010060KOSPI

OCI Holdings Company

234,000

-6,000 (-2.50%)

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

OCI Holdings Company is a holding company established in 1959 and headquartered in Seoul. It is listed on the KOSPI market and operates as a holding company managing investments and shares of its subsidiaries.

The company manages a portfolio of subsidiaries across renewable energy, energy solutions, chemical materials, urban development, and bio sectors. Its primary revenue sources include dividend income, rental income, brand royalty fees, and service revenue.

Business overview as filed

당사는 지주회사로서 타회사의 주식취득을 통하여 그 회사의 사업내용을 지배하는 것을 주된 사업으로 하고 있습니다. 2023년 5월 1일을 분할기일로 하여 베이직케미컬 사업부문과 카본케미컬 사업부문을 OCI(주)로 인적분할하며 OCI 홀딩스(주)를 출범하고, 같은 해 9월 공개매수 및 현물출자에 의한 유상증자를 통하여 지주회사 요건을 충족하며 해당일자인 2023년 9월 22일 기준으로 지주회사로 전환되었음을 공정거래위원회로부터 통보받았습니다. 이를 통해, 투자와 사업 기능을 분리하고 사업별 전문 역량강화 및 성장 토대를 마련하였습니다. 또한, 신재생에너지, 에너지솔루션, 화학소재, 도시개발, 바이오 등의 사업을 영위하는 자회사를 보유함으로써 안정적인 현금 흐름을 바탕으로 투자재원 최적 배분, 기존사업 재투자 및 신규 사업 발굴 등으로 제2의 도약을 추진 중에 있습니다.공시서류제출일 현재 지주회사로서 영업수익은 임대수익, 용역매출, 배당금수익, 브랜드사용수익 등으로 구성되어 있습니다. 이를 통해 2025년 연간 별도 재무제표 기준 약 549억원의 매출을 기록하였습니다.※ 영업수익 내역 (2025년 연간 별도 기준)

당년도 연간 누적 연결기준 사업부문별 주요 회사와 매출 비중은 다음과 같습니다.

(주1) 연결 조정 전 매출액 기준

Company overview

가. 연결대상 종속회사의 개황

OCI 홀딩스 주식회사(010060, 이하 "지배회사" 또는 "당사")는 공시서류작성기준일 현재 121개(국내 8개, 해외 113개)의 종속회사가 있습니다. 연결실체 중 당사와 OCI(주)는 유가증권시장에 상장되어 있습니다.

- 연결대상 종속회사 현황(요약)

나. 연결대상회사의 변동내용

다. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 『오씨아이홀딩스 주식회사』(약칭 『OCI 홀딩스 주식회사』, 영문 『OCI Holdings Company Ltd.』) 입니다.

라. 설립일자 및 존속기간

- 설립일자 : 1959년 8월 5일

당사는 소다회 및 관련 제품의 제조ㆍ판매를 주사업 목적으로 하여 1959년 8월 5일 설립되었으며, 1976년 6월에 한국거래소가 개설하는 유가증권시장에 주식을 상장하였습니다. 2001년 5월 1일을 합병기일로 주식회사 제철화학과 합병하였으며, 합병된 회사는 동양화학공업 주식회사에서 동양제철화학 주식회사로 상호를 변경하였습니다. 그리고 2009년 4월 1일에는 상호를 동양제철화학 주식회사에서 OCI 주식회사로 변경하였습니다. 한편, 2023년 5월 1일을 분할기일로 당사는 분할존속회사 OCI 홀딩스 주식회사와 분할신설회사 OCI 주식회사로 인적분할하였으며, 상호는 OCI 주식회사에서 OCI 홀딩스 주식회사로 변경하였습니다.

