Mitsubishi Heavy Industries, Ltd.
7011・Prime Market・Machinery
Energy
Mitsubishi Heavy Industries' largest segment. The core of the energy business, encompassing GTCC, nuclear power, aircraft engines, and more.
| Period | Current | Previous | Change |
|---|---|---|---|
| Revenue (external customers) | ¥2,053,956 million | ¥1,803,878 million | ↑ |
| Revenue (segment total) | ¥2,062,600 million | ¥1,815,796 million | ↑ |
| Segment profit (business profit) | ¥267,272 million | ¥205,356 million | ↑ |
| Segment profit margin (business profit margin) | 12.9% | 11.3% | ↑ |
| Proportion of Group revenue | approx. 41% | approx. 36% | ↑ |
Business Details
This segment handles the integrated design, manufacturing, sales, service, and installation of thermal power generation systems (GTCC and Steam Power Systems), nuclear power systems (light-water reactors, nuclear fuel cycle, and new fields), wind power systems, aircraft engines, compressors, and marine machinery. With domestic and overseas electric power and energy operators as its primary customers, this is the largest segment, accounting for approximately 41% of the Group's total revenue. In the current fiscal year, increased revenue and profit in the Energy segment drove overall Group performance.
Recent Overview
Energy drove Group performance with increased revenue and profit. Both revenue and business profit grew substantially.
In the Energy segment for FY2026 (ending March 2026), revenue from external customers reached ¥2,053,956 million (up 13.9% year on year), and segment profit (business profit) reached ¥267,272 million (up 30.1% year on year), achieving substantial growth in both revenue and profit. The main drivers were expanding demand for thermal power generation systems, centered on GTCC, and for aircraft engines. Group-wide order intake also increased substantially year on year, with the Energy segment leading this order expansion. The segment's revenue outlook for FY2027 (ending March 2027) is ¥2,200,000 million (on a basis converted from a ¥220.0 billion figure), with continued growth expected.
Key Products
Growth Drivers
- Expansion of the GTCC market driven by rising electricity demand and decarbonization (including increased demand for power for data centers)
- Increased orders and sales for aircraft engines driven by the recovery and expansion of aviation demand
- Steady demand for maintenance and refurbishment services for existing steam power plants
- Visibility of medium-term earnings underpinned by a substantial order backlog (Group-wide order intake increased significantly year on year)
- Advance investment in the development of innovative light-water reactors in anticipation of demand for new nuclear power plants and replacements
- Development of new markets through next-generation fuel technologies such as hydrogen and ammonia co-firing
Risks
- Risk of cost overruns and schedule delays specific to large, long-term construction projects (such as the Algeria chemical fertilizer plant arbitration case)
- Foreign exchange risk (given the high proportion of overseas sales, fluctuations in the yen against the dollar, euro, and other currencies affect earnings; the assumption for FY2027 (ending March 2027) is ¥150/USD and ¥180/EUR)
- Risk from changes in energy policy and regulations (shifts in decarbonization and nuclear policy in various countries)
- Supply chain constraint risk (tightness in production capacity and materials procurement amid robust order intake)
- Risk to recovery on new technology investments due to delays in developing next-generation fuel infrastructure such as hydrogen and ammonia
- Impact on overseas business from uncertainty surrounding U.S. trade policy and heightened geopolitical risk
Last updated: June 24, 2026