Hanwha

Hanwha is South Korea's largest defence-industrial conglomerate, operating through two primary defence subsidiaries: Hanwha Aerospace (ground weapons and propulsion) and Hanwha Systems (radar, electronics, and C4I). In the May 2026 Korean procurement round, Hanwha lost the Cheongung-III engagement control system contract to LIG Nex1 by 0.1 evaluation points, but retained the radar and launcher development roles it held on Cheongung-II. Hanwha Systems separately holds a ₩131.5 billion sub-contract on the LAMD Korean Iron Dome programme to develop the multifunction radar, with a completion deadline of November 2028.

Hanwha Aerospace posted record revenue of ₩26.61 trillion (~$18.2 billion) in 2025, driven in large part by K9 Thunder self-propelled howitzer exports. The K9 holds a 52% global market share among 155mm self-propelled howitzers, with more than 1,560 units operated across more than ten countries including Poland, Finland, Australia, India, and Romania. Cumulative K9 export value surpassed ₩14 trillion in April 2026. The ground weapons division alone generated ₩8.13 trillion revenue in 2025, with operating profit exceeding ₩2 trillion for the first time.

Hanwha is one of the key actors in any Korean defence-industrial, Korean Peninsula security, or global artillery-market topic. Its combination of missile systems, howitzers, and radar makes it a diversified prime unlike any other Korean company. The Cheongung-III loss to LIG Nex1 narrows but does not eliminate its SAM footprint, given the retained radar/launcher role and continued LAMD prime status. Hanwha's ground-systems reach is also extending into unmanned platforms: on 2 July 2026 it signed a sensor and effector-integration memorandum of understanding with Estonia's Milrem Robotics, the latest in a wave of non-binding UGV partnership MoUs that followed Eurosatory 2026, where Milrem separately signed intent-only agreements with France's CNIM Systemes Industriels and Frankenburg Technologies. As with those earlier Eurosatory deals, the Hanwha-Milrem MoU commits neither side to a government contract.