Category: 3. Business

Tokyo – Mitsubishi Heavy Industries, Ltd. (MHI, TSE Code: 7011) announced that order intake increased 12.6% year-on-year to ¥5,029.1 billion in the three quarters ended December 31, 2025. Revenue rose 9.2% year-on-year to ¥3,326.9 billion, resulting in profit from business activities (business profit) of ¥301.2 billion, a 25.5% increase over the previous fiscal year, which represented a business profit margin of 9.1%. Profit attributable to owners of parent (net income) was ¥210.9 billion, an increase of 22.6% year-on-year, with a net income margin of 6.3%. EBITDA was ¥393.1 billion, a 21.0% increase over Q1-3 FY2024, with an EBITDA margin of 11.8%.

(billion yen, except where otherwise stated)

Q1-3 FY2025 Financial Results	Q1-3 FY2024 (Note)	Q1-3 FY2025	YoY	YoY%
Order Intake	4,468.1	5,029.1	+561.0	+12.6%
Revenue	3,047.0	3,326.9	+279.9	+9.2%
Profit from Business Activities Profit Margin	240.1 7.9%	301.2 9.1%	+61.1 +1.2 pts	+25.5% –
Profit Attributable to Owners of Parent Profit Margin	172.1 5.6%	210.9 6.3%	+38.8 +0.7 pts	+22.6% –
EBITDA EBITDA Margin	324.9 10.7%	393.1 11.8%	+68.1 +1.1 pts	+21.0% –
FCF	-143.7	167.6	+311.4	–

• Q1-3 FY2024 results have been retroactively adjusted to reflect the planned sale of Mitsubishi Logisnext (ML) shares.
  For more information on the ML sale, please refer to the following press release published on September 30, 2025:
  ML Sale Announcement

　

(billion yen, except where otherwise stated)

Q1-3 FY2025 Financial Results by Segment	Order Intake		Revenue		Business Profit
	Q1-3 FY2025	YoY (Note)	Q1-3 FY2025	YoY (Note)	Q1-3 FY2025	YoY (Note)
Energy Systems (Energy)	2,857.0	+889.9	1,354.7	+75.9	146.7	-7.7
Plants & Infrastructure Systems (P&I)	891.3	+77.7	633.9	+47.4	64.9	+25.2
Logistics, Thermal & Drive Systems (LT&D)	444.3	-46.6	437.0	-27.6	18.4	+1.2
Aircraft, Defense & Space (ADS)	837.0	-345.0	891.2	+201.6	105.3	+35.6
Others, Corporate & Eliminations (OC&E)	-0.6	-15.0	9.9	-17.4	-34.2	+6.8
Total	5,029.1	+561.0	3,326.9	+279.9	301.2	+61.1

• Q1-3 FY2024 results on which YoY figures are based have been retroactively adjusted to reflect the planned sale of ML shares.

　

In Energy, order intake increased by ¥889.9 billion YoY mainly due to continued strong demand in Gas Turbine Combined Cycle (GTCC). Contracts for 31 large frame gas turbine units—up 15 units YoY—were concluded during Q1-3, the majority of which were from customers in North America and Asia. Revenue increased by ¥75.9 billion YoY; the largest gains were seen in GTCC, which continued to execute its sizeable backlog. Segment business profit decreased by ¥7.7 billion YoY mainly due to one-time expenses in Steam Power, which offset strong performance in GTCC from higher revenue and improved margins.

In P&I, order intake increased by ¥77.7 billion YoY due to the booking of a large project in Engineering. Revenue grew by ¥47.4 billion. Improved margins in Metals Machinery and Machinery Systems helped to raise segment business profit by ¥25.2 billion YoY.

In LT&D, revenue decreased by ¥27.6 billion YoY due to a decline in units sold in Turbochargers and Heating, Ventilation & Air Conditioning (HVAC). Steady performance in Engines on the back of strong demand in Asia, combined with the rebound from one-time expenses associated with a supply chain disruption in Turbochargers during the previous fiscal year, resulted in a ¥1.2 billion YoY increase in segment business profit.

In ADS, order intake decreased by ¥345.0 billion YoY due to a high base effect from large orders booked in Defense & Space during the previous fiscal year. Revenue increased by ¥201.6 billion YoY, mainly in Defense & Space, where steady progress in backlog execution continued. Increased revenue and higher margins in Defense & Space and Commercial Aviation served to increase segment business profit by ¥35.6 billion YoY.

