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Mitsubishi Heavy Industries, Ltd. © Mitsubishi Heavy Industries, Ltd. All Rights Reserved. November 7, 2025 1H FY2025 Financial Results
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 2 Table of Contents 1. Key Takeaways 5-7 2. 1H FY2025 Financial Results 8-16 • Financial Results Overview • Financial Position and Cash Flows • Profit Bridge • Financial Results by Segment 3. FY2025 Earnings Forecast 17-23 • Earnings Forecast Highlights • Earnings Forecast Overview • Earnings Forecast by Segment 4. Appendix 24-29 • Reference Data • Revenue by Region • History of Business Portfolio Optimization • Impact from (Planned) Transfer of Consolidated Subsidiary Announced Sep. 30, 2025
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 3 Appearance on Statement of Financial Position (Balance Sheet) Assets Liabilities Cash and Cash Equivalents Trade Payables Trade Receivables and Contract Assets Contract Liabilities Inventories Short-Term Borrowings Assets Held for Sale Liabilities Held for Sale Other Current Assets Other Current Liabilities Fixed Assets Long-Term Borrowings Investment Other Non-Current Liabilities Other Non-Current Assets Equity Impact from (Planned) Transfer of Consolidated Subsidiary Announced Sep. 30, 2025 Example: Revision of Earnings Forecast Released Sep. 30, 2025 Consolidated Earnings Forecast for FY2025 (billion yen) FY2025 Forecast (8/5) Previous vs. Revised FY2025 Forecast (9/30) Reclassification to Discontinued Operations Loss on Business Reorganization (After Tax) Total Order Intake from Continuing Operations 5,900.0 -650.0 -650.0 5,250.0 Continuing Operations Revenue 5,400.0 -650.0 - -650.0 4,750.0 Profit from Business Activities 420.0 -30.0 - -30.0 390.0 Profit before Income Taxes 400.0 -30.0 - -30.0 370.0 Profit from Continuing Operations 280.0 -20.0 - -20.0 260.0 Discontinued Operations Profit from Discontinued Operations - +20.0 -30.0 -10.0 -10.0 Profit 280.0 0.0 -30.0 -30.0 250.0 Profit Attributable to Owners of Parent 260.0 - -30.0 -30.0 230.0 Profit Attributable to Non- Controlling Interests 20.0 - - - 20.0 *The figures in the table appearing in the “Notice Regarding Revision of Consolidated Earnings Forecast” (released on Sep. 30, 2025) correspond to the sections indicated in red in the table above Assets and liabilities related to businesses held for sale are combined and appear separately from other assets and liabilities ◼ On September 30, 2025, MHI issued a press release entitled “Notice Regarding the Execution of a Contract to take the Company's Consolidated Subsidiary Mitsubishi Logisnext Co., Ltd. Private and the (Planned) Transfer of a Consolidated Subsidiary.” ◼ According to the International Financial Reporting Standards (IFRS) adopted by MHI, profits, losses, assets, and liabilities from businesses for which the sale has been decided (discontinued operations) must be reported separately from those of continuing operations. ◼ As such, beginning with the 1H FY2025 financial results, the businesses related to Mitsubishi Logisnext, its subsidiaries, and affiliates (hereafter referred to as “ML”) are classified as discontinued operations. For both the current and prior fiscal years, unless otherwise noted, order intake, revenue, and business profit figures represent only those of continuing operations, excluding ML. Furthermore, assets and liabilities directly related to ML are combined and shown as “assets held for sale” and "liabilities held for sale,” appearing separately from other assets and liabilities. While cash flows related to ML do not appear in the main section of the statement of cash flows, they are disclosed separately in the notes.
