Doosan Bobcat (241560) Q1 2025 earnings summary

Executive summary

• Revenue declined 19.9% year-over-year and 5.7% sequentially, reflecting a high prior-year base and ongoing economic uncertainties.

• EBIT dropped 43.9% year-over-year but improved 7.6% sequentially as operating profit continued to recover since 3Q24.

• Net profit fell 52.2% year-over-year and 11.9% sequentially, mainly due to lower operating profit.

Financial highlights

• Revenue for 1Q25 was $1,444M, down from $1,803M in 1Q24.

• EBIT for 1Q25 was $138M, with an EBIT margin of 9.5%.

• EBITDA reached $178M, down 37.5% year-over-year but up 2.9% sequentially.

• Net profit for 1Q25 was $78M, with a net margin of 5.4%.

• Net interest expense increased 54.5% year-over-year.

Outlook and guidance

• 2Q25 revenue expected to be similar to prior year, but uncertainties remain due to tariffs and economic conditions.

• Demand in key segments expected to remain stagnant or slow, with potential tariff impacts starting in 2Q.