　

FY2025 Earnings Forecast

MHI revised its guidance for the period ending March 31, 2026, increasing the forecasts for order intake, business profit, net income, EBITDA, and FCF over the previous announcement made November 7, 2025, based on stronger-than-anticipated performance through Q3. The full-year dividend forecast of 24 yen per share was unchanged.

(billion yen, except where otherwise stated)

FY2025 Earnings Forecast	FY2024 Actual (Note)	FY2025 Forecast (Previous)	FY2025 Forecast (Revised)	Revised vs. Previous
Order Intake	6,405.1	6,100.0	6,700.0	+600.0
Revenue	4,361.1	4,800.0	4,800.0	–
Profit from Business Activities Profit Margin	354.9 8.1%	390.0 8.1%	410.0 8.5%	+20.0 +0.4 pts
Profit Attributable to Owners of Parent Profit Margin	245.4 5.6%	230.0 4.8%	260.0 5.4%	+30.0 +0.6 pts
ROE	10.7%	10%	10%	–
EBITDA EBITDA Margin	469.9 10.8%	510.0 10.6%	530.0 11.0%	+20.0 +0.4 pts
FCF	342.7	0.0	200.0	+200.0
Dividends	23 yen	24 yen	24 yen	–

• FY2024 results have been retroactively adjusted to reflect the planned sale of ML shares.

　

(billion yen, except where otherwise stated)

FY2025 Earnings Forecast by Segment	Order Intake		Revenue		Business Profit
	Previous	Revised	Previous	Revised	Previous	Revised
Energy	3,200.0	3,600.0	2,000.0	2,000.0	240.0	240.0
P&I	900.0	1,100.0	850.0	850.0	70.0	80.0
LT&D	600.0	600.0	600.0	600.0	20.0	20.0
ADS	1,400.0	1,400.0	1,350.0	1,350.0	140.0	140.0
OC&E	0.0	0.0	0.0	0.0	-80.0	-70.0
Total	6,100.0	6,700.0	4,800.0	4,800.0	390.0	410.0

　

CFO Message

“In the first three quarters of this fiscal year, 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, especially order intake and business profit,” MHI Chief Financial Officer Hiroshi Nishio commented. Nishio continued, “Looking at individual businesses, GTCC drove strong order intake performance, booking 31 large frame gas turbine units mainly in North America and Asia. Demand for gas turbines remains high, particularly in the U.S., as communicated previously. Revenue was up especially in GTCC and Defense & Space, which are both executing some of the largest backlogs ever seen in our history. We also achieved remarkable growth in business profit as we offset one-time expenses in Steam Power with success in other businesses.”

“On the back of this excellent progress through Q3,” Nishio went on, “we have made upward revisions to our full-year order intake, business profit, net income, and FCF guidance. We are entering the final stretch of this fiscal year with renewed confidence, leveraging our historically high backlog to grow profit while continuing to win new orders—the source of future earnings expansion. As we aim to meet these updated targets, we ask our shareholders and other stakeholders to look forward to our next release later this year.”

　

Attachment 1: Q1-3 FY2025 Financial Results

Attachment 2: Presentation Materials of Financial Results

Downloadable PDF of this press release

　

Note regarding forward looking statements:

Forecasts regarding future performance outlined in these materials are based on judgments made in accordance with information available at the time they were prepared. As such, these projections include risk and uncertainty. Investors are recommended not to depend solely on these projections when making investment decisions. Actual results may vary significantly from these projections due to a number of factors, including, but not limited to, economic trends affecting the Company’s operating environment, fluctuations in the value of the Japanese yen to the U.S. dollar and other foreign currencies, and trends in Japan’s stock markets. The results projected here should not be construed in any way as a guarantee by the Company.
In response to U.S. tariff policy, the Company is pursuing mitigation strategies focused on cost passthroughs. As of the date of this release, the Company expects any impact on performance to be limited in nature.

VLocker currently serves more than 700 high‑traffic venues worldwide, delivering secure, cashless and technology‑driven storage solutions. The transaction, which involved VLocker’s operations across multiple jurisdictions, completed on 30 January 2026. 

The Pinsent Masons team advising on the matter was led by Sydney corporate partner James Stewart, with support from special counsel Madison Smith, associate Kaitlin Pert and graduate lawyer Eve Rayner. 

Commenting on the matter, James Stewart said: ‘We are very pleased to have advised on this strategically important transaction and to have supported the founders and management team of VLocker as the business moves into its next phase of growth with Venu+.’ 

