006400KOSPI

Samsung SDI

569,000

+7,000 (+1.25%)

MA5
MA20
MA60

Adjusted prices rescale past bars with coefficients taken from the base prices the exchange itself published, correcting for corporate actions such as stock splits and reverse splits. Cash dividends are not reflected, and the risk measures on this page never use these adjusted figures.

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

Samsung SDI was established in 1970 and is listed on the KOSPI market. The company is headquartered in Yongin and operates with 22 subsidiaries across countries including Hungary, the United States, Malaysia, and China.

The company operates energy solution and electronic materials business segments. It produces and supplies lithium-ion secondary batteries for vehicles, energy storage systems, and portable devices. It also provides materials for semiconductors and displays.

Business overview as filed

당사는 중ㆍ대형전지, 소형전지 등의 리튬이온 2차전지를 생산/판매하는 에너지솔루션 사업부문과 반도체 및 디스플레이 소재 등을 생산/판매하는 전자재료 사업부문을 영위하고 있습니다.

당사의 2025년 매출은 13조 2,667억원으로 전년 대비 3조 3,255억원 감소했으며, 영업이익은 전년 대비 2조 857억원 감소한 적자 1조 7,224억원입니다.에너지솔루션 부문 매출액은 전체 매출액의 93%를 차지하며 전년 대비 3조 3,071억원 감소한 12조 3,841억원이며, 영업이익은 2조 696억원 감소한 적자 1조 8,519억원입니다. 전자재료 부문의 매출액은 전체 매출액의 7%를 차지하며 전년 대비 184억원 감소한8,826억원이며, 영업이익은 161억원 감소한 1,295억원입니다.

[에너지솔루션 사업부문]리튬이온 2차전지 산업은 고안전성, 고용량, 고출력 기술 확보를 통해 응용 분야를 지속적으로 넓혀 가고 있습니다.자동차용 중형전지는 유럽 등 주요 국가들의 친환경정책, 완성차 업체들의 다양한 전기차 모델 출시, 전기차의 주행거리 및 경제성 개선으로 중장기적으로 지속 성장을하고 있습니다.전력저장장치인 ESS용 대형전지도 국내외 국가들의 신재생 발전 확대와 AI 산업 성장에 따른 전력 수요 증가 속에 높은 성장이 지속되고 있습니다.

소형전지는 스마트폰, Note PC, 전동공구 등의 휴대 제품 뿐만 아니라 자동차용 전지에도 사용되고 있고, 최근 E-Bike, E-Scooter 등 Micro-Mobility용 및 데이터센터용 BBU(Battery Back-up Unit) 등 다양하게 적용 영역을 넓혀 가고 있습니다.

[전자재료 사업부문]반도체 소재는 반도체 업체들의 생산량 확대에 영향을 받고 있으며, AI용 반도체 등 수요 확대에 따라 관련 소재의 수요도 지속 성장할 것으로 전망됩니다.디스플레이 소재는 고해상도, 고색재현 등 고기능성의 차별화된 소재의 요구가 증가되고 있으며, 특히 OLED 패널은 모바일/IT 제품과 TV에서의 채용이 증가하고 있어OLED 소재 수요도 크게 성장하고 있습니다.

상세내용은 7. 기타 참고사항의 다.

Company overview

가. 연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 삼성SDI 주식회사이고, 영문명은 SAMSUNG SDI CO., LTD.입니다.

다. 설립일자 및 존속기간

당사는 1970년 1월 20일 삼성-NEC 주식회사로 설립되었고, 1979년 1월 29일 기업공개를 실시하여 1979년 2월 27일 한국증권선물거래소에 주식을 상장하였습니다. 또한 1999년 11월 29일 디지털 기업 이미지 제고를 위하여 상호를 삼성SDI 주식회사로 변경하였습니다.

라. 본사의 주소, 전화번호 및 홈페이지

주소 : 경기도 용인시 기흥구 공세로 150-20전화번호 : 031-288-4114홈페이지 : http://www.samsungsdi.co.kr

마. 중소기업 등 해당 여부

당사는「중소기업기본법」제2조에 의한 중소기업에 해당되지 않으며, 「벤처기업육성에 관한 특별조치법」제2조의 2에 따른 벤처기업 및「중견기업 성장촉진 및 경쟁력 강화에 관한 특별법」제2조에 따른 중견기업에도 해당되지 않습니다.

