Financials Hanwha Aerospace Co., Ltd.

Equities

A012450

KR7012450003

Aerospace & Defense

End-of-day quote Korea S.E. Other stock markets 09/12/2025			5-day change	1st Jan Change
960,000.00 ^KRW	+2.45%		+18.08%	+194.03%

12-04	Innospace Secures KRW474.2 Million Development Contract for Reusable Tech Demonstrator Umbilical System	MT
11-28	Asian Stocks Post Mixed Results on Fed Policy Shifts, Tech Rally	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	27,069	30,528	33,301
Change	-	20.55%	1.94%	43.22%	20.08%	140.69%	12.78%	9.08%
EBITDA ¹	489.6	620.5	632.6	1,030	2,063	4,229	5,282	6,150
Change	-	26.73%	1.95%	62.85%	100.23%	104.99%	24.91%	16.43%
EBIT ¹	243.9	383	375.3	701.7	1,725	3,519	4,498	5,336
Change	-	57.02%	-2.01%	86.95%	145.79%	104.01%	27.84%	18.62%
Interest Paid ²	-66,285	-64,018	-80,328	-84,992	-242,540	-341,100	-328,809	-301,311
Earnings before Tax (EBT) ¹	171.8	405.3	171.8	1,240	2,649	2,732	4,189	4,981
Change	-	135.91%	-57.63%	622.02%	113.63%	3.14%	53.3%	18.92%
Net income ¹	121.4	252.6	156.9	998.4	2,295	1,350	2,205	2,729
Change	-	108.07%	-37.89%	536.4%	129.82%	-41.18%	63.37%	23.74%
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 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	1,724	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	6,274	6,486	8,561	5,996	6,934	7,338	9,879
Change	-	-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%	14.39%	3.4%	31.98%	-29.95%	15.64%	5.82%	34.62%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	443.1	510.6	1,036	-	-	-	1,405	1,054	1,238	1,389	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	15.24%	102.9%	-	-	-	-	-25.02%	17.51%	12.2%	-
EBIT ¹	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	864.4	856.4	1,211	872.3	1,045	1,139	1,480
Change	-	-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%	54.14%	-0.93%	41.38%	-27.95%	19.85%	8.99%	29.91%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	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	470.7	812	1,227	695	1,071	1,137	1,694
Change	-	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%	80.34%	72.51%	51.15%	-43.37%	54.1%	6.16%	48.99%
Net income 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	200.6	486.5	681.6	312	519.6	552.8	1,096
Change	-	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%	131.64%	142.54%	40.08%	-54.23%	66.58%	6.39%	98.33%
Announcement Date	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	31/07/25	03/11/25	-	-	-	-	-

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	8,041	7,898	7,825
Change	-	-75.05%	23.32%	627.88%	191.63%	21.42%	-1.78%	-0.92%
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	1,233	1,057	1,028
Change	-	-12.3%	18.44%	130.44%	27.54%	113.32%	-14.32%	-2.73%
Free Cash Flow (FCF) ¹	245,358	661,728	1,325,011	936,855	814,768	-434,820	2,084,238	2,968,471
Change	-	169.7%	100.24%	-29.29%	-13.03%	-153.37%	579.33%	42.42%
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%	15.62%	17.3%	18.47%
EBIT Margin (%)	4.58%	5.97%	5.74%	7.49%	15.34%	13%	14.73%	16.02%
EBT Margin (%)	3.23%	6.32%	2.63%	13.24%	23.56%	10.09%	13.72%	14.96%
Net margin (%)	2.28%	3.94%	2.4%	10.66%	20.4%	4.99%	7.22%	8.19%
FCF margin (%)	4,610.74%	10,315.17%	20,261.33%	10,002.76%	7,244.83%	-1,606.35%	6,827.23%	8,914.18%
FCF / Net Income (%)	202,106.85%	261,966.56%	844,580.11%	93,834.09%	35,508.05%	-32,214.26%	94,516.72%	108,791.83%
Profitability
ROA	1.81%	2.46%	1.86%	4.71%	7.31%	4.28%	5.72%	6.38%
ROE	5.64%	8.72%	3.98%	23.19%	53.94%	22.38%	24.18%	23.14%
Financial Health
Leverage (Debt/EBITDA)	2.07x	0.41x	0.49x	2.2x	3.21x	1.9x	1.5x	1.27x
Debt / Free cash flow	0x	0x	0x	0x	0.01x	-0.02x	0x	0x
Capital Intensity
CAPEX / Current Assets (%)	3.56%	2.59%	3.01%	4.84%	5.14%	4.56%	3.46%	3.09%
CAPEX / EBITDA (%)	38.68%	26.77%	31.1%	44.01%	28.03%	29.17%	20.01%	16.71%
CAPEX / FCF (%)	0.08%	0.03%	0.01%	0.05%	0.07%	-0.28%	0.05%	0.03%
Items per share
Cash flow per share ¹	9,505	21,722	33,365	30,417	28,306	70,681	78,162	104,175
Change	-	128.52%	53.6%	-8.84%	-6.94%	149.7%	10.59%	33.28%
Dividend per Share ¹	-	777.5	1,111	1,999	-	3,895	4,625	4,904
Change	-	-	42.86%	80%	-	-	18.76%	6.03%
Book Value Per Share ¹	56,797	63,463	62,882	77,501	98,798	181,728	222,104	268,598
Change	-	11.74%	-0.91%	23.25%	27.48%	83.94%	22.22%	20.93%
EPS ¹	2,655	5,542	4,329	17,887	46,716	27,228	43,622	54,035
Change	-	108.74%	-21.89%	313.22%	161.18%	-41.72%	60.21%	23.87%
Nbr of stocks (in thousands)	45,563	45,527	45,527	45,527	45,467	51,449	51,449	51,449
Announcement Date	26/02/21	25/02/22	24/02/23	07/02/24	10/02/25	-	-	-