Mitsubishi Heavy Industries, Ltd. · TSE:7011

Mitsubishi Heavy Industries — Q3 2026 Earnings Presentation

25 slides from Mitsubishi Heavy Industries's earnings presentation, Feb 4, 2026

  1. Slide 1: Q1-3 FY2025 Financial Results

    Q1-3 FY2025 Financial Results February 4, 2026 Mitsubishi Heavy Industries, Ltd. © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  2. Slide 2: Table of Contents

    Table of Contents 1. Key Takeaways 3-5 2. Q1-3 FY2025 Financial Results 6-14 • Financial Results Overview • Financial Position and Cash Flows • Profit Bridge • Financial Results by Segment 3. FY2025 Earnings Forecast 15-20 • Earnings Forecast Highlights • Earnings Forecast Overview • Earnings Foreca

  3. Slide 3: 1. Key Takeaways

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

  4. Slide 4: Q1-3 FY2025 Financial Results

    Q1-3 FY2025 Financial Results Order Intake Revenue EBITDA (excl. ML) Free Cash Flow (billion yen) 5,029.1 (incl. ML) 4,968.9 4,496.6 (excl. ML) 3,547.7 3,326.9 +9% 393.1 167.6 (excl. ML) 4,468.1 3,260.6 billion yen 3,975.5 +13% billion yen (excl. ML) (+¥68.1 bn YoY) (+¥311.4 bn YoY) (excl. ML) 3,047

  5. Slide 5: Q1-3 FY2025 Financial Results Highlights

    Q1-3 FY2025 Financial Results Highlights ◼ Order Intake: ¥5,029.1 bn (+¥561.0 bn [+13%] YoY) Order intake grew significantly in Energy Systems. Order intake decreased YoY in Aircraft, Defense & Space due to high base effect from several large projects booked in Q1-3 FY2024, but still reached high le

  6. Slide 6: 2. Q1-3 FY2025 Financial Results

    2. Q1-3 FY2025 Financial Results © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  7. Slide 7: Financial Results Overview

    Financial Results Overview Q1-3 FY2024 Q1-3 YoY (Profit Margin) FY2025 (B) (B) – (A) (YoY%) (billion yen) Excl. ML* (A) (Profit Margin) (Profit Margin) Order Intake 4,968.9 4,468.1 5,029.1 +561.0 (+12.6%) Revenue 3,547.7 3,047.0 3,326.9 +279.9 (+9.2%) Profit from 264.7 240.1 301.2 +61.1 (+25.5%) Bus

  8. Slide 8: Financial Position

    Financial Position (billion yen) FY2024 End Q1-3 FY2025 End Variance Trade Receivables and Contract Assets 1,776.5 1,925.2 +148.7 Inventories 1,062.5 1,112.0 +49.5 Other Current Assets 1,072.5 1,727.0 +654.4 (Cash and Cash Equivalents) (657.8) (686.7) (+28.9) (Assets Held for Sale*) (3.7) (556.4) (+

  9. Slide 9: Profit Bridge

    Profit Bridge Rebound from Q1-3 FY24 Changes in equity-method SPC* revenue, investment losses Q1-3 FY24: 28.5 (Yokohama Dockyard land, others) margin Q1-3 FY25: 6.5 improvements +20.0 +110.0 -20.0 Q1-3 FY25 Changes in -22.0 Business one-time Profit Q1-3 FY24 Changes in -7.0 expenses Business gains o

  10. Slide 10: Financial Results by Segment

    Financial Results by Segment Profit from Order Intake Revenue Business Activities Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 YoY YoY YoY (billion yen) FY24 FY25 FY24 FY25 FY24 FY25 Energy Systems 1,967.0 2,857.0 +889.9 1,278.8 1,354.7 +75.9 154.5 146.7 -7.7 Plants & Infrastructure 813.5 891.3 +77.7 586.4 633.9 +

  11. Slide 11: Financial Results: Energy Systems

    Financial Results: Energy Systems (billion yen) Order Intake Revenue Business Profit Full Year 2,622.4 3,600.0 1,815.7 2,000.0 205.3 240.0 YoY Changes in (prev. 3,200.0) Business Profit Q1-3 Progress 75% 79％ 70% 68％ 75% 61％ Increase: (Q1-3) (Q1-3) - GTCC 154.5 (Q1-3) 2,857.0 146.7 Decrease: - Steam

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

    Financial Results: Plants & Infrastructure Systems (billion yen) Order Intake Revenue Business Profit Full Year 1,000.2 1,100.0 852.1 850.0 59.6 80.0 YoY Changes in (prev. 900.0) (prev. 70.0) Business Profit Q1-3 Progress 81% 81％ 69% 75％ 67% 81％ Increase: - Engineering (Q1-3) - Metals (Q1-3) 891.3 6

