Mitsui Es Holdings Co., Ltd. TSE:7003
MITSUI E&S : Consolidated Financial Results for Half-year of Fiscal Year Ending March 31, 2026
Source: MarketScreener
Consolidated Financial Results
for Half-year of Fiscal Year Ending March 31, 2026
November 12, 2025
Note: This document has been translated from Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Table of Contents
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Shipments
Highlights
※ ・Steady increase in sales and profit.
New Orders
146.0 Billion yen （ YoY
）
・Revised operating income forecast for FYE Mar. 2026 Forecast upward as economic downturn risks ease.
Half-year of FYE Mar. 2026
Results
Net Sales | 165.5 Billion yen | （ YoY | ） |
Operating Income | 19.8 Billion yen | （ YoY | ） |
FYE Mar. 2026
Forecast
| 300 Billion yen (compared to May 13, 2025 | ) |
| 340 Billion yen (compared to May 13, 2025 | ) |
| 30 Billion yen (compared to May 13, 2025 | ) |
MITSUI E&S Achieves Milestone of 500 MITSUI-PACECO Portainer® Shipments
Stock Price Trends
Topics
Summary of Results
FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | |
USD/JPY | 150.32Yen | 146.79Yen |
＜Average FX＞
FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | Var. | |
New Orders | 170.7 | 146.0 | (24.7) |
Net Sales | 145.0 | 165.5 | +20.5 |
Operating Income | 9.2 | 19.8 | +10.6 |
(margin) | 6.4% | 12.0% | - |
Ordinary Income | 13.3 | 22.7 | +9.4 |
(margin) | 9.2% | 13.7% | - |
Profit attributable to owners of parent | 32.3 | 17.5 | (14.8) |
(JPY: Billion)
This decrease was due to an order for multiple large marine engines in the Marine Propulsion Systems segment during the same period last year.
Revenue increased YoY due to steady progress on ample construction projects in the core business segments and Peripheral Businesses, among others.
The Marine Propulsion Systems and Logistics Systems segments saw significant profit increases compared to YoY due to increased sales and reduced costs resulting from increased productivity.
※ Profit attributable
Profit decreased compared to YoY due to a gain on the sale of shares in an affiliated company during the same period last year.
Summary of Balance Sheet
※ Steady profit accumulation has led to an improved equity ratio.
（JPY：Billion）
FYE Mar. 2025 | FYE Mar. 2026 2Q | Var. | |||
Total assets | 449.2 | 454.5 | +5.2 | ||
（Cash and time deposits） | 35.4 | 44.9 | +9.5 | ||
（Notes and accounts receivables - trade, and contract assets etc.） | 107.9 | 94.8 | (13.2) | Decrease mainly due to collection of accounts receivable for container cranes | |
（Inventory） | 69.9 | 76.6 | +6.6 | ||
（Fixed Assets） | 130.3 | 126.6 | (3.7) | ||
(Investment securities) | 29.7 | 36.8 | +7.2 | ||
Total liabilities | 275.1 | 259.2 | (15.9) | ||
（Trade payables etc.） | 59.1 | 57.8 | (1.4) | ||
（Contract liabilities） | 44.2 | 53.1 | +8.9 | Mainly increase in advance payments received for marine engine orders | |
（Debt with interest） | 97.8 | 83.0 | (14.8) | Decrease due to repayment of short-term and long-term borrowings | |
Short-term borrowings | 54.0 | 43.4 | (10.6) | ||
Long-term borrowings | 43.8 | 39.6 | (4.2) | ||
Total net assets | 174.2 | 195.3 | +21.1 | ||
（Equity） | 169.8 | 190.9 | +21.1 | Mainly increase due to accumulation of retained earnings | |
（Equity capital ratio） | 37.8% | 42.0% | - | ||
Working capital (*) | 70.1 | 57.9 | (12.2) | ||
D/E ratio | 0.6 | 0.4 | - | ||
(*) Trade receivables(except Advances from customers) + Inventory - Trade payables
Summary of Cash Flow
※ Operating cash flow improved significantly due to a collection of accounts receivable for Container Cranes and an increase in advance payments for Marine Engines.
（JPY：Billion）
FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | Var. | ||
Operating CF | 4.1 | 25.2 | +21.1 | Payment collection progressed in container cranes and marine engines. |
Investing CF | 66.2 | 2.3 | (63.9) | The 66.2 billion yen in the FYE Mar. 2025 2Q was an income mainly from the sale of shares in affiliated companies. |
Free CF | 70.3 | 27.5 | (42.9) | |
Financial CF | (67.5) | (17.7) | +49.8 | Repayment of short-term borrowings mainly. |
Summary of Segment Results
※ ・Sales and profit growth in four major Segments.
