Kawasaki Heavy Industries : Financial Results for FY2025(Presentation Material) （PDF：4.02 MB）

Published May 12, 2026 at 2:40 a.m. UTC

Source: MarketScreener

Financial Results for FY2025

For the year ended March 31, 2026

May 12, 2026

Financial Results and Performance Forecast Highlights

Consolidated Financial Results for FY2025 Business profit totaled 145.1 billion yen, up 1.9 billion yen YoY, in line with the February forecast, marking a new record high

Strong performance in Aerospace Systems and ES&M, together with a recovery in Precision Machinery & Robot, offset PS&E, which was

significantly impacted by U.S. tariff policies

Aerospace Systems

ES&M

Precision Machinery & Robot

PS&E

Business Profit YoY

（billion yen）

+6.6

+10.7

+7.3

- 25.1

Earnings forecasts for FY2026 Based on an assumed exchange rate of JPY150/USD, business profit is expected to reach a record-high 170.0 billion yen, exceeding FY2025 by

24.9 billion yen YoY

Impact of the Middle East situation： A certain level of risk, including production delays due to difficulties in material procurement, has been factored in (see p.16 for details).
Impact of U.S. tariff policies：Assumptions are based on the systems and tariff rates that are applied / scheduled to be applied as of May 12, 2026 (excluding any potential refunds of IEEPA-related tariffs).

Assumptions Regarding External Environment

Table of Contents

Consolidated Financial Results for FY2025

Summary 5

Segment 6

Statement of Profit and Loss 7

Factors Affecting Changes in Business Profit 9

Statement of Financial Position 11

Cash Flows 13

Details by Segment

Aerospace Systems 21

Rolling Stock 26

Energy Solution & Marine Engineering 29

（ES&M）

Precision Machinery & Robot 33

Powersports & Engine 37

（PS&E）

Earnings Forecasts for FY2026

Summary 16

Factors Affecting Changes in Business Profit 17

Segment 18

Shareholder Returns and Other Information

Shareholder Returns 42

Project Topics 43

ESG Topics 45

Notice

Appendix 47

Figures recorded in the business forecasts are forecasts that reflect the judgment of the Company based on the information available at the time of release and include risks and uncertainties. Accordingly, the Company cautions investors not to make investment decisions solely on the basis of these forecasts.

Actual business results may differ materially from these business forecasts due to various important factors resulting from changes in the external environment and internal environment. Important factors that may affect actual business results include, but are not limited to, economic conditions, the yen exchange rate against the U.S. dollar and other currencies, the tax system, and laws and regulations. Our company has adopted IFRS (International Financial Reporting Standards) since the first quarter of FY2022.

Consolidated Financial Results for FY2025

Revenue and business profit increased YoY, with orders received, revenue, and business profit each reaching record highs

Pre-tax and net profit significantly exceeded the February forecast, mainly due to yen depreciation toward the fiscal year-end

(Billion Yen)

-Summary-

FY2024		FY2025						Change
FY2024		Forecast	Apr. to Jun.	Jul. to Sep.	Oct. to Dec.	Jan. to Mar.	Total	YoY		vs.	Old FCST
Orders Received 2,630.7		2,620.0	446.3	569.1	892.6	831.0	2,739.1	+	108.4	+	119.1
Revenue 2,129.3		2,340.0	488.4	507.8	565.1	749.8	2,311.2	+	181.9	-	28.8
Business Profit (Loss) 143.1		145.0	20.5	15.1	46.7	62.6	145.1	+	1.9	+	0.1
[margin] [6.7%]		[6.2%]	[4.2%]	[3.0%]	[8.3%]	[8.4%]	[6.3%]		[- 0.4pt]		[+ 0.0pt]
Profit Before Tax (Loss) 107.5		122.0	16.8	18.5	53.4	56.6	145.5	+	38.0	+	23.5
[margin] [5.0%]		[5.2%]	[3.4%]	[3.7%]	[9.5%]	[7.6%]	[6.3%]		[+ 1.2pt]		[+ 1.0pt]
Profit (Loss) 88.0 Attributable to Owners of Parent		90.0	4.2	17.8	43.7	42.3	108.1	+	20.1	+	18.1
[margin] [4.1%]		[3.8%]	[0.9%]	[3.5%]	[7.7%]	[5.6%]	[4.7%]		[+ 0.5pt]		[+ 0.8pt]
fter-tax ROIC	8.0%	7.4%	-	-	-	-	9.0%	+	1.0pt	+	1.6pt
Weighted-average exchange rates (USD/JPY)※1	150.81	-	143.79	146.37	152.22	153.21	149.08	-	1.73	-
US dollar-based ※1 transaction (B$) ※2	1.94	2.09	0.52	0.62	0.58	0.64	2.20	+	0.26	+	0.11

※1 Except for loss related to the in-service issues of PW1100G-JM engine

※2 The amount of foreign currency impacting profit and loss by currency due to exchange rate fluctuations. Calculated by deducting dollar-denominated purchases from dollar-denominated revenue of Kawasaki Heavy Industries, Ltd, Kawasaki Railcar manufacturing Co., Ltd., and Kawasaki Motors, Ltd., including foreign currency denominated revenue from loss-provisioned projects. However, the foreign currency amount for each quarter of FY2025 excludes the amount of refund liabilities denominated in foreign currencies related to the in-service issues of the PW1100G-JM engine. See page 53 for the breakdown of these figures by segments