018260KOSPI

Samsung SDS

195,300

-11,700 (-5.65%)

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

Samsung SDS was established in 1985 and is headquartered in Seoul. The company is a public corporation listed on the KOSPI market.

The company operates IT services and logistics segments. IT services include cloud services, system integration, and IT outsourcing. The logistics segment provides comprehensive global logistics services through its digital platforms. Main customers include Samsung Electronics and other Samsung affiliates.

Business overview as filed

당사와 연결종속회사가 영위하고 있는 주된 사업은 IT서비스와 물류의 2개 사업부문으로 구성되어 있습니다. (1) IT서비스 부문당사는 IT기술역량을 활용하여 고객의 요구에 맞는 다양한 IT서비스를 제공하고 있습니다. 당사가 제공하는 IT서비스는 크게 클라우드 서비스, SI, ITO의 3개 분야입니다. 클라우드 서비스는 CSP(Cloud Service Provider), MSP(Managed Service Provider), SaaS 3가지로 구분되며, 최근 생성형 AI 사업이 확대됨에 따라 클라우드 성장의 새로운 동력이 되고 있습니다.

CSP는 기업맞춤형 클라우드 인프라 서비스로, 삼성클라우드플랫폼(Samsung Cloud Platform)이라는 브랜드 하에 CPU, GPU, Storage, Network, AI 등의 서비스를 제공하고 있습니다.

MSP는 클라우드 도입 컨설팅부터 마이그레이션, 운영까지 End-to-End 서비스를 제공하고 있습니다.

SaaS는 클라우드 기반의 Enterprise 업무 솔루션으로 그룹웨어, 미팅 등의 협업솔루션인 브리티웍스(Brity Works), 구매관리 솔루션(SRM)인 케이던시아(Caidentia) 등을 포함하고 있습니다.

특히, 생성형 AI 사업은 AI 인프라 GPUaaS(GPU as a Service), AI 플랫폼 FabriX, AI 솔루션 BrityCopilot(브리티 코파일럿) 등 AI 풀스택 역량을 기반으로 기업 고객의 AI 트랜스포메이션을 지원하고 있습니다. 최근 AI 사업을 더욱 강화하고 있으며, 회사 전반에 분산되어 있던 AI 역량을 전략적으로 결합해 고객 개별 과제를 넘어 업무와 비즈니스 전반의 구조적 변화를 주도하고, 실행력을 강화하고자 AX 센터를 출범시켰습니다.

SI는 기업경영에 필수적인 업무시스템과 솔루션 도입을 위한 컨설팅부터 구축 서비스를 제공합니다.

ITO는 업종전문성과 디지털 IT역량을 기반으로 고객 접점에서 고객의 IT혁신을 선도하고 비즈니스 경쟁력 강화에 기여하는 IT 아웃소싱 서비스입니다. 40년 가까이 축적된 IT운영 노하우와 전기/전자, 기계/부품, EPC/건설, 화학/에너지, 금융, 유통/서비스에 이르는 다양한 업종의 비즈니스에 대한 이해를 바탕으로 안정적이고 효율적인 IT서비스를 제공하여 고객 가치를 높입니다.

당사는 클라우드 기업으로의 전환을 위해 클라우드 기술력 강화와 전문인력을 확보하고 있으며, 인도, 베트남, 중국에 위치한 글로벌 개발센터(GDC: Global Development Center) 활용과 ITO Off-site 운영 등 원격근무방식을 도입하여 효율적인 서비스 운영과 업무의 전문성 강화를 추진하는 동시에 미래 클라우드를 대비한 업무 방식의 혁신을 지속적으로 추진하고 있습니다.

당사는 ERP(전사적 자원관리 시스템), MES(생산관리시스템) 등 팩토리솔루션을 성공적으로 구축하여 고객의 IT서비스 최적화를 지속적으로 지원하고 있으며, 경쟁력 있는 서비스와 함께 세계 최고 수준의 정보보안 체계를 바탕으로 안전한 서비스를 제공하고 있습니다.

(2) 물류 부문

물류사업은 자체 개발한 최신 IT기술 기반의 물류 통합관리 플랫폼 Cello와 디지털 물류 플랫폼 Cello Square를 통해 국제운송, 내륙운송, 물류센터 운영, 프로젝트 물류까지 글로벌 물류의 전 영역에 걸친 종합 물류 서비스를 제공하고 있습니다.

