Hyundai Rotem Post-Earnings Group Meeting Key Takeaways

Hyundai Rotem demonstrated strong profitability resilience for its Poland EC2 contract and high visibility for upcoming export orders in Iraq, Peru, and Romania during a post-earnings meeting.

Key Takeaways

• 1.Profitability for Poland EC2 is expected to be more resilient and steadier than EC1, with bulk revenue booking in 2026-2027.
• 2.Hyundai Rotem maintains a significant cost and capacity advantage, with tanks priced 30% lower than competitors and current capacity at 150 units per annum.
• 3.Export pipeline visibility is high with target orders in Iraq (2H26), Peru (2027), and Romania (early 2027).

Table of Contents

• Key takeaways
• Poland related discussions
• Key export pipeline
• Key domestic pipeline
• Potential opportunities outside of key pipeline
• Key competitiveness moat
• Tanks continue to be relevant
• Price Target Risks and Methodology - Hyundai Rotem
• Disclosure Appendix
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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