Hanwha Solutions (009830) Q3 2024 earnings summary

Executive summary

• Q3 2024 consolidated sales rose 4% quarter-on-quarter to KRW 2,773.3 billion, driven by increased power generation asset development in Renewable Energy.

• Operating loss narrowed to KRW 81 billion, with net income at negative KRW 387.7 billion.

• Profitability improved due to better performance in renewable energy development assets, though net loss continued.

• The company is focusing on sustainable growth through differentiated technology and innovation in energy and materials.

• Revenue for the first nine months of 2024 was ₩7.83 trillion, down sharply from ₩13.20 trillion year-over-year, reflecting a significant contraction in the solar and chemical markets.

Financial highlights

• Total assets for non-financial businesses increased by KRW 3,741.2 billion from year-end to KRW 27,251.6 billion.

• Cash and cash equivalents rose by KRW 53.4 billion to KRW 2,135.4 billion.

• Net debt increased by KRW 3,044.6 billion to KRW 10,312.5 billion as of Q3 2024.

• EBITDA for 3Q24: ₩989 billion, up 57.5% QoQ.

• Net loss for 3Q24: -₩3,703 billion, continuing from -₩3,110 billion in 2Q24.

Outlook and guidance

• Q4 is expected to see a turnaround in Renewable Energy, with KRW 1.2 trillion in power generation asset sales anticipated.

• Annual module sales guidance adjusted from 9 GW to 8 GW due to a temporary power outage at the U.S. Dalton facility.

• Renewable energy expected to grow in the US and Europe, driven by IRA guidelines and stable interest rates.

• The company is accelerating portfolio optimization, cost reduction, and investment in high-value and eco-friendly products to restore profitability.

• U.S. solar manufacturing expansion and vertical integration remain strategic priorities, leveraging policy support and market growth.