034730KOSPI

SK

555,000

-25,000 (-4.31%)

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

SK is a holding company of the SK Group, established on April 13, 1991, and headquartered in Seoul. The company is listed on the KOSPI market.

The company operates an investment segment and a business segment. The investment segment manages a portfolio of subsidiaries in energy, chemicals, and information technology, earning revenue through dividends and brand royalties. The business segment provides comprehensive IT services, including consulting, system integration, and outsourcing to domestic and international customers across various industries.

Business overview as filed

SK주식회사는 지속적인 사업 포트폴리오 혁신과 미래 성장동력을 발굴, 육성하는 '투자부문'(舊, 지주부문)과 Digital 기술을 기반으로 종합 IT 서비스 사업 등을 영위하는 '사업부문'으로 구분되어 있습니다. 2025년 별도 재무제표 기준 영업수익은 3조 6,123억원이며, 투자부문의 영업수익은 8,656억원(24.0%), 사업부문의 영업수익은 2조 7,467억원(76.0%)입니다.

[투자부문]

SK주식회사는 투자 포트폴리오 혁신을 통해 '지속 가능한 미래를 만드는 회사'를 지향하고 있습니다. 당사는 SK그룹의 지주회사로서 종속회사들의 사업 경쟁력 향상을 지속적으로 지원할 뿐 아니라, 변화하는 경영환경에 발맞추어 미래 핵심성장사업에 대한 투자를 수행하는 투자 사업의 주체로서 역할을 하고 있습니다. 이는 지분 소유를 강조하던 기존의 Holding company 역할에서 나아가, 종속회사 및 투자 포트폴리오의 혁신과 성장을 주도하는 회사로 변화하는데 의의가 있습니다.SK주식회사는 에너지·화학, 정보통신·소재, 물류·서비스 등 다양한 사업 분야에서 글로벌 경쟁력을 갖춘 종속회사들을 보유하고 있으며, 투자부문의 영업수익은 종속회사 및 기타 투자회사로부터 수취하는 배당수익, 브랜드 사용수익에 기반하고 있습니다. 이러한 기존 사업영역에서의 안정적인 수익 기반 위에, 당사는 첨단소재, 바이오, AI/디지털, 그린 사업 등을 적극 육성해 갈 예정입니다. 이를 통해 미래 성장동력의 발굴과 내실 있는 경영을 동시에 달성하고, 궁극적으로는 고객·구성원·주주 가치 창출에 기여하고자 합니다.당사는 SK그룹의 핵심 사업인 반도체와 배터리 분야에서 선도적인 위치를 공고히 하기 위한 첨단소재·기술에 투자하고 있습니다. 반도체 분야에서는 기존 D램 중심의 반도체 사업군을 다양화하여 고부가가치 라인업을 지속 확장하고, 배터리 분야에서는 전기차 시대에 발맞추어 동박 등 차세대 유망소재 개발에 투자하여 이를 내재화 하는 노력을 기울이고 있습니다. 바이오 분야에서는 의약품 위탁생산(CDMO)과 혁신신약 개발 사업을 양대축으로 혁신기술 확보를 위한 투자를 지속하고 있습니다. 의약품 위탁생산 사업은 합성 의약품에서 고성장 바이오 및 완제 의약품까지 역량을 확장하고 있으며, 혁신신약 투자를 통해 신약탐색 속도와 방법의 혁신을 이루어 가고 있습니다. 그린 분야에서는 그룹이 보유한 최고수준의 에너지 밸류체인 인프라를 활용하여, 그린에너지 및 친환경 솔루션 비즈니스 확장에 앞장서고자 합니다. 특히, 탄소 저감과 친환경 에너지 전환에 기여하고, 신재생에너지 솔루션과 리사이클링 분야 투자를 통해 그린에너지 생태계 구축을 목표로 하고 있습니다. AI/디지털 분야에서는 AI와 DT를 기반으로 사회의 디지털 혁신을 선도해 나가고자 합니다. 이를 위해 Cloud 및 Data 기반의 디지털 인프라 구축에 투자 역량을 집중하고 있습니다.