전 세계 36개국, 330여개 사이트, 6,300여명의 물류 전문가, 글로벌 5,700여개의 물류 파트너 등의 글로벌 네트워크를 바탕으로 글로벌 25위의 물류 운영 역량을 갖추고 있습니다.

당사는 IT역량을 바탕으로 첨단 IT기술을 활용한 글로벌 통합물류 플랫폼과 AI를 활용한 데이터 분석을 통해 하이테크 물류 기업을 지향하고 있으며, 2021년부터 Cello Square 기반의 디지털포워딩 서비스를 통해 물류 혁신을 선도하고 있습니다. Cello Square는 고객이 직접 견적부터 예약, 운송, 트래킹, 정산까지 모든 물류 서비스를 이용할 수 있는 디지털 물류 플랫폼입니다. 2021년 한국을 시작으로, 2022년에 중국, 동남아 등 수출 국가를 중심으로 서비스를 확장하였고, 2023년부터는 미국, 유럽 등 수입 국가로 확대하여 현재 50여개국에서 글로벌 서비스를 제공하고 있습니다.

당사의 주요 고객은 삼성전자를 포함한 삼성 관계사이며, 한국 및 글로벌 기업고객 확대를 지속적으로 추진하고 있습니다.

Company overview

가. 연결대상 종속회사 개황연결대상 종속회사 현황(요약)

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은『삼성에스디에스 주식회사』이며, 영문으로는 『SAMSUNG SDSCO.,LTD.』로 표기합니다.

다. 설립일자

당사는 1985년 5월 1일에 설립되었으며, 2014년 11월 14일 한국거래소에 주식을상장한 공개법인입니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

○ 주 소 : 서울특별시 송파구 올림픽로 35길 125 (신천동)○ 전화번호 : 02-6155-3114○ 홈페이지 : http://www.samsungsds.com

마. 중소기업 해당 여부

당사는 본 보고서 제출일 현재 중소기업기본법 제2조에 의한 중소기업에 해당되지 않습니다.

중소기업 등 해당 여부

바. 대한민국에 대리인이 있는 경우에 이름(대표자), 주소 및 연락처

당사는 본 보고서 제출일 현재 해당사항 없습니다.

사. 주요 사업의 내용 및 향후 추진하려는 신규 사업

당사의 사업은 IT서비스 부문과 물류 부문으로 구성되어 있습니다.

아. 신용평가에 관한 사항

당사는 2024년부터 기업어음에 대한 신용평가를 받고 있지 않습니다.

[한국기업평가(기업어음)]

주1. 상기 등급 중 A2부터 B까지는 당해등급 내에서의 상대적 위치에 따라 + 또는 - 부호를 부여할 수 있다.[NICE신용평가(기업어음)]

주1. A2 등급에서 B 등급 까지는 그 상대적 우열 정도에 따라 +, -기호를 첨부할 수 있다.

자. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

당사는 2014년 11월 14일 유가증권시장에 기업공개를 실시하였습니다.

회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.10), 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

3.62%

[2.04%, 6.72%] · 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 48.7% (2026-07-20). 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

0.58

Beta [0.37, 0.78] · KOSPI200 · As of 2026-10-08

Intercept: -0.055%[-0.547%, +0.436%]
R squared: 0.22
Observations: 252
Trading-time corrected beta: 0.73[0.35, 1.11]

