J P M O R G A N Asia Pacific Equity Research 31 July 2026 Hanwha Aerospace 2Q26 OP strong with standout export margins; ammunition and missiles are next leg of upgrades Hanwha Aerospace's 2Q26 OP was a beat (17%/41% above JPMe/Street), but even after factoring in beats from Hanwha Ocean/Hanwha Systems, it was in line with our bullish estimates. Export land systems OPM was the key highlight at a high-30%, easing worries over potential margin erosion from an adverse Poland/ non-Poland sales mix. For 2H26, the ...