마. 본사의 주소, 전화번호 및 홈페이지

- 주소 : 서울특별시 중구 소공로 94

- 전화번호 : 02) 727-9300

- 홈페이지 : http://www.oci-holdings.co.kr

바. 중소기업 등 해당 여부

사. 주요사업의 내용

당사는 2023년 5월 1일을 분할기일로 하여 베이직케미컬 사업부문, 카본케미컬 사업부문을 OCI(주)로 단순 인적분할하며 OCI 홀딩스(주)를 출범하고, 같은 해 9월 공개매수 및 현물출자에 의한 유상증자를 거쳐 지주회사로 전환을 완료하였습니다. 이에, 공시서류제출일 현재 독점규제 및 공정거래에 관한 법률(공정거래법)상 지주회사로서 자회사 지분의 관리 및 투자를 목적으로 하는 지주회사 역할을 수행하고 있습니다. 아울러 지배구조의 투명성 증대, 기존 사업의 경쟁력 강화 및 사업 포트폴리오 다각화 추진을 바탕으로 기존 사업 재투자 및 신규사업 발굴에 힘쓰고 있습니다.당사의 영업수익은 자회사 및 기타 투자회사들로부터 받는 배당금수익, 용역매출, 브랜드사용수익, 임대수익 등으로 구성되어 있습니다. 2025년 연간 영업수익은 배당금수익 비중이 74.0%, 임대수익은 15.4%, 브랜드사용수익은 10.0%, 용역매출은 0.7%입니다.한편, 주요 종속회사가 영위하는 사업으로는 도시개발사업((주)디씨알이), 기초 화학소재 사업 (OCI(주)), 태양광용 폴리실리콘 사업(OCI TerraSus Sdn. Bhd.), 태양광 발전소 및 운영 사업(OCI Enterprises Inc.) 등이 있습니다. 2025년 연간 연결매출액 기준(연결 조정전) 지역별 매출은 국내매출액은 약 2조 1,136억원, 해외매출은 약 1조 3,883억원이며, 제품매출은 77.0%, 상품 매출은 5.3%, 기타 매출은 17.7%입니다.

자세한 사항은 Ⅱ.

아. 신용평가에 관한 사항

공시서류제출일 전일 현재, 공시대상기간동안인 최근 3사업년도 OCI 홀딩스의 신용평가에 관한 사항은 아래와 같습니다.

□신용평가 회사의 신용등급체계 및 등급부여의미1) 기업어음 신용등급

상기 등급 중 A2부터 B등급까지는 +, - 부호를 부가하여 동일등급내에서의 우열을 나타내고 있음

2) 회사채 신용등급

상기 등급 중 AA부터 B등급까지는 +, - 부호를 부가하여 동일등급내에서의 우열을 나타내고 있음

3) 기업신용등급

상기 등급 중 AA부터 CCC등급까지는 +, - 부호를 부가하여 동일 등급 내에서의 우열을 나타내고 있음

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), 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

6.73%

[4.28%, 10.72%] · 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 56.2% (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

0.57

Beta [0.37, 0.77] · KOSPI200 · As of 2026-10-08

Intercept: +0.353%[-0.432%, +1.138%]
R squared: 0.09
Observations: 252
Trading-time corrected beta: 0.67[0.12, 1.21]

