Hanwha Corp. (000880)

Hanwha, established in 1952, is a diversified holding company strengthening its competitiveness across various business sectors including manufacturing/construction, finance, and services/leisure. In particular, it is leading future industries such as defense (spanning land, sea, and air), advanced energy, aerospace, and shipbuilding. Its main business areas include the defense sector, encompassing K9 self-propelled howitzers, Chunmo multiple rocket launchers, and aircraft engines; the energy solutions sector, covering solar cells and modules, power plant EPC, hydrogen, and LNG power generation; the marine defense sector, with capabilities in submarine and surface vessel construction; and the financial sector, including life insurance and financial investment. Hanwha holds a 70% global market share for K9 self-propelled howitzers, and Hanwha Q CELLS ranks first in the U.S. residential solar market, securing a leading position in global markets. Hanwha's core competencies lie in its integrated defense industry capabilities, connecting land, sea, air, and space, and its ability to provide 'total solutions'. Furthermore, it is strengthening its future technology foundation through continuous investment in advanced technology development, including AI, unmanned systems, and convergence solutions, and by securing specialized talent. Through strategic mergers and acquisitions (M&A), it is expanding its business areas, creating synergies, and enhancing its competitiveness in global markets. Hanwha recorded revenue of KRW 74,785.4 billion in 2025, achieving strong growth of 34.4% year-over-year. Operating income significantly improved, increasing by 71.6% year-over-year to KRW 4,146.9 billion in 2025. The operating profit margin rose from 4.34% in 2024 to 5.55% in 2025, and recorded 5.90% in Q1 2026, showing a consistent upward trend. Net income increased by 17.8% year-over-year to KRW 1,991.6 billion in 2025. Examining Hanwha's financial soundness, the debt-to-equity ratio improved from 531.77% in 2023 and 534.11% in 2024 to 497.35% in 2025. The current ratio increased from 105.97% in 2022 to 149.63% in 2023, but has shown a slight downward trend, decreasing to 141.71% in 2024 and 132.69% in 2025. Return on equity (ROE) has shown a declining trend, falling from 10.74% in 2022 to 4.93% in 2023, 4.25% in 2024, and 4.11% in 2025. Hanwha is expected to further strengthen its position in global markets through continuous investment and technological innovation in future growth engines such as defense, aerospace, and energy. In particular, growth in related business sectors is anticipated, driven by increasing global demand for K-defense and the trend towards eco-friendly energy transition.