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HD Hyundai Heavy Industries (329180) investor relations material
HD Hyundai Heavy Industries Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 sales rose 7.5% quarter-over-quarter and 13.8% year-over-year, driven by higher vessel prices, productivity gains, and favorable FX rates.
Operating profit decreased 1.5% quarter-over-quarter but surged 108% year-over-year, with one-off incentive bonuses and the absence of prior quarter gains impacting results.
Net income increased 13.3% quarter-over-quarter and 36.6% year-over-year, reflecting strong operational performance.
All shipbuilding subsidiaries maintained a net cash position totaling KRW 6.2 trillion, reflecting strong financial health.
Financial highlights
4Q25 sales: 8,151.6 bn KRW (+7.5% QoQ, +13.8% YoY); FY25 sales: 29,933.2 bn KRW (+17.2% YoY).
4Q25 operating profit: 1,037.9 bn KRW (-1.5% QoQ, +108% YoY); FY25 operating profit: 3,904.5 bn KRW (+172.3% YoY).
4Q25 net income: 993.0 bn KRW (+13.3% QoQ, +36.6% YoY); FY25 net income: 2,928.4 bn KRW (+101.3% YoY).
Positive FX impact contributed KRW 50 billion to operating profit in Q4.
One-off incentive bonuses and gains recognized across divisions, slightly reducing operating profit.
Outlook and guidance
Management expects continued growth in 2026, supported by higher vessel prices, productivity improvements, and stable performance in offshore and engine divisions.
Shipbuilding order intake exceeded annual target by 16%, with $17.4 billion in new orders.
New building prices expected to decline only gradually, supported by strong backlogs and environmental regulations.
Offshore wind and SMR businesses targeted for growth, with first EPC contract in offshore wind expected in 2026.
Forecasts are subject to market and operational uncertainties.
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