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Mitsubishi Heavy Industries (7011) investor relations material
Mitsubishi Heavy Industries Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
1H FY2026 order intake rose 9% YoY to ¥3,612.5bn; revenue increased 19.4% to ¥2,523,269m, profit from business activities rose 45.3% to ¥249,304m, and parent-attributable profit grew 76.9% to ¥203,291m.
Backlog reached ¥14,225.6bn, up ¥988.0bn from FY2025 year-end; first-half order intake, revenue, business profit and net income each set records.
Financial highlights
EBITDA was ¥313.4bn, up ¥83.7bn YoY, with a 12.4% margin, up 1.6 points; business profit margin was 9.9%, up 1.8 points.
Free cash flow was ¥468.3bn: operating cash flow ¥394.5bn and investing cash flow ¥73.8bn, the latter supported mainly by the Logisnext divestment.
Net income growth reflected higher business profit, foreign-exchange gains and finance income.
Outlook and guidance
FY2026 forecasts were raised to order intake ¥8,000bn, revenue ¥6,000bn, business profit ¥600bn, net income ¥440bn and EBITDA ¥720bn; FCF guidance rose to ¥800bn and ROE is forecast at 14%.
Business profit guidance includes ¥90bn of one-time expenses, including ¥70bn for IGCC and a ¥20bn risk buffer; forecast growth drivers include revenue growth and margin improvements.
Forecast assumptions are US$1=¥150 and €1=¥180; annual dividend guidance remains ¥29 per share.
- Record Q1 results lifted backlog to ¥14.1tn; order and FCF guidance rose.7011
Q1 2027 - Record cash flow and profit growth support a ¥540bn FY 2026 profit forecast.7011
Q4 2026 - Record order intake and profit growth led to raised forecasts and key divestiture impact.7011
Q3 2026 - Order intake and revenue rose year-over-year, with guidance and dividend forecasts revised upward.7011
Q2 2026 - Record Q1 revenue and profit, strong backlog, and minimal tariff impact despite lower orders.7011
Q1 2026 - Record H1 profit and revenue growth, raised outlook, and asset gains expected.7011
Q2 2025 - Record Q1 growth in orders, revenue, and profit, led by Energy Systems and Defense & Space.7011
Q1 2025 - Record FY2024 results set the stage for further growth, despite global uncertainties.7011
Q4 2025 - Order intake, revenue, and profit surged, prompting raised full-year guidance across all metrics.7011
Q3 2025
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