Hanwha Engine Q1 2026: ₩5.17 trillion backlog and positive free cash flow underpin margin recovery as SEAM acquisition reshapes balance sheet

Hanwha Engine's Q1 2026 results reflect operating cash flow of ₩48.4 billion, free cash flow of ₩23.5 billion, and a ₩5.17 trillion order backlog providing two to three years of production visibility at current run rates; the 14.9% operating margin and positive free cash flow should be treated as the baseline assumptions in near-term financial models.