Banseog note · Oct 24, 2026
Hanssem — Shrinking revenue to protect profit and the kitchen
- Where it stands now
- Restructuring — cutting supply to builders and moving to rehaus and premium kitchens
In 2025, consolidated revenue was KRW 1.7445 trillion (−8.6%) and operating profit KRW 18.5 billion (−40.8%). Revenue in the first half of 2026 fell further to KRW 816.7 billion (−9.6%), but operating profit was KRW 21.4 billion (+145.6%), its 13th consecutive profitable quarter.
In Q2 2026, rehaus revenue rose to KRW 166.3 billion (+12.8%), while special sales (supply to builders) fell to KRW 46.7 billion (−42.2%). The B2C share was 58% in Q1 2026.
On Korea's National Pension Service public workplace data, 2,058 people were on the pension register in August 2026, 53 fewer (−2.5%) than in October 2025. Staff of Hanssem Nexus, absorbed by merger on July 31, 2026, may be added to this figure from the month after the merger; separate entities and dealer staff are excluded.
- Three decisions within a year
- Merger with Hanssem Nexus: approved by the board on May 7, 2026 and merged on July 31. Nexus is an imported kitchen and premium materials company with 2025 revenue of KRW 209.7 billion and operating profit of KRW 11.9 billion, targeting high-end redevelopment complexes in Apgujeong, Seongsu and Hannam.
- Shift of weight to B2C: it is cutting special sales and growing rehaus, the high-end Kitchen Bach and Euro kitchens (combined +40% in Q2) and Hanssem Mall (+20% in the first half). It also wound down its China business, including selling its stake in the Suzhou subsidiary in July 2025.
- Major shareholder IMM PE: it extended the maturity of about KRW 855 billion in acquisition financing from December 31, 2026 to March 17, 2028. The pledged shares are worth about KRW 333.6 billion, around 40% of the loan, so raising enterprise value before a sale was reported as the task.
- Three people it will look for
- Premium kitchen sales and design — high-end redevelopment complexes and imported kitchen projects after the Nexus merger
- Rehaus area sales and installation quality control — the only segment growing strongly right now
- Finance and corporate planning (integration and value management) — post-merger integration and preparing for the major shareholder's sale
- For HR
- Right after a merger, differences in rank and pay between the two companies easily unsettle key staff. It is safer first to plan how to retain the premium sales and design staff from Nexus, and to narrow outside hiring to rehaus sales professionals with a proven track record.
- For job seekers
- Experience growing imported kitchen or high-end interior projects, or remodeling sales, by the numbers fits Hanssem's next stage best.
A reading written from public sources. Sources: Coverage of the 2025 results disclosure (2026-02-03), coverage of Q1 and Q2 2026 results (2026-05, 2026-08-10 and 08-11), Hanssem Nexus merger board meeting (2026-05-07) and merger (2026-07-15 coverage), coverage of IMM PE acquisition financing (2026-05-18, 2026-10-16). Team size is from Korea's pension register.