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 4 Intentionally left blank
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 1. Key Takeaways
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 6 1H FY2025 Financial Results Business Profit (billion yen) Net Income Order Intake Revenue EBITDA (excl. ML) 229.6 billion yen (+¥5.5 bn YoY) Free Cash Flow (incl. ML) 151.0 billion yen (+¥236.8 bn YoY) EBITDA Margin (excl. ML) 10.9% (-0.5 pts YoY) Operating Cash Flow (incl. ML) ¥207.9 bn (+¥216.7 bn YoY) Interest-Bearing Debt (excl. ML) 607.7 billion yen (-¥341.1 bn YoY) D/E Ratio (excl. ML) 0.23 (-0.17 YoY) Net Interest-Bearing Debt (excl. ML) -¥108.3 bn (-¥521.4 bn YoY) Equity Ratio 35.6% (+0.7 pts YoY) 1H FY23 1H FY24 1H FY25 1H FY23 1H FY24 1H FY25 (excl. ML) 1,725.5 (excl. ML) 1,969.2 2,113.72,069.2 2,298.1 +7% (excl. ML) 2,793.3 (excl. ML) 3,054.6 3,314.7 3,137.0 3,383.5 +9% 91.9 107.1 114.9 (excl. ML) 74.2 (excl. ML) 168.0 171.5 100.9 188.4 +7% +2% 1H FY23 1H FY24 1H FY25 1H FY23 1H FY24 1H FY25
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 7 1H FY2025 Financial Results Highlights ◼ Order Intake: ¥3,314.7 bn (+¥260.0 bn [+9%] YoY) Order intake grew in Energy Systems. Order intake decreased YoY in Plants & Infrastructure Systems and Aircraft, Defense & Space due to high base effect from large projects booked in 1H FY2024, but still reached high levels. Order backlog increased by ¥1,262.0 bn to ¥11,498.3 bn from FY2024 end. ◼ Revenue: ¥2,113.7 bn (+¥144.4 bn [+7%] YoY) Revenue increased YoY in Energy Systems, Plants & Infrastructure Systems, and Aircraft, Defense & Space. Revenue growth especially large in Gas Turbine Combined Cycle (GTCC) and Defense & Space. ◼ Business Profit: ¥171.5 bn (+¥3.4 bn [+2%] YoY) Business profit increased YoY in Plants & Infrastructure Systems, Logistics, Thermal & Drive Systems, and Aircraft, Defense & Space. Large increases in GTCC, Metals Machinery, and Defense & Space partially offset by losses in some thermal power projects and absence of gains on asset sales recognized in 1H FY2024, resulting in small increase in total business profit. ◼ Net Income: ¥114.9 bn (+¥7.7 bn [+7%] YoY) Net income increased YoY from growth in business profit combined with rebound from loss on foreign exchange booked in 1H FY2024
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 2. 1H FY2025 Financial Results
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 9 Financial Results Overview (billion yen) 1H FY2024 (Profit Margin) 1H FY2025 (B) (Profit Margin) YoY (B) – (A) (Profit Margin) (YoY%) Excl. ML* (A) Order Intake 3,383.5 3,054.6 3,314.7 +260.0 (+8.5%) Revenue 2,298.1 1,969.2 2,113.7 +144.4 (+7.3%) Profit from Business Activities 188.4 168.0 171.5 +3.4 (+2.1%) (8.2%) (8.5%) (8.1%) (-0.4 pts) Profit Attributable to Owners of Parent 107.1 107.1 114.9 +7.7 (+7.3%) (4.7%) (5.4%) (5.4%) (±0.0 pts) EBITDA 266.2 224.1 229.6 +5.5 (+2.5%) (11.6%) (11.4%) (10.9%) (-0.5 pts) Free Cash Flow -85.7 -85.7 151.0 +236.8 Operating Cash Flow -8.8 -8.8 207.9 +216.7 Investing Cash Flow -76.8 -76.8 -56.8 +20.0 *Excl. ML: FY2024 results shown here adjusted in accordance with methodology outlined on p.3
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 10 Financial Position (billion yen) FY2024 End 1H FY2025 End Variance Trade Receivables and Contract Assets 1,776.5 1,717.4 -59.0 Inventories 1,062.5 1,070.2 +7.7 Other Current Assets 1,072.5 1,695.3 +622.8 (Cash and Cash Equivalents) (657.8) (716.0) (+58.2) (Assets Held for Sale*) (3.7) (544.8) (+541.1) Fixed Assets 1,195.3 951.3 -243.9 Other Non-Current Assets 1,551.9 1,568.0 +16.0 Total Assets 6,658.9 7,002.5 +343.6 Trade Payables 930.2 794.0 -136.2 Contract Liabilities 1,443.9 1,704.0 +260.0 Other Liabilities 1,163.4 1,284.8 +121.4 (Liabilities Held for Sale*) - (268.9) (+268.9) Interest-Bearing Debt (excl. ML) 651.3 607.7 -43.6 Equity 2,469.8 2,611.9 +142.1 (Equity Attributable to Owners of Parent) (2,346.7) (2,490.9) (+144.2) Total Liabilities and Equity 6,658.9 7,002.5 +343.6 *FY2024 End assets held for sale represent some land owned by MHI not directly related to ML, which was sold during Q1 FY2025. 1H FY2025 End assets and liabilities held for sale are limited to those related to ML.
