Hanwha Systems Q3 2026 operating profit up 60.5 percent to 99.1 billion won on Cheongung-II radar exports; UAE EDGE deal framed as first full-system export

Hanwha Systems reported preliminary consolidated third-quarter 2026 revenue of 831.6 billion won, up 30.1 percent year on year, and operating profit of 99.1 billion won, up 60.5 percent, on October 27, 2026, driven by defense exports including multifunction radars for the Cheongung-II batteries supplied to the UAE, Saudi Arabia and Iraq. Net profit fell 97.5 percent to 3.8 billion won because results of Hanwha Philly Shipyard, which the company has decided to sell, were booked as discontinued operations. Nine-month revenue reached 2.3637 trillion won and operating profit 302.4 billion won, up 29.0 and 64.7 percent, and the order backlog stood at 8.8653 trillion won, of which 8.3956 trillion won is defense. On the earnings call the company said its September 2026 term sheet with EDGE Group for a UAE integrated air defense network would be its first export of a full defense system rather than individual weapons, that a local joint venture is under consideration with contract size and terms not yet fixed, and that radar revenue from the UAE, Saudi and Iraq programs will ramp in 2027. Exports made up 22 percent of Q3 defense revenue, with Iraq the largest Middle East contributor. Borrowings fell by more than 1 trillion won in the quarter, most of the roughly 13 million Hanwha Ocean shares monetised in April have been sold, and spending priorities are satellite-centred space business and defense AI.