HMM (011200) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was ₩102,478억, operating income ₩20,179억 and net income ₩23,002억, up 25.2%, 76.4% and 51.8% YoY, respectively.

• Q3 revenue was ₩41,271억, operating income ₩13,946억 and net income ₩15,352억; container and bulk markets strengthened.

Financial highlights

• 9M revenue increased ₩20,640억 YoY, operating income ₩8,739억 and net income ₩7,853억.

• Q3 revenue was ₩41,271억 and operating income ₩13,946억, versus ₩34,020억 and ₩3,541억 in Q2.

• Q3 revenue was KRW 4.127tn, gross income KRW 1.522tn and operating income KRW 1.395tn, versus KRW 2.706tn, KRW 475bn and KRW 297bn in Q3 2025.

• 9M operating cash flow was KRW 2.936tn; investing and financing cash outflows were KRW 2.360tn and KRW 1.304tn.

• 9M cost of revenue rose 18.3% YoY, below revenue growth of 25.2%; higher vessel acquisition costs contributed to a 25.1% rise in charter expenses.

Outlook and guidance

• Q4 container demand faces seasonal off-peak conditions and geopolitical uncertainty; plans include route adjustments, flexible capacity, cost rationalization and focus on higher-yield cargo.

• Container rates are expected to remain broadly stable amid route-level volatility; port congestion and El Niño may constrain effective supply growth.

• Q4 dry-bulk demand may be supported by Brazilian iron ore, South American grain and Guinean bauxite; China steel output and iron-ore volumes remain key variables.

• Tanker rates may remain high amid Middle East risks and seasonal demand; possible easing of Russia-related sanctions and policy shifts affecting refined-product exports add volatility.