Released

FY2026 Q1

Earnings Review

012450

BEAT

Hanwha Aerospace

Hanwha Aerospace · Defense/Aerospace

Fri, May 8, 2026·Before Market Open

Hanwha AerospaceK-DefenseDefenseAerospaceIran WarEarnings

01Wall Street Consensus

EPS₩8,500

Revenue₩4.5T

02Earnings Results

EPS₩6,978.05+7.3%

RevenueKRW 5.751T-6.3%

After-Hours Reaction-0.8%

Key Takeaways

Consolidated revenue was KRW 5.751T, up 4.9% YoY
Operating profit was KRW 638.9B, up 20.6% YoY
Ground defense revenue was KRW 1.2211T and operating profit was KRW 208.7B
Ground-defense backlog reached about KRW 39.7T, a first-quarter record
Aerospace revenue was KRW 661.2B and operating profit was KRW 22.6B
Hanwha Ocean revenue was KRW 3.2099T and operating profit was KRW 441.1B

Key Checkpoints

01K-defense export order backlog — record pipeline from Poland, Romania, Saudi Arabia, and new clients
02K9 self-propelled howitzer delivery schedule — Poland 600+ unit mega-order execution
03Chunmoo MLRS export wins — expanding beyond Korea to NATO and Middle East customers
04Aero engine (Hanwha Aerospace Engines) revenue — military and commercial engine MRO growth
05Operating margin — defense premium pricing and production scale driving margin expansion
06Iran war order acceleration — NATO allies and Middle East nations accelerating procurement

Upside Catalysts

Iran war tailwind: global defense spending surge — NATO 3%+ GDP target driving record procurement budgets
K-defense export wave: Poland mega-deal ($15B+) as template for Romania, Norway, and others
Chunmoo MLRS: emerging as HIMARS competitor with price-performance advantage
Space/satellite: Hanwha group investing in LEO satellite constellation — long-term growth optionality
UAM (Urban Air Mobility): Hanwha Aerospace developing eVTOL — future revenue stream

Risk Factors

Execution capacity: massive order backlog but factory output limited — delivery delay risk
Geopolitical complexity: Iran war could disrupt Middle East client relationships
Competition: European defense primes (Rheinmetall, KNDS) investing heavily to recapture market
Currency: KRW depreciation boosts export revenue but increases imported component costs
Political risk: Korean government change could alter defense export policy

Detail

SEPS 서프라이즈 히스토리

Beat1Miss0Beat률 100%

분기별 EPS 컨센서스 대비 서프라이즈(%) — 막대: EPS, 점선: 매출

컨센서스 대비 실제 EPS/매출 서프라이즈 (%)

Comments

Earnings

02Earnings Results

EPS₩6,978.05+7.3%

RevenueKRW 5.751T-6.3%

After-Hours Reaction-0.8%

Key Takeaways

Consolidated revenue was KRW 5.751T, up 4.9% YoY
Operating profit was KRW 638.9B, up 20.6% YoY
Ground defense revenue was KRW 1.2211T and operating profit was KRW 208.7B
Ground-defense backlog reached about KRW 39.7T, a first-quarter record
Aerospace revenue was KRW 661.2B and operating profit was KRW 22.6B
Hanwha Ocean revenue was KRW 3.2099T and operating profit was KRW 441.1B

Key Checkpoints

01K-defense export order backlog — record pipeline from Poland, Romania, Saudi Arabia, and new clients

02K9 self-propelled howitzer delivery schedule — Poland 600+ unit mega-order execution

03Chunmoo MLRS export wins — expanding beyond Korea to NATO and Middle East customers

04Aero engine (Hanwha Aerospace Engines) revenue — military and commercial engine MRO growth

05Operating margin — defense premium pricing and production scale driving margin expansion

06Iran war order acceleration — NATO allies and Middle East nations accelerating procurement

Upside Catalysts

Iran war tailwind: global defense spending surge — NATO 3%+ GDP target driving record procurement budgets

K-defense export wave: Poland mega-deal ($15B+) as template for Romania, Norway, and others

Chunmoo MLRS: emerging as HIMARS competitor with price-performance advantage

Space/satellite: Hanwha group investing in LEO satellite constellation — long-term growth optionality

UAM (Urban Air Mobility): Hanwha Aerospace developing eVTOL — future revenue stream

Risk Factors

Execution capacity: massive order backlog but factory output limited — delivery delay risk

Geopolitical complexity: Iran war could disrupt Middle East client relationships

Competition: European defense primes (Rheinmetall, KNDS) investing heavily to recapture market

Currency: KRW depreciation boosts export revenue but increases imported component costs

Political risk: Korean government change could alter defense export policy