바. 주요 사업의 내용

당사는 중형전지, 대형전지, 소형전지 등의 리튬이온 2차전지를 생산/판매하는 에너지솔루션 사업부문과 반도체 및 디스플레이 소재 등을 생산/판매하는 전자재료 사업부문을 영위하고 있습니다.

당사는 본사를 거점으로 헝가리, 미국, 말레이시아, 중국 등 각 국에 22개의 종속기업을 두고 있습니다.기타 자세한 사항은 동 보고서의 Ⅱ.

사. 신용평가에 관한 사항

공시대상기간동안 신용평가전문기관으로부터 신용평가를 받은 내역은 다음과 같습니다.

한국기업평가 기관의 신용등급체계 및 등급부여 의미

NICE 신용평가 기관의 신용등급체계 및 등급부여 의미

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 2026.03.10), 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

5.10%

[3.32%, 7.85%] · 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 49.6% (2026-07-30). 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

0.67

Beta [0.52, 0.82] · KOSPI200 · As of 2026-10-08

Intercept: +0.253%[-0.238%, +0.744%]
R squared: 0.27
Observations: 252
Trading-time corrected beta: 0.71[0.43, 1.00]

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	75,693	52,008	63,216	91,583	100,974	112,948	135,532	201,241	227,083	165,922	132,667	142,557
Revenue growth%	—	-31.29	21.55	44.87	10.25	11.86	20.00	48.48	12.84	-26.93	-20.04	—
Operating incomeKRW 100M	-598	-9,263	1,169	7,150	4,622	6,713	10,676	18,080	16,334	3,633	-17,224	-8,423
Operating income growth%	—	—	—	511.64	-35.36	45.26	59.02	69.36	-9.66	-77.76	-574.08	—
Net incomeKRW 100M	257	2,111	6,432	7,450	4,024	6,310	12,504	20,394	20,660	5,755	-5,849	3,256
Net income growth%	—	721.90	204.67	15.84	-45.99	56.81	98.17	63.10	1.31	-72.14	-201.63	—
Attributable to ownersKRW 100M	538	2,194	6,572	7,012	3,565	5,747	11,698	19,521	20,092	5,993	-6,495	376
Attributable to minoritiesKRW 100M	-282	-83	-140	439	458	562	806	872	568	-238	646	2,879
Operating margin%	-0.79	-17.81	1.85	7.81	4.58	5.94	7.88	8.98	7.19	2.19	-12.98	-5.91
Net margin%	0.34	4.06	10.17	8.14	3.98	5.59	9.23	10.13	9.10	3.47	-4.41	2.28
ROE%	0.49	2.05	5.84	5.88	2.89	4.43	7.96	11.84	10.85	3.03	-3.03	0.15
ROA%	0.16	1.42	4.08	3.85	2.03	2.93	4.84	6.74	6.07	1.42	-1.38	0.68
Debt ratio%	44.18	35.90	37.54	58.28	56.81	61.20	69.99	75.74	70.99	88.24	79.28	77.45
Current ratio%	149.12	178.88	135.00	137.54	138.48	113.52	115.22	120.54	107.84	95.20	89.23	76.69
Quick ratio%	125.70	145.93	98.81	94.04	92.84	77.19	76.73	80.52	69.14	68.67	59.25	47.64
Reserve ratio%	2,770.97	2,810.66	2,983.72	3,266.07	3,338.50	3,481.82	3,789.74	4,336.92	4,860.40	4,984.94	4,491.82	4,565.50
Free cash flowKRW 100M	1,552	-21,421	-12,416	-18,855	-9,752	2,206	-787	-1,678	-19,447	-64,089	-22,745	—
FCF margin%	2.05	-41.19	-19.64	-20.59	-9.66	1.95	-0.58	-0.83	-8.56	-38.63	-17.14	—
OCF conversion%	3,430.17	-620.30	-38.89	34.98	229.41	308.86	174.03	129.51	101.81	-23.91	—	—
Capex to revenue%	9.59	16.01	15.68	23.43	18.80	15.30	16.64	13.96	17.83	37.80	23.12	—
Receivable daysdays	—	79.0	65.4	61.2	69.9	62.8	54.7	46.5	50.9	81.9	98.0	—
Inventory daysdays	—	60.7	60.1	69.5	80.0	72.0	74.9	65.3	63.4	83.5	89.9	—
Payable daysdays	—	152.8	111.4	93.1	92.2	74.6	88.5	86.7	86.0	107.4	104.6	—
Cash conversion cycledays	—	-13.2	14.1	37.6	57.7	60.2	41.2	25.1	28.3	58.0	83.2	—
EPSKRW	—	3,133	9,824	10,484	5,331	8,593	17,492	29,191	30,044	8,961	-8,796	467
PERx	—	34.79	20.82	20.89	44.27	73.08	37.45	20.25	15.71	27.62	—	1,042.48
BPSKRW	—	155,925	163,708	173,549	179,234	188,725	213,835	239,742	269,199	287,450	266,088	301,528
PBRx	—	0.70	1.25	1.26	1.32	3.33	3.06	2.47	1.75	0.86	1.01	1.62
Dividend per shareKRW	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,030	1,000	1,000	—	—
Payout ratio%	—	31.92	10.18	9.54	18.76	11.64	5.72	3.53	3.33	11.16	—	—

