012330KOSPI

Hyundai Mobis

380,000

-3,500 (-0.91%)

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

Hyundai Mobis was established on June 25, 1977. The company is headquartered in Seoul and is listed on the KOSPI market.

The company operates in automotive module and component manufacturing and after-sales parts business. It supplies chassis, cockpit, and front-end modules, as well as electronic and electrification components to Hyundai Motor, Kia, and other global vehicle manufacturers. It also distributes maintenance parts for Hyundai Motor and Kia vehicles.

Business overview as filed

연결회사는 자동차 모듈 및 부품제조사업과 A/S용 부품사업을 영위하고 있으며, 국내외 생산거점 30곳, 물류거점 41곳, 연구소 8곳 등을 운영하고 있습니다.자동차 3대 핵심모듈인 샤시모듈, 칵핏모듈, 프론트엔드모듈(이하 "FEM")을 조립ㆍ생산하여 현대자동차와 기아 등에 직서열(JIS, Just In Sequence) 공급하고 있으며, 제동ㆍ조향ㆍ에어백ㆍ램프 및 전장ㆍ전동화 부품 등 다양한 자동차 부품을 생산하여 현대자동차와 기아 및 글로벌 완성차 업체에 공급하고 있습니다. 연구개발 초기 단계부터 완성차 업체와 협력하며 자동차 특성에 맞춘 모듈을 개발, 생산하고 있으며, 첨단화 및 시스템 통합화를 통해 생산공정 간소화와 조립 편의성 증대 등 모듈화 효과를 바탕으로 글로벌 경쟁력을 강화하고 있습니다.또한 연결회사는 국내외에서 운행 중인 현대자동차ㆍ기아에 소요되는 보수용 부품의공급을 책임지고 있는 A/S용 부품사업을 영위하고 있습니다. 부품의 책임공급을 위해 물류센터 등의 대단위 인프라를 구축했고, 212개 차종 및 277만 품목을 관리함으로써 보수용 A/S부품에 대한 수요 발생 시 신속하고 정확한 부품 공급을 통해 현대자동차ㆍ기아 차량 보유 고객에 대한 최상의 서비스를 제공하고 있습니다.

2025년 매출액 대비 매출비중은 자동차 모듈 및 부품제조사업이

78.2%, A/S용 부품사업이

21.8%입니다.

2025년 매출액은 61조 1,181억 원, 영업이익은 3조 3,575억 원으로 전년 동기 대비 매출액은

6.8%, 영업이익은

9.2% 증가하였습니다.대내외 경영 환경 불확실성이 가중되고 있는 가운데에도 당사는 미래 모빌리티 산업 생태계에서 핵심 경쟁력을 강화하고, 신사업 기회를 확보하기 위하여 노력하고 있습니다. 또한, 당사는 '책임 있는 혁신, 청정 기술을 활용한 모빌리티 구현'이라는 지속가능경영 비전 실현을 통해 위기 극복과 동시에 미래를 위한 준비를 지속할 것입니다.

Company overview

가. 연결대상 종속회사 개황연결대상 종속회사 현황은 다음과 같습니다.

(1) 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭법인 등기부등본 상 당사의 상호는 '현대모비스 주식회사' 입니다. 영문으로는 'HYUNDAI MOBIS(약호 MOBIS)' 라고 표기합니다.다. 설립일자 및 존속기간법인 등기부등본 상 당사의 설립일자는 '1977년 6월 25일' 입니다.라. 본사의 주소, 전화번호, 홈페이지 주소법인 등기부등본 상 당사의 본점 주소지는 '서울특별시 강남구 테헤란로 203(역삼동)' 이고, 대표 전화번호는 '02-2018-5114' 입니다. 인터넷 홈페이지 주소는 'www.mobis.com' 입니다.

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 현대모비스 주식회사(이하 "당사")와 종속기업(이하 당사와 종속기업을 "연결회사"라 함)은 자동차 모듈 및 부품제조사업과 A/S용 부품사업을 영위하고 있습니다. 먼저 자동차 모듈 및 부품제조사업을 통해 자동차 3대 핵심모듈인 샤시모듈, 칵핏모듈, 프론트엔드모듈(이하 "FEM")을 조립ㆍ생산하여 현대자동차와 기아 등에 직서열(JIS, Just In Sequence) 공급하고 있으며, 제동ㆍ조향ㆍ에어백ㆍ램프 및 전장ㆍ전동화 부품 등 다양한 자동차 부품을 생산하여 현대자동차와 기아 및 글로벌 완성차 업체에 공급하고 있습니다. 또한 A/S용 부품사업을 통해 국내외에서 운행 중인 모든 현대자동차ㆍ기아에 소요되는 보수용 부품의 공급을 책임지고 있습니다.

