MITSUI E&S : Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Presentation Material)

Published May 14, 2026 at 5:59 a.m. UTC

Source: MarketScreener

Consolidated Financial Results

for the Fiscal Year Ended March 31, 2026

May 14, 2026

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

Consolidated Financial Results for FYE Mar. 2026

Page Page

Appendix

Highlights

Summary of Results

Operating Income Comparison Between Initial Forecast and Results for FYE Mar. 2026

Summary of Balance Sheet

Summary of Cash Flow

Results Summary by Segment

FYE Mar. 2027 Forecast

Summary of FYE Mar. 2027 Forecast

Summary of FYE Mar. 2027 Forecast by Segment

8-11

CAPEX・R&D・Employees

Share of Container Cranes

Status of Marine Engines

Historical Data

21-22

TOPICS

Growth Strategy (Green & Digital Strategy) 14

Drone Snap Solution 15

Response Status to Dual-Fuel Engine Demands 16

Order Intake for Eco-Friendly, Remotely Operated 17

Rubber-Tired Gantry Cranes

Highlights

※ By steady progress of a large backlog,

FYE Mar. 2027

Forecast

FYE Mar. 2026

Results

we achieved three consecutive years of revenue and profit growth.

New Orders	315.8 Billion yen	（ YoY	）
Net Sales	353.2 Billion yen	（ YoY	）
Operating Income 37.6 Billion yen （ YoY ）
New Orders	370 Billion yen (compared to FYE Mar. 2026			)
Net Sales	370 Billion yen (compared to FYE Mar. 2026			)
Operating Income	32 Billion yen (compared to FYE Mar. 2026			)

Growth Strategy (Green & Digital Strategy)

Drone Snap Solution

Response Status to Dual-Fuel Engine Demands

Order Intake for Eco-Friendly, Remotely Operated Rubber-Tired Gantry Cranes

Topics

Summary of Results

	FYE Mar. 2025	FYE Mar. 2026	Var.
New Orders	421.7	315.8	(105.9)
Net Sales	315.1	353.2	+38.1
Operating Income	23.1	37.6	+14.5
(margin)	7.3%	10.7%	-
Ordinary Income	27.8	44.9	+17.1
(margin)	8.8%	12.7%	-
Profit attributable to owners of parent	39.1	38.5	(0.6)

＜Average FX＞

(JPY: Billion)

New Orders

While the order environment remains strong, orders declined year-on-year, reflecting a reaction to the previous year's large-scale, bulk orders of multiple marine engines in the Marine Propulsion Systems segment.

Net Sales

Revenue rose year-on-year, reflecting the steady progress of a large backlog accumulated on the back of strong order intake in the previous fiscal year.

Operating Income

Profit increased compared with the previous year, driven by higher sales and the promotion of cost reduction initiatives. In particular, profits rose significantly in the Marine Propulsion Systems and Logistics Systems segments, and the operating profit margin reached a record high.

FYE Mar.

2025

FYE Mar.

2026

USD/JPY

153.39Yen

158.21Yen

Operating Income Comparison Between Initial

Forecast and Results for FYE Mar. 2026

※ Driven by the three main business segments, profits rose substantially above the initial forecast.

(JPY: Billion)

＋1.9

＋6.0

35.0

＋2.3

(1.2)

37.6

(0.4)

＋5.5

(1.0)

Peripheral Businesses

Logistics Systems

New Business

Development Cost reduction

24.0

＋ 0.5

Logistics Systems

initiatives After-sales progressed

Service effectively. ed to

continu

New Business Development

Marine Propulsion Systems

perform steadily.

Peripheral Businesses

Increased in future costs of long-term operation service projects on overseas subsidiaries.

