HD Hyundai Marine Solution (443060) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of KRW 1,982.7 billion in 2025, with core business contributing 60.5% of total revenue and driving a 28.9% year-on-year increase in operating profit.

• Fourth quarter consolidated revenue reached KRW 516.2 billion, up 11.4% year-on-year, maintaining a higher earnings level with reduced volatility from non-recurring costs.

• 2026 revenue guidance is set at KRW 2.33 trillion, with core business revenue projected above KRW 1.4 trillion.

Financial highlights

• Full-year operating profit was KRW 350.1 billion, with an operating margin of 17.7% overall and 29.2% for the core business.

• Fourth quarter operating profit was KRW 90.5 billion, up 37.3% year-on-year, with a 17.5% margin.

• Net profit for the fourth quarter was KRW 73.5 billion, supported by KRW 7.2 billion in non-operating income.

• Full-year 2025 net income reached KRW 269.6 billion, up 18.3% year-on-year.

Outlook and guidance

• 2026 revenue outlook is set at KRW 2.33 trillion, with continued growth expected in core businesses.

• Monetization of LTSA and AM segments expected to accelerate from 2026.

• Value enhancement plan disclosure planned for 1Q 2026.

• Bunkering business aims for stable growth through alternative fuels and volume expansion despite weak oil prices.

• Digital Solution growth expected to accelerate in 2026, driven by Shaft Generator commercialization and defense vessel demand.