Doosan Bobcat (241560) Q1 2025 earnings summary

Executive summary

• Revenue declined 20% year-over-year due to a high base in the prior year and ongoing economic uncertainties.

• EBIT dropped 44% and net profit fell 52% year-over-year, mainly from lower sales and operating profit.

• Quarterly operating profit showed sequential improvement since 3Q24.

Financial highlights

• 1Q25 revenue was $1,444M, down 19.9% year-over-year and 5.7% sequentially.

• EBIT was $138M, down 43.9% year-over-year but up 7.6% sequentially.

• EBITDA reached $178M, a 37.5% year-over-year decrease but a 2.9% sequential increase.

• Net profit was $78M, down 52.2% year-over-year and 11.9% sequentially.

Outlook and guidance

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

• Tariff impacts may begin in 2Q, and demand is expected to remain stagnant in some segments.