HD Hyundai Electric (267260) Q1 2026 earnings summary

Executive summary

• Revenue and operating profit declined sequentially due to delivery schedules, but year-over-year growth remained positive.

• Achieved record-high quarterly order intake, driven by strong power equipment demand in North America.

• Order backlog increased significantly, supporting future revenue visibility.

Financial highlights

• 1Q26 sales were KRW 1,036.5bn, down 10.9% QoQ but up 2.1% YoY.

• Operating profit was KRW 258.3bn, down 19.5% QoQ but up 18.4% YoY; OP margin at 24.9%.

• Net profit was KRW 207.7bn, down 15.3% QoQ but up 35.4% YoY.

• Orders reached USD 1,797m, up 146.2% QoQ and 34.6% YoY; backlog at USD 7,888m.

Outlook and guidance

• North America: U.S. grid operators expanding CAPEX for 765kV transmission; AI-related CAPEX forecasts revised upward.

• Middle East: Sustained investment in power infrastructure, with Saudi Arabia planning major substation and transmission projects.

• Europe: EU accelerating grid modernization and clean energy investments; new SF6-free GIS product launch planned.

• Marine: Favorable market conditions expected, with strong LNG carrier demand and expansion into onshore power generation.