Kawasaki Heavy Industries, First Half Net Income Increases by 62%

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Tue Nov 11, 2025 11:30 am JST Earnings

7012 Kawasaki Heavy Industries,Ltd. 【IFRS】

Earnings Report

Kawasaki Heavy Industries,Ltd. <7012> [TSE Prime] announced its financial results (based on IFRS) at noon (11:30) on November 11th. The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 22.0 billion yen, an increase 61.6% compared to the same period last year. However, Progress toward the full-year plan of 82.0 billion yen was 26.9%, also falling below the four-year average of 39.2%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease 19.4% from the same period last year to 59.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a profit of 17.8 billion yen (compared to a loss of 1.70 billion yen in the same period last year).

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2023	769,341	ー	-34,471	-23,346	-139.4	ー	Nov 8, 2023	IFRS
Apr - Sep, 2024	884,183	ー	23,736	13,667	81.6	22.1	Nov 8, 2024	IFRS
Apr - Sep, 2025	996,254	ー	35,374	22,089	132.2	30.8	Nov 11, 2025	IFRS
YoY	+12.7%	－	+49.0%	+61.6%	+62.0%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2025 Guidance	ー	ー	ー	ー	－	75	May 9, 2025	IFRS
Apr - Sep, 2025 Results	996,254	ー	35,374	22,089	132.2	75	Nov 11, 2025	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	2,290,000	ー	115,000	82,000	490.5	150	Aug 6, 2025	IFRS
Mar, 2026 New	2,340,000	ー	115,000	82,000	490.5	150	Nov 11, 2025	IFRS
Revision Rate	+2.2%	－	0.0%	0.0%	0.0%

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	1,245,138	ー	83,782	74,334	443.8	80	May 9, 2025	IFRS
Oct - Mar, 2025 Guidance	1,343,746	ー	79,626	59,911	358.4	75	Nov 11, 2025	IFRS
YoY	+7.9%	－	-5.0%	-19.4%	-19.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	1,849,287	ー	31,980	25,377	151.5	50	May 9, 2024	IFRS
Mar, 2025	2,129,321	ー	107,518	88,001	525.4	150	May 9, 2025	IFRS
Mar, 2026 Guidance	2,340,000	ー	115,000	82,000	490.5	150	Nov 11, 2025	IFRS
YoY	+9.9%	－	+7.0%	-6.8%	-6.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	439,956	ー	-2,149	-1,708	-10.2	0.0	Nov 8, 2024	IFRS
Oct - Dec, 2024	523,179	ー	40,726	30,496	182.1	0.0	Feb 7, 2025	IFRS
Jan - Mar, 2025	721,959	ー	43,056	43,838	261.8	0.0	May 9, 2025	IFRS
Apr - Jun, 2025	488,440	ー	16,824	4,244	25.4	0.0	Aug 6, 2025	IFRS
Jul - Sep, 2025	507,814	ー	18,550	17,845	106.8	0.0	Nov 11, 2025	IFRS
YoY	+15.4%	－	－	－	－