005490KOSPI

POSCO Holdings

306,500

-1,000 (-0.33%)

MA5
MA20
MA60

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

POSCO Holdings is a holding company established in 1968 and headquartered in Pohang, Gyeongsangbuk-do. It is listed on the KOSPI market and serves as the strategic developer for the group's future business portfolio.

The company operates through several segments. The steel segment supplies products to the automotive, shipbuilding, and home appliance industries. Other segments include infrastructure covering trade, construction, logistics, and IT, as well as a secondary battery materials segment focusing on lithium, nickel, and cathode and anode materials.

Business overview as filed

포스코홀딩스는 2022년 3월 독점규제 및 공정거래에 관한 법률에 따른 지주회사로 전환하여 그룹 전반의 성장 전략을 수립하고 미래 사업 테마를 발굴하며 M&A 등 신사업을 추진하는 미래사업 포트폴리오 개발자 역할을 수행하고 있습니다.회사의 연결대상 회사는 2025년말 기준 포스코홀딩스를 제외한 총 198개사로 사업의 성격에 따라 철강부문, 인프라(무역부문, 건설부문, 물류 등 부문), 이차전지소재부문, 기타부문까지 총 6개의 사업부문으로 구분되어 있습니다.

* '25.1월 조직개편으로 기존 이차전지소재부문을 에너지소재부문으로 명칭을 변경한 이후, '25.6월 내부 의사결정을 통해 이차전지소재부문으로 재변경하였습니다.

철강부문은 자동차, 조선, 가전 등 산업에 철강제품을 공급하고 있으며, 국내 포스코,포스코스틸리온을 비롯하여 인도네시아 PT.Krakatau POSCO, 중국 POSCO (Zhangjiagang) Stainless Steel Co., Ltd., 해외 가공센터 등 총 86개사의 연결대상 종속회사가 있습니다.

인프라부문(무역)은 포스코인터내셔널 포함 총 38개사의 연결대상 종속회사가 있으며, 인프라부문(건설)은 포스코이앤씨 포함 총 21개사, 인프라부문(물류 등)은 포스코플로우, 포스코디엑스 포함 총 15개사의 연결대상 종속회사가 있습니다.

포스코인터내셔널은 무역, 자원개발, 생산 가공, 인프라 개발ㆍ운용, 발전시설 및 LNG 터미널 운영 등의 사업을 영위하고 있고, 포스코이앤씨는 에너지, 환경, 산업플랜트에서부터 주거시설, 초고층 빌딩, 도시개발, SOC사업 등의 다양한 분야에 진출한 종합건설회사입니다. 또한 포스코플로우는 '22년 포스코 물류업무 영업양수를 통해 CTS(Central Terminal System) 사업 및 철강원료, 제품, 곡물, 천연가스 운송 등 글로벌 복합 물류서비스 회사로 거듭나고 있으며, 포스코디엑스는 IT 및 OT(현장운영기술) 분야에서 확보한 노하우와 기술력에 AI, 디지털트윈, 로보틱스 등 디지털 기술을 융합하여 산업 전반의 디지털 전환(DX)을 추진하고 있습니다.

이차전지소재부문은 리튬, 니켈, 양극재, 음극재, 리사이클링 등 EV 배터리 소재 등의 사업을 영위하고 있으며, 포스코퓨처엠, 포스코아르헨티나 등 총 16개사의 연결대상 종속회사가 있습니다. 포스코퓨처엠은 국내 유일 음/양극재 소재를 동시 생산 및 납품하며 내화물의 제조, 판매, 시공 및 보수, 석회제품 등의 제조 및 판매 등도 영위하고 있습니다.기타부문은 포스코홀딩스 포함 23개사의 연결대상 종속회사가 있으며, 포스코홀딩스를 중심으로 신성장 사업발굴을 위한 투자에 집중하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

* 상기 연결대상회사수는 포스코홀딩스를 제외한 수치입니다.* 상장법인 중 1개사는 해외법인입니다. (국내 5개사, 해외 1개사)

(2) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

회사의 명칭은 포스코홀딩스 주식회사이고, 영문명은 POSCO Holdings Inc.입니다.

다. 설립일자

회사는 1968년 4월 1일에 포항종합제철주식회사로 설립되었으며, 2022년 3월 지주회사로 전환하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

(주 소) 경상북도 포항시 남구 동해안로 6261 (괴동동)(전 화) 054-220-0114(홈페이지) http://www.posco-inc.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

포스코홀딩스는 그룹의 지주회사로서 그룹 전반의 성장 전략을 수립하고 미래 사업 테마를 발굴하며 M&A 등 신사업을 추진하는 미래사업 포트폴리오 개발자 역할을 수행하고 있습니다.주요 자회사 및 종속회사로는 자동차, 조선, 가전 등 산업에 철강제품을 공급하는 철강부문과 무역, 에너지, 건설, 물류, IT 등의 사업을 수행하는 인프라('무역', '건설', '물류 등')부문이 있으며, 리튬, 니켈, 양극재, 음극재, 리사이클링 등 이차전지소재사업 등을 영위하는 이차전지소재부문 및 기타부문이 있습니다.

