous Revised Energy +112.7 3,936.7 3,550.0

  19. Slide 19: 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) 4,400.0 Order Intake: Increased forecasts for all subsegments reflecting additional (prev. 3,550.0) promising projects in GTCC

  20. Slide 20: 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) (Unchanged from previous forecast) 750.0 750.0 704.7 699.9 Others Return to Order Intake Revenue HVAC & Profitability

  21. Slide 21: 4. Appendix

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

  22. Slide 22: Appendix: Reference Data

    Appendix: Reference Data Large Frame Gas Turbine Order Intake Commercial Aviation Deliveries (units) and Contract Backlog (units) 1H FY25 FY25 1H FY26 777 Q1 Q2 Q3 Q4 Total Americas 12 19 11 FY25 6 8 4 5 23 Asia 11 12 8 FY26 7 7 14 EMEA - 4 - Other Regions - - - 777X Q1 Q2 Q3 Q4 Total 23 35 19 Order

  23. Slide 23: Appendix: Reference Data

    Appendix: Reference Data1 Order Backlog R&D Expenses, Depreciation and Amortization, and Capital Expenditures 1H FY26 FY25 End FY26 (billion yen) End 1H FY25 1H FY26 (billion yen) Forecast Energy Systems 6,983.2 8,064.0 R&D Expenses2 104.1 141.4 350.0 Plants & Infrastructure Systems 2,102.8 2,327.0

  24. Slide 24: Appendix: Revenue by Region

    Appendix: Revenue by Region Total Energy Systems Plants & Infrastructure Systems (billion yen) (billion yen) ■ 1H FY25 (Total: 871.0) (billion yen) ■ 1H FY25 (Total: 415.9) 1H FY25 1H FY26 ■ 1H FY26 (Total: 1,122.5) ■ 1H FY26 (Total: 429.8） Japan 913.7 (43%) 1,027.3 (41%) 464.0 (41%) Asia-Pacific 33

  25. Slide 25: Appendix: Capital Allocation

    Appendix: Capital Allocation ◼ Cash and cash equivalents have increased significantly, driven by advances received in Growing Core Businesses ◼ Deploy additional cash inflows to support execution of substantial order backlog and—together with cash generated from FY2027 onward—fund growth investments

  26. Slide 26: FY2026 Business Profit Forecast: ¥600 bn

    ITO Initiative Progress Group-Wide Optimization Reach Expansion Portfolio Optimization  Production Process Improvements → Shorten lead times through process improvements and Completed divestment of ML automation Agreed to divest Bombardier Example: Double GTCC new unit production capacity Business

  27. Slide 27: Medium- to Long-Term Initiatives: Resilience

    Medium- to Long-Term Initiatives 2026 2050 Growing geopolitical instability Changes Progress toward Carbon Neutrality Major unforeseen changes in Society Accelerating technological innovation ・・・ Delivering value society needs Critical Infrastructure Resilience Industrial Machinery Providing safety

  28. Slide 28: MOVE THE WORLD FORWARD Mitsubishi Heavy Industries Group

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

Mitsubishi Heavy Industries — H1 FY2026 Earnings Presentation on 6ix