Samsung C&T Posts 7.5% Revenue Growth in Q1 2026, Net Income Jumps 15.9% on Bio Surge
Samsung C&T Corporation (028260.KS) reported consolidated first-quarter 2026 revenue of KRW 10.47 trillion (approximately USD 7.8 billion), marking a 7.5% year-on-year increase from KRW 9.74 trillion in Q1 2025, according to its quarterly report filed with Korea's Financial Supervisory Service on May 15, 2026.
Operating Profit Steady; Net Income Bolstered by Non-Operating Gains
Consolidated operating profit came in at KRW 720.4 billion, nearly flat against KRW 724.4 billion in the year-earlier period (-0.6% YoY), as higher selling and administrative expenses offset the revenue gain. The operating margin edged down to 6.9% from 7.4% in Q1 2025.
Net income attributable to the parent surged 15.2% to KRW 844.2 billion, driven by a sharp rise in other income — which jumped to KRW 835.4 billion from KRW 648.6 billion — as well as increased financial income. Total consolidated net income rose 15.9% to KRW 1.086 trillion. Basic earnings per common share reached KRW 5,159, up from KRW 4,478 a year ago.
Bio Segment Carries the Profit Load
Samsung C&T's six business units showed divergent performance in the quarter. The bio segment — encompassing Samsung Biologics (207940.KS) and Samsung Bioepis — generated KRW 1.44 trillion in revenue (13.7% of the group total) while contributing KRW 483.6 billion in segment operating profit, or roughly 67% of the group's entire operating income. The bio unit's operating margin of 33.7% far outpaced all other divisions.
The trading division remained the largest revenue contributor at 39.3% of total sales (KRW 4.11 trillion), spanning steel, chemicals, energy and tech products across 65 overseas offices in 41 countries. It recorded KRW 109.4 billion in segment operating profit.
The construction arm — which builds landmarks including the Burj Khalifa and Merdeka 118 — generated KRW 3.41 trillion in revenue (32.6%) and KRW 110.8 billion in operating profit. Domestic new orders in Q1 2026 reached KRW 4.6 trillion, representing a 9.2% share of Korea's total construction market. Overseas new orders totaled USD 290 million, equivalent to 14.1% of all Korean contractors' combined international wins.
The resort division, which operates Everland theme park and Caribbean Bay, posted a seasonal operating loss of KRW 34.8 billion.
Balance Sheet Expands Sharply on Samsung Biologics Mark-to-Market
Total consolidated assets grew 21.4% to KRW 105.1 trillion at March 31, 2026, from KRW 86.5 trillion at year-end 2025. The primary driver was a KRW 16.1 trillion increase in fair-value-through-other-comprehensive-income (FVOCI) financial assets — largely reflecting unrealized gains on Samsung Biologics shares held at fair value. Total equity jumped to KRW 70.1 trillion from KRW 57.5 trillion at year-end.
Construction Backlog and Bio CDMO Pipeline Provide Visibility
The construction division reported a total order backlog of KRW 92.4 trillion as of Q1 2026, comprising KRW 81.1 trillion in civil/commercial projects and KRW 11.4 trillion in residential.
Samsung Biologics' CDMO (contract development and manufacturing) pipeline held a minimum guaranteed order backlog of USD 10.3 billion through 2037, rising to a potential USD 13.1 billion under full customer development scenarios.
Strategic Context
Samsung C&T serves as the de facto holding company of the Samsung Group through its approximately 19.3% stake in Samsung Electronics. Its diversified portfolio — spanning construction, global trading, fashion (Beanie, Beanpole, 8Seconds), resort (Everland), catering (Samsung Welstory), and bio — positions the conglomerate as a broad-based proxy for Samsung ecosystem health.
The Q1 results underscore the bio unit's growing importance as a margin anchor, while the construction and trading segments provide revenue scale amid ongoing global uncertainty.
Sources: Samsung C&T DART Q1 2026 Quarterly Report (filed 2026-05-15, rcept_no: 20260515001895)
