Kawasaki Heavy Industrial Ltd

Everyone, thank you for joining us today at Kawasaki Heavy Industries Co., Ltd. Thank you very much. Today, I would like to talk about the third quarter of the fiscal year from Yamamoto, the vice president and executive officer. The materials for the fiscal year are available on TDNet. Yamamotoからご説明の後、質疑応答を行い、会議全体の時間は約60分を予定しておりますが、質疑応答の状況により、最大15時半まで延長します。それでは、山本副社長、お願いいたします。副社長の山本です。では、決算説明を始めます。当社2025年度第3四半期決算は、

In terms of sales revenue, the previous year's net profit was 1540 billion yen, which is now 1.5614 billion yen. In terms of profits, we covered Power Sports and Engines, which were greatly affected by the increase in tax costs due to the improvement of high-tech aerospace systems and Energy Solutions and Marine. Business profits increased by 8.24 billion yen, which is the same as the previous year's net profit. In the third quarter, we recorded the highest sales, sales, and profits of each quarter. In the year 2025, we recorded the highest sales, sales, and profits of each quarter. In the year 2025, we recorded the highest sales, sales, In addition, we have announced changes to our stock market policy and division of stocks, so I will explain the contents in the following slides. This is the summary. Now, I will explain the details from page 5. The third quarter of 2025 is as shown in the slide. As a whole, the guidance announced in the second quarter of November last time has progressed roughly in the expected line. As you can see, the average sales weight rate is about 2.7 yen in the previous year's same-year comparison, and the cost-effectiveness output value was 17.2 billion dollars. Please see the 6th page. Each segment's supply and demand, sales revenue, and business profits are shown in the table. As mentioned in Section 1, in Energy Solutions and Marine, growth continues in energy business and shipbuilding business in each field. On the other hand, as mentioned in Section 2, in Power Sports and Engine business, It is based on the results of the competition environment in the U.S. power sports market, and the total is 8.24 billion yen, which is an increase of 3.3 billion yen in total. Page 7. It is a loss calculation book. Please see the table for details. Please see page 8. As mentioned in page 2, 9ページです。 I will explain about the increase in business profits. Compared to the previous year, the price of car sales increased by 6.5 billion yen compared to the previous year. In terms of sales, sales increased in all segments. Among them, the contribution of Power Sports and Engines increased by 3.2 billion yen, which is a minus of the price of car sales. In terms of sales performance changes, energy solution and marine, and precision machine robots have been improved, but the deterioration of the power sports and engine has been large, with a deterioration of 1.69 billion yen. Please refer to the 10th page of the segment-specific list. This is the 11th page, the financial status calculation book. Regarding the factors that have changed in the second quarter of the year, As mentioned above, the sales revenue of the power sports and engine and the aerospace system has been rising, which has led to an increase in net worth. Please look at page 12. Please refer to the changes in net worth as mentioned above. The net DE ratio is 90.5%, It has improved significantly since the end of the same period last year. Page 13, Cash Flow Calculator. The details are as stated in the document. Please see page 14. Please refer to it for information on the cash flow data for each decade. Now, let's move on to page 16. This is an estimate of the total sales in 2025. In terms of sales revenue and business profits, we have been looking at it from the last time, but in terms of the stock price, we have been looking at the increase in the number of domestic rubber processing facilities, and we have been looking at an increase of 9.2 billion yen from the last time. I will explain the details on the next page. This is page 17. Please refer to this article to learn more about the changes made by the fiscal report on long-term business profits. Please take a look at page 18. As you can see in the figure, the segment-differentiation of the sector is as shown in the figure. I will explain the details on each page of the segment. Next, page 21, the Airspace System. This slide shows the results of the third quarter of 2025. Although the number of flights for Boeing has increased, the same year, there was a decrease in the number of flights for the Defense Ministry, as a result of a joint order of CH-47 helicopters. The sales revenue increased for the defense industry and for the Boeing industry in the same period of time last year, and the sales revenue increased for the business industry as well. This is a forecast for the year 2025. Last time, the stock price was 200 billion yen for the defense industry, and the sales revenue was 100 billion yen for the defense industry and for the Boeing industry. Jigyo ii eki ni kan shite wa, saisansei no kaizen ga ookiku, 40 okuen johou shusei shi, 600 okuen to shite orimasu. 