Mitsubishi Heavy Industries posted a 65% jump in quarterly business profit for the three months to June 2026, and the gas-turbine and nuclear side of its energy business did nearly all of the lifting. Business profit rose to ¥159.6bn from ¥96.7bn a year earlier on revenue up 15.5% to ¥1.19tn. Profit attributable to shareholders nearly doubled, up 97.4% to ¥134.7bn, a gain the company attributes to the business-profit increase plus foreign-exchange gains as the yen weakened further against the dollar. New orders climbed 25.7% to ¥2.02tn, pushing the order backlog to ¥14.1tn.
Energy carries the group
| Segment | Q1 orders | Q1 revenue | Q1 business profit | Profit change YoY |
|---|---|---|---|---|
| Energy | ¥1.36tn | ¥536.3bn | ¥101.3bn | +80% |
| Plant & Infrastructure | ¥368.8bn | ¥200.0bn | ¥21.7bn | +17% |
| Industrial Solutions | ¥193.0bn | ¥177.9bn | ¥9.9bn | +146% |
| Aerospace, Defense & Space | ¥120.9bn | ¥286.0bn | ¥32.4bn | +13% |
Every one of MHI's four segments posted higher profit than a year earlier, but Energy, the gas-turbine, nuclear and aero-engine business, did the heavy lifting: its quarterly profit rose 80% to ¥101.3bn on revenue of ¥536.3bn. Management pointed to large gas-turbine combined-cycle (GTCC) orders from North America and Asia plus improved margins, alongside steady nuclear demand. Industrial Solutions posted the fastest percentage gain, up 146% to ¥9.9bn, helped by stronger engine sales in Asia and the weaker yen.
New segment map, same targets
The results are the first reported under a reorganized structure that took effect April 1, 2026, when MHI renamed its former Logistics, Cold Chain & Drive Systems segment "Industrial Solutions" and folded its data-center and energy-management unit into it. Despite the quarter's strength, MHI left its full-year revenue guidance at ¥5.4tn, business profit at ¥540bn and net profit at ¥380bn unchanged, with the annual dividend still projected at ¥29 a share. The number that did move was orders: MHI raised its full-year order-intake forecast to ¥7.0tn from ¥6.8tn, lifting the Energy segment's own order forecast to ¥3.55tn from ¥3.45tn and the GTCC business line's forecast specifically to ¥2.4tn from ¥2.3tn. It also raised the order forecast for the Aerospace, Defense & Space segment to ¥1.75tn from ¥1.65tn. The guidance notes explicitly exclude any effect from the Middle East, saying the current impact is limited but conditions remain fluid.
That leaves a quarter in which one division nearly doubled its own profit, while management chose to bank the gain in backlog rather than lift its full-year profit promise.