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 11 Profit Bridge Wage increases, others (billion yen) 1H FY25 Business Profit 171.5 1H FY24 Business Profit 188.4 Changes in revenue, margin improvements Foreign exchange impact +3.4bn (+2%) -12.0 +76.0 -17.0 Changes in gains on asset sales Changes in one-time expenses -20.4 -13.5 -30.0 Deduction of ML portion 1H FY24 Business Profit (excl. ML) 168.0 1H FY24: 0.0 1H FY25: Steam Power -30.0 (South Africa project -20.0) 1H FY24: 22.0 (Yokohama Dockyard land, others) 1H FY25: 5.0
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 12 Financial Results by Segment (billion yen) Order Intake Revenue Profit from Business Activities 1H FY24 1H FY25 YoY 1H FY24 1H FY25 YoY 1H FY24 1H FY25 YoY Energy Systems 1,306.7 1,981.2 +674.5 832.1 871.0 +38.8 103.2 80.7 -22.4 Plants & Infrastructure Systems 599.4 490.6 -108.7 379.1 415.9 +36.7 28.1 44.6 +16.4 Logistics, Thermal & Drive Systems (excl. ML) 328.7 292.8 -35.9 303.9 282.4 -21.4 6.2 7.6 +1.3 Aircraft, Defense & Space 802.1 545.0 -257.0 431.7 538.8 +107.1 44.0 60.3 +16.3 Others, Corporate & Eliminations (excl. ML) 17.5 4.9 -12.6 22.2 5.4 -16.7 -13.5 -21.8 -8.3 Total 3,054.6 3,314.7 +260.0 1,969.2 2,113.7 +144.4 168.0 171.5 +3.4
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 13 RevenueOrder Intake 1H FY24 1H FY25 GTCC 781.3 1,438.7 Steam Power* 209.6 203.0 Aero Engines 119.2 131.1 Nuclear Power 138.5 182.4 Financial Results: Energy Systems Takeaways FY24 FY25 ◼ In GTCC, order intake particularly strong in North America and Asia. Business profit increased from revenue growth and improved margins. ◼ In Steam Power, business profit decreased due to South Africa project losses, despite improved margins accompanying services growth ◼ Increased full-year segment order intake and revenue forecasts based on progress through 1H GTCC Steam Power Aero Engines Nuclear Power Others Increase: - GTCC Decrease: - Steam Power - Aero Engines - Nuclear Power YoY Changes in Business Profit Order Intake(billion yen) Revenue Business Profit 1H FY24 1H FY25 364.8 427.3 203.1 180.3 100.8 125.7 110.9 102.7 Major Businesses FY24 FY25 FY24 FY25 (1H) 832.1 (1H) 871.0 9.3% 12.4% (1H) 1,306.7 (1H) 1,981.2 *FY24 actual figures shown here retroactively adjusted to reflect organizational changes within Energy Systems effected April 1, 2025 (1H) 103.2 (1H) 80.7 Full Year 2,622.4 3,200.0 (prev. 2,200.0) 1H Progress 50% 62％ 1,815.7 2,000.0 (prev. 1,850.0) 46% 44％ 205.3 240.0 50% 34％
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 14 RevenueOrder Intake 1H FY24 1H FY25 Engineering 48.7 118.1 Metals Machinery 307.0 149.6 Machinery Systems 138.6 106.1 Financial Results: Plants & Infrastructure Systems Takeaways ◼ In Engineering, order intake strong ◼ In Metals Machinery and Machinery Systems, order intake declined due to high base effect from large orders booked in 1H FY24, while revenue and business profit increased ◼ In Others category, order intake in Waste-to- Energy Systems strong ◼ Increased full-year segment business profit forecast based on progress through 1H Major Businesses Increase: - Metals Machinery - Machinery Systems YoY Changes in Business Profit Order Intake(billion yen) Revenue Business Profit Engineering Metals Machinery Machinery Systems Others FY24 FY25 FY24 FY25 FY24 FY25 1H FY24 1H FY25 58.9 70.4 184.9 191.6 77.8 79.8 (1H) 599.4 (1H) 379.1 (1H) 415.9 (1H) 28.1 10.7% 7.4% (1H) 490.6 (1H) 44.6 Full Year 1,000.2 900.0 1H Progress 60% 55％ 852.1 850.0 44% 49％ 59.6 70.0 (prev. 60.0) 47% 64％
