Hanjin Kal (A180640) Q3 2025 earnings summary

Executive summary

• Consolidated revenue for Q3 2025 rose 4.7% year-over-year to 854 billion KRW, but the company swung to an operating loss of 36.5 billion KRW and a net loss of 76.2 billion KRW, reversing profits from the prior year.

• Standalone revenue increased 1.8% year-over-year, but operating profit turned to a loss and net profit also reversed to a loss.

• The group operates as a holding company with core subsidiaries in aviation, logistics, hospitality, and real estate, with major revenue from dividends, brand royalties, and IT services.

• Key subsidiaries include a leading airline (aviation, aerospace, cargo), a logistics company (parcel, global, energy), and hotel/real estate businesses.

Financial highlights

• Consolidated operating loss of 36.5 billion KRW in Q3 2025, compared to a profit of 13.9 billion KRW in Q3 2024.

• Net loss of 76.2 billion KRW, compared to net profit of 19.4 billion KRW in Q3 2024.

• EBITDA turned negative at -30.9 billion KRW, compared to 19.6 billion KRW a year earlier.

• Consolidated revenue for the nine months ended September 2025 was KRW 218.7 billion, down from KRW 292.2 billion year-over-year.

• Cash and cash equivalents at period end were KRW 340.3 billion, down from KRW 416.9 billion at the previous year-end.

Outlook and guidance

• Forward-looking statements are subject to significant uncertainty due to market and operational risks.

• The airline expects continued supply and demand volatility due to geopolitical risks, trade tensions, and global economic uncertainty, but is focusing on flexible capacity management and premium product offerings.

• Logistics and parcel businesses anticipate steady demand from e-commerce and B2B, with ongoing investment in automation and digital platforms.

• The group maintains a dividend policy targeting a payout of around 50% of separate net income (excluding one-offs) for FY2024–2026.