사. 신용평가에 관한 사항

회사는 보고서 제출일 현재 해외 신용평가기관인 S&P로부터 A-(Negative), Moody's로부터 Baa1(Negative)의 신용등급을 받고 있습니다. 회사가 최근 3사업연도 동안 신용평가 전문기관으로부터 받은 신용등급은 다음과 같습니다.

공시기준일 이후 변동사항

2026년 2월, Moody's로부터 신용등급 평가를 받았으며, 신용등급은 Baa1(Stable)에서 Baa1(Negative)로 변경되었습니다.

신용등급체계- 회사채 신용등급의 정의(해외)

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.11), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

3.18%

[1.98%, 5.06%] · As of 2026-10-02

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 46.1% (2026-07-29). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

0.44

Beta [0.30, 0.57] · KOSPI200 · As of 2026-10-08

Intercept: -0.084%[-0.413%, +0.245%]
R squared: 0.25
Observations: 252
Trading-time corrected beta: 0.44[0.22, 0.66]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSPI200 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Beta summarizes by regression how far the issue's return moved together with the KOSPI200 or KOSDAQ150 index return, and the index is only a stand-in for the whole market.
The intercept is the average excess return the index does not explain, and when the interval shown beside it contains zero it cannot be told apart from zero.
Beta and the intercept are computed from the sample of the chosen window and frequency and are not values for the period ahead.
At the daily frequency a beta corrected for differences in trading times is shown alongside, and the gap between the two shows how much later than the index the issue's trades are reflected.

Financials

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	581,923	530,835	606,551	649,778	643,668	577,928	763,323	847,502	771,272	726,881	690,949	712,373
Revenue growth%	—	-8.78	14.26	7.13	-0.94	-10.21	32.08	11.03	-8.99	-5.76	-4.94	—
Operating incomeKRW 100M	24,100	28,443	46,218	55,426	38,689	24,030	92,381	48,501	35,314	21,736	18,271	21,773
Operating income growth%	—	18.02	62.49	19.92	-30.20	-37.89	284.43	-47.50	-27.19	-38.45	-15.94	—
Net incomeKRW 100M	-962	10,482	29,735	18,921	19,826	17,882	71,959	35,605	18,458	9,476	5,044	13,810
Net income growth%	—	—	183.68	-36.37	4.79	-9.81	302.42	-50.52	-48.16	-48.66	-46.77	—
Attributable to ownersKRW 100M	1,806	13,633	27,901	16,906	18,351	16,021	66,172	31,441	16,981	10,949	6,577	13,475
Attributable to minoritiesKRW 100M	-2,768	-3,151	1,834	2,015	1,476	1,860	5,787	4,164	1,478	-1,473	-1,533	336
Operating margin%	4.14	5.36	7.62	8.53	6.01	4.16	12.10	5.72	4.58	2.99	2.64	3.06
Net margin%	-0.17	1.97	4.90	2.91	3.08	3.09	9.43	4.20	2.39	1.30	0.73	1.94
ROE%	0.44	3.22	6.38	3.90	4.13	3.61	13.12	5.99	3.13	1.98	1.18	2.34
ROA%	-0.12	1.31	3.76	2.42	2.51	2.26	7.87	3.62	1.83	0.92	0.48	1.26
Debt ratio%	78.41	74.01	66.49	67.34	65.41	65.89	66.90	68.92	69.19	68.27	68.64	70.99
Current ratio%	144.96	154.92	164.30	177.69	213.45	212.58	221.13	205.49	211.39	193.29	187.98	198.29
Quick ratio%	104.10	107.07	111.77	116.97	146.55	158.88	148.96	138.76	148.15	131.20	129.08	137.05
Reserve ratio%	8,682.51	8,824.89	9,218.26	9,458.18	9,630.20	9,830.37	10,970.25	11,269.83	11,509.22	11,464.95	11,372.77	11,437.52
Free cash flowKRW 100M	50,416	29,453	33,197	37,342	34,854	55,313	31,908	12,592	-5,656	-10,060	-10,932	—
FCF margin%	8.66	5.55	5.47	5.75	5.41	9.57	4.18	1.49	-0.73	-1.38	-1.58	—
OCF conversion%	—	502.73	188.58	310.23	302.86	485.74	86.99	173.76	334.14	703.23	906.40	—
Capex to revenue%	4.40	4.38	3.77	3.29	3.91	5.46	4.02	5.81	8.73	10.55	8.20	—
Inventory daysdays	—	68.0	66.3	68.7	70.4	68.7	68.7	72.6	75.6	75.9	79.3	—
Payable daysdays	—	28.3	20.3	—	—	—	—	—	—	—	—	—
EPSKRW	1,845	16,627	34,464	20,911	22,823	20,165	87,330	41,456	22,382	14,451	8,697	17,004
PERx	—	15.49	9.65	11.62	10.36	13.49	3.14	6.67	22.32	17.54	35.07	18.64
BPSKRW	—	486,007	501,600	497,452	510,076	508,464	578,383	620,922	640,653	670,434	688,597	725,195
PBRx	—	0.53	0.66	0.49	0.46	0.53	0.47	0.45	0.78	0.38	0.44	0.44
Dividend per shareKRW	—	8,000	8,000	10,000	10,000	8,000	17,000	12,000	7,500	10,000	10,000	—
Payout ratio%	—	48.11	23.21	47.82	43.82	39.67	19.47	28.95	33.51	69.20	114.98	—

