Hyundai Mobis (012330) Q2 2026 earnings summary

Executive summary

• 2Q 2026 revenue rose 2.4% year-over-year to KRW 16.3tn, driven by non-captive customer growth and electronics sales expansion despite a 4.5% volume drop from Hyundai and Kia.

• 2026 H1 sales reached KRW 31.89tn, up 3.9% year-over-year, with operating profit at KRW 1.78tn, up 8.0% year-over-year.

• Operating profit increased 12.1% year-over-year to KRW 975.2bn in 2Q 2026, with margin improving to 6.0%.

• A/S business revenue grew 3.0% year-over-year to KRW 3.4tn, supported by favorable FX and strong global demand.

• Maintains strong credit ratings and robust capital structure.

Financial highlights

• Net profit for 2Q 2026 was KRW 1,060bn, up 13.5% year-over-year; net margin improved to 6.5%.

• 2026 H1 net profit was KRW 1.94tn; gross profit increased 9.5% year-over-year to KRW 2,406bn.

• Total assets reached KRW 75.46tn as of 1H 2026, up 7.2% from 2025.

• Debt ratio was 45.99%.

• R&D expense was KRW 936bn (2.94% of sales) in 1H 2026.

Outlook and guidance

• 2026 non-captive order target set at USD 8.97bn, down 2.1% from 2025, including USD 2.8bn in electrification orders.

• Expects continued growth in high-value modules, electrification, and global A/S demand.

• Focus for 2H 2026 on securing first-time orders, improving order quality, and expanding future opportunities amid OEM strategy shifts.

• Cautious on global auto market due to high interest rates, trade policy, and supply chain risks.

• Maintains mid-term shareholder return policy: TSR 30%+, flexible buybacks/dividends.