Hanwha Ocean: 2Q26 OP a large beat on commercial shipbuilding strength; maintain OW

Research evidence excerpt

Hanwha Ocean: 2Q26 OP a large beat on commercial shipbuilding strength; maintain OW

Simon Han AC Asia Pacific Equity Research

(82-2) 758-5711 27 July 2026 J P M O R G A N

simon.x.han@jpmorgan.com

Table 1: Hanwha Ocean: 2Q earnings checklist and implications

Topic / question What was reported / what mgmt./IR said Leads to estimate change? How this affects our estimates and views

Apart from significant offshore beat, core

Raise commercial business OPM outlook to c.17% in

2Q sales/OPM – drivers (mix vs cost vs FX) commercial 2Q sales/OP came in 5%/30% above Yes

27E/28E vs. previous 15%

JPMe without one-offs

Orders to remain strong with several ongoing No change in estimates, similar tone on LNGC order

LNGC order update (incl. US LNG) No

discussions to fill up 2029/2030 slots outlook vs. 1Q26 conf. call

Offshore order update 1 FPSO order could come out within 2H No No change in estimates; need to follow up with IR team

No incremental change, US navy opportunity still remain at

MASGA / US Navy strategy update No update No

narrative phase

Despite the loss, being included in the finalist

Canada CPSP: mgmt view either way pool shows technological strengths, but need to No Export order pipeline outlook is thinner

work on ecosystem etc. to win export orders

Export destinations include Greece, Thailand,

Other navy opportunities + priorities No No change, no details are provided on timeline

ME, South America

Expects labor negotiation to be concluded within

Labor negotiations / strike risk No Already modeled in to our estimates

3Q, and could see some one-off costs

Raw materials (steel) update Steel price negotiation to start in 2H No Already model in y-y OPM to come down in 2027E

Source: Company data, J.P. Morgan.