The deal reflects the strong appetite among international investors for technology‑enabled infrastructure businesses with scalable, cross‑border platforms. It also underlines our team’s experience in guiding founder‑led and management‑owned businesses through complex private equity‑backed exits, from initial structuring through to completion.’ 

TOKYO, Japan, February 4, 2026 – Honda Motor Co., Ltd. (Honda) today announced plans to co-develop system-on-a-chip (SoC) for its software-defined vehicles (SDVs), with Mythic, a Texas, U.S.-based technology company.

Honda has invested in Mythic, which has original technologies and a proven track record in this field of technologies, to establish technologies to enhance the computing performance and energy efficiency of AI to be used for automated driving and other features of its SDVs. Today, Honda announced plans for Honda R&D Co., Ltd., the R&D subsidiary of Honda, to co-develop automobile SoC with Mythic.

In order to continue offering the “joy and freedom of mobility” in a sustainable manner, Honda has been placing the highest priority on addressing environmental and safety challenges. In particular, enhanced application of intelligent technology will be the key to addressing safety issues. This makes the advancement of high-performance SoC for SDVs essential; therefore, Honda is conducting research and development of digital computing^*1 technologies.

Looking ahead, as AI technologies continue to advance, further innovation is required in technologies to enhance computing performance and energy efficiency. With a view to building computing infrastructures which will contribute to the application of next-generation intelligent technologies, Honda is actively exploring neuromorphic*² SoC technology, that draws inspiration from how the human brain works.

Mythic is a startup company with strong expertise in semiconductor technologies that leverage analog computing, which achieves high-efficiency AI processing with low power consumption. For the development of neuromorphic SoC, Mythic has original analog compute-in-memory (CiM)^*3 technology and a proven track record in software implementation using tools such as software development kit (SDK)^*4. With its analog CiM, Mythic is working to minimize data movement for computation and achieve both high computing performance and energy efficiency.

Honda has invested in Mythic to pay close attention to original technologies of Mythic and respond flexibly to future changes in the technological environment and societal trends. Moreover, Honda R&D will leverage its expertise and technologies amassed through the design of its original AI models and the research and development of electronic control units and integrate the original technology of Mythic into AI computing functions that consist of SoC. With that, Honda R&D will further accelerate the research and development of SoC for next-generation SDVs, to further enhance computing performance and energy efficiency.

When the Reserve Bank of Australia (RBA) board voted unanimously to lift the cash rate to 3.85% on Tuesday, the decision was driven by one overriding concern. It wants to stop the rising cost of living from becoming entrenched.

For some, like self-funded retirees, the rate rise was good news. Higher interest means their savings and term deposits will earn more. But for many others, including first home buyers who might have stretched themselves just to get a foot into the housing market, it was a very bad day.

RBA Governor Michele Bullock acknowledged that, saying:

I know this is not the news that Australians with mortgages want to hear, but it is the right thing for the economy.

She warned the alternative – letting inflation keep rising – would be even harder for more Australians.

So what’s the psychology behind the RBA raising rates now and leaving the door open to further hikes if needed? And what does the central bank hope Australians will do in response?

The price squeeze you’re feeling

There’s a striking gap between how the RBA describes the economy and how most Australians experience it.

On paper, things look healthy: unemployment is low, wages are growing.

But as Bullock acknowledged on Tuesday, the daily reality has felt very different.

The price level has gone up 20% to 25% over the last few years, and people see that every time they walk into a supermarket, or they go to the doctor, or whatever – that’s I think what’s hurting people.

That relentless price squeeze is not something you forget, even when the rate of increase starts to slow.

What’s driving inflation up?

The headline consumer price index (CPI) hit 3.8% in the year to December, well above the RBA’s target band of 2–3%. The “trimmed mean” – the underlying measure the RBA watches most closely – rose to 3.3%. Both are too high and moving in the wrong direction.

Bullock singled out three factors contributing to inflation. Each behaves differently and requires a different response.

Housing was the single largest contributor to inflation in December, up 5.5% over the year. That includes rents, which rose 3.9% (or 4.2% stripping out government rent assistance), as well as insurance, utilities, and new construction costs, which rose 3% as builders passed through higher labour and material costs.

There is an irony here. Rising interest rates are intended to cool demand, but they slow housing construction. Limited supply of housing is what’s pushing rents up in the first place.

“Durable goods” are the things we buy to last, such as cars, refrigerators, washing machines, televisions and furniture. Demand for many of those has been higher in the past year.

