HD Hyundai Heavy Industries (329180)
HD Hyundai Heavy Industries (329180) is one of the world’s largest shipbuilders, building commercial vessels, naval ships such as Aegis destroyers and submarines, offshore plants, and marine engines. In ETFpedia it anchors the Korea defense and Korea manufacturing themes as a naval-shipbuilding hub at the center of US-Korea cooperation under MASGA.
| Ticker | 329180 |
|---|---|
| Exchange | KOSPI |
| Sector | Industrials · Shipbuilding & Naval Vessels |
| Country | South Korea |
| Wikidata | Q483231 |
| 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)
HD Hyundai Heavy Industries posted Q1 2026 revenue of ₩5.92 trillion, up 55% year over year, with operating profit of ₩905.4 billion (+109%) and net income of ₩773.8 billion (+172%), as a stronger order book and higher vessel prices flowed through to earnings.
| Revenue | ₩5.92T+55%YoY |
|---|---|
| Operating profit | ₩905.4억 (KRW 905.4 billion)+109%YoY |
| Net income | ₩773.8억 (KRW 773.8 billion)+172%YoY |
Revenue by segment
| Shipbuilding | Commercial + naval vessels |
|---|---|
| Offshore Plants | Offshore oil & gas structures |
| Engine Machinery | Marine engines & machinery |
Recent & upcoming events
- · FY2025 annual results filed.Full-year 2025 revenue of ₩17.58T (+21%), operating profit ₩2.04T (+189%), and net income ₩1.42T (+128%), reflecting the shipbuilding upcycle and a rich backlog. (source)
- · US Navy chief visits Ulsan on MASGA.US Chief of Naval Operations Adm. Daryl Caudle toured HD Hyundai's yard, inspecting an Aegis destroyer under construction and a 214-class submarine overhaul, advancing US-Korea naval cooperation under the MASGA framework. (source)
Consolidated quarterly and annual figures are from the DART 분기보고서/사업보고서. The company reports across Shipbuilding, Offshore Plants, Engine Machinery, and Others; per-segment revenue splits are not reproduced here.
Figures are as of 2026-05-15 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does HD Hyundai Heavy Industries do?
HD Hyundai Heavy Industries builds ships, and it builds them at a scale few yards can match. On the commercial side it makes container ships, crude and product tankers, and LNG and LPG carriers. On the defense side it builds naval vessels, including Aegis-class destroyers and 214-class submarines, for the Korean and foreign navies. It also constructs offshore oil-and-gas plants and makes the large two-stroke marine engines that power much of the world’s merchant fleet. The business reports across Shipbuilding, Offshore Plants, Engine Machinery, and Others, and it generated ₩17.58 trillion of revenue in FY2025 (DART 사업보고서). Its value sits in physical capacity: dry docks, gantry cranes, engine plants, and a skilled workforce that takes decades to build.
Why is HD Hyundai Heavy Industries a Korea defense company?
The Korea defense thesis is about Korean industrial firms that can deliver hardware the US-aligned bloc needs but cannot make fast enough at home, and shipbuilding is the sharpest example. The US naval-industrial base is capacity-constrained, while Korean yards have proven warship capability. HD Hyundai builds Aegis destroyers and submarines, and it has become a focal point of the MASGA (“Make American Shipbuilding Great Again”) framework. In November 2025 the US Chief of Naval Operations, Adm. Daryl Caudle, toured the Ulsan yard and inspected an Aegis destroyer under construction and a 214-class submarine overhaul (PR Newswire).
“HD Hyundai will support the growth of the U.S. shipbuilding industry and to strengthen the U.S. Navy’s capabilities. As blood allies and close friends, we will work together to ensure the success of the MASGA, the shipbuilding cooperation project between Korea and the U.S.”
— Chairman Chung Kisun, HD Hyundai Heavy Industries, Nov 15, 2025
The same yards also make it a pillar of the Korea Manufacturing Core Alliance theme, where heavy industrial capacity for vessels and engines is the structural contribution.
What did HD Hyundai Heavy Industries report most recently?
In Q1 2026 (the quarter ended March 31, 2026), HD Hyundai Heavy Industries posted revenue of ₩5.92 trillion, up 55% year over year, with operating profit of ₩905.4 billion, up 109%, and net income of ₩773.8 billion, up 172% (DART 분기보고서). The gains reflect a shipbuilding upcycle, where a backlog booked at higher vessel prices is now converting into revenue. For full-year 2025 the company reported revenue of ₩17.58 trillion (+21%), operating profit of ₩2.04 trillion (+189%), and net income of ₩1.42 trillion (+128%) (DART 사업보고서).
What are the risks for HD Hyundai Heavy Industries?
- Order cyclicality. Shipbuilding moves in long cycles tied to global trade, freight rates, and LNG demand. A downturn in newbuild orders eventually shows up in revenue years later.
- Fixed-price execution. Vessels are built to long, fixed-price contracts, so steel-price spikes, labor shortages, or schedule slips can compress margins on work already booked.
- Naval program timing. Defense and US-cooperation upside under MASGA depends on government decisions, offset terms, and contract awards that can move slowly or shift.
- Cost and FX. As a Korean exporter, earnings are sensitive to the won, raw-material costs, and the price of marine fuel and steel.
Related securities, concepts & terms
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Frequently asked questions about HD Hyundai Heavy Industries
What does HD Hyundai Heavy Industries do?
HD Hyundai Heavy Industries is one of the world's largest shipbuilders. It builds commercial vessels (container ships, tankers, LNG and LPG carriers), naval ships including Aegis-class destroyers and submarines, offshore oil-and-gas plants, and large marine engines. It reports across Shipbuilding, Offshore Plants, Engine Machinery, and Others, and posted ₩17.58 trillion of revenue in FY2025 (DART 사업보고서).
Why is HD Hyundai Heavy Industries part of the Korea defense theme?
It is a leading naval shipbuilder. It builds Aegis destroyers and submarines for the Korean and foreign navies, and it has become a focal point of US-Korea naval cooperation under the MASGA framework. In November 2025 the US Chief of Naval Operations toured its Ulsan yard and inspected an Aegis destroyer under construction and a submarine overhaul (PR Newswire).
What was HD Hyundai Heavy Industries' latest revenue?
HD Hyundai Heavy Industries reported Q1 2026 revenue of ₩5.92 trillion, up 55% year over year, with operating profit of ₩905.4 billion (+109%) and net income of ₩773.8 billion (+172%) (DART 분기보고서). For full-year 2025 it reported ₩17.58 trillion of revenue and ₩2.04 trillion of operating profit.
When does HD Hyundai Heavy Industries next report earnings?
Korean issuers do not pre-announce earnings dates. The next regulatory filing is the H1 2026 반기보고서 (semi-annual report), due around August 14, 2026 under Korea's 45-day semi-annual deadline. That date is estimated, not company-confirmed. The company last filed its Q1 2026 분기보고서 on May 15, 2026 (DART).
Sources & references
- HD현대중공업 분기보고서 (2026.03) · Q1 2026 quarterly report · HD Hyundai Heavy Industries / DART (FSS), 2026-05-15
- HD현대중공업 사업보고서 (2025.12) · FY2025 annual report · HD Hyundai Heavy Industries / DART (FSS), 2026-03-20
- US Chief of Naval Operations Visits HD Hyundai Heavy Industries and Confirms World-Class Naval Shipbuilding Capabilities · HD Hyundai Heavy Industries / PR Newswire, 2025-11-15
- U.S. Navy Chief visits HD Hyundai Heavy Industries as talks advance on MASGA cooperation plan · Defence Industry Europe, 2025-11-17