HL Mando (204320) Q1 2026 earnings summary

Executive summary

• Achieved solid Q1 2026 performance with sales of KRW 2,312 bn, up 1.8% year-over-year, despite a global vehicle market slowdown.

• Operating profit rose 18.2% year-over-year to KRW 93.6 bn, with an operating margin of 4.0%.

• Growth driven by record sales in India and Europe, improved product mix, and cost reduction measures.

• Secured KRW 2.7 tn in new orders, representing 21% of the annual target, with 67% from E-Products.

Financial highlights

• Net income increased to KRW 53.1 bn, up 53.2% year-over-year, and up 82.5% sequentially from Q4 2025.

• Profit before tax reached KRW 86.0 bn, up 39.5% year-over-year and 52.2% sequentially.

• Sales in China and India grew 4.0% and 7.5% year-over-year, respectively; Europe saw a 9.6% increase.

• Cost of goods sold remained stable year-over-year, supporting margin improvement.

Outlook and guidance

• Anticipates further By-Wire and SDV program wins, leveraging strong references in the U.S. and China.

• Continued focus on next-gen chassis validation and technology leadership through winter testing and partnerships.