Notice Concerning Revision of Earnings Forecasts

Tokyo, October 29, 2021 – Mitsubishi Heavy Industries, Ltd. (MHI) has revised its earnings forecasts for FY2021 (April 1, 2021 to March 31, 2022), originally announced on May 10, 2021, as indicated below.

Revision of Earnings Forecasts

(Billions of yen)

Revenue Profit from business activities Profit before income taxes Profit attributable to owners of parent Profit attributable to owners of parent
per share
Previously announced forecast (A) 3,750.0 150.0 130.0 90.0 267.74 yen
Revised forecast (B) 3,750.0 160.0 140.0 100.0 297.96 yen
Change (amount): (B)-(A) 10.0 10.0 10.0
Change (%) 6.7 7.7 11.1
FY2021 result
(for reference)
3,699.9 54.0 49.3 40.6 120.92 yen

Reasons for the revisions

The Company has made upward revisions to its FY2021 forecasts of profit from business activities, profit before income taxes, and profit attributable to owners of parent, because profit expected to accrue from asset management initiatives, including the property transfer announced separately today, now exceeds those original projections. No revision has been made to the dividend forecast previously issued.

Cautionary note: The earnings forecasts cited above are based on information available at this date. The projected results are subject to risks and other uncertainties and should not be interpreted as a firm commitment by the Company. Potential investors should therefore refrain from making investment decisions based solely on the above earnings forecasts and keep in mind that actual results may vary significantly from the projections, depending on various factors. Factors that impact actual earnings include the economic situation surrounding the Company’s business areas, the yen’s exchange rates against the USD and other currencies, and performance of the Japanese stock markets.