HD Hyundai Marine Solution (443060) Q2 2026 earnings summary

Executive summary

• Achieved all-time high revenue of KRW 580.4 billion in 2Q26, up 24.1% year-over-year and 1.0% sequentially from 1Q26.

• Operating profit reached a record KRW 97.6 billion, increasing 4.5% quarter-over-quarter and 17.6% year-over-year.

• Net income was KRW 83.0 billion, down 15.4% sequentially but up 56.6% year-over-year.

• Provides total marine solutions for ships post-delivery, including AM solutions, bunkering, eco-friendly retrofits, and digital solutions, with a global presence and unique integrated service offering.

• Expanded business scope in 2025 to include chemical sales, carbon credit brokerage, platform services, AI-based systems, and port logistics, reflecting regulatory and market trends.

Financial highlights

• H1 2026 consolidated revenue: KRW 1,155.0B, down from KRW 1,982.7B in H1 2025.

• Operating income: KRW 191.0B (H1 2026), down from KRW 350.1B (H1 2025).

• Net income attributable to owners: KRW 181.1B (H1 2026), down from KRW 269.6B (H1 2025).

• Operating margin stood at 16.8% in 2Q26, up from 16.3% in 1Q26.

• Non-operating profit and loss was KRW 11.3 billion, with positive contributions from interest and foreign currency gains.

• Pre-tax income was KRW 108.9 billion, down 8.9% sequentially but up 59.4% year-over-year.

• Basic EPS: KRW 4,041 (H1 2026), down from KRW 6,013 (H1 2025).

• Cash and cash equivalents at period end: KRW 456.4B (H1 2026), up from KRW 377.9B (end 2025).

• Interim dividend of KRW 900 per share (total KRW 40.35B) approved for H1 2026.

Outlook and guidance

• Sustained growth expected in aftermarket and retrofit segments, with expansion into power generation and digital solutions.

• Focus on expanding eco-friendly fuel supply (methanol, ammonia), carbon credit services, and digital platforms.

• Service readiness being strengthened for AI DC engine market growth and preventive maintenance.

• Plans to establish a logistics hub in Singapore and enhance global supply chain resilience.

• Targeting dividend payout of 50–70% of separate net income over the next three years.