BHI (083650) Q2 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 was KRW 304.6 billion, down from KRW 404.7 billion in the previous year’s comparable period, reflecting a contraction in both domestic and export sales.

• Operating income rose to KRW 32.8 billion, up 49.7% year-over-year, and net income more than doubled to KRW 38.6 billion, driven by improved margins and non-operating gains.

• The company maintained a strong order backlog of KRW 3.2 trillion, with 56 projects in progress, supporting future revenue visibility.

Financial highlights

• Gross margin improved to 17.4% from 13.1% year-over-year, reflecting better cost control and project mix.

• Cash and cash equivalents increased to KRW 23.2 billion at period-end, up from KRW 17.6 billion at the start of the year.

• Debt-to-equity ratio rose to 383.7% from 350.7% at year-end 2024, reflecting increased borrowings to support working capital.

• Basic EPS for the half-year was KRW 1,246, compared to KRW 242 in the prior year.

Outlook and guidance

• The company expects continued demand for power generation equipment, supported by domestic and global infrastructure investments and energy transition policies.

• Management is focused on expanding into new business areas such as civil engineering and real estate leasing, leveraging existing assets and capabilities.

• Ongoing R&D in hydrogen, renewable energy, and high-efficiency systems is expected to drive future growth.