Others

Forecast at 3Q ＋11.0

4Q Fluctuations ＋2.6

0 Initial forecast 24.0

Forecast at 3Q 35.0

+13.6

FYE Mar. 2026 Results 37.6

Summary of Balance Sheet

※ Steady accumulation of profits led to improvements in shareholders' equity and

		FYE Mar. 2025	FYE Mar. 2026	Var.
Total assets		449.2	494.6	+45.3
（Cash and time deposits）		35.4	57.1	+21.7	Mainly attributable to collections of receivables and gains from the disposal of fixed assets.
（Notes and accounts receivables - trade, and contract assets etc.）		107.9	95.3	(12.7)	Decrease mainly reflecting the recovery of receivables from container crane sales.
（Inventory）		69.9	77.9	+7.9	Mainly attributable to an increase in work in progress reflecting a larger backlog of marine engine projects.
（Fixed Assets）		130.3	122.0	(8.2)
(Investment securities)		29.7	55.0	+25.3	Increase attributable to higher stock prices.
Total liabilities		275.1	260.7	(14.3)
（Trade payables etc.）		59.1	51.5	(7.6)	Mainly attributable to the amended Subcontract Act.
（Contract liabilities）		44.2	42.9	(1.3)
（Debt with interest）		97.8	92.7	(5.1)	Mainly attributable to a decline driven by repayments of long-term debt.
	Short-term borrowings	54.0	55.3	+1.3
	Long-term borrowings	43.8	37.4	(6.4)
Total net assets		174.2	233.8	+59.7
（Shareholders' equity）		111.5	150.1	+38.6	Increase driven by net profit for the period.
（Equity）		169.8	229.1	+59.3
（Equity capital ratio）		37.8%	46.3%

the equity ratio.

（JPY：Billion）

Working capital (*)	70.1	71.2	+1.1
D/E ratio	0.6	0.4		(*) Trade receivables(except Advances from customers) + Inventory - Trade payables

Summary of Cash Flow

※ Driven by consistent profit improvement, operating cash flow increased.

（JPY：Billion）

	FYE Mar. 2025	FYE Mar. 2026	Var.
Operating CF	14.9	28.4	+13.6	Growth attributable to solid performance across the main business segments.
Investing CF	60.9	2.6	(58.3)	The 60.9 billion yen recorded in the FYE Mar. 2025 was mainly attributed to a cash-in from the sale of shares in affiliated companies.
Free CF	75.8	31.0	(44.8)
Financial CF	(76.6)	(10.4)	＋66.1	In the FYE Mar. 2025, the company significantly reduced short-term borrowings, primarily utilizing cash generated from the above-mentioned share sale.

Results Summary by Segment

※ ・Revenue and operating profit increased across the four major segments.

・In particular, profitability in the core business improved significantly.

（JPY: Billion）

	New Orders			Net Sales			Operating Income
	FYE Mar. 2025	FYE Mar. 2026	Var.	FYE Mar. 2025	FYE Mar. 2026	Var.	FYE Mar. 2025	FYE Mar. 2026	Var.
New Business Development	46.0	43.3	(2.7)	40.0	43.8	+3.7	6.8	8.8	+1.9
Marine Propulsion Systems	212.9	131.1	(81.9)	135.5	149.7	+14.2	7.5	14.5	+7.0
Logistics Systems	76.1	66.6	(9.6)	62.8	65.2	+2.4	6.0	13.9	+8.0
Peripheral Businesses	86.6	74.8	(11.8)	75.2	94.3	+19.1	(1.6)	0.8	+2.4
Others	0.1	0.1	0	1.6	0.2	(1.4)	4.5	(0.4)	(4.9)
Total	421.7	315.8	(105.9)	315.1	353.2	+38.1	23.1	37.6	+14.5

New Business Development

Main businesses：Industrial Machinery(compressors, rotary

machinery), After-sales Services

FYE Mar. 2025 FYE Mar. 2026 Total FYE Mar. 2026

New Orders：YoY (2.7) Billion yen

Due to the delayed development of the hydrogen market, no new orders for hydrogen compressors were secured.

However, blower systems for blast furnaces delivered to domestic steelmakers continued to perform strongly,

20.0

33.7

16.5

43.3

（JPY：Billion）

46.043.3

with two large-scale orders secured consecutively following the previous year, maintaining an order level

9.3

9.2

8.6 10.8 13.6

11.6 9.6

comparable to the previous year.

1Q 2Q 3Q 4Q full year

Net Sales：YoY +3.7 Billion yen

Revenue increased compared with the previous year, driven by the delivery of hydrogen compressors for Japan's first offshore hydrogen station, steady progress in backlog projects such as blast furnace blowers, and solid performance in the after-sales service business.