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	23,015	27,394	36,316	31,121	26,051	20,025	32,440	46,713	26,497	35,774	33,801	35,712
Revenue growth%	—	19.02	32.57	-14.30	-16.29	-23.13	62.00	44.00	-43.28	35.01	-5.52	—
Operating incomeKRW 100M	-1,446	1,214	2,844	1,587	-1,806	-861	6,260	9,767	5,312	1,015	-576	930
Operating income growth%	—	—	134.40	-44.22	-213.82	—	—	56.02	-45.61	-80.89	-156.76	—
Net incomeKRW 100M	1,821	2,194	2,326	1,038	-8,074	-2,512	6,521	8,778	7,103	1,137	-1,462	197
Net income growth%	—	20.51	6.03	-55.37	-877.69	—	—	34.61	-19.07	-83.99	-228.60	—
Attributable to ownersKRW 100M	1,003	2,421	2,349	1,038	-7,944	-2,462	6,476	8,803	7,135	977	-899	374
Attributable to minoritiesKRW 100M	818	-227	-23	0	-130	-50	44	-25	-32	161	-564	-177
Operating margin%	-6.28	4.43	7.83	5.10	-6.93	-4.30	19.30	20.91	20.05	2.84	-1.70	2.60
Net margin%	7.91	8.01	6.41	3.34	-30.99	-12.54	20.10	18.79	26.81	3.18	-4.33	0.55
ROE%	3.39	7.58	7.01	3.03	-30.14	-10.51	21.09	22.50	19.17	2.45	-2.29	0.91
ROA%	2.49	3.51	3.83	1.83	-16.78	-5.66	11.43	13.01	11.93	1.41	-1.86	0.23
Debt ratio%	125.12	91.40	77.94	62.05	79.14	85.99	82.60	68.16	56.14	67.38	66.35	71.37
Current ratio%	151.37	137.79	172.80	184.71	255.45	236.84	270.04	260.51	454.10	250.52	293.63	298.24
Quick ratio%	118.76	82.86	143.29	134.88	148.30	142.20	140.26	140.56	257.22	127.19	126.84	124.08
Reserve ratio%	2,208.55	2,391.30	2,564.28	2,604.63	1,916.45	1,720.57	2,221.82	2,884.05	4,124.68	4,100.85	3,947.95	3,975.25
Free cash flowKRW 100M	-8,555	-342	3,676	3,999	-2,705	-1,918	2,832	3,364	5,224	-2,403	1,830	—
FCF margin%	-37.17	-1.25	10.12	12.85	-10.38	-9.58	8.73	7.20	19.72	-6.72	5.42	—
OCF conversion%	11.26	185.79	206.45	651.63	—	—	57.92	64.56	94.91	102.34	—	—
Capex to revenue%	38.06	16.13	3.10	8.89	8.85	3.66	2.91	4.93	5.73	9.97	10.97	—
Receivable daysdays	—	76.1	55.9	56.8	59.1	67.4	49.6	52.4	96.5	74.2	70.9	—
Inventory daysdays	—	99.0	66.9	60.0	103.2	167.5	188.8	188.7	341.1	238.7	278.5	—
Payable daysdays	—	74.8	45.4	52.0	50.5	59.8	54.4	50.7	79.6	58.4	66.6	—
Cash conversion cycledays	—	100.3	77.4	64.8	111.9	175.0	184.0	190.4	358.0	254.6	282.8	—
EPSKRW	4,206	10,151	9,849	4,352	-33,308	-10,381	27,387	36,941	36,540	5,077	-4,809	2,002
PERx	—	7.75	13.81	24.59	—	—	3.80	2.19	2.91	11.58	—	107.17
BPSKRW	—	133,995	140,563	143,796	110,515	98,159	128,783	164,046	187,814	208,037	210,598	219,205
PBRx	—	0.59	0.97	0.74	0.57	0.95	0.81	0.49	0.57	0.28	0.55	0.98
Dividend per shareKRW	—	400	1,950	850	—	—	2,000	2,500	3,300	2,200	1,000	—
Payout ratio%	—	3.94	19.80	19.53	—	—	7.30	6.77	9.03	43.33	—	—

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
	72,988	62,486	60,778	56,596	48,112	44,372	57,041	67,455	59,566	80,937	78,709
	23,998	19,814	20,984	20,187	21,607	20,360	33,390	41,108	39,942	47,633	40,406
Cash and cash equivalentsKRW 100M	4,768	3,386	9,140	7,443	4,876	4,436	6,987	12,460	12,138	11,433	10,347
Short-term financial instrumentsKRW 100M	—	—	1,207	2,224	2,474	1,947	4,033	910	3,881	3,659	1,815
InventoriesKRW 100M	5,169	7,900	3,583	5,446	9,063	8,136	16,047	18,928	17,317	23,450	22,952
Trade and other receivablesKRW 100M	5,631	5,789	5,339	4,342	4,098	3,293	5,530	7,875	6,142	8,411	4,729
	48,989	42,672	39,794	36,409	26,505	24,012	23,651	26,347	19,624	33,303	38,303
Property, plant and equipmentKRW 100M	42,588	34,631	32,908	32,571	20,419	17,102	16,180	17,080	11,759	23,740	26,531
Intangible assetsKRW 100M	468	343	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	503	1,039	702	697	689	909	1,336	3,188	5,071	3,778	5,534
	40,566	29,840	26,621	21,670	21,255	20,515	25,803	27,341	21,416	32,581	31,393
	15,854	14,379	12,143	10,929	8,458	8,597	12,365	15,780	8,796	19,014	13,761
Trade and other payablesKRW 100M	6,240	3,635	4,163	3,661*	3,436	2,709	4,258	5,134	3,327	6,642	4,461
Non-current liabilitiesKRW 100M	24,711	15,460	14,478	10,741	12,796	11,918	13,438	11,562	12,620	13,568	17,633
	32,422	32,646	34,157	34,926	26,857	23,857	31,238	40,114	38,149	48,355	47,315
	29,553	31,957	33,523	34,294	26,357	23,410	30,714	39,124	37,211	39,792	39,319
Issued capitalKRW 100M	1,272	1,272	1,272	1,272	1,272	1,272	1,272	1,272	1,071	1,069	1,069
Capital surplusKRW 100M	7,966	7,856	7,856	7,856*	7,345	7,345	7,345	7,345	8,402	8,402	8,402
Retained earningsKRW 100M	20,137	22,572	24,774	25,288	17,041	14,548	20,927	29,353	35,758	35,416	33,783
Other equityKRW 100M	199	256	-379	-121	189	-265	575	558	-8,635	-5,755	-4,594
Non-controlling interestsKRW 100M	2,869	689	634	631	500	447	524	990	938	8,563	7,996

