三星 SDS 第三季度云业务营收预计首次突破 8000 亿韩元

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Samsung SDS President and CEO Lee June-hee delivers a keynote address at Real Summit 2026, an enterprise AX conference held at the COEX Convention Center on Sept. 8. (Photo: Partially edited using generative AI)

Samsung SDS's recent quarterly financial performance. (Sources: Regulatory filings, Hana Securities; edited using generative AI)

Samsung SDS's cloud revenue is expected to exceed 800 billion won for the first time in the third quarter of 2026, driven by public-sector generative artificial intelligence (AI) projects and expanding graphics processing unit (GPU)-based services.

However, its overall operating margin is projected to slip to 6.6% from 6.8% a year earlier, as revenue from traditional information technology (IT) services declines and the logistics business continues to struggle with low profitability.

Hana Securities recently forecast Samsung SDS's third-quarter consolidated revenue at 3.6751 trillion won, up 8.4% from a year earlier, and operating profit at 243.9 billion won. KB Securities projected operating profit of 247 billion won in an Oct. 12 report. Both estimates represent year-on-year operating profit growth of around 5%.

Cloud services are expected to lead growth. Hana Securities estimates third-quarter cloud revenue at 806.7 billion won, up 19.6% from 674.6 billion won a year earlier and 3.5% from 779.4 billion won in the second quarter. Cloud service provider (CSP) revenue is projected to increase 18.7% to 332.5 billion won, while managed service provider (MSP) revenue is expected to rise 23% to 361.9 billion won. Growing corporate demand for cloud migration is seen as a key driver.

Expanding GPU services have also supported performance. During its July earnings announcement, Samsung SDS said strong customer demand for Nvidia's B300 GPUs was expected to drive full utilization in the third quarter. KB Securities also cited rising GPU utilization as a contributor to cloud revenue growth.

In contrast, revenue from traditional IT services is expected to decline. Hana Securities estimates third-quarter IT services revenue excluding cloud at 893.4 billion won, down 27.7 billion won from a year earlier.

Profitability in the broader IT services business has also weakened. According to Samsung SDS's second-quarter results released in July, operating profit from IT services fell 0.4% to 203 billion won from 204 billion won a year earlier. The segment's operating margin declined to 11.5% from 12.1%. This partly explains why rising cloud revenue has not translated into improved profitability across the IT business.

The low-margin logistics business remains a particular drag. Logistics revenue reached 1.9553 trillion won in the second quarter, accounting for 52.6% of Samsung SDS's total revenue. Despite generating more than half of company sales, the business contributed just 29 billion won in operating profit, with a margin of 1.5%. This has raised concerns about the company's structural dependence on a relatively low-margin business for more than half of its revenue.

Kim Jun-seop, an analyst at KB Securities, said in an Oct. 12 report that increased corporate investment in AI transformation (AX) and digital transformation (DX) would improve Samsung SDS's IT services performance from the fourth quarter onward. He cited projects Samsung SDS introduced in September, including enterprise resource planning (ERP) and AI-based data development for GS Caltex and modernization of legacy systems in the financial sector. "Expansion of new AX and DX projects is expected to improve revenue growth and lead to upward revisions in operating profit estimates," Kim said.

Samsung SDS is scheduled to release its preliminary third-quarter earnings on Oct. 29.

kimsungjin harang@thelec.kr

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