Consolidated basis

Profit flowKRW 100M

This fiscal year shows a loss at gross profit, operating income, profit before tax or net income, so it is left to the table rather than drawn as a flow.

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
	162,253	149,003	157,515*	193,497	198,521	215,342	258,332	302,575	340,389	405,973	422,553
	47,739	39,583	36,051*	55,193	51,814	56,574	74,449	96,517	91,870	103,343	87,399
Cash and cash equivalentsKRW 100M	12,880	10,117	12,090	15,166	11,563	15,460	23,257	26,143	15,245	18,851	18,040
InventoriesKRW 100M	7,500	7,291	9,666	17,457	17,079	18,108	24,873	32,045	32,974	28,794	29,363
Trade and other receivablesKRW 100M	12,033	10,468	12,183*	18,512	20,153	18,704	21,954	29,338	34,029	40,422	30,786
	114,514	109,420	121,464*	138,304	146,707	158,768	183,883	206,058	248,518	302,630	335,154
Property, plant and equipmentKRW 100M	32,290	25,038	29,303	46,083	54,268	61,281	76,360	89,655	118,933	177,065	192,406
Intangible assetsKRW 100M	12,776	9,417	8,974	8,663	8,314	7,936	7,989	8,149	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	51,729	55,256	62,193	65,546	67,632	71,434	78,854	89,403	99,962	101,866	114,268
	49,721	39,362	42,995*	71,245	71,918	81,753	106,365	130,400	141,316	190,301	186,852
	32,013	22,128	26,704*	40,128	37,415	49,836	64,613	80,069	85,189	108,557	97,949
Trade and other payablesKRW 100M	20,687	16,582	14,859	21,451	18,358*	18,091	32,694	42,858	45,388	34,025	33,652
Short-term borrowingsKRW 100M	10,472	3,840	10,793	17,394	17,665	24,275	25,102	28,512	28,683	—	—
	17,708	17,234	16,291*	31,117	34,502	31,917	41,752	50,331	56,127	81,744	88,904
Long-term borrowingsKRW 100M	7,025	5,666	3,453	15,143	18,020	14,843	21,078	22,970	28,495	50,637	54,933
	112,532	109,641	114,520	122,252	126,603	133,589	151,967	172,175	199,072	215,672	235,701
	110,120	107,221	112,573	119,340	123,249	129,776	147,043	164,857	185,114	197,664	214,429
Issued capitalKRW 100M	3,567	3,567	3,567	3,567	3,567	3,567	3,567	3,567	3,567	3,567	4,158
Capital surplusKRW 100M	50,312	50,312	50,427	50,379	50,020	50,020	50,020	50,020	50,020	50,020	65,890
Retained earningsKRW 100M	48,531	49,947	56,006	66,125	69,069	74,181	85,165	104,684	123,357	127,799	120,888
Accumulated other comprehensive incomeKRW 100M	7,817	5,910	6,024	2,720	4,045	5,460	11,742	10,038	11,622	19,729	26,944
Other equityKRW 100M	58,021	53,707*	-3,451	-3,451	-3,451	-3,451	-3,451	-3,451	-3,451	-3,451	-3,451
Non-controlling interestsKRW 100M	2,412	2,420	1,947	2,912	3,354	3,813	4,924	7,318	13,959	18,008	21,272

