NEXEN TIRE Reports 10.8% Revenue Growth in Q2 2026
NEXEN TIRE has announced strong financial results for the second quarter of 2026, reporting revenue of KRW 891.3 billion, an increase of 10.8% compared with the same period last year. Operating profit reached KRW 34.3 billion, reflecting continued business growth despite ongoing economic uncertainty, geopolitical challenges and increasing cost pressures.
The company's performance was supported by the expansion of its original equipment (OE) business and the diversification of its replacement tyre (RE) sales. Demand for premium and high-inch tyres continued to rise, with tyres measuring 18 inches and above accounting for 38.8% of total sales, an increase of 3.6 percentage points year-on-year.
Europe remained NEXEN TIRE's strongest growth market during the quarter. Revenue in the region reached KRW 407.2 billion, surpassing KRW 400 billion in a single quarter for the first time. Growth was driven by increasing OE production at the company's European manufacturing facility, expanded sales in markets including the United Kingdom and Türkiye, and improved logistics capabilities following the addition of a finished goods warehouse.
In South Korea, demand for electric vehicle and SUV tyres remained robust. NEXEN TIRE benefited from its growing OE portfolio, supplying models such as the Hyundai IONIQ 6, the complete Kia EV lineup from EV3 to EV9, and other domestic electric vehicles. The company also highlighted its first original equipment supply agreement with BYD, further strengthening its position in the rapidly expanding global EV market.
Alongside its financial results, NEXEN TIRE outlined its strategic priorities, including expanding OE partnerships, increasing supplies to premium automotive brands and further enhancing its research and development capabilities through AI-based performance prediction technologies.
Commenting on the results, CEO John Bosco (Hyeon Suk) Kim said that strong sales in key markets enabled the company to maintain revenue growth despite rising raw material, freight and tariff-related costs. He added that the continued ramp-up of the second phase of the European plant and ongoing sales optimisation in North America are expected to further improve profitability in the coming quarters.