유동파생상품자산As filed	17	6	3	1	12	3	1	5	25	4	39
단기금융자산As filed	325	1,592	—	—	—	—	—	—	—	—	—
당기법인세자산As filed	40	111	634	30	49	155	71	39	74	52	88
매각예정자산As filed	7,198	434	217	—	—	78	40	—	—	18	0
기타유동자산As filed	850	597	860	701	1,035	2,314	680	890	365	606	436
장기금융자산As filed	687	493	144	540	577	684	625	571	580	615	629
장기매출채권및기타채권As filed	45	376	445	221	264	277	29	28	14	68	569
이연법인세자산As filed	3,487	1,789	1,143	1,148	3,398	4,272	4,738	4,314	1,474	2,898	2,776
투자부동산As filed	733	742	764	737	651	323	317	307	368	231	389
무형자산As filed	—	—	428	418	461	403	383	359	275	1,548	1,636
비유동파생상품자산As filed	—	—	—	—	—	—	—	16	0	91	0
기타비유동자산As filed	479	91	94	78	46	42	43	61	45	142	11
비유동법인세자산As filed	—	3,167	3,167	—	—	—	—	—	—	—	—
단기금융부채As filed	6,276	10,405	7,532	7,058	4,160	5,394	5,742	8,508	4,156	10,758	7,770
당기법인세부채As filed	108	123	355	122	157	26	30	281	30	133	30
순확정급여자산As filed	—	—	—	—	—	—	—	423	37	193	228
충당부채As filed	57	2	63	25	263	100	250	363	273	130	79
기타유동부채As filed	25	61	10	64	439	353	2,060	1,494	—	—	—
유동파생상품부채As filed	27	103	21	—	4	7	20	—	0	1	0
매각예정자산관련부채As filed	3,121	49	—	—	—	8	5	—	—	—	—
장기금융부채As filed	19,999	12,037	11,629	8,030	11,660	11,187	12,332	10,202	10,398	8,918	11,398
장기매입채무및기타채무As filed	371	277	206	269	290	243	217	151	105	227	234
비유동충당부채As filed	88	97	90	92	115	100	384	276	188	522	652
기타자본잉여금As filed	—	—	—	—	509	509	595	595	615	660	660
순확정급여부채As filed	458	242	168	238	193	158	60	13	2	6	4
이연법인세부채As filed	409	—	69	37	6	41	56	465	453	1,435	1,324
기타비유동부채As filed	3,386	2,807	2,316	2,076	533	189	389	454	—	—	—
부채와자본총계As filed	72,988	62,486	60,778	56,596	48,112	44,372	57,041	67,455	59,566	80,937	78,709
비유동파생상품부채As filed	—	—	—	—	—	—	—	1	0	0	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	1,009	1,349	1,421
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	1,474	2,431	4,007
비유동당기법인세부채As filed	—	—	—	—	—	—	—	—	—	29	14
납입자본As filed	9,239	9,129	—	—	—	—	—	—	—	—	—
매각예정자산관련자본인식As filed	-22	—	—	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	23,015	27,394*	36,316	31,121	26,051	20,025	32,440	46,713*	26,497	35,774	33,801
Cost of salesKRW 100M	22,158	24,095*	31,331	27,464	25,651	18,740	23,379	33,825*	19,392	31,163	30,406
Gross profitKRW 100M	857	3,299*	4,985	3,658	400	1,285	9,061	12,888*	7,105	4,610	3,395
SG&A expensesKRW 100M	2,303	2,085*	2,140	2,071	2,206	2,147	2,802	3,121*	1,793	3,595	3,971
	-1,446	1,214*	2,844	1,587	-1,806	-861	6,260	9,767*	5,312	1,015	-576
Finance incomeKRW 100M	Not applicable	Not applicable	1,273	830	687	893	497	1,314*	1,197	1,820	953
Finance costsKRW 100M	Not applicable	Not applicable	2,090	1,335	1,202	950	829	1,471*	594	1,609	1,314
Other incomeKRW 100M	Not applicable	Not applicable	1,265	532	183	322	175	400*	57	2,935	1,022
Other expensesKRW 100M	Not applicable	Not applicable	521	351	7,962	2,979	153	266*	1,018	2,605	1,464
	-3,031	-1,951*	2,797	1,305	-10,122	-3,501	6,120	10,016*	5,330	1,756	-1,395
Income tax expenseKRW 100M	-640	-2,178*	361	256	-2,061	-990	-402	1,100*	750	619	67
Profit from continuing operationsKRW 100M	-2,391	227*	2,436	1,049	-8,061	-2,511	6,521	8,916*	4,579	1,137	-1,462
Profit or loss from discontinued operationsKRW 100M	—	—	-110	-10	-13	-0	-1	-139*	2,524	0	0
	1,821	2,194	2,326	1,038	-8,074	-2,512	6,521	8,778	7,103	1,137	-1,462
Attributable to ownersKRW 100M	1,003	2,421	2,349	1,038	-7,944	-2,462	6,476	8,803	7,135	977	-899
Attributable to minoritiesKRW 100M	818	-227	-23	0	-130	-50	44	-25	-32	161	-564
Basic earnings per shareKRW	4,206	10,151	9,849	4,352	-33,308	-10,381	27,387	36,941	36,540	5,077	-4,809
Diluted earnings per shareKRW	-9,267	2,087*	10,208	4,386	-33,267	-10,380	27,389*	37,395*	36,540	5,077	-4,809
	2,519	2,269	1,607	1,234	-7,866	-2,923	7,223	9,145	6,682	4,036	-543
Other comprehensive incomeKRW 100M	699	75	-720	196	207	-411	703	367	-422	2,899	919