파생상품자산As filed	—	—	—	—	—	68	132	286	70	0	0
기타투자자산As filed	5,956	9,327	1,138	1,505	1,473	1,670	1,645	5,347	6,021	1,596	1,968
기타유동자산As filed	787	1,587	974	1,986	1,545	2,564	2,587	3,358	3,532	3,251	7,242
매각예정비유동자산As filed	8,584	793	—	568	—	—	—	—	—	—	—
매출채권및기타채권As filed	658	51	—	232	278	253	135	69	337	198	370
매각예정자산As filed	—	—	—	—	—	—	—	—	—	10,429	0
매출채권 및 기타채권As filed	—	—	34	—	—	—	—	—	—	—	—
투자부동산As filed	2,282	1,457	1,499	1,497	1,537	1,505	1,504	1,476	1,473	1,282	1,281
이연법인세자산As filed	408	384	414	518	858	968	1,409	1,689	2,111	2,925	4,001
기타비유동자산As filed	1,385	1,392	1,187	808	1,133	1,066	1,059	1,377	932	1,525	1,260
무형자산As filed	—	—	—	—	—	—	—	—	8,589	6,680	5,842
종업원급여자산As filed	—	157	—	—	—	—	—	1,721	2,538	1,279	2,023
미지급법인세As filed	173	431	208	—	729	444	1,262	2,296	1,019	310	233
당기법인세부채As filed	—	—	—	356	—	—	—	—	—	—	—
선수금As filed	483	774	505	696	609	3,537	2,113	2,301	6,073	5,769	3,694
선수수익As filed	198	502	339	63	55	178	391	787	188	326	2,509
매입채무 및 기타채무As filed	—	—	1,811	—	—	—	—	—	—	—	—
매입채무및기타채무As filed	1,259	2,180	—	2,913	3,385	2,100	2,659	6,975	5,419	3,275	3,328
파생상품부채As filed	—	192	202	152	24	288	23	1	0	0	—
장기선수수익As filed	607	691	476	271	53	—	—	—	—	—	2,134
매각예정비유동부채As filed	—	—	—	16	—	—	—	—	—	—	—
종업원급여부채As filed	793	—	256	701	615	387	94	20	23	28	25
충당부채As filed	—	—	—	—	—	3,024	3,027	3,315	3,838	1,059	3,955
이연법인세부채As filed	8,024	8,504	10,092	11,790	12,406	13,774	16,534	18,939	20,646	20,205	18,981
부채 및 자본총계As filed	—	—	—	—	198,521	215,342	258,332	302,575	340,389	405,973	422,553
납입자본As filed	3,567	3,567	—	—	—	—	—	—	—	—	—
기타자본As filed	-108	-2,515	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	—	149,003	—	193,497	—	—	—	—	—	—	—
장기선수금As filed	—	—	—	—	—	13	354	506	612	2,104	2,165
부채및자본총계As filed	162,253	—	157,515	—	—	—	—	—	—	—	—
단기차입금As filed	—	—	—	—	—	—	—	—	—	65,141	53,906
매각예정부채As filed	—	—	—	—	—	—	—	—	—	1,927	0