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 15 RevenueOrder Intake 1H FY24 1H FY25 Engines & Turbochargers 140.4 126.1 HVAC & Car A/C 192.4 170.8 Financial Results: Logistics, Thermal & Drive Systems Takeaways ◼ In Engines, revenue and business profit increased on back of strong order intake particularly in Asia ◼ In Turbochargers, business profit increased due to resolution of supply chain disruption, despite decline in units sold ◼ In HVAC, revenue and business profit decreased due to decline in units sold and negative foreign exchange impact ◼ Decreased full-year segment forecast based on progress through 1H Increase: - Engines - Turbochargers Decrease: - HVAC* YoY Changes in Business Profit Order Intake(billion yen) Revenue Business Profit 1H FY24 1H FY25 132.8 126.8 175.0 159.6 HVAC & Car A/C Engines & Turbochargers Major Businesses FY24 FY25 FY24 FY25 FY24 FY25 (1H) 328.7 (1H) 292.8 (1H) 303.9 (1H) 282.4 (1H) 7.6 2.7%2.0% (1H) 6.2 Full Year 664.4 600.0 (prev. 750.0) 1H Progress 49% 49％ 641.0 600.0 (prev. 750.0) 47% 47％ 20.4 20.0 (prev. 40.0) 30% 38％ *HVAC: Heating Ventilation & Air Conditioning
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 16 RevenueOrder Intake 1H FY24 1H FY25 Defense & Space 694.9 427.6 Commercial Aviation 107.1 117.3 Financial Results: Aircraft, Defense & Space Takeaways ◼ In Defense & Space, revenue and business profit increased due to steady progress in project execution ◼ In Commercial Aviation, revenue and business profit increased mainly due to higher 787 unit deliveries, despite negative impact from stronger yen Increase: - Defense & Space - Commercial Aviation YoY Changes in Business Profit Order Intake Revenue Business Profit 1H FY24 1H FY25 330.7 419.3 100.9 119.4 Defense & Space Commercial Aviation FY24 FY25 FY24 FY25 FY24 FY25 (1H) 802.1 (1H) 545.0 (1H) 538.8 11.2% 10.2% (billion yen) (1H) 60.3 (1H) 44.0 Major Businesses (1H) 431.7 Full Year 2,100.1 1,400.0 (see p.23 for FY18-25 Defense & Space order intake data) 1H Progress 38% 39％ 1,030.6 1,350.0 42% 40％ 99.9 140.0 44% 43％
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 3. FY2025 Earnings Forecast Forecasts regarding future performance in these materials are based on judgments made in accordance with information available at the time this presentation was prepared. As such, these projections involve risks and uncertainties. Investors are recommended not to depend solely on these projections when making investment decisions. Actual results may vary significantly from these projections due to a number of factors, including, but not limited to, economic trends affecting the Company’s operating environment, fluctuations in the value of the Japanese yen to the U.S. dollar and other foreign currencies, and trends in Japan’s stock markets. The earnings projected here should not be construed in any way as a guarantee by the Company. In response to U.S. tariff policy, the Company is pursuing mitigation strategies focused on cost passthroughs. As of the date of this release, the Company expects any impact on performance to be limited in nature.