17.9

7.5 8.1 7.8 9.8

30.5

11.7 12.6

43.8

13.113.2

40.043.8

1Q 2Q 3Q 4Q full year

Operating Income：YoY ＋1.9 Billion yen

In addition to increased revenue, profit rose compared with the previous year, supported by the strong performance of the after-sales service business.

1.0

0.7

2.9

1.9

2.5

5.6

2.7

8.8

3.2

6.8

8.8

1Q 2Q 3Q 4Q full year

Marine Propulsion Systems Main businesses：Marine Engines, After-sales Services

FYE Mar. 2025 FYE Mar. 2026 Total FYE Mar. 2026 （JPY：Billion）

New Orders：YoY (81.9) Billion yen

Although orders decreased compared with the 212.9

previous year due to the bulk order of multiple

large marine engines in that period, demand for 131.1 131.1

marine engines, including dual-fuel engines, 75.6 98.0

56.4 62.8 55.5

remained strong, and orders exceeded the plan 41.3 33.0 25.6

21.5 12.8

(¥120.0 billion).

1Q 2Q 3Q 4Q full year

Net Sales：YoY +14.2 Billion yen 149.7 149.7

135.5

Revenue increased compared with the previous year, 109.7

reflecting the steady delivery of a substantial 75.1

backlog of projects, as well as the growing trend 38.0 36.7

toward dual-fuel engines amid tightening 32.8 34.6 37.1 31.434.5 40.1

international environmental regulations. 1Q 2Q 3Q 4Q full year

Operating Income ：YoY ＋7.0 Billion yen 14.5 14.5

13.2

In addition to increased revenue, a significant rise in

profit was achieved compared with the previous year, 9.0 7.5

driven by the implementation of cost reduction 4.1 4.9 4.2

measures and the strong performance of the after- 2.4 1.8 1.9 1.3 1.3

sales service business, supported in part by an 1Q 2Q 3Q 4Q full year

increase in dock work.

Logistics Systems Main businesses：Container Cranes, After-sales

FYE Mar. 2024 FYE Mar. 2025 Total FYE Mar. 2025

Services

New Orders：YoY (9.6) Billion yen

Although domestic orders decreased compared with the previous year due to fewer large-scale projects, the company steadily accumulated

32.8

45.8

66.6

（JPY：Billion）

76.1

66.6

major projects for Southeast Asia, including Vietnam, as well as projects for the United States, achieving orders that exceeded the plan

20.9

10.8

25.9 22.4

11.9 13.0

17.020.7

(¥60.0 billion).

1Q 2Q 3Q 4Q full year

Net Sales：YoY +2.4 Billion yen

Amid a substantial backlog of projects, revenue increased compared with the previous year,

31.1

65.2

45.6

21.5

62.865.2

supported by the steady progress of large-scale overseas projects. In addition, production in

15.9

13.2

13.715.2

14.4

19.6

14.5

Vietnam has begun to contribute to sales.

1Q 2Q 3Q 4Q full year

Operating Income ：YoY ＋8.0 Billion yen

A significant increase in profit was achieved compared with the previous year, driven by higher revenue supported by

6.7

10.1

13.9

6.0

13.9

high capacity utilization, as well as improved profitability of large-scale overseas projects resulting from enhanced production efficiency and cost reductions at the Oita Works.

0.8

2.9

3.8 3.4 3.8

1.6 1.8 1.8

1Q 2Q 3Q 4Q full year

Summary of FYE Mar. 2027 Forecast

※ ・Orders and revenue increased, supported by a generally favorable business environment.

・Operating profit, while decreasing compared with the previous year due to higher fixed costs associated with the investment phase, remained at a high level.

・Free cash flow is expected to decline year-on-year due to accelerated growth investments and a concentration of working capital-increasing factors in the FYE Mar. 2027.

（JPY: Billion）

	FYE Mar. 2026 Actual	FYE Mar. 2027 Forecast	Var.
New Orders	315.8	370.0	+54.2
Net Sales	353.2	370.0	+16.8
Operating Income	37.6	32.0	(5.6)
Ordinary Income	44.9	37.0	(7.9)
Profit attributable to owners of parent	38.5	30.0	(8.5)
Free CF	31.0	6.0	(25.0)
Debt with interest	92.7	95.0	+2.3

※ Exchange rate assumption: USD/JPY:150

※ The USD/JPY exchange rate fluctuation has almost no impact on Operating Income.