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	75,693*	52,008	63,216*	91,583	100,974	112,948	135,532	201,241	227,083*	165,922	132,667
Cost of salesKRW 100M	61,862*	44,503	51,525*	71,182	78,823	89,142	104,756	159,033	187,264*	134,987	118,050
Gross profitKRW 100M	13,831*	7,506	11,691*	20,401	22,152	23,806	30,776	42,207	39,819*	30,936	14,617
SG&A expensesKRW 100M	14,430*	16,769	10,522*	13,251	17,530	17,092	20,100	24,127	23,485*	28,201	34,593
	-598*	-9,263	1,169	7,150	4,622	6,713	10,676	18,080	16,334*	3,633	-17,224
Finance incomeKRW 100M	2,357*	2,856	2,500	3,818*	3,144	5,288	5,476	13,906	10,551*	11,287	7,620
Finance costsKRW 100M	2,565*	2,976	2,515	3,387	3,837	5,919	4,405	14,428	12,459*	16,026	10,542
Other incomeKRW 100M	8,447*	5,225	1,962	1,295*	827	502	520	630	766*	467	578
Other expensesKRW 100M	10,050*	6,499	1,830	1,935	896	1,477	933	2,063	503*	2,100	2,454
Share of profit of associatesKRW 100M	2,799	2,452	6,954	3,422	1,786	2,927	5,300	10,397	10,172	8,012	8,382
	391*	-8,207	8,241	10,362	5,646	8,034	16,633	26,523	24,861*	5,273	-13,640
Income tax expenseKRW 100M	134*	578	1,809	2,912	1,623	1,724	4,129	6,129	4,201*	69	-4,892
Profit from continuing operationsKRW 100M	—	-8,785	6,432	7,450	—	—	—	—	—	5,205	-8,748
Profit or loss from discontinued operationsKRW 100M	—	10,896	—	—	—	—	—	—	—	551	2,900
	257	2,111	6,432	7,450	4,024	6,310	12,504	20,394	20,660	5,755	-5,849
Attributable to ownersKRW 100M	538	2,194	6,572	7,012	3,565	5,747	11,698	19,521	20,092	5,993	-6,495
Attributable to minoritiesKRW 100M	-282	-83	-140	439	458	562	806	872	568	-238	646
Basic earnings per shareKRW	Not applicable	3,133	9,824	10,484	5,331	8,593	17,492	29,191	30,044	8,961	-8,796
Diluted earnings per shareKRW	Not applicable	3,133*	9,874	Not applicable	Not applicable	Not applicable	17,542	Not applicable	Not applicable	Not applicable	-8,796
	-5,301	-111	6,370	7,963	5,411	7,676	18,799	18,995	21,321	14,804	1,739
Other comprehensive incomeKRW 100M	-5,558	-2,222	-62	513	1,387	1,366	6,295	-1,399	660	9,049	7,588

