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2025: A Year of Good Performance

• Performance in 2025 was good, with a Group order backlog of 11.5 trillion yen.
• We will now continue to live up to the expectations that the market has for us.

2026: Put ITO into Practice

• In 2026, I hope that we can put into practice the principle of Innovative Total Optimization (ITO) and pursue great reforms to position MHI Group to bring in higher profits and achieve greater growth in a self-reinforcing positive cycle.
• First, total optimization will halve lead times and enhance operational productivity. In doing so, we aim to generate 100 billion yen in incremental business profit – which is equivalent to 2% of annual Group revenue – going forward.
• Further, we will make concrete the growth strategies of each business for domain expansion.

Treat Changes as Chances and Create Business Opportunities

• Our business environment remains highly uncertain.
• However, we must not allow fear to keep us from changing our ways. Instead, we should view change as the new normal and embrace it as a significant opportunity. We ourselves must adapt flexibly, manage the risks accompanying change, and create new business opportunities. Learn to enjoy the change and find the positive aspects.

Three Requests to Enable MHI Group to Continue Growing in an Uncertain Business Environment

• Think Big, with the Entire Group in Mind
  Take the time to look up from your day-to-day work and act with pride as a member of the larger team that is MHI Group. Within the Group, there are hundreds to thousands of people working in the same field as you. Imagine building a community within each of those sub-fields to transform your work practices through the ITO principle of total optimization.
  By broadening your perspective to encompass enhanced value chain collaboration, cross-departmental communication, and proactive market analysis, you will find it easier to identify what challenges you should be working on.
• Think from the Customer’s Perspective
  Focus on what benefits your customers, not just what suits our Group.
  To do this, you need to truly understand your customers. Ask yourself if you know their top concerns and challenges, and whether they are dissatisfied with us, and engage in active communication. The ITO principle of domain expansion begins with fully understanding our customers’ needs and preparing solutions for them. Since customer needs are constantly changing, we must expand the scope of our work accordingly.
• Iterate Quickly, Beginning with the Things Closest to You
  When starting something new, it’s crucial to begin small and move quickly. Formulate your own hypotheses and verify their effectiveness within a limited scope.
  MHI Group’s products and services really do move the world forward. However, the first step is always a small one, taken at scale where you can still look all of your colleagues in the eye. Find joy in the process of making small improvements (“Kaizen”) and seeing their effects, and in trying new things in rapid succession.

Since becoming president, I have had the opportunity to visit many domestic and international bases and Group companies. Seeing all of you working with such a bright and positive attitude fills me with great pride.
I am convinced once again that we can achieve significant growth. This year too, let us move the world forward through our work.

Laing O’Rourke, as part of MetroVista led by Gamuda, has been awarded the contract to deliver the Sydney Metro West Stations Package West project.

The Sydney Metro West Stations Package West project includes the design and construction of five new underground metro stations and associated precincts at Westmead, North Strathfield, Burwood North, Five Dock, and The Bays. The opening date for the new Metro West Line is targeted for 2032.

As Delivery Partner for Gamuda, Laing O’Rourke will leverage extensive experience in managing multi-billion-dollar programs to oversee program management of the five non-integrated stations. In addition to the role as a Delivery Partner, Laing O’Rourke will be the Managing Contractor responsible for delivering Five Dock Station.

This integral station will deliver rail to Five Dock for the first time, providing residents and businesses with fast, direct access to the Sydney CBD and other parts of the metro network. The complex station construction is well suited to Laing O’Rourke’s commitment to modern methods of construction and leverages experience from the world-class Central Station Metro project.

Five Dock Station marks our fifth Sydney Metro project, reinforcing our reputation as a trusted partner in delivering complex, city-shaping infrastructure.

“We are proud to play a key role in delivering Metro West, a project that will transform how Sydney moves and connects. Our partnership with Gamuda combines global expertise and local capability to ensure this landmark infrastructure project is expertly managed and delivered to the highest standards,” said Mark Dimmock, Laing O’Rourke Managing Director – Australia.

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About Sydney Metro

Sydney Metro is Australia’s biggest public transport project; building, operating and maintaining a network of four metro lines, 46 stations and 113km of new metro rail to revolutionise how Sydneysiders travel in Australia’s biggest city.

Metro trains are now running from Sydney’s booming Northwest region under Sydney Harbour, through new underground stations in the CBD.

Sydney Metro enhances public spaces with vibrant transport precincts, acting as a catalyst for renewal and better connections.

The metro program creates and supports new communities, improves amenities, and delivers new integrated station developments.