Hyosung Heavy Industries (298040) Q3 2025 earnings summary

Executive summary

• Achieved record quarterly sales and operating profit in 3Q 2025, driven by strong performance in Power Systems and global extra-high voltage orders.

• Net profit rose to KRW 151.8 bn in 3Q 2025, up from KRW 87.3 bn in 2Q 2025 and KRW 72.4 bn in 3Q 2024.

• Operates two main business segments: heavy industry (transformers, circuit breakers, motors, gear reducers) and construction (residential, commercial, civil engineering).

• Global sales network with diversified markets in Asia, Europe, Americas, and Africa; major customers include HICO, KEPCO, and various construction consortia.

• R&D focus on eco-friendly, high-efficiency products and digital solutions; 2025 YTD R&D spend was 35.2 billion KRW (0.83% of sales).

Financial highlights

• Sales revenue increased to KRW 1,624.1 bn in 3Q 2025, up 42% year-over-year and 6% sequentially.

• Operating profit margin improved to 13.5% in 3Q 2025 from 10.8% in 2Q 2025 and 9.7% in 3Q 2024.

• 2025 Q3 YTD consolidated revenue: 4,225.6 billion KRW (down from 4,895.0 billion KRW in 2024).

• Operating income: 486.5 billion KRW (up from 362.5 billion KRW YoY).

• Net income attributable to owners: 344.9 billion KRW (up from 222.6 billion KRW YoY).

Outlook and guidance

• Ongoing investment in global production capacity and power grid modernization solutions.

• Heavy industry segment expects continued demand growth driven by global grid upgrades, renewable energy, and digitalization.

• Construction segment faces market uncertainty but expects stable demand from infrastructure and redevelopment projects.

• Focus on high-quality project acquisition and disciplined bidding in Construction.

• Continued expansion in emerging businesses such as hydrogen and data centers.