  13. Slide 13: Financial Results: Logistics, Thermal & Drive Systems

    Financial Results: Logistics, Thermal & Drive Systems (billion yen) Order Intake Revenue Business Profit Full Year 664.4 600.0 641.0 600.0 20.4 20.0 YoY Changes in Business Profit Q1-3 Progress 74% 74％ 72% 73％ 84% 92％ Increase: - Engines - Turbochargers Decrease: (Q1-3) 491.0 (Q1-3) (Q1-3) - HVAC* (

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

    Financial Results: Aircraft, Defense & Space (billion yen) Order Intake Revenue Business Profit Full Year 2,100.1 1,400.0 1,030.6 1,350.0 99.9 140.0 YoY Changes in Business Profit Q1-3 Progress 56% 60％ 67% 66％ 70% 75％ Increase: - Defense & (Q1-3) (Q1-3) 105.3 Space 1,182.0 - Commercial Commercial Av

  15. Slide 15: 3. FY2025 Earnings Forecast

    3. FY2025 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: FY2025 Earnings Forecast Highlights

    FY2025 Earnings Forecast Highlights ◼ Order Intake: ¥6,700.0 bn (vs. previous announcement: +¥600.0 bn) Revised vs. Previous Revised Main Businesses Previous Energy Systems ¥3,200.0 bn ¥3,600.0 bn +¥400.0 bn • GTCC Plants & Infrastructure Systems ¥900.0 bn ¥1,100.0 bn +¥200.0 bn • Engineering ◼ Busi

  17. Slide 17: Earnings Forecast Overview

    Earnings Forecast Overview Revised from forecast announced November 7, 2025. FY2024 FY2025 YoY (Profit Margin) (Profit Margin) (B) – (A) (YoY%) (billion yen) Excl. ML* (A) Previous Revised (B) (Profit Margin) Order Intake 7,071.2 6,405.1 6,100.0 6,700.0 +294.8 (+4.6%) Revenue 5,027.1 4,361.1 4,800.0

  18. Slide 18: Earnings Forecast by Segment

    Earnings Forecast by Segment Revised from forecast announced November 7, 2025. Profit from Order Intake Revenue Business Activities FY25 Forecast FY25 FY25 Forecast FY24 YoY FY24 YoY FY24 YoY Previous Revised Forecast Previous Revised (billion yen) Energy 2,622.4 3,200.0 3,600.0 +977.5 1,815.7 2,000

  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 FY2025 Forecast Takeaways 3,600.0 (billion yen) (prev. 3,200.0) ◼ Large order intake growth expected in GTCC ◼ Revenue to grow in GTCC, Aero Engines, and Nuclear Power

  20. Slide 20: Earning Forecast by Segment: Logistics, Thermal & Drive Systems and Aircraft, Defense & Space

    Earning Forecast by Segment: Logistics, Thermal & Drive Systems and Aircraft, Defense & Space Logistics, Thermal & Drive Systems Order Intake Revenue Business Profit FY2025 Forecast Takeaways (billion yen) ◼ In Engines, emergency generator set units sold to increase especially in Asia ◼ In Turbochar

  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) Q1-3 Q1-3 777 Q1 Q2 Q3 Q4 Total FY24 FY24 FY25 FY24 6 6 2 5 19 Americas 11 11 15 FY25 6 8 4 18 Asia 4 5 12 EMEA 1 9 4 Other Regions - - - 777X Q1 Q2 Q3 Q4 Total Order Int

  23. Slide 23: Appendix: Reference Data

    Appendix: Reference Data Order Backlog R&D Expenses, Depreciation and Amortization, and Capital Expenditures (billion yen) FY24 End Q1-3 FY25 FY25 Q1-3 FY24 Q1-3 FY25 (billion yen) Forecast Energy Systems 4,918.4 6,590.8 R&D Expenses* 136.2 179.5 320.0 Plants & Infrastructure Systems 1,705.3 2,096.5

  24. Slide 24: Appendix: Revenue by Region

    Appendix: Revenue by Region Total Energy Systems Plants & Infrastructure Systems (billion yen) (billion yen) ■ Q1-3 FY24 (Total: 1,278.8) (billion yen) ■ Q1-3 FY24 (Total: 586.4) Q1-3 FY24 Q1-3 FY25 ■ Q1-3 FY25 (Total: 1,354.7) ■ Q1-3 FY25 (Total: 633.9） Japan 1,319.5 (43%) 1,470.3 (44%) 508.1 481.5

  25. Slide 25: Move the World Forward - Mitsubishi Heavy Industries Group

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

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