Consolidated basis

Profit flowKRW 100M

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	804,088	797,630	790,250	782,483	790,587	790,870	914,716	984,068	1,009,454	1,034,042	1,051,924
	291,809	293,038	311,274	336,510	348,424	358,308	466,216	476,495	462,123	440,299	434,839
Cash and cash equivalentsKRW 100M	48,702	24,476	26,125	26,439	35,149	47,546	47,752	80,531	66,709	67,679	70,498
InventoriesKRW 100M	82,252	90,517	99,510	114,999	109,203	90,518	152,151	154,724	138,255	141,435	136,244
Trade and other receivablesKRW 100M	Not applicable	Not applicable	16,360	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	512,279	504,592	478,975	445,973	442,163	432,562	448,500	507,573	547,331	593,743	617,086
Property, plant and equipmentKRW 100M	345,229	337,703	318,835	300,183	299,260	294,001	295,967	317,812	352,062	398,468	422,928
Intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	39,453	38,824	35,579	36,500	39,278	38,762	45,146	49,966	50,203	47,388	49,802
	353,385	339,246	315,610	314,887	312,640	314,124	366,667	401,494	412,815	419,538	428,147
	201,309	189,154	189,460	189,380	163,237	168,550	210,836	231,882	218,615	227,797	231,317
Trade and other payablesKRW 100M	31,253	40,733*	17,535	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	123,710	101,948	112,745	102,896	85,482	86,775	88,301	119,160	—	—	—
	152,076	150,092	126,149	125,507	149,403	145,574	155,830	169,612	194,200	191,741	196,831
Long-term borrowingsKRW 100M	128,492	125,102	97,891	99,197	118,934	118,201	129,111	123,897	150,112	148,816	163,746
	450,702	458,384	474,640	467,596	477,947	476,746	548,049	582,574	596,639	614,504	623,777
	412,353	423,734	437,329	433,713	444,719	443,314	504,274	525,121	541,808	553,942	557,302
Issued capitalKRW 100M	4,824	4,824	4,824	4,824	4,824	4,824	4,824	4,824	4,824	4,824	4,824
Capital surplusKRW 100M	13,836	13,978	14,126	14,106	13,763	13,105	13,880	14,008	16,633	16,489	16,851
Retained earningsKRW 100M	405,011	411,738	430,566	442,160	450,801	461,115	515,329	529,652	538,575	536,584	531,775
Treasury sharesKRW 100M	—	—	15,331	15,327	15,083	23,915	25,083	18,923	18,897	15,509	11,763
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	673	—	—
Other equityKRW 100M	—	—	—	—	—	—	—	—	—	11,554	15,615
Non-controlling interestsKRW 100M	38,349	34,650	37,311	33,883	33,228	33,432	43,776	57,453	54,830	60,561	66,475

