MHI Q1–Q3 Order Intake Up 12.6%, Raises FY2025 Outlook

Raises FY2025 Outlook

Japan: Mitsubishi Heavy Industries, reported a order intake up 12.6% year-on-year increase in order intake to YEN 5,029.1 billion (USD 33.7 billion) for the three quarters ended December 31, 2025, while revenue rose 9.2% to YEN 3,326.9 billion (USD 22.3 billion). Business profit grew 25.5% to YEN 301.2 billion (USD 2.0 billion), representing a margin of 9.1%, and net income increased 22.6% to YEN 210.9 billion (USD 1.4 billion), with a net income margin of 6.3%. EBITDA rose 21.0% to YEN 393.1 billion (USD 2.6 billion), achieving an 11.8% margin. Growth was driven by strong performance in Energy Systems, Plants & Infrastructure Systems (P&I), and Aircraft, Defense & Space (ADS), particularly in Gas Turbine Combined Cycle (GTCC) and Defense & Space. In Energy, order intake increased by YEN 889.9 billion (USD 6.0 billion), supported by contracts for 31 large frame gas turbine units, up 15 units year-on-year, mainly from North America and Asia. However, segment business profit declined by YEN 7.7 billion (USD 0.05 billion) due to one-time expenses in Steam Power despite strong GTCC margins.

In P&I, order intake rose by YEN 77.7 billion (USD 0.5 billion) following a large engineering project booking, with revenue up YEN 47.4 billion (USD 0.3 billion) and segment business profit increasing YEN 25.2 billion (USD 0.2 billion) due to improved margins in Metals Machinery and Machinery Systems. In Logistics, Thermal & Drive Systems (LT&D), revenue declined by YEN 27.6 billion (USD 0.2 billion) due to lower Turbocharger and HVAC unit sales, though segment business profit increased YEN 1.2 billion (USD 0.01 billion) supported by strong engine demand in Asia and recovery from prior supply chain disruptions. In ADS, order intake fell by YEN 345.0 billion (USD 2.3 billion) due to a high base effect from the previous year, but revenue rose YEN 201.6 billion (USD 1.4 billion), lifting segment business profit by YEN 35.6 billion (USD 0.2 billion). Reflecting strong Q3 performance, the company raised its full-year FY2025 guidance for order intake, business profit, net income, EBITDA, and FCF, while maintaining its full-year dividend forecast of 24 YEN  per share (USD 0.16 per share).

Source: Mitsubishi Heavy Industries