HD Hyundai Heavy (329180.KS) Q1 2026: OP Doubles to ₩905B on Mipo Merger
Hyundai Mipo absorption and the delivery of high-priced 2022–2024 orders combined to push the operating margin to 15.3% in the first full quarter as a single entity.
Source: Q1 2026 Quarterly Report — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
The Hyundai Mipo absorption merger (effective December 1, 2025) made its full debut in this quarter's results. Consolidated revenue jumped 54.8% year-over-year to ₩5.92 trillion from ₩3.82 trillion, while operating profit more than doubled to ₩905.4 billion from ₩433.7 billion. With the Clarksons newbuild price index holding near its cycle high at 182.26 points, the delivery of vessels booked at premium prices during 2022–2024 drove margins higher in parallel. However, because the merger effect is embedded in both the top and bottom lines, the year-over-year comparison risks overstating the underlying improvement in operating capability, and the two drivers should be separated when judging the structural lift.
