IHI expects a loss on the sale of its German subsidiary Steinmüller Engineering GmbH, and has put estimates on it: about ¥14bn booked as other expenses in the consolidated accounts for the year ending March 2027, and about ¥17bn as an extraordinary loss in its standalone statements.
The deal
IHI's board resolved on 28 September 2026 to sell its entire stake to mutares Holding 106 GmbH, a wholly owned subsidiary of Mutares SE & Co. KGaA. Completion is scheduled for mid-October 2026. IHI has not disclosed the sale price, saying only that it was set through a fair process.
The company says the unit's market has shifted. European thermal power investment has moved from coal-fired generation toward decarbonisation and waste-to-energy, and the lignite-boiler opportunities Steinmüller originally counted on have shrunk sharply. IHI also cites higher project execution risk and tougher competition. The sale is part of restructuring its overseas carbon solutions business.
The unit and the guidance
Steinmüller, based in Gummersbach, had 165 employees at the end of August 2026. Its sales were €42.108mn in the year to March 2026, against €13.047mn a year earlier and €32.637mn the year before that. The two companies have lending and debt-guarantee arrangements. IHI withheld net assets and operating profit at the buyer's request, saying they fall within timely-disclosure materiality thresholds.
IHI left its 5 August forecast unchanged: revenue of ¥1.84tn, operating profit of ¥250bn and profit attributable to owners of the parent of ¥172bn.
IHI also filed a corrected shelf registration for its bond programme on the same day, adding the extraordinary report as a reference document. The programme shows ¥80bn of the ¥100bn ceiling still available.