BHI (083650) Q4 2025 earnings summary

Executive summary

• Revenue for FY2025 reached KRW 774.1 billion, up 91.3% year-over-year, with operating income of KRW 75.5 billion and net income of KRW 65.2 billion, reflecting significant improvements in order intake and project profitability.

• Major growth was driven by increased orders for HRSG and boiler products, with export sales accounting for 72% of total revenue.

• The company maintained a strong position in the power plant equipment sector, with a focus on custom-engineered products for domestic and international utilities and EPC contractors.

Financial highlights

• Total assets at year-end were KRW 830.8 billion, up 58.3% from the prior year, mainly due to higher trade receivables and unbilled construction work.

• Total liabilities increased to KRW 653.1 billion, with a debt-to-equity ratio of 367.6% (up from 350.7%).

• Cash and cash equivalents rose to KRW 59.95 billion, reflecting improved operating cash flow of KRW 112.3 billion.

• Gross margin improved to 15.6% (KRW 120.4 billion gross profit), and basic EPS was KRW 2,107.

Outlook and guidance

• Management expects continued growth in the HRSG and boiler markets, supported by global LNG power expansion and domestic energy transition policies.

• The company plans to leverage its proprietary technology and R&D to capture new opportunities in renewable energy and performance improvement projects.

• No dividend was declared for the year, with future payouts contingent on sustained earnings recovery.