Hanwha Ocean: quarterly revenue jumps 65%, but debt rises 653 bn won over the year

30 августа Hanwha Ocean раскрыла результаты за второй квартал 2026 года: выручка выросла на 65,2% год к году, до 5 443,2 млрд вон, EBITDA – на 207,7%, до 805,1 млрд вон, чистая прибыль – на 366,6%, до 692,6 млрд вон. Акции торгуются с P/E 13,0 и EV/EBITDA 16,1 против среднего за три года 51,4, что делает их привлекательными, несмотря на рост долга.

Key takeaways

— Выручка второго квартала выросла на 65,2% – это резкое ускорение после почти нулевого роста в предыдущие два квартала

— EBITDA-маржа удвоилась до 14,8% с 7,9% годом ранее, что привело к росту EBITDA на 207,7%

— Чистая прибыль выросла на 366,6% до 692,6 млрд вон, обеспечив рентабельность 12,7%

— Долг за год вырос на 653,0 млрд вон, до 4,74 трлн, но соотношение долга к EBITDA за 12 месяцев – 2,5

— Операционный денежный поток за квартал составил 818,2 млрд вон, покрывая капзатраты в 198,4 млрд

— По модели портала акции имеют потенциал роста на 39% от текущей цены

Attractiveness

Key figures, KRW bn

Second-quarter revenue rose 65.2% – a sharp acceleration after near-zero growth in the prior two quarters

In the second quarter of 2026, Hanwha Ocean's revenue reached 5,443.2 bn won, up 65.2% year on year. This is a sharp acceleration after growth of 2.1% in Q1 2026 and 2.1% in Q4 2025. The quarterly trend shows the company has emerged from a period of stagnation.

Over the trailing twelve months, revenue reached 14,999.4 bn won. The main contribution to growth, judging by the dynamics, came from ship and offshore structure deliveries, although the exact revenue structure is not disclosed in the report.

EBITDA margin doubled to 14.8% from 7.9% a year earlier, driving EBITDA up 207.7%

EBITDA for Q2 2026 rose 207.7% year on year to 805.1 bn won. The EBITDA margin reached 14.8% versus 7.9% in Q2 2025. The doubling of the margin points to a significant improvement in operational efficiency, likely driven by scale and lower construction costs.

Over the trailing twelve months, EBITDA reached 1,988.4 bn won. The margin expansion is a key factor justifying the current valuation, and it appears sustainable as it is tied to operating leverage rather than one-off items.

Net profit rose 366.6% to 692.6 bn won, yielding a net margin of 12.7%

Net profit for Q2 2026 reached 692.6 bn won, up 366.6% year on year. The net margin came to 12.7% versus 4.5% in Q2 2025. Profit growth outpaced revenue growth, reflecting operating leverage and possibly tax effects.

Over the trailing twelve months, net profit reached 2,074.3 bn won, implying a P/E of 13.0 at the current market cap of 26,990.1 bn won. This is a moderate multiple for a company with such dynamics.

Debt rose 653.0 bn won over the year to 4.74 tn, but debt-to-EBITDA over 12 months stands at 2.5

Net debt at the end of Q2 2026 stood at 4,741.3 bn won, up 653.0 bn won over the year. The increase is related to financing of construction and likely working capital expansion. The net debt-to-EBITDA ratio over the trailing twelve months is 2.5, which is moderate for the shipbuilding industry.

During the quarter, net debt declined by 432.4 bn won, indicating that the company generates sufficient cash to service obligations. Operating cash flow for the quarter was 818.2 bn won, well above capex of 198.4 bn won.

Operating cash flow for the quarter reached 818.2 bn won, covering capex of 198.4 bn

In Q2 2026, operating cash flow reached 818.2 bn won, more than four times capex of 198.4 bn won. Free cash flow is therefore positive and substantial, allowing debt reduction and growth financing without new borrowings.

Over the trailing twelve months, operating cash flow reached 1,314.7 bn won. This confirms that profit growth is backed by real cash inflows, not just accounting effects.

On the portal's model, the shares have 39% upside from the current price

Our value-creation model, based on EBITDA growth and a target multiple, values Hanwha Ocean shares 39% above the current market price. This suggests the market has not yet fully priced in the improvement in operating performance.

The current EV/EBITDA multiple is 16.1 versus the three-year average of 51.4. Even with EBITDA growth, the shares trade well below their historical valuation, leaving room for further upside.

Valuation on the latest reported figures

Bottom line

Hanwha Ocean показала сильный квартал: выручка и прибыль резко ускорились, маржа удвоилась, а операционный денежный поток с запасом покрывает капзатраты. Рост долга за год остаётся умеренным, а его сокращение за квартал говорит о здоровой генерации денег. При P/E 13,0 и EV/EBITDA 16,1 против среднего за три года 51,4 акции выглядят привлекательно, особенно с учётом потенциала роста по модели портала. Главный вопрос – устойчивость маржи и способность сохранить темпы роста в условиях цикличности отрасли.