Mitsubishi Heavy Industries, Ltd. Earnings Recaps
Q2 2025
Nov 10, 2026
Mitsubishi Heavy Industries rose 5.2% after reporting higher order intake and backlog, with management forecasting a ¥1 trillion increase in Energy orders versus its initial outlook. The business-profit outlook remains unchanged, while a ¥30 billion provision for one-time Steam Power expenses weighs on the quarter’s profit comparison.
Key takeaways
- Q2 order intake increased year over year to ¥3.3 trillion; backlog reached ¥11.5 trillion, up ¥1.2 trillion from the prior year-end.
- FY2025 order-intake outlook is ¥6.1 trillion. Management expects Energy orders to be ¥1 trillion above its initial guidance and says the outlook recovers the impact related to Mitsubishi Logisnext.
- Full-year business-profit outlook is unchanged at ¥390 billion.
- Net income was ¥114.9 billion, up 7% year over year and a second-quarter record; free cash flow was ¥151 billion.
- On an adjusted comparison excluding Logisnext, business profit rose from ¥168 billion, with a ¥76 billion benefit from revenue and margin changes partly offset by ¥30 billion of one-time expenses, including ¥20 billion for a South African Steam Power project.