4Q25 Earnings Forecast: Crossing the finish line successfully

Posted:  Dec 30, 2025

  • In 4Q25, listed companies are expected to post strong profit growth, with earnings estimated to rise by 24% YoY, supporting a 21% YoY increase in market-wide profits in 2025. Profit growth is expected to broaden toward year-end, driven by domestic market fundamentals, a low interest rate environment, and strong public investment disbursement.
  • In 4Q25, sectors delivering standout profit growth include Energy (+119% YoY), Residential Real Estate (+109% YoY), and Basic Materials (+54% YoY).
  • Some sectors are expected to record profit growth below the overall market, such as the Industrial Real Estate sector (-22% YoY) due to lower earnings at BCM as the same period last year recorded one-off profits, or the banking sector, where growth slows (+13% YoY) amid a high earnings base in 4Q24 at state-owned banks.
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