KAI (047810.KS) Q1 2026: Revenue Surges 56% to Record ₩1.09T
FA-50 exports and KF-21 initial production drove a historic quarterly revenue peak, while front-loaded program economics compressed gross margin by 469 basis points and flipped operating cash flow to a ₩77.0 billion deficit.
Source: Q1 2026 Quarterly Report (28th Fiscal Year) — Filed May 15, 2026 with DART | Consolidated Financial Statements | Unit: ₩ billions
Korea Aerospace Industries (KAI) posted consolidated revenue of ₩1,092.7 billion in Q1 2026, a 56.3% year-on-year surge that marks the highest first-quarter result in company history. The performance was driven primarily by accelerating Poland FA-50 export deliveries and the initial production phase of the KF-21 Boramae fighter program, with T-50/KF-21-series aircraft alone contributing ₩447.1 billion — 41.5% of total consolidated revenue. Operating profit rose 43.4% to ₩67.1 billion, yet gross margin fell a more significant 469 basis points to 12.52% as early-stage production economics on KF-21 and the LAH (Marineon) rotorcraft suppressed unit profitability. Simultaneously, the company's balance sheet absorbed a structural shift: a five-year zero-coupon convertible bond issued on March 4 pushed total bonds payable from ₩1,266.4 billion to ₩2,158.7 billion, lifting the debt-to-equity ratio from 446.6% to 473.9%.
