Hyundai Mobis (012330) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 6.4% YoY to KRW 14.8 tn, driven by higher module/core parts and A/S sales, while electrification revenue declined due to an accounting rule change.

• Operating profit surged 43.1% YoY to KRW 777 bn, mainly from robust A/S business and favorable FX; net income attributable to owners was KRW 1,031,002 million, up from KRW 861,144 million in Q1 2024.

• The business is split between auto modules/parts manufacturing (77.8% of sales) and after-sales (A/S) parts (22.2%).

• Overseas sales grew 17.8% YoY, while domestic sales declined 5.3% due to changes in EV demand and battery cell accounting.

• Cumulative non-captive orders reached USD 2.1 bn, 28% of the 2025 target.

Financial highlights

• Sales: KRW 14.75 tn (+6.4% YoY, +0.3% QoQ).

• Operating profit: KRW 777 bn (+43.1% YoY, -21.2% QoQ), margin 5.3%.

• Net profit: KRW 1,032 bn (+19.6% YoY, -19.3% QoQ), margin 7.0%.

• Gross profit: KRW 2,062 bn (+27.4% YoY, -10.8% QoQ); gross profit margin improved to 14.0% from 11.7% YoY.

• Cash and equivalents at quarter-end were KRW 4,632,606 million.

Outlook and guidance

• 2025 non-captive order target set at USD 7.4 bn, including USD 2.4 bn for electrification.

• Plans to attend major global events in 2025 to drive order growth.

• TSR target for FY25 is 30%+; plans to continue quarterly dividends and share buybacks.

• Gradual recovery in global auto demand expected, but risks remain from slowing EV growth, price competition, and macroeconomic uncertainty.