당기순이익(손실)As filed	1,821	2,194	2,326	1,038	-8,074	-2,512	6,521	8,778	7,103	1,137	-1,462
비지배주주지분As filed	—	—	-56	-2	-131	-46	77	-25	-41	227	-556
제품매출As filed	19,932	23,281	—	—	—	—	—	—	—	—	—
상품매출As filed	2,683	3,690	—	—	—	—	—	—	—	—	—
지배회사의 소유주지분As filed	—	—	1,662	1,236	-7,736	-2,877	7,146	9,170	6,722	3,809	13
후속적으로 당기손익으로 재분류되지 않는 항목As filed	301	12	-52	-59	-96	-29	-122	48	-135	-193	40
관계기업및공동기업투자손익As filed	44	21	26	42	-22	74	170	273	376	200	-16
확정급여제도의 재측정요소As filed	301	12	-52	-59	-96	-29	-99	93	—	—	—
기타포괄손익공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	-23	-53	7	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	398	62	-668	255	304	-382	824	319	-287	3,092	879
임대수익As filed	45	47	—	—	—	—	—	—	—	—	—
임가공수입As filed	301	270	—	—	—	—	—	—	—	—	—
관계기업및공동기업투자자본변동As filed	32	14	-13	3	-3	-1	1	8	-5	31	-29
매도가능금융자산평가손익As filed	17	-36	16	—	—	—	—	—	—	—	—
용역매출As filed	39	57	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	342	84	-671	253	307	-381	824	319	-282	3,061	906
기타매출As filed	15	49	—	—	—	—	—	—	—	—	—
제품매출원가As filed	19,500	20,619	—	—	—	—	—	—	—	—	—
현금흐름위험회피파생상품평가손익As filed	—	—	—	—	—	—	—	—	—	—	2
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	0	-0
상품매출원가As filed	2,328	3,177	—	—	—	—	—	—	—	—	—
중단영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	0	0
기타포괄손익공정가치측정금융자산 처분손익As filed	—	—	—	—	—	—	—	—	7	—	—
임대원가As filed	39	41	—	—	—	—	—	—	—	—	—
임가공원가As filed	232	183	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	-54	63
용역원가As filed	45	43	—	—	—	—	—	—	—	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	0	-0
기타매출원가As filed	15	32	—	—	—	—	—	—	—	—	—
급여As filed	619	565	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산처분손익As filed	—	—	—	—	—	—	—	—	—	0	0
파생상품평가손익As filed	8	—	—	—	—	—	—	—	—	—	—
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	-127	-130	-23
퇴직급여As filed	72	83	—	—	—	—	—	—	—	—	—
복리후생비As filed	108	93	—	—	—	—	—	—	—	—	—
여비교통비As filed	52	35	—	—	—	—	—	—	—	—	—
중단영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	0	0
지배회사의소유주지분As filed	1,668	2,492	—	—	—	—	—	—	—	—	—
감가상각비As filed	38	30	—	—	—	—	—	—	—	—	—
비지배지분As filed	851	-224	—	—	—	—	—	—	—	—	—
무형자산상각비As filed	15	17	—	—	—	—	—	—	—	—	—
경상개발비As filed	269	265	—	—	—	—	—	—	—	—	—
수수료As filed	198	114	—	—	—	—	—	—	—	—	—
운반비As filed	466	415	—	—	—	—	—	—	—	—	—
판매경비As filed	29	132	—	—	—	—	—	—	—	—	—
대손상각비(환입)As filed	—	-41	—	—	—	—	—	—	—	—	—
기타As filed	373	377	—	—	—	—	—	—	—	—	—
영업외손익As filed	-1,585	-3,165	—	—	—	—	—	—	—	—	—
금융수익As filed	1,073	1,416	—	—	—	—	—	—	—	—	—
금융비용As filed	-1,955	-1,844	—	—	—	—	—	—	—	—	—
기타영업외수익As filed	407	2,370	—	—	—	—	—	—	—	—	—
기타영업외비용As filed	-1,154	-5,128	—	—	—	—	—	—	—	—	—
중단영업이익As filed	4,212	1,967	—	—	—	—	—	—	—	—	—
대손상각비As filed	64	—	—	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	1,821	2,194	2,326	1,038	-8,074	-2,512	6,521	8,778	7,103	1,137	-1,462
Total adjustments to operating cash flowcomputed	-1,616	1,882	2,476	5,727	7,675	1,327	-2,744	-3,111	-361	27	7,001
	205	4,076	4,803	6,765	-399	-1,185	3,777	5,666	6,742	1,164	5,539
Interest receivedKRW 100M	113	89	94	240	178	102	103	205	609	724	452
Interest paidKRW 100M	776	706	716	693	559	464	426	523	675	922	695
Income taxes paidKRW 100M	586	225	-23	-3,277	125	86	-77	24	403	15	175
	-1,971	-1,393	4,157	-3,989	-2,715	62	-2,836	-578	-5,354	-1,082	-4,014
Purchase of property, plant and equipmentKRW 100M	8,760	4,418	1,127	2,767	2,306	733	945	2,302	1,518	3,566	3,708
Proceeds from sale of property, plant and equipmentKRW 100M	106	4	4,471	21	18	122	7	29	11	15	3
Purchase of intangible assetsKRW 100M	84	23	60	50	62	27	27	38	67	36	18
	1,683	-4,039	-2,951	-4,602	427	769	1,367	248	-1,777	-1,782	-2,608
Dividends paidKRW 100M	584	50	95	465	203	7	0	486	600	783	554
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	70	130	283	35	-627	-73
Issue of sharesKRW 100M	366	52	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	5,182	4,768	3,386	9,140	7,443	4,876	4,436	6,987	12,460	12,138	11,433
	4,768	3,386	9,140	7,443	4,876	4,436	6,987	12,460	12,138	11,433	10,347
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-256	128	120	-86	243	137	67	994	-1
Net change in cash and cash equivalentsKRW 100M	-414	-1,382	5,754	-1,697	-2,567	-440	2,551	5,473	-322	-706	-1,085

