South Korea · Delayed Price · Currency is KRW Hanwha Solutions Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw revenue rise 3% Q-on-Q to KRW 3.88 trillion, with operating profit turning positive, led by strong renewable energy and chemical segment recoveries. U.S. policy shifts and global supply constraints boosted ASP and competitiveness, while full-year shipment guidance remains at 9 GW.
Fiscal Year 2025
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Q4 and FY25 saw higher sales but continued operating losses, with significant one-off items impacting results. Renewables expect a return to profitability in Q1 2026, supported by U.S. market normalization and higher ASPs, while CapEx will decline as major investments conclude.
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Q3 revenue grew 7.9% QoQ, but operating profit turned negative due to weaker renewable margins and US customs delays. AMPC and sales guidance were cut, and Cartersville cell plant mass production was delayed to 2026. Debt and net debt ratios increased.
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Annual module shipment guidance was revised down to 7.5 GW for 2025 due to U.S. plant delays, quality issues, and project delays in Europe. Q3 renewable energy segment is expected to post a KRW 100 billion loss, with cost pressures from tariffs and supply chain changes.
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Q1 2025 saw a 33% QoQ revenue drop and a 72% decline in operating profit, mainly from asset sales and maintenance costs. The residential energy segment drove profit growth, while U.S. market conditions and tariffs supported module ASP recovery. Full-year shipment guidance remains at 9 GW.
Fiscal Year 2024
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Q4 2024 saw a sharp revenue rebound and positive operating profit, but full-year results were weighed down by one-time expenses and weak market conditions, leading to a net loss. 2025 guidance anticipates improved shipments, higher development asset sales, and a strategic shift toward integrated solutions.
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Q3 2024 saw a 4% sales increase and a narrowed operating loss, with Renewable Energy set for a Q4 turnaround as deferred project sales are realized. Annual module sales guidance was lowered due to a U.S. facility outage, but long-term U.S. market prospects remain strong.
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Q2 2024 saw a 13% sequential sales increase and a narrowed operating loss, led by renewable energy recovery. Guidance for 2024 sales remains at 9GW, with further loss reduction and stable ASPs expected. Financial structure will be strengthened by a KRW 800 billion hybrid bond.