Doosan Bobcat Inc.

This report does not constitute a rating action. Overview Key strengths Key risks Strong position in North American compact construction equipment (CE) market. Exposed to highly cyclical U.S. construction industry. Robust financial metrics with healthy cash flows. Parent has weaker credit profile and liquidity position than Doosan Bobcat Inc. (DBI). A continued subdued construction industry in key markets such as North America and Europe could weigh on the company?s operating performance over the next 12 months. Uncertainties surrounding U.S. tariffs could add to the impact. Adverse tariffs will particularly affect the company?s U.S. forklift business and European compact equipment (CE) exposure. DBI's revenue dropped to US$6.3 billion in 2024 from a record US$7.5 billion in 2023. EBITDA declined to US$832

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