Doosan Bobcat (241560) Q2 2025 earnings summary

Executive summary

• Revenue and profit declined year-over-year due to inventory adjustments, tariffs, and economic slowdown in Europe, while portable power sales grew.

• Operates as a global holding company with subsidiaries in North America, Europe, Asia, and other regions, focusing on construction equipment and hydraulic components.

• Added hydraulic equipment as a new business segment after acquiring Doosan Mottrol in October 2024.

• Maintains a strong global dealer network and diversified product portfolio, including compact equipment, portable power, material handling, and hydraulic devices.

Financial highlights

• H1 2025 consolidated revenue: USD 3,011 million, down from USD 3,432 million in H1 2024; Q2 revenue: $1,567M, down 3.8% YoY, up 8.5% sequentially.

• Operating income for H1 2025: USD 283 million, down from USD 419 million in H1 2024; Q2 EBIT: $145M, down 16.3% YoY, up 5.6% sequentially; EBIT margin at 9.3%.

• Net income attributable to owners: USD 165 million for H1 2025, compared to USD 278 million in H1 2024; Q2 net profit: $87M, down 24.3% YoY, up 11% sequentially; net margin at 5.5%.

• Gross margin for H1 2025: 23.6%, slightly down from 24.5% in H1 2024.

• Basic EPS for H1 2025: USD 1.71, compared to USD 2.77 in H1 2024.

• Cash and cash equivalents at June 30, 2025: USD 1,362M.

Outlook and guidance

• Tariff uncertainty expected to persist into Q3 and impact 2H 2025.

• Economic uncertainties and delayed recovery in Europe may continue to affect demand.

• Demand for portable power expected to remain at prior year levels.

• Continues to expand in compact equipment and hydraulic segments, with ongoing investments in R&D and production capacity.

• Maintains quarterly dividend policy, with a minimum annual dividend of KRW 1,600 per share and a 40% shareholder return target for 2025–2027.