Financials Hanwha Aerospace Co., Ltd.

Equities

A012450

KR7012450003

Aerospace & Defense

End-of-day quote Korea S.E. Other stock markets 11/07/2025			5-day change	1st Jan Change
806,000.00 ^KRW	-5.51%		+3.47%	+146.86%

07-08	Hanwha Aerospace's Paid-In Capital Increase Oversubscribed at 193.76%	MT
06-27	Hanwha Aerospace Strikes New KF-21 Fighter Jet Engine Supply Deal with DAPA; Shares Up 2%	MT

Projected Income Statement: Hanwha Aerospace Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,321	6,415	6,540	9,366	11,246	27,287	29,408	31,086
Change	-	20.55%	1.94%	43.22%	20.08%	142.63%	7.78%	5.7%
EBITDA ¹	489.6	620.5	632.6	1,030	2,063	3,786	4,499	5,093
Change	-	26.73%	1.95%	62.85%	100.23%	83.54%	18.82%	13.2%
EBIT ¹	243.9	383	375.3	701.7	1,725	3,212	3,826	4,434
Change	-	57.02%	-2.01%	86.95%	145.79%	86.26%	19.11%	15.89%
Interest Paid ²	-66,285	-64,018	-80,328	-84,992	-242,540	-401,286	-377,000	-334,320
Earnings before Tax (EBT) ¹	171.8	405.3	171.8	1,240	2,649	2,663	3,398	4,038
Change	-	135.91%	-57.63%	622.02%	113.63%	0.52%	27.6%	18.82%
Net income ¹	121.4	252.6	156.9	998.4	2,295	1,375	1,773	2,135
Change	-	108.07%	-37.89%	536.4%	129.82%	-40.07%	28.95%	20.38%
Announcement Date	26/02/21	25/02/22	24/02/23	07/02/24	10/02/25	-	-	-

