HD Hyundai Marine Solution (443060) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of KRW 1,982.7 billion in 2025, with core business contributing KRW 1.2 trillion (60.5%).

• Operating profit for 2025 reached KRW 350.1 billion, up 28.9% year-over-year, with a margin of 17.7%.

• Fourth quarter consolidated revenue reached KRW 516.2 billion, up 11.4% year-on-year and 0.6% sequentially.

• Maintained higher earnings level with reduced year-end non-recurring cost volatility.

• 2026 revenue guidance is set at KRW 2.33 trillion, with core business revenue expected above KRW 1.4 trillion.

Financial highlights

• Fourth quarter operating profit was KRW 90.5 billion, up 37.3% year-on-year, with a 17.5% margin.

• Net profit for Q4 was KRW 73.5 billion; full-year net income reached KRW 269.6 billion, up 18.3% year-over-year.

• Debt-to-equity ratio at year-end was 54.3%; net cash flow stood at KRW 564.7 billion.

• Annual operating margin reached 17.7% company-wide and 29.2% for core business.

• Dividend payout ratio for 2025 was 69%, with total dividends at KRW 3,950 per share.

Outlook and guidance

• 2026 revenue outlook set at KRW 2.33 trillion, with continued growth in core businesses and digital solutions.

• Monetization of LTSA and AM segments expected to accelerate from 2026.

• Value enhancement plan disclosure planned for 1Q 2026.

• Bunkering business to pursue stable growth via alternative fuels and volume expansion amid weak oil prices.

• Digital Solution expects accelerated growth in 2026, leveraging new building market and product commercialization.