영업활동으로 창출된 현금As filed	1,410	4,762	5,377	3,937	101	-746	4,020	5,989	7,152	1,043	5,680
유동성임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	3	0
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	13	0	1
배당금 수취As filed	—	—	—	—	—	—	—	19	—	—	—
배당금의 수취As filed	43	156	24	5	5	9	3	—	—	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	0	0
리스부채의 상환As filed	—	—	—	—	—	49	46	60	51	—	—
사채의 발행As filed	1,943	230	2,142	997	—	796	966	—	597	1,500	1,500
단기금융상품의 감소As filed	515	290	1,547	4,598	2,389	3,894	3,085	6,773	6,833	9,340	12,720
유동리스부채의 감소As filed	—	—	—	—	—	—	—	—	—	75	94
장기차입금의 증가As filed	3,255	1,009	3,005	117	4,474	2,890	3,111	1,433	3,000	899	2,093
단기금융상품의 증가As filed	323	1,256	1,119	5,550	2,648	3,371	4,781	3,498	10,510	8,097	11,497
단기대여금의 감소As filed	93	1	0	11	1	12	0	0	9	11	13
단기차입금의 증가As filed	8,410	3,259	4,941	5,103	5,500	3,036	4,066	7,052	2,823	8,622	6,379
단기대여금의 증가As filed	31	0	—	—	—	—	2	7	7	194	2
상각후원가측정금융자산의 감소As filed	—	—	—	1	8	1	1	10	—	—	—
단기차입금의 감소As filed	7,695	4,397	4,196	5,146	5,989	3,256	2,184	5,447	2,897	9,336	6,155
만기보유금융자산의 감소As filed	17	1	2	—	—	—	—	—	—	—	—
상각후원가측정금융자산의 증가As filed	—	—	—	-1	0	—	—	0	—	—	—
당기손익공정가치측정금융자산의감소As filed	—	—	—	—	—	503	12	—	—	—	—
당기손익공정가치측정금융자산의 증가As filed	—	—	—	426	9	—	—	12	0	—	—
장기차입금의 감소As filed	595	106	1,422	—	—	19	—	148	—	0	—
현물출자 유상증자로 인한 감소As filed	—	—	—	—	—	—	—	—	2	0	0
당기손익공정가치측정금융자산의증가As filed	—	—	—	—	—	20	80	—	—	—	—
매도가능금융자산의 감소As filed	3	82	241	—	—	—	—	—	—	—	—
장기금융상품의 감소As filed	0	264	—	—	0	63	—	—	—	—	0
당기손익공정가치측정금융자산의 감소As filed	—	—	—	—	—	—	—	3	3	0	9
인적분할로 인한 감소As filed	—	—	—	—	—	—	—	—	3,009	0	0
장기금융상품의 증가As filed	400	165	162	50	120	400	2	50	72	2	0
유동성장기부채의 감소As filed	3,302	3,965	-7,326	-5,209	4,797	2,553	4,440	2,313	1,616	1,912	5,575
장기금융상품의 처분As filed	—	—	—	—	—	—	1	—	—	—	—
장기대여금의 감소As filed	0	1	1	0	0	0	—	0	—	-5	—
장기대여금의 증가As filed	1	0	1	1	0	—	0	—	—	—	-0
무형자산의 처분As filed	—	4	12	3	10	5	2	0	8	0	7
투자부동산의 처분As filed	50	0	4	—	64	160	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	0	0	—	0	0	0	0
공통기업투자주식의 취득As filed	—	—	—	3	—	—	—	—	—	—	—
관계기업투자주식의 처분As filed	—	—	398	—	40	—	—	—	—	—	—
만기보유금융자산의 증가As filed	1	1	—	—	—	—	—	—	—	—	—