22 peiji ni utsurimasu. Honpeiji dewa, koukuu uchuu, koukuu enjin, sorezoro no jigyo no juchuudaka, uriage shuueki ya, bohingu muke no kisu, koukuu enjin, uriage daisu no jisseki wo shimeshite orimasu no de, go sankou ni shite kudasai. 23 peiji desu. 24ページです。 25ページ、車両です。 This slide shows the results of the third quarter of 2025. For the New York City Transportation Bureau, the demand for R268, an underground vehicle, was 378 ryo, and the demand was greatly increased in the same period as the previous year. Sales revenues increased for North America and the domestic market, and business profits increased. In addition, on February 6, we implemented the third draft of the criminal proceedings based on the disagreement between the Washington City Transportation Bureau and the 7,000-car subway vehicle, which was announced on February 6. However, this is a fact that was included in the proposal, and it does not affect the performance of the public opinion this time. Therefore, we have completed the public opinion on business profits. I will move on to page 26. On the homepage, you can see the sales revenue of domestic, Asian, and North American markets. In addition, as reference information, we are currently working on business issues, and we are showing the progress of the best after-sales sales and the U.S. R211 project, so please refer to them. 27ページには市販機別の売上収益、事業利益の推移を示していますので、ご参考にしてください。 28ページです。 重点施策、取り組みについて記載しておりますので、ご参考としてください。 29ページ、エネルギーソリューション&マリンです。 2025年度第3四半期実績についてはスライドの通りです。 In the previous year, the cost of shipping was reduced due to the reaction of submarine ships and a number of ship ships. However, sales revenue and business profits have increased in each field, such as energy business and shipbuilding business, and have increased significantly in the previous year. As for the air traffic forecast for 2025, the forecast was raised by the increase in domestic rubber processing facilities. The sales revenue is expected to be seen through, but the business profits are expected to be seen through by the improvement of the productivity of energy business and aquaculture promotion business. The sales revenue is expected to be seen through by the improvement of the productivity of energy business and aquaculture promotion business. The sales revenue is expected to be seen through by the improvement of the productivity of energy business and aquaculture promotion business and aquaculture promotion business. Page 31. This page shows the sales revenue and business profit of each market period, so please refer to it. Page 32. As a contribution to sustainable social infrastructure, we have been accepting requests for jet fuel for the first time in eight years. In addition, as an effort to realize a low-carbon society, We would like to refer to the fact that the CO2 separation recovery technology demonstration equipment was completed in our Kobe factory, so I hope you will refer to it. Page 33. It is a precision machine robot. The slide shows the performance of the third generation in 2025. The revenue, sales, and business profits of the previous year have also been increased. There has been no change from the previous report on the net sales in 2025. Let's move on to page 34. On this page, the revenue, sales, and business profits of the previous year have been increased. The revenue, sales, and business profits of the previous year Please refer to it as it shows the sales ratio for each field of the robot. Page 35. This page shows the sales revenue and business profit of each market period, so please refer to it. Page 36. Please refer to it as it describes the business environment and demand behavior. Page 37, Power Sports and Engines. The slide shows the results of the third quarter of 2025. The sales revenue was affected by the rise in the car sales rate, but the increase in the number of four-wheelers for North America and two-wheelers for advanced countries led to an increase in sales. In terms of business profits, in addition to rising tax costs, the decline in profitability, which was the background of the competitive environment in the US power sports market, led to a large-scale decline in revenue. In the period of 2025, As for the sales revenue, we have reduced the revenue of our business by a decrease in profitability, which is the background of the competitive environment in the U.S. power sports market. Let's move on to page 38. On this page, you will find the sales revenue of the two-wheeled cars, the two-wheeled cars, the four-wheeled cars, the PWCs, and the semi-automatic engines. Please refer to the sales revenue of the two-wheeled cars, the four-wheeled cars, and the PWCs. This is page 39. このページは市販機別の売上収益、 事業利益の推移を示していますので、 ご参考にしてください。 