Korea Aerospace Industries (047810)
Korea Aerospace Industries (047810), or KAI, is South Korea’s national aerospace company, building the FA-50 light fighter, leading the KF-21 program, and supplying helicopters and aerostructures. In ETFpedia it represents the Korea defense theme as the country’s only combat-jet maker, with FA-50 exports and KF-21 mass production driving its 2026 growth outlook.
| Ticker | 047810 |
|---|---|
| Exchange | KOSPI |
| Sector | Defense · Aircraft & Aerospace |
| Country | South Korea |
| Wikidata | Q488470 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-15. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-15)
KAI posted Q1 2026 consolidated revenue of ₩1.09 trillion, up 56% year over year, with operating profit of ₩67.1 billion (+43%) and net profit of ₩41.3 billion (+42%) as KF-21 mass production and FA-50 export work ramped up.
| Revenue | ₩1.09T+56%YoY |
|---|---|
| Operating profit | ₩67.1B+43%YoY |
| Net profit | ₩41.3B+42%YoY |
Revenue by segment
| Military fixed-wing (FA-50, KF-21, trainers) | Largest unit |
|---|---|
| Rotary-wing (Surion, LAH helicopters) | Defense helicopters |
| Aerostructures & space | Civil & space |
Guidance:Full-year 2026 (company guidance)
| Revenue target | ₩5.73T · About +58% vs FY2025 |
|---|---|
| New orders target | ₩10.44T · About +63% vs FY2025 |
Company 2026 guidance presented with FY2025 results; targets, not commitments.
Recent & upcoming events
- · FY2025 results.Full-year consolidated revenue reached ₩3.70T (+2%), operating profit ₩269.2 billion (+12%), and net profit ₩187.3 billion (+10%); new orders rose 30.4% to ₩6.39 trillion. (source)
- · FA-50 export programs in execution.KAI is executing a ₩4.21 trillion FA-50PL contract with Poland and a ₩1.20 trillion FA-50M contract with Malaysia, plus a Philippine FA-50PH follow-on. (source)
FY2025 figures are consolidated (CFS) per DART; FA-50 contract values and the 2026 revenue/order guidance are management figures disclosed with the FY2025 earnings release.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Korea Aerospace Industries do?
KAI, listed on the KOSPI under code 047810, is South Korea’s aerospace champion. Its core product is the FA-50 light combat aircraft, a supersonic jet exported across Asia, the Middle East, and Europe. It is the lead developer of the KF-21 Boramae, Korea’s indigenous 4.5-generation fighter, now entering mass production. It also builds rotary-wing aircraft such as the Surion utility helicopter and its medical and forestry variants, supplies commercial aerostructures to Boeing and Airbus, and runs satellite and space-launch programs. New orders rose 30.4% to ₩6.39 trillion in 2025 on the back of KF-21 initial production, medical evacuation helicopters, and the Philippine FA-50PH export (Today Mild, Feb 2026).
“KAI is executing a ₩4.21 trillion FA-50PL implementation contract with Poland’s Armament Agency and a ₩1.20 trillion FA-50M contract with Malaysia’s Ministry of Defense.”
Why is Korea Aerospace Industries a Korea defense company?
No other Korean company builds combat jets, so KAI is the aerospace pillar of the country’s defense export story. The FA-50 has become an entry-level fighter export for buyers including Poland, Malaysia, and the Philippines, and the KF-21 program is moving from development into mass production, which lifts domestic volumes for years. KAI’s positioning is structural: building and certifying military aircraft is a capital-heavy, multi-decade discipline that a software tool cannot replicate, which is the same physical-asset logic that runs through the Korea defense theme.
What did Korea Aerospace Industries report most recently?
In Q1 2026 (the quarter ended March 31, 2026), KAI posted consolidated revenue of ₩1.09 trillion, up 56% year over year, with operating profit of ₩67.1 billion (+43%) and net profit of ₩41.3 billion (+42%) (DART Q1 2026 분기보고서). The jump reflects the KF-21 mass-production ramp and FA-50 export work. For full-year 2025 the company reported revenue of ₩3.70 trillion, up 2%, operating profit of ₩269.2 billion, up 12%, and net profit of ₩187.3 billion, up 10% (DART FY2025 사업보고서). For 2026 management guided to revenue of about ₩5.73 trillion and new orders of about ₩10.44 trillion, both well above 2025; those are targets, not commitments.
What are the risks for Korea Aerospace Industries?
- Program execution. KF-21 mass production and FA-50 export deliveries are complex; schedule slips or technical issues can defer revenue and squeeze margins.
- Backlog conversion and cash flow. A large order book ties up working capital, and the company has flagged negative operating cash flow and elevated leverage during the ramp.
- Customer and competition risk. Fighter exports face strong global competitors and host-country “buy local” pressure, so order timing is uncertain.
- Concentration on a few platforms. Growth leans heavily on FA-50 and KF-21; a setback in either would weigh on the outlook.
Related securities, concepts & terms
- Korea Defense Industryparent
Related indices & ETFs
- Akros Korea Defense Index · AkrosConcept index for the Korea defense theme, which includes this company.
Frequently asked questions about Korea Aerospace Industries
What does Korea Aerospace Industries do?
Korea Aerospace Industries (KAI) is South Korea's national aerospace company. It builds the FA-50 light combat aircraft, leads the KF-21 Boramae fighter program, makes utility and attack helicopters such as the Surion, supplies aerostructures to Boeing and Airbus, and runs satellite and space-launch programs. It is Korea's only fixed-wing combat aircraft manufacturer.
Why is Korea Aerospace Industries part of the Korea defense theme?
It is the aerospace pillar of Korea's defense exports. KAI is executing a ₩4.21 trillion FA-50PL contract with Poland and a ₩1.20 trillion FA-50M contract with Malaysia, while ramping KF-21 mass production at home (Today Mild, Feb 2026). No other Korean company builds combat jets.
What was Korea Aerospace Industries' latest revenue?
In Q1 2026 (ended March 31, 2026) KAI reported consolidated revenue of ₩1.09 trillion, up 56% year over year, with operating profit of ₩67.1 billion (+43%) and net profit of ₩41.3 billion (+42%) (DART Q1 2026 분기보고서). For full-year 2025 it posted revenue of ₩3.70 trillion (+2%) and operating profit of ₩269.2 billion (+12%).
What is Korea Aerospace Industries' 2026 outlook?
For 2026 KAI guided to revenue of about ₩5.73 trillion and new orders of about ₩10.44 trillion, up roughly 58% and 63% versus 2025, on the back of stabilizing FA-50PL and FA-50M production and KF-21 mass production (Today Mild, Feb 2026). These are company targets, not commitments.
Sources & references
- Korea Aerospace Industries · Q1 2026 분기보고서 (quarterly report, 2026.03) · Korea Aerospace Industries / DART (FSS), 2026-05-15
- Korea Aerospace Industries · FY2025 사업보고서 (annual business report, 2025.12) · Korea Aerospace Industries / DART (FSS), 2026-03-18
- KAI 2025 operating profit ₩269.2 billion, up 11.8% · Joongang Economy News (중앙이코노미뉴스), 2026-02-13
- KAI guides 2026 revenue to ₩5.7 trillion as aerospace growth accelerates · Today Mild (투데이마일드), 2026-02-13
- Korea Investment & Securities: KAI second-half results and orders to improve as KF-21 mass production ramps · Nate / Korea Investment & Securities (한국투자증권), 2026-05-08