HD Hyundai Heavy Industries (329180) Q3 2025 earnings summary

Executive summary

• Sales rose 6.5% quarter-over-quarter and 22.4% year-over-year, driven by higher vessel prices and improved productivity.

• Operating profit increased 18.2% QoQ and 170.4% YoY, reflecting strong performance in shipbuilding and engine segments.

• Net income surged 104.3% QoQ and 496.7% YoY, supported by improved profitability and non-operating gains.

Financial highlights

• 3Q25 sales reached 4,417.9 bn KRW, operating profit 557.3 bn KRW, and net income 430.8 bn KRW.

• Operating profit margin improved to 12.6% from 11.4% in 2Q25 and 5.7% in 3Q24.

• Significant non-operating items included 107.2 bn KRW FX gains, -769.3 bn KRW derivative losses, and 744.8 bn KRW contract valuation gains.

Outlook and guidance

• Management expects continued growth, supported by higher vessel prices, increased naval sales, and expanded offshore project revenue.