공동기업투자주식의 취득As filed	—	—	—	—	6	—	—	—	—	—	—
기타비유동자산의 감소As filed	—	—	—	0	22	—	—	—	—	—	—
차입 조달 관련 수수료의 지급As filed	—	—	—	—	—	—	—	—	—	—	-128
관계기업투자주식의 취득As filed	—	536	—	—	50	147	259	1,572	—	—	—
기타As filed	—	—	—	—	—	—	—	—	—	-5	—
관계기업및공동기업투자주식의 처분As filed	—	—	—	—	—	—	—	—	6	—	—
비지배지분의 취득As filed	129	82	—	—	—	—	—	—	—	-63	0
매각예정자산의 처분As filed	—	—	238	223	—	—	70	44	—	3	367
매도가능금융자산의 증가As filed	21	299	—	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	—	1	0
국고보조금의 증가As filed	—	13	2	1	3	1	23	41	—	—	—
사업결합으로 인한 현금의 유출As filed	—	—	288	—	68	—	—	—	—	—	—
종속회사의 처분As filed	—	—	—	—	—	—	81	—	—	-782	-151
기타포괄손익공정가치측정금융자산의 증가As filed	—	—	—	—	—	—	—	—	50	0	0
관계기업및공동기업투자주식의 취득As filed	—	—	—	—	—	—	—	—	4	307	1,958
임차보증금의 감소As filed	—	—	—	—	—	—	—	—	—	3	6
임차보증금의 증가As filed	—	—	—	—	—	—	—	—	—	12	7
상각후원가측정금융자산의처분 - 투자활동As filed	—	—	—	—	—	—	—	—	—	2,400	5,055
기타비유동자산의 증가As filed	—	—	—	—	—	—	—	—	-0	0	0
종속기업,관계기업 및 공동기업투자의 처분As filed	—	—	—	—	—	—	—	—	—	0	111
기타재무활동으로 인한 현금유출액As filed	—	—	-0	0	—	—	—	—	—	—	—
국고보조금의 수령As filed	12	—	—	—	—	—	—	—	4	—	—
당기손익공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	146	0
사채의 증가As filed	—	—	—	—	1,494	—	—	—	—	—	—
상각후원가측정금융자산의취득 - 투자활동As filed	—	—	—	—	—	—	—	—	—	2,423	4,405
리스부채의 감소As filed	—	—	—	—	56	—	—	—	—	—	—
무형자산의 감소As filed	1	—	—	—	—	—	—	—	—	—	—
기타재무활동으로 인한 현금유입(유출)As filed	—	—	—	—	-1	—	—	—	—	—	—
비지배지분의 유상증자As filed	—	—	—	—	—	—	—	500	—	—	—
배당금의 수령As filed	—	—	—	—	—	—	—	—	60	333	278
국고보조금의 반환As filed	—	—	—	—	—	—	—	—	—	—	21
기타비유동자산의 감소(증가)As filed	-1	29	—	—	—	—	—	—	—	—	—
공동기업투자의 처분As filed	—	232	—	—	—	—	—	—	—	—	—
선급금의 증가As filed	—	—	—	—	—	—	—	—	—	500	0
종속회사 처분 순현금유입As filed	6,867	4,397	—	—	—	—	—	—	—	—	—
선급금의 감소As filed	—	—	—	—	—	—	—	—	—	500	0
사업결합으로 인한 현금의 유입As filed	—	—	—	—	—	—	—	—	—	2,716	-511
파생금융자산 감소(증가)As filed	—	—	—	—	—	—	—	—	—	—	-26
국고보조금의 수취As filed	—	—	—	—	—	—	—	—	—	—	0
비지배지분과의 자본거래As filed	5	—	—	—	—	—	—	—	—	—	—
기타재무활동으로 인한 현금유출As filed	-3	-3	—	—	—	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	-83	-1,356	—	—	—	—	—	—	—	—	—
외화환산으로 인한 현금의 변동As filed	84	24	—	—	—	—	—	—	—	—	—
매각예정자산에 포함된 현금의 감소As filed	414	50	—	—	—	—	—	—	—	—	—

