Hanjin Kal (180640) investor relations material

Executive summary

• 9M consolidated revenue was ₩221.3bn, operating income ₩41.6bn and net income ₩275.9bn; results benefited from equity-method earnings and a one-time property disposal gain.

• Net income attributable to owners was ₩272.1bn, or basic EPS of ₩4,043, versus a loss of ₩76.6bn and EPS of -₩1,147 in 9M 2025.

Financial highlights

• 9M revenue increased to ₩221.3bn from ₩218.7bn YoY; gross profit was ₩97.6bn versus ₩89.4bn.

• 9M operating income was ₩41.6bn versus an operating loss of ₩19.9bn; net income was ₩275.9bn versus a net loss of ₩76.2bn.

• Share of profit from associates and joint ventures was ₩204.4bn; other non-operating income included a ₩56.5bn gain on disposal of assets held for sale.

• Separate 9M revenue was ₩133.4bn, operating income ₩104.0bn and net income ₩92.6bn, compared with ₩116.5bn, ₩36.2bn and ₩23.4bn, respectively, in 9M 2025.

Outlook and guidance

• Q4 passenger demand faces uncertainty from geopolitical tensions, economic indicators and higher fuel surcharges; plans emphasize resource optimization, transfer traffic and integration synergies.

• Q4 cargo demand is expected to benefit from AI and semiconductor shipments and year-end peaks, while fuel costs, trade policies and possible moderation in AI investment pose risks.

• Cargo priorities include growing AI-related and heavy-cargo shipments, flexible capacity deployment, seasonal charter business and terminal modernization in Incheon and New York.

• The dividend policy targets returning around 50% of adjusted separate net income for FY2024–FY2026, excluding one-time, non-recurring gains; actual distributions remain subject to conditions and may change.