・Significant improvement in operating income in the
Marine Propulsion Systems and Logistics Systems segments.
（JPY: Billion）
New Orders | Net Sales | Operating Income | |||||||
FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | Var. | FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | Var. | FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | Var. | |
New Business Development | 17.9 | 20.0 | +2.1 | 15.2 | 17.9 | +2.7 | 1.7 | 2.9 | +1.2 |
Marine Propulsion Systems | 89.4 | 62.8 | (26.6) | 67.4 | 75.1 | +7.8 | 4.2 | 9.0 | +4.7 |
Logistics Systems | 36.7 | 32.8 | (3.9) | 26.8 | 31.1 | +4.2 | 2.4 | 6.7 | +4.3 |
Peripheral Businesses | 26.5 | 30.3 | +3.7 | 34.1 | 41.3 | +7.3 | 0.5 | 1.7 | +1.2 |
Others | 0.1 | 0.1 | 0 | 1.5 | 0.1 | (1.4) | 0.4 | (0.4) | (0.8) |
Total | 170.7 | 146.0 | (24.7) | 145.0 | 165.5 | +20.5 | 9.2 | 19.8 | +10.6 |
New Business Development
Main businesses：Industrial Machinery(compressors, rotary machinery), After-sales Services
New Orders：YoY ＋2.1 Billion yenSales increased compared to YoY due to orders for reciprocating compressors,
FYE Mar. 2025 FYE Mar. 2026
Cumulative Total Cumulative Total
FYE Mar. 2025 FYE Mar. 2026
（JPY：Billion）
46.050.0
reactors, and other equipment for chemical plants, as well as strong performance in land-based diesel power generator sets
9.3 9.2
20.0
17.9
8.610.8
16.5
11.6
by a subsidiary. 1Q 2Q 3Q 4Q full year
(forecast)
40.0 40.0
Net Sales：YoY ＋2.7 Billion yenRevenue increased compared to YoY due to a steady progress in ongoing construction work
15.
17.9
such as blast furnace blowers, as well as in the after-sales service business.
2
7.5 8.1 7.8 9.8
11.7 13.1
Operating Income：YoY ＋1.2 Billion yenProfit increased compared to YoY due to
1Q 2Q 3Q 4Q full year
(forecast)
6.8 6.0
2.9
increased sales of industrial machinery products and enhanced after-sales service through the promotion of customer-focused
1.7
1.0 1.0 1.9
0.7
2.5 2.7
sales activities.
1Q 2Q 3Q 4Q full year
(forecast)
Marine Propulsion Systems Main businesses：Marine Engines, After-sales Services New Orders：YoY (26.6) Billion yenDue to getting a bulk order for multiple large marine engines last year, sales decreased
FYE Mar. 2025 FYE Mar. 2026
Cumulative Total Cumulative Total
FYE Mar. 2025 FYE Mar. 2026
（JPY：Billion）
212.9
120.0
compared to YoY. However, demand for marine engines, including dual-fuel engines, remained strong, and orders continued to
56.4
89.4
62.8
33.0 25.6
41.3 21.5
98.0
accumulate steadily.
Net Sales：YoY ＋7.8 Billion yenRevenue increased compared to YoY, due to
1Q 2Q 3Q 4Q full year
(forecast)
150.0
135.5
factors such as an increase in dual-fuel
67.
75.1
engines using LNG and methanol, marine fuels aimed at realizing a carbon-free
38.0 4
32.8 34.637.1
31.4 36.7
society.
Operating Income：YoY ＋4.7 Billion yen1Q 2Q 3Q 4Q full year
(forecast)
12.0
In addition to increased sales, cost reductions and strong performance in the
4.1
9.0
4.24.9
7.5
Revised Upward 9.0
after-sales service business resulted in a significant increase in profit.
2.4 1.8 1.9 1.3
1Q 2Q 3Q 4Q full year
(forecast)
Logistics Systems Main businesses：Container Cranes, After-sales Services New Orders：YoY (3.9) Billion yenAlthough sales decreased compared to YoY due to the receipt of a large order for
FYE Mar. 2025 FYE Mar. 2026
Cumulative Total Cumulative Total
FYE Mar. 2025 FYE Mar. 2026
36.7
（JPY：Billion）
76.1
60.0
Vietnam last year, strong demand remains such as getting a large order for Southeast Asia.
