Mitsubishi Heavy sees defense sales doubling to $6.7bn by 2026

TOKYO -- Mitsubishi Heavy Industries said on Wednesday it expects its defense sales to double to 1 trillion yen ($6.7 billion) in fiscal 2026 and stay strong after that milestone as geopolitical tensions boost business for Japan's largest defense and space contractor.

MHI sees its defense sales steadily expanding over that 1 trillion yen mark beyond fiscal 2029. Such sales had stagnated at around 500 billion yen over the past quarter century, as Japan's constitution had put strict limits on defense expenditure. The company produces a range of weaponry, from fighter jets and missiles to warships and tanks.