020150KOSPI

Lotte Energy Materials

55,200

+1,500 (+2.79%)

MA5
MA20
MA60

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

Market capitalizationKRW 1T

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

Overview

Summary

Lotte Energy Materials was established in 1987 and is listed on the KOSPI market. The company operates as part of a group structure consisting of a materials division and a construction division, with eight subsidiaries under each segment.

The materials division manufactures and supplies Elecfoil for secondary batteries, AI accelerators, and IT products to domestic and international producers. The construction division provides various architectural services, specializing in the installation of exterior walls using the Curtain Wall method.

Business overview as filed

당사와 그 종속기업(이하 "연결회사")의 사업은 소재부문(2차전지, AI용 가속기 등의 핵심소재인 Elecfoil 제조 판매)과 건설부문(유리 및 창호 공사, 건설 등)로 구분되며, 당사를 포함하여 소재부문 산하 8개, 건설부문 산하 8개 종속기업으로 구성되어 있으며, 2025년 사업부문별 매출은 아래와 같습니다.

()는 마이너스(-)를 의미합니다.※ Elecfoil 등 매출액은 롯데에너지머티리얼즈 주식회사의 매출액과 주요종속회사인 LOTTE EM MALAYSIA SDN.BHD.의 매출액을 포함한 내용입니다.

[소재부문]

Elecfoil(동박)이란 황산구리 용액을 전기화학 분해하여 만든 얇은 구리박으로, 전기차, ESS등 2차전지에 사용되는 전지박과 AI용 가속기, TV, 컴퓨터, 스마트폰 등에 사용되는 회로박으로 구분할 수 있습니다. Elecfoil 산업은 전기차산업, 2차전지 산업, 친환경 에너지 산업, AI산업, IT 산업 등이 고속성장함에 따라 폭발적으로 성장하고 있습니다. 이처럼 Elecfoil은 다양한 분야에서 사용되며 지속적으로 수요가 확대되고 있습니다.

당사는 현재의 주력사업 외에도 황화물계 고체전해질, LFP 양극활물질 개발 같은 차세대 배터리소재 개발을 진행하며 미래를 준비하고 있습니다. 황화물계 고체전해질은 24년 9월 Pilot 공장을 준공하였고 LFP 활물질은 24년 12월 Pilot 공장 준공하였습니다.당사는 High-End Elecfoil 같은 초 격차 제품 외에도 품질, 원가 경쟁력을 높이기 위해 여러 부분의 혁신을 진행하고 있으며, 말레이시아 및 유럽(스페인) 해외현지법인에서 대규모 증설을 진행 중에 있습니다. 대내외 환경을 면밀히 파악하여 지속적인 경쟁우위 확보하도록 하겠습니다.

[건설부문]

당사의 건설부문은 Curtain Wall 공법을 국내최초로 건축물 외벽공사에 도입하였습니다. Curtain Wall 공법은 건축물의 하중을 감소시키며, 공사기간을 단축시키는 장점을 가지고 있어 고층건물 건축에는 필수적인 공사 방법입니다. 또한 건축물 외벽에 아름다움을 추구하는 장점을 가지고 있어 지속적으로 수요가 상승하고 있습니다.

Company overview

가-1. 연결대상 종속회사 현황(요약)

가-2. 연결대상회사의 변동내용

나. 회사의 법적, 상업적 명칭

당사의 명칭은 롯데에너지머티리얼즈 주식회사라고 표기하며, 영문으로는 LOTTE ENERGY MATERIALS CORPORATION 로 표기합니다.

다. 설립일자

당사는 1987년 8월 11일 설립되었습니다.

라. 당사의 본사주소,전화번호,홈페이지주소

주소 : 전북특별자치도 익산시 석암로3길 63-25 (팔봉동)전화번호 : 02-707-9314홈페이지 : http://www.lotteenergymaterials.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

(1) 연결회사의 주요 사업의 내용당사와 그 종속기업(이하 "연결회사")의 사업은 소재부문과 건설부문(유리 및 창호 공사, 건설 등)로 구분되며, 당사를 포함하여 소재부문 산하 8개, 건설부문 산하 8개 종속기업으로 구성되어 있습니다.

