Hyundai Glovis (086280) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 15.8% YoY to ₩8,705.4bn, while operating income fell 8.1% to ₩495.0bn and net income fell 26.7% to ₩369.2bn.

• Higher logistics, shipping and distribution sales were offset by lower gross profit, margin pressure and higher costs; operating margin was 5.7%, versus 7.2% a year earlier.

Financial highlights

• Revenue increased 11.4% QoQ; gross profit fell 5.7% YoY and 3.4% QoQ to ₩662.6bn.

• EBITDA was ₩717.7bn, down 1.3% YoY and 2.4% QoQ; operating income fell 5.1% QoQ.

• Pretax income declined 16.3% YoY but rose 11.1% QoQ; net income rose 8.3% QoQ.

Outlook and guidance

• Domestic logistics outlook cites hybrid and EV launches, seasonal demand and continued online-channel logistics demand; construction-related steel recovery remains uncertain.

• Overseas logistics earnings are expected to improve with stronger container-market conditions; CKD profitability remains exposed to KRW/USD movements as integrated operations stabilize and efficiency improves.

• PCTC demand is expected to remain strong on Chinese vehicle exports, while oil-price direction remains uncertain amid Middle East tensions.

• Bulk shipping will pursue long-term cargo contracts and profitability-focused business, including profit-oriented spot sales.

• Used-car demand recovery is delayed; nonferrous-metal supply and price conditions remain uncertain.