HL Mando (A204320) Q1 2025 earnings summary

Executive summary

• Sales reached KRW 2,271.0bn in 1Q25, up 7.8% year-over-year, with operating profit at KRW 79.2bn (OPM 3.5%) and net profit at KRW 34.6bn (NPM 1.5%).

• Performance was supported by a diversified regional customer base, offsetting volume volatility from a major North American EV customer.

• New business wins totaled KRW 2.5tn in 1Q25, representing 18% of the annual target, with significant orders from Chinese and Indian OEMs.

Financial highlights

• Operating profit increased by KRW 3.6bn year-over-year but declined sequentially by KRW 31.8bn.

• Net income dropped by KRW 111.1bn year-over-year due to a one-time KRW 148bn gain on financial assets in 1Q24.

• Gross margin and operating margin remained stable, with minor fluctuations compared to prior periods.

Segment performance

• Americas sales grew 23.6% year-over-year, while Korea and China saw modest changes; India posted a 15% increase.

• Europe experienced a slight decline in sales year-over-year but grew sequentially.

• Growth in India and Americas offset declines in Korea and China sequentially.