소재부문(8개사) : 롯데에너지머티리얼즈(주), 롯데이엠글로벌(주),LOTTE EM MALAYSIA SDN. BHD., LOTTE EM EUROPE S.a r.l., LOTTE ENERGY MATERIALS SPAIN, S.L., LOTTE EM HUNGARY Zrt., LOTTE EM America Corp., 롯데에너지소재펀드※ 건설부문(8개사) : 롯데에코월(주), 롯데테크㈜, LOTTE TECH MALAYSIA SDN.BHD., LOTTE EcoWall Philippines Inc., ㈜아이알엠, LOTTE TECH SPAIN, S.L., LOTTE EcoWall USA, Inc., LOTTE EcoWall CANADA, INC.[소재부문]당사의 소재부문은 2차전지, AI용 가속기, IT제품의 핵심소재인 Elecfoil 제조 및 판매를 주요 사업으로 영위하고 있습니다. 주요 거래처는 국내외 2차전지 및 IT 제품 생산 기업이며 세계 최고 Elecfoil 전문기업으로서의 입지를 확고히 다지고 시장 지배력을 계속 강화할 계획입니다.[건설부문]당사는 Curtain Wall 공법을 국내 최초로 도입하여 국내 외 다양한 건축물의 외벽공사를 수행하고 있으며, 이 외 다양한 건축 사업을 영위하고 있습니다.

(2) 연결회사의 각 사업부문별 매출 내역

사. 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

9.08%

[4.91%, 16.30%] · 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 69.2% (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

0.82

Beta [0.64, 1.01] · KOSPI200 · As of 2026-10-08

Intercept: +0.210%[-0.485%, +0.904%]
R squared: 0.23
Observations: 252
Trading-time corrected beta: 0.95[0.62, 1.28]

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	4,582	3,990	4,540	5,020	5,502	5,369	6,889	7,294	8,090	9,023	6,775	6,687
Revenue growth%	—	-12.92	13.81	10.57	9.60	-2.42	28.31	5.87	10.92	11.53	-24.91	—
Operating incomeKRW 100M	-308	290	495	487	469	509	699	848	118	-644	-1,452	-900
Operating income growth%	—	—	70.64	-1.62	-3.84	8.58	37.46	21.23	-86.07	-645.89	—	—
Net incomeKRW 100M	-633	406	422	413	468	427	632	490	-451	288	-1,672	-759
Net income growth%	—	—	3.86	-2.08	13.38	-8.76	47.84	-22.46	-192.11	—	-680.41	—
Attributable to ownersKRW 100M	-383	393	422	413	468	427	628	438	-325	63	-1,575	-815
Attributable to minoritiesKRW 100M	-249	13	—	—	0	0	4	52	-126	225	-96	56
Operating margin%	-6.73	7.27	10.91	9.71	8.51	9.47	10.15	11.62	1.46	-7.14	-21.43	-13.46
Net margin%	-13.81	10.18	9.29	8.23	8.51	7.96	9.17	6.72	-5.58	3.19	-24.67	-11.35
ROE%	—	—	7.95	7.82	8.20	6.99	6.35	3.00	-2.27	0.47	-9.51	-4.73
ROA%	-14.49	10.40	6.49	5.97	4.52	3.95	3.60	2.02	-1.89	1.26	-7.57	-3.08
Debt ratio%	87.56	32.60	22.60	31.00	27.16	26.64	29.96	22.12	21.69	19.98	23.15	31.54
Current ratio%	120.12	215.39	443.05	327.91	586.93	477.93	645.80	813.59	379.21	876.78	474.05	380.04
Quick ratio%	77.58	140.34	377.32	280.99	503.81	384.17	555.02	640.79	275.53	593.56	326.33	233.04
Reserve ratio%	—	—	2,078.45	2,147.91	2,381.18	2,558.60	4,137.52	6,219.88	5,990.41	5,060.13	5,471.56	5,429.57
Free cash flowKRW 100M	221	417	435	-330	-838	-671	-1,788	-2,589	-3,087	-91	-741	—
FCF margin%	4.83	10.44	9.58	-6.58	-15.23	-12.49	-25.95	-35.50	-38.16	-1.01	-10.93	—
OCF conversion%	—	179.49	145.01	208.22	103.00	115.78	47.32	58.91	—	302.11	—	—
Capex to revenue%	2.78	7.83	3.89	23.71	24.00	21.71	30.29	39.46	27.06	10.65	9.30	—
Receivable daysdays	—	61.5	46.1	46.7	47.6	59.8	68.6	82.0	84.1	75.5	92.3	—
Inventory daysdays	—	65.0	53.8	47.4	52.1	75.2	75.0	133.9	160.4	138.9	155.0	—
Payable daysdays	—	61.0	46.6	50.9	48.8	47.3	42.5	49.1	38.3	23.6	21.9	—
Cash conversion cycledays	—	65.5	53.4	43.2	50.9	87.7	101.1	166.7	206.3	190.9	225.4	—
EPSKRW	-978	1,003	1,027	897	962	927	1,361	950	-706	137	-3,065	-1,556
PERx	—	13.91	37.29	45.71	44.44	54.91	99.19	54.63	—	172.26	—	—
BPSKRW	—	—	11,531	11,460	12,390	13,255	21,440	31,661	31,088	28,922	31,623	32,887
PBRx	—	—	3.32	3.58	3.45	3.84	6.30	1.64	1.35	0.82	0.97	1.35
Dividend per shareKRW	—	50	650	—	50	200	300	300	200	—	—	—
Payout ratio%	—	4.99	63.29	—	5.20	21.57	22.04	31.58	—	—	—	—

