Mitsubishi Heavy Industries, Ltd. · TSE:7011

Mitsubishi Heavy Industries — Q2 2026 Earnings Presentation

30 slides from Mitsubishi Heavy Industries's earnings presentation, Nov 7, 2025

  1. Slide 1: 1H FY2025 Financial Results

    1H FY2025 Financial Results November 7, 2025 Mitsubishi Heavy Industries, Ltd. © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  2. Slide 2: Table of Contents

    Table of Contents 1. Key Takeaways 5-7 2. 1H FY2025 Financial Results 8-16 • Financial Results Overview • Financial Position and Cash Flows • Profit Bridge • Financial Results by Segment 3. FY2025 Earnings Forecast 17-23 • Earnings Forecast Highlights • Earnings Forecast Overview • Earnings Forecast

  3. Slide 3: Impact from (Planned) Transfer of Consolidated Subsidiary Announced Sep. 30, 2025

    Impact from (Planned) Transfer of Consolidated Subsidiary Announced Sep. 30, 2025 ◼ On September 30, 2025, MHI issued a press release entitled “Notice Regarding the Execution of a Contract to take the Company's Consolidated Subsidiary Mitsubishi Logisnext Co., Ltd. Private and the (Planned) Transfer

  4. Slide 4: Intentionally left blank

    Intentionally left blank © Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 4

  5. Slide 5: 1. Key Takeaways

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

  6. Slide 6: 1H FY2025 Financial Results

    1H FY2025 Financial Results Order Intake Revenue EBITDA (excl. ML) Free Cash Flow (billion yen) (incl. ML) 3,383.5 3,314.7 3,137.0 (excl. ML) +7% 229.6 151.0 3,054.6 2,298.1 2,113.7 billion yen (excl. ML) 2,793.3 2,069.2 billion yen +9% (+¥5.5 bn YoY) (+¥236.8 bn YoY) (excl. ML) (excl. ML) 1,969.2 1

  7. Slide 7: 1H FY2025 Financial Results Highlights

    1H FY2025 Financial Results Highlights ◼ Order Intake: ¥3,314.7 bn (+¥260.0 bn [+9%] YoY) Order intake grew in Energy Systems. Order intake decreased YoY in Plants & Infrastructure Systems and Aircraft, Defense & Space due to high base effect from large projects booked in 1H FY2024, but still reache

  8. Slide 8: 2. 1H FY2025 Financial Results

    2. 1H FY2025 Financial Results © Mitsubishi Heavy Industries, Ltd. All Rights Reserved.

  9. Slide 9: Financial Results Overview

    Financial Results Overview 1H FY2024 1H FY2025 YoY (Profit Margin) (B) (B) – (A) (YoY%) (billion yen) Excl. ML* (A) (Profit Margin) (Profit Margin) Order Intake 3,383.5 3,054.6 3,314.7 +260.0 (+8.5%) Revenue 2,298.1 1,969.2 2,113.7 +144.4 (+7.3%) Profit from 188.4 168.0 171.5 +3.4 (+2.1%) Business A

  10. Slide 10: Financial Position

    Financial Position (billion yen) FY2024 End 1H FY2025 End Variance Trade Receivables and Contract Assets 1,776.5 1,717.4 -59.0 Inventories 1,062.5 1,070.2 +7.7 Other Current Assets 1,072.5 1,695.3 +622.8 (Cash and Cash Equivalents) (657.8) (716.0) (+58.2) (Assets Held for Sale*) (3.7) (544.8) (+541.

  11. Slide 11: Profit Bridge

    Profit Bridge Changes in revenue, margin improvements +76.0 1H FY24: 22.0 (Yokohama Dockyard land, others) 1H FY25: 5.0 1H FY24 -30.0 Business Profit 1H FY25 1H FY24 Changes in -17.0 Business 188.4 Business Profit one-time expenses Profit (excl. ML) Changes in -12.0 -20.4 168.0 gains on asset sales

  12. Slide 12: 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) FY24 FY25 FY24 FY25 FY24 FY25 Energy Systems 1,306.7 1,981.2 +674.5 832.1 871.0 +38.8 103.2 80.7 -22.4 Plants & Infrastructure 599.4 490.6 -108.7 379.1 415.9 +36.7 28.1 44.6

  13. Slide 13: Financial Results: Energy Systems

    Financial Results: Energy Systems (billion yen) Order Intake Revenue Business Profit Full Year 2,622.4 3,200.0 1,815.7 2,000.0 205.3 240.0 YoY Changes in (prev. 2,200.0) (prev. 1,850.0) Business Profit 1H Progress 50% 62％ 46% 44％ 50% 34％ Increase: (1H) - GTCC (1H) 1,981.2 103.2 (1H) Decrease: 80.7 -

  14. Slide 14: Financial Results: Plants & Infrastructure Systems

    Financial Results: Plants & Infrastructure Systems (billion yen) Order Intake Revenue Business Profit Full Year 1,000.2 900.0 852.1 850.0 59.6 70.0 YoY Changes in (prev. 60.0) Business Profit 1H Progress 60% 55％ 44% 49％ 47% 64％ Increase: - Metals Machinery (1H) (1H) 44.6 - Machinery 599.4 Systems (1

