Calepin des entreprises international 2026 VA.pdf — page 121

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Business trends
	
 Korea Aerospace Industries (KAI) posted revenues of 3.634 trillion won (€2,463 million) in 2024, down 4.9% 
year-on-year in local currency. This decline was mainly due to a drop in international aircraft sales (-38.8% year-
on-year), with, for example, a year-and-a-half delay in the delivery of the FA-50PL aircraft ordered by Poland. 
Helicopter sales decreased slightly (-0.9%) despite the delivery of the first two LAH-1 Miron helicopters to the 
Republic of Korea Army, whereas aerostructures sales increased by 5.6%.
	
 South Korea and Indonesia reached an agreement in June 2025 to reduce the latter’s share in the financing 
of the KF-21 Boramae / F-33 fighter aircraft programme from 1.7 trillion won (€1.15 billion) to 600 billion won 
(€407 million), or 7.5% of the total cost of the project. In return, PT Dirgantara Indonesia, which is expected to 
assemble 48 aircraft for the Indonesian Air Force, will receive fewer technology transfers from KAI.
Home market
	
 As South Korea’s sole aircraft manufacturer, KAI is involved in the main programmes of the Republic of Korea 
Air Force (ROKAF). In particular, the group is in charge of developping the future KF-21 Boramae fighter 
aircraft, in partnership with PT Dirgantara Indonesia, as well as the future Marine Attack Helicopter (MAH) for 
the Republic of Korea Marine Corps and Mine Countermeasure Helicopter (MCH) for the Republic of Korea 
Navy.
	
 In April 2025, SpaceX’s Falcon 9 Block 5 launcher placed the fourth satellite of South Korea’s Defence 
Acquisition Program Administration (DAPA) Project 425, assembled by KAI, into low Earth orbit. A fifth satellite 
is to be launched at a date yet to be specified.
	
 In June 2025, South Korea’s DAPA ordered a second batch of 20 KF-21 Boramae fighter aircraft from KAI for 
2.39 trillion won (€1.62 billion), to be delivered by 2028.
Export markets
	
 The group generated 41% of its revenues from exports in 2024, mainly through the sale of aircraft and 
aerostructures.
	
 In December 2024, KAI won its first export contract for its KUH-1 Surion transport helicopter, with two units 
ordered by the Ministry of Interior of Iraq for 135.6 billion won (€92 million), including the adaptation of the 
aircraft for firefighting missions and the provision of maintenance training services. Deliveries are scheduled 
to be completed by March 2029.
	
 The group signed a contract worth $64 million (€59 million) in March 2025 with the Indonesian Air Force to 
extend the service life of 20 KT-1B Woongbi basic trainer aircraft.
	
 KAI signed a 975.3 billion won (€661 million) contract in June 2025 with the Department of National Defense 
of the Philippines to supply 12 FA-50PH Fighting Eagle Block 20 light fighter aircraft, with deliveries scheduled 
until June 2030.
Technology and Innovation
	
 Self-financed R&D expenditure amounted to 80.5 billion won (€55 million) in 2024, representing 2.2% of 
revenues.
	
 The MAH attack helicopter prototype, derived from the MUH-1 Marineon, made its maiden flight in 
December 2024, lasting 20 minutes and reaching a maximum altitude of 30 metres. It is expected to be 
operational in the second half of 2026.
	
 The MCH mine countermeasure helicopter prototype, also derived from the MUH-1 Marineon, made its 
maiden flight in June 2025. Development is expected to be completed in the second half of 2026. KAI will 
become the third group to offer this type of helicopter, alongside Leonardo and Sikorsky (a subsidiary of 
Lockheed Martin).	 	
STRATEGIC HIGHLIGHTS
KOREA AEROSPACE INDUSTRIES (KAI)