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
	4,367	3,908	6,503	6,922*	10,369	10,810*	17,536	24,303	23,922	22,820	22,087
	1,992*	1,478	3,945	3,575*	5,927	5,189*	9,594	14,363	12,620	10,315	9,589
Cash and cash equivalentsKRW 100M	279	265	462	531	3,330	1,367*	2,346	2,006	5,520	4,186	1,051
Short-term financial instrumentsKRW 100M	—	—	423	220	0	141	33	228	200	764	3,440
InventoriesKRW 100M	705	515	585	512	839	1,018*	1,349	3,051	3,450	3,332	2,988
Trade and other receivablesKRW 100M	788*	556	591	693	742	1,017*	1,572	1,704	2,025	1,707	1,721
	2,375*	2,430	2,558	3,347*	4,442	5,621*	7,942	9,939	11,302	12,506	12,498
Property, plant and equipmentKRW 100M	1,787	1,762	1,758	2,715	3,746	4,537*	6,738	8,740	10,004	11,279	10,810
Intangible assetsKRW 100M	71	56	44	43	56	71*	82	105	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	—	—	204*	425	408	0	0	—
	2,039	961	1,199	1,638*	2,215	2,274*	4,043	4,402	4,264	3,801	4,152
	1,659	686	890	1,090	1,010	1,086*	1,486	1,765	3,328	1,176	2,023
Trade and other payablesKRW 100M	731	415	537	641	624	544*	797	817	734	417	475
Short-term borrowingsKRW 100M	717	103	75	134	7	—	2	306	1,458	180	185
Current portion of long-term borrowingsKRW 100M	—	—	3	15	—	—	—	—	2	—	—
	380	274	308	548*	1,205	1,188*	2,557	2,636	936	2,624	2,129
Long-term borrowingsKRW 100M	148	24	38	53	38	10*	7	5	57	1,068	629
	2,328	2,947	5,304	5,284	8,155	8,536*	13,493	19,901	19,658	19,020	17,935
	Not applicable	Not applicable	5,304	5,284	5,713	6,112*	9,886	14,599	14,335	13,336	16,560
Issued capitalKRW 100M	196	196	230	231	231	231*	231	231	231	231	262
Capital surplusKRW 100M	Not applicable	Not applicable	3,822	3,854	3,851	3,869*	6,969	11,403	11,377	9,292	13,489
Retained earningsKRW 100M	163	558	959	1,098	1,638	2,030*	2,570	2,937	2,434	2,375	837
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	293	1,439	1,972
Other equityKRW 100M	39	178	294	102	-7	-17*	116	28	—	—	—
Non-controlling interestsKRW 100M	-2	84	Not applicable	Not applicable	2,441	2,424*	3,607	5,302	5,323	5,683	1,375