“Market services” are items such as restaurant meals, taxis, haircuts, gym memberships, medical appointments and holiday travel.

The RBA watches these carefully, because these are services priced by supply and demand in the domestic market. Those prices tend to be “sticky”: once they start rising, they don’t come back down easily.

Wages are also a big part of market services inflation. If the people providing those services are earning more, the cost goes up.

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Read more:
RBA raises interest rates as inflation pressures remain high

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How rate cuts made shoppers relax

This is where the behavioural psychology gets interesting.

The RBA cut interest rates three times in 2025. Each cut sent a signal, whether intentionally or not: it’s OK to spend a bit more.

And spend we did. CommBank data shows Australians spent A$23.8 billion over the two-week Black Friday period, up 4.6% on the year before.

It’s a cautionary tale about “rational expectations”. Each rate cut potentially fuelled the belief that more would follow.

If people feel like they can afford to spend, then they spend. Businesses, sensing demand, may raise their prices to match. That’s exactly the self-fulfilling dynamic central banks worry about.

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Read more:
Here’s what Black Friday sales shopping does to your brain

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The 3 ways the RBA hopes we’ll react

When prices go up, as they have been, workers ask for bigger wage rises to keep up. To pay higher wages, businesses lift prices to protect their profit margins. Together, that can create a “wage-price spiral” that becomes very hard to break.

The RBA will be hoping Australians respond to this rate rise in three ways:

RBA Governor Michele Bullock described raising interest rates as “a very blunt instrument” to bring inflation down, and noted setting rates is “not a science. It’s a bit of an art, really […] We’ve just got to respond as best we can.”

The RBA can’t undo the price rises that have already happened. It can only try to slow down further increases.

CAMBRIDGE, Mass., ROTTERDAM, Netherlands and SHANGHAI, Feb. 3, 2026 /PRNewswire/ — Harbour BioMed (the “Company”; HKEX: 02142), a global biopharmaceutical company focused on the discovery and development of novel antibody therapeutics in immunology and oncology, today announced a positive profit alert for the year ended December 31, 2025.

Based on a preliminary review of the Company’s unaudited management accounts for the Reporting Period, total profit is expected to range between US$88 million (equivalent to approximately HK$685 million) and US$95 million (equivalent to approximately HK$739 million), as compared to a profit of approximately US$2.7 million for the year ended December 31, 2024. Total adjusted profit^[1] is expected to range between US$91 million (equivalent to approximately HK$708 million) and US$98 million (equivalent to approximately HK$763 million).

The anticipated increase in profit is primarily attributable to:

• Continued growth of recurring revenue stream of the Company, such as the platform-based research collaboration with AstraZeneca and Bristol Myers Squibb.
• Accelerated expansion of global partner network, as the revenue generated from out-licensing and collaboration of innovative products has transformed into recurring revenue stream of the Company, such as the licensing collaboration with Otsuka, the licensing collaboration with Windward Bio.
• Rapid business growth of Nona Biosciences, such as the revenue generated from both technology license and platform-based service, as well as the milestone inflow from existing collaborations, such as the research and technology license collaboration with Pfizer.

Dr. Jingsong Wang, Founder, Chairman and CEO of Harbour BioMed, commented: “This anticipated profit marks a key milestone for Harbour BioMed, validating the value of our unique business model. The strength of our proprietary technology platforms is being recognized through a growing number of deep, strategic collaboration with global leaders. Most importantly, these partnerships are not one-time events; they are evolving into a sustainable financial foundation that fuels our mission to discover and develop novel antibody therapeutics for patients worldwide. Looking ahead, we will build on this momentum through continued innovation and high-impact collaborations to deliver sustainable growth.”

About Harbour BioMed

Harbour BioMed (HKEX: 02142) is a global biopharmaceutical company committed to the discovery and development of novel antibody therapeutics in immunology and oncology. The company is building a robust and differentiated pipeline through internal R&D capabilities, strategic global collaborations in co-discovery and co-development, and selective acquisitions.

Harbour BioMed’s proprietary antibody technology platform, Harbour Mice^®, generates fully human monoclonal antibodies in both the conventional two heavy and two light chain (H2L2) format and the heavy chain-only (HCAb) format. Building upon HCAb antibodies, the HCAb-based immune cell engagers (HBICE^®) bispecific antibody technology enables tumor-killing effects that traditional combination therapies cannot achieve. Additionally, the HCAb-based bispecific immune cell antagonist (HBICA^TM) technology empowers the development of innovative biologics for immunological and inflammatory diseases. By integrating Harbour Mice^®, HBICE^®, and HBICA^TM with a single B-cell cloning platform, Harbour BioMed has built a highly efficient and distinctive antibody discovery engine for developing next-generation therapeutic antibodies. For more information, please visit www.harbourbiomed.com.

