Financials Hanwha Systems Co., Ltd.

Equities

A272210

KR7272210006

Aerospace & Defense

End-of-day quote Korea S.E. Other stock markets 15/01/2026			5-day change	1st Jan Change
96,500.00 ^KRW	+9.41%		+64.96%	+77.39%

01-08	Hanwha and HavocAI Formalize Partnership to Develop 200-Foot Autonomous Surface Vessel	CI
12-31	Hanwha Systems Secures KRW40 Billion CMS Contract from the Philippine Navy	MT

Projected Income Statement: Hanwha Systems Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,643	2,090	2,188	2,453	2,804	3,538	4,255	4,752
Change	-	27.19%	4.71%	12.11%	14.29%	26.18%	20.29%	11.66%
EBITDA ¹	192.6	208	129	214.8	333.5	318.5	499.3	612.4
Change	-	8.01%	-37.99%	66.51%	55.28%	-4.47%	56.73%	22.67%
EBIT ¹	92.86	112	24.02	92.83	219.3	147.3	316.3	417.1
Change	-	20.66%	-78.56%	286.42%	136.3%	-32.87%	114.83%	31.85%
Interest Paid ²	-8,683	-4,434	-12,615	-	-39,407	-44,333	-30,833	-29,400
Earnings before Tax (EBT) ¹	79.08	128.1	-57.02	413.4	581.4	240.7	356.3	464.3
Change	-	61.94%	-144.53%	825.1%	40.63%	-58.6%	48.05%	30.3%
Net income ¹	93.58	98.32	-76.56	349.2	454.2	232.3	278.5	361.4
Change	-	5.06%	-177.87%	556.16%	30.05%	-48.84%	19.88%	29.75%
Announcement Date	19/02/21	22/02/22	23/02/23	07/02/24	07/02/25	-	-	-

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	658	366.7	485.9	557.4	679.5	429.6	510.5	459.4	788.5	439.5	610.7	620.8	782.1	544.4	687.3	639.2	933.5	690.1	768.2	807.7	1,257	812.4	909.8	953.2	1,640
Change	-	-44.26%	32.49%	14.71%	21.92%	-36.78%	18.83%	-10.01%	71.65%	-44.26%	38.94%	1.66%	25.98%	-30.4%	26.26%	-7.01%	46.04%	-26.07%	11.32%	5.15%	55.67%	-35.39%	12%	4.76%	72.06%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	106.8	83.69	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-21.66%	-	-	-	-	-	-	-	-	-
EBIT ¹	19.03	30.7	31.43	42.58	7.348	15.2	16.4	0.5	-8.108	8.386	25.93	37.33	10.97	39.26	79.84	57	29.14	58.16	33.45	22.52	36.67	60.78	74.45	80.9	90.25
Change	-	61.36%	2.36%	35.48%	-82.74%	106.86%	7.89%	-96.95%	-1,721.6%	203.43%	209.23%	43.96%	-70.63%	258.05%	103.33%	-28.61%	-48.89%	99.64%	-42.49%	-32.67%	62.84%	65.72%	22.5%	8.66%	11.56%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	10.44	31.68	28.62	42.21	25.54	17.2	-	9.2	-45.42	224.6	108.9	51.55	18.45	60.84	8.568	14.46	479.7	39.27	78.39	97.1	52.25	53.5	77	81	83
Change	-	203.4%	-9.66%	47.49%	-39.5%	-32.65%	-	-	-593.73%	594.52%	-51.5%	-52.68%	-64.21%	229.73%	-85.92%	68.72%	3,218.5%	-91.81%	99.61%	23.87%	-46.19%	2.39%	43.93%	5.19%	2.47%
Net income ¹	39.64	23.84	21.99	31.19	21.3	10.6	-	3.6	-46.22	186.4	76.32	42.83	43.7	51.8	28.3	9.402	364.7	37.84	40.91	151.7	37.01	42.92	54.65	58.9	64.05
Change	-	-39.87%	-7.75%	41.84%	-31.72%	-50.23%	-	-	-1,383.78%	503.25%	-59.05%	-43.89%	2.03%	18.55%	-45.38%	-66.77%	3,778.56%	-89.62%	8.12%	270.79%	-75.6%	15.97%	27.32%	7.78%	8.74%
Announcement Date	19/02/21	06/05/21	30/07/21	28/10/21	22/02/22	28/04/22	28/07/22	27/10/22	23/02/23	25/04/23	27/07/23	30/10/23	07/02/24	26/04/24	30/07/24	29/10/24	07/02/25	28/04/25	29/07/25	31/10/25	-	-	-	-	-