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 18 FY2025 Earnings Forecast Highlights ◼ Order Intake: ¥6,100.0 bn (vs. Sep. 30, 2025 announcement: +¥850.0 bn) ◼ Revenue: ¥4,800.0 bn (vs. Sep. 30: +¥50.0 bn) ◼ Business Profit: ¥390.0 bn (vs. Sep. 30: ±¥0.0 bn) ◼ Free Cash Flow: ¥0.0 bn ◼ Net income and dividend forecasts unchanged from September 30 and August 5, 2025 announcements, respectively Previous Revised Revised vs. Previous Energy Systems ¥2,200.0 bn ¥3,200.0 bn +¥1,000.0 bn Logistics, Thermal & Drive Systems ¥750.0 bn ¥600.0 bn -¥150.0 bn Previous Revised Revised vs. Previous Plants & Infrastructure Systems ¥60.0 bn ¥70.0 bn +¥10.0 bn Logistics, Thermal & Drive Systems ¥40.0 bn ¥20.0 bn -¥20.0 bn Others, Corporate & Eliminations -¥90.0 bn -¥80.0 bn +¥10.0 bn Previous Revised Revised vs. Previous Energy Systems ¥1,850.0 bn ¥2,000.0 bn +¥150.0 bn Logistics, Thermal & Drive Systems ¥750.0 bn ¥600.0 bn -¥150.0 bn Others, Corporate & Eliminations -¥50.0 bn ¥0.0 bn +¥50.0 bn
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 19 ROE 10.7% 10.7% 10% -0.7 pts EBITDA 541.3 469.9 510.0 +40.1 (+8.5%) (10.8%) (10.8%) (10.6%) (-0.2 pts) Free Cash Flow 342.7 342.7 0.0 -342.7 Dividends 23 yen 23 yen 24 yen Interim: 11 yen Year-End: 12 yen Interim: 11 yen Year-End: 12 yen Interim: 12 yen Year-End: 12 yen (billion yen) FY2024 (Profit Margin) FY2025 (Profit Margin) YoY (B) – (A) (Profit Margin) (YoY%) Excl. ML* (A) Previous Revised (B) Order Intake 7,071.2 6,405.1 5,250.0 6,100.0 -305.1 (-4.8%) Revenue 5,027.1 4,361.1 4,750.0 4,800.0 +438.9 (+10.1%) Profit from Business Activities 383.1 354.9 390.0 390.0 +35.1 (+9.9%) (7.6%) (8.1%) (8.2%) (8.1%) (±0.0 pts) Profit Attributable to Owners of Parent 245.4 245.4 230.0 230.0 -15.4 (-6.3%) (4.9%) (5.6%) (4.8%) (4.8%) (-0.8 pts) Earnings Forecast Overview Exchange rate assumptions: USD 1.00 = ¥145 EUR 1.00 = ¥165 Revised from forecast announced September 30, 2025. *Excl. ML: FY24 results shown here adjusted in accordance with methodology outlined on p.3
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 20 Earnings Forecast by Segment Revised from forecast announced September 30, 2025. Order Intake Revenue Profit from Business Activities FY24 FY25 Forecast YoY FY24 FY25 Forecast YoY FY24 FY25 Forecast YoY (billion yen) Previous Revised Previous Revised Previous Revised Energy Systems 2,622.4 2,200.0 3,200.0 +577.5 1,815.7 1,850.0 2,000.0 +184.2 205.3 240.0 240.0 +34.6 Plants & Infrastructure Systems 1,000.2 900.0 900.0 -100.2 852.1 850.0 850.0 -2.1 59.6 60.0 70.0 +10.3 Logistics, Thermal & Drive Systems (excl. ML) 664.4 750.0 600.0 -64.4 641.0 750.0 600.0 -41.0 20.4 40.0 20.0 -0.4 Aircraft, Defense & Space 2,100.1 1,400.0 1,400.0 -700.1 1,030.6 1,350.0 1,350.0 +319.3 99.9 140.0 140.0 +40.0 Others, Corporate & Eliminations (excl. ML) 17.9 0.0 0.0 -17.9 21.5 -50.0 0.0 -21.5 -30.4 -90.0 -80.0 -49.5 Total 6,405.1 5,250.0 6,100.0 -305.1 4,361.1 4,750.0 4,800.0 +438.9 354.9 390.0 390.0 +35.1
