LS Marine Solution Q3 Operating Profit "Jumps" Threefold to 6.9 Billion Won

"Driven by Overseas Business Expansion and Construction Efficiency"
Revenue Edges Down Slightly as Cable-Laying Vessel GL2030 Undergoes Expansion Work

LS Marine Solution posted a more than threefold increase in operating profit in the third quarter of 2026 compared with the same period last year, marking a clear improvement in profitability.

LS Marine Solution said on October 21 that it recorded consolidated revenue of 73.6 billion won, operating profit of 6.9 billion won, and net profit of 6.2 billion won in the third quarter. Revenue edged down 4.3% from 77 billion won in the same period last year, while operating profit surged about 235%, from 2.1 billion won to 6.9 billion won. For the first three quarters, the company posted revenue of 221.9 billion won and operating profit of 17.2 billion won, marking its highest-ever operating profit for the year-to-date period.

The company attributed the sharp increase in operating profit to overseas business expansion and improved operational efficiency. It said projects including the burial of subsea cables at Taiwan Power Company's offshore wind farm (TPC2) and subsea telecommunications cable installation projects in the Asia-Pacific region contributed to the improved results. In addition, subsidiary LS Buildwin significantly boosted profitability by improving construction efficiency on subsea and underground cable projects in Asia and the Middle East.

The company said the slight decline in third-quarter revenue was due to its key asset, the subsea cable-laying vessel GL2030, being unavailable for projects while undergoing expansion work. The GL2030 is scheduled to enter active service at project sites beginning with a project in Malaysia this month, which is expected to contribute to revenue growth going forward.

LS Marine Solution said, "We currently have an order backlog of about 820 billion won on a consolidated basis. Major projects, including the Shinan-Wui and Taean offshore wind farms, are moving forward in stages, while the West Coast High-Voltage Direct Current (HVDC) Energy Highway project is also gaining momentum, raising expectations for additional orders and revenue growth."

LS Marine Solution's submarine cable-laying vessel GL2030 is loading submarine cables at Donghae Port in Gangwon Province for deployment in the Langkawi project in Malaysia. LS Marine Solution

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