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

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 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 52	삼일회계법인	2025-12-31
2024	적정의견Term 51	삼정회계법인	2025-12-31
2023	적정의견Term 50	삼정회계법인	2025-12-31
2022	적정Term 49	삼정회계법인	2022-12-31
2021	적정Term 48	안진회계법인	2022-12-31
2020	적정Term 47	안진회계법인	2022-12-31
2019	적정Term 46	안진회계법인	2019-12-31
2018	적정Term 45	안진회계법인	2019-12-31
2017	적정Term 44	안진회계법인	2019-12-31

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 5Y0.67

Equity risk premium%

Terminal growth%

Cost of equity7.75%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW234,000

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	17,737	-92.4%
Dividend discount model DDM	16,926	-92.8%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	165,936	-29.1%
Residual income model RIM	-106,152	-145.4%

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% + 0.67 × 5.00% = 7.75%

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(-2.29% × (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

Gordon growth model

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

P_0 = 1,000 × (1 + 2.00%) / (7.75% − 2.00%) = 1,020 / 0.0575 = 17,737 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 = 1,000, g_1 = 0.00%, g_T = 2.00%, r = 7.75%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	1,000	0.9281	928
2	0.50%	1,005	0.8613	866
3	1.00%	1,015	0.7994	811
4	1.50%	1,030	0.7419	764
5	2.00%	1,051	0.6885	724
Terminal value	2.00%	18,640	0.6885	12,833
Total				16,926

P_0 = 16,926 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 = 210,598 KRW, ROE = -2.29%, payout ratio = 0.00%, r = 7.75%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	210,598	-4,814	16,323	-21,137	0.9281	-19,616
2	205,784	-4,704	15,950	-20,654	0.8613	-17,789
3	201,080	-4,597	15,585	-20,181	0.7994	-16,132
4	196,483	-4,491	15,229	-19,720	0.7419	-14,630
5	191,992	-4,389	14,881	-19,269	0.6885	-13,267
Terminal value				-341,783	0.6885	-235,316

P_0 = 210,598 + -81,434 + -235,316 = -106,152 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 = 5,538.8 − 3,708.4 + 0.0 (net borrowing) = 1,830.3 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	0.00%	1,830.3	0.9281	1,698.7
2	0.50%	1,839.5	0.8613	1,584.4
3	1.00%	1,857.9	0.7994	1,485.1
4	1.50%	1,885.8	0.7419	1,399.0
5	2.00%	1,923.5	0.6885	1,324.3
Terminal value	2.00%	34,116.9	0.6885	23,489.3
Total				30,980.7

P_0 = 30,980.7 KRW hundred million ÷ 18,670,232 (shares) = 165,936 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