Hyundai Glovis Posts KRW 7.81 Trillion in Q1 2026 Revenue, Operating Profit Grows 3.9%
Hyundai Glovis Co., Ltd. (KRX: 086280), South Korea's leading integrated logistics group and a core affiliate of the Hyundai Motor Group, reported first-quarter 2026 consolidated revenue of KRW 7.81 trillion (approx. USD 5.7 billion), up 8.2% year-over-year from KRW 7.22 trillion in Q1 2025, according to its regulatory filing submitted to DART on May 15, 2026.
Operating profit for the quarter reached KRW 521.5 billion, a 3.9% increase from KRW 501.9 billion in Q1 2025, reflecting steady growth in core logistics and shipping segments. However, operating margin edged down to 6.67% from 6.95% in the prior-year period, as revenue growth outpaced margin expansion.
Segment Performance
Hyundai Glovis operates across three major divisions: Integrated Logistics, Distribution, and Shipping.
| Segment | Q1 2026 Revenue | Share |
|---|---|---|
| Integrated Logistics | KRW 2.49 trillion | 31.9% |
| Distribution (CKD, Used Cars, Trading) | KRW 3.87 trillion | 49.5% |
| Shipping | KRW 1.45 trillion | 18.6% |
The Distribution segment, anchored by the company's CKD (Complete Knock Down) parts supply and used-car auction business, remained the largest contributor at roughly half of total revenues.
Customer Concentration
The company's reliance on Hyundai Motor Group affiliates remains elevated: Hyundai Motor (KRX: 005380) accounted for 40.4% of Q1 2026 consolidated revenue, while Kia (KRX: 000270) contributed 27.6%, bringing combined exposure to 68.0% of total sales. This structural dependence underscores Hyundai Glovis's deep integration with Korea's top automotive OEMs.
Net Income Declined 14.4% on Non-Operating Headwinds
Despite solid top-line growth and higher operating income, net income attributable to the parent fell 14.4% to KRW 340.3 billion, from KRW 397.9 billion in Q1 2025. The principal drag was a sharp rise in other non-operating expenses — which ballooned to KRW 375.7 billion from KRW 178.4 billion a year earlier (+110.6%) — partly offset by higher other income (KRW 313.9 billion vs. KRW 197.8 billion). Equity-method investment losses also widened to KRW -15.6 billion from KRW -5.7 billion.
Pre-tax income totaled KRW 445.1 billion (vs. KRW 514.6 billion in Q1 2025), and after a KRW 104.1 billion tax charge, basic earnings per share (EPS) stood at KRW 4,537, compared to KRW 5,306 in the year-ago period.
Balance Sheet Snapshot (March 31, 2026)
| Item | Q1 2026 |
|---|---|
| Total Assets | KRW 19.87 trillion |
| Total Liabilities | KRW 9.45 trillion |
| Total Equity | KRW 10.43 trillion |
| Cash & Equivalents | KRW 2.85 trillion |
| Retained Earnings | KRW 9.73 trillion |
The company maintains a robust equity base, with retained earnings of KRW 9.73 trillion underscoring multi-year profit accumulation.
Fleet Expansion: 37 LNG Dual-Fuel Car Carriers on Order
A strategic priority for Hyundai Glovis is fleet capacity expansion in its car-carrier shipping business. The company has contracted 37 new LNG dual-fuel PCTC (pure car and truck carrier) vessels, all scheduled for delivery by 2028. These vessels are designed to cut carbon emissions by up to 25% versus conventional bunker fuel, positioning Hyundai Glovis as a low-carbon leader in global automotive shipping.
The company also pioneered the world's first maritime EV transport manual, capturing growing demand to ship electric vehicles globally. Third-party automaker clients — including Volkswagen, BMW, Daimler, Ford, and GM — have been added to its car-carrier routes alongside Hyundai Motor Group vehicles.
Sources: Hyundai Glovis Q1 2026 분기보고서 (DART rcept_no: 20260515000799, filed May 15, 2026). All figures in Korean Won unless stated. USD conversions at approximately KRW 1,370/USD.