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	78,535	81,802	92,992	100,342	107,196	110,174	136,300	172,347	132,768	138,282	139,299	139,988
Revenue growth%	—	4.16	13.68	7.90	6.83	2.78	23.71	26.45	-22.96	4.15	0.73	—
Operating incomeKRW 100M	5,883	6,271	7,316	8,774	9,901	8,716	8,081	9,161	8,082	9,111	9,571	7,685
Operating income growth%	—	6.60	16.66	19.93	12.85	-11.97	-7.29	13.36	-11.77	12.73	5.05	—
Net incomeKRW 100M	4,698	5,143	5,418	6,388	7,504	4,529	6,334	11,300	7,013	7,895	7,827	6,648
Net income growth%	—	9.47	5.34	17.91	17.48	-39.65	39.85	78.41	-37.94	12.57	-0.87	—
Attributable to ownersKRW 100M	4,390	4,639	5,303	6,294	7,365	4,435	6,112	10,997	6,934	7,570	7,595	6,489
Attributable to minoritiesKRW 100M	308	505	114	94	140	95	222	303	79	325	231	159
Operating margin%	7.49	7.67	7.87	8.74	9.24	7.91	5.93	5.32	6.09	6.59	6.87	5.49
Net margin%	5.98	6.29	5.83	6.37	7.00	4.11	4.65	6.56	5.28	5.71	5.62	4.75
ROE%	9.57	9.02	9.54	10.52	11.25	6.65	8.45	13.37	8.01	8.11	7.66	6.29
ROA%	7.42	7.52	7.44	7.97	8.32	4.95	6.02	9.45	5.69	5.96	5.82	4.39
Debt ratio%	32.55	29.31	27.25	30.34	34.14	33.47	41.29	41.17	37.27	36.40	31.09	42.35
Current ratio%	276.66	337.58	386.27	373.49	375.92	382.46	319.62	321.09	341.17	360.81	403.36	428.96
Quick ratio%	275.45	336.37	384.40	372.30	374.89	380.96	317.75	319.45	340.19	360.05	402.70	427.84
Reserve ratio%	12,269.66	13,368.64	14,589.49	15,816.46	17,320.14	17,986.52	19,086.39	21,449.10	22,601.63	24,018.45	25,401.85	25,465.70
Free cash flowKRW 100M	5,029	4,330	6,428	9,451	5,521	7,439	6,937	6,979	10,101	7,633	8,880	—
FCF margin%	6.40	5.29	6.91	9.42	5.15	6.75	5.09	4.05	7.61	5.52	6.37	—
OCF conversion%	184.06	121.09	154.10	187.31	119.10	216.25	154.76	114.14	208.30	156.81	153.75	—
Capex to revenue%	4.61	2.32	2.07	2.51	3.19	2.14	2.10	3.43	3.39	3.43	2.26	—
Inventory daysdays	—	0.9	1.0	0.9	0.7	0.8	1.1	1.0	1.0	0.7	0.5	—
EPSKRW	5,676	5,997	6,856	8,137	9,521	5,733	7,901	14,218	8,962	9,787	9,819	8,386
PERx	—	23.26	29.17	25.07	20.43	31.14	19.81	8.65	18.97	13.06	17.47	22.75
BPSKRW	—	66,436	71,833	77,315	84,595	86,188	93,421	106,273	111,893	120,618	128,152	133,253
PBRx	—	2.10	2.78	2.64	2.30	2.07	1.68	1.16	1.52	1.06	1.34	1.43
Dividend per shareKRW	500	750	2,000	2,000	2,400	2,400	2,400	3,200	2,700	2,900	3,190	—
Payout ratio%	8.81	12.51	29.17	24.58	25.21	41.86	30.38	22.51	30.13	29.63	32.49	—

