Mitsubishi Heavy Industries posted a modest 2.1% gain in first-half operating profit despite booking 23 large gas turbine orders, raising questions about whether the data center boom can offset mounting costs in other segments.
The Tokyo-based manufacturer reported business profit of ¥171.5 billion ($1.1 billion) for the six months through September, up from ¥168.0 billion a year earlier. Revenue climbed 7.3% to ¥2.11 trillion ($13.8 billion), while order intake jumped 8.5% to ¥3.31 trillion ($21.7 billion), driven primarily by North American utilities responding to electricity demands from artificial intelligence infrastructure.
The company secured contracts for 23 large-frame gas turbines during the period, up from nine units a year earlier, with most orders originating from customers in North America and Asia. Chief Financial Officer Hiroshi Nishio attributed the surge to data center construction, though one-time expenses in the steam power division exceeded an initial ¥20 billion risk buffer and constrained overall profitability.
Mitsubishi raised its full-year order intake forecast to ¥6.1 trillion ($39.9 billion) from ¥5.25 trillion, while lifting revenue guidance to ¥4.8 trillion ($31.4 billion). The company maintained its business profit target at ¥390 billion ($2.5 billion), citing continued weakness in its logistics and thermal systems segment alongside the steam power charges.
The defense and space unit contributed ¥107.1 billion more in revenue compared with the prior year, while aircraft operations also expanded. Order intake in those segments declined year-over-year due to comparisons with large contracts booked in the previous fiscal period.
Mitsubishi kept its annual dividend unchanged at ¥24 ($0.16) per share.
