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IHI Corporation (7013) investor relations material
IHI Corporation Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
Orders reached a record ¥893.4 billion in Q2, up 17.5% year-over-year, driven by strong demand in nuclear energy, defense, and civil aero engines, despite global economic uncertainty and business portfolio reforms.
Revenue and operating profit declined year-over-year due to a rebound from large projects last year, business transfers, and cost rebounds, but were offset by gains from business transfers and higher spare parts sales.
Net income (profit attributable to owners of parent) hit a record ¥55.9 billion, up 42.2% year-over-year, supported by FX gains, improved tax expenses, and equity method investment gains.
Structural reforms are nearing completion, with a focus on reallocating resources to growth businesses such as civil and defense aero engines and nuclear energy.
Upward revisions for full-year orders, operating profit, and net income, with revenue revised slightly downward; management expects record highs in all major financial metrics for FY2025.
Financial highlights
Q2 revenue: ¥713.6 billion (down 5.8% year-over-year); operating profit: ¥69.4 billion (down 10.1% year-over-year).
Net income: ¥55.9 billion, highest for Q2, aided by FX revaluation and tax improvements.
Operating margin projected at 9.8% for FY2025; EBITDA expected to reach ¥230.0 billion.
Cash flow from operating activities decreased significantly, with a net outflow of ¥57.1 billion, mainly due to increased tax payments and powder metallurgy-related outflows.
Basic EPS: ¥52.76 (stock split adjusted).
Outlook and guidance
FY2025 orders forecast raised to ¥1.85 trillion, revenue revised down to ¥1.64 trillion.
Operating profit forecast increased to ¥160.0 billion, net income to ¥125.0 billion, and basic EPS forecast at ¥117.49 (stock split adjusted).
Revenue expansion expected to be driven by growth businesses, particularly in civil aero engines, defense, and nuclear energy.
The company aims to achieve over ¥1 trillion in revenue in the Aero Engine, Space & Defense segment by the early 2030s.
Assumes FX rate of ¥140/USD for the remainder of the year.
Detail operating cash flow drivers for the period
Rationale for JMU equity interest transfer?
How is IHI addressing civil aero engine demand?
Overseas CS business recovery timeline
Nuclear energy JPY100B revenue plan
Operating cash flow improvement strategy
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Next IHI Corporation earnings date
Q3 20266 Feb, 2026
Next IHI Corporation earnings date
Q3 20266 Feb, 2026
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Frequently asked questions
IHI Corporation is a heavy-industry manufacturer. The company operates in several core areas including Resources, Energy and Environment; Social Infrastructure; Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense. IHI is known for its diverse range of products and services such as energy systems, process plants, gas turbines, and the development, manufacturing, and maintenance of aero engines in collaboration with industry giants like GE Aviation, Pratt & Whitney, and Rolls-Royce Holdings. Additionally, IHI has made significant contributions to shipbuilding, a foundational aspect of its history, and continues to be involved in the production of ships through its shareholding in Japan Marine United Corporation. IHI's expertise extends to designing and constructing steel structures, including bridges and watergates. The company is headquartered in Koto-ku, Tokyo, and its shares are listed on the Tokyo Stock Exchange.
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