Hyosung Heavy Industries (298040) Q4 2025 earnings summary

Executive summary

• Achieved record-high quarterly sales revenue of KRW 1,743.0 bn in 4Q 2025, up from KRW 1,571.5 bn in 4Q 2024 and KRW 1,624.1 bn in 3Q 2025.

• Net profit rose to KRW 160.1 bn in 4Q 2025, compared to KRW 96.1 bn in 4Q 2024 and KRW 151.8 bn in 3Q 2025.

• EBITDA reached KRW 283.1 bn with a margin of 16.2% in 4Q 2025, up from 14.9% in 3Q 2025.

Financial highlights

• Operating profit increased to KRW 260.5 bn in 4Q 2025, up from KRW 132.2 bn in 4Q 2024 and KRW 219.8 bn in 3Q 2025.

• Gross profit margin improved to 22.5% in 4Q 2025 from 17.9% in 4Q 2024.

• Net debt to equity ratio decreased to 22.2% at Dec 2025 from 39.2% at Sep 2025.

• Cash flow from operations was KRW 470.6 bn in 2025, with net income of KRW 502.8 bn for the year.

Outlook and guidance

• Strong global demand for ultra-high voltage (UHV) power equipment expected to continue, especially in the US and Europe.

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