The company said Monday it posted a consolidated operating profit of 92.6 billion won ($?) for the first quarter of 2026, up 205.5% from a year earlier. It marked a return to profitability after three quarters, following the second quarter of 2025. Revenue rose 25.4% to 3.882 trillion won.
By division, the renewable energy business posted revenue of 2.1109 trillion won and operating profit of 62.2 billion won. Even in the seasonally slow first quarter, revenue rose 32.0% from a year earlier, topping 2 trillion won. The company said last year’s U.S.-bound cell customs-clearance delays were fully resolved late in the year, normalizing operations at its U.S. plant and accelerating EPC project work, which lifted module sales volumes. It also cited higher module selling prices as regulations tightened on shipments routed through Southeast Asia.
The chemicals business reported revenue of 1.3401 trillion won and operating profit of 34.1 billion won. Revenue increased 24.8% from a year earlier, and the unit returned to the black for the first time in about 2 1/2 years, since the third quarter of 2023. The company said external factors, including supply-and-demand shifts and price increases tied to issues in the Middle East, played a role, but structural improvements drove the turnaround. It cited exiting unprofitable businesses, streamlining production lines, ongoing efficiency gains and a profitability-focused strategy. It said its overseas PVC business and W&C business also contributed through lower power costs and a higher share of high-margin products.
The advanced materials business posted revenue of 285.6 billion won and operating profit of 12.2 billion won. Revenue rose 4.3% from a year earlier and operating profit turned positive. The company said its solar materials business benefited from improved cost structure and expanded U.S. sales, while its lightweight composite materials business saw revenue and profitability improve on higher export volumes and a weaker won.
Park Seung-deok, head of Hanwha Solutions’ Qcells division, and Nam Jeong-woon, head of its chemicals division, said they expect results to improve steadily through year-end. They said profitability in renewable energy is expected to strengthen as the Cartersville plant’s cell line begins mass production in the third quarter. They added that the chemicals business will seek to secure key raw materials in advance despite concerns about global oversupply and will continue structural reforms to sustain profitability.