미청구공사As filed	94	41	115	128	185	47	97	71	93	120	107
금융기관예치금As filed	5	5	—	—	—	—	—	—	—	—	—
기타유동금융자산As filed	15	12	1,613	1,213	673	1,429	3,936	7,112	1,046	0	73
당기법인세자산As filed	0	6	0	0	3	4	0	5	12	25	43
기타유동비금융자산As filed	106	78	156	278	155	167	262	187	—	—	—
매각예정자산As filed	—	—	—	—	—	—	—	—	—	39	0
장기금융기관예치금As filed	3	4	0	0	0	0	0	0	713	50	62
기타유동자산As filed	—	—	—	—	—	—	—	—	273	142	167
장기매출채권 및 기타채권As filed	114	25	27	38	45	28	71	38	—	—	—
매도가능금융자산As filed	334	469	633	—	477	692	578	499	—	—	—
이연법인세자산As filed	35	85	75	67	108	77	36	139	181	668	1,014
기타비유동금융자산As filed	—	—	—	423	—	—	—	—	244	185	198
무형자산As filed	—	—	—	—	—	—	—	—	122	295	377
투자부동산As filed	31	28	17	10	10	10	10	9	9	9	9
종속기업, 조인트벤처와 관계기업에 대한 투자자산As filed	—	—	—	—	—	204	—	—	—	—	—
기타비유동자산As filed	—	—	4	51	1	2	1	0	1	0	9
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	—	28	20	19
초과청구공사As filed	100	139	151	145	179	213	246	275	387	321	188
유동성장기부채As filed	76	5	—	—	15	3	3	3	—	2	1,000
기타유동금융부채As filed	0	0	—	0	23	180	202	177	125	75	63
당기법인세부채As filed	12	1	3	53	69	15	68	86	16	83	16
유동충당부채As filed	7	6	13	38	36	111	153	77	84	—	—
기타유동비금융부채As filed	16	17	109	65	57	21	16	25	—	—	—
장기매입채무 및 기타채무As filed	4	2	2	2	—	—	—	—	—	—	—
장기매입채무 및 기타비유동채무As filed	—	—	—	—	2	3	8	17	—	—	—
신주인수권부사채As filed	—	—	—	—	472	484	462	481	502	0	0
이연법인세부채As filed	—	32	36	25	22	28	71	105	165	38	38
순확정급여부채As filed	188	176	194	217	273	321	345	290	289	264	156
기타비유동금융부채As filed	0	0	—	—	313	174	230	314	176	170	109
비유동충당부채As filed	4	1	3	4	21	10	10	3	7	—	—
자본과부채총계As filed	4,367	3,908	6,503	6,922	10,369	10,810	17,536	24,303	23,922	22,820	22,087
기타비유동부채비금융부채As filed	—	—	36	247	64	158	95	59	—	—	—
기타비유동비금융부채As filed	37	39	—	—	—	—	—	—	—	—	—
납입자본As filed	2,128	2,128	—	—	—	—	—	—	—	—	—
기타불입자본As filed	1,932	1,932	—	—	—	—	—	—	—	—	—
전환사채As filed	—	—	—	—	—	—	1,330	1,363	0	0	—
유동성충당부채As filed	—	—	—	—	—	—	—	—	—	73	80
기타유동부채As filed	—	—	—	—	—	—	—	—	—	25	16
기타 유동부채As filed	—	—	—	—	—	—	—	—	21	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	—	1	0	0
충당부채As filed	—	—	—	—	—	—	—	—	—	9	18
기타비유동부채As filed	—	—	—	—	—	—	—	—	241	1,074	1,180