[사업부문]

SK주식회사는 국내 Top-Tier IT 서비스 회사로서 국내·외 고객에게 IT컨설팅, 시스템 구축, 아웃소싱 등의 서비스를 제공하고 있으며, Cloud, AI 등 Digital 신기술을 적용하는 AI/Digital Transformation 사업을 수행하고 있습니다. 이를 통해 에너지/화학, 반도체, 통신/미디어, 유통, 금융, 공공 등 다양한 산업에서 고객의 비즈니스 가치를 극대화하기 위해 노력 중이며, 미국, 유럽, 중국, 일본 법인을 통하여 Global 사업 확장을 위한 노력도 병행하고 있습니다. 또한 고객의 비즈니스를 이해하고 Pain Point를 해결할 수 있는 Biz. Consultancy 역량을 강화하고 있으며, 고객 접점에서 One-stop 서비스를 제공할 수 있는 전담 조직 체계를 갖추었습니다.

아울러, 당사는 ‘AI Default’ 기업으로의 전환을 가속화하며 IT서비스 산업의 혁신을 선도하고 있습니다. IT서비스 全 공정에 AI SW Engineering 방법론을 적용하고, 전사 Staff 업무에 Agentic AI를 도입하는 등 AI를 기반으로 한 새로운 변화를 통해 실질적인 성과를 창출하고 있습니다.

이와 함께 IT서비스 사업의 본원적 경쟁력인 Delivery 역량도 지속적으로 강화하고 있습니다. 경제적 불확실성의 확대로 어느때보다 높아진 고객의 IT 비용절감 니즈를 충족시키기 위해 Offshoring 확대, AI기반 개발·운영 자동화 등으로 원가 경쟁력을 지속 제고하고 있습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

* '주요 종속회사' 판단 기준은 공시서류작성기준일 현재 아래의 어느 하나에 해당하는 경우 해당

(1) 최근사업연도말 자산총액이 지배회사 자산총액의 10% 이상인 종속회사

(2) 최근사업연도말 자산총액이 750억원 이상인 종속회사** 해외법인의 경우 비상장으로 분류*** 기초는 2025년 1월 1일 기준이며, 기말은 2025년 12월 31일 기준임

(2) 연결대상회사의 변동내용

(3) 국내 상장 종속회사 수

연결실체 내의 당사를 포함한 상장회사는 아래와 같습니다.

1) SK㈜, SK이노베이션㈜, SK텔레콤㈜, SK스퀘어㈜, SK네트웍스㈜, SKC㈜, SK바이오팜㈜, SK아이이테크놀로지㈜, SK오션플랜트㈜ (舊, 삼강M&T㈜) 이상 9개사는 유가증권시장에 상장되어 있으며, 인크로스㈜, ㈜아이에스시, ㈜유일로보틱스 이상 3개사는 코스닥 시장, SK시그넷㈜ (舊, ㈜시그넷이브이), ㈜탑선 이상 2개사는 코넥스 시장에 상장되어 있음

나. 회사의 법적ㆍ상업적 명칭

: 에스케이주식회사 (영문명 : SK Inc.)※ 당사는 2015년 8월 3일 (합병 등기일) (舊) SK 주식회사를 흡수합병하였으며, 사명을 SK 주식회사로 변경하였습니다. 이후, 2021년 3월 29일 정기주주총회 결의를 통해 영문 사명을 SK Holdings Co., Ltd에서 SK Inc.로 변경하였습니다.

다. 설립일자

: 1991년 4월 13일

라. 본사의 주소, 전화번호, 홈페이지 주소

(1) 주소 : 서울특별시 종로구 종로 26(2) 전화번호 : 02-2121-5114(3) 홈페이지 : https://www.sk-inc.com/

마. 중소기업 등 해당 여부

당사는「중소기업기본법」제2조에 의한 중소기업에 해당되지 않습니다.

