Japan Specialist

Mark Chadwick

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>FY2025 delivered record order intake, business profit, net income and free cash flow simultaneously, with GTCC order backlog surpassing ¥5 trillion on 35 large-frame turbine bookings.</li>
<li>FY2026 guidance targets 25% business profit growth to ¥540bn with margins inflecting to 10%, underpinned by a ¥13.2 trillion backlog providing exceptional multi-year revenue visibility.</li>
<li>GEV's April orders matching all of Q1 in value makes MHI's -13% GTCC intake guide look conservative; we see material upside risk to Energy Systems earnings through FY3/28.</li>
</ul>


FY2025 delivered record order intake, business profit, net income and free cash flow simultaneously, with GTCC order backlog surpassing ¥5 trillion on 35 large-frame turbine bookings.
FY2026 guidance targets 25% business profit growth to ¥540bn with margins inflecting to 10%, underpinned by a ¥13.2 trillion backlog providing exceptional multi-year revenue visibility.
GEV's April orders matching all of Q1 in value makes MHI's -13% GTCC intake guide look conservative; we see material upside risk to Energy Systems earnings through FY3/28.


Mitsubishi Heavy Industries

MHI (7011) | Powering the AI Age