HMM (011200) Q4 2025 earnings summary

Executive summary

• Revenue for FY2025 was KRW 10,891,443 million, down 6.9% year-over-year, with operating income at KRW 1,461,202 million, a 58.4% decrease from the prior year.

• Net income attributable to owners was KRW 1,878,436 million, down 50.3% year-over-year, and basic EPS was KRW 1,951.

• The company maintained a strong equity base with a debt-to-equity ratio of 26.3% and a capital adequacy ratio of 79.2%.

• The container segment contributed 84.9% of revenue, bulk 13.3%, and other segments 1.8%.

Financial highlights

• Cash and cash equivalents at year-end were KRW 1,760,767 million, up 19.6% from the prior year.

• Total assets stood at KRW 33,563,133 million, with liabilities at KRW 6,991,856 million and equity at KRW 26,571,277 million.

• Gross margin declined as cost of sales increased to KRW 8,856,371 million.

• Operating cash flow was KRW 3,305,131 million, with significant investments in vessels and equipment.

• Dividend payout for the year was KRW 660,266 million, with a payout ratio of 35.15%.

Outlook and guidance

• The company expects continued overcapacity in container shipping and market volatility due to geopolitical risks and supply chain disruptions.

• Strategic focus is on expanding customer base, diversifying cargo portfolio, and cost optimization.

• Investment in eco-friendly vessels and digital transformation will continue, with a mid-term shareholder return policy targeting a 30% payout ratio or 5% dividend yield, whichever is higher, through 2030.