Mitsubishi Heavy Industries
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Mitsubishi Heavy Industries (7011) investor relations material

Mitsubishi Heavy Industries Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary4 Feb, 2026

Executive summary

  • Order intake rose 13% year-over-year to ¥5,029.1 billion, led by strong growth in Energy Systems, while Aircraft, Defense & Space saw a decline due to a high base effect but remained at high levels.

  • Revenue for the first nine months of FY2025 increased 9.2% year-over-year to ¥3,326.98 billion, with business profit up 26% to ¥301.27 billion and net income up 23% to ¥210.99 billion.

  • Total comprehensive income more than doubled year-over-year, reaching ¥394.48 billion.

  • Basic earnings per share rose to ¥62.81.

Financial highlights

  • EBITDA reached ¥393.1 billion, up ¥68.1 billion year-over-year, with an EBITDA margin of 11.8%.

  • Free cash flow improved by ¥311.4 billion year-over-year to ¥167.6 billion; operating cash flow was ¥256.7 billion, up ¥272.5 billion year-over-year.

  • Net interest-bearing debt decreased by ¥573.0 billion year-over-year to -¥112.7 billion.

  • Total assets increased to ¥7,393.06 billion as of December 31, 2025, with equity attributable to owners of the parent at ¥2,653.03 billion.

  • Equity ratio improved to 35.9% (+1.7 pts YoY); D/E ratio decreased to 0.21 (-0.20 YoY).

Outlook and guidance

  • FY2025 order intake forecast revised up to ¥6,700.0 billion (+¥600.0 billion vs. previous), with Energy Systems and Plants & Infrastructure Systems driving the increase.

  • Business profit forecast raised to ¥410.0 billion (+¥20.0 billion vs. previous); net income forecast increased to ¥260.0 billion (+¥30.0 billion vs. previous).

  • Free cash flow forecast raised to ¥200.0 billion; revenue and dividend forecasts unchanged.

  • Basic earnings per share for the full year is forecast at ¥77.38; dividend forecast for FY2025 is ¥24.00 per share.

  • Segment forecasts: Energy Systems order intake to grow on GTCC strength; Plants & Infrastructure Systems to see significant Engineering orders; Aircraft, Defense & Space revenue to rise on higher aircraft deliveries.

Reason for Logisnext's ","25B write-down
Explain operating cash flow improvement drivers
Potential financial impact of AOA lawsuit?
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Frequently asked questions

Mitsubishi Heavy Industries, Ltd. (MHI) is a diversified company engaged in a broad range of sectors. Its key business areas include energy, aircraft, space, shipbuilding and ocean development, transportation, material handling, environmental solutions, automotive, industrial machinery, infrastructure, living and leisure products, defense, and engineering services. MHI's extensive portfolio spans the development, design, and manufacture of advanced machinery and systems, catering to both industrial and consumer markets. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.

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