기타영업수익As filed	—	—	—	—	—	—	—	—	—	899	2,752
계속영업당기순손익의 귀속As filed	—	—	—	—	—	—	—	—	—	5,205	-8,748
비지배지분As filed	-273	-322	-481	479	473	480	863	511	375	-238	646
후속기간에 당기손익으로 재분류되지 않는 항목As filed	73	-75	164	360	362	594	2,324	-821	—	—	—
순확정급여제도의 재측정요소As filed	96	-99	—	—	—	—	—	—	—	—	—
지배기업지분As filed	-5,028	211	6,851	7,484	4,938	7,196	17,936	18,484	20,946	5,442	-9,394
법인세효과As filed	-23	24	-51	-114	-112	-190	-742	-30	-105	376	-118
후속기간에 당기손익으로 재분류되는 항목As filed	-5,631	-2,147	-226	153	1,025	772	3,970	-578	—	—	—
계속영업이익As filed	257	—	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	-7,323	-3,193	1,715	—	—	—	—	—	—	—	—
지분법자본변동As filed	-354	1,075	-16	-69	219	600	1,916	-96	-167	1,256	-180
우선주 기본및희석주당손익As filed	—	—	—	—	0	0	—	0	0	—	—
해외사업환산손익As filed	212	-548	-1,569	396	604	-265	2,386	179	902	9,324	1,429
순확정급여부채 재측정요소As filed	—	—	—	—	59	46	-60	876	-991	—	—
계속영업기본주당이익(손실)As filed	—	-0	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	415	738	3,125	-1,667	887	-3,049	3,709
중단영업기본주당이익(손실)As filed	—	0	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정요소As filed	—	—	215	-298	—	—	—	—	—	-1,197	316
계속영업희석주당이익(손실)As filed	—	-0	—	—	—	—	—	—	—	—	—
기타포괄손익측정금융자산평가이익As filed	—	—	—	773	—	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	—	0	—	—	—	—	—	—	—	—	—
우선주 기본및희석주당이익As filed	—	—	—	—	—	—	—	—	—	0	—
우선주 기본주당손익As filed	0	—	—	—	—	—	—	—	—	—	-0
파생상품평가손익As filed	3	—	—	-257	288	775	174	-680	-231	-70	0
계속영업기본주당손익 - 우선주As filed	—	—	—	—	—	—	—	—	—	—	-0
계속영업기본주당이익(손실) - 우선주As filed	—	—	—	—	—	—	—	—	—	0	—
후속기간에 당기손익으로 재분류되는 포괄손익As filed	—	—	—	—	—	—	—	—	609	10,133	1,366
중단영업기본주당손익 - 우선주As filed	—	—	—	—	—	—	—	—	—	—	0
중단영업기본주당이익(손실) - 우선주As filed	—	—	—	—	—	—	—	—	—	0	—
우선주 희석주당손익As filed	0	—	—	—	—	—	—	—	—	—	-0
계속영업기본주당이익(손실) - 보통주As filed	—	—	—	—	—	—	—	—	—	0	—
계속영업희석주당손익 - 우선주As filed	—	—	—	—	—	—	—	—	—	—	-0
후속기간에 당기손익으로 재분류되지 않는 포괄손익As filed	—	—	—	—	—	—	—	—	51	-1,083	6,222
중단영업희석주당손익 - 우선주As filed	—	—	—	—	—	—	—	—	—	—	0
중단영업기본주당이익(손실) - 보통주As filed	—	—	—	—	—	—	—	—	—	0	—
계속영업기본주당손익 - 보통주As filed	—	—	—	—	—	—	—	—	—	—	-0
중단영업기본주당손익 - 보통주As filed	—	—	—	—	—	—	—	—	—	—	0
계속영업희석주당손익 - 보통주As filed	—	—	—	—	—	—	—	—	—	—	-0
계속사업 보통주기본주당손익As filed	—	—	0	—	—	—	—	—	—	—	—
중단영업희석주당손익 - 보통주As filed	—	—	—	—	—	—	—	—	—	—	0
계속사업 우선주주당손익As filed	—	—	0	—	—	—	—	—	—	—	—
보통주 기본주당손익As filed	0	—	—	—	—	—	—	—	—	—	—
계속사업기본주당이익(손실)As filed	—	—	—	0	—	—	—	—	—	—	—
계속영업 보통주기본주당손익As filed	0	—	—	—	—	—	—	—	—	—	—
계속영업 우선주기본주당손익As filed	0	—	—	—	—	—	—	—	—	—	—
보통주 희석주당손익As filed	0	—	—	—	—	—	—	—	—	—	—
계속영업 보통주희석주당손익As filed	0	—	—	—	—	—	—	—	—	—	—
계속영업 우선주희석주당손익As filed	0	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	257	2,111	6,432	7,450	4,024	6,310	12,504	20,394	20,660	5,755	-5,849
Total adjustments to operating cash flowcomputed	8,554	-15,206	-8,933	-4,844	5,207	13,179	9,256	6,017	375	-7,131	13,773
	8,811	-13,095	-2,501	2,606	9,231	19,488	21,760	26,411	21,035	-1,376	7,924
Interest receivedKRW 100M	309	266	248	173	185	124	136	341	800	590	442
Interest paidKRW 100M	624	417	172	489	767	581	487	811	2,213	3,246	3,499
Income taxes paidKRW 100M	867	2,544	960	1,288	1,140	1,246	2,178	2,785	3,978	2,363	1,117
	1,153	18,543	893	-17,047	-15,351	-17,784	-19,495	-29,462	-41,048	-49,197	-19,986
Purchase of property, plant and equipmentKRW 100M	7,259	8,326	9,915	21,461	18,983	17,283	22,547	28,089	40,482	62,713	30,669
Proceeds from sale of property, plant and equipmentKRW 100M	205	793	344	37	193	100	107	204	117	82	189
Purchase of intangible assetsKRW 100M	161	90	36	132	51	43	23	46	125	862	623
	-3,547	-8,187	3,534	17,561	2,389	2,406	5,827	6,287	9,027	55,444	8,648
Dividends paidKRW 100M	721	727	700	717	669	692	693	695	716	697	699
Acquisition of treasury sharesKRW 100M	—	—	941	—	—	—	—	—	—	—	—
Disposal of treasury sharesKRW 100M	—	—	6	—	—	—	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	—	—	—	—	—	—	16,549
Cash at beginning of periodKRW 100M	6,275	12,880	10,117	12,090	15,166	11,563	15,460	23,257	26,143	15,245	21,383
	12,880	10,117	12,090	15,166	11,563	15,460	23,257	26,143	15,245	21,383	18,040
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	47	-44	128	-213	-295	-350	89	1,268	71
Net change in cash and cash equivalentsKRW 100M	6,417	-2,740	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

