BHI Poised for Record Earnings on US Nuclear Power Boom
BHI, a South Korean specialist in power generation and energy plant equipment, is expected to achieve record earnings this year, riding the wave of massive US nuclear power plant investments and strengthening Korea-US energy cooperation, according to a securities firm outlook.
In a report released on the 10th, iM Securities analyst Lee Sang-heon stated, “Under the ‘Korea-US Memorandum of Understanding on Strategic Investment’ signed last year, South Korea plans to invest a total of $350 billion in the United States, comprising $150 billion in shipbuilding cooperation and $200 billion in strategic investments.” Lee added, “As investment in the US, including energy infrastructure projects, becomes more active, BHI’s order intake will also become more visible.”
The institutional framework supporting this has also been established. South Korea enacted the Korea-US Strategic Investment Act, which took effect in June, and the Korea-US Strategic Investment Corporation, dedicated to operational execution, was recently launched. This is why market interest in BHI, which possesses competitive strength in winning power facility orders, is growing as US-bound investments gain full momentum.
The US Department of Energy’s recently announced nuclear financing support program is also cited as a factor strengthening BHI’s order momentum. As part of large-scale financial support to accelerate nuclear power projects, the US Department of Energy unveiled a $17.5 billion long-lead item procurement loan program targeting up to five projects pursued by Westinghouse and utility companies.
On top of this, Westinghouse’s IPO is becoming more tangible as its major shareholders, Cameco and Brookfield, have submitted a confidential draft registration statement to the US Securities and Exchange Commission (SEC). Analyst Lee Sang-heon projected, “If capital inflows are facilitated through the IPO, orders for ongoing projects will accelerate.”
BHI is a company with strengths in Heat Recovery Steam Generators (HRSG) used in nuclear and thermal power plants, as well as Balance of Plant (BOP), which encompasses auxiliary equipment around power stations. Notably, because BOP is commonly applied to next-generation nuclear reactors, including Small Modular Reactors (SMRs), the company is expected to enjoy trickle-down effects across the nuclear ecosystem as the SMR market grows in the future.
Actual order performance is already on a steep upward trajectory. BHI recorded approximately ₩1.48 trillion (approximately $1.1 billion) in new orders in 2024, driven by a surge in HRSG orders, and achieved ₩1.8 trillion (approximately $1.3 billion) in new orders in 2025, breaking its all-time order record. As a result of recording its highest-ever order intake for two consecutive years, the company’s order backlog reached ₩2.4 trillion (approximately $1.7 billion) as of the end of the first quarter this year.
Analyst Lee Sang-heon analyzed, “With consolidated revenue of ₩1.2853 trillion (approximately $913 million) and operating profit of ₩138.5 billion (approximately $98.4 million) projected for this year, achieving record-high performance appears feasible. As the company posts record results for a second straight year, the operating leverage effect from rising revenue will kick into full gear based on the elevated order backlog, accelerating earnings improvement.”
No target price or investment rating for BHI was separately presented in this report.