Hitachi nuclear revenue rises 48% ahead of 2030 SMR delivery

Hitachi's nuclear revenue rose 48% from a year earlier to ¥65.3 billion, about $415 million, as it prepares to deliver the first of four small modular reactors to Ontario Power Generation in 2030.

Power Grids revenue was ¥893.7 billion, about $5.7 billion, up 27% year over year. The Energy segment's revenue rose 28%. Orders rose nearly 50%, with second-quarter bookings of ¥1,566.2 billion, nearly $10 billion, led by transmission and data center customers. Hitachi Energy is adding US transformer capacity at a Gallman plant scheduled to start in 2029, as Private Infrastructure Daily previously reported.

Chief Financial Officer Tomomi Kato told investors and analysts on Wednesday that the order growth will appear in revenue beginning next year. He said Hitachi has seen no signs of a pullback in AI-related investment.

For allocators underwriting SMR supply-chain exposure, nuclear's ¥65.3 billion was about 7% of the two divisions' combined ¥959 billion. The BWRX-300 units are 300-MW reactors developed in partnership with GE Vernova. The Tennessee Valley Authority has tapped the joint venture to build at least one in its territory, with delivery set for 2032. Hitachi's 2025 annual report called the Canadian construction start a foothold for deploying the SMR business in North America, Poland and other parts of Europe, and warned that long-term or new-technology projects could force changes to contract assumptions or termination. Executives said inflation and long delivery timelines on the grid side remain risks.