Mitsubishi gas turbine backlog hits 35 GW on surging orders
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- Mitsubishi Heavy Industries' Energy Systems division saw order intake rise 56% year-on-year in Q1 of fiscal 2026, booking 10 large-frame gas turbine orders—four bound for the US and six for Japan.
- The company's large-frame gas turbine backlog reached 35 GW, up from 23 GW a year earlier, after selling 35 turbines totaling 16 GW in fiscal 2025.
- CFO Hiroshi Nishio confirmed demand was 'broadly in line with, or slightly above' expectations and said the company remains on track to double production capacity relative to 2024 levels, with expansion 'progressing smoothly.'
- Nuclear power orders covering light-water reactors, fuel, and other solutions rose 53% year-on-year, per August 4 financial disclosures.
- One-time earnings of ¥10 billion ($63M USD) from selling South American power generation interests and ¥15 billion ($94M USD) from an unnamed large project padded results; Nishio declined to discuss the project further.
- Q1 turbine orders are scheduled for delivery between 2028 and 2030, with Nishio noting Mitsubishi is being 'selective' in contracting with core US utility customers despite the tight market.
- On April 1, Mitsubishi restructured into a new Industrial Solutions division (engines, HVAC, turbochargers) while Energy Systems absorbed gas, steam, nuclear power, airplane engines, compressors, and marine machinery after the forklift unit's sale to Japan Industrial Partners.
Why it matters: With a 35 GW backlog pushing deliveries to 2028–2030 and nuclear orders up 53% year-on-year, Mitsubishi's order book is essentially locked through the end of the decade—giving CFO Nishio room to walk away from low-margin US utility contracts while prioritizing higher-profit work in its newly reorganized Energy Systems division.
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