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Tokyo – Mitsubishi Heavy Industries, Ltd. (MHI, TSE Code: 7011) announced that order intake increased 8.5% year-on-year to ¥3,314.7 billion in the half year ended September 30, 2025. Revenue rose 7.3% year-on-year to ¥2,113.7 billion, resulting in profit from business activities (business profit) of ¥171.5 billion, a 2.1% increase over the previous fiscal year, which represented a profit margin of 8.1%. Profit attributable to owners of parent (net income) was ¥114.9 billion, an increase of 7.3% year-on-year, with a profit margin of 5.4%. EBITDA was ¥229.6 billion, a 2.5% increase over 1H FY2024, with an EBITDA margin of 10.9%.

(billion yen, except where otherwise stated)

1H FY2025 Financial Results	1H FY2024 (Note)	1H FY2025	YoY	YoY%
Order Intake	3,054.6	3,314.7	+260.0	+8.5%
Revenue	1,969.2	2,113.7	+144.4	+7.3%
Profit from Business Activities Profit Margin	168.0 8.5%	171.5 8.1%	+3.4 -0.4 pts	+2.1% –
Profit Attributable to Owners of Parent Profit Margin	107.1 5.4%	114.9 5.4%	+7.7 ±0.0 pts	+7.3% –
EBITDA EBITDA Margin	224.1 11.4%	229.6 10.9%	+5.5 -0.5 pts	+2.5% –
FCF	-85.7	151.0	+236.8	–

(billion yen, except where otherwise stated)

1H FY2025 Financial Results by Segment	Order Intake		Revenue		Business Profit
	1H FY2025	YoY (Note)	1H FY2025	YoY (Note)	1H FY2025	YoY (Note)
Energy Systems (Energy)	1,981.2	+674.5	871.0	+38.8	80.7	-22.4
Plants & Infrastructure Systems (P&I)	490.6	-108.7	415.9	+36.7	44.6	+16.4
Logistics, Thermal & Drive Systems (LT&D)	292.8	-35.9	282.4	-21.4	7.6	+1.3
Aircraft, Defense & Space (ADS)	545.0	-257.0	538.8	+107.1	60.3	+16.3
Others, Corporate & Eliminations (OC&E)	4.9	-12.6	5.4	-16.7	-21.8	-8.3
Total	3,314.7	+260.0	2,113.7	+144.4	171.5	+3.4

• 1H 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 ¥674.5 billion YoY mainly due to continued strong demand in Gas Turbine Combined Cycle (GTCC). Contracts for 23 large frame gas turbine units—up 14 units YoY—were concluded during 1H, the majority of which were from customers in North America and Asia. Revenue increased by ¥38.8 billion YoY; the largest gains were seen in GTCC, which continued to execute its sizeable backlog. Segment business profit decreased by ¥22.4 billion YoY due to one-time charges in Steam Power, which offset strong performance in GTCC from both higher revenue and margins.

In P&I, order intake decreased by ¥108.7 billion YoY due to the absence of large orders booked in the previous fiscal year in Metals Machinery and Machinery Systems. Revenue grew by ¥36.7 billion YoY. Improved margins in Metals Machinery and Machinery Systems helped to raise segment business profit by ¥16.4 billion YoY.

In LT&D, revenue decreased by ¥21.4 billion YoY due to a decline in units sold in Turbochargers and Heating, Ventilation & Air Conditioning (HVAC) and foreign exchange impact in HVAC. Steady performance in Engines on the back of strong demand in Asia, combined with the rebound from one-time charges associated with a supply chain disruption in Turbochargers during the previous fiscal year, resulted in a ¥1.3 billion YoY increase in segment business profit.

In ADS, order intake decreased by ¥257.0 billion YoY due to a high base effect from large orders booked in Defense & Space during the previous fiscal year. Revenue increased by ¥107.1 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 ¥16.3 billion YoY.

　

FY2025 Earnings Forecast

MHI revised its guidance for the period ending March 31, 2026, increasing the forecasts for order intake and revenue over the previous announcement made on September 30, 2025, based on stronger-than-anticipated performance during 1H. The full-year dividend forecast of 24 yen per share was unchanged from the announcement made on August 5, 2025.

