HanmiGlobal

Hanmi Global has operated as a construction management and project management (CM/PM) service provider since introducing PM services in Korea for the first time in 1996, covering the full project cycle from planning and design through procurement, construction and maintenance.

Its business is divided into domestic service operations, responsible CM and construction projects, and overseas service operations, with domestic service work accounting for the largest share of the standalone order backlog.

In Korea, key clients are concentrated in high-tech facilities such as semiconductor and battery plants and data center projects, and according to Daishin Securities research, revenue tied to Samsung Electronics accounts for more than 10% of total revenue.

Overseas, the company operates in developed markets such as the United States and the United Kingdom as well as the Middle East, including Saudi Arabia and Kuwait, and more recently Romania, having won contracts last year for a high-rise residence in Mecca, an urban regeneration project in Riyadh, and housing and infrastructure projects for Kuwait's Public Authority for Housing Welfare.

Consolidated subsidiaries include Hanmi Global E&C, Hanmi Global D&I, and US-based Otak, with Otak securing an infrastructure improvement and maintenance contract worth roughly USD 400 million from the US National Park Service, expanding its foothold in the US public sector.

In the global CM/PM competitive landscape excluding US firms, Hanmi Global ranks 6th worldwide while Canada-based Atkins Realis ranks 1st, indicating a gap remains versus top-tier peers.

Building on experience across 3,300 projects in 66 countries since its 1996 founding, the company is pursuing a strategy of expanding into higher value-added infrastructure segments such as nuclear power and small modular reactors.

Consolidated revenue rose for four consecutive years, from KRW 374.4 billion in 2022 to KRW 412.9 billion in 2023, KRW 424.8 billion in 2024, and KRW 448.8 billion in 2025.

Operating profit, however, fluctuated: it fell from KRW 30.65 billion in 2022 to KRW 29.63 billion in 2023, rebounded to KRW 33.92 billion in 2024, then declined again to KRW 30.61 billion in 2025, with the operating margin moving from 8.2% to 7.2% to 8.0% and back to 6.8%.

Net income attributable to owners dropped sharply from KRW 23.41 billion in 2022 to KRW 14.24 billion in 2023, recovered to KRW 20.03 billion in 2024, and came in at KRW 18.54 billion in 2025.

On a quarterly basis, revenue of KRW 108.45 billion, operating profit of KRW 7.39 billion and owners' net income of KRW 5.96 billion in the second quarter of 2025 slipped to revenue of KRW 105.27 billion, operating profit of KRW 6.83 billion and net income of KRW 4.82 billion in the third quarter, and while fourth-quarter revenue held at KRW 112.59 billion with operating profit of KRW 6.62 billion, net income collapsed to KRW 1.19 billion.

In the first quarter of 2026, revenue was KRW 112.03 billion but operating profit fell sharply to KRW 2.97 billion; a late-March preview report from Hanwha Investment & Securities attributed the weakness partly to one-time costs tied to treasury stock disposal.

The second quarter saw revenue rise to KRW 119.66 billion with operating profit recovering to KRW 6.25 billion and owners' net income to KRW 5.60 billion, reversing much of the prior quarter's decline.

Looking at the trailing four quarters from the third quarter of 2025 through the second quarter of 2026, revenue trended steadily higher while net income showed considerable quarter-to-quarter volatility, indicating that subsidiary performance and one-time items had a meaningful impact on consolidated results.

On the cash flow side, operating cash flow improved to KRW 40.81 billion in 2025, notably higher than in 2022 through 2024.

The domestic construction management market appears to be entering a gradual recovery phase, driven by expanding high-tech capital investment in semiconductors and batteries and growing data center construction demand.

Daishin Securities research suggests that data center and nuclear power project references are becoming a differentiating factor in domestic and international CM competition.

Overseas, Saudi Arabia's Vision 2030 strategy continues to drive an infrastructure pipeline including preparations for Expo 2030 and the 2034 World Cup, supporting continued order flow from the Middle East.

In the United States, reshoring-driven manufacturing investment and public infrastructure spending continue, with Hanmi Global building a track record in the US public sector through subsidiary Otak, including its National Park Service work.

In the global CM/PM market, Canada-based Atkins Realis remains ranked 1st excluding US firms, while Hanmi Global has climbed from its first top-10 entry in 2019 to 8th in 2022 and 6th in 2026.

Nuclear power is being re-examined globally amid energy security and carbon neutrality goals, and Korea's government-led 'Team Korea' overseas nuclear export strategy is expanding participation opportunities for domestic CM/PM firms.

However, large overseas projects carry considerable uncertainty around currency, geopolitical risk, and gaps versus local competitors, making the timing and scale of any earnings contribution difficult to predict.

Hanmi Global has been improving revenue visibility by growing its standalone order backlog from about KRW 393.6 billion at the end of March 2026 to about KRW 429.6 billion at the end of June 2026, an increase of roughly KRW 36 billion, or 9.1%, over three months.

Domestic service backlog accounts for the largest share at about KRW 348.3 billion, followed by responsible CM/construction projects and overseas service work.

In the United States, the company is expanding joint pursuit of industrial plant, renewable energy and nuclear projects through subsidiary Otak's USD 400 million National Park Service contract and its strategic alliance with Atkins Realis.

Building on its Romanian Cernavoda nuclear plant PM contract, the company is pursuing the establishment of a small modular reactor (SMR) business developer in the United States and participates in the government-led 'Team Korea' overseas nuclear cooperation initiative.

Regarding its ENR ranking improvement, a company representative explained that growth in combined domestic and overseas CM/PM revenue, expanded overseas revenue in the US and Middle East, and an expanded track record in high-tech facilities such as data centers contributed to the higher ranking.

However, when and how much these overseas and nuclear initiatives will translate into actual revenue and profit depends on project-specific contract execution and construction progress, warranting continued monitoring.