Summary of FYE Mar. 2027 Forecast by Segment

※ ・Growth in order intake and revenue will be driven by the Marine Propulsion Systems segment.

・Operating profit will decline year-on-year in the three main business

segments, but remain at a high level.

（JPY：Billion）

	New Orders			Net Sales			Operating Income
	FYE Mar. 2025 Actual	FYE Mar. 2026 Actual	FYE Mar. 2027 Forecast [Var.]	FYE Mar. 2025 Actual	FYE Mar. 2026 Actual	FYE Mar. 2027 Forecast [Var.]	FYE Mar. 2025 Actual	FYE Mar. 2026 Actual	FYE Mar. 2027 Forecast [Var.]
New Business Development	46.0	43.3	45.0 [+1.7]	40.0	43.8	45.0 [+1.2]	6.8	8.8	8.0 [(0.8)]
Marine Propulsion Systems	212.9	131.1	170.0 [+38.9]	135.5	149.7	160.0 [+10.3]	7.5	14.5	12.0 [(2.5)]
Logistics Systems	76.1	66.6	65.0 [(1.6)]	62.8	65.2	70.0 [+4.8]	6.0	13.9	8.0 [(5.9)]
Peripheral Businesses	86.6	74.8	90.0 [+15.2]	75.2	94.3	95.0 [+0.7]	(1.6)	0.8	4.0 [+3.2]
Others	0.1	0.1	0 [(0.1)]	1.6	0.2	0 [(0.2)]	4.5	(0.4)	0 [+0.4]
Total	421.7	315.8	370.0 [+54.2]	315.1	353.2	370.0 [+16.8]	23.1	37.6	32.0 [(5.6)]

We will enhance product development with green and digital technologies to help solve customers' challenges.

Growth Strategy (Green & Digital Strategy)

Drone Snap Solution

A cloud-based application for managing

drone-captured images.

Key functions and features

Easily manage captured images in bulk on the cloud. Enables chronological display of captured images.

AI-powered inspection and analysis solution.

AI-based rust detection

(optional)

Display of images integrated with a 3D model.

Comparison with past images

＜Examples of applications beyond port cranes＞

Automated patrol inspection of plant equipment

Large-scale petrochemical plants

Anyone can easily perform safe, high-quality drone aerial photography

Flight path creation with Drone Snap

①Build a 3D model of the inspection target equipment

②Configure flight paths and capture points in the app

③Automatically acquire images via autonomous drone flight

Enhancing the efficiency of inspection and patrol operations with the Drone Snap Solution.

Response Status to Dual-Fuel Engine Demands

	First Unit	Cumulative Orders
LNG	2015	69
Methanol	2015	45
Ethane	2016	3
LPG	2020	7

※ The cumulative number of orders for dual-fuel engines compatible with low environmental-impact fuels has reached 124 units.

Response Status to Dual-Fuel Engine Demands Amid growing demands to reduce greenhouse gas (GHG) emissions in international shipping,

we have taken the lead as

Japan's top manufacturer by being first to introduce dual-fuel engines compatible with methanol and LNG to the market since 2015.

Response Status to Next-Generation Fuels

＜Ammonia＞

・The world's first test of a large-bore low-speed ammonia dual-fuel engine commercial unit begins.(February 2025)

・Secured Approval in Principle for an LPG/ammonia carrier that can use liquefied ammonia as fuel. (August 2025)

＜Hydrogen＞

・The world's first successful hydrogen combustion operation with a large marine engine. (March 2024)

Number of Dual-Fuel Engines Produced (Domestic market share in 2025)

Other

23% MES

77%

Source : Clarksons data

As a leading manufacturer of large marine engines, we support a wide range of next-generation fuels and contribute to reducing greenhouse gas (GHG) emissions in international shipping.

Order Intake for Eco-Friendly, Remotely Operated Rubber-Tired Gantry Cranes

※Secures Order for 17 Rubber-Tired Gantry Cranes from Y3 Berth, Port of Tokyo

「Eco-Friendly」

・These cranes are eco-friendly models powered by electricity supplied from the electrical bus-bar installed along the container lane.