당기순이익As filed	—	—	—	—	—	6,310	—	—	20,660	5,755	—
당기순이익(손실)As filed	257	2,111	6,432	7,450	4,024	—	12,504	20,394	—	—	—
재무제표상 현금및현금성자산As filed	—	—	—	—	—	—	—	—	—	18,851	18,040
매각예정자산에 포함된 현금및현금성자산As filed	—	—	—	—	—	—	—	—	—	2,533	0
장기차입금의 차입As filed	—	679	1,979	7,930	8,293	7,400	8,815	8,077	10,059	39,632	19,514
조정As filed	3,306	1,500	286	6,297	9,818	10,831	11,877	12,838	14,979	23,967	19,099
단기차입금의 차입As filed	451	5,065	7,085	—	6,163	—	14,436	12,396	40,490	65,231	80,591
자산 및 부채의 증감As filed	6,236	-14,129	-8,413	-9,792	-3,065	3,915	-246	-3,688	-9,384	-26,222	-1,424
사채의 상환As filed	—	—	—	—	—	1,000	3,700	—	2,200	0	0
배당금수취As filed	194	118	—	—	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	78	255	176	136	154	123	171	143	273
신주발행비용의 지급As filed	—	—	—	—	—	—	—	—	—	—	88
장기차입금의 상환As filed	65	—	—	2,496	2,658	4,850	2,059	13	4,639	6,363	0
기타투자자산의 감소As filed	6,799	1,027	8,592	5,766	3,541	352	2,738	2,236	28,897	7,666	12,458
매각예정비유동자산의 처분As filed	152	9,472	1,270	—	150	10	—	—	—	—	—
무형자산의 처분As filed	1	2	187	5	24	56	17	11	0	9	62
단기차입금의 상환As filed	—	6,151	927	3,930	8,625	10,955	11,009	15,086	39,900	—	109,264
정부보조금의 수령As filed	—	—	581	411	111	47	869	528	991	126	42
종속기업의 유상감자As filed	186	143	0	1	1	0	—	0	0	0	—
종속기업및관계기업투자의 감소As filed	851	38	—	—	—	—	14	197	—	—	—
투자부동산의 처분As filed	—	26	3	1	—	—	—	—	—	—	—
리스부채의 상환As filed	—	—	—	—	262	211	244	306	361	365	479
차입금의 상환As filed	—	—	—	—	—	—	—	—	—	44,486	—
종속기업의 유상증자As filed	307	496	31	563	149	2	349	1,914	6,292	2,492	2,525
기타투자자산의 증가As filed	—	5,149	130	1,474	284	733	423	4,084	30,039	3,642	12,500
대여금의 회수As filed	—	—	—	0	—	—	—	—	—	—	—
비유동기타채무의 증가As filed	2,327	—	—	—	—	—	—	—	—	—	—
기타비유동자산의 증가As filed	414	91	0	—	—	—	—	—	—	—	—
종속기업및관계기업투자의 증가As filed	38	—	—	—	—	290	247	420	—	—	—
투자부동산의 취득As filed	—	—	2	—	—	—	—	—	—	—	—
대여금의 증가As filed	—	—	—	200	52	—	—	—	—	—	—
관계기업투자의 감소As filed	—	—	—	—	—	—	—	—	20	10,152	603
사업결합으로인한순현금흐름As filed	1,310	—	—	—	—	—	—	—	—	—	—
단차입금의 차입As filed	—	—	—	—	—	12,712	—	—	—	—	—
매각예정자산의 처분As filed	—	—	—	—	—	—	—	—	—	—	10,452
관계기업투자의 증가As filed	—	—	—	—	—	—	—	—	427	13	0
차입금의 차입As filed	—	—	—	10,801	—	—	—	—	—	—	—
사업부문매각으로 인한 순현금흐름As filed	—	20,842	—	—	—	—	—	—	—	—	—
사채의발행As filed	2,988	—	—	—	—	—	—	—	—	—	—
사채의 발행As filed	—	—	—	5,882	—	—	—	—	—	—	—
장기차입금의 증가As filed	995	—	—	—	—	—	—	—	—	—	—
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	26,255	3,500	11,826
종속기업의 유상감자 등 비지배지분의 변동As filed	—	—	—	—	—	—	67	—	—	—	—
종속기업의 취득As filed	208	—	—	—	—	—	—	—	—	—	—
유동성장기차입금의 상환As filed	7,317	5,000	2,999	—	—	—	—	—	—	—	—
현금및현금성자산의 증감As filed	—	—	—	—	—	4,110	8,092	3,236	-10,987	4,871	—
현금및현금성자산의 증가(감소)As filed	—	—	1,926	3,120	-3,731	—	—	—	—	—	-3,414
비지배지분의 취득As filed	—	—	—	471	—	—	—	—	—	—	—
비지배지분의 감소As filed	-44	—	—	—	—	—	—	—	—	—	—
자기주식취득As filed	—	2,407	—	—	—	—	—	—	—	—	—
환율변동으로 인한 현금흐름As filed	187	-23	—	—	—	—	—	—	—	—	—
비지배지분과 자본거래As filed	-162	—	—	—	—	—	—	—	—	—	—
당기순손익As filed	—	—	—	—	—	—	—	—	—	—	-5,849

