BHI (083650) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 reached KRW 509.3 billion, up 25.9% year-over-year, with operating income of KRW 51.2 billion and net income of KRW 50.2 billion, both more than doubling from the prior year.

• Gross margin improved to 16.0% from 13.7% year-over-year, reflecting higher sales and improved cost structure.

• Export sales accounted for 67.3% of total revenue, highlighting strong overseas demand for power generation equipment.

Financial highlights

• Total assets at September 30, 2025, were KRW 786.2 billion, up from KRW 524.8 billion at year-end 2024.

• Cash and cash equivalents increased to KRW 89.9 billion from KRW 17.6 billion at the end of 2024.

• Debt to equity ratio rose to 379.4% from 350.7% at year-end 2024, reflecting increased borrowings to support growth.

• Operating cash flow for the period was KRW 130.0 billion, with significant investments in property, plant, and equipment.

• Basic earnings per share for the nine months was KRW 1,624, up from KRW 299 in the prior year.

Outlook and guidance

• The company expects continued growth in power generation equipment demand, driven by domestic and global infrastructure investments and energy transition trends.

• The order backlog remains robust at KRW 934.8 billion, supporting revenue visibility into 2026.

• Management is focused on expanding overseas markets and enhancing technology competitiveness through R&D.