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	4,582*	3,990	4,540	5,020	5,502	5,369*	6,889	7,294	8,090	9,023	6,775
Cost of salesKRW 100M	4,390*	3,428	3,731	4,225	4,728	4,505*	5,762	5,998	7,396	8,908	7,443
Gross profitKRW 100M	192*	562	810	795	774	864*	1,127	1,296	694	115	-668
SG&A expensesKRW 100M	501*	272	314	308	305	355*	427	448	Not applicable	Not applicable	784
	-308*	290	495	487	469	509*	699	848	118	-644	-1,452
Finance incomeKRW 100M	36*	64	50	106	85	163*	127	519	525	833	232
Finance costsKRW 100M	202*	94	57	57	56	182*	105	846	1,062	383	739
Other incomeKRW 100M	963*	61	18	41	135	88*	105	269	215	Not applicable	111
Other expensesKRW 100M	972*	119	90	40	82	129*	65	194	174	Not applicable	103
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	—	4	0	—
	-483*	203	416	537	551	452*	782	605	-374	-161	-1,951
Income tax expenseKRW 100M	149*	9	-7	124	107	25*	151	115	77	-449	-280
Profit from continuing operationsKRW 100M	—	—	422	413	443	427*	632	490	—	—	—
Profit or loss from discontinued operationsKRW 100M	—	—	-0	-0*	25	0	—	—	—	—	—
	-633	406	422	413*	468	427*	632	490	-451	288	-1,672
Attributable to ownersKRW 100M	-383	393	422	413	468	427*	628	438	-325	63	-1,575
Attributable to minoritiesKRW 100M	-249	13	Not applicable	Not applicable	0	0	4	52	-126	225	-96
Basic earnings per shareKRW	-978	1,003*	1,027	897	962	927	1,361	950	-706	137	-3,065
Diluted earnings per shareKRW	-978	1,003*	-1	0	54	0*	1,330	950	-706	137	-3,065
	-598	573	537	250*	429	405*	774	465	-105	1,872	-1,083
Other comprehensive incomeKRW 100M	34	167	115	-163	-39	-23*	142	-25	346	1,584	588

기타영업외비용As filed	—	—	—	—	—	—	—	—	—	209	—
지분법이익As filed	—	—	—	—	—	4	21	9	—	—	0
기타영업외수익As filed	—	—	—	—	—	—	—	—	—	243	—
비지배지분As filed	—	—	—	—	—	—	—	—	-5	693	-78
지배기업의 소유주As filed	—	—	—	—	—	—	—	—	-100	1,179	-1,005
계속영업당기순이익(손실)As filed	—	195	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	5	162	—	—	—	—	—	—	—	—	—
보험수리적손익As filed	5	1	—	—	—	—	—	—	—	—	—
중단영업손익As filed	—	212	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되는 세후기타포괄손익As filed	29	5	—	—	—	—	—	—	—	—	—
매도가능증권평가손익As filed	29	5	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-1	-6	-25	151	—	—	—	—	—
유형자산재평가손익As filed	—	160	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	-0	—	—	—	—	—	—	—	123	1,146	533
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	-355	533	—	—	—	—	—	—	—	—	—
포괄손익, 비지배지분As filed	-244	40	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-1	-6	-25	-11	—	—	—	—	—
자산재평가손익(세후기타포괄손익)As filed	—	—	—	—	0	162	—	—	—	—	—
기타포괄손익-공정가치 측정 지분상품 평가손익As filed	—	—	—	—	—	—	—	-101	134	1	—
공정가치 측정 지분상품 평가손익As filed	—	—	—	—	—	—	-200	—	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	116	-157	-14	-174	—	—	—	—	—
순확정급여채무의 재측정요소As filed	—	—	—	—	—	—	—	68	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	—	—	—	—	—	—	—	—	123	1,146	533
매도가능금융자산평가손익As filed	—	—	117	-168	—	—	—	—	—	—	—
순확정급여부채의 재측정요소As filed	—	—	—	—	—	—	4	—	-31	-31	38
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-1	11	-37	-174	224	7	—	—	—
유형자산 재평가이익As filed	—	—	—	—	—	—	114	1	—	—	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	—	—	22	0	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	—	223	438	56
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	537	250	429	405	765	416	—	—	—
총 포괄손익, 비지배지분As filed	—	—	—	—	0	0	9	49	—	—	—
유형자산재평가이익As filed	—	—	—	—	—	—	—	—	0	0	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	—	—	—	—	—	—	-1
판매비와관리비As filed	—	—	—	—	—	—	—	—	576	759	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-633	406	422	413	468	427	632	490	-451	288	-1,672
Total adjustments to operating cash flowcomputed	981	323	190	447	14	67	-333	-201	-446	582	1,561
	349	729	612	860	482	495*	299	289	-898	870	-111
Interest receivedKRW 100M	Not applicable	Not applicable	4	24	19	31*	11	25	82	204	85
Interest paidKRW 100M	Not applicable	Not applicable	4	4	15	0*	8	19	160	160	68
Income taxes paidKRW 100M	Not applicable	Not applicable	5	26	140	94*	51	161	131	86	169
	755	-503	-2,195	-619	-469	-2,140*	-4,575	-6,852	4,722	967	-3,744
Purchase of property, plant and equipmentKRW 100M	127	313	177	1,190	1,320	1,166*	2,087	2,878	2,189	961	630
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	0	0	169	0*	9	1	27	92	0
Purchase of intangible assetsKRW 100M	7	2	2	4	19	23*	20	35	58	145	105
	-1,049	-235	1,802	-181	2,833	-106*	5,258	6,118	-294	-3,448	477
Dividends paidKRW 100M	—	—	21	299	—	23*	92	138	138	92	0
Issue of sharesKRW 100M	0	—	1,998	33	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	224	279	265	462*	531	3,330*	1,367	2,346	2,006	5,520	4,186
	279	265	462	531*	3,330	1,367*	2,346	2,006	5,520	4,186	1,051
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	-22	9*	-47	-175	Not applicable	Not applicable	-17*	278	242
Net change in cash and cash equivalentsKRW 100M	55	-9*	197	69	2,799	-1,926*	982	-445	Not applicable	Not applicable	Not applicable

