Samsung C&T (028260) Q1 2025 earnings summary

Executive summary

• Achieved consolidated sales of KRW 9.74 trillion in Q1 2025, down 9.8% year-over-year, with net profit of KRW 937 billion, up 14% year-over-year and 43% sequentially.

• Operating profit rose to KRW 724.4 billion, up 1.7% year-over-year and 14% sequentially, with an improved operating margin of 7.4%.

• Construction and trading comprised the largest revenue shares, while Bio and T&I segments offset declines in E&C, Fashion, and Leisure.

• Maintained strong liquidity with cash and cash equivalents at KRW 3.26 trillion as of March 31, 2025.

Financial highlights

• Gross profit increased to KRW 1,753 billion, up 6.3% year-over-year; gross margin for Q1 2025 was 18.0%.

• Operating income was KRW 724.4 billion, up from KRW 648.6 billion in Q1 2024.

• Net income attributable to owners was KRW 732.8 billion, up from KRW 728.0 billion in Q1 2024.

• Net cash position at KRW 992 billion, down from KRW 1,262 billion at end of 2024.

• Total assets at KRW 62.46 trillion, equity at KRW 38.33 trillion.

Outlook and guidance

• Targeting 22GW solar pipeline and $100 million in asset disposal gains in 2025 for T&I.

• Continued focus on landmark housing projects, SMR expansion in Europe, and high-value projects.

• Bio segment expects further growth with Plant 5 operations, large CMO contracts, and global expansion.

• Dividend policy targets 60–70% of affiliate dividend income, with a minimum annual payout of KRW 2,000 per share through 2025.