PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩200 per share · Prices as of the 2026-10-02 close
Operating and net profit rebounded sharply in 2025, but revenue has declined for four straight years, and quarterly results have continued to swing through 2026.
2025 consolidated operating profit rose 23.3% to KRW 20.69bn, and owner net profit jumped 82.5% to KRW 15.84bn.
Revenue, however, has fallen for four consecutive years from over KRW 1 trillion in 2022 to KRW 674.6bn in 2025.
Quarterly net profit swung sharply, dropping in 2025Q4-2026Q1 before recovering in 2026Q2.
The 2026 value-up plan set a target payout ratio of 35% and outlined plans to establish a US subsidiary for overseas expansion.
Battery logistics for Samsung SDI and SK On remains a core growth pillar, with a new US-based battery-cell specialized logistics service recently launched.
Hansol Logistics was established in 1994 as Hansol Distribution, acquired Youngwoo Trading in 1996, and adopted its current name in 2014 as an integrated logistics company.
Its business lines cover international freight forwarding, container transport, truck transport, W&D (warehousing and distribution), and logistics systems/consulting.
According to one brokerage report, international logistics accounts for roughly 60% of revenue, container and truck transport around 10% each, and W&D about 20%, based on an early-2023 report.
The international logistics segment provides 3PL services spanning transport, storage, and customs clearance through an overseas network across Asia, the Americas, and Europe.
The customer base is split between 2PL business handling Hansol group affiliate volume, including Hansol Paper, and 3PL business serving external clients, with Samsung SDI and SK On as key customers in the battery logistics segment.
Battery logistics is regarded as a higher-margin niche with entry barriers due to temperature/humidity control requirements and dedicated returnable packaging operations, and its revenue share is reported to be steadily expanding.
The company recently launched a battery-cell specialized logistics service in the United States for domestic large battery-cell makers operating locally, using hubs in Los Angeles, Atlanta, and Kokomo.
Within Korea's integrated logistics industry, the company is estimated to rank around 7th by revenue as of 2022, behind Hyundai Glovis, CJ Logistics, LX Pantos, Lotte Global Logistics, Hanjin, and Sebang.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩178.1B | ₩6.4B | 3.6% |
| 2025Q3 | ₩169.5B | ₩6.1B | 3.6% |
| 2025Q4 | ₩152.9B | ₩2.5B | 1.6% |
| 2026Q1 | ₩164.9B | ₩4.5B | 2.7% |
| 2026Q2 | ₩182.8B | ₩6.1B | 3.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1T | ₩36.3B | ₩24.2B | 3.6% | 23.7% | 167.8% |
| 2023 | ₩726.5B | ₩26.3B | ₩18.5B | 3.6% | 15.7% | 107.0% |
| 2024 | ₩687B | ₩16.8B | ₩8.7B | 2.4% | 6.7% | 106.0% |
| 2025 | ₩674.6B | ₩20.7B | ₩15.8B | 3.1% | 11.0% | 82.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
In 2025, consolidated revenue was KRW 674.56bn, slightly below the prior year's KRW 687.03bn, while operating profit rose 23.3% year-on-year to KRW 20.69bn and owner net profit climbed 82.5% to KRW 15.84bn. The operating margin improved from 2.4% in 2024 to 3.1% in 2025.
Over a longer horizon, revenue has declined for four straight years, from KRW 1,015.37bn in 2022 to KRW 726.54bn in 2023, KRW 687.03bn in 2024, and KRW 674.56bn in 2025, while profit bottomed in 2024 and has since recovered.
The debt ratio steadily improved from 167.8% in 2022 to 107.0% in 2023, 106.0% in 2024, and 82.0% in 2025, indicating a strengthening balance sheet.
Looking at the trailing four-quarter window (2025Q3-2026Q2), revenue fluctuated at KRW 169.47bn, KRW 152.89bn, KRW 164.91bn, and KRW 182.81bn, while operating profit fell sharply in 2025Q4 to KRW 2.48bn before recovering to KRW 4.50bn and KRW 6.12bn in the following quarters.
Owner net profit was unusually high at KRW 7.35bn in 2025Q2, then dropped sharply to KRW 3.55bn in 2025Q3 and just KRW 0.61bn in 2025Q4, before rising again to KRW 3.64bn and KRW 3.94bn in 2026Q1 and 2026Q2, underscoring notable quarter-to-quarter volatility.
This pattern likely reflects shifting freight and airfreight conditions combined with one-off items in specific quarters; while the annual trend shows profit recovery, quarterly results have yet to settle into a consistent trajectory.
The global shipping market continues to face oversupply concerns in 2026 due to record new-vessel deliveries, and the Shanghai Containerized Freight Index (SCFI) swung from around 1,500 points in December 2025 down to that level before rebounding to about 2,140 points in May 2026 on Middle East risk and early peak-season demand, reflecting heightened volatility.
Shipping analysts project 2026 global container demand growth of around 3%, below supply growth, suggesting a structurally buyer-favorable market, with US tariff policy shifts and Red Sea/Middle East geopolitical risk flagged as key swing factors for freight rates.
As a forwarder that does not operate its own vessels, Hansol Logistics' results are driven more by customer cargo volume than by freight rates themselves.
In Korea's integrated logistics industry, it is common for companies to handle both affiliate-group cargo (2PL) and third-party logistics (3PL) simultaneously; Hansol Logistics ranked around 7th by revenue among major domestic logistics firms as of 2022, and its 3.6% operating margin that year slightly exceeded the 3.4% average of nine major logistics peers.
Expansion of logistics hub infrastructure and growing outsourcing demand are cited as favorable industry-wide tailwinds for integrated logistics services.
Under its 2026 value-up plan, the company set out priorities of diversifying its business portfolio, expanding into global growth markets, and strengthening digital operations.