당기법인세자산As filed	338	465	385	516	459	495	232	2,438	1,020	1,405	787
매출채권As filed	95,959	97,869	89,505	92,826	90,784	81,206	100,620	97,696	110,153	108,216	111,980
기타채권As filed	16,799	15,397	8,792	13,856	15,815	14,942	21,046	21,127	19,475	22,613	19,207
기타금융자산As filed	39,104	52,249	70,459	80,811	89,960	117,092	134,477	109,099	114,032	84,994	87,786
매각예정자산As filed	573	3,120	718	219	742	342	785	120	4,069	6,088	202
기타유동자산As filed	8,083	8,945	8,212	6,845	6,312	6,166	9,154	10,759	8,410	7,869	8,135
장기매출채권As filed	1,203	511	7,316	4,271	1,988	864	632	240	425	278	197
이연법인세자산As filed	13,156	14,769	14,192	13,810	12,373	13,352	14,338	35,022	33,343	36,093	20,388
투자부동산As filed	10,843	11,177	10,649	9,286	8,782	9,948	10,861	10,740	16,163	19,559	16,916
영업권 및 기타무형자산As filed	64,058	60,887	59,523	51,708	49,085	44,494	41,663	48,385	47,148	47,748	54,935
순확정급여자산As filed	—	837	82	15	43	861	2,559	5,207	4,648	4,091	3,601
기타비유동자산As filed	6,290	5,677	4,890	5,088	3,252	2,701	1,986	1,674	1,732	1,337	1,357
단기매입채무As filed	—	—	34,651	40,061	34,229	37,555	54,682	55,208	—	—	—
기타채무As filed	21,291	18,517	1,478	17,201	18,795	18,453	21,894	28,659	27,375	34,639	34,065
기타금융부채As filed	2,021	1,497	1,298	778	778	1,414	1,116	1,065	1,636	1,209	666
당기법인세부채As filed	3,780	4,461	5,155	9,482	3,966	3,665	21,397	5,027	3,191	3,506	2,237
매각예정으로 분류된 처분자산집단에 포함된 부채As filed	342	—	—	—	—	—	—	—	—	—	—
유동충당부채As filed	1,023	1,149	—	—	—	—	—	—	—	—	—
기타유동부채As filed	17,889	20,850	16,966	15,949	16,381	16,255	19,445	17,603	—	11,735	15,742
매각예정자산에 직접 관련된 부채As filed	—	—	0	—	0	0	2	0	1,419	0	37
장기매입채무As filed	111	445	125	298	201	223	7	0	—	20	0
부채와자본총계As filed	804,088	797,630	—	—	—	—	—	—	—	1,034,042	1,051,924
충당부채As filed	—	—	1,109	3,013	3,605	4,433	4,000	5,160	4,197	3,960	6,326
순확정급여부채As filed	1,820	1,236	—	1,409	1,810	1,418	508	377	388	431	632
이연법인세부채As filed	16,767	16,429	19,042	16,889	16,915	13,207	12,718	29,246	27,602	26,855	11,600
자본과부채총계As filed	—	—	790,250	782,483	790,587	790,870	914,716	984,068	1,009,454	—	—
차입금As filed	—	—	—	—	—	—	—	—	109,592	111,157	121,174
비유동충당부채As filed	2,217	3,377	—	—	—	—	—	—	—	—	—
기타비유동부채As filed	778	604	328	1,274	795	370	565	1,519	—	993	1,066
신종자본증권As filed	9,969	9,969	9,969	1,994	1,994	1,994	1,994	—	—	—	—
적립금As filed	-5,948	-1,440	-6,826	-14,044	-11,580	-13,809	-6,670	-4,440	—	—	—
자기주식As filed	-15,339	-15,335	—	—	—	—	—	—	—	—	—
퇴직급여부채As filed	—	—	1,372	—	—	—	—	—	—	—	—
매입채무As filed	—	—	—	—	—	—	—	—	57,828	61,591	51,069
기타 유동부채As filed	—	—	—	—	—	—	—	—	13,376	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	1,145	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	581,923	530,835	606,551	649,778	643,668	577,928	763,323	847,502	771,272	726,881	690,949
Cost of salesKRW 100M	516,581	463,940	522,992	570,054	581,165	530,724	644,512	771,009	707,103	672,752	639,288
Gross profitKRW 100M	65,342	66,896	83,559	79,724	62,504	47,204	118,811	76,493	64,169	54,129	51,660
SG&A expensesKRW 100M	41,242	38,452	37,341	24,298	23,815	23,174	26,430	27,992	28,855	32,394	33,390
	24,100	28,443	46,218	55,426	38,689	24,030	92,381	48,501	35,314	21,736	18,271
Finance incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	38,307	52,116	32,221
Finance costsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	42,030	50,807	39,103
Other incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	3,871	3,056
Other expensesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	11,839	6,876
Share of profit of associatesKRW 100M	-5,061	-887	105	1,126	2,737	1,333	6,496	6,763	—	-2,565	3,499
	1,808	14,329	41,797	35,628	30,533	20,251	94,161	40,144	26,352	12,512	11,068
Income tax expenseKRW 100M	-2,769	3,847	12,062	16,708	-10,706	-2,369	-22,202	-4,539	7,893	3,036	6,024
	-962	10,482	29,735	18,921	19,826	17,882	71,959	35,605	18,458	9,476	5,044
Attributable to ownersKRW 100M	1,806	13,633	27,901	16,906	18,351	16,021	66,172	31,441	16,981	10,949	6,577
Attributable to minoritiesKRW 100M	-2,768	-3,151	1,834	2,015	1,476	1,860	5,787	4,164	1,478	-1,473	-1,533
Basic earnings per shareKRW	1,845	16,627	34,464	20,911	22,823	20,165	87,330	41,456	22,382	14,451	8,697
Diluted earnings per shareKRW	1,845	16,627	34,464	20,911	22,823	20,165	85,377	39,126	22,382	12,250	8,697
	-2,583	15,024	24,123	14,635	21,291	15,702	80,135	37,944	23,309	21,104	9,230
Other comprehensive incomeKRW 100M	-1,621	4,542	-5,612	-4,285	1,465	-2,179	8,176	2,339	4,850	11,628	4,186

