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Mitsubishi Heavy Industries, Net Income Forecast for the Fiscal Year Revised Upward to an Unexpected 6% Increase, Raises Record High Profit

Wed Feb 4, 2026 1:30 pm JST Earnings

7011 Mitsubishi Heavy Industries,Ltd. 【IFRS】

Earnings Report

Mitsubishi Heavy Industries,Ltd. <7011> [TSE Prime] announced its financial results (based on IFRS) in the afternoon session on February 4th (13:30). The consolidated net income for the cumulative third quarter of the fiscal year ending March 2026 (April to December) increased 22.6% from the same period last year, reaching 210 billion yen.

In addition, the full-year forecast for consolidated net income has been revised upward 13.0%, from the previous forecast of 230 billion yen to 260 billion yen (compared to 245 billion yen in the previous period), record profits reach three consecutive terms, turning to a 5.9% increase in the consolidated net income outlook.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the October to March period (second half) is expected to increase 26.1%, from the previous forecast of 115 billion yen to 145 billion yen (compared to 138 billion yen in the same period of the previous year), turning to a 4.9% increase in the consolidated net income outlook.

In the most recent three-month period, from October to December (3Q), the consolidated net income increased 47.8% from the same period last year, reaching 96.0 billion yen.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Dec, 2023 3,260,667 ー 207,599 138,050 41.1 65.9 Feb 6, 2024 IFRS
Apr - Dec, 2024 3,047,043 ー 254,236 172,110 51.2 67.9 Feb 4, 2025 IFRS
Apr - Dec, 2025 3,326,976 ー 329,261 210,996 62.8 80.3 Feb 4, 2026 IFRS
YoY +9.2% － +29.5% +22.6% +22.7%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 2,686,283 ー 196,280 115,088 34.3 12 Nov 7, 2025 IFRS
Oct - Mar, 2025 New 2,686,283 ー 236,280 145,088 43.2 12 Feb 4, 2026 IFRS
Revision Rate 0.0% － +20.4% +26.1% +26.1%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 4,800,000 ー 370,000 230,000 68.5 24 Nov 7, 2025 IFRS
Mar, 2026 New 4,800,000 ー 410,000 260,000 77.4 24 Feb 4, 2026 IFRS
Revision Rate 0.0% － +10.8% +13.0% +13.0%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 3,057,952 ー 223,858 138,327 41.2 12 May 9, 2025 IFRS
Oct - Mar, 2025 Guidance 2,686,283 ー 236,280 145,088 43.2 12 Feb 4, 2026 IFRS
YoY -12.2% － +5.5% +4.9% +4.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 4,657,147 ー 315,187 222,023 66.1 20 May 8, 2024 IFRS
Mar, 2025 5,027,176 ー 374,531 245,447 73.0 23 May 9, 2025 IFRS
Mar, 2026 Guidance 4,800,000 ー 410,000 260,000 77.4 24 Feb 4, 2026 IFRS
YoY -4.5% － +9.5% +5.9% +5.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 1,077,819 ー 103,563 64,990 19.3 0.0 Feb 4, 2025 IFRS
Jan - Mar, 2025 1,980,133 ー 120,295 73,337 21.8 0.0 May 9, 2025 IFRS
Apr - Jun, 2025 1,193,652 ー 94,963 68,227 20.3 0.0 Aug 5, 2025 IFRS
Jul - Sep, 2025 920,065 ー 78,757 46,685 13.9 0.0 Nov 7, 2025 IFRS
Oct - Dec, 2025 1,213,259 ー 155,541 96,084 28.6 0.0 Feb 4, 2026 IFRS
YoY +12.6% － +50.2% +47.8% +47.9%

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