2025년 매출액의 구성을 보면 자동차 모듈 및 부품제조사업이

78.2

%, A/S용 부품사업이 나머지

21.8

%를 차지하고 있습니다.

사. 신용평가에 관한 사항당사는 회사채 및 기업어음 발행의 목적 또는 기타 수시평가를 위해 신용평가 전문기관으로부터 평가를 받고 있습니다. 공시대상기간 동안의 신용평가 현황은 다음과 같고 각 신용평가사의 신용평가등급체계는 다음과 같습니다.

(1) 최근 3년간 신용평가 내역

(2) 신용등급 체계

- 국내 신용평가사

위 등급중 AA등급부터 CCC등급까지는 등급내의 상대적인 우열에 따라 +,- 기호가 첨부됩니다.

- 국제 신용평가사

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.09), 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

3.86%

[2.43%, 6.12%] · As of 2026-09-30

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 52.2% (2026-09-29). 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

0.62

Beta [0.42, 0.83] · KOSPI200 · As of 2026-10-06

Intercept: -0.090%[-0.519%, +0.339%]
R squared: 0.28
Observations: 252
Trading-time corrected beta: 0.90[0.60, 1.20]

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	360,197	382,617	351,446	351,492	380,488	366,265	417,022	519,063	592,544	572,370	611,181	623,151
Revenue growth%	—	6.22	-8.15	0.01	8.25	-3.74	13.86	24.47	14.16	-3.40	6.78	—
Operating incomeKRW 100M	29,346	29,047	20,249	20,250	23,593	18,303	20,401	20,265	22,953	30,735	33,575	34,886
Operating income growth%	—	-1.02	-30.29	0.00	16.51	-22.42	11.46	-0.67	13.26	33.90	9.24	—
Net incomeKRW 100M	30,400	30,473	15,577	18,882	22,943	15,269	23,625	24,872	34,233	40,602	36,647	36,419
Net income growth%	—	0.24	-48.88	21.22	21.51	-33.45	54.73	5.28	37.63	18.60	-9.74	—
Attributable to ownersKRW 100M	30,554	30,378	15,682	18,888	22,907	15,291	23,523	24,853	34,226	40,556	36,558	36,324
Attributable to minoritiesKRW 100M	-154	95	-104	-6	36	-23	102	20	7	45	89	94
Operating margin%	8.15	7.59	5.76	5.76	6.20	5.00	4.89	3.90	3.87	5.37	5.49	5.60
Net margin%	8.44	7.96	4.43	5.37	6.03	4.17	5.67	4.79	5.78	7.09	6.00	5.84
ROE%	11.93	10.66	5.35	6.17	7.09	4.60	6.67	6.57	8.42	8.80	7.44	7.03
ROA%	8.05	7.31	3.73	4.38	4.92	3.15	4.59	4.49	5.84	6.10	5.21	4.83
Debt ratio%	47.12	46.06	42.16	40.28	43.80	45.52	45.61	46.55	44.10	44.40	43.05	45.99
Current ratio%	192.08	206.75	230.80	239.26	239.95	227.16	233.72	223.59	212.11	223.02	232.55	211.02
Quick ratio%	161.18	174.71	196.72	205.74	206.09	196.84	191.30	177.69	166.38	169.96	180.00	163.15
Reserve ratio%	5,335.93	5,890.06	6,146.92	6,412.49	6,730.80	6,974.06	7,346.53	7,807.33	8,349.22	9,016.26	9,489.33	9,813.09
Free cash flowKRW 100M	2,720	7,217	12,719	10,787	18,546	13,808	16,870	10,197	35,407	20,486	31,247	—
FCF margin%	0.76	1.89	3.62	3.07	4.87	3.77	4.05	1.96	5.98	3.58	5.11	—
OCF conversion%	143.15	66.22	125.10	85.27	115.24	162.21	110.43	86.60	156.07	104.74	122.04	—
Capex to revenue%	11.33	3.39	1.93	1.51	2.07	2.99	2.21	2.19	3.04	3.85	2.21	—
Receivable daysdays	—	64.9	70.0	67.0	66.1	75.9	71.0	64.3	62.5	65.1	63.0	—
Inventory daysdays	—	29.9	32.8	32.5	32.2	34.8	36.7	37.9	37.5	45.6	47.6	—
Payable daysdays	—	63.1	65.0	60.3	60.5	67.6	62.7	55.6	53.4	58.8	56.6	—
Cash conversion cycledays	—	31.6	37.8	39.2	37.9	43.1	45.1	46.6	46.6	51.9	54.0	—
EPSKRW	32,030	32,091	16,558	19,944	24,234	16,389	25,645	27,163	37,639	44,939	40,861	40,035
PERx	—	8.23	15.88	9.53	10.56	15.59	9.92	7.38	6.30	5.26	9.13	12.49
BPSKRW	—	292,720	300,948	314,663	339,221	349,827	372,971	400,904	433,873	495,520	541,895	569,100
PBRx	—	0.90	0.87	0.60	0.75	0.73	0.68	0.50	0.55	0.48	0.69	0.88
Dividend per shareKRW	—	3,500	3,500	4,000	4,000	4,000	4,000	4,000	1,000	4,500	6,500	—
Payout ratio%	—	10.91	21.14	20.06	16.51	24.41	15.60	14.73	2.66	10.01	15.91	—