¹KRW in Billions

Estimates

Forecast Balance Sheet: Hanwha Systems Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-453	-1,626	-1,118	-178	152	-92.9	-505	-726
Change	-	-258.94%	31.24%	84.08%	185.39%	-161.05%	-443.6%	-43.76%
Announcement Date	19/02/21	22/02/22	23/02/23	07/02/24	07/02/25	-	-	-

¹KRW in Billions

Estimates

Cash Flow Forecast: Hanwha Systems Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	45.63	80.12	48.3	132.3	239.8	241.3	237.1	239.8
Change	-	75.6%	-39.72%	173.96%	81.24%	0.62%	-1.75%	1.15%
Free Cash Flow (FCF) ¹	129,165	236,393	220,288	-48,953	-107,182	156,300	186,050	261,450
Change	-	83.02%	-6.81%	-122.22%	-118.95%	245.83%	19.03%	40.53%
Announcement Date	19/02/21	22/02/22	23/02/23	07/02/24	07/02/25	-	-	-

¹KRW in Million

Estimates

Forecast Financial Ratios: Hanwha Systems Co., Ltd.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	11.72%	9.95%	5.89%	8.75%	11.89%	9%	11.73%	12.89%
EBIT Margin (%)	5.65%	5.36%	1.1%	3.78%	7.82%	4.16%	7.43%	8.78%
EBT Margin (%)	4.81%	6.13%	-2.61%	16.85%	20.74%	6.8%	8.37%	9.77%
Net margin (%)	5.7%	4.71%	-3.5%	14.24%	16.2%	6.57%	6.55%	7.61%
FCF margin (%)	7,862.22%	11,313.37%	10,067.99%	-1,995.61%	-3,822.89%	4,418.18%	4,372.21%	5,502.45%
FCF / Net Income (%)	138,025.29%	240,444.77%	-287,747.2%	-14,017.8%	-23,599.68%	67,270.52%	66,795.08%	72,343.66%
Profitability
ROA	3.67%	2.98%	-1.95%	8.29%	8.9%	3.34%	3.82%	4.58%
ROE	9.35%	6.04%	-3.77%	16.87%	19.62%	7.39%	8.44%	9.95%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	0.46x	-	-	-
Debt / Free cash flow	-	-	-	-	-0x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.78%	3.83%	2.21%	5.39%	8.55%	6.82%	5.57%	5.05%
CAPEX / EBITDA (%)	23.69%	38.52%	37.45%	61.61%	71.91%	75.75%	47.48%	39.15%
CAPEX / FCF (%)	0.04%	0.03%	0.02%	-0.27%	-0.22%	0.15%	0.13%	0.09%
Items per share
Cash flow per share ¹	1,587	2,077	1,436	445	706.7	2,270	2,907	3,468
Change	-	30.88%	-30.84%	-69.02%	58.83%	221.15%	28.06%	19.31%
Dividend per Share ¹	230	160	250	280	350	350	363.6	369.1
Change	-	-30.43%	56.25%	12%	25%	0%	3.9%	1.5%
Book Value Per Share ¹	5,004	14,583	10,830	11,327	13,181	16,677	18,746	20,407
Change	-	191.44%	-25.74%	4.59%	16.37%	26.53%	12.41%	8.86%
EPS ¹	850	642	-432	1,864	2,420	1,191	1,496	1,929
Change	-	-24.47%	-167.29%	531.48%	29.83%	-50.8%	25.64%	28.95%
Nbr of stocks (in thousands)	110,122	186,993	186,993	186,993	186,993	186,993	186,993	186,993
Announcement Date	19/02/21	22/02/22	23/02/23	07/02/24	07/02/25	-	-	-