바. 주요 사업의 내용

(1) 당사 사업의 내용SK 주식회사는 지속적인 사업 포트폴리오 혁신과 미래 성장동력을 발굴 및 육성하는'투자부문'(舊, 지주부문)과 Digital 기술을 기반으로 종합 IT 서비스 사업 등을 영위하는 '사업부문'으로 구분되어 있습니다. 투자부문의 영업수익은 종속회사와 기타 투자사로부터 수취하는 배당수익 및 브랜드 사용수익 등으로 구성되어 있으며, 2025년 현재 별도 재무제표 기준 총 영업수익은 3조 6,123억원이며, 이 중 투자부문의 영업수익은 8,656억원(24.0%)입니다. 사업부문의 영업수익은 Digital기술을 활용한 국/내외 IT서비스 재화/용역 공급 등에 기반하며, 별도 재무제표 기준 사업부문의 영업수익은 2조 7,467억원(76.0%) 입니다. 당사는 SK그룹의 지주회사로서, 2025년 현재 당사의 연결대상 종속회사는 SK이노베이션, SK텔레콤, SK스퀘어, SK네트웍스 등 총 577개사입니다. 기타 상세한 내용은 동 보고서의 'Ⅱ. 사업의 내용'을 참조하여 주시기 바랍니다.(2) 회사가 영위하는 목적사업(정관)

(3) 주요 자회사가 영위하는 주요 목적사업

* 상세한 내용은 동 보고서 'Ⅱ. 사업의 내용'을 참조하여 주시기 바랍니다.

사. 신용평가에 관한 사항

[국내 신용등급 체계 및 등급정의]

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.18), tables and figures omitted.

The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

6.18%

[4.33%, 8.74%] · 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 45.4% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.00

Beta [0.92, 1.09] · KOSPI200 · As of 2026-10-08

Intercept: +0.080%[-0.241%, +0.401%]
R squared: 0.64
Observations: 252
Trading-time corrected beta: 1.12[0.92, 1.31]

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	395,698	836,175	932,964	1,015,020	992,646	818,201	983,250	1,345,516	1,312,379	1,246,904	1,227,033	1,402,074
Revenue growth%	—	111.32	11.58	8.80	-2.20	-17.57	20.17	36.84	-2.46	-4.99	-1.59	—
Operating incomeKRW 100M	14,033	52,982	58,610	46,881	39,499	-1,645	49,355	80,047	50,564	23,553	18,185	97,335
Operating income growth%	—	277.56	10.62	-20.01	-15.75	-104.16	—	62.19	-36.83	-53.42	-22.79	—
Net incomeKRW 100M	—	—	50,665	61,511	16,072	-1,084	57,184	39,662	-4,064	5,288	35,552	280,025
Net income growth%	—	—	—	21.41	-73.87	-106.75	—	-30.64	-110.25	—	572.31	—
Attributable to ownersKRW 100M	—	—	—	—	—	—	—	—	-7,768	-12,927	15,975	80,458
Attributable to minoritiesKRW 100M	—	—	—	—	—	—	—	—	3,704	18,215	19,577	199,567
Operating margin%	3.55	6.34	6.28	4.62	3.98	-0.20	5.02	5.95	3.85	1.89	1.48	6.94
Net margin%	—	—	5.43	6.06	1.62	-0.13	5.82	2.95	-0.31	0.42	2.90	19.97
ROE%	—	—	—	—	—	—	—	—	-3.75	-5.15	6.34	21.63
ROA%	—	—	4.62	5.15	1.22	-0.08	3.46	2.04	-0.20	0.25	1.67	11.44
Debt ratio%	141.12	143.46	139.92	134.75	153.00	165.40	152.24	170.87	165.76	167.76	149.17	107.92
Current ratio%	114.84	113.00	112.21	123.73	112.56	102.26	109.38	103.08	99.21	94.31	106.78	111.12
Quick ratio%	93.06	92.04	86.14	93.76	86.86	85.65	85.63	78.41	76.24	75.24	86.46	86.27
Reserve ratio%	—	—	—	—	—	—	—	—	—	—	143,154.49	204,387.78
Free cash flowKRW 100M	23,512	41,753	19,582	15,809	1,539	4,559	-26,245	-63,223	-75,613	-75,632	-34,876	—
FCF margin%	5.94	4.99	2.10	1.56	0.15	0.56	-2.67	-4.70	-5.76	-6.07	-2.84	—
OCF conversion%	—	—	136.78	127.72	496.43	—	107.11	193.58	—	1,533.69	171.54	—
Capex to revenue%	5.65	5.90	5.33	6.18	7.88	11.29	8.90	10.40	14.41	12.57	7.81	—
Receivable daysdays	—	44.9	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	28.9	31.4	34.1	36.7	36.6	35.3	40.1	47.1	45.9	44.0	—
EPSKRW	107,921	13,676	30,007	40,310	12,917	3,544	37,408	19,547	-13,941	-23,455	29,000	110,973
PERx	—	16.78	9.43	6.45	20.28	67.86	6.71	9.67	—	—	8.84	7.52
BPSKRW	—	186,360	194,145	236,320	237,148	247,797	286,562	291,244	283,158	346,395	347,397	513,015
PBRx	—	1.23	1.46	1.10	1.10	0.97	0.88	0.65	0.63	0.38	0.74	1.63
Dividend per shareKRW	—	3,700	4,000	5,000	5,000	7,000	8,000	5,000	1,500	5,000	7,000	—
Payout ratio%	—	27.05	13.33	12.40	38.71	197.52	21.39	25.58	—	—	24.14	—

