Samsung C&T (028260) Q2 2025 earnings summary

Executive summary

• 2Q25 consolidated sales reached KRW 10,022 bn, up KRW 285 bn from 1Q25 but down KRW 983 bn year-over-year.

• Operating profit for 2Q25 was KRW 753 bn, a sequential increase of KRW 29 bn but a decrease of KRW 147 bn compared to 2Q24.

• Net profit for 2Q25 was KRW 527 bn, down KRW 410 bn from 1Q25 and KRW 207 bn lower year-over-year.

Financial highlights

• Gross profit for 2Q25 was KRW 1,801 bn, up KRW 48 bn sequentially but down KRW 112 bn year-over-year.

• SG&A expenses increased to KRW 1,048 bn in 2Q25, up KRW 19 bn from 1Q25 and KRW 35 bn from 2Q24.

• Operating margin for 2Q25 was 7.5%, up 0.1%p sequentially but down 0.7%p year-over-year.

• Non-operating profit was negative at KRW -8 bn in 2Q25, a sharp decline from KRW 436 bn in 1Q25.

Outlook and guidance

• Raised 2025 annual sales guidance for Bio segment, expecting YoY growth of 25-30% (up from 20-25%) due to increased ramp-up of Plant 4.