40ページです。 パワースポーツ&エンジンの事業環境や 受注動向に関して記載しておりますので、 ご参考としてください。 42ページに移ります。 本日発表させていただきましたが、 株主還元について、 From the end of March of 2026, we will aim for a long-term growth in the value of the stock market and a stable and continuous return on the stock market. We will change the policy of return on the stock market from a return success standard to a so-called DOE standard, aiming at a return rate of 4% of the stock market capital. This change will lead to a short-term return of 166 yen. The end result is ¥91 million, which is a correction of ¥1.6 billion from the previous announcement. Page 43. As I announced today, we will divide our common stock, one stock, into five stocks on March 31st as a standard date. The date of the power generation of the common stock is scheduled for April 1st. Through this division, we will prepare an environment for investors to invest more easily, and we will measure the expansion of the investment segment. This is page 44. This time, I will report on three projects as project topics. First, I would like to explain the liquid hydrogen supply chain business that we are working on as a next-generation core business. In January of this year, we signed a contract with a related company, Nihon Suiso Energy, to increase the supply of the world's largest 40,000 lube-type liquid hydrogen transport ship. Nihon Suiso Energy is planning to carry out a liquid hydrogen supply chain commercialization demonstration project by NED using this ship. Our company has completed the first stage of this commercialization demonstration, the technology demonstration project, to build the world's first hydro-hydrogen transport ship, the Hydro-Francia. In the spring of 2022, the ship will be transported by hydro-hydrogen at the Nijigokan and will be transported to Miyako-Seikō-Uri. Currently, we have more than 100,000 km of high-quality track record in Nobe, Japan. In this commercial project, we are going to make the liquid hydrogen tank 32 times larger. In fact, we are going to transport 80,000 tons of energy with annual power consumption of the general household at once, but the technology of the cooling tank that produces these large-scale transports is also a newly developed technology based on the achievements of the hydrogen frontier. このように当社は水素社会の実現に向けて着実に事業を進めてまいります。 45ページに移ります。 こちらでは、車両事業での北米における事業安定性の向上と、 国内における新たな事業機会の獲得についてご説明いたします。 さっきのスライドでもご説明いたしましたが、 当社は本第3四半期において、 We paid 2,250 billion yen for the R268 underground vehicle for the New York City Transportation Bureau. Since 1982, the R268 has been evaluated for reliability and achievement in importing 2,900 vehicles for the same transportation bureau. When the R268 was installed, The share of New York City Transportation Bureau is expected to reach 56%. Next, I would like to explain that we have developed a new type of electric motor, Green Deck, for domestic use, and that five companies have already decided to introduce it. This vehicle will be used in the non-electric route, to reduce environmental pollution and solve regional rail issues. We have adopted a structure that provides future hydrogen support, and we are a hydrogen-ready product in the rail industry. We expand after-sales by not only manufacturing and importing the main vehicle, but also supporting state monitoring, operation support, and parts sales. to improve business productivity. Page 46. As the future of robots that AI can change, I will explain the development situation of our robot, which is the second hand of physical AI. First, slide to the left. This is NuRobot, a nurse assistant robot. We are currently conducting clinical trials at a hospital in Taiwan in cooperation with the Foxconn Group in Taiwan. Next, we have the four-legged robot in the middle. This is the future off-road mobility Correo, which has had a great impact on the urban area. We are aiming to adopt it at the Riyadh urban area in Saudi Arabia in 2030 and are accelerating development. On the far right is the Carade of the humanoid robot. Last December, we announced the ninth-generation model at an international robot store. We are developing it to make use of the high robustness and use it at disaster sites. As a comprehensive robot manufacturer that covers people-to-people coordination and next-generation robots, we have received many expectations from a number of companies, including a number of joint development, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of companies, as well as from a number of Please refer to the reference information on page 47 and above. That's all I have to say.