20.9
10.8 25.9
32.8
11.9
22.4
17.0
Net Sales：YoY ＋4.2 Billion yenRevenue increased YoY, thanks to record
1Q 2Q 3Q 4Q full year
(forecast)
62.865.0
31.1
high orders received over the past two years, having a large amount of construction work,
13.15.9
26.8
14.4
21.5
and steady progress on large overseas projects.
Operating Income：YoY ＋4.3 Billion yen2 13.715.2
1Q 2Q 3Q 4Q full year
(forecast)
9.0
Profit increased significantly due to improved profitability of large overseas projects through cost reductions, as well as increased sales and productivity.
0.8
6.7
2.9 2.43.8
1.6
1.8 1.8
6.0
Revised Upward
6.0
1Q 2Q 3Q 4Q full year
(forecast)
Summary of FYE Mar. 2026 Forecast
※ Operating income revised upward due to strong performance in core business segments
（JPY: Billion）
Previous Forecast （May. 13, 2025） | Revised Forecast （Nov. 12, 2025） | Var. | |
New Orders | 300.0 | 300.0 | 0 |
Net Sales | 340.0 | 340.0 | 0 |
Operating Income | 24.0 | 30.0 | +6.0 |
Ordinary Income | 23.0 | 31.0 | +8.0 |
Profit attributable to owners | 20.0 | 26.0 | +6.0 |
Free CF | 16.0 | 11.0 | (5.0) |
Debt with interest | 95.0 | 95.0 | 0 |
※ Exchange rate assumption: USD/JPY:145
※ The USD/JPY exchange rate fluctuation has almost no impact on Operating Income.
Summary of FYE Mar. 2026 Forecast by Segment
※ Operating income forecasts have been revised upward due to cost reduction efforts in the Marine Propulsion Systems and Logistics Systems segments, supported by a large backlog of orders.
（JPY：Billion）
New Orders | Net Sales | Operating Income | |||||||
Previous Forecast May. 13, 2025 | Revised Forecast Nov. 12, 2025 | Var. | Previous Forecast May. 13, 2025 | Revised Forecast Nov. 12, 2025 | Var. | Previous Forecast May. 13, 2025 | Revised Forecast Nov. 12, 2025 | Var. | |
New Business Development | 50.0 | 50.0 | 0 | 40.0 | 40.0 | 0 | 6.0 | 6.0 | 0 |
Marine Propulsion Systems | 120.0 | 120.0 | 0 | 150.0 | 150.0 | 0 | 9.0 | 12.0 | +3.0 |
Logistics Systems | 60.0 | 60.0 | 0 | 65.0 | 65.0 | 0 | 6.0 | 9.0 | +3.0 |
Peripheral Businesses | 70.0 | 70.0 | 0 | 85.0 | 85.0 | 0 | 3.0 | 3.0 | 0 |
Others | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 0 | 0.0 | 0.0 | 0 |
Total | 300.0 | 300.0 | 0 | 340.0 | 340.0 | 0 | 24.0 | 30.0 | +6.0 |
FYE Mar. 2026 Forecast Progress
※ Orders and sales progressed as planned, and operating income was revised upward with favorable conditions.
0 50 100 150 200 250 300 350 400 450 （JPY: Billion）
New Orders
FYE Mar.
146.0
Progress : 49%
300.0
170.7
Progress : 40%
421.7
FYE Mar. 2026 2Q :
The Marine Propulsion Systems segment performed well thanks to a secured backlog of work at domestic shipyards, and the Logistics Systems segment saw steady orders due to robust demand in Southeast Asia, resulting in generally solid progress, overall.
2026
FYE Mar.
2025
Net Sales
FYE Mar.
165.5
Progress : 49%
340.0
145.0
Progress : 46%
315.1
2026
FYE Mar.
2025
0 50 100 150 200 250 300 350 （JPY: Billion）
Operating Income
FYE Mar. 2026 2Q :
Business performed smoothly, with deliveries progressing steadily in the Marine Propulsion Systems segment and various construction projects progressing in the Logistics Systems segment, including the start of progress on the Port of Long Beach in the United States.
FYE Mar.
2026
FYE Mar.
