HD Hyundai (A267250) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 rose 5.9% sequentially and 9.8% year-over-year, driven by strong performance in core businesses, especially refining and shipbuilding.

• Operating profit surged 49.5% from the previous quarter and 294.5% year-over-year, reaching a quarterly record.

• Net income more than doubled sequentially and increased over eightfold year-over-year.

Financial highlights

• Q3 2025 revenue: ₩182,243 billion; operating profit: ₩17,024 billion; net income: ₩9,869 billion.

• Operating margin improved to 9.3%, up 2.7 percentage points sequentially and 6.7 points year-over-year.

• Significant turnaround in refining (Oil Bank) and continued profitability in shipbuilding and electrical equipment.

• Cash and cash equivalents increased to ₩72,856 billion at quarter-end.

Outlook and guidance

• Oil prices expected to remain volatile due to OPEC+ supply, US tariffs, and Russia-related uncertainties.

• Shipbuilding order share rising, with container and tanker demand expected to continue; LNG carrier orders to gradually recover.

• Construction equipment and engine sales projected to grow 17% year-over-year in 2025.

• Power equipment market outlook remains favorable, with demand for eco-friendly products and US/EU infrastructure projects.