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
	966,338	1,030,473	1,097,769*	1,194,570	1,320,207*	1,376,384*	1,653,809*	1,945,059	2,069,703	2,149,778	2,135,197
	297,651	324,500	351,989*	371,284	400,291*	380,523	491,932	649,936	648,346	674,629*	716,766
Cash and cash equivalentsKRW 100M	69,952	70,870	71,458	67,830	79,818	100,969	123,176	213,939	226,837	246,470	252,141
Short-term financial instrumentsKRW 100M	—	—	—	42,181	36,943	44,838	61,248	37,273	29,420	27,918	34,490
InventoriesKRW 100M	56,433	60,189	81,779*	89,927	91,384	61,795	106,807	155,523	150,066	136,385	136,405
Trade and other receivablesKRW 100M	101,779	103,985	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	668,687	705,973	745,780*	823,286	919,915*	995,861*	1,161,877*	1,295,123	1,421,356	1,475,149*	1,418,431
Property, plant and equipmentKRW 100M	394,453	410,325	412,864*	397,159	428,464*	459,106*	514,062*	599,219	734,944	803,637	697,883
Intangible assetsKRW 100M	97,224	111,972	114,516*	138,112*	34,516*	33,065	33,592*	38,565*	117,414	104,425	85,589
Investments in associatesKRW 100M	—	—	—	192,183	218,947	208,091*	260,504	274,570	265,375	311,084*	377,858
	565,566	607,206	640,205*	685,691	798,380*	857,785*	998,157	1,226,971	1,290,912	1,346,902	1,278,283
	259,193	287,166	313,680*	300,078	355,631*	372,127	449,749	630,532	653,533	715,328	671,253
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	27,267	26,141	29,990	34,263	58,884	62,014	76,574	174,573	173,884	200,026	117,142
Current portion of long-term borrowingsKRW 100M	54,934	56,296	—	50,249	60,297	62,168	78,281	113,731	—	147,889	149,406
	306,372	320,040	326,525*	385,613	442,749*	485,658*	548,409	596,439	637,379	631,574	607,030
Long-term borrowingsKRW 100M	—	—	—	288,905	323,742	368,435	426,201	456,417	485,702	480,731	455,460
	400,773	423,267	457,564	508,879	521,826*	518,599	655,651*	718,088	778,791	802,875	856,913
	125,665	131,124	136,601	166,275	166,858*	174,350	212,483*	215,955	207,267	251,146	251,872
Issued capitalKRW 100M	154	154	154	154	154	154	161	161	161	161	161
Capital surplusKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	100,980
Retained earningsKRW 100M	78,017	83,681	98,376	122,173	125,586*	124,967	140,656*	149,186	136,681	118,819	130,114
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	176	19,670	20,616
Other equityKRW 100M	-245	-123	-3,054	-2,371	376	-3,272	7,213	2,589*	70,249	112,496	—
Non-controlling interestsKRW 100M	275,107	292,144	320,963	342,604	354,969*	344,249	443,168*	502,132	571,523	551,729	605,041