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 21 ◼ Large order intake growth expected in GTCC ◼ Revenue to grow in GTCC, Aero Engines, and Nuclear Power on back of strong order intake Earnings Forecast by Segment: Energy Systems and Plants & Infrastructure Systems GTCC Steam Power Aero Engines Nuclear Power Others FY24 FY25 2,622.4 3,200.0 2,000.0 12.0% 1,815.7 FY2025 Forecast Takeaways FY24 FY25 FY24 FY25 205.3 240.0 Order Intake Revenue Business Profit Order Intake FY24 FY25 Fcst GTCC 1,474.4 2,100.0 Steam Power* 424.3 320.0 Aero Engines 237.6 270.0 Nuclear Power 390.8 400.0 Revenue FY24 FY25 Fcst 790.7 900.0 403.9 340.0 212.3 270.0 299.0 370.0 ◼ Order intake to decrease due to high base effect from large orders booked in 1H FY24 while maintaining high level ◼ Steady execution expected on order backlog accumulated over past three years especially in Metals Machinery FY2025 Forecast Takeaways Order Intake FY24 FY25 Fcst Engineering 149.0 240.0 Metals Machinery 435.1 360.0 Machinery Systems 239.0 150.0 Revenue FY24 FY25 Fcst 137.8 150.0 395.2 360.0 172.3 160.0FY24 FY25 1,000.2 900.0 850.0 8.2% 852.1 FY24 FY25 FY24 FY25 59.6 70.0 Order Intake Revenue Business Profit 11.3% 7.0% Engineering Metals Machinery Machinery Systems Others (billion yen) (billion yen) Energy Systems Plants & Infrastructure Systems *FY24 actual figures shown here retroactively adjusted to reflect organizational changes within Energy Systems effected April 1, 2025
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 22 ◼ In Engines, emergency generator set units sold to increase especially in Asia ◼ In Turbochargers and HVAC, units sold to decrease Earning Forecast by Segment: Logistics, Thermal & Drive Systems and Aircraft, Defense & Space Engines & Turbochargers HVAC & Car A/C FY24 FY25 664.4 600.0 600.0 3.3% 641.0 FY24 FY25 FY24 FY25 20.4 20.0 Order Intake Revenue Business Profit Order Intake FY24 FY25 Fcst Engines & Turbochargers 290.7 260.0 HVAC & Car A/C 381.8 340.0 Revenue FY24 FY25 Fcst 279.1 260.0 369.8 340.0 ◼ In Defense & Space, order intake to decrease YoY while maintaining high level. Revenue to increase especially in Aircraft & Missile Systems. ◼ In Commercial Aviation, revenue to increase due to higher units delivered Order Intake FY24 FY25 Fcst Defense & Space 1,876.8 1,200.0 Commercial Aviation 223.2 200.0 Revenue FY24 FY25 Fcst 827.6 1,120.0 203.0 230.0 FY24 FY25 2,100.1 1,400.0 1,350.0 10.4% 1,030.6 FY24 FY25 FY24 FY25 99.9 140.0 Order Intake Revenue Business Profit 3.2% 9.7% Defense & Space Commercial Aviation (billion yen) Logistics, Thermal & Drive Systems Aircraft, Defense & Space (billion yen) FY2025 Forecast Takeaways FY2025 Forecast Takeaways
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 23 ◼ The Japan Defense Buildup Plan—which aims to significantly enhance the country’s defense capabilities—was developed in 2022, leading to increases to Japan’s defense budgets since FY2023 ◼ Under the current five-year defense allocation plan, awarding of orders for large-scale development projects was concentrated in the first and second fiscal years (FY2023-24). While order intake will decrease YoY in FY2025, we still expect to maintain a high level of orders at over double our FY2018-22 average. Order Intake FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (Forecast) 1,878.1 1,200.0 665.1 557.1 1,876.8 487.5 493.8 387.1 Since FY23, order intake for Defense Aircraft & Missile Systems increased significantly, primarily driven by development projects focused on stand-off defense and integrated air and missile defense capabilities FY18-22 Average Order Intake: approx. ¥520 bn Earnings Forecast by Segment: (Reference) Defense & Space Order Intake (billion yen)
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 4. Appendix