지분법손익As filed	—	—	—	—	—	—	—	—	2,697	—	—
판매및물류비As filed	17,290	15,537	15,573	3,692	3,683	3,769	3,931	2,945	2,336	2,349	2,442
기타일반관리비As filed	—	—	—	19,858	20,413	19,396	22,098	24,800	26,697	30,045	30,948
대손상각비(대손충당금환입), 판관비As filed	—	—	—	—	—	—	—	—	-178	—	—
기타영업외손익As filed	-8,932	-5,406	-3,411	-15,540	-7,194	-2,963	-4,365	-5,415	-7,937	-7,968	-3,820
일반관리비As filed	23,952	22,915	21,768	—	—	—	—	—	—	—	—
대손상각비As filed	—	—	—	748	-281	8	402	248	—	—	—
금융손익As filed	-8,300	-7,822	-1,116	-5,384	-3,699	-2,149	-351	-9,705	-3,723	1,309	-6,881
비지배지분As filed	—	—	—	1,920	1,314	1,551	6,289	4,137	1,992	1,014	-1,096
금융수익As filed	25,571	22,320	23,727	17,060	18,721	26,775	27,301	48,340	—	—	—
금융비용As filed	33,871	30,142	24,843	22,444	22,421	28,924	27,652	58,045	—	—	—
지배기업의 소유주지분As filed	—	—	—	12,715	19,977	14,151	73,846	33,806	21,317	20,089	10,326
기타영업외수익As filed	5,490	2,151	4,512	5,236	4,509	4,023	5,780	5,920	3,943	—	—
기타영업외비용As filed	14,423	7,557	7,923	20,145	10,900	6,456	10,275	11,237	9,043	—	—
확정급여제도의 재측정요소As filed	420	205	-475	-1,735	-1,172	366	512	1,058	-1,185	-953	-132
후속적으로 당기손익으로 재분류되지 않는 포괄손익As filed	—	205	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	-825	1,346	—	—	—	—	—	—	—	—	—
매도가능증권평가손익As filed	-1,879	3,106	-314	0	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 포괄손익As filed	—	4,337	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	663	-115	-2,647	-429	2,081	-1,480	3,861	40	341	8,885	332
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	330	18,225	—	—	—	—	—	—	—	—	—
기타의대손상각비As filed	—	—	—	-631	-803	-531	130	-98	2,837	—	—
포괄손익, 비지배지분As filed	-2,913	-3,201	—	—	—	—	—	—	—	—	—
파생상품평가손익As filed	—	—	—	-2	-1	-3	3	10	-13	-1	0
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	-2,174	—	—	—	—	—	—	—	—
지분법자본변동As filed	—	—	—	-627	661	-286	1,651	1,331	2,079	3,316	486
현금흐름위험회피손익(세후기타포괄손익)As filed	—	—	-1	—	—	—	—	—	—	—	—
지분증권평가손익As filed	—	—	—	-1,492	-105	-776	2,149	-101	2,577	-1,504	3,196
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	22,183	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	1,940	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-962	10,482	29,735	18,921	19,826	17,882	71,959	35,605	18,458	9,476	5,044
Total adjustments to operating cash flowcomputed	76,980	42,212	26,338	39,777	40,220	68,976	-9,365	26,263	43,218	57,161	40,675
	76,018	52,694	56,073	58,697	60,047	86,857	62,594	61,868	61,677	66,637	45,719
Interest receivedKRW 100M	1,982	2,068	2,450	3,523	3,203	3,685	2,796	2,498	4,476	5,708	4,214
Interest paidKRW 100M	8,316	6,913	7,357	7,504	7,602	6,244	4,338	5,608	10,380	10,287	10,858
DepreciationKRW 100M	—	—	—	—	—	—	—	—	33,465	35,308	36,933
AmortisationKRW 100M	—	—	—	—	—	—	—	—	4,982	4,537	4,659
Income taxes paidKRW 100M	6,226	6,020	8,064	11,398	15,130	6,509	5,890	27,736	7,274	5,537	8,403
	-45,347	-37,546	-38,179	-26,480	-36,829	-62,593	-55,835	-42,199	-73,882	-44,868	-66,873
Purchase of property, plant and equipmentKRW 100M	25,602	23,241	22,876	21,355	25,192	31,544	30,686	49,276	67,333	76,697	56,652
Proceeds from sale of property, plant and equipmentKRW 100M	590	443	392	904	518	-425	-111	9	-119	442	2,141
Purchase of intangible assetsKRW 100M	2,891	1,382	3,434	4,476	2,996	3,006	4,311	4,929	4,819	4,928	5,760
	-22,416	-39,510	-15,655	-31,950	-15,122	-10,909	-7,687	13,194	-1,786	-23,017	24,028
Dividends paidKRW 100M	8,226	7,090	8,634	7,239	9,462	6,591	13,109	12,184	8,155	8,442	9,152
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	8,832	1,168	—	—	923	0
Cash at beginning of periodKRW 100M	40,221	48,712	24,476	26,125	26,439	35,152	47,556	47,757	80,533	66,709	67,679
	48,712	24,476	26,125	26,439	35,152	47,556	47,757	80,533	66,709	67,679	70,498
Effect of exchange rate changesKRW 100M	235	126	-590	46	618	-953	1,130	-87	167	2,219	-56
Net change in cash and cash equivalentsKRW 100M	8,490	-24,236	1,649	313	8,714	12,403	201	32,776	-13,824	970	2,819