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
	377,748	417,116	417,368	430,711	466,061	484,977	514,825	554,067	585,858	665,969	704,005
	159,248	182,631	182,178	197,205	215,046	229,029	235,524	256,597	255,652	284,241	303,664
Cash and cash equivalentsKRW 100M	24,979	20,493	24,079	23,351	33,420	42,024	41,560	40,882	50,794	47,885	49,224
Short-term financial instrumentsKRW 100M	19,527	27,170	29,453	—	—	—	—	—	—	—	—
InventoriesKRW 100M	25,623	28,301	26,903	27,629	30,342	30,572	42,750	52,672	55,116	67,629	68,618
Trade and other receivablesKRW 100M	63,463	72,527	62,341	66,624	71,254	81,114	81,125	101,643	101,342	102,844	108,272
	218,500	234,485	235,190	233,507	251,014	255,947	279,302	297,470	330,207	381,728	400,341
Property, plant and equipmentKRW 100M	79,467	85,164	82,064	80,295	86,054	87,211	91,305	93,707	104,809	120,035	123,466
Intangible assetsKRW 100M	9,310	9,610	9,570	9,314	9,140	8,813	9,159	9,651	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	127,049	136,957	139,443	138,937	140,878	145,180	160,383	—	189,848	224,103	236,790
	120,986	131,536	123,779	123,677	141,964	151,696	161,251	175,991	179,305	204,787	211,877
	82,906	88,334	78,932	82,422	89,623	100,822	100,770	114,762	120,528	127,452	130,580
Trade and other payablesKRW 100M	53,791	60,271	49,073	51,930	56,851	61,412	63,685	76,216	77,422	80,892	81,281
Short-term borrowingsKRW 100M	—	—	—	16,421	15,144	18,595	15,845	17,815	—	—	—
Current portion of long-term borrowingsKRW 100M	19,137	16,239	—	—	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	1,250	1,459	1,796
	38,080	43,202	44,846	41,255	52,342	50,874	60,481	61,229	58,777	77,335	81,298
Long-term borrowingsKRW 100M	13,055	16,669	13,204	10,590	11,525	11,355	15,875	14,620	—	19,275	18,185
Non-current lease liabilitiesKRW 100M	—	—	—	—	—	—	—	—	3,934	4,099	5,429
	256,762	285,580	293,590	307,034	324,096	333,281	353,575	378,076	406,553	461,182	492,128
	256,218	284,945	292,954	306,305	323,300	332,527	352,730	377,992	406,344	460,809	491,676
Issued capitalKRW 100M	4,911	4,911	4,911	4,911	4,911	4,911	4,911	4,911	4,911	4,911	4,911
Capital surplusKRW 100M	13,927	14,050	14,072	13,960	13,979	13,980	13,990	13,622	13,631	13,673	13,772
Retained earningsKRW 100M	248,119	275,209	287,801	300,955	316,568	328,513	346,795	369,793	396,395	429,112	452,246
Treasury sharesKRW 100M	—	—	3,388	3,388	3,930	5,599	8,668	5,685	6,819	5,719	3,553
Other equityKRW 100M	-7,175	-5,836	—	—	—	—	—	—	-1,774	18,832	24,300
Non-controlling interestsKRW 100M	545	635	636	729	796	755	844	84	209	373	452

