CS Wind Posts Q3 Operating Profit of KRW 80.7 Billion, Up 22.8% YoY

Wind Tower Division Operating Profit Grows 73.8%
"Positive Impact Expected from U.S. Midterm Election Results"

A view of the CS Wind headquarters. CS Wind

CS Wind, a global manufacturer of wind towers and offshore wind substructures, said on November 6 that it had posted preliminary consolidated third-quarter revenue of KRW 677.5 billion and operating profit of KRW 80.7 billion. Revenue rose 13.5% and operating profit increased 22.8% from the same period a year earlier.

By business segment, the wind tower division recorded revenue of KRW 593.7 billion and operating profit of KRW 55.8 billion, up 28.6% and 73.8%, respectively, from a year earlier. CS Wind explained, "The results were driven by increased production at our U.S. subsidiary and the resulting rise in recognized Advanced Manufacturing Production Credits (AMPC), enabling us to achieve both revenue growth and improved profitability."

In September, CS Wind exclusively secured a contract worth approximately KRW 151 billion to supply wind towers for a U.S. onshore wind project that will provide power to a data center operated by a global Big Tech company.

The company said, "Through advance supply agreements with key turbine makers, we have secured the full production volume of our U.S. subsidiary for 2027, which we expect will further improve the visibility of next year's results and AMPC benefits."

The substructure division recorded revenue of KRW 83.8 billion and operating profit of KRW 24.9 billion. This reflected results from a German transition piece project awarded at the end of 2024, as well as the recognition of non-recurring revenue, including customer incentives. Results of bids for European offshore wind substructure projects are expected to be announced at year-end, raising expectations for additional orders.

A company official said, "With the U.S. midterm elections raising expectations for positive changes in the policy environment, the push to pass the bipartisan permitting reform bill (BAAJA) has further strengthened expectations that uncertainty in the wind market will ease. We will continue to strengthen our production competitiveness in the United States in preparation for improved permitting conditions and increased investment and orders for wind projects."

This content was produced with the assistance of AI translation services.