Doosan Bobcat (241560) Q4 2025 earnings summary

Executive summary

• Revenue for FY25 declined 1.4% year-over-year to $6,182M, mainly due to weaker forklift sales and tariff impacts.

• EBIT margin dropped 2.4 percentage points, affected by tariffs and higher SG&A costs.

• Net profit fell 31.5% year-over-year, with a notable one-off tax reversal in the prior year.

Financial highlights

• 4Q25 revenue increased 7.1% year-over-year, driven by a low base and pricing actions.

• Full-year EBIT decreased 24.5% to $482M; EBITDA down 17.7% to $661M.

• Net profit margin for FY25 was 4.6%, down from 6.6% in FY24.

• Net cash position improved by $321M, supporting $237M in shareholder returns.

Outlook and guidance

• FY26 revenue guidance is $6.45B, up 4.3%, targeting dealer inventory rebuild and market share gains.

• Operating profit expected to remain flat year-over-year, with productivity improvements offsetting tariff and material cost pressures.

• North America and EMEA markets expected to soften, while ALAO region anticipates gradual improvement.