Thematic Research & Global Multi-Industry: MHI gas turbine capacity update – little to alarm, demand to outstrip supply for 3+ years

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Thematic Research & Global Multi-Industry: MHI gas turbine capacity update – little to alarm, demand to outstrip supply for 3+ years

Equity Research

27 May 2026

Thematic Research & Global Multi-Industry

MHI gas turbine capacity update –

little to alarm, demand to outstrip

European Capital Goodssupply for 3+ years

NEUTRAL

We thought the MHI announcement sounded very in-keeping U.S. Multi-Industry

with prior comments. Overall, HDGT manufacturer capacity NEUTRAL

adds seem quite disciplined. Doosan has now entered the U.S. Multi-Industry Julian Mitchell

mix. +1 212 526 1661

julian.mitchell@barclays.com

BCI, US

We appreciate your 5-star vote in the 2026 Extel All-America Research Survey in the Electrical

Equipment & Multi-Industry category. View our analysts » Vote 5 Stars for Barclays » Jimmy Yunhao Jiang

+1 212 526 6042

We've had several questions from investors today on MHI's capacity additions update and jimmy.jiang@barclays.com

BCI, USthe potential risk of gas turbine supply outstripping demand. We highlight that this MHI

update is not new, and gas turbine demand will likely remain stronger than supply over Haemaru Chung

the next few years. +1 212 526 4758

haemaru.chung@barclays.com

1.) Mitsubishi Heavy Industries (not covered) gave an update earlier today on its medium- BCI, US

term business plan, stating it is on track to expand gas turbine production capacity by 30% Drew Smith

(over FY24 - FY28) by implementing >1,000 kaizen action items. The company also expects +1 212 526 1325

further increases in production capacity between FY28 - FY30. MHI noted upgrades to core part drew.smith@barclays.com

manufacturing facilities, highlighting that it expects demand to increase for after-sales services BCI, US

due to a high volume of original equipment orders.