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
	63,317	68,420	72,778	80,138	90,212	91,549	105,174	119,524	123,210	132,383	134,537
	38,453	45,484	51,175	58,818	63,838	65,812	75,760	80,058	81,603	90,038	94,057
Cash and cash equivalentsKRW 100M	8,568	11,902	9,315	11,617	11,482	11,993	10,809	13,921	17,877	16,688	15,590
Short-term financial instrumentsKRW 100M	10,939	12,656	19,938	25,103	26,827	29,950	35,103	36,374	37,035	43,553	48,213
InventoriesKRW 100M	167	162	248	188	175	257	443	409	235	190	155
Trade and other receivablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	24,864	22,936	21,603	21,321	26,374	25,738	29,415	39,467	41,607	42,345	40,480
Property, plant and equipmentKRW 100M	12,289	10,520	10,286	10,687	11,080	11,163	11,786	15,204	16,544	17,739	17,517
Intangible assetsKRW 100M	Not applicable	Not applicable	9,349	8,450	7,897	7,367	7,154	7,127	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	375	410	405	440	994	939	1,102	1,185	1,113	1,109	1,129
	15,548	15,509	15,583	18,653	22,961	22,958	30,737	34,855	33,455	35,329	31,908
	13,899	13,474	13,249	15,748	16,982	17,208	23,703	24,933	23,919	24,954	23,318
Trade and other payablesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	26	26	8	8	8	9	5	—	0	—	—
Current portion of long-term borrowingsKRW 100M	59	25	0	0	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	1,500	1,260	1,490	1,928	2,113	2,665	2,622
	1,649	2,035	2,335	2,905	5,979	5,751	7,034	9,921	9,536	10,375	8,590
Bonds issuedKRW 100M	—	—	0	0	0	0	—	—	—	—	—
Long-term borrowingsKRW 100M	23	16	0	0	—	—	—	—	—	—	—
Non-current lease liabilitiesKRW 100M	—	—	—	—	2,957	2,388	3,126	6,762	6,565	7,170	5,549
	47,769	52,911	57,194	61,486	67,252	68,591	74,437	84,670	89,756	97,054	102,629
	45,888	51,407	55,583	59,825	65,458	66,690	72,287	82,232	86,580	93,331	99,161
Issued capitalKRW 100M	387	387	387	387	387	387	387	387	387	387	387
Capital surplusKRW 100M	12,975	12,975	12,975	12,975	12,975	12,975	12,975	12,975	12,975	12,975	12,975
Retained earningsKRW 100M	34,495	38,747	43,470	48,217	54,035	56,613	60,868	70,010	74,469	79,950	85,302
Other equityKRW 100M	-1,969	-702	-1,249	-1,754	-1,939	-3,284	-1,943	-1,139	-1,250	20	497
Non-controlling interestsKRW 100M	1,881	1,504	1,612	1,661	1,794	1,901	2,150	2,438	3,176	3,723	3,468