Statement

The information contained in this press release is only a preliminary assessment by the Board based on the unaudited consolidated management accounts of the Company and its subsidiaries for the year ended December 31, 2025 currently available to the Company, and is not based on any figures or information which have been reviewed or confirmed by the audit committee of the Board, or reviewed or audited by the auditors of the Company. The actual results for the year ended December 31, 2025 may differ from those disclosed in this press release. As such, the above figures are strictly for information only and not for any other purposes.

SOURCE Harbour BioMed

Digital signage has long been proven to boost sales, increase brand recall and enhance customer and guest experiences. Over the years, businesses have expanded how they use this signage across different environments, managing more screens than ever before. Samsung digital signage has evolved alongside those needs, drawing on 17 consecutive years as the world’s No.1 commercial display provider.¹

With cloud-based display solutions such as Samsung VXT and LYNK Cloud, Samsung supports centralized content and display management tailored to different business roles and environments.

Samsung VXT is designed for marketing managers, store managers, and IT managers who need an easier way to create, update and manage digital signage across multiple locations. The platform brings content creation and management together in one place and now features AI Studio, an AI-powered content app that helps simplify digital signage content creation. When used with Samsung Spatial Signage, AI Studio automatically optimizes content to enhance depth and spatial presence, making visuals feel more dimensional and immersive.²

In hospitality settings, LYNK Cloud supports hotel IT managers, hotel operators and hotel service managers by helping them manage hotel TVs, on-screen services and guest-facing content from a central platform. It also helps hotels gain insight into how guests interact with in-room TV services to support more relevant offerings and identify new revenue opportunities.

Explore the infographic below for additional features and benefits of Samsung VXT and LYNK Cloud to see how they power more efficient content and display management.

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Milrem Robotics, the world’s leading developer of robotics and autonomous systems, and EOS Defence Systems, a global leader in advanced remote weapon systems and integrated defence solutions for Counter-UAS, have signed a teaming agreement to jointly pursue new business opportunities and advance network-centric collaborative combat robotics.

The agreement establishes a framework for cooperation across marketing, product development, and research and development, enabling both companies to combine their complementary expertise in unmanned platforms, weapon systems, and integrated defence solutions.

“By combining Milrem Robotics’ unmanned ground vehicle expertise with EOS Defence Systems’ advanced weapon and integration capabilities, we are strengthening our ability to deliver scalable and mission-ready solutions for modern armed forces,” said Kuldar Väärsi, CEO of Milrem Robotics. “This teaming agreement reflects our shared commitment to innovation, interoperability, and responding to evolving operational requirements.”

“The drone threat environment is increasingly mobile and contested, and effective defence can no longer be confined to fixed sites or crewed platforms,” said Andreas Schwer, CEO of Electro Optic Systems (EOS). “This teaming agreement extends EOS’ world-leading counter-drone systems onto unmanned ground platforms, supporting more flexible and layered defence approaches.”

Under the agreement, the companies will collaborate to identify business opportunities in new markets and customer segments of mutual interest, as well as to develop and execute joint marketing initiatives. The cooperation also enables the potential co-development of products, technologies, and integrated solutions aligned with the companies’ respective areas of expertise.

A key focus of the partnership is joint research and development, including the integration of advanced weapon systems, sensors, and effectors onto Milrem Robotics’ unmanned ground vehicles. Planned activities may include non-ITAR counter-UAS solutions, missile and grenade launcher integrations, large-calibre weapon systems for heavy UGVs, and the integration of laser-based capabilities on medium and large uncrewed platforms, in cooperation with selected international partners.

The agreement further supports the sharing of relevant intellectual property, technical know-how, and research outcomes to accelerate the commercialisation and deployment of jointly developed or marketed solutions.

The collaboration will initially focus on selected markets in the Middle East and North Africa (MENA), the Asia-Pacific (APAC) region, and Europe, with opportunities in the United States assessed on a case-by-case basis. Target markets include the United Arab Emirates and the Kingdom of Saudi Arabia, Australia, Singapore, Indonesia, and selected European programmes where joint offerings can deliver a clear competitive advantage.