Samsung Heavy Industries (010140) Q2 2025 earnings summary

Executive summary

• Operates in shipbuilding, offshore platforms, and construction, with 11 consolidated subsidiaries as of June 30, 2025.

• Shipbuilding/offshore accounted for 95.76% of H1 2025 sales; construction for 4.24%.

• Major customers are overseas shipowners; main products include LNG carriers, container ships, and offshore platforms.

• Recent years saw large-scale orders, R&D in eco-friendly and digital ship technologies, and significant contract cancellations with Russian clients due to sanctions.

Financial highlights

• H1 2025 consolidated revenue: KRW 5,177.3 billion, up 6% YoY.

• Operating income: KRW 327.9 billion (H1 2024: KRW 208.6 billion).

• Net income attributable to owners: KRW 306.2 billion (H1 2024: KRW 86.5 billion).

• Basic EPS: KRW 358 (H1 2024: KRW 101).

• Cash and equivalents at June 30, 2025: KRW 596.8 billion.

• Total assets: KRW 13,941.7 billion; total liabilities: KRW 10,332.8 billion.

Outlook and guidance

• Shipbuilding market expected to recover in H2 2025, especially for LNG carriers and tankers.

• Construction sector faces continued uncertainty due to weak domestic demand and funding risks.

• Company expects to maintain high utilization and focus on high-value ship segments.