Hanwha Solutions (009830) Q3 2026 earnings summary

Executive summary

• Q3 2026 sales were KRW 3.9486tn, down 13.8% QoQ and up 17.4% YoY; operating profit was KRW 90.5bn and net profit KRW 68.5bn.

• 9M revenue reached KRW 12.413tn, operating income KRW 489.6bn and net income KRW 323.2bn, versus KRW 9.576tn, KRW 125.0bn and a KRW 204.1bn loss in 9M 2025.

Financial highlights

• Q3 EBITDA was KRW 322.6bn, down 38.4% QoQ and up 73.0% YoY; EBITDA margin was 8.2%.

• Q3 pre-tax profit was KRW 23.4bn, versus a KRW 39.7bn loss in 3Q25; net profit was KRW 68.5bn, up from KRW 4.5bn in 3Q25.

• 9M gross profit was KRW 1.829tn versus KRW 1.399tn YoY; SG&A was KRW 1.339tn versus KRW 1.274tn.

• 9M profit from continuing operations was KRW 318.1bn; discontinued operations added KRW 5.1bn. Net income attributable to owners was KRW 292.0bn.

• Operating, investing and financing cash flows were negative KRW 15.9bn, negative KRW 77.8bn and positive KRW 202.1bn, respectively; cash and equivalents were KRW 2.468tn at Sep. 30, 2026.

Segment performance

• Q3 Renewable Energy sales were KRW 2.1632tn and operating profit KRW 105.1bn; higher U.S. module volumes, improved residential energy profitability and stable Cartersville cell production supported results.

• Q3 Chemicals sales were KRW 1.3426tn and operating loss KRW 44.7bn, as fading geopolitical risk premiums and lower oil prices caused negative lagging effects.

• Q3 Advanced Materials sales were KRW 291.9bn, down 3% QoQ; operating profit rose 35% QoQ to KRW 38.9bn, supported by U.S. automotive composites and solar materials.

• 9M external sales and adjusted operating income: Renewable Energy KRW 6.756tn and KRW 333.7bn; Basic Materials KRW 4.148tn and KRW 76.5bn; Processed Materials KRW 877.8bn and KRW 80.0bn.

• Q3 equity-method income was a KRW 88.0bn loss as prior-quarter one-off gains faded and higher-cost raw materials entered production.