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 25 Appendix: Reference Data Large Frame Gas Turbine Order Intake and Contract Backlog (units) Commercial Aviation Deliveries (units) 777 Q1 Q2 Q3 Q4 Total FY24 6 6 2 5 19 FY25 6 8 14 777X Q1 Q2 Q3 Q4 Total FY24 3 3 1 0 7 FY25 0 3 3 787 Q1 Q2 Q3 Q4 Total FY24 9 12 12 12 45 FY25 18 17 35 (Reference) China Licensee Order Intake 1H FY24 FY24 1H FY25 Order Intake 5 7 4 1H FY24 FY24 1H FY25 Americas 5 11 12 Asia 3 5 11 EMEA 1 9 - Other Regions - - - Order Intake Total 9 25 23 Contract Backlog 36 48 67
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 26 (billion yen) 1H FY24 1H FY25 FY25 Forecast R&D Expenses 89.9 104.1 320.0 Depreciation and Amortization 56.0 58.0 120.0 Capital Expenditures 63.3 69.5 160.0 (billion yen) FY24 End 1H FY25 Energy Systems 4,918.4 6,050.4 Plants & Infrastructure Systems 1,705.3 1,849.2 Logistics, Thermal & Drive Systems 79.3 71.1 Aircraft, Defense & Space 3,514.5 3,509.8 Others, Corporate & Eliminations 18.5 17.6 Total 10,236.2 11,498.3 (billion, except where otherwise stated) USD EUR Amounts to Affect Business P/L 1.6 0.2 Amounts to Affect Finance Income/Costs 1.6 0.0 Exchange Rate Assumptions ¥145.0 ¥165.0 Foreign Currency Amounts Expected to Affect P/L 1H FY24 1H FY25 U.S. Dollar (JPY/USD) 153.2 146.4 Euro (JPY/EUR) 164.5 165.8 (billion yen) 1H FY24 1H FY25 SG&A 281.5 298.3 Appendix: Reference Data R&D Expenses, Depreciation and Amortization, and Capital Expenditures Selling, General, and Administrative Expenses Foreign Exchange Rates (Average Rates Used for Revenue Recognition) Order Backlog 1H FY24 1H FY25 GTCC 46% 51% Steam Power 66% 78% Nuclear Power 82% 71% Segment Total 59% 64% Energy Systems After-Sales Services Revenue Ratios (Cumulative) *Order backlog, foreign currency amounts expected to affect P/L, R&D expenses, depreciation and amortization, capital expenditures, and selling, general, and administrative expenses do not include ML portion
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 27 Energy Systems Plants & Infrastructure Systems Logistics, Thermal & Drive Systems Aircraft, Defense & Space 288.9 (33%) 136.3 (16%) 135.8 (16%) 214.5 (26%) 318.4 (36%) 154.4 (19%) 127.7 ( 15 %) 326.8 (39%) 71.0 (25%) 126.8 (42%) 113.3 (41%) 18.9 (6%) 20.9 (7%) 86.5 (28%) 77.0 (27%) 71.5 (24%) 172.5 (42%) 95.3 (25%) 83.2 (20%) 98.5 (26%) 100.4 (24%) 55.3 (15%) 59.6 (14%) 129.8 (34%) 407.6 (75%) 0.7 (0%) 0.8 (0%) 106.6 (25%) 127.0 (24%) 2.3 (1%) 3.3 (1%) 321.9 ( 74 %) Total 1H FY24 1H FY25 Japan 839.1 (43%) 913.7 (43%) Asia-Pacific (excl. Japan) 359.3 (18%) 333.4 (16%) Americas 471.9 (24%) 598.6 (28%) EMEA 298.8 (15%) 267.8 (13%) Total 1,969.2 2,113.7 839.1 913.7 333.4 471.9 598.6 298.8 2 67.8 359.3 ■1H FY24 ■1H FY25 (billion yen) (billion yen) (billion yen) (billion yen) (billion yen) ■ 1H FY24 (Total: 832.1) ■ 1H FY25 (Total: 871.0) ■ 1H FY24 (Total: 303.9) ■ 1H FY25 (Total: 282.4) ■ 1H FY24 (Total: 379.1) ■ 1H FY25 (Total: 415.9） ■ 1H FY24 (Total: 431.7) ■ 1H FY25 (Total: 538.8) Japan Asia-Pacific (excl. Japan) Americas EMEA Japan Asia-Pacific (excl. Japan) Americas EMEA Japan Asia-Pacific (excl. Japan) Americas EMEA Japan Asia-Pacific (excl. Japan) Americas EMEA Japan Asia-Pacific (excl. Japan) Americas EMEA Appendix: Revenue by Region
