Original Korean article: News1
LS Marine Solution (060370) is expected to sustain medium to long-term earnings growth, supported by expanding demand for submarine cable installation work, the full-scale launch of major projects, and a shortage in the supply of cable laying vessels.
Shinhan Investment Securities projected LS Marine Solution's revenue for 2026 at 331.9 billion won, a 35.9 percent increase from the previous year. Operating profit is estimated at 16.9 billion won, up 141.0 percent. Operating profit forecasts for 2027 and 2028 are projected at 40.8 billion won and 68.3 billion won respectively, pointing to steep profit growth over the next two years.
LS Marine Solution's performance has indeed improved noticeably from the first half of 2026. On a consolidated basis for the first half of 2026, revenue reached 148.2 billion won, operating profit 10.3 billion won, and net profit 13.1 billion won. All three metrics represent the company's best half-year results since its founding. Performance was driven by submarine cable installation work at Taiwan's offshore wind farm and submarine telecommunications cable installation projects in the Asia-Pacific region.
New Projects and Fleet Expansion
The order backlog is also expanding. Beginning with Sinan Ui in 2027, major domestic projects including Taean offshore wind and West Coast high-voltage direct current transmission are expected to launch in earnest. With the start of operations of a new 13,000-ton cable laying vessel in the first half of 2028, submarine cable installation capacity is projected to expand by 70 percent from current levels.
As major projects in offshore wind and HVDC multiply and competition for vessel procurement intensifies, LS Marine Solution's order intake and earnings growth are expected to benefit positively from its ownership of cable laying vessels.
LS Marine Solution began construction in July of a 13,000-ton submarine cable laying vessel, the largest in Korea. The new ship targets delivery in the first half of 2028 and is specialized in long-distance, large-scale submarine cable installation for HVDC and offshore wind power grids.
LS Marine Solution plans to deploy its existing cable laying vessel GL2030 and the new ship to handle major national power grid projects and overseas ventures.
Sustained Growth Outlook
Beyond offshore wind, expanding demand for submarine telecommunications cables, maintenance services, and cross-border power interconnectors is expected to sustain high vessel utilization rates and steady earnings growth.
LS Marine Solution possesses more than 30 years of experience in submarine cable installation and maintenance. Following its incorporation into LS Cable, the company is expanding its business scope through subsidiary LS Build One to encompass not only submarine cables but also power and underground cable installation, strengthening its comprehensive cable installation capabilities.
