Samsung Heavy Industries (010140) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 increased by 8% year-over-year to KRW 7,812.1 billion, driven by strong performance in the shipbuilding and offshore segment, which accounted for 96.15% of total sales.

• Operating income rose to KRW 565.98 billion, up from KRW 328.47 billion in the prior year period, with net profit attributable to owners of the parent at KRW 448.22 billion.

• The company maintained a robust order backlog of KRW 267,300 billion as of September 30, 2025, with significant new orders in both shipbuilding/offshore and construction.

Financial highlights

• Gross margin improved to 11.7% for the cumulative period, up from 8.7% a year earlier.

• Cash and cash equivalents increased to KRW 1,403.0 billion from KRW 955.96 billion at the end of 2024.

• Total assets stood at KRW 14,539.4 billion, with total liabilities at KRW 10,594.1 billion and total equity at KRW 3,945.3 billion.

• Basic earnings per share for common stock reached KRW 525, compared to KRW 75 in the prior year.

Outlook and guidance

• The shipbuilding and offshore market is expected to recover in Q4 2025, especially for LNG carriers, as global trade and regulatory-driven vessel replacement drive demand.

• The construction segment faces continued uncertainty due to reduced government SOC budgets, increased unsold housing, and tighter financing conditions.