미수금As filed	7,682	8,282	7,523	7,057	7,940	6,245	6,899	8,992	7,464	8,139	8,051
선급금As filed	359	515	509	442	446	241	683	792	566	568	592
선급비용As filed	716	714	606	673	717	930	1,199	1,280	1,285	1,457	1,558
매출채권As filed	9,356	10,461	12,096	12,918	14,395	15,009	19,189	16,515	14,824	17,203	17,897
기타유동자산As filed	667	793	940	821	1,242	1,186	1,434	1,775	2,315	2,240	2,003
보증금As filed	793	755	670	698	745	587	820	882	851	969	972
유동성매도가능금융자산As filed	0	—	—	—	—	—	—	—	—	—	—
매각예정자산As filed	—	—	—	—	615	0	0	—	—	—	—
장기선급비용As filed	6	5	4	2	11	9	55	79	45	53	78
당기손익-공정가치측정금융자산As filed	—	—	—	36	77	122	166	219	189	229	239
이연법인세자산As filed	80	196	326	349	364	306	445	488	736	1,031	781
기타포괄손익-공정가치측정금융자산As filed	—	—	—	229	246	167	552	123	146	225	285
장기매도가능금융자산As filed	36	75	127	0	0	—	—	—	—	—	—
무형자산As filed	11,006	10,414	—	—	—	—	—	—	8,189	8,141	8,242
투자부동산As filed	—	—	—	—	—	—	—	—	348	348	381
사용권자산As filed	—	—	—	—	4,312	3,465	4,399	8,276	8,217	9,163	7,379
순확정급여자산As filed	—	303	185	0	0	750	2,031	5,035	4,494	2,642	2,748
기타비유동자산As filed	277	260	253	429	647	863	905	847	736	696	729
매입채무As filed	3,925	3,896	4,432	5,533	5,445	5,744	8,218	6,762	6,926	7,073	5,848
미지급금As filed	689	1,012	678	862	739	582	703	1,210	1,462	833	937
선수금As filed	1,402	1,699	1,565	1,360	1,213	2,212	2,862	2,612	2,729	2,704	2,584
보통주납입자본As filed	—	—	387	387	387	387	387	387	387	387	387
예수금As filed	145	100	137	136	158	138	169	193	191	275	258
미지급비용As filed	3,642	4,623	4,233	5,306	5,722	5,412	8,153	10,289	8,046	8,843	8,988
부채및자본총계As filed	63,317	68,420	—	—	—	—	—	—	123,210	132,383	134,537
당기법인세부채As filed	2,928	757	971	1,442	987	640	435	663	1,269	1,289	720
유동성사채As filed	—	—	0	0	0	0	0	—	—	—	—
유동성충당부채As filed	280	88	159	186	171	189	161	97	61	43	50
기타유동부채As filed	804	1,248	1,065	913	1,040	1,020	1,507	1,178	1,121	1,228	1,312
순확정급여부채As filed	159	62	109	408	594	92	—	—	146	219	264
퇴직급여부채As filed	—	—	—	—	—	—	57	108	—	—	—
이연법인세부채As filed	1,128	1,449	1,647	1,760	1,769	2,393	2,742	1,996	1,858	1,676	1,574
장기미지급비용As filed	203	357	386	514	436	672	866	763	701	989	885
충당부채As filed	136	151	148	172	172	162	199	246	255	293	293
기타비유동부채As filed	—	—	44	—	50	44	44	47	11	27	25
사채As filed	0	0	—	—	—	—	—	—	—	—	—
납입자본As filed	387	387	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	—	—	72,778	80,138	90,212	91,549	105,174	119,524	—	—	—
비유동사채As filed	—	—	—	—	—	—	0	—	—	—	—
장기예수보증금As filed	—	—	—	51	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	78,535	81,802	92,992	100,342	107,196	110,174	136,300	172,347	132,768	138,282	139,299
Cost of salesKRW 100M	65,609	67,624	78,046	83,698	89,257	93,277	119,468	153,342	114,807	118,159	118,498
Gross profitKRW 100M	12,926	14,178	14,946	16,644	17,939	16,897	16,832	19,006	17,961	20,123	20,800
SG&A expensesKRW 100M	7,044	7,907	7,630	7,870	8,038	8,181	8,751	9,845	9,879	11,012	11,229
	5,883	6,271	7,316	8,774	9,901	8,716	8,081	9,161	8,082	9,111	9,571
Finance incomeKRW 100M	960	1,265	902	1,356	1,376	1,536	1,309	3,146	2,865	3,292	2,793
Finance costsKRW 100M	620	755	761	606	735	1,127	801	2,066	1,390	1,555	1,613
Other incomeKRW 100M	503	893	412	292	246	159	235	1,289	747	566	274
Other expensesKRW 100M	256	192	373	281	455	452	313	278	514	418	332
Share of profit of associatesKRW 100M	22	37	—	—	—	—	—	—	64	31	65
	6,491	7,519	7,521	9,565	10,363	8,861	8,575	11,321	9,855	11,028	10,758
Income tax expenseKRW 100M	1,793	2,375	2,103	3,177	2,858	4,332	2,242	21	2,842	3,133	2,931
Profit from continuing operationsKRW 100M	4,698	5,143	5,418	6,388	7,504	—	—	—	—	—	—
	4,698	5,143	5,418	6,388	7,504	4,529	6,334	11,300	7,013	7,895	7,827
Attributable to ownersKRW 100M	4,390	4,639	5,303	6,294	7,365	4,435	6,112	10,997	6,934	7,570	7,595
Attributable to minoritiesKRW 100M	308	505	114	94	140	95	222	303	79	325	231
Basic earnings per shareKRW	5,676	5,997	6,856	8,137	9,521	5,733	7,901	14,218	Not applicable	9,787	9,819
Diluted earnings per shareKRW	5,676	5,997	6,856	8,137	9,521	5,733	7,901	14,218	Not applicable	9,787	9,819
	5,424	5,539	4,780	5,860	7,339	3,222	7,733	12,116	6,874	9,340	8,211
Other comprehensive incomeKRW 100M	725	396	-638	-528	-165	-1,307	1,399	816	-139	1,445	384

