Samyang Comtech (484590) Q2 2026 earnings summary

Executive summary

• 2Q26 revenue was KRW 46.8bn, up 31.91% YoY; operating profit was KRW 11.5bn, up 46.34%, and net income was KRW 9.3bn, up 58.54%.

• Growth priorities include K2 MBT export demand, expanded ceramic capacity, and new aerospace applications.

Financial highlights

• 2Q26 revenue was KRW 46,790mn versus KRW 35,471mn in 2Q25; operating profit was KRW 11,483mn versus KRW 7,847mn.

• 2Q26 net income was KRW 9,292mn versus KRW 5,861mn in 2Q25; net margin rose to 19.9% from 16.5%.

• 1H26 revenue was KRW 63,316mn, down from KRW 154.6bn in 1H25; gross profit was KRW 16,983mn, operating profit KRW 13,479mn and net income KRW 11,674mn.

• 1H26 gross margin was 46.8%, up from 29.3% in 1H25; 2Q26 operating margin was 24.54% and 1H26 operating margin was 21.29%.

Segment performance

• 2Q26 MBT Special Armor revenue was KRW 29,081mn, up 47.48% YoY and 62.15% of revenue.

• Tactical and armored vehicle revenue was KRW 12,734mn, down 0.49% YoY and 27.22% of revenue.

• R&D, aviation and other revenue was KRW 4,974mn, up 68.33% YoY and 10.63% of revenue.

• Major customers accounted for over 75% of 1H26 revenue; revenue is generated from defense and aerospace components.