Hankook reports Q1 2026 revenue of EUR 3.1 billion and operating profit of EUR 295.8 million
Stable business development in the first quarter
Sales in the tire business increased by 9.3 percent year-on-year to approximately EUR 1,497.1 million , while operating profit reached approximately EUR 255.2 million.
Expansion of OE tire deliveries for electric and hybrid vehicle models, as well as increased sales of replacement tires in regions such as Europe, contributed to revenue growth.
Premium tire manufacturer Hankook today announced its consolidated global financial results for the first quarter of 2026, reporting revenue of KRW 5.3139 trillion (approximately EUR 3,100.7 million) and operating profit of KRW 506.9 billion (approximately EUR 295.8 million). Revenue and operating profit increased by 7.0 percent and 42.9 percent year-on-year, respectively.
In the tire business, sales increased by 9.3 percent year-on-year to KRW 2.5657 trillion (approximately EUR 1,497.1 million), while operating profit rose by 31.1 percent to KRW 437.5 billion (approximately EUR 255.2 million). The operating margin was 17.1 percent. Amid ongoing global uncertainties, including tariffs and high oil prices, the expansion of original equipment tire deliveries for electric and hybrid vehicle models, as well as increased sales of replacement tires in regions such as Europe, Korea, and China, contributed to solid business performance.
In the thermal management segment, Hanon Systems – consolidated as a subsidiary of Hankook since 2025 – recorded sales of KRW 2.7482 trillion (approximately EUR 1,603.6 million) in the first quarter of 2026, an increase of five percent compared to the previous year. Operating profit rose by 361.1 percent year-on-year to KRW 97.2 billion (approximately EUR 56.7 million), reflecting stable business expansion.
At Hankook, tires 18 inches and larger accounted for 49.1 percent of total sales of passenger car and light truck tires in the first quarter of 2026, two percentage points more than in the previous year. Furthermore, 29.6 percent of sales of original equipment tires for passenger cars and light commercial vehicles were attributable to tires for electric vehicles, an increase of 6.6 percentage points compared to the same period last year.
In the first quarter of 2026, Hankook further expanded its original equipment (OE) tire deliveries for combustion engine and electric vehicle models from global automotive brands, including BMW, Ford, Mercedes-Benz, and Porsche. The company currently supplies around 50 global automotive brands with original equipment tires for approximately 300 vehicle models. This underscores the recognition of its world-leading technological capabilities and the competitiveness of its products.
At the same time, Hankook is strengthening its presence in the electric vehicle market under the iON brand, the world's first tire family specifically developed for EVs. Building on technological expertise the company developed even before the commercialization of electric vehicles, Hankook is further expanding its presence in global markets and currently offers a product portfolio of around 300 specifications ranging from 16 to 22 inches.
Furthermore, Hankook continues to supply tires for motorsport and supports participating teams in more than 70 global motorsport events, including the FIA World Rally Championship (WRC), the ABB FIA Formula E World Championship, and the Lamborghini Super Trofeo. The data and insights gained from these competitions are actively incorporated into the development of integrated tire solutions for combustion engine vehicles, electric vehicles, and next-generation mobility solutions.
Hankook is further strengthening its global supply capacity based on the ongoing expansion of its plant in Tennessee, USA, and its plant in Hungary, Europe. The company also plans to further expand its partnerships with premium automotive brands. The goal is to increase the share of large-diameter tires to 51 percent and the share of EV tires to more than 33 percent of its original equipment tire sales for passenger cars and light commercial vehicles.