미수금As filed	16,547	18,289	—	19,323	19,125	16,319	24,196	35,598	30,603	31,145	25,609
매출채권As filed	—	—	115,385	108,441	103,773	88,714	113,874	143,345	138,794	134,544	131,334
단기미수금As filed	—	—	19,917	—	—	—	—	—	—	—	—
매도가능금융자산As filed	1,533	1,794	—	—	0	—	—	—	—	—	—
유동매도가능금융자산As filed	—	—	1,886	—	—	—	—	—	—	—	—
기타의유동자산As filed	50,907	63,013	—	38,730	44,316	46,737	48,796	55,897	57,287	66,797	56,768
단기투자증권As filed	—	—	—	1,977	1,851	1,507	3,534	2,406	1,868	131	559
기타유동자산As filed	—	—	56,322	—	—	—	—	—	—	—	—
매각예정자산As filed	499	6,361	5,241	2,873	23,082	19,643	10,302	5,955	13,471	31,239	79,460
장기매출채권As filed	453	242	129	114	1,302	2,748	3,917	5,177	—	6,017	6,840
장기미수금As filed	1,172	2,056	3,212	3,132	3,546	3,411	3,189	3,810	8,099	2,847	6,699
관계기업및공동기업투자As filed	111,578	115,599	146,295	—	—	—	—	—	—	—	—
장기금융상품As filed	—	—	—	125	76	137	481	1,125	564	518	1,519
비유동매도가능금융자산As filed	—	—	15,960	—	—	—	—	—	—	—	—
장기투자증권As filed	—	—	—	22,174	28,104	43,560	95,462	79,505	75,441	67,233	75,570
영업권As filed	271	5,752	8,992	23,795	25,985	47,555	56,185	74,756	68,459	54,623	33,490
투자부동산As filed	7,978	7,278	6,228	5,040	4,878	5,706	9,671	18,661	30,939	9,943	10,603
이연법인세자산As filed	6,292	7,116	7,345	6,947	7,985	11,653	7,650	11,668	17,491	24,180	35,147
사용권자산As filed	—	—	—	—	45,435	61,785	50,343	54,374	51,769	49,383	43,453
무형자산As filed	—	—	—	—	120,678	119,044	126,819	127,090	—	—	—
기타비유동자산As filed	—	—	30,238	—	—	—	—	—	—	—	—
기타의비유동자산As filed	30,201	30,363	—	34,504	—	—	—	—	40,220	37,861	39,258
확정급여자산As filed	—	—	—	—	—	—	—	6,603	5,186	3,396	4,521
단기매입채무As filed	—	—	95,886	—	—	—	—	—	—	—	—
매입채무As filed	74,309	88,973	—	90,285	88,099	60,616	95,195	140,249	129,494	127,529	130,833
미지급금As filed	23,921	32,418	—	34,684	39,612	57,272	70,499	72,046	97,314	104,231	82,628
단기미지급금As filed	—	—	36,106	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	2,468	—	—	—	—	—	—	—	—
충당부채As filed	3,050	4,208	—	3,522	5,841	6,350	5,300	6,402	5,790	5,982	10,963
유동성장기부채As filed	—	—	65,481	—	—	—	—	—	130,193	—	—
기타의유동부채As filed	75,696	78,501	—	86,038	100,324	120,755	119,918	122,854	113,817	119,804	120,284
기타유동부채As filed	—	—	82,310	—	—	—	—	—	—	—	—
매각예정부채As filed	17	630	1,439	1,037	2,575	2,953	3,981	678	3,041	9,868	59,997
사채및장기차입금As filed	234,963	231,335	233,595	—	—	—	—	—	—	—	—
장기미지급금As filed	30,346	46,018	37,404	20,114	15,650	11,688	18,543	15,132	13,422	9,584	4,948
자본과부채총계As filed	966,338	1,030,473	1,097,769	1,194,570	1,320,207	1,376,384	1,653,809	1,945,059	2,069,703	—	—
확정급여채무As filed	—	2,294	—	—	—	—	—	—	—	—	—
부채와자본총계As filed	—	—	—	—	—	—	—	—	—	2,149,778	2,135,197
이연법인세부채As filed	29,605	30,985	39,883	54,911	54,936	45,427	38,074	44,356	41,444	40,808	47,668
기타의비유동부채As filed	7,447	8,365	11,395	14,711	42,144	52,707	55,685	70,161	83,984	86,501	83,758
기타불입자본As filed	47,740	47,411	41,125	46,320	40,742	52,501	64,453	64,019	—	—	—