기타금융자산As filed	—	—	—	77,729	77,691	72,961	66,845	56,432	41,233	58,517	68,913
당기손익인식금융자산As filed	23,435	31,760	36,907	—	—	—	—	—	—	—	—
매각예정비유동자산As filed	—	—	—	—	—	—	—	—	—	64	503
기타유동자산As filed	2,222	2,380	2,495	1,872	2,340	2,359	3,243	4,968	7,165	7,301	8,134
무형자산As filed	—	—	—	—	—	—	—	—	10,344	11,672	12,656
이연법인세자산As filed	505	429	714	1,730	2,899	2,588	2,576	1,806	2,375	2,334	2,734
장기성매출채권및기타채권As filed	47	—	—	—	—	—	—	—	—	—	—
투자부동산As filed	783	808	1,116	1,078	635	584	595	564	531	395	383
장기금융상품As filed	14	—	—	—	—	—	—	—	—	—	—
사용권자산As filed	—	—	—	—	3,657	3,200	3,592	4,154	5,298	5,610	7,268
비유동금융자산As filed	—	—	—	695	4,660	5,012	4,490	9,116	9,112	10,246	11,079
관계기업및공동기업투자주식As filed	—	—	—	—	—	—	—	171,133	—	—	—
기타비유동자산As filed	959	1,121	1,756	1,458	3,091	3,360	7,201	7,340	7,890	7,333	5,965
매도가능금융자산As filed	366	395	527	—	—	—	—	—	—	—	—
미지급법인세As filed	3,888	3,610	2,184	3,158	3,740	2,584	2,439	2,467	—	—	—
유동성판매보증충당부채As filed	1,902	2,824	3,382	5,285	6,510	10,257	9,599	8,786	12,057	13,448	13,277
유동성리스부채As filed	—	—	—	—	775	806	912	1,020	—	—	—
기타유동부채As filed	4,188	5,390	6,832	5,628	6,603	7,168	8,290	8,457	—	—	—
유동성장기부채및단기차입금As filed	—	—	17,462	—	—	—	—	—	15,401	—	—
퇴직급여채무As filed	330	360	70	158	527	122	125	—	145	167	192
자본과부채총계As filed	—	—	—	—	—	—	—	—	585,858	665,969	704,005
장기성판매보증충당부채As filed	891	982	1,122	1,113	2,475	2,126	2,581	2,959	3,725	3,806	3,966
이연법인세부채As filed	22,923	24,510	29,770	28,638	29,924	30,058	34,001	35,136	38,495	45,214	49,530
기타비유동부채As filed	881	681	679	756	5,322	5,072	5,421	5,431	—	—	—
기타자본As filed	—	—	-10,441	-10,133	-8,227	-9,278	-4,298	-4,649	—	—	—
비유동성리스부채As filed	—	—	—	—	2,569	2,140	2,478	2,970	—	—	—
부채 및 자본총계As filed	377,748	417,116	417,368	430,711	466,061	484,977	514,825	554,067	—	—	—
유동 차입금 및 비유동차입금(사채 포함)의 유동성 대체 부분 합계As filed	—	—	—	—	—	—	—	—	—	10,712	11,271
퇴직급여부채As filed	—	—	—	—	—	—	—	112	—	—	—
당기법인세부채As filed	—	—	—	—	—	—	—	—	2,262	5,246	3,655
매각예정으로 분류된 처분자산집단에 포함된 부채As filed	—	—	—	—	—	—	—	—	—	—	468
기타 유동부채As filed	—	—	—	—	—	—	—	—	12,136	15,695	18,831
자기주식As filed	-3,564	-3,388	—	—	—	—	—	—	—	—	—
사채및장기차입금As filed	—	—	—	—	—	—	—	—	6,921	—	—
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	5,557	4,775	3,996

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	360,197	382,617	351,446	351,492	380,488	366,265	417,022	519,063	592,544	572,370	611,181
Cost of salesKRW 100M	308,719	329,660	306,794	305,822	328,196	319,223	364,376	459,191	524,922	491,744	522,882
Gross profitKRW 100M	51,478	52,957	44,652	45,670	52,292	47,042	52,645	59,872	67,622	80,626	88,299
SG&A expensesKRW 100M	22,133	23,910	24,403	25,420	28,699	28,739	32,244	39,606	44,669	49,892	54,725
	29,346	29,047	20,249	20,250	23,593	18,303	20,401	20,265	22,953	30,735	33,575
Finance incomeKRW 100M	Not applicable	Not applicable	2,644	3,029	3,589	4,574	3,394	7,849	8,248	8,121	6,061
Finance costsKRW 100M	Not applicable	Not applicable	2,051	2,334	2,156	4,387	2,321	6,683	6,052	4,863	3,552
Other incomeKRW 100M	Not applicable	Not applicable	2,144	2,020	2,435	2,579	3,625	4,819	3,508	5,181	5,405
Other expensesKRW 100M	Not applicable	Not applicable	2,494	2,141	2,406	3,670	2,375	4,840	2,656	4,406	4,338
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	—	17,877	14,000
	42,127	41,112	27,344	24,749	32,143	21,180	31,945	33,626	44,449	52,645	51,152
Income tax expenseKRW 100M	Not applicable	Not applicable	11,767	5,867	9,200	5,911	8,321	8,754	10,215	12,043	14,504
	30,400	30,473	15,577	18,882	22,943	15,269	23,625	24,872	34,233	40,602	36,647
Attributable to ownersKRW 100M	30,554	30,378	15,682	18,888	22,907	15,291	23,523	24,853	34,226	40,556	36,558
Attributable to minoritiesKRW 100M	-154	95	-104	-6	36	-23	102	20	7	45	89
Basic earnings per shareKRW	32,030	32,091	16,558	19,944	24,234	16,389	25,645	27,163	37,639	44,939	40,861
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	29,760	31,836	11,186	16,769	24,899	14,203	29,108	27,151	34,615	59,179	40,284
Other comprehensive incomeKRW 100M	-641	1,364	-4,391	-2,113	1,956	-1,066	5,483	2,278	382	18,578	3,637