당기순이익(손실)As filed	-633	406	422	413	614	—	—	—	—	—	-1,672
연결자본거래로 인한 현금유출As filed	0	2	157	—	—	—	12	0	0	2,419	2
영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	556	345	440	-692	—	42
당기순이익조정을 위한 가감As filed	841	136	305	385	—	—	—	—	—	—	—
재무활동으로부터의 현금유입액As filed	—	—	—	—	—	—	—	—	—	2,266	2,675
배당금수취(영업)As filed	—	—	1	6	4	3	2	4	—	—	—
운전자본의 변동As filed	120	274	-111	62	—	—	—	—	—	—	—
전환사채 발행As filed	—	—	—	—	—	—	—	—	0	—	—
종속기업의 유상증자As filed	—	—	—	—	—	—	—	6,080	1	0	0
단기금융상품의 감소As filed	—	—	—	—	—	1,300	299	469	1,471	700	1,204
단기차입금의 차입As filed	—	—	—	—	—	66	5	596	3,059	1,253	2,125
정부보조금의 감소As filed	0	—	—	—	—	—	—	—	7	3	0
단기금융상품의 처분As filed	—	—	—	—	270	—	—	—	—	—	—
정부보조금의 증가As filed	—	—	—	—	—	—	—	6	6	4	0
단기대여금의 감소As filed	0	52	12	1	1	—	1	1	1	2	3
단기보증금의 감소As filed	—	—	—	—	14	1	3	4	10	1	0
장기금융기관예치금의 감소As filed	—	—	—	—	—	0	0	0	0	0	23
전환사채의 상환As filed	—	—	—	—	—	—	—	—	1,500	0	0
단기금융상품감소As filed	—	21	5	1,544	—	—	—	—	—	—	—
당기손익-공정가치금융자산의 감소As filed	—	—	—	2,380	3,178	—	—	—	—	—	—
장기차입금의 차입As filed	—	—	—	—	—	—	—	—	74	1,009	550
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	3,140	—	—
금융기관예치금의 회수As filed	11	—	3	—	—	—	—	—	—	—	—
기타유동금융자산의 감소As filed	—	—	—	—	—	1,550	3,748	6,142	8,162	1,132	0
기타포괄손익-공정가치금융자산의 감소As filed	—	—	—	—	0	—	—	—	—	—	—
기타포괄손익-공정가치금융자산의 처분As filed	—	—	—	2	—	—	—	—	—	—	—
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	3,434	5,714	2,198
유동성장기부채의 상환As filed	—	—	5	3	15	18	3	3	3	2	2
장기보증금의 감소As filed	—	—	—	—	—	19	6	11	2	14	0
기타As filed	—	—	—	—	—	—	-54	—	0	—	—
파생상품금융자산의 감소As filed	—	—	—	3	—	—	—	—	—	—	—
무형자산의 처분As filed	3	—	6	—	0	4	0	21	22	2	0
장기대여금의 감소As filed	0	0	0	0	0	—	0	0	7	0	0
리스부채의 상환As filed	—	—	—	—	25	34	76	84	108	93	78
기타비유동금융자산의 감소As filed	—	—	—	—	—	7	0	0	454	12	0
유동성신주인수권부사채의 상환As filed	—	—	—	—	—	—	—	—	—	522	0
관계기업투자의 처분As filed	—	—	—	—	—	—	—	526	413	0	0
장기차입금의 상환As filed	197	—	—	—	—	22	0	0	—	—	1
영업활동으로 발생한 현금As filed	21	-87	—	—	—	—	—	—	—	—	—
이자수익 수취As filed	2	4	—	—	—	—	—	—	—	—	—
정부보조금의 수령As filed	2	1	3	—	—	100	0	—	165	763	0
배당수익 수취As filed	3	1	—	—	—	—	—	—	—	—	—
이자비용 지급As filed	-32	-3	—	—	—	—	—	—	—	—	—
금융기관예치금의 증가As filed	5	—	420	—	—	—	—	—	—	—	—
단기금융상품의 증가As filed	—	—	—	—	—	1,441	281	703	1,350	500	3,090
법인세 납부As filed	48	-90	—	—	—	—	—	—	—	—	—
선물거래예치금의 감소As filed	—	—	—	—	8	—	—	—	—	—	—
보험금의수령As filed	867	—	—	—	—	—	—	—	—	—	—
연결범위 변동으로 인한 현금유입As filed	—	—	—	2	—	—	—	—	—	—	—
