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Mitsubishi Heavy Industries (7011) investor relations material
Mitsubishi Heavy Industries Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Order intake for 1H FY2025 rose 9% year-over-year to ¥3,314.7 billion, driven by strong Energy Systems and Defense & Space, while other segments saw declines due to a high base effect from prior large projects.
Revenue for the first six months of FY2025 rose 7.3% year-over-year to ¥2,113.7 billion, with profit from business activities up 2.1% to ¥171.6 billion and net income up 7% to ¥114.9 billion.
Total comprehensive income surged to ¥179.3 billion from ¥56.1 billion in the prior year period.
Management is focused on a virtuous cycle of high profitability and growth investments, emphasizing group-wide optimization and rapid resource deployment.
Financial highlights
EBITDA (excluding ML) reached ¥229.6 billion, up ¥5.5 billion year-over-year, with an EBITDA margin of 10.9%.
Free cash flow (including ML) was ¥151.0 billion, a significant improvement of ¥236.8 billion year-over-year.
Net interest-bearing debt (excluding ML) was -¥108.3 billion, a reduction of ¥521.4 billion year-over-year.
Total assets exceeded ¥7 trillion as of September 30, 2025, with total equity at ¥2,611.9 billion.
Order backlog increased by ¥1.2 trillion from last year-end.
Outlook and guidance
FY2025 order intake forecast revised up to ¥6,100.0 billion, revenue to ¥4,800.0 billion, and business profit to ¥390.0 billion.
Net income and dividend forecasts remain unchanged at ¥230.0 billion and ¥24 per share, respectively.
Free cash flow forecast remains at zero.
Energy business expected to increase by ¥1 trillion over initial guidance.
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