Hanjin Kal (A180640) Q1 2026 earnings summary

Executive summary

• Consolidated operating revenue for Q1 2026 rose 11.0% year-over-year to 696 billion KRW, with operating profit up 91.4% to 130 billion KRW and net profit up 16.9% to 854 billion KRW.

• Standalone operating revenue increased 6.8% year-over-year to 1,002 billion KRW, with 86.1% from dividend income and 12.1% from brand royalties.

• The group operates as a holding company with core revenue from subsidiary dividends and brand royalties, and applies the equity method to major subsidiaries including an airline and logistics company.

• Major subsidiaries include an airline (passenger, cargo, aerospace), logistics, hotel, and real estate businesses, each with distinct revenue streams and operational focuses.

Financial highlights

• Consolidated EBITDA for Q1 2026 was 171 billion KRW, up 34.9% year-over-year.

• Operating margin improved to 18.7%, up 7.9 percentage points year-over-year.

• Cash and cash equivalents at quarter-end were 1,161 billion KRW, up 4.7% from the previous quarter.

• Total consolidated assets stood at KRW 4.2 trillion, with equity attributable to owners at KRW 3.42 trillion and a debt ratio of 129.8%.

• Basic EPS was KRW 1,247 for Q1 2026.

Outlook and guidance

• Forward-looking statements are subject to significant uncertainty due to potential changes in the business environment and market conditions.

• Dividend policy targets payout of ~50% of adjusted net income (excluding one-offs) through FY2026, with no new share buybacks planned.

• The group aims to maintain stable dividends, balancing shareholder returns with investments for sustainable growth.