South Korea · Delayed Price · Currency is KRW Hanwha Solutions Earnings Call Transcripts
Fiscal Year 2026
-
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
-
Q4 saw a 12% sales increase but a widened operating loss due to one-off expenses and weak chemical markets. Renewables are set to return to profitability in Q1 2026 as U.S. operations normalize and ASPs rise, with strong growth expected in TPO installations and EPC revenue.
-
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.
-
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.
-
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
-
Q4 2024 saw a 69% sequential revenue jump and a return to operating profit, but full-year results were weighed down by market weakness and significant one-time expenses. 2025 guidance includes higher development asset sales, continued investment, and a strategic shift toward downstream integration.
-
Q3 sales grew 4% sequentially, with narrowed operating losses and improved Renewable Energy profitability. Annual module sales guidance was lowered to 8 GW due to a U.S. facility outage, but Q4 is expected to see a turnaround with strong asset sales and AMPC contributions.
-
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.