Hanwha Q1 2026: Revenue 21.45T won, OP 1.27T won, strong YoY growth

Consolidated revenue: 21.45 trillion won (+28.9% YoY), OP: 1.27 trillion won (+21.5% YoY), Net income: 775.8 billion won (+76.4% YoY)
All segments improved: Shipbuilding OP 387.5 billion won (+42.7% YoY), Munitions (화약제조) 442.2 billion won, Finance 616.5 billion won
Solar segment operating loss widened to 14.5 billion won (vs 2.9 billion loss in Q1 2025), but sales increased to 2.53 trillion won
Total assets: 294.8 trillion won; equity: 50.8 trillion won; debt-to-equity ratio 480% (vs 497% at year-end 2025)
No new shareholder return actions (buyback/dividend) announced; existing minimum 1,000 won per share dividend policy maintained
Hanwha Savings Bank BIS ratio: 14.82% (well above 8% requirement); insurance subsidiaries' solvency ratios (K-ICS) pending but prior year-end levels stable (157.5% for life, 215.8% for non-life)
Major litigation ongoing (accounting fraud-related shareholder/bondholder lawsuits, solar patent cases) but no material new adverse developments