Doosan Bobcat (241560) Q3 2025 earnings summary

Executive summary

• Revenue rose 17% year-over-year in Q3 2025, driven by a low base effect from Q3 2024.

• Net profit increased 28% year-over-year, aided by a one-time $5M corporate tax refund.

• Operating margin declined by 0.7 percentage points year-over-year due to tariff impacts.

Financial highlights

• Q3 2025 revenue: $1,529M (+17.2% YoY, -2.4% QoQ).

• EBIT: $98M (+6.2% YoY, -32.9% QoQ); EBITDA: $141M (+6.7% YoY, -26.1% QoQ).

• Net profit: $60M (+27.5% YoY, -31.1% QoQ).

• Net cash increased by $141M compared to end-2024, despite $109M in dividends and $102M in share repurchases YTD.

Outlook and guidance

• YoY growth in compact equipment expected to continue due to low base effect.

• Material handling segment faces ongoing challenges from delayed economic recovery and key account purchases.

• Portable power demand expected to remain at prior year levels.