HD Hyundai Marine Solution (443060) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue reached a record KRW 650.1bn, up 26.7% YoY; operating income rose 2.2% to KRW 95.7bn despite a stronger KRW and one-off M&A expenses.

• Q3 net income fell 59.1% YoY to KRW 32.6bn amid sharply higher finance expense, including a KRW 58.9bn FX loss.

• 9M revenue and operating income increased YoY; cash and equity rose from year-end, with debt-to-equity below 60% and no borrowings at Q3-end.

• After the reporting date, approval was given to acquire Goltens entities for USD 247.5m and pay a quarterly dividend of KRW 900 per share.

Financial highlights

• 9M revenue was KRW 1,805,139,470 thousand vs KRW 1,466,495,427 thousand; operating income was KRW 286,677,691 thousand vs KRW 259,613,075 thousand.

• Q3 revenue was KRW 650,116,915 thousand vs KRW 513,176,029 thousand; operating income was KRW 95,658,827 thousand vs KRW 93,596,312 thousand.

• Q3 operating margin was 14.7%, versus 16.8% in 2Q26 and 18.2% in 3Q25; pre-tax income was KRW 40.7bn.

• 9M net income was KRW 213,744,066 thousand vs KRW 196,066,971 thousand; basic EPS was KRW 4,768 vs KRW 4,374.

• Q3 net income was KRW 32,598,343 thousand vs KRW 79,751,731 thousand; finance expense rose to KRW 72,046,523 thousand from KRW 2,751,974 thousand.

Outlook and guidance

• AM growth plans include maker partnerships or M&A, stronger dry-dock services, and integrated packages spanning parts, repairs and retrofits.

• Singapore logistics hub opened in H1 2026 to improve parts availability and delivery lead times; Goltens is intended to extend global technical services and overseas coverage.

• Low-carbon biofuel supply is expanding; EPLO and small retrofit work are expected to grow, alongside targets in FSRU, FSU and reliquefaction.

• OceanWise uses AI to forecast vessel performance and emissions and provide operating guidance without additional onboard hardware investment.

• Goltens post-acquisition integration and synergy work is planned to start in 4Q; closing is targeted by year-end, subject to change.