Hanwha Aerospace (012450)
Hanwha Aerospace (012450) is South Korea’s largest defense company, built around the K9 self-propelled howitzer, the Chunmoo rocket launcher, aircraft and marine engines, and space. In ETFpedia it anchors the Korea defense theme: it is the country’s biggest defense exporter, with record FY2025 revenue and a multi-year export backlog led by Poland.
| Ticker | 012450 |
|---|---|
| Exchange | KOSPI |
| Sector | Defense · Land Systems & Aerospace Propulsion |
| Country | South Korea |
| Wikidata | Q563107 |
| Last updated | 2026-06-04 |
Next event:Next report · H1 2026 반기보고서 (semi-annual report), estimated · Estimated from Korea's 45-day semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 분기보고서 filed 2026-05-13. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-13)
Hanwha Aerospace posted Q1 2026 consolidated revenue of ₩5.75 trillion, up 5% year over year, with operating profit of ₩638.9 billion (+14%) and net profit of ₩526.3 billion, up 151% as ground-defense margins and lower one-off costs lifted the bottom line.
| Revenue | ₩5.75T+5%YoY |
|---|---|
| Operating profit | ₩638.9B+14%YoY |
| Net profit | ₩526.3B+151%YoY |
Revenue by segment
| Ground defense (K9, Chunmoo, Redback) | ₩8.13T≈2x over 2 years YoY |
|---|---|
| Aerospace (engines, space, aerostructures) | ₩2.51T |
Recent & upcoming events
- · Record FY2025 results.Full-year consolidated revenue reached ₩26.70T, up 138%, with operating profit of ₩3.09T (+78%); the company reported a third straight year of record results, and ground-defense operating profit topped ₩2T for the first time. (source)
- · Poland cumulative orders pass ₩18 trillion.Cumulative contracts with Poland for K9 howitzers and Chunmoo launchers exceeded ₩18 trillion, with ground-defense backlog near ₩37 trillion at year-end 2025. (source)
FY2025 figures are consolidated (CFS) per the DART business report; segment splits cited in the press for ground defense and aerospace are management figures from the FY2025 earnings release.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Hanwha Aerospace do?
Hanwha Aerospace, listed on the KOSPI under code 012450, is the holding and operating center of the Hanwha group’s defense business. Its largest engine is land systems: the K9 self-propelled howitzer, the Chunmoo (천무) multiple rocket launcher, and the Redback infantry fighting vehicle, all of which have become export staples. Around that sit aircraft and marine gas-turbine engines, electric propulsion, guided-missile components, space launch vehicles, and aerostructures. Through a 2024 reorganization the company also consolidates the shipbuilder Hanwha Ocean, which posted FY2025 revenue of about ₩12.7 trillion, extending the group from artillery into naval platforms (ETNews, Feb 9, 2026).
“Hanwha Aerospace’s ground-defense division recorded revenue of ₩8.13 trillion in 2025, roughly doubling over two years, while operating profit topped ₩2 trillion for the first time.”
Why is Hanwha Aerospace a Korea defense company?
It is the clearest single name for the theme. Korea spent the 2020s turning a domestic arsenal into an export machine, and Hanwha Aerospace captured the largest share. Cumulative orders from Poland for K9 howitzers and Chunmoo launchers passed ₩18 trillion by the end of 2025, the backbone of a ground-defense backlog that stood near ₩37 trillion at year-end (Money S, Dec 30, 2025). Unlike a software franchise, that backlog converts into revenue only as physical guns, rockets, and vehicles are built and shipped, which is exactly why the name also sits in the Korea manufacturing theme.
What did Hanwha Aerospace report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Hanwha Aerospace posted consolidated revenue of ₩5.75 trillion, up 5% year over year, with operating profit of ₩638.9 billion (+14%) and net profit of ₩526.3 billion, up 151% (DART Q1 2026 분기보고서). The sharp jump in net profit reflects stronger ground-defense margins and the absence of prior-year one-off costs. For full-year 2025 the company reported record consolidated revenue of ₩26.70 trillion, up 138%, and operating profit of ₩3.09 trillion, up 78% (DART FY2025 사업보고서). Net profit for FY2025 was ₩2.20 trillion, down 13% year over year, as the prior year had included larger one-time gains.
What are the risks for Hanwha Aerospace?
- Backlog timing. Much of the value sits in a multi-year export backlog. Slippage in third contracts, financing, or localization talks (for example Poland K9 third-batch terms) can push revenue between years.
- Customer concentration. Poland and a handful of Middle East buyers drive a large slice of orders, so geopolitics and host-country “buy local” pressure matter.
- Execution and working capital. Heavy defense programs tie up cash; the group has flagged negative operating cash flow even as profits rise.
- Net profit volatility. FY2025 net profit fell 13% despite revenue more than doubling, a reminder that one-off items and equity-accounted results can swing the bottom line.
Related securities, concepts & terms
Related indices & ETFs
- Akros Korea Defense Index · AkrosConcept index for the Korea defense theme, which includes this company.
Frequently asked questions about Hanwha Aerospace
What does Hanwha Aerospace do?
Hanwha Aerospace is South Korea's largest defense company. Its core is land systems, led by the K9 self-propelled howitzer, the Chunmoo (천무) multiple rocket launcher, and the Redback infantry fighting vehicle, alongside aircraft and marine gas-turbine engines, space launch vehicles, and aerostructures. It also consolidates the shipbuilder Hanwha Ocean, extending the group into naval platforms.
Why is Hanwha Aerospace part of the Korea defense theme?
It is the largest Korean defense exporter by revenue and the clearest beneficiary of the country's artillery and rocket export cycle. Cumulative orders from Poland alone passed ₩18 trillion by the end of 2025, and ground-defense backlog stood near ₩37 trillion (Money S, Dec 30, 2025), giving it years of visible production.
What was Hanwha Aerospace's latest revenue?
In Q1 2026 (ended March 31, 2026) Hanwha Aerospace reported consolidated revenue of ₩5.75 trillion, up 5% year over year, with operating profit of ₩638.9 billion (+14%) and net profit of ₩526.3 billion, up 151% (DART Q1 2026 분기보고서). For full-year 2025 it posted record revenue of ₩26.70 trillion (+138%) and operating profit of ₩3.09 trillion (+78%).
When does Hanwha Aerospace next report earnings?
Korean issuers do not pre-announce earnings dates. Based on Korea's 45-day semi-annual filing deadline, Hanwha Aerospace's next report (the H1 2026 반기보고서) is expected around August 14, 2026. That date is estimated, not company-confirmed. It last filed its Q1 2026 분기보고서 on May 13, 2026 (DART).
Sources & references
- Hanwha Aerospace · Q1 2026 분기보고서 (quarterly report, 2026.03) · Hanwha Aerospace / DART (FSS), 2026-05-13
- Hanwha Aerospace · FY2025 사업보고서 (annual business report, 2025.12) · Hanwha Aerospace / DART (FSS), 2026-03-16
- Hanwha Aerospace 2025 operating profit tops ₩3 trillion, record results · ETNews (전자신문), 2026-02-09
- Hanwha Aerospace Poland exports pass ₩18.6 trillion, localizing for a second order wave · Money S (머니S), 2025-12-30
- Hanwha Aerospace ground defense leads results, backlog ₩31 trillion · Money Today (머니투데이), 2025-11-03