Doosan Bobcat (241560) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was $1,444M, down 19.9% year-over-year and 5.7% sequentially, reflecting a high prior-year base and ongoing economic uncertainties.

• EBIT for Q1 2025 was $138M, down 43.9% year-over-year but up 7.6% sequentially, with an EBIT margin of 9.5%.

• Net profit for Q1 2025 was $78M, down 52.2% year-over-year and 11.9% sequentially, with a net margin of 5.4%.

• The company completed the acquisition of Doosan Mottrol, expanding into hydraulic equipment.

Financial highlights

• Gross margin for Q1 2025 was 24.1%, compared to 24.9% in Q1 2024.

• EBITDA reached $178M, down 37.5% year-over-year but up 2.9% sequentially.

• Basic and diluted EPS for Q1 2025 were $0.81, down from $1.63 in Q1 2024.

• Cash and cash equivalents at quarter-end were $1,317.1M.

• Net interest expense increased 54.5% year-over-year.

Outlook and guidance

• 2Q25 revenue expected to be similar to prior year, but uncertainties remain due to tariffs and economic conditions.

• The company maintains a quarterly dividend policy, with a minimum annual dividend of KRW 1,600 per share and a shareholder return rate of 40% for 2025–2027.

• Management expects continued investment in R&D and capacity expansion, with planned capital expenditures of $301.8M in 2025.

• Demand in key segments expected to remain stagnant or slow, with potential tariff impacts starting in 2Q.