  15. Slide 15: 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 (prev. 750.0) (prev. 750.0) (prev. 40.0) Business Profit 1H Progress 49% 49％ 47% 47％ 30% 38％ Increase: - Engines - Turbochargers Decreas

  16. Slide 16: 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 (see p.23 for FY18-25 Defense & Space order intake data) Business Profit 1H Progress 38% 39％ 42% 40％ 44% 43％ Increase: - Defense & (1H)

  17. Slide 17: 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

  18. Slide 18: FY2025 Earnings Forecast Highlights

    FY2025 Earnings Forecast Highlights ◼ Order Intake: ¥6,100.0 bn (vs. Sep. 30, 2025 announcement: +¥850.0 bn) Revised vs. Previous Revised Previous Energy Systems ¥2,200.0 bn ¥3,200.0 bn +¥1,000.0 bn Logistics, Thermal & Drive Systems ¥750.0 bn ¥600.0 bn -¥150.0 bn ◼ Revenue: ¥4,800.0 bn (vs. Sep. 30

  19. Slide 19: Earnings Forecast Overview

    Earnings Forecast Overview Revised from forecast announced September 30, 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 5,250.0 6,100.0 -305.1 (-4.8%) Revenue 5,027.1 4,361.1 4,750

  20. Slide 20: Earnings Forecast by Segment

    Earnings Forecast by Segment Revised from forecast announced September 30, 2025. Profit from Order Intake Revenue Business Activities FY25 Forecast FY25 Forecast FY25 Forecast FY24 YoY FY24 YoY FY24 YoY (billion yen) Previous Revised Previous Revised Previous Revised Energy 2,622.4 2,200.0 3,200.0 +

  21. Slide 21: 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 (billion yen) 3,200.0 ◼ Large order intake growth expected in GTCC 2,622.4 ◼ Revenue to grow in GTCC, Aero Engines, and Nuclear Others Power

  22. Slide 22: 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

  23. Slide 23: Earnings Forecast by Segment: (Reference) Defense & Space Order Intake

    Earnings Forecast by Segment: (Reference) Defense & Space Order Intake ◼ The Japan Defense Buildup Plan—which aims to significantly enhance the country’s defense capabilities—was developed in 2022, leading to increases to Japan’s defense budgets since FY2023 ◼ Under the current five-year defense all

  24. Slide 24: 4. Appendix

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

  25. Slide 25: Appendix: Reference Data

    Appendix: Reference Data Large Frame Gas Turbine Order Intake Commercial Aviation Deliveries (units) and Contract Backlog (units) 1H FY24 FY24 1H FY25 777 Q1 Q2 Q3 Q4 Total Americas 5 11 12 FY24 6 6 2 5 19 Asia 3 5 11 FY25 6 8 14 EMEA 1 9 - Other Regions - - - 777X Q1 Q2 Q3 Q4 Total Order Intake Tot

  26. Slide 26: Appendix: Reference Data

    Appendix: Reference Data Order Backlog R&D Expenses, Depreciation and Amortization, and Capital Expenditures (billion yen) FY24 End 1H FY25 FY25 1H FY24 1H FY25 (billion yen) Forecast Energy Systems 4,918.4 6,050.4 R&D Expenses 89.9 104.1 320.0 Plants & Infrastructure Systems 1,705.3 1,849.2 Depreci

  27. Slide 27: Appendix: Revenue by Region

    Appendix: Revenue by Region Total Energy Systems Plants & Infrastructure Systems (billion yen) (billion yen) ■ 1H FY24 (Total: 832.1) (billion yen) ■ 1H FY24 (Total: 379.1) 1H FY24 1H FY25 ■ 1H FY25 (Total: 871.0) ■ 1H FY25 (Total: 415.9） Japan 839.1 (43%) 913.7 (43%) 326.8 318.4 (39%) (36%) Asia-Pa

  28. Slide 28: Appendix: History of Business Portfolio Optimization

    Appendix: History of Business Portfolio Optimization ◼ Since implementing the Strategic Business Evaluation System in FY2012, MHI has worked extensively to optimize our portfolio of businesses Divestments Acquisitions Mergers (incl. minority JV investments) 24 MTBP1 Considering primarily • Forklifts

  29. Slide 29: Appendix: Impact from (Planned) Transfer of Consolidated Subsidiary

    Appendix: Impact from (Planned) Transfer of Consolidated Subsidiary Announced Sep. 30, 2025 Impact from the decision to sell ML on 1H FY2025 financial results and FY2025 earnings forecast is outlined in the table below 1H FY2025 FY2025 Full Year (Profit Margin) (Profit Margin) Before ML Sale Impact

  30. Slide 30: MOVE THE WORLD FORWARD MITSUBISHI HEAVY INDUSTRIES GROUP

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

Mitsubishi Heavy Industries — Q2 2026 Earnings Presentation on 6ix