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Hanwha Solutions (009830) investor relations material
Hanwha Solutions Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 consolidated sales rose 12.3% quarter-over-quarter to KRW 3,778.3 billion, led by EPC business growth in the Renewable Division, but operating loss widened to -KRW 478.3 billion due to lower profitability and significant one-off expenses.
Full-year 2025 consolidated sales increased 8% year-over-year to KRW 13,354.4 billion (133,544억원), but operating loss persisted at -KRW 353.3 billion (-3,533억원), mainly from weak chemical markets.
Net profit for Q4 was -KRW 404.8 billion; full-year net profit was -KRW 608.9 billion (-6,089억원), an improvement from -KRW 1,369 billion in 2024.
Financial highlights
Q4 included approximately KRW 360 billion in one-off expenses, such as inventory write-offs, impairment losses, and business withdrawal costs.
One-off gains of KRW 640 billion, mainly from asset disposals, resulted in a net positive one-off impact of KRW 280 billion.
As of end-2025, total assets reached KRW 33,122.2 billion (331,222억원), with liabilities of KRW 21,817.2 billion and equity of KRW 11,305 billion.
Cash and cash equivalents increased to KRW 2,665.8 billion; total debt rose to KRW 14,977.3 billion.
FY2025 EBITDA was KRW 430.7 billion, up 5.6% year-over-year, but EBITDA margin slightly decreased to 3.2%.
Outlook and guidance
Renewable Energy Division expects a return to profitability in Q1 2026, driven by normalized U.S. operations and higher ASPs.
2026 sales volume guidance is approximately 9 GW, up from 6 GW in 2025.
AMPC recognition projected at KRW 950 billion in 2026, with full value chain benefits in the second half.
Development asset sales and EPC revenue guidance for 2026 is KRW 4–5 trillion.
Residential Energy business expects narrowing losses in Q1 and installation growth to 186 MW in 2026.
CapEx for 2026 is expected to decline to KRW 1.2 trillion, with most allocated to renewable energy.
Renewable energy market expected to grow to over 40GW in the US and maintain 70GW+ in Europe, with policy risks and tax changes impacting growth.
Chemical segment faces continued oversupply, with LDPE demand stable but LLDPE competition intensifying.
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