당기순이익As filed	30,400	30,473	—	18,882	22,943	15,269	23,625	24,872	34,233	—	—
당기순이익(손실)As filed	—	—	15,577	—	—	—	—	—	—	40,602	36,647
비지배지분As filed	-170	97	-105	-8	34	-24	107	35	2	50	84
지배기업소유주지분As filed	29,930	31,739	11,291	16,777	24,865	14,427	29,000	27,115	34,613	59,129	40,200
후속적으로 당기손익으로 재분류되지 않는 항목As filed	151	23	218	-2,565	-201	-81	187	2,068	-2,418	-69	-1,668
관계기업및공동기업투자관련이익As filed	12,569	10,900	6,851	3,925	7,089	3,780	—	12,216	18,447	—	—
확정급여제도의 재측정요소As filed	75	-1	425	-645	-162	236	72	1,261	—	-737	220
지분법이익잉여금변동As filed	76	24	-17	-2,037	211	-504	427	1,236	-1,807	—	-1,788
후속적으로 당기손익으로 재분류되는 항목As filed	-792	1,340	-4,609	452	2,157	-985	5,296	210	2,800	18,646	5,306
매도가능금융자산평가이익(손실)As filed	-316	20	-6	—	—	—	—	—	—	—	—
만기보유금융자산평가이익As filed	286	—	0	—	—	—	—	—	—	—	—
기타 잉여금 변동As filed	—	—	-190	—	—	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손실As filed	—	—	—	—	—	—	—	-114	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가이익(손실)As filed	—	—	—	117	-104	-40	-647	—	—	—	—
지분법자본변동As filed	-1,146	1,585	-2,023	684	-146	227	335	-314	1,924	12,451	3,457
해외사업장환산외환차이As filed	—	—	—	—	—	—	—	—	—	6,195	1,849
해외사업환산이익(손실)As filed	740	-525	-2,777	-213	1,287	1,471	1,433	—	—	—	—
위험회피목적파생상품평가이익(손실)As filed	—	261	197	-19	-11	5	-3	—	—	—	—
위험회피목적파생상품평가손실As filed	-370	—	—	—	—	—	—	1	—	—	—
해외사업환산이익As filed	—	—	—	—	—	—	—	950	877	—	—
특별계정기타포괄이익(손실)As filed	13	—	0	—	—	—	—	—	—	—	—
기타수익As filed	4,660	2,645	—	—	—	—	—	—	—	—	—
관계기업및공동기업투자관련이익(손실)As filed	—	—	—	—	—	—	9,222	—	—	—	—
기타비용As filed	-3,856	-3,227	—	—	—	—	—	—	—	—	—
금융수익As filed	2,953	3,620	—	—	—	—	—	—	—	—	—
지분법 이익잉여금 변동As filed	—	—	—	—	—	—	—	—	—	-1,411	—
금융비용As filed	-3,545	-1,873	—	—	—	—	—	—	—	—	—
기타포괄손익공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	—	673	—
계속영업법인세비용As filed	11,311	10,639	—	—	—	—	—	—	—	—	—
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	—	—	525
계속영업순이익As filed	30,815	30,473	—	—	—	—	—	—	—	—	—
계속영업기본주당이익As filed	323	321	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	—	—	—	—	6	—	—
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	-683	—	—
중단영업순손실As filed	-415	—	—	—	—	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	0	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	30,400	30,473	15,577	18,882	22,943	15,269	23,625	24,872	34,233	40,602	36,647
Total adjustments to operating cash flowcomputed	13,118	-10,295	3,910	-2,781	3,497	9,499	2,463	-3,332	19,193	1,925	8,078
	43,519	20,178	19,487	16,101	26,441	24,767	26,088	21,541	53,426	42,527	44,725
Interest receivedKRW 100M	3,670	1,204	1,335	1,935	2,251	1,699	1,284	2,250	3,662	4,164	4,041
Interest paidKRW 100M	419	407	462	612	629	494	337	566	1,217	1,144	2,062
Income taxes paidKRW 100M	9,813	9,781	9,005	6,027	8,123	5,057	5,942	7,498	7,670	6,720	12,092
	-49,486	-21,245	-10,655	-9,440	-7,202	-12,568	-19,534	-16,040	-25,414	-45,891	-32,337
Purchase of property, plant and equipmentKRW 100M	40,798	12,961	6,769	5,314	7,894	10,959	9,218	11,344	18,019	22,041	13,478
Proceeds from sale of property, plant and equipmentKRW 100M	326	150	161	228	381	455	588	781	379	1,165	663
Purchase of intangible assetsKRW 100M	556	325	472	289	383	231	325	864	1,113	1,610	1,679
	1,698	-3,363	-3,955	-7,206	-9,720	-2,319	-9,624	-6,385	-18,894	-2,550	-12,047
Dividends paidKRW 100M	-2,923	-3,317	3,325	3,325	4,750	2,821	4,636	3,681	3,672	4,062	5,834
Acquisition of treasury sharesKRW 100M	2,347	—	—	—	3,225	2,349	4,286	2,442	3,030	1,630	4,145
Cash at beginning of periodKRW 100M	29,114	24,979	20,493	24,079	23,351	33,420	42,024	41,560	40,882	50,794	47,885
	24,979	20,493	24,079	23,351	33,420	42,024	41,560	40,882	50,794	47,885	49,224
Effect of exchange rate changesKRW 100M	-4,136	-4,486*	-1,291	-184	550	-1,276	2,605	206	793	3,005	997
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	3,586	-728	10,069	8,605	-464	-677	9,912	-2,909	1,339

