Seoul, Korea / Neu-Isenburg, Germany, 09 May 2025 – Premium tyre manufacturer Hankook today announced its consolidated financial results for the first quarter of 2025, reporting sales of KRW 4.9636 trillion (~EUR 3,245.6m) and an operating profit of KRW 354.6 billion (~EUR 231.8m).

In this quarter, the consolidated results reflect, for the first time, the performance of Hanon Systems, a global provider of thermal energy management solutions for automobiles, following its acquisition by Hankook in January 2025. As a result, Hankook’s Q1 financial results encompass both its tyre and thermal management business segments.

In the tyre business, sales rose 10.3 percent year-over-year to KRW 2.3464 trillion (~EUR 1,534.3m), while operating profit declined 16.3 percent to KRW 333.6 billion (~EUR 218.1m). Despite ongoing R&D investment in future mobility amid global economic uncertainties, rising costs – particularly the rise in raw material costs and ocean freight rates – resulted in a negative impact on profitability. In the thermal management segment, Hanon Systems reported sales of KRW 2.6173 trillion (~EUR 1,711.4m) and an operating profit of KRW 20.9 billion (~EUR 13.6m).

The share of 18-inch and larger passenger car tyres in total passenger car and light truck tyre sales reached 47.1 percent, up 0.3 percentage points from a year earlier. Regionally, China posted the highest share at 64.7 percent, followed by Korea (58.5 percent), North America (57.1 percent), and Europe (39.1 percent), indicating steady growth across global markets. In the original equipment (OE) tyre segment for passenger cars and light trucks, EV-dedicated products accounted for 23 percent of sales, up 6 percentage points from the same period last year.

Revenue growth was driven by increased sales of high-value-added products, supported by the expansion of OE tyre supply to global premium car manufacturers and rising demand for EV-dedicated tyres. 

In a notable addition to its global OE partnerships, Hankook began supplying its ultra-high-performance SUV tyre, the Ventus evo SUV, as OE fitment for the third-generation Volkswagen Tiguan. This addition builds on the company’s growing partnerships with approximately 50 global premium automotive brands across more than 280 models, including the BMW M5 and Mercedes-AMG GT Coupé, further demonstrating its top-tier technological capabilities on the global stage.

As a leading company in EV tyre technology, Hankook is also a leading OE supplier for major electric vehicle manufacturers, including Audi, BMW, BYD, Hyundai, Kia, Lucid, Porsche, and Tesla. Since launching iON in 2022 – the world’s first full tyre-lineup dedicated to electric vehicles – the company has diversified its portfolio to include more than 300 specifications ranging from 16 to 22 inches, covering most EV segments.

Hankook also continues to elevate the premium image of its unified global brand “Hankook” and advance its ultra-high-performance tyre technologies through active motorsports participation. The company supplies racing tyres and supports teams in approximately 70 global motorsports events, including the FIA World Rally Championship, ABB FIA Formula E World Championship and Lamborghini Super Trofeo. Data and insights gathered from these competitions directly contribute to ongoing R&D efforts, enhancing Hankook’s technological capabilities.

Hankook: Consolidated Financial Results for Q1 2025

Hanon Systems: Consolidated Financial Result for Q1 2025

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