단기금융상품의 취득As filed	—	—	—	1,341	50	—	—	—	—	—	—
단기차입금의 상환As filed	2,077	876	1,060	—	1,177	73	3	288	1,678	2,583	2,116
만기보유금융자산의 취득As filed	—	—	1,600	1,955	—	—	—	—	—	—	—
단기대여금의 증가As filed	6	60	7	1	5	0	1	2	2	2	605
매도가능금융자산 처분As filed	7	8	—	—	—	—	—	—	—	—	—
장기금융기관예치금의 증가As filed	—	—	1	—	—	—	—	—	706	48	29
단기보증금의 증가As filed	—	—	—	—	—	0	1	21	1	1	0
매도가능금융자산 취득As filed	4	163	17	11	—	—	—	—	—	—	—
선물거래예치금의 증가As filed	—	—	—	2	21	—	—	—	—	—	—
기타유동금융자산의 증가As filed	—	—	—	—	—	2,281	5,902	9,843	1,924	84	600
투자부동산의 처분As filed	18	4	—	—	—	—	—	—	—	—	—
장기대여금의 증가As filed	5	—	—	—	53	—	0	0	1	0	0
투자활동으로 인한 현급유입액As filed	—	—	—	—	—	—	—	—	—	2,717	1,320
장기보증금의 증가As filed	—	—	—	—	—	8	11	17	14	6	0
보증금의 감소As filed	—	—	—	—	—	—	—	—	—	—	27
기타비유동금융자산의 증가As filed	—	—	—	—	—	0	139	27	72	0	0
기타유동자산의 취득As filed	—	—	—	40	—	—	—	—	—	—	—
단기차입금의 증가As filed	1,036	652	1,032	799	1,051	—	—	—	—	—	—
용지의 처분As filed	—	—	—	—	—	—	—	—	306	0	0
종속기업의 취득As filed	—	—	—	—	—	—	-0	—	0	—	—
장기차입금의 증가As filed	190	—	51	30	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	—	—	—	200	500	—	—	—
단기금융상품증가As filed	—	23	—	—	—	—	—	—	—	—	—
관계기업 및 공동기업투자주식의 취득As filed	—	—	—	—	—	200	—	—	—	—	—
기타포괄손익-공정가치금융자산의 증가As filed	—	—	—	—	26	—	—	—	—	—	—
보증금의 증가As filed	—	—	—	6	10	—	—	—	—	—	5
장기차입금의 감소As filed	—	—	34	741	—	—	—	—	—	—	—
매각예정자산의 감소As filed	—	—	—	—	—	—	—	—	—	—	64
연결범위변동으로 인한 현금유출As filed	—	30	—	—	—	—	—	—	—	—	—
당기손익-공정가치금융자산의 증가As filed	—	—	—	—	2,605	—	—	—	—	—	—
신주인수권부사채의 발행As filed	—	—	—	—	500	—	4,000	—	—	—	—
정부보조금의 상환As filed	—	—	3	—	—	2	8	0	—	—	—
신종자본증권의 발행As filed	—	—	—	—	2,500	—	1,500	—	—	—	—
전환사채의 발행As filed	—	—	—	—	—	—	—	0	—	—	—
사업결합 등As filed	0	—	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	6,319	1,751	5,064
유동성장기차입금의 상환As filed	—	4	—	—	—	—	—	—	—	—	—
국고보조금의 감소As filed	—	4	—	—	—	—	—	—	—	—	—
현금및현금성자산의 환율변동으로 인한 효과As filed	-0	-5	—	—	—	—	—	—	—	—	—
투자활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	11,041	—	—
기타유입(유출)As filed	—	—	—	—	—	—	—	-50	—	—	—
현금및현금성자산의 환율변동As filed	—	—	—	—	—	—	-3	105	—	—	—
관계기업투자자산의 취득As filed	—	—	—	—	—	—	—	—	0	—	—
배당금의 수취As filed	—	—	—	—	—	—	—	—	3	0	0
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	—	—	—	912	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	—	—	706
현금및현금성자산의 증가(감소)As filed	—	—	—	—	—	—	—	—	3,530	-1,612	—
조정As filed	—	—	—	—	—	—	—	—	—	—	1,008
현금및현금성자산의 감소As filed	—	—	—	—	—	—	—	—	—	—	-3,377

