HD Hyundai Marine Solution (443060) Q2 2025 earnings summary

Executive summary

• Achieved 17.7% operating margin in 2Q25, with profitability enhanced despite external headwinds.

• 1H25 core business revenue up 21.4% and operating profit up 36.3% year-over-year.

• Revenue for H1 2025 was KRW 953.3 billion, down from KRW 1,745.5 billion in FY2024 and KRW 1,430.5 billion in FY2023, reflecting a sequential decline.

• Operating profit for H1 2025 was KRW 166.0 billion, compared to KRW 271.7 billion in FY2024 and KRW 201.5 billion in FY2023.

• Net income attributable to owners for H1 2025 was KRW 116.3 billion, down from KRW 227.9 billion in FY2024 and KRW 151.1 billion in FY2023.

Financial highlights

• 2Q25 revenue of KRW 467.7bn, up 6.8% year-over-year but down 3.7% sequentially.

• Operating income stable at KRW 83.0bn, up 16.9% year-over-year.

• Net income at KRW 53.0bn, down 16.3% sequentially and 6.5% year-over-year.

• Gross margin for H1 2025 was 22.8%, slightly up from 21.7% in H1 2024.

• Non-operating P&L loss of KRW -14.7bn, mainly due to foreign currency losses.

Outlook and guidance

• Aftermarket and digital solutions expected to drive continued growth, with focus on expanding global customer base.

• Preparing for market expansion under IMO mid-term measures and enhancing vessel-specific sales strategies.

• Expanding into methanol/ammonia fuel supply, carbon credit brokerage, AI-based systems, and logistics hub operations.

• Plans to further develop digital and eco-friendly solutions in response to tightening environmental regulations and digital transformation in shipping.