Hyundai Rotem (064350)
Hyundai Rotem (064350) is a Hyundai Motor Group affiliate that builds the K2 Black Panther tank, rail rolling stock, and plant equipment. In ETFpedia it represents the Korea defense theme through the K2 land-systems franchise, whose Poland export contracts drove record FY2025 results and a fast-growing defense backlog alongside its rail business.
| Ticker | 064350 |
|---|---|
| Exchange | KOSPI |
| Sector | Defense & Rail · Land Systems and Rolling Stock |
| Country | South Korea |
| Wikidata | Q152517 |
| 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)
Hyundai Rotem posted Q1 2026 consolidated revenue of ₩1.46 trillion, up 24% year over year, with operating profit of ₩224.2 billion (+11%) as K2 tank deliveries to Poland and a heavier rail order book lifted both Defense and Rail volumes.
| Revenue | ₩1.46T+24%YoY |
|---|---|
| Operating profit | ₩224.2B+11%YoY |
Revenue by segment
| Defense Solutions (K2 tank, armored vehicles) | K2 export-led |
|---|---|
| Rail Solutions (high-speed, metro, tram) | Largest legacy unit |
| Eco Plant (smart factory, hydrogen, plant) | Smallest unit |
Recent & upcoming events
- · Record FY2025 results.Full-year consolidated revenue reached ₩5.84T, up 33%, with operating profit of ₩1.01T, up 120%, led by K2 tank deliveries and a stronger rail order book. (source)
- · Poland K2 second export contract.Confirmed a second K2 Black Panther contract with Poland worth about ₩8.8 trillion for 180 tanks, the largest single Korean defense export deal; 117 units to be built by Hyundai Rotem. (source)
DART discloses Hyundai Rotem revenue and operating profit on a consolidated (CFS) basis; the Poland K2 second-contract value and unit split are management and press figures from the July 2025 signing.
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 Hyundai Rotem do?
Hyundai Rotem, listed on the KOSPI under code 064350, runs three businesses. Defense Solutions builds the K2 Black Panther main battle tank, wheeled armored vehicles, and future weapon systems. Rail Solutions builds high-speed trains, regional and commuter trains, metros, trams, and locomotives, and provides signaling and maintenance. Eco Plant supplies smart-factory automation, hydrogen mobility infrastructure, and plant equipment. Rail has historically been the largest unit, but defense has grown fastest on the back of K2 tank exports, with rail still winning large orders such as Morocco double-decker trains, Korea’s GTX lines, and an Uzbekistan high-speed project (Joongang Economy News, Feb 2, 2026).
“A second K2 Black Panther export contract with Poland was confirmed at about ₩8.8 trillion for 180 tanks, the largest single Korean defense export deal; of the 180 units, 117 will be produced and supplied by Hyundai Rotem.”
Why is Hyundai Rotem a Korea defense company?
It is the only Korean producer of the K2 Black Panther tank and the lead contractor for the Poland K2 program, the largest land-systems thread of Korea’s defense export boom. The July 2025 second contract added roughly ₩8.8 trillion of orders for 180 tanks, with a portion localized to Polish partner PGZ and the remainder built in Korea (News1, Jul 2, 2025). Because each tank is a physical platform delivered over years, the company also sits in the Korea manufacturing theme, where backlog turns into rolling stock and armored vehicles rather than recurring software revenue.
What did Hyundai Rotem report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Hyundai Rotem posted consolidated revenue of ₩1.46 trillion, up 24% year over year, with operating profit of ₩224.2 billion, up 11% (DART Q1 2026 분기보고서). For full-year 2025 the company reported revenue of ₩5.84 trillion, up 33%, and operating profit of ₩1.01 trillion, up 120% (DART FY2025 사업보고서). The step-up came from K2 tank deliveries to Poland and a heavier rail order book across both domestic and overseas projects.
What are the risks for Hyundai Rotem?
- Defense concentration in one program. A large share of recent growth rests on the Poland K2 contracts; timing, financing, and localization terms can shift revenue between years.
- Lower-margin rail and plant work. Rail Solutions and Eco Plant carry thinner margins than defense, and competitive bidding can pressure profitability.
- Group and execution dependence. As a Hyundai Motor Group affiliate, it relies on group financing and on executing large fixed-price contracts on schedule.
- Order lumpiness. Defense and rail orders arrive in big, irregular blocks, so quarterly results can swing on delivery timing.
Related securities, concepts & terms
- Korea Defense Industryparent
- Korea Manufacturing Core Allianceparent
- Hyundai Motor Robotics Value Chainparent
- Robotics & Physical AIparent
- Hyundai Motor Company (005380)sibling
- Hyundai Wia (011210)sibling
Related indices & ETFs
- Akros Korea Defense Index · AkrosConcept index for the Korea defense theme, which includes this company.
Frequently asked questions about Hyundai Rotem
What does Hyundai Rotem do?
Hyundai Rotem, a Hyundai Motor Group affiliate, runs three businesses. Defense Solutions builds the K2 Black Panther main battle tank and armored vehicles; Rail Solutions builds high-speed trains, metros, trams, and locomotives; and Eco Plant supplies smart-factory, hydrogen, and plant equipment. The K2 tank's Poland export program has made defense its fastest-growing unit.
Why is Hyundai Rotem part of the Korea defense theme?
It is Korea's only maker of the K2 Black Panther tank and the lead contractor for the Poland K2 export program. A second Poland contract signed in July 2025 was worth about ₩8.8 trillion for 180 tanks, the largest single Korean defense export deal, with 117 units built by Hyundai Rotem (ETNews, Jul 2, 2025).
What was Hyundai Rotem's latest revenue?
In Q1 2026 (ended March 31, 2026) Hyundai Rotem reported consolidated revenue of ₩1.46 trillion, up 24% year over year, with operating profit of ₩224.2 billion (+11%) (DART Q1 2026 분기보고서). For full-year 2025 it posted revenue of ₩5.84 trillion (+33%) and operating profit of ₩1.01 trillion, up 120%.
When does Hyundai Rotem next report earnings?
Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual filing deadline, Hyundai Rotem's next report (the H1 2026 반기보고서) is expected around August 14, 2026. That date is estimated, not company-confirmed. It last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).
Sources & references
- Hyundai Rotem · Q1 2026 분기보고서 (quarterly report, 2026.03) · Hyundai Rotem / DART (FSS), 2026-05-15
- Hyundai Rotem · FY2025 사업보고서 (annual business report, 2025.12) · Hyundai Rotem / DART (FSS), 2026-03-19
- Hyundai Rotem 2025 operating profit ₩1.0056 trillion, up 120.3% · Joongang Economy News (중앙이코노미뉴스), 2026-02-02
- Poland K2 tank second contract confirmed at ₩8.8 trillion, a record · ETNews (전자신문), 2025-07-02
- ₩9 trillion Poland K2 second implementation contract signed, 180 tanks to be supplied · News1 (뉴스1), 2025-07-02