In the latest fiscal year operations and investing consumed cash raised through financing activities.

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 39	안진회계법인	2025-12-31
2024	적정의견Term 38	안진회계법인	2025-12-31
2023	적정의견Term 37	안진회계법인	2025-12-31
2022	적정Term 36	삼일회계법인	2022-12-31
2021	적정Term 35	삼일회계법인	2022-12-31
2020	적정Term 34	삼일회계법인	2022-12-31
2019	공정(적정)Term 33	대주회계법인	2019-12-31
2018	공정(적정)Term 32	대주회계법인	2019-12-31
2017	공정(적정)Term 31	대주회계법인	2019-12-31
2016	공정(적정)	삼일회계법인	2016-12-31
2015	공정(적정)Term 29	삼일회계법인	2016-12-31
2014	공정(적정)Term 28	삼일회계법인	2016-12-31

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

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

Valuation

Valuation multiplesx

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

Dividend historyKRW

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

Payout ratio and dividend yield%

PER bandKRW

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

Valuation models

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

Assumptions

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

BetaDaily 5Y0.95

Equity risk premium%

Terminal growth%

Cost of equity9.14%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW55,200

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

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-24,113	-143.7%

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% + 0.95 × 5.00% = 9.14%

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(-9.51% × (1 − 0.00%), 0) = 0.00%

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

Residual income model RIM

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

B_0 = 31,623 KRW, ROE = -9.51%, payout ratio = 0.00%, r = 9.14%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	31,623	-3,009	2,889	-5,898	0.9163	-5,404
2	28,615	-2,722	2,614	-5,337	0.8396	-4,480
3	25,892	-2,463	2,365	-4,829	0.7693	-3,715
4	23,429	-2,229	2,140	-4,369	0.7049	-3,080
5	21,200	-2,017	1,937	-3,954	0.6459	-2,554
Terminal value				-56,515	0.6459	-36,503

P_0 = 31,623 + -19,233 + -36,503 = -24,113 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