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 28 Acquisitions Mergers Divestments (incl. minority JV investments) 24 MTBP1 Expand Future Growth Areas • Forklifts (JIP2) 21 MTBP Strengthen Profitability & Develop Future Growth Areas • Concentric (OnPoint Group） • Generators (Mitsubishi Electric) • General-Purpose Engines 18 MTBP (Same as above) • Metals Machinery (ABP) • CRJ (Bombardier) • Naval Ships (Mitsui E&S) • Offshore Wind • Machine Tools 15 MTBP Continue Business Structure Reforms & Expand to ¥5 tr • HVAC (Toyo Engineering Works) • Forklifts (UniCariers) • Industrial Cranes • Agricultural Machinery • Shonan Monorail • Solid Valves • Shield Tunneling Machinery • Water Gates • Injection Molding Machinery • X-Ray Therapy Systems • Real Estate • Onboard ETC Units • Marine Diesel Engines 12 MTBP Expand Business Scale through M&A & Business Structure Reforms • Machine Tools (Federal Broach) • Forklifts (Daily Equipment) • Aero-Derivative Gas Turbines (PWPS) • Organic Rankine Cycle (Turboden) • Metals Machinery (Concast) • Thermal Power (Hitachi) →Became 100% subsidiary in 2020 • Forklifts (Nichiyu) • Metals Machinery (IHI Metal Tech, Siemens VAI) →Acquired all of Siemens’ stake in 2019 • Printing Machinery • Lithium-Ion Rechargeable Batteries • Bridge & Steel Structures Engineering Continue optimizing business portfolio with focus on increasing profitability, ensuring best ownership, and pursuing growth opportunities leveraging core technologies ◼ Since implementing the Strategic Business Evaluation System in FY2012, MHI has worked extensively to optimize our portfolio of businesses Considering primarily M&A opportunities in future growth areas, including data centers Appendix: History of Business Portfolio Optimization 1 MTBP: Medium-Term Business Plan 2 JIP: Japan Industrial Partners
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© Mitsubishi Heavy Industries, Ltd. All Rights Reserved. 29 Appendix: Impact from (Planned) Transfer of Consolidated Subsidiary Announced Sep. 30, 2025 1H FY2025 (Profit Margin) FY2025 Full Year (Profit Margin) (billion yen) Before ML Sale Impact ML Sale Impact Actual FY2025 Forecast (8/5) Revision before ML Sale Impact ML Sale Impact FY2025 Forecast (Revised) Reclassification to Discontinued Operations Loss on Business Reorganization (After Tax) Total Reclassification to Discontinued Operations Loss on Business Reorganization (After Tax) Total Continuing Operations Revenue 2,431.7 -318.0 - -318.0 2,113.7 5,400.0 5,435.0 -635.0 - -635.0 4,800.0 Profit from Business Activities 179.0 -7.5 - -7.5 171.5 420.0 406.0 -16.0 - -16.0 390.0 (7.4%) (8.1%) (7.8%) (7.5%) (8.1%) Profit before Income Taxes 178.4 -4.7 - -4.7 173.7 400.0 380.5 -10.5 - -10.5 370.0 Profit from Continuing Operations 129.8 -3.8 - -3.8 126.0 280.0 266.5 -6.5 - -6.5 260.0 (5.3%) (6.0%) (5.2%) (4.9%) (5.4%) Discontinued Operations Profit from Discontinued Operations - +3.8 -13.8 -10.0 -10.0 - - +6.5 -16.5 -10.0 -10.0 Profit 129.8 0.0 -13.8 -13.8 115.9 (not disclosed) 266.5 0.0 -16.5 -16.5 250.0 (5.3%) (5.5%) (4.9%) (5.2%) Profit Attributable to Owners of Parent 128.7 - -13.8 -13.8 114.9 260.0 246.5 - -16.5 -16.5 230.0 (5.3%) (5.4%) (4.8%) (4.5%) (4.8%) Profit Attributable to Non-Controlling Interests 1.0 - - - 1.0 (not disclosed) 20.0 - - - 20.0 Impact from the decision to sell ML on 1H FY2025 financial results and FY2025 earnings forecast is outlined in the table belo w