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IHI (7013) investor relations material

IHI Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary10 Feb, 2026

Executive summary

  • Achieved record-high Q3 orders, mainly from strong demand in the Energy Business and defense, especially nuclear energy.

  • Profit attributable to owners of parent reached a record high for Q3, rising 10.7% to ¥85.0B, supported by improved equity-method investment profits, foreign exchange results, and gains from business transfers.

  • Operating profit remained at last year's record Q3 level, declining 0.9% to ¥102.5B, impacted by higher maintenance costs, increased SG&A, and lower profitability in some overseas businesses.

  • Revenue for the nine months ended December 31, 2025, decreased 1.8% year-over-year to ¥1,129.3B, mainly due to business transfers and a rebound from large-scale projects in the prior year.

  • Several business portfolio reforms and divestitures were completed, including the transfer of multiple subsidiaries and integration of infrastructure businesses.

Financial highlights

  • Q3 FY2025 orders: ¥1,364.8B (+12.4% YoY); revenue: ¥1,129.3B (−1.8% YoY); operating profit: ¥102.5B (−0.9% YoY); profit attributable to owners: ¥85.0B (+8.2B YoY).

  • EBITDA: ¥158.7B (14.1% margin, +0.4pt YoY); cash flows from operating activities: −¥73.2B (−¥20.9B YoY).

  • Basic EPS (Q3 FY2025): 80.21 Yen (post-stock split); full-year forecast: 117.49 Yen.

  • Total assets increased to ¥2,454.4B, and equity attributable to owners rose to ¥563.7B.

  • Gross profit for the nine months was ¥261.3B, down from ¥270.5B YoY.

Outlook and guidance

  • FY2025 orders forecast revised upward to ¥1,940.0B (+¥90.0B); revenue expected at ¥1,640.0B (+0.8% YoY); operating profit at ¥160.0B (9.8% margin); profit attributable to owners at ¥125.0B.

  • All major financial metrics for FY2025 are expected to reach record highs.

  • Dividend forecast remains unchanged, with a full-year payout of ¥120.00 per share (post-stock split).

  • Assumed FX rate for FY2025: 140 Yen/USD.

Address negative operating cash flow drivers
Explain Aero Engine segment profit decline
Key milestones for clean energy business
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Frequently asked questions

IHI Corporation is a heavy-industry manufacturer. The company operates in several core areas including Resources, Energy and Environment; Social Infrastructure; Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense. IHI is known for its diverse range of products and services such as energy systems, process plants, gas turbines, and the development, manufacturing, and maintenance of aero engines in collaboration with industry giants like GE Aviation, Pratt & Whitney, and Rolls-Royce Holdings. Additionally, IHI has made significant contributions to shipbuilding, a foundational aspect of its history, and continues to be involved in the production of ships through its shareholding in Japan Marine United Corporation. IHI's expertise extends to designing and constructing steel structures, including bridges and watergates. The company is headquartered in Koto-ku, Tokyo, and its shares are listed on the Tokyo Stock Exchange.

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