Hanwha Ocean Q3 2026 operating profit rises 67.6 percent to 485.7 billion won but misses consensus as revenue drops 37 percent from Q2

Hanwha Ocean reported third-quarter 2026 revenue of 3.4139 trillion won, up 12.9 percent year on year but down 37.3 percent from the second quarter, and operating profit of 485.7 billion won, up 67.6 percent year on year, on October 27, 2026. Higher-priced LNG carrier construction drove the gain, while fewer working days over the summer and Chuseok holidays, a weaker won and the prior quarter's one-off offshore revenue recognition explained the sequential drop; operating profit fell short of the roughly 532 billion won market consensus and the naval and special-ship business posted widening losses. Nine-month revenue was 12.067 trillion won, up 28 percent, and operating profit 1.6629 trillion won, up 81 percent. The commercial backlog at end-September was 39 vessels worth $7.72 billion (about 10.2 trillion won), roughly three years of work, including 18 VLCCs, eight LNG carriers and six container ships. The company said naval revenue should rise as work on the second Jangbogo-III Batch-II submarine and the fifth and sixth Ulsan-class Batch-III frigates accelerates, warned that fourth-quarter profitability could weaken on a lump-sum labour settlement and annual bonuses, and said expanded hedging since June should reduce currency effects. SK Securities cut its target price from 110,000 to 90,000 won on October 28, calling for new offshore and naval orders.