Thank you for joining us today. Let me walk through our, through 1 through 3 of our 2025 financial results and the full year earnings forecast. Please note that I will not read the materials word for word, instead, we'll focus upon some takeaways while providing some supplementary information to provide the overviews. First of all, with slide 4, which shows the results in our KPI.
Order intake was JPY 5,029.1 billion. This is an increase of 13% YoY, and a record cumulative high through Q3. Looking at industry, the individual segments, order intake increased significantly in Energy Systems, particularly in GTCC. Although not shown on slide 4, our order backlog exceeded JPY 12 trillion, an increase of approximately JPY 2 trillion from the end of the previous fiscal year.
Revenue increased 9% to JPY 3,329.269 billion. Business profit increased 26% to JPY 301.2 billion, and was up Y-o-Y in all segments except energy, which booked some one-time expenses in Q2. Net income increased 23% to JPY 210.9 billion, which was also a record high through Q3. Top right side, free cash flow was positive JPY 167.6 billion. At the bottom, interest-bearing debt decreased to JPY 573.9 billion. Please refer to the table near the bottom of page 7. JPY 167.6 billion in free cash flow included JPY 256.7 billion in operating cash flow.
This is mainly due to the increased profit, as well as extra efforts to secure advanced payments in GTCC against the backdrop of strong demand for gas turbines. Slide 8 shows the balance sheet. Please note that assets and the liabilities related to Mitsubishi Logisnext are included in assets and liabilities held for sale. Total assets were JPY 7,393 billion, up JPY 734.1 billion from the end of the previous fiscal year. Excluding an impact of JPY 240 billion from a currency foreign currency rate fluctuations, the increase was JPY 490 billion.
Mitsubishi Logisnext , the reclassification of the ML items to make the balance sheet a little difficult to parse, but excluding this group classification, the assets side of working capital increased by about JPY 350 billion, on the liabilities side, GTCC's booking of the advances received an increase by about JPY 300 billion.
So the net is some tens of billions, which can increase by about JPY 60 billion. Balance of interest-bearing debt was JPY 573.9 billion, and the net interest-bearing debt was -JPY 112.7 billion. Slide nine shows the waterfall chart illustrating YoY changes in business profit. Changes in the revenue and margin improvements served to increase business profits by JPY 110 billion, starting from JPY 2,240 billion.
By looking at the improvement, we will see the increase by JPY 110 billion. We see this as a result of the steady execution of our extensive backlog and the provision of after-sale services in each segment. At the beginning of the fiscal year, we had planned for this factor to add JPY 130 billion Y-o-Y to business profit in the full year, and the progress we have seen through Q3 gives us confidence in this figure.
The negative JPY 20 billion from the changes in one-time expenses represent the difference between the negative JPY 10 billion booked in the previous fiscal year and the negative JPY 30 billion recorded in Q2 of the current fiscal year, that both expenses were all from the projects in the Thermal Power businesses.
On the topic of foreign exchange rates, the average rate for the revenue recognition was 152 JPY to the dollar during the previous fiscal year, and 148 JPY to a dollar in the current fiscal year, so that yen was appreciated slightly. The updates on each segment were shown on the slides at the end afterwards.
Then in energy systems order intake increased significantly in GTCC Nuclear Power. Orders for GTCC were driven by strong demand for electricity in North America, Asia and Japan. Although profit increased as we steadily executed projects and provided after-sale services, profit for the segment, as I said, as, as a whole, decreased due to the booking of JPY 30 billion in one-time expenses in Steam Power.
On the top left of the slide, let me show you the full year outlook. On the back of strong order intake in GTCC, Nuclear Power and Steam Power, we have increased the full year order intake forecast from JPY 3.2 trillion to JPY 3.6 trillion. Next, going to slide 12. This is Plants and Infrastructure Systems. Order intake, revenue and business profit all increased year-over-year.
Although orders for Metals Machinery and Machinery Systems declined due to a high base effect from large projects booked in the previous fiscal year, overall order intake increased, mainly due to the signing of a contract for a fertilizer plant in Turkmenistan in the engineering business. Business profit increased significantly due to steady progress in Metals Machinery projects and improved profitability in Machinery Systems and Commercial Ships.
We have increased the full-year order intake forecast from JPY 900 billion to JPY 1.1 trillion. This reflects the booking of the large fertilizer plant. We have also increased the forecast for business profit from JPY 70 billion to JPY 80 billion, based on steady progress in Engineering and Metals Machinery. Slide 13. In Logistics, Thermal and Drive Systems, HVAC units sold continued to decline due to stagnation in the China real estate market.
Revenue increased in Engines, reflecting strong demand for data centers, while total segment revenue decreased. Higher business profit in Engines and Turbochargers offset declines in HVAC, resulting in an increase in overall segment business profit. Slide 14. In Aircraft, Defense and Space, order intake declined in Defense due to a high base effect from the booking of several large projects in the previous fiscal year.
However, revenue and business profit increased due to steady execution of the backlog. Revenue and business profit also increased in Commercial Aviation due to an increase in the number of Boeing 787 unit deliveries and various profitability improvement initiatives. Next, allow me to speak about the full year earnings forecast. This is slide 16. We have increased the full year order intake forecast by JPY 600 billion to JPY 6.7 trillion.
We raised the business profit forecast by JPY 20 billion to JPY 410 billion, and the new target for net income is JPY 260 billion. The exchange rate assumption for the fourth quarter is 150 yen to the dollar. Foreign exchange exposure on a business profit basis is $900 million. In terms of free cash flow, we have changed the target to JPY 200 billion. From page 17 to page 20 is the by segment order intake, revenue and profit. This will be repetitive, so would you please read this after today's briefing. From Page 21 onward, we have some additional information. Page 22, this is the number of gas turbines order intake, number of order intakes.
Third, up until the third quarter, we have 31 units, and the backlog is 75 units. Going to page 23. On the top left, by segment order backlog is shown. Energy Systems, JPY 6.5 trillion, out of which GTCC is about JPY 5 trillion. Plants and Infrastructure Systems at JPY 2 trillion. Aircraft, Defense and Space is at 3- around 3.5 trillion JPY. So I have gone through my presentation.
To summarize, the results in the third quarter continued to see strong trends. Going forward, we will continue to previous releases. We have seen progress and winning new orders, which is a source of future profit growth. We are steadily converting a sizable backlog into higher profits. We will diligently in each of businesses with the aim of achieving our midterm target for 2024. This concludes my presentation.