Doosan Bobcat (241560) Q2 2025 earnings summary

Executive summary

• Sales declined 4% year-over-year due to inventory adjustments and ongoing economic slowdown in Europe, with operating profit down 16% and net profit down 24% compared to the same quarter last year.

• Revenue for 2Q25 was $1,567M, an 8.5% sequential increase but a 3.8% decrease year-over-year.

• Economic headwinds, including tariff impacts and increased promotional activity, contributed to lower profitability.

Financial highlights

• EBIT margin decreased to 9.3% from 10.7% year-over-year.

• EBITDA fell 12.7% year-over-year but rose 2.8% sequentially.

• Net profit margin dropped to 5.5% from 7.0% year-over-year.

• Net cash increased by $82M despite dividend payouts and share repurchases in 1H25.

Outlook and guidance

• Tariff uncertainty is expected to persist into 3Q25, with full impact anticipated in the second half of 2025.

• Economic uncertainties and delayed recovery in Europe may continue to affect demand.

• Demand for portable power expected to remain at prior year levels.