Mitsubishi Heavy Industries, Ltd. (MHI) reported a 12.6% year-on-year increase in order intake, reaching ¥5,029.1 billion (approx. USD 34.0 billion) in the first three quarters of fiscal year 2025, with revenue rising 9.2% to ¥3,326.9 billion (approx. USD 22.5 billion). Business profit grew by 25.5% to ¥301.2 billion (approx. USD 2.0 billion), and net income rose 22.6% to ¥210.9 billion (approx. USD 1.4 billion). The company also raised its full-year guidance for order intake, profit, and free cash flow.
In the Logistics, Thermal & Drive Systems (LT&D) segment, which includes Heating, Ventilation & Air Conditioning (HVAC), revenue declined by ¥27.6 billion (approx. USD 187 million) year-on-year. This was attributed to a decrease in unit sales in both Turbochargers and HVAC. However, the segment’s business profit increased by ¥1.2 billion (approx. USD 8.1 million), supported by steady performance in Engines in Asia and recovery from previous supply chain disruptions in Turbochargers.
MHI maintained its full-year revenue forecast for LT&D at ¥600.0 billion (approx. USD 4.1 billion), with expected business profit unchanged at ¥20.0 billion (approx. USD 135 million). Order intake for the segment is also projected to remain at ¥600.0 billion (approx. USD 4.1 billion).
Commenting on the overall results, MHI CFO Hiroshi Nishio said, “We continued to build on the strong performance I shared with you in our last release, with all major financial indicators up year-on-year.” He noted that revenue was up especially in GTCC and Defense & Space, while HVAC and Turbochargers saw weaker sales volumes.
The company confirmed its full-year dividend forecast of 24 yen (approx. USD 0.16) per share.