당기순이익As filed	4,698	5,143	5,418	6,388	7,504	4,529	—	—	7,013	7,895	—
당기순이익(손실)As filed	—	—	—	—	—	—	6,334	11,300	—	—	—
비지배지분As filed	327	544	112	65	151	134	280	315	50	324	152
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	412	248	-601	-594	-344	-144	628	-594	-811	—
지배기업소유지분As filed	5,097	4,995	4,668	5,796	7,188	3,088	7,453	11,801	6,823	9,016	8,059
확정급여제도의 재측정요소As filed	994	543	248	-676	-593	-451	-456	680	—	-814	—
기타포괄손익관련 법인세효과As filed	-246	-132	—	—	—	—	—	—	—	—	—
장기매도가능금융자산평가손익As filed	-0	-0	22	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	75	—	—	—	—	-2	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	-1	107	311	-52	—	2	42
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	-16	-886	73	429	-963	—	—	455	2,257	—
장기매도가능금융자산평가손익 재분류조정As filed	-68	0	0	—	—	—	—	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	1,544	188	—	—	354
해외사업환산손익As filed	15	-17	-880	—	—	—	—	—	426	2,207	398
장기매도가능금융자산 평가손익As filed	—	—	—	0	0	—	—	—	—	—	—
지분법자본변동As filed	13	1	-27	6	-20	-68	101	17	29	50	-44
기타포괄손익 관련 법인세효과As filed	16	0	—	—	—	—	—	—	—	—	—
보통주 기본주당이익As filed	—	—	—	—	—	—	—	—	0	—	—
해외사업장환산손익As filed	—	—	—	67	449	-895	1,443	171	—	—	—
이자수익As filed	302	316	427	664	814	655	608	1,111	1,817	—	—
보통주 희석주당이익As filed	—	—	—	—	—	—	—	—	0	—	—
외환차익As filed	482	565	377	576	491	708	546	1,507	—	—	—
외화환산이익As filed	176	384	98	116	71	172	155	528	—	—	—
이자비용As filed	19	14	19	17	151	164	176	288	382	—	—
외환차손As filed	483	620	416	516	442	728	500	1,432	—	—	—
외화환산손실As filed	119	122	326	73	143	235	125	345	—	—	—
확정급여제도의재측정요소As filed	—	—	—	—	—	—	—	—	-593	—	—
외환차손(금융원가)As filed	—	—	—	—	—	—	—	—	784	—	—
외화환산손실(금융원가)As filed	—	—	—	—	—	—	—	—	224	—	—
외환차익(금융수익)As filed	—	—	—	—	—	—	—	—	776	—	—
지분법관련손익As filed	—	—	25	30	31	30	65	69	—	—	—
후속적으로당기손익으로재분류되지않는항목As filed	—	—	—	—	—	—	—	—	—	—	30
외화환산이익(금융수익)As filed	—	—	—	—	—	—	—	—	272	—	—
세후기타포괄손익, 확정급여제도의 재측정손익As filed	—	—	—	—	—	—	—	—	—	—	-12

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	4,698	5,143	5,418	6,388	7,504	4,529	6,334	11,300	7,013	7,895	7,827
Total adjustments to operating cash flowcomputed	3,949	1,085	2,931	5,577	1,433	5,265	3,469	1,598	7,595	4,485	4,207
	8,648	6,228	8,348	11,965	8,938	9,794	9,802	12,898	14,608	12,380	12,033
Interest receivedKRW 100M	247	265	303	619	647	754	570	948	1,315	1,931	1,942
Interest paidKRW 100M	Not applicable	Not applicable	6	0	1	1	131	276	335	468	499
Income taxes paidKRW 100M	Not applicable	Not applicable	1,637	1,961	3,001	2,133	1,885	2,719	572	3,372	2,971
	-7,824	-2,539	-9,704	-8,186	-6,062	-5,452	-8,266	-6,454	-6,221	-10,688	-8,242
Purchase of property, plant and equipmentKRW 100M	3,618	1,898	1,921	2,514	3,416	2,355	2,866	5,919	4,507	4,747	3,153
Proceeds from sale of property, plant and equipmentKRW 100M	72	1,877	16	15	15	10	3	51	53	18	20
Purchase of intangible assetsKRW 100M	2,178	870	307	261	369	344	332	604	296	523	441
	-481	-443	-676	-1,562	-3,088	-3,510	-3,234	-3,555	-4,626	-4,234	-5,090
Dividends paidKRW 100M	395	402	595	1,570	1,570	1,883	1,880	1,883	2,508	2,158	2,331
Acquisition of treasury sharesKRW 100M	0	0	0	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	8,167	8,568	11,902	9,315	11,617	11,482	11,993	10,809	13,921	17,877	16,688
	8,568	11,902	9,315	11,617	11,482	11,993	10,809	13,921	17,877	16,688	15,590
Effect of exchange rate changesKRW 100M	58	88	-555	85	77	-321	514	224	195	1,352	201
Net change in cash and cash equivalentsKRW 100M	401	3,334	-2,588	2,302	-135	511	-1,184	3,112	Not applicable	Not applicable	Not applicable

