According to the Fair Trade Commission’s disclosure on large business groups released on the 29th, Hanwha rose to fifth from seventh. Hyosung also moved up, to 28th from 31st.
Hanwha’s total assets increased by about 24 trillion won, to 149.6 trillion won this year from 125.7 trillion won last year, overtaking Lotte Group and POSCO Group. The rise was attributed to combined growth across defense, shipbuilding and energy businesses.
In defense, expanded orders at Hanwha Aerospace were a key driver. As of the end of 2025, its backlog for ground-defense systems stood at 37 trillion won, and its annual operating profit topped 3 trillion won.
In shipbuilding, Hanwha Ocean’s turnaround stood out. It posted operating profit of 441.1 billion won in the first quarter of 2026, up more than 70% from a year earlier. Analysts cited a strategy focused on high-value LNG carrier orders and increased investment aimed at entering the U.S. naval maintenance and repair (MRO) market as factors behind the asset gains.
Energy and infrastructure also contributed. Hanwha Solutions expanded its foothold in the North American solar market, supported by operations at its U.S. “Solar Hub.”
Hyosung’s rise was largely attributed to improved performance at Hyosung Heavy Industries, which helped drive growth as its total order backlog exceeded 15 trillion won.
The company benefited from a transformer boom tied to rising global demand to replace aging power infrastructure. In the United States, demand for grid upgrades has surged, and supplies of extra-high-voltage transformers have not kept pace. With shortages strengthening pricing power, profitability has been assessed as improving sharply.
The spread of artificial intelligence data centers was also cited as a factor. As global big tech companies expand data center construction, demand for large-scale power supply equipment has increased, lifting demand for Hyosung Heavy Industries’ power solutions.
A business community official said the top-30 rankings usually do not shift much, but this round of changes was heavily influenced by strong conditions in energy, defense and shipbuilding. The official added that defense-related demand has also been significant due to the prolonged Iran war.
* This article has been translated by AI.
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