Komori
Financial results presentation7011Mitsubishi Heavy Industries,Ltd.Machinery

Financial Results Presentation for Fiscal 2025

In FY2025, orders received, revenue, business profit and net income exceeded the previous fiscal year, with orders received and business profit reaching record highs. For FY2026, revenue of ¥5.4 trillion and business profit of ¥540 billion are forecast, and the dividend forecast has been raised from ¥25 to ¥29 per share.

Worth reading
56In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Mixed performance
Direction inferred from the company’s description.
Scale
1077
¥100 million
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥49,741 100 million+14.1%
Operating profit¥4,322 100 million +21.8%business profit
Net income¥3,321 100 million +35.3%profit for the year attributable to owners of the parent
Operating profit margin8.7 % business profit margin
Full-year earnings forecast
Orders received
¥68,000 100 million
Revenue
¥54,000 100 million
Business profit
¥5,400 100 million
Profit for the period attributable to owners of the parent
¥3,800 100 million
ROE
12 %
EBITDA
¥6,600 100 million
Free cash flow
¥3,000 100 million
Annual Dividend
¥29 per share
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Changes in revenue and improved profit margins, etc.¥1,840 100 million
  • Excluding ML¥-282 100 million
  • Equity-method investment gains (losses) from SPCs¥-100 100 million
  • Changes in one-time expenses¥-300 100 million
  • Goodwill Impairment¥-560 100 million
  • Asset Management¥-40 100 million
  • Foreign Exchange Effects¥-267 100 million
  • Wage increases, etc.¥-40 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • 150 Yen/dollar
    AssumptionsExchange rate (US dollar)
  • 180 JPY/EUR
    AssumptionsExchange rate (euro)
  • Not included in the earnings outlook
    AssumptionsMiddle East situation
New initiatives
  • Establishing production capacity to meet strong GTCC demand
  • Increasing production facilities and personnel resources to execute the Aerospace, Defense & Space order backlog
  • Transfer of the Data Center & Energy Management Department and segment name changes following the organizational reorganization effective 1 April 2026
Key KPIsA metric the company considers important as a management benchmark.
  • Order backlog¥132,376 100 million
    Year on year against the same period last year+¥30,013 million
  • Large gas turbine units ordered35 Units
    Year on year against the same period last year+10 units
  • Large gas turbine units under contract74 Units
    Year on year against the same period last year+26 units
  • Large gas turbine order capacity16 GW
  • 777 commercial aircraft delivered23 satellites
    Year on year against the same period last year+4 aircraft
  • 777X commercial aircraft delivered9 satellites
    Year on year against the same period last year+2 aircraft
  • 787 commercial aircraft delivered73 satellites
    Year on year against the same period last year+28 aircraft
  • Energy aftermarket sales ratio63 %
    Year on year against the same period last year+1 percentage point
  • EBITDA margin11.1 %
    Year on year against the same period last year+0.3 percentage points
Segment results
  • Energy
    Orders received¥39,367 100 million
    Revenue¥20,626 100 million
    Business profit¥2,672 100 million
    Business profit year-on-year_pct30
  • Plants & Infrastructure
    Orders received¥11,580 100 million
    Revenue¥8,808 100 million
    Business profit¥841 100 million
    Business profit year-on-year_pct41
  • Logistics, Thermal & Drive Systems (excluding ML)
    Orders received¥6,381 100 million
    Revenue¥6,308 100 million
    Business profit¥330 100 million
    Business profit year-on-year_pct62
  • Aerospace, Defense & Space
    Orders received¥19,294 100 million
    Revenue¥13,938 100 million
    Business profit¥1,515 100 million
    Business profit year-on-year_pct52
  • Other and Corporate or Eliminations (excluding ML)
    Orders received¥-87 100 million
    Revenue¥59 100 million
    Business profit¥-1,037 100 million
Financial targets
ROE
Actual results12.2 %
Outlook12 %
Equity ratio
Actual results37.3 %
Debt-to-equity ratio
Actual results0.16
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
¥-200 100 million
DetailsRisk buffer (Energy)
Market Size / Share
Demand for large gas turbines
96.1 GW 100 MW or more, CY25
Defense spending
¥82,607 100 million FY26, contract basis
Orders received and order backlog
Orders received
¥76,536 100 million
Order backlog
¥132,376 100 million
Capital expenditures
¥1,885 100 million capital expenditures, investments and financing, etc. in FY2025
Annual Dividend
FY2025
Annual¥25 per share
Fiscal 2026 outlook
Annual¥29 per share
Interim¥14 per share
End of period¥15 per share
Payout ratio
DOE4.1 %
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFiscal year ending March 2026
Net Sales¥49,741 100 million (YoY +14.1%)
Operating profit¥4,322 100 million (business profit) (YoY +21.8%)
Net income¥3,321 100 million (profit for the year attributable to owners of the parent) (YoY +35.3%)
Operating profit margin8.7 % (business profit margin)