・Unlike conventional cranes equipped with diesel engine generator sets, these cranes do not emit carbon dioxide during cargo handling operations

「Remote Operation」

・The cranes can be operated from a remote operation console installed in the administration building, rather than from the operator's cabins, with due consideration given to improving the operator's working environment.

The introduction of eco-friendly and remotely operated products contributes to improving the cargo handling capacity of the Port of Tokyo as a whole, as well as promoting decarbonization and digital transformation (DX).

Appendix) CAPEX・R&D・Employees

※ To respond to the strong business environment, we will advance capital investment.

	FYE Mar. 2025 Actual	FYE Mar. 2026 Actual	FYE Mar. 2027 Forecast
CAPEX（JPY：Billion）	9.6	9.1	13.6
R&D（JPY：Billion）	1.5	1.7	1.8
Number of Employees	5,966	5,998	ー

Appendix）Share of Container Cranes

※ In FYE Mar. 2026, we will capture all domestic orders and increase the number of units delivered globally.

Domestic Share

Portainer

Transtainer

MES:

First place

100%

（2units）

MES:

First place

100%

（24units）

Portainer

Transtainer

Other

13%

MES:

First place

87%

（13units）

Other

41%

MES:

First place

59%

（10units）

Source: our own research

Apr. 2024 to Mar. 2025 (New Orders)

Apr. 2025 to Mar. 2026 (New Orders)

Global Share

Portainer

Transtainer

MES

（123units）

MES:4th place

Other （16units）

93%

Other

No share data is available, as competitors do not disclose

such information.

Jan. to Dec. 2025 (Delivery)

Portainer

Transtainer

Other

MES:3rd place

（12units）

94%

Other （42units）

92%

Source: World Cargo News

Jan. to Dec. 2024 (Delivery)

Appendix）Status of Marine Engines

※ Maintained No.1 share in Japan in Jan. to Dec. 2025 through the planned expansion of production facilities.

＜Marine Engines share in Japan＞

Other

25% MES:

First place

Makita*

13%

62%

Jan. to Dec. 2025

Other

29%

MES:

First place

58%

Makita*

13%

Jan. to Dec. 2024

*Makita is sub-licensee of MES Source: KP data（2 stroke engine）

	FYE Mar. 2025 Actual		FYE Mar. 2026 Actual		FYE Mar. 2027 Forecast
	Unit	Horse Power (10Kps)	Unit	Horse Power (10Kps)	Unit	Horse Power (10Kps)
Orders	175	477	106	214	ー	ー
Deliveries	141	294	132	288	ー	ー
Backlog	154	415	128	343	ー	ー
Production	131	276	142	303	125	270

Appendix）Historical data

※ With the successful execution of the business revival plan, both revenue and operating profit have steadily increased.

＜New Orders・Net Sales・Operating Income ＞ ＜Equity・Total Assets・ Shareholders' Equity to Total assets ratio ＞

（JPY: Billion）（JPY: Billion）（JPY: Billion）（Ratio）

1,000 50.0

600

440

2024

2025

Equity

106

142

170

229

Total assets

409

467

2023

495

2022

2021

46.3

37.8

30.4

24.2

14.0

Ratio

449

800

40.0

400

600

30.0

200

400

20.0

0 0 200

10.0

(200)

	2021	2022	2023	2024	2025
New Orders	511	322	337	422	316
Net Sales	579	262	302	315	353
Operating Income	(10)	9	20	23	38

(Left axis) (Left axis) (Right axis)

(15)

(Left axis) (Left axis) (Right axis)

0.0

Appendix）Historical data

※ Operating cash flow has also consistently turned positive.

＜Debt with interest・Equity・D/E ratio＞＜Cash Flow＞

（JPY: Billion）（Ratio）（JPY: Billion）

0.6

2.5

0.4

2023

Debt with interest

142

Equity

D/E Ratio

2024

2021

1.1

1.3

2022

229

170

142

106

162

2025

250 2.5 80

200 2.0 40

150

1.5

100

1.0

(20)

(40)

50 0.5

(60)

	2021	2022	2023	2024	2025
Operating CF	(20)	(15)	(34)	15	28
Investing CF	(71)	(3)	(0)	61	3
Financial CF	1	10	24	(77)	(10)
Free CF	(91)	(18)	(35)	76	31

(80)

(Left axis) (Left axis) (Right axis)

0.0

(100)

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.