HD Hyundai (267250) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 increased by 5.2% year-over-year to 712,594억원, driven by strong performance in shipbuilding and most subsidiaries.

• Operating income surged 104.5% year-over-year to 60,996억원, with significant profitability improvements in shipbuilding and continued gains in electric and core segments.

• Net income rose 90.4% year-over-year to 36,755억원.

Financial highlights

• Q4 2025 revenue was 187,371억원, up 2.8% sequentially and 9.6% year-over-year.

• Q4 2025 operating income reached 19,719억원, up 15.8% sequentially and 124.5% year-over-year; operating margin improved to 10.5%.

• Q4 2025 net income was 14,232억원, up 44.2% sequentially and 83.4% year-over-year.

• Full-year 2025 operating margin improved to 8.6% from 4.4% in 2024.

Outlook and guidance

• Oil refining expects volatility due to OPEC+ supply and geopolitical risks, with gasoline oversupply but some offset from US refinery closures.

• Shipbuilding anticipates robust LNG and tanker demand, but container vessel demand may weaken due to high base and regulatory factors.

• Construction equipment expects continued recovery and synergy from mergers.

• Electric segment projects structural growth in power infrastructure, driven by renewable energy and data center investments.

• Robotics expects increased automation demand, with global industrial robot market forecast to grow 7.7% in 2026.