영업에서 창출된 현금흐름As filed	47,317	26,486	24,928	18,059	30,168	26,241	28,420	24,228	53,765	38,631	47,986
리스부채의 상환As filed	—	—	—	—	984	1,022	1,039	1,331	1,597	1,850	1,798
배당금의 수취As filed	2,764	2,676	2,693	2,746	2,775	2,379	2,664	3,127	4,886	7,596	6,852
사채및장기차입금의 차입As filed	9,104	5,093	—	—	—	—	—	—	—	—	4,377
장기차입금의차입As filed	—	—	—	—	—	—	—	—	2,555	13,629	—
장기차입금의 상환As filed	—	—	—	762	1,635	—	973	917	—	1,091	—
사채및장기차입금의 상환As filed	—	—	—	—	—	—	—	—	—	—	2,733
상각후원가 측정 금융자산의 감소(증가)As filed	—	—	—	3,830	—	-3,754	—	—	—	—	—
상각후원가 측정 금융자산의 증가As filed	—	—	—	—	-1,395	—	—	—	—	—	—
장기차입금의상환As filed	—	—	—	—	—	—	—	—	781	—	—
유동성장기부채및단기차입금의 차입As filed	—	—	—	—	44,949	39,930	—	63,745	36,805	8,211	4,731
단기금융상품의 감소(증가)As filed	7,703	-7,668	-2,328	—	—	—	—	—	—	—	—
상각후원가 측정 금융자산의 순감소(증가)As filed	—	—	—	—	—	—	-4,278	338	—	—	—
유동성장기부채및단기차입금의 상환As filed	-4,265	-5,139	-3,729	6,298	—	39,828	—	64,134	49,300	15,757	6,644
당기손익-공정가치측정 금융자산 처분As filed	—	—	—	7	1	8	22	4	—	—	—
장기금융상품의 감소(증가)As filed	-799	1	-254	—	—	—	—	—	—	—	—
당기손익-공정가치측정 금융자산 취득As filed	—	—	—	14	9	—	38	20	—	—	—
매도가능금융자산의 처분As filed	1,591	5	4	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정 금융자산 처분As filed	—	—	—	—	—	0	32	—	—	—	—
매도가능금융자산의 취득As filed	1,229	9	139	—	—	—	—	—	—	—	—
종속기업의 자본 변동As filed	—	—	—	—	—	—	—	—	124	—	—
기타포괄손익-공정가치측정 금융자산 취득As filed	—	—	—	—	-671	-296	89	—	—	—	—
기타포괄손익-공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	—	-1,679	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	7	2
보증금의 감소(증가)As filed	-152	-131	52	29	-49	—	—	—	—	62	—
단기대여금및수취채권의 감소(증가)As filed	—	—	—	—	—	61	—	—	—	—	—
관계기업투자주식의 취득As filed	—	64	-225	120	—	5,274	4,595	2,273	—	—	—
사업결합으로 인한 순현금유출As filed	-393	—	—	—	—	—	1,488	—	—	—	—
보증금의 증가As filed	—	—	—	—	—	—	185	410	118	—	—
상각후원가측정금융자산의처분 - 투자활동As filed	—	—	—	—	—	—	—	—	—	—	48,331
단기대여금의 감소(증가)As filed	-23	-248	-594	-36	17	—	-0	—	—	—	—
단기대여금의 증가As filed	—	—	—	—	—	—	—	-908	—	—	—
