JUSUNG ENGINEERING Co. (A036930) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was KRW 258.4 billion, down 14.2% year-over-year, with operating income at KRW 43.8 billion (operating margin 17.0%) and net income at KRW 40.4 billion (net margin 15.6%), both declining over 50% due to increased R&D investment.

• The company operates in semiconductor, solar cell, and display equipment, with 97.8% of sales from semiconductor equipment.

• Overseas sales accounted for 69.4% of total revenue, reflecting a strong export orientation.

Financial highlights

• Total assets at September 30, 2025, were KRW 871.6 billion, with equity of KRW 593.4 billion and liabilities of KRW 278.2 billion.

• Cash and cash equivalents stood at KRW 145.2 billion, down from KRW 250.7 billion at the end of 2024.

• R&D expenses reached KRW 81.6 billion, representing 31.6% of sales, up from 23.0% in the prior year.

• Gross margin remained robust, but both operating and net margins contracted due to higher R&D and SG&A costs.

Outlook and guidance

• The company is investing in next-generation semiconductor, solar, and display technologies, including compound semiconductors and tandem solar cells.

• A major new R&D facility investment of KRW 104.8 billion is underway, targeting expanded capacity and innovation.

• Management expects continued demand growth in AI, high-performance computing, and renewable energy sectors.