Full-year earnings forecastOrders received ¥68,000 100 million / Revenue ¥54,000 100 million / Business profit ¥5,400 100 million / Profit for the period attributable to owners of the parent ¥3,800 100 million / ROE 12 % / EBITDA ¥6,600 100 million / Free cash flow ¥3,000 100 million / Annual Dividend ¥29 per share
Segment resultsSegment Energy / Orders received ¥39,367 100 million / Revenue ¥20,626 100 million / Business profit ¥2,672 100 million / Business profit year-on-year_pct 30, Segment Plants & Infrastructure / Orders received ¥11,580 100 million / Revenue ¥8,808 100 million / Business profit ¥841 100 million / Business profit year-on-year_pct 41, Segment Logistics, Thermal & Drive Systems (excluding ML) / Orders received ¥6,381 100 million / Revenue ¥6,308 100 million / Business profit ¥330 100 million / Business profit year-on-year_pct 62, Segment Aerospace, Defense & Space / Orders received ¥19,294 100 million / Revenue ¥13,938 100 million / Business profit ¥1,515 100 million / Business profit year-on-year_pct 52, Segment Other and Corporate or Eliminations (excluding ML) / Orders received ¥-87 100 million / Revenue ¥59 100 million / Business profit ¥-1,037 100 million / Year-on-year change in business profit Not disclosed
Breakdown of Factors Affecting the ChangeFactors Changes in revenue and improved profit margins, etc. / Amount ¥1,840 100 million, Factors Excluding ML / Amount ¥-282 100 million, Factors Equity-method investment gains (losses) from SPCs / Amount ¥-100 100 million, Factors Changes in one-time expenses / Amount ¥-300 100 million, Factors Goodwill Impairment / Amount ¥-560 100 million, Factors Asset Management / Amount ¥-40 100 million, Factors Foreign Exchange Effects / Amount ¥-267 100 million, Factors Wage increases, etc. / Amount ¥-40 100 million
Key KPIsIndicator name Order backlog / Value ¥132,376 100 million / Year on year against the same period last year +¥30,013 million, Indicator name Large gas turbine units ordered / Value 35 Units / Year on year against the same period last year +10 units, Indicator name Large gas turbine units under contract / Value 74 Units / Year on year against the same period last year +26 units, Indicator name Large gas turbine order capacity / Value 16 GW / Year on year against the same period last year Not disclosed, Indicator name 777 commercial aircraft delivered / Value 23 satellites / Year on year against the same period last year +4 aircraft, Indicator name 777X commercial aircraft delivered / Value 9 satellites / Year on year against the same period last year +2 aircraft, Indicator name 787 commercial aircraft delivered / Value 73 satellites / Year on year against the same period last year +28 aircraft, Indicator name Energy aftermarket sales ratio / Value 63 % / Year on year against the same period last year +1 percentage point, Indicator name EBITDA margin / Value 11.1 % / Year on year against the same period last year +0.3 percentage points
Assumptions Underlying the Business OutlookAssumptions Exchange rate (US dollar) / Value 150 Yen/dollar, Assumptions Exchange rate (euro) / Value 180 JPY/EUR, Assumptions Middle East situation / Value Not included in the earnings outlook
Risk amount incorporated into the outlookAmount ¥-200 100 million / Details Risk buffer (Energy)
Financial targetsROE Actual results 12.2 % / Outlook 12 % / Equity ratio Actual results 37.3 % / Debt-to-equity ratio Actual results 0.16
Annual DividendFY2025 Annual ¥25 per share / Breakdown Not disclosed / Fiscal 2026 outlook Annual ¥29 per share / Interim ¥14 per share / End of period ¥15 per share
Payout ratioPayout ratio Not disclosed / DOE 4.1 %
Capital expenditures¥1,885 100 million (capital expenditures, investments and financing, etc. in FY2025)
Orders received and order backlogOrders received ¥76,536 100 million / Order backlog ¥132,376 100 million
Market Size / ShareDemand for large gas turbines 96.1 GW (100 MW or more, CY25) / Defense spending ¥82,607 100 million (FY26, contract basis)
New initiativesEstablishing production capacity to meet strong GTCC demand, Increasing production facilities and personnel resources to execute the Aerospace, Defense & Space order backlog, Transfer of the Data Center & Energy Management Department and segment name changes following the organizational reorganization effective 1 April 2026
Items this document does not state (12)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesMedium-term management plan targetsAcquisition of treasury sharesKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

In FY2025, higher orders and revenue in GTCC, nuclear power, defense and space, improved profit margins, and advance receipt of customer payments contributed to results. For FY2026, profit growth is expected from higher revenue, primarily in Energy and Aerospace, Defense & Space, improved profit margins, and the absence of goodwill impairment losses recorded in the previous fiscal year. The impact of the situation in the Middle East is not included in the earnings outlook.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Financial Results Presentation for Fiscal 2025 | Mitsubishi Heavy Industries,Ltd. (7011) timely disclosure | Komori