장기대여금의 감소(증가)As filed	-104	-0	-1	-103	-2	0	—	—	—	14	—
종속기업처분으로 인한 순현금유출As filed	-12,620	—	-11	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	39	12
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	3	—	—
무형자산의 처분As filed	17	4	24	2	14	—	8	0	5	37	50
단기대여금의 순증감As filed	—	—	—	—	—	—	—	—	—	—	15
장기대여금의 감소As filed	—	—	—	—	—	—	27	980	—	—	—
단기대여금의 감소As filed	—	—	—	—	—	—	—	—	159	1,242	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	115	8
보증금의 감소As filed	—	—	—	—	—	-87	—	—	—	—	—
투자부동산의 취득As filed	-29	—	0	0	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	4,878	—	—
관계기업 및 공동기업 주식 취득As filed	—	—	—	—	—	—	—	—	—	8,586	5,384
상각후원가측정금융자산의취득 - 투자활동As filed	—	—	—	—	—	—	—	—	—	—	61,286
장기대여금의 증가As filed	—	—	—	—	—	—	—	—	1	—	—
관계기업투자주식의 처분As filed	—	—	—	—	—	—	5	33	—	—	—
기타포괄손익-공정가치측정금융자산의취득As filed	—	—	—	—	—	—	—	—	—	105	0
단기대여금및수취채권의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
만기보유금융자산의 처분As filed	315	2	—	—	—	—	—	—	—	—	—
기타포괄손익 공정가치측정 금융자산의 취득As filed	—	—	—	—	—	—	—	—	1	—	—
장기대여금의 순증감As filed	—	—	—	—	—	—	—	—	—	—	1
당기손익 공정가치측정 금융자산 취득As filed	—	—	—	—	—	—	—	—	10	—	—
보증금의 순증감As filed	—	—	—	—	—	—	—	—	—	—	-196
사업양도로 인한 현금 유입As filed	—	—	—	—	—	—	—	—	—	2,443	—
장기차입금의 차입As filed	—	—	2,941	3,179	5,222	3,769	5,733	2,376	—	—	—
관계기업 및 공동기업 주식 처분As filed	—	—	—	—	—	—	—	—	—	193	621
당기손익 공정가치측정 금융자산 처분As filed	—	—	—	—	—	—	—	—	3	—	—
기타포괄손익 공정가치측정 금융자산의 처분As filed	—	—	—	—	—	—	—	—	59	—	—
상각후원가측정금융자산의순감소(증가)As filed	—	—	—	—	—	—	—	—	-1,882	-18,825	—
단기차입금의 상환As filed	—	—	—	—	49,344	—	51,560	—	—	—	—
만기보유금융자산의 취득As filed	3,295	—	—	—	—	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	—	188	—
위험회피목적파생상품의 거래As filed	-27	—	—	—	—	—	—	—	—	—	—
단기차입금의 차입As filed	—	—	—	—	—	—	43,648	—	—	—	—
사업양도로 인한 순현금유입As filed	380	—	—	—	—	—	—	—	—	—	—
종속기업 유상증자As filed	2,129	—	157	—	47	—	—	—	—	—	—
사채의 발행As filed	—	—	—	—	—	—	3,489	—	—	—	—
외화표시 현금및현금성자산의 환율변동효과As filed	134	-56	—	—	—	—	—	—	—	—	—

