2Q26 Preview: Mixed Quarter but a Better 2H26

研报英文原文证据摘录

2Q26 Preview: Mixed Quarter but a Better 2H26

IdeaAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Hanwha Aerospace 012450.KS

Revenue mix and OPM In-line Largely unchanged

• We expect 2Q26 revenue of W7.3tn (vs. market consensus of W7.4tn), with land systems sales of W1.9tn.

• Poland K9 revenue is likely to decline YoY, owing to a temporary delivery gap during the transition from K9A1

to K9PL following the completion of EC1 deliveries in 2H25.

• However, we see no risk to the full-year delivery schedule, with volumes expected to be concentrated in 2H26.

• We expect the land systems export margin to remain broadly stable at 34%, similar to 1Q25 (+3ppt QoQ).

Margins should improve toward 37% in 2H26, supported by a heavier delivery schedule.

• HAC has the strongest near-term order pipeline in the group. Key catalysts include the Spanish and US self-

propelled howitzer programs, with the US shortlist expected in late July or early August.

LIG Defence & Aerospace Co Ltd. 079550.KS

New orders and OPM In-line Largely unchanged

• We expect 2Q26 revenue of KRW1.21tn (market consensus is KRW1.20tn).

• While revenue recognition from the UAE Cheongung-II program should remain higher vs. last year, we expect a

sequential decline because of a high base in 1Q26.

• We also expect a growing contribution from the non-UAE export segment (19% in 2Q26 vs. 9% in 2Q25).

• We forecast 2Q26 OPM of 9.5%, supported by a favorable product mix, although we expect margins to

gradually normalize in 2H26 owing to seasonality.

Korea Aerospace Industries Ltd 047810.KS

Export revenue, OPM Likely downside surprise Modest revision lower

• We expect 2Q26 revenue of W1.1tn, slightly below market consensus of W1.2tn. Lower aircraft deliveries