HD Hyundai (267250) Q3 2026 earnings summary

Executive summary

• 3Q26 consolidated revenue was KRW 100,437 hundred-million won and operating income was KRW 9,009 hundred-million won, with a 9.0% margin; operating income fell QoQ but rose YoY.

• Easing oil-price strength and KRW appreciation weighed on QoQ earnings; lower crude and product prices also slightly narrowed refining margins.

Financial highlights

• Revenue rose 6% QoQ and 37% YoY; operating income fell 51% QoQ and increased 371% YoY.

• Net income was KRW 4,682 hundred-million won, down 62% QoQ and up 3,293% YoY; profit attributable to owners was KRW 4,475 hundred-million won.

• Gross profit was KRW 11,099 hundred-million won, down 45% QoQ and up 219% YoY.

Outlook and guidance

• FY26 Dubai crude outlook was firm, with geopolitical risks including Middle East tensions and the Russia-Ukraine war raising concerns over supply disruptions.

• Gasoline cracks were expected to remain firm on global supply disruptions and inventory-restocking demand; diesel and gasoil were forecast strong amid tight supply and export restrictions.

• MX was expected to remain mixed in 4Q amid tight supply and reduced gasoline-blending demand; PE/PP faced stronger feedstock prices, seasonal weakness, cheaper supply and competition.

• Lubricant base-oil strength was expected to moderate as supply improved; carbon black was forecast slightly firm in H2 after H1 weakness.