영업활동에서 창출된 현금흐름As filed	86,201	62,033	66,789	71,832	76,907	93,246	62,205	85,139	67,886	—	—
당기순이익(손실)As filed	-962	10,482	29,735	—	—	—	—	—	18,458	—	—
연결당기순이익As filed	—	—	—	18,921	19,826	17,882	71,959	35,605	—	—	—
조정As filed	59,622	55,809	56,318	73,437	57,489	47,328	60,952	52,888	60,300	56,459	59,393
영업활동으로 인한 자산부채의 변동As filed	27,540	-4,258	—	—	—	—	—	—	—	—	—
신종자본증권의 상환As filed	—	—	—	-11,600	—	—	—	—	3,400	0	0
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-19,263	-20,525	-408	28,036	-70,706	-3,354	—	—	—
감가상각비As filed	—	—	—	29,110	30,299	31,562	31,353	32,047	—	—	—
신종자본증권 이자지급As filed	-677	-681	678	462	165	165	165	165	100	0	0
사채 및 장기차입금의 차입As filed	17,791	19,887	17,260	27,624	56,470	44,104	43,590	45,537	78,172	58,995	53,933
무형자산상각비As filed	—	—	—	3,566	4,312	4,656	4,441	4,888	—	—	—
배당금의 수취As filed	2,377	1,526	2,255	2,244	2,668	2,679	7,821	7,575	6,969	7,449	4,378
사채 및 장기차입금의 상환As filed	-35,100	-42,749	31,360	31,363	37,468	36,441	37,195	41,381	44,611	75,329	51,583
단기차입금의 순차입As filed	—	—	5,581	-8,546	—	355	-3,299	17,646	-25,241	2,178	-21,585
금융수익As filed	—	—	—	-7,377	-8,554	-11,859	-12,700	-19,437	18,508	34,762	16,453
금융비용As filed	—	—	—	11,682	11,977	13,910	12,571	25,327	21,792	32,023	20,984
기타 재무활동으로 인한 현금유출입액As filed	-343	-265	—	-423	-1,169	-140	-132	648	784	1,676	2,355
단기금융상품의 취득As filed	130,380	185,788	208,435	321,731	360,634	433,077	417,975	893,272	398,307	158,353	159,876
법인세비용As filed	—	—	—	16,708	10,706	2,369	22,202	4,539	7,893	3,036	6,024
리스부채의 상환As filed	—	—	—	—	-1,674	-2,173	-2,813	-2,681	2,228	1,954	1,434
비지배주주의 자본불입As filed	12,601	247	2,662	58	295	1,761	6,605	5,773	2,993	5,137	8,324
단기금융상품의 처분As filed	105,954	171,774	191,466	311,055	354,158	405,008	403,364	915,399	401,744	195,019	160,934
유형자산손상차손As filed	—	—	—	10,047	4,427	270	3,115	2,132	2,758	6,081	1,357
유형자산처분이익As filed	—	—	—	-531	-494	-155	-120	-185	94	265	158
대여금의 증가As filed	—	—	10,559	—	—	—	—	—	—	—	—
리스채권의 회수As filed	—	—	—	—	569	616	977	546	527	311	255
유형자산처분손실As filed	—	—	—	1,176	1,202	1,421	957	1,111	1,258	851	899
대여금의 회수As filed	3,089	5,571	6,670	9,420	3,988	1,383	5,685	10,870	13,698	7,846	1,000
매도가능금융자산의 취득As filed	878	3,282	663	0	—	—	—	—	—	—	—
대여금의 지급As filed	—	—	—	6,278	4,506	3,292	5,266	10,874	12,387	8,202	2,774
무형자산손상차손As filed	—	—	—	3,375	1,910	1,978	2,243	3,707	1,299	480	516
매도가능금융자산의 처분As filed	3,082	2,801	10,069	0	—	—	—	—	—	—	—
관계기업및공동기업투자주식의 처분As filed	118	79	—	889	165	—	—	—	1,423	452	392
종속기업, 관계기업및공동기업투자의취득As filed	—	—	603	—	—	—	—	—	—	—	—
무형자산처분이익As filed	—	—	—	-1,171	-19	—	—	—	—	—	—
종속기업,관계기업및공동기업처분이익As filed	—	—	—	-452	-278	-888	-860	-139	1,971	142	474
