Hanwha Ocean Co (A042660) Q2 2026 earnings summary

Executive summary

• Achieved consolidated revenue of KRW 5,443bn in 2Q26, up 70% QoQ and 65% YoY, with operating profit of KRW 736bn (OPM 13.5%).

• Commercial vessel segment drove growth, with strong LNG carrier revenue and high-margin project recognition.

• Energy plant segment saw a significant turnaround, posting KRW 2,068bn in revenue (+880% QoQ) and returning to profit.

• Naval ship segment maintained stable revenue but continued to report operating losses, though losses narrowed.

Financial highlights

• Net profit reached KRW 693bn (margin 12.7%), up 366% YoY.

• Total assets at KRW 20,146bn, with cash and equivalents up 37% QoQ to KRW 1,472bn.

• Net debt reduced by 10% QoQ to KRW 4,566bn; net debt/equity improved to 61%.

• Shareholders’ equity increased 10% QoQ to KRW 7,528bn.

Outlook and guidance

• Commercial vessel revenue expected to grow on high-priced project recognition and post-2024 high-margin projects.

• Naval ship segment anticipates modest YoY revenue growth and profitability improvement via change orders and cost reduction.

• Energy plant segment expects H2 recovery driven by new project initiation and earnings recovery efforts.