Key Takeaways
- Operating profit at Hyosung Heavy Industries climbed 60.9% year-over-year to KRW 264.3 billion in Q2 2026, as sales advanced 10.6% to KRW 1.687 trillion.
- The firm ranks No. 1 in the US 765kV ultra-high-voltage transformer market, having supplied nearly half of every 765kV transformer now installed on the US grid.
- New orders during the first half of 2026 reached KRW 7.4987 trillion (about $5.4 billion), with US customers accounting for 71% of that total.
- Hyosung Heavy Industries landed a KRW 787 billion contract for 765kV equipment, calling it the largest power-equipment deal any Korean supplier has ever secured.
- Citing US grid spending linked to AI data center growth, the company raised its full-year order target to KRW 12 trillion from a previous KRW 8.4 trillion.
Hyosung Heavy Industries said on August 12, 2026 that second-quarter operating profit jumped 60.9% year-over-year, driven by rising US demand for ultra-high-voltage power grid equipment. The Seoul-based manufacturer credited its long-standing position in the US 765-kilovolt transmission segment, where it has ranked as the No. 1 supplier since the early 2010s.
Hyosung Heavy Industries Reports 60.9% Profit Jump in Q2 2026
Operating profit for the quarter reached KRW 264.3 billion, a 60.9% increase from the year-earlier period, as sales grew 10.6% to KRW 1.687 trillion. The company attributed the growth to higher volumes in its power equipment business, particularly transformers and switchgear built for the US grid.
US 765kV Transformer Market Drives Order Growth
Hyosung Heavy Industries supplied nearly half of all 765kV transformers now operating on the US power grid, a share built over more than a decade in the ultra-high-voltage segment. Orders for the first half of 2026 totaled KRW 7.4987 trillion — about $5.4 billion — with US customers accounting for 71% of that total. The company also secured a KRW 787 billion contract for 765kV equipment, which it called the largest power-equipment deal any Korean supplier has ever won, and said it became the first Korean firm to land a full-package contract spanning both 765kV transformers and 800kV gas-insulated switchgear.
Memphis Facility Anchors US Operations
The company’s Memphis, Tennessee plant, acquired in 2020, continues to serve as its manufacturing base for ultra-high-voltage transformers bound for the US market. Hyosung attributes the rising demand for its transformers to accelerating US grid modernization spending tied to AI data center construction.
“As the explosive growth of the AI industry makes the modernization of power infrastructure an essential task, we will firmly establish ourselves as a ‘Total Solution Provider’ in the U.S. power market through successful localization and operational know-how, including our Memphis plant,” said Hyun Joon Cho, Chairman, at Hyosung Heavy Industries.
Hyosung Heavy Industries Raises Annual Order Target
Following these first-half results, Hyosung raised its full-year order target to KRW 12 trillion from an earlier KRW 8.4 trillion goal. US grid operators have kept expanding transmission capacity to match growing data-center and industrial power demand, keeping order books full for suppliers of ultra-high-voltage equipment.
Read the full announcement here.