비지배지분의 감소As filed	—	—	—	—	-1	-7	-0	-0	—	—	376
영업에서 창출된 현금흐름As filed	9,919	10,097	9,689	13,307	11,293	11,173	11,249	14,945	—	14,286	13,560
비지배지분의 증가As filed	—	—	—	—	—	—	—	—	—	—	0
리스부채의 상환As filed	—	—	—	—	1,519	1,623	1,346	1,668	1,962	2,122	2,422
주식선택권의 행사As filed	—	—	—	—	—	—	—	—	—	50	35
사채의 상환As filed	—	—	—	0	0	—	0	—	0	—	—
배당금의 수취As filed	2	0	0	0	0	0	0	0	165	2	1
장기차입금의 상환As filed	-11	-17	0	0	—	—	—	—	100	0	0
단기차입금의 상환As filed	—	—	—	—	—	0	4	5	20	0	0
단기금융상품의 순증감As filed	-2,588	—	—	—	1,724	3,123	—	—	—	—	—
단기금융상품의 증감As filed	—	-1,716	7,612	5,165	—	—	5,153	-1,271	-492	-5,411	—
예수보증금의 감소As filed	—	—	—	—	—	—	—	—	-48	6	30
예수보증금의 증가As filed	—	—	—	—	—	—	—	1	9	1	35
기타유동자산의 증감As filed	—	—	—	-70	90	-242	-1	-3	—	—	—
기타유동자산의 감소As filed	—	—	6	—	—	—	—	—	—	—	—
보증금의 감소As filed	—	—	5	82	49	51	81	70	377	143	149
비지배지분의 증감As filed	—	—	—	—	—	—	—	—	1	1	—
장기금융상품의 순증감As filed	—	—	—	—	-44	-189	—	—	—	—	—
장기금융상품의 증감As filed	—	0	—	-181	—	—	15	—	2	0	—
대여금의 감소As filed	—	—	—	—	—	—	—	—	10	21	19
장기금융상품의 감소As filed	40	—	0	—	—	—	—	—	—	—	—
기타비유동자산의 증감As filed	—	-6	134	12	-6	94	174	-4	—	—	—
보증금의 증가As filed	—	—	4	82	79	113	216	98	-422	178	158
대여금의 증가As filed	—	—	—	—	—	—	—	—	21	17	22
무형자산의 처분As filed	26	118	1	0	21	2	3	1	4	0	6
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	39	18	0	—	33	1	1
이자의 지급As filed	-13	-7	—	—	—	—	—	—	—	—	—
장기매도가능금융자산의 처분As filed	2	—	0	0	0	—	—	—	—	—	—
관계기업투자주식의 처분As filed	0	3	0	—	—	—	—	—	—	100	0
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	0
리스채권의 회수As filed	—	—	—	—	—	—	—	—	76	11	0
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	23	168	89	414	0	0	—
법인세의 납부As filed	-1,506	-4,127	—	—	—	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	0	—	—	—	—	—	—	—
기타유동금융자산의 증감As filed	6	4	—	—	—	—	—	—	—	—	—
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	23	45	22	9	46	34	25
매각예정자산의 처분As filed	—	—	—	—	—	615	0	—	—	—	—
장기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치측정금융자산의 취득As filed	—	—	—	-21	92	0	-42	-65	0	72	1
매도가능금융자산의 취득As filed	—	39	23	0	0	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	0	—	—	—	—	—	—	—	—	—
보증금의감소As filed	138	—	—	—	—	—	—	—	—	—	—
보증금의 증감As filed	—	-10	—	—	—	—	—	—	—	—	—
장기매도가능금융자산의 취득As filed	0	—	—	—	—	—	—	—	—	—	—
사업결합으로 인한 순현금유출입As filed	-933	-2	0	0	—	—	—	—	—	—	—
사업양도로 인한 순현금흐름As filed	—	—	—	—	—	—	—	982	80	0	0
장기금융상품의 증가As filed	0	—	—	—	—	—	—	—	—	—	—
단기금융상품의 취득As filed	—	—	—	—	—	—	—	—	—	—	4,638
보증금의증가As filed	-73	—	—	—	—	—	—	—	—	—	—
연결범위 제외로 인한 순현금유입As filed	9	0	0	—	—	—	—	—	—	—	—
관계기업투자주식의 취득As filed	—	—	—	—	546	0	0	—	—	—	—
기타비유동금융자산의 증감As filed	1,274	—	—	—	—	—	—	—	—	—	—
단기차입금의 순상환As filed	-31	-0	18	0	0	—	—	—	—	—	—
사업결합으로 인한 순현금유출As filed	—	—	—	—	—	—	—	—	—	0	0
단기차입금의 차입As filed	—	—	—	—	—	2	0	—	—	—	—
유동성장기차입금의 상환As filed	-52	-34	41	0	0	—	—	—	—	—	—
장기차입금의 차입As filed	8	10	0	—	—	—	—	—	—	—	—
사업결합으로 인한 순현금흐름 유출As filed	—	—	—	—	—	—	—	—	-1,072	—	—
장기차입금의 증가As filed	—	—	—	0	—	—	—	—	—	—	—
비지배지분의 납입As filed	—	—	—	8	1	1	1	—	—	—	—
사채의 발행As filed	0	0	0	0	0	—	—	—	—	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	4	—	—	—	—
기타비유동장기부채의 증감As filed	—	—	-30	0	0	—	—	—	—	—	—
현금및현금성자산 증감As filed	—	—	—	—	—	—	—	—	3,761	-2,541	-1,299
영업에서 창출된 현금As filed	—	—	—	—	—	—	—	—	14,035	—	—
종속기업의 설립As filed	—	—	8	—	—	—	—	—	—	—	—

