Hanwha Solutions (009830) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 3.3% quarter-on-quarter to KRW 3.882 trillion (38,820억원), with operating profit turning positive at KRW 92.6 billion (926억원), driven by improved sales and cost structure across all segments.

• Net loss narrowed significantly to KRW 38.2 billion (-382억원), reflecting operational recovery and one-off IRA-related gains.

• Profitability improved across renewable energy, chemicals, and advanced materials segments, supported by volume recovery, margin enhancement, and favorable market conditions.

Financial highlights

• Total assets increased to KRW 34.93 trillion (349,303억원), with cash and cash equivalents at KRW 2.477 trillion (24,774억원).

• Total liabilities rose to KRW 22.93 trillion (229,326억원), and net debt increased to KRW 13.57 trillion (135,692억원).

• Total equity grew to KRW 11.99 trillion (119,977억원).

• EBITDA margin improved to 7.9%, and operating profit margin turned positive at 2.4%.

Key financial ratios and metrics

• Liabilities to equity ratio stood at 191%.

• Net debt to equity ratio was 113%.

• ROE improved to -1.0% in 2025 from -5.4% in 2024.

• CAPEX for Q1 2026 was KRW 94.2 billion (942억원).