매각예정자산의 처분As filed	1,271	3,058	—	933	672	377	673	1,115	49	103	8,461
종속기업, 관계기업 및 공동기업투자의 처분As filed	—	—	749	—	—	—	—	—	—	—	—
종속기업,관계기업및공동기업처분손실As filed	—	—	—	52	65	146	129	124	188	734	128
투자부동산의 취득As filed	615	457	692	441	193	10	919	16	560	39	36
단기대여금및수취채권의 취득As filed	2,957	6,033	—	—	—	—	—	—	—	—	—
관계기업및공동기업투자주식의 취득As filed	—	—	—	474	1,604	—	—	—	4,176	3,018	2,133
지분법손익As filed	—	—	—	-1,126	-2,737	-1,333	-6,496	-6,763	—	—	—
매각예정자산손상차손As filed	—	—	—	508	383	50	—	—	—	—	63
장기금융상품의 취득As filed	—	—	—	—	—	—	2,896	216	54	38	199
투자부동산의 처분As filed	11	116	58	708	121	2	38	234	7	4	14
매각예정자산처분이익As filed	—	—	—	-272	-375	—	-602	-553	13	48	537
퇴직급여As filed	—	—	—	2,165	2,404	2,483	2,436	2,286	2,066	2,465	2,642
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	772	1,738	—	—	—	—	—	—	—	—	—
대손상각비As filed	—	—	—	1,379	522	539	272	346	2,659	1,851	2,038
보험금수령으로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	1,573	196
무형자산의 처분As filed	128	87	285	777	242	790	95	77	303	117	79
유가증권의 처분As filed	—	—	—	2,216	625	4,481	2,739	3,327	1,428	12,100	4,890
재고자산평가손실As filed	—	—	—	1,418	962	540	788	2,597	3,093	778	0
유가증권의 취득As filed	—	—	—	-3,219	-2,968	-3,381	-3,008	-4,931	3,807	11,444	8,361
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	2,040	—	—	—	—	—	—	—	—
충당부채전입액As filed	—	—	—	2,401	765	1,850	1,596	2,899	1,609	2,172	4,715
사업결합으로 인한 현금유출As filed	—	—	—	—	—	—	—	-9,012	1,502	0	—
연결실체 변동으로 인한 순자산 취득As filed	—	—	-1,742	0	-373	—	55	—	—	—	—
연결실체변동으로 인한 순자산 처분As filed	4,696	212	—	—	—	—	—	—	—	—	716
기타비용(수익)As filed	—	—	—	779	9	-211	-373	323	-438	32	-126
연결실체 변동으로 인한 순자산 처분As filed	—	—	-530	4,479	454	775	—	—	—	—	—
기타 투자활동으로 인한 현금유출입액As filed	—	—	—	113	128	-54	25	-126	-74	-116	-2,088
보험금수익As filed	—	—	—	—	—	—	—	-2,363	77	1,576	196
연결실체변동으로 인한 순자산 취득As filed	—	45	—	—	—	—	—	—	—	—	8,073
현금의기타유입(유출)As filed	—	—	-374	—	—	—	—	—	—	—	—
영업활동에서 창출된 현금As filed	—	—	—	—	—	—	—	—	—	69,304	56,388
보험금의 수령As filed	—	—	—	—	—	—	—	2,363	77	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	10,873	3,369	-8,049
기타투자활동으로 인한 현금유출입액As filed	-191	188	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	-8,462	-8,859	—	—	—	—	—	—	—	—	—
종속기업,관계기업및공동기업투자의 취득As filed	—	—	—	—	—	1,418	4,924	5,182	—	—	—
종속기업,관계기업및공동기업투자의 처분As filed	—	—	—	—	—	184	610	1,694	—	—	—
지분법손실 조정As filed	—	—	—	—	—	—	—	—	—	2,565	—
매각예정자산처분손실As filed	—	—	—	—	—	—	—	—	1,034	339	131
지분법손실As filed	—	—	—	—	—	—	—	—	—	—	0
지분법이익As filed	—	—	—	—	—	—	—	—	2,697	0	3,499
재고자산평가손실환입As filed	—	—	—	—	—	—	—	—	—	—	255
당기순이익As filed	—	—	—	—	—	—	—	—	—	9,476	5,044
단기차입금의 순상환As filed	—	—	—	—	-21,947	—	—	—	—	—	—
상환전환우선주 상환As filed	—	—	—	—	—	-2,786	—	—	—	—	—