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 2026.03.10.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 56	삼일회계법인	2025-12-31
2024	적정의견Term 55	삼일회계법인	2025-12-31
2023	적정의견Term 54	삼정회계법인	2025-12-31
2022	적정Term 53	삼정회계법인	2022-12-31
2021	적정Term 52	삼정회계법인	2022-12-31
2020	적정Term 51	삼정회계법인	2022-12-31
2019	적정Term 50	삼정회계법인	2019-12-31
2018	적정Term 49	삼정회계법인	2019-12-31
2017	적정Term 48	삼정회계법인	2019-12-31
2016	적정Term 47	삼정회계법인	2016-12-31
2015	적정Term 46	삼정회계법인	2016-12-31
2014	적정Term 45	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 5Y0.82

Equity risk premium%

Terminal growth%

Cost of equity8.52%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW569,000

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	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-130,901	-123.0%

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% + 0.82 × 5.00% = 8.52%

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(-3.03% × (1 − 0.00%), 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

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 = 266,088 KRW, ROE = -3.03%, payout ratio = 0.00%, r = 8.52%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	266,088	-8,059	22,665	-30,725	0.9215	-28,313
2	258,029	-7,815	21,979	-29,794	0.8492	-25,300
3	250,214	-7,579	21,313	-28,892	0.7825	-22,608
4	242,635	-7,349	20,668	-28,017	0.7211	-20,203
5	235,286	-7,126	20,042	-27,168	0.6645	-18,053
Terminal value				-425,153	0.6645	-282,512

P_0 = 266,088 + -114,477 + -282,512 = -130,901 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