HD Hyundai (267250.KS) Q1 2026: ₩2.8T OP Doubles, Parent Gets 38%
Shipbuilding, refining, and power systems all hit cycle peaks simultaneously — yet the holding company's structural minority discount meant parent shareholders captured only ₩780 billion of the group's ₩2.02 trillion in net income.
Source: Q1 2026 Quarterly Report — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
HD Hyundai posted consolidated revenue of ₩19.60 trillion and operating profit of ₩2.83 trillion in Q1 2026, more than doubling prior-year earnings as shipbuilding, refining, and power systems converged at simultaneous cycle peaks. The operating margin expanded 690 basis points to 14.5%, illustrating the classic fixed-cost leverage of capital-intensive industries once volume clears the break-even threshold. Yet the defining number for holding company investors is not ₩2.83 trillion — it is ₩780 billion: the 38.6% share of group net income that ultimately flows to HD Hyundai's own shareholders, with the remaining 61.4% attributable to minority interests in listed subsidiaries including HD Korea Shipbuilding & Offshore Engineering, HD Hyundai Electric, and HD Hyundai Marine Solution. Reading this report through that lens — not how much the group earned, but how much reaches the holding company's owners — is the analytical starting point.