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.11.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 58	한영회계법인	2025-12-31
2024	적정의견Term 57	한영회계법인	2025-12-31
2023	적정의견Term 56	삼정회계법인	2025-12-31
2019	적정Term 52	삼정회계법인	2019-12-31
2018	적정Term 51	삼정회계법인	2019-12-31
2017	적정Term 50	삼정회계법인	2019-12-31
2016	적정Term 49	삼정회계법인	2016-12-31
2015	적정Term 48	삼정회계법인	2016-12-31
2014	적정Term 47	삼정회계법인	2016-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

Dividend historyKRW

The dividend-per-share bars are restated onto the current share basis for splits and par-value changes. The payout ratio and the dividend yield divide figures filed for the same period and are left unadjusted.

Payout ratio and dividend yield%

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-084.40%

BetaDaily 5Y0.63

Equity risk premium%

Terminal growth%

Cost of equity7.55%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate35.0%

Base fiscal year2025

Current priceKRW306,500

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	183,781	-40.0%
Dividend discount model DDM	175,364	-42.8%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	86,610	-71.7%
Residual income model RIM	-48,847	-115.9%

The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r = r_f + \beta \times \mathit{ERP}

r = 4.40% + 0.63 × 5.00% = 7.55%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(1.18% × (1 − 100.00%), 0) = 0.00%

Growth starts at this value in the first year and falls by equal steps each year to reach the terminal rate in the fifth

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 10,000 × (1 + 2.00%) / (7.55% − 2.00%) = 10,200 / 0.0555 = 183,781 KRW

Dividend discount model DDM

P_0 = \sum_{t=1}^{N} \frac{D_t}{(1+r)^t} + \frac{D_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad D_t = D_{t-1}(1+g_t)

D_0 = 10,000, g_1 = 0.00%, g_T = 2.00%, r = 7.55%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	10,000	0.9298	9,298
2	0.50%	10,050	0.8645	8,688
3	1.00%	10,150	0.8038	8,159
4	1.50%	10,303	0.7474	7,700
5	2.00%	10,509	0.6949	7,303
Terminal value	2.00%	193,132	0.6949	134,215
Total				175,364

P_0 = 175,364 KRW

Residual income model RIM

P_0 = B_0 + \sum_{t=1}^{N} \frac{\mathit{RI}_t}{(1+r)^t} + \frac{\mathit{RI}_N (1+g_T)}{(r - g_T)\,(1+r)^N},\qquad \mathit{RI}_t = (\mathit{ROE} - r)\,B_{t-1}

B_0 = 688,597 KRW, ROE = 1.18%, payout ratio = 100.00%, r = 7.55%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	688,597	8,126	51,990	-43,864	0.9298	-40,784
2	688,597	8,126	51,990	-43,864	0.8645	-37,921
3	688,597	8,126	51,990	-43,864	0.8038	-35,259
4	688,597	8,126	51,990	-43,864	0.7474	-32,784
5	688,597	8,126	51,990	-43,864	0.6949	-30,483
Terminal value				-806,132	0.6949	-560,212

P_0 = 688,597 + -177,232 + -560,212 = -48,847 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 45,719.1 − 56,651.5 + 14,929.6 (net borrowing) = 3,997.2 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	3,997.2	0.9298	3,716.6
2	0.50%	4,017.2	0.8645	3,472.9
3	1.00%	4,057.3	0.8038	3,261.4
4	1.50%	4,118.2	0.7474	3,078.0
5	2.00%	4,200.6	0.6949	2,919.1
Terminal value	2.00%	77,198.3	0.6949	53,648.0
Total				70,096.1

P_0 = 70,096.1 KRW hundred million ÷ 80,932,952 (shares) = 86,610 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

A model price is the arithmetic outcome of the stated assumptions, and is neither a target price nor a basis for an investment decision.
The cost of equity is the risk-free rate plus beta times the equity risk premium, and the risk premium and the terminal growth rate are assumptions the reader may change.
The cash flow models take borrowings and cash only from years in which the filer itemized those lines, and a year without them yields no figure.
Every model assumes the newest fiscal year's figures grow at a rate that converges in equal steps from the first year's rate to the terminal rate by the fifth year, and paths outside that assumption are not represented.

Price chart