HD Hyundai Electric (267260) Q2 2025 earnings summary

Executive summary

• 2Q25 revenue declined both year-over-year and sequentially, but operating profit margin reached a record high due to improved profitability and anti-dumping duty reversals.

• Solid new orders and backlog growth continued from Q1, supporting future revenue visibility.

Financial highlights

• 2Q25 sales were KRW 906.2bn, down 1.2% YoY and 10.7% QoQ.

• Operating profit was KRW 209.1bn, down 0.5% YoY and 4.2% QoQ; OP margin improved to 23.1%.

• Net profit was KRW 141.9bn, down 12.0% YoY and 7.5% QoQ.

• Backlog rose 24.7% YoY to USD 6,550mn.

Outlook and guidance

• U.S. energy infrastructure investment and high transformer/circuit breaker prices support a favorable North American outlook.

• Middle East outlook driven by Saudi AI fund and focus on non-localized projects.

• European demand expected to remain strong due to renewable energy and regulatory changes.

• Marine segment outlook positive despite U.S.-China tariffs and Middle East tensions.