2025
0 5 10 15 20 25 30 35 （JPY: Billion）
19.8
Revised
Progress : 66% Upward
30.0
24
9.2
Progress : 40%
23.1
FYE Mar. 2026 2Q :
While the New Business Development and Peripheral Businesses segments are progressing generally in line with plan, the Marine Propulsion Systems and Logistics Systems segments achieved their initial fiscal year plans in the first half of the year, leading to an upward revision of the full-year outlook.
MITSUI E&S Achieves Milestone of 500 MITSUI-PACECO Portainer® Shipments
※ The commemorative 500th unit is scheduled for delivery to
Phuoc An Port in Vietnam
＜History of Quay Container Crane＞
1961 | MITSUI E&S began its journey in container crane development, through a technical partnership with PACECO Inc., the U.S. -based pioneer of container crane technology. |
1967 | Manufactured and delivered Japan's first quay container crane to Maya Pier in Kobe |
1973 | First overseas quay container crane shipped |
Since then, MITSUI E&S has supplied cranes to over 200 terminals across 30 countries, supporting the evolution of global container logistics for more than half a century.
Developing remote automation products to meet needs of the global logistics industry.
2025Reached the cumulative shipment of 500 units
Maritime logistics remains strong, and we expect continued demand for new construction and expansion, as well as for the renewal of aging facilities, at port facilities in Southeast Asia, Japan, and the United States, where we maintain a stable position.
MITSUI E&S remains committed to delivering high-quality, solutions tailored to the evolving needs of the global logistics industry.
Stock Price Trends
※ Reflecting a favorable business environment and a recovery in earnings, the stock price has been on an upward trend since April of this year.
As of September 30th, it was ¥4,475, following a rise to ¥6,306 as of October 31st, and the market capitalization temporarily exceeded ¥650 billion.
＜Business Environment＞
・In the Marine Propulsion Systems segment, domestic shipyards have a large backlog of work.
・The government's efforts to support the revitalization of the domestic shipbuilding industry are also a tailwind for our business.
・In the Logistics Systems segment, demand is strong for new construction, expansion, and renewal of aging systems in Asia, Japan, and the United States.
＜Performance Trends＞
・Immediately after the implementation of our Group Business Revival Plan, sales fell significantly from 579.4 billion yen in FYE Mar. 2022, but have been on a recovery trend since FYE Mar. 2024.
15
・Operating income has been in the black since FYE Mar. 2023, and the amount of profit is also on an expanding trend.
（JPY: Billion）
FYE Mar. 2022 | FYE Mar. 2023 | FYE Mar. 2024 | FYE Mar. 2025 | FYE Mar. 2026 （Forecast） | |
Net Sales | 579.4 | 262.3 | 301.9 | 315.1 | 340.0 |
Operating Income | (10.0) | 9.4 | 19.6 | 23.1 | 30.0 |
Stock Price (JPY) | 366 | 417 | 1,915 | 1,644 | 4,475 |
PBR | 0.52 | 0.38 | 1.46 | 0.98 | 2.37 |
※9/30closing price
To meet investor expectations, we will continue to grow our core businesses while focusing on developing new businesses.
Appendix) CAPEX・R&D・Employees
※ Steady capital investment to meet market demand.
FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2025 | FYE Mar. 2026 2Q Cumulative Total | FYE Mar. 2026 Plan | |
CAPEX（JPY：Billion） | 3.4 | 9.6 | 4.7 | 9.9 |
R&D（JPY：Billion） | 0.6 | 1.5 | 0.7 | 2.1 |
Number of Employees | 6,078 | 5,966 | 6,061 | ー |
Appendix） Marine Engines
※ With a large backlog of orders, production is progressing smoothly.
FYE Mar. 2025 2Q Cumulative Total | FYE Mar. 2026 2Q Cumulative Total | FYE Mar. 2026 Forecast | ||||
Unit | Horse Power (10Kps) | Unit | Horse Power (10Kps) | Unit | Horse Power (10Kps) | |
New Orders | 62 | 197 | 46 | 103 | ー | ー |
Deliveries | 75 | 156 | 67 | 153 | ー | ー |
Back logs | 107 | 273 | 133 | 368 | ー | ー |
Production | 64 | 131 | 69 | 152 | 146 | 316 |
In this document, performance forecasts, targets, plans, strategies, etc. of the Company in regard to the future contain forward-looking statements. These are forecasts that the Company reasonably determined based on information available at the present time and include both known and unknown risks and uncertainties. Accordingly, actual results or developments of our company in the future could differ significantly.