Execution items include establishing a US subsidiary to grow overseas revenue, investing in integrated import/export hub infrastructure, and expanding systems investment for digital logistics upgrades, alongside cost reduction through logistics innovation efficiency.
On shareholder returns, the company set a target payout ratio of around 35% and outlined a policy of funding dividends, including interim dividends, from 10-40% of free cash flow.
Operationally, it has launched a battery-cell specialized logistics service in the US for large battery-cell makers with local operations, using hubs in Los Angeles, Atlanta, and Kokomo, extending the geographic reach of its battery logistics business.
In the international logistics segment, gross and operating profit are influenced by shipping and airfreight market conditions; in the airfreight segment, profitability improvement was limited by recovering passenger belly capacity and expanding freighter supply, but this was offset by cost reductions.
Expansion of logistics hub facilities and rising outsourcing demand are structural factors expected to support demand for integrated logistics services, though persistent overcapacity concerns in the 2026 shipping market could keep cost-side volatility elevated in the international logistics segment.
Based on the company's own-calculated metrics, the current share price sits in a range below net asset value per share.
On the earnings side, operating and net profit recovered notably in 2025 after bottoming in 2024, and profit levels have been sustained over the trailing four quarters, suggesting the company is in a profitability recovery phase relative to its recent past.
On dividend policy, the 2026 value-up plan set a target payout ratio of 35% along with a free-cash-flow-based dividend expansion policy, so it is worth monitoring whether future shareholder returns align with this stated policy.
Valuation assessment should also factor in cost-side volatility in the international logistics segment tied to shipping and airfreight rate conditions, as well as quarter-to-quarter net profit variability.
Given the company's relatively small market capitalization, trading liquidity and information asymmetry are additional factors worth considering.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
Operating profit and net profit rose 23.3% and 82.5% respectively in 2025, moving past the 2024 trough. Over the same period, the debt ratio fell from 106.0% to 82.0%, improving financial health. Operating profit continued to recover on a quarterly basis into the first half of 2026.
Building on its battery logistics competitiveness with key customers Samsung SDI and SK On, the company recently launched a battery-cell specialized logistics service in the United States. Through hubs in Los Angeles, Atlanta, and Kokomo, it supports battery makers' North American supply chain operations.
The expansion from an Asia-centered footprint toward the Americas aligns with a broader customer diversification trend.
The 2026 value-up plan set a target payout ratio of 35% and stated a policy of funding dividends, including interim dividends, from 10-40% of free cash flow. The 2025 payout ratio of 35.5% was in line with this target.
Mid-to-long-term growth initiatives, including establishing a US subsidiary and expanding digital investment, were also outlined.
Revenue has declined for four consecutive years, from KRW 1,015.37bn in 2022 to KRW 674.56bn in 2025. This is attributable to the fading of pandemic-era freight rate premiums along with normalization of both cargo volume and pricing. While profit has recovered, there is no clear reversal signal yet in the shrinking top line.
In 2026, large-scale new-vessel deliveries are expected to push container fleet growth above demand growth, and shipping analysts foresee a continued buyer-favorable market. This implies cost-side volatility in the international logistics segment could persist. While the SCFI has recently rebounded, some assessments attribute this to temporary geopolitical factors.
Owner net profit swung sharply, from KRW 7.35bn in 2025Q2 down to just KRW 0.61bn in 2025Q4 before recovering to KRW 3.94bn in 2026Q2, reflecting significant quarter-to-quarter dispersion. This is presumed to reflect one-off items in specific quarters, and such volatility adds uncertainty to future earnings visibility.
Global container fleet overcapacity, shifting US tariff policy, and Red Sea/Middle East geopolitical risk could simultaneously affect freight rates and cargo volumes. Given the large share of revenue from international logistics, exposure to these external variables is significant.
Battery logistics revenue is concentrated among a small number of large customers such as Samsung SDI and SK On, so changes in their production investment pace or the broader battery industry cycle can directly affect results. Reliance on affiliate-group cargo volume from companies such as Hansol Paper also persists.
Operating through numerous overseas subsidiaries exposes the company to foreign exchange fluctuations and changes in local regulations and labor costs.
While the debt ratio has been improving, net profit relative to equity is not large, so quarterly earnings swings can be reflected relatively significantly in financial metrics.
The 2026 third-quarter earnings release is expected around this time, and it will be important to check whether the profit recovery seen in 2026Q2 continues.
Further disclosures on the progress of the planned US subsidiary establishment and whether an interim dividend is implemented, as outlined in the value-up plan, should be monitored.
The pace of new container vessel deliveries globally and the second-half trend in freight indices such as the SCFI should be checked to assess changes in the cost environment for the international logistics segment.
This is the point to confirm full-year 2026 results and whether the 35% target payout ratio and the stated dividend policy were achieved.
Hansol Logistics presents a mixed picture, combining positive signals from 2025 profit recovery and balance sheet improvement with headwinds from four consecutive years of revenue decline and significant quarterly net profit volatility.
Its expansion of battery logistics services into the US market, anchored by large customers Samsung SDI and SK On, provides a basis for business growth, though reliance on a concentrated customer base remains a persistent risk.
The international logistics segment is sensitive to shipping and airfreight market shifts, meaning 2026 container fleet overcapacity concerns could remain a key variable for earnings volatility.
The 2026 value-up plan, which set a 35% target payout ratio alongside overseas expansion and digital investment policies, signals a direction for shareholder returns and mid-to-long-term growth strategy, though the execution and pace of this plan warrant ongoing verification through future disclosures.
Investors should weigh quarterly earnings volatility together with industry cycle variables before drawing conclusions.
Report written 2026-09-05 · Data as of 2026-09-04
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