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 2026.03.09.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 49	삼정회계법인	2025-12-31
2024	적정의견Term 48	한영회계법인	2025-12-31
2023	적정의견Term 47	한영회계법인	2025-12-31
2022	적정Term 46	한영회계법인	2022-12-31
2021	적정Term 45	삼정회계법인	2022-12-31
2020	적정Term 44	삼정회계법인	2022-12-31
2019	적정Term 43	삼정회계법인	2019-12-31
2018	적정Term 42	삼정회계법인	2019-12-31
2017	적정Term 41	삼정회계법인	2019-12-31
2016	적정Term 40	삼정회계법인	2016-12-31
	적정Term 39	삼정회계법인	2016-12-31
	적정Term 38	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 · 2026-10-064.37%

BetaDaily 5Y0.66

Equity risk premium%

Terminal growth%

Cost of equity7.67%

Weighted average cost of capital7.56%

Initial growth6.3%

Effective tax rate28.4%

Base fiscal year2025

Current priceKRW380,000

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	116,960	-69.2%
Dividend discount model DDM	128,933	-66.1%
Discounted cash flow FCFF	763,717	+101.0%
Discounted cash flow FCFE	659,303	+73.5%
Residual income model RIM	516,146	+35.8%

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 = 4.37% + 0.66 × 5.00% = 7.67%

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(7.44% × (1 − 15.91%), 0) = 6.25%

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 = 6,500 × (1 + 2.00%) / (7.67% − 2.00%) = 6,630 / 0.0567 = 116,960 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 = 6,500, g_1 = 6.25%, g_T = 2.00%, r = 7.67%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	6.25%	6,906	0.9288	6,415
2	5.19%	7,265	0.8626	6,267
3	4.13%	7,565	0.8012	6,061
4	3.06%	7,796	0.7441	5,801
5	2.00%	7,952	0.6911	5,496
Terminal value	2.00%	143,091	0.6911	98,894
Total				128,933

P_0 = 128,933 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 = 541,895 KRW, ROE = 7.44%, payout ratio = 15.91%, r = 7.67%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	541,895	40,292	41,556	-1,264	0.9288	-1,174
2	575,778	42,811	44,154	-1,343	0.8626	-1,158
3	611,779	45,488	46,915	-1,427	0.8012	-1,143
4	650,031	48,332	49,848	-1,516	0.7441	-1,128
5	690,674	51,354	52,965	-1,611	0.6911	-1,113
Terminal value				-28,986	0.6911	-20,033

P_0 = 541,895 + -5,717 + -20,033 = 516,146 KRW

Discounted cash flow FCFF

\mathit{FCFF}_0 = \mathit{CFO} - \mathit{CapEx} + \mathit{Int}\,(1-\tau),\qquad \mathit{WACC} = \frac{E}{D+E}\,r + \frac{D}{D+E}\,k_d\,(1-\tau)

Base-year cash flow FCFF

FCFF_0 = 44,725.2 − 13,477.7 + 2,061.9 × (1 − 28.36%) = 32,724.7 KRW hundred million

Weighted average cost of capital

E = 344,783.8, D = 18,185.1 KRW hundred million; equity weight = 94.99%, debt weight = 5.01%; cost of debt k_d = 7.67%

WACC = 94.99% × 7.67% + 5.01% × 7.67% × (1 − 28.36%) = 7.56%

V_{\text{firm}} = \sum_{t=1}^{N} \frac{\mathit{FCFF}_t}{(1+\mathit{WACC})^t} + \frac{\mathit{FCFF}_N (1+g_T)}{(\mathit{WACC} - g_T)\,(1+\mathit{WACC})^N},\qquad \mathit{FCFF}_t = \mathit{FCFF}_{t-1}(1+g_t),\qquad P_0 = \frac{V_{\text{firm}} - D + \text{Cash}}{\text{Shares}}

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	6.25%	34,770.8	0.9297	32,327.0
2	5.19%	36,575.2	0.8644	31,614.6
3	4.13%	38,084.4	0.8036	30,605.5
4	3.06%	39,251.0	0.7471	29,326.0
5	2.00%	40,036.0	0.6946	27,810.2
Terminal value	2.00%	734,519.1	0.6946	510,218.3
Total				661,901.6

Firm value = 661,901.6; less borrowings 18,185.1; plus cash 49,223.8 → 692,940.3 KRW hundred million

P_0 = 692,940.3 KRW hundred million ÷ 90,732,583 (shares) = 763,717 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 = 44,725.2 − 13,477.7 + -1,089.8 (net borrowing) = 30,157.7 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	6.25%	32,043.3	0.9288	29,761.1
2	5.19%	33,706.2	0.8626	29,075.8
3	4.13%	35,097.0	0.8012	28,119.2
4	3.06%	36,172.1	0.7441	26,916.4
5	2.00%	36,895.5	0.6911	25,499.3
Terminal value	2.00%	663,892.9	0.6911	458,830.9
Total				598,202.8

P_0 = 598,202.8 KRW hundred million ÷ 90,732,583 (shares) = 659,303 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