Hyosung TNC (298050.KS) Q1 2026: Spandex Spread Widens, Textile Margin Jumps to 9.5%
The world's top spandex producer posts doubled headline net profit, but the durable signal is a raw-material-driven margin recovery — not a repeat-quality earnings surge.
Source: Q1 2026 Quarterly Report (9th Fiscal Year, 1 January–31 March 2026) — Filed 14 May 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Hyosung TNC, the world's largest spandex producer, reported consolidated net profit of ₩50.9 billion for Q1 2026, more than doubling the ₩24.5 billion posted a year earlier. The headline figure overstates the underlying improvement: roughly half the year-on-year gain traces to a sharp reversal of other expenses and favorable foreign-exchange translation rather than to core operating progress. The genuinely durable signal is the textile (spandex) segment operating margin expanding from 6.0% across full-year 2025 to 9.5% this quarter — a spread widening driven by PTMG and MDI input costs declining faster than already-depressed spandex selling prices of $3.7–3.9/kg. Because synthetic fiber is a quintessential cyclical industry, the sections below set three years of segment-level data alongside the quarterly results to assess the true depth of the recovery.
