실적분석 2026년 8월 26일

Super Hi International Holdings ($HDL) Q2 2026 Earnings Analysis — Revenue Slightly Below, Operating Improvement Offset by FX Loss

Earnings Scorecard

Revenue: $218.8 million (+10.0% YoY, vs. $223 million estimate) ❌ Miss

EPS: ~$0.00 (GAAP, sub-cent loss) · $0.03 (adjusted estimate) — not directly comparable ❌ Miss

Guidance: Not provided — no next-quarter or full-year revenue/EPS outlook

Stock Reaction: -1.06% in regular session ($13.95) — as of 08-26 05:00 KST

Positives

Operating margin improvement: Operating income $8.1 million (+118.9%), margin 3.7%

Strong growth in delivery and other channels: Delivery revenue +105.4%, other revenue +119.7% (+114.3% combined)

Modest store-level efficiency gains: Overall table turnover 3.9x/day, customer traffic 8.1 million (+5.2%)

With staff costs as a share of revenue edging lower, the company opened two new restaurants, bringing the total to 129 locations. Core restaurant revenue grew modestly, while delivery and other revenue (seasonings, branded foods, etc.) added to growth.

Negatives

FX-driven net loss: Net loss attributable to common shareholders of ~$1.9 million, mainly due to FX losses

Revenue below estimate: Revenue of $218.8 million slightly missed the $223 million consensus

North America and same-store softness: North America turnover fell to 3.6x, same-store sales also dipped slightly

While the year-ago quarter posted a profit, this quarter swung to a loss as local currencies weakened against the dollar, widening FX losses. Combined same-store sales also came in just barely below a year earlier, meaning a significant portion of top-line growth came from new and non-restaurant channels.

What Management Said

CEO Li Yu emphasized that investments under the employee-and-customer-focused strategy are translating into operating resilience and efficiency. The market, however, appears focused on the FX-driven net loss and slight revenue miss rather than the operating margin improvement.

Market Reaction and Forward Watchpoints

The combination of a marginal revenue miss, an operating beat, but an FX-driven loss appears to have weighed on sentiment.

How much the FX loss narrows in next quarter's net income

Whether North America table turnover and same-store sales recover

Whether the high growth in delivery and other businesses feeds through to company-wide margins