¹KRW in Billions²KRW in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	1,193	1,377	1,724	1,212	1,686	1,542	1,974	1,378	1,671	1,398	2,518	1,927	1,798	1,982	3,442	1,848	2,786	2,631	4,831	5,484	6,350	6,472	8,422	6,136	7,044	7,200	9,868
Change	-	15.46%	25.21%	-29.68%	39.1%	-8.54%	27.96%	-30.18%	21.26%	-16.36%	80.14%	-23.47%	-6.69%	10.2%	73.73%	-46.31%	50.73%	-5.56%	83.61%	13.52%	15.79%	1.93%	30.12%	-27.14%	14.81%	2.21%	37.05%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	443.1	510.6	1,036	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15.24%	102.9%	-	-	-	-	-	-	-	-
EBIT ¹	70.18	94.3	76.2	65.9	132.6	103.3	81.3	66.4	112.9	64.4	176.6	228.5	83.1	104.3	289.5	37.4	358.8	477.2	892.5	560.8	713.5	792	1,089	1,003	1,017	1,056	1,287
Change	-	34.38%	-19.19%	-13.52%	101.21%	-22.1%	-21.3%	-18.33%	70.03%	-42.96%	174.16%	29.42%	-63.63%	25.51%	177.56%	-87.08%	859.36%	33%	87.03%	-37.17%	27.22%	11.01%	37.5%	-7.9%	1.4%	3.86%	21.82%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	61	75.6	44.6	142.7	115	105.7	42	57	46	111.4	54.62	654.5	344.3	13.7	227.1	56.2	138.9	375.2	2,122	261	595.5	703.5	1,038	-	-	-	-
Change	-	23.93%	-41.01%	219.96%	-19.41%	-8.09%	-60.26%	35.71%	-19.3%	142.17%	-50.97%	1,098.31%	-47.39%	-96.02%	1,557.66%	-75.25%	147.15%	170.12%	465.64%	-87.7%	128.16%	18.14%	47.62%	-	-	-	-
Net income ¹	36.93	41.1	56.5	88.9	75.3	58.3	30.2	40.4	25.7	88.7	89.69	408.8	269.6	-20.6	171.8	-12.6	147.2	329.3	1,831	86.6	305.4	371.4	588.7	-	-	-	-
Change	-	11.3%	37.47%	57.35%	-15.3%	-22.58%	-48.2%	33.77%	-36.39%	245.14%	1.11%	355.81%	-34.05%	-107.64%	933.98%	-107.33%	1,268.25%	123.71%	456.12%	-95.27%	252.71%	21.58%	58.52%	-	-	-	-
Announcement Date	13/08/20	11/11/20	26/02/21	11/05/21	05/08/21	29/10/21	25/02/22	29/04/22	29/07/22	31/10/22	24/02/23	27/04/23	27/07/23	31/10/23	07/02/24	30/04/24	30/07/24	31/10/24	10/02/25	30/04/25	-	-	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: Hanwha Aerospace Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,014	253	312	2,271	6,623	7,206	6,557	5,769
Change	-	-75.05%	23.32%	627.88%	191.63%	8.81%	-9.01%	-12.02%
Announcement Date	26/02/21	25/02/22	24/02/23	07/02/24	10/02/25	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: Hanwha Aerospace Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	189.4	166.1	196.7	453.4	578.2	1,375	1,105	1,074
Change	-	-12.3%	18.44%	130.44%	27.54%	137.87%	-19.68%	-2.81%
Free Cash Flow (FCF) ¹	245,358	661,728	1,325,011	936,855	814,768	610,000	1,500,243	2,370,233
Change	-	169.7%	100.24%	-29.29%	-13.03%	-25.13%	145.94%	57.99%
Announcement Date	26/02/21	25/02/22	24/02/23	07/02/24	10/02/25	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: Hanwha Aerospace Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	9.2%	9.67%	9.67%	11%	18.34%	13.87%	15.3%	16.38%
EBIT Margin (%)	4.58%	5.97%	5.74%	7.49%	15.34%	11.77%	13.01%	14.26%
EBT Margin (%)	3.23%	6.32%	2.63%	13.24%	23.56%	9.76%	11.55%	12.99%
Net margin (%)	2.28%	3.94%	2.4%	10.66%	20.4%	5.04%	6.03%	6.87%
FCF margin (%)	4,610.74%	10,315.17%	20,261.33%	10,002.76%	7,244.83%	2,235.52%	5,101.4%	7,624.71%
FCF / Net Income (%)	202,106.85%	261,966.56%	844,580.11%	93,834.09%	35,508.05%	44,356.43%	84,599.01%	111,033.6%
Profitability
ROA	1.81%	2.46%	1.86%	4.71%	7.31%	4.25%	4.99%	5.47%
ROE	5.64%	8.72%	3.98%	23.19%	53.94%	25.45%	23.54%	22.34%
Financial Health
Leverage (Debt/EBITDA)	2.07x	0.41x	0.49x	2.2x	3.21x	1.9x	1.46x	1.13x
Debt / Free cash flow	0x	0x	0x	0x	0.01x	0.01x	0x	0x
Capital Intensity
CAPEX / Current Assets (%)	3.56%	2.59%	3.01%	4.84%	5.14%	5.04%	3.76%	3.45%
CAPEX / EBITDA (%)	38.68%	26.77%	31.1%	44.01%	28.03%	36.33%	24.56%	21.08%
CAPEX / FCF (%)	0.08%	0.03%	0.01%	0.05%	0.07%	0.23%	0.07%	0.05%
Items per share
Cash flow per share ¹	9,505	21,722	33,365	30,417	28,306	67,994	73,853	98,770
Change	-	128.52%	53.6%	-8.84%	-6.94%	140.21%	8.62%	33.74%
Dividend per Share ¹	-	777.5	1,111	1,999	-	3,770	4,411	4,696
Change	-	-	42.86%	80%	-	-	17%	6.47%
Book Value Per Share ¹	56,797	63,463	62,882	77,501	98,798	167,265	211,037	260,471
Change	-	11.74%	-0.91%	23.25%	27.48%	69.3%	26.17%	23.42%
EPS ¹	2,655	5,542	4,329	17,887	46,716	27,715	35,919	43,209
Change	-	108.74%	-21.89%	313.22%	161.18%	-40.67%	29.61%	20.29%
Nbr of stocks (in thousands)	45,563	45,527	45,527	45,527	45,467	47,182	47,182	47,182
Announcement Date	26/02/21	25/02/22	24/02/23	07/02/24	10/02/25	-	-	-