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 2026.03.10.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 41	삼일회계법인	2025-12-31
2024	적정의견Term 40	삼일회계법인	2025-12-31
2023	적정의견Term 39	삼일회계법인	2025-12-31
2022	적정Term 38	안진회계법인	2022-12-31
2021	적정Term 37	안진회계법인	2022-12-31
2020	적정Term 36	안진회계법인	2022-12-31
2019	적정Term 35	안진회계법인	2019-12-31
	적정Term 34	안진회계법인	2019-12-31
	적정Term 33	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 5Y0.63

Equity risk premium%

Terminal growth%

Cost of equity7.53%

Weighted average cost of capital—

Initial growth5.2%

Effective tax rate27.2%

Base fiscal year2025

Current priceKRW195,300

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	58,799	-69.9%
Dividend discount model DDM	63,253	-67.6%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	227,552	+16.5%
Residual income model RIM	131,399	-32.7%

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

Dividend and residual income familyKRW

Discounted cash flow familyKRW

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

How the figures are calculated

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

Cost of equity

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

r = 4.40% + 0.63 × 5.00% = 7.53%

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(7.66% × (1 − 32.49%), 0) = 5.17%

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 = 3,190 × (1 + 2.00%) / (7.53% − 2.00%) = 3,254 / 0.0553 = 58,799 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 = 3,190, g_1 = 5.17%, g_T = 2.00%, r = 7.53%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	5.17%	3,355	0.9299	3,120
2	4.38%	3,502	0.8648	3,028
3	3.59%	3,627	0.8042	2,917
4	2.79%	3,729	0.7479	2,789
5	2.00%	3,803	0.6955	2,645
Terminal value	2.00%	70,103	0.6955	48,754
Total				63,253

P_0 = 63,253 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 = 128,152 KRW, ROE = 7.66%, payout ratio = 32.49%, r = 7.53%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	128,152	9,816	9,655	161	0.9299	150
2	134,779	10,324	10,154	170	0.8648	147
3	141,748	10,857	10,679	178	0.8042	143
4	149,079	11,419	11,231	188	0.7479	140
5	156,788	12,009	11,812	197	0.6955	137
Terminal value				3,637	0.6955	2,530

P_0 = 128,152 + 718 + 2,530 = 131,399 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 = 12,033.3 − 3,153.5 + 0.0 (net borrowing) = 8,879.8 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	5.17%	9,339.0	0.9299	8,684.7
2	4.38%	9,747.9	0.8648	8,429.9
3	3.59%	10,097.4	0.8042	8,120.4
4	2.79%	10,379.4	0.7479	7,762.4
5	2.00%	10,587.0	0.6955	7,362.9
Terminal value	2.00%	195,142.2	0.6955	135,714.5
Total				176,074.8

P_0 = 176,074.8 KRW hundred million ÷ 77,377,800 (shares) = 227,552 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