(billion yen, except where otherwise stated)

FY2025 Earnings Forecast	FY2024 Actual (Note)	FY2025 Forecast (9/30 Announcement)	FY2025 Forecast (Revised)	Revised vs. Previous
Order Intake	6,405.1	5,250.0	6,100.0	+850.0
Revenue	4,361.1	4,750.0	4,800.0	+50.0
Profit from Business Activities Profit Margin	354.9 8.1%	390.0 8.2%	390.0 8.1%	– -0.1 pts
Profit Attributable to Owners of Parent Profit Margin	245.4 5.6%	230.0 4.8%	230.0 4.8%	– –
ROE	10.7%	–	10%	–
EBITDA EBITDA Margin	469.9 10.8%	– –	510.0 10.6%	– –
FCF	342.7	–	0.0	–
Dividends	23 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	2,200.0	3,200.0	1,850.0	2,000.0	240.0	240.0
P&I	900.0	900.0	850.0	850.0	60.0	70.0
LT&D	750.0	600.0	750.0	600.0	40.0	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	-50.0	0.0	-90.0	-80.0
Total	5,250.0	6,100.0	4,750.0	4,800.0	390.0	390.0

　

CFO Message

“The strong growth MHI achieved in the first quarter continued through the first half of this fiscal year, with order intake, revenue, and business profit all up year-on-year, and net income marking an all-time high for the company,” MHI Chief Financial Officer Hiroshi Nishio commented. Nishio continued, “GTCC was our star performer in terms of order intake, booking 23 large frame gas turbine units across North America and Asia. We continue to see high demand for gas turbines particularly in the U.S., where new electricity demand from the data center buildout and other factors are driving capital expenditures at our utility customers. Revenue was up especially in GTCC and Defense & Space, which made excellent progress executing on their sizeable backlogs. Business profit growth was small, but the fact that we were able to beat last year’s figure—despite one-time expenses recognized in Steam Power—reflects the high normalized margins we are achieving today in GTCC and some other businesses.”

“Based on our results through the first half,” Nishio went on, “we have increased our order intake and revenue forecasts due to better-than-expected results in Energy Systems, mainly GTCC. We have maintained the business profit guidance announced on September 30, with continued strength from growing revenue and improving margins in other businesses compensating for one-time expenses in Energy Systems in excess of the initial 20-billion-yen risk buffer and weakness in the remainder of the Logistics, Thermal & Drive Systems segment. MHI’s strong performance despite growing uncertainty in global markets is a testament to our resilience as a company, which has been made possible in part by our continued efforts to evolve our portfolio of businesses. We appreciate the continued support of our shareholders and other stakeholders as we work to meet our full-year commitments during the second half of the fiscal year.”

　

Attachment 1: 1H 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.

The Federal Aviation Administration is cutting air traffic by 10 percent due to a shortage of air traffic controllers.

Hundreds of flights across the US have been cancelled following an order from the Federal Aviation Administration (FAA) to temporarily cut air traffic by 10 percent at the country’s 40 largest airports to maintain safety amid a shortage of air traffic controllers due to the government shutdown.

More than 790 flights scheduled for Friday were cut from airline schedules, according to FlightAware, a website that tracks flight disruptions.

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That number, already four times higher than Thursday’s daily total of cancellations, was likely to keep climbing, while almost 500 have been cancelled for Saturday so far, according to the website.

The FAA issued its order on Thursday in response to the growing number of absences by air traffic controllers amid the record-breaking US government shutdown, as Republicans and Democrats remain locked in a standoff in Congress over legislation to fund government services.

“Since the beginning of the shutdown, controllers have been working without pay,” the FAA order said.

“This has resulted in increased reports of strain on the system from both pilots and air traffic controllers. This past weekend, there were 2,740 delays at various airports,” it said.

US Transportation Secretary Sean Duffy said the decision to cancel flights was a proactive safety decision rather than a political measure as the shutdown enters its 38th day on Friday.

“My department has many responsibilities, but our number one job is safety. This isn’t about politics – it’s about assessing the data and alleviating building risk in the system as controllers continue to work without pay,” Duffy said.

“It’s safe to fly today, and it will continue to be safe to fly next week because of the proactive actions we are taking,” he said.

.@USDOT has many responsibilities, but our number one job is safety.

This isn’t about politics – it’s about assessing the data and alleviating building risk in the system as controllers continue working without pay.

It’s safe to fly today, tomorrow, and the day after because… pic.twitter.com/YRrq5sdy4T

— Secretary Sean Duffy (@SecDuffy) November 7, 2025

 

The FAA’s phased-in cuts to air traffic over the next week will see a 4 percent reduction in air traffic on Friday, and will end with 10 percent by November 14.

The FAA’s order also specifies that airlines do not need to cut international flights, although this decision will be left up to their discretion.

Impacted airports include Atlanta’s Hartsfield-Jackson, Dallas-Fort Worth, Denver, Chicago O’Hare, and New York’s John F Kennedy international airports.

FAA Administrator Bryan Bedford said his department would not hesitate to take “further action”, suggesting further cuts to flights could be made down the road.

The FAA decision puts renewed pressure on Senate Democrats, who are blocking a government spending bill over healthcare spending, as the US is preparing for its busiest travel days of the year at the end of November.

The FAA employed just over 14,000 air traffic controllers in fiscal year 2024, according to its website.

They are among the 730,000 “essential” federal employees who have been working without pay for the past five weeks, while another 670,000 have been furloughed, according to the Washington, DC-based Bipartisan Policy Center.