확정급여부채As filed	2,657	—	2,578	4,202	4,147	4,370	2,839	1,704	561	872	411
장기매입채무As filed	—	—	—	—	24	7	0	0	—	—	—
비유동충당부채As filed	—	—	1,670	—	—	—	—	—	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	395,698*	836,175*	932,964*	1,015,020*	992,646*	818,201*	983,250*	1,345,516*	1,312,379*	1,246,904*	1,227,033
Cost of salesKRW 100M	354,954*	737,697*	823,997*	918,512*	902,062*	764,771*	872,588*	1,194,526*	1,184,449*	1,139,989*	1,131,154
Gross profitKRW 100M	40,743*	98,478*	108,967*	96,508*	90,584*	53,430*	110,662*	150,990*	127,930*	106,915*	95,879
SG&A expensesKRW 100M	26,711*	45,496*	50,357*	49,627*	51,085*	55,075*	61,306*	70,943*	83,536*	86,286*	84,881
	14,033*	52,982*	58,610*	46,881*	39,499*	-1,645*	49,355*	80,047*	50,564*	23,553*	18,185
Finance incomeKRW 100M	17,423*	25,622*	30,428*	39,242*	34,192*	49,141*	35,835*	91,717*	71,006*	68,131*	73,932
Finance costsKRW 100M	20,213*	33,786*	34,752*	45,547*	47,944*	57,903*	50,352*	120,842*	95,804*	101,775*	101,991
Other incomeKRW 100M	56,284*	6,536	Not applicable	7,601*	8,771*	18,284*	25,496*	21,366*	11,945*	15,942*	38,644
Other expensesKRW 100M	11,787*	14,789	Not applicable	9,548*	12,711*	16,152*	19,310*	14,043*	20,897*	33,005*	90,778
Share of profit of associatesKRW 100M	6,649	7,193	24,878	36,655	5,960	7,997	19,244	842	—	—	—
	62,388*	43,758*	74,422*	75,284*	27,766*	-278*	60,268*	59,087*	-6,782*	10,966*	26,370
Income tax expenseKRW 100M	5,801*	-13,540*	22,608*	19,246*	10,756*	2,604*	6,283*	23,740*	6,191*	7,478*	2,812
Profit from continuing operationsKRW 100M	—	—	51,814*	56,038*	17,009*	-2,882*	53,985*	35,347*	-12,973*	3,488*	23,558
Profit or loss from discontinued operationsKRW 100M	—	—	-1,149*	5,473*	-937*	1,798*	3,199*	4,314*	8,909*	1,800*	11,994
	Not applicable	Not applicable	50,665	61,511	16,072*	-1,084	57,184*	39,662	-4,064	5,288	35,552
Attributable to ownersKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-7,768	-12,927	15,975
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	3,704	18,215	19,577
Basic earnings per shareKRW	107,921	13,676	30,007	40,310	12,917*	3,544	37,408*	19,547*	-13,941	-23,455	29,000
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	37,332*	19,506*	-13,958	-23,525	28,982
	54,535	28,673	44,661	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-6,090	54,791	44,609
Other comprehensive incomeKRW 100M	-958	448	-6,004	-1,208	2,805	-3,774	29,847	-5,899	-2,026	49,503	9,057

비지배지분As filed	—	21,008	—	37,302	9,605	-3,241	56,847	28,675	5,044	49,463	28,529
지배기업소유주지분As filed	—	7,665	—	23,001	9,273	-1,618	30,184	10,987	-11,134	5,328	16,080
기타영업외수익As filed	—	—	6,229	—	—	—	—	—	—	—	—
기타영업외비용As filed	—	—	10,972	—	—	—	—	—	—	—	—
계속영업연결당기순이익As filed	56,587	30,218	—	—	—	—	—	—	—	—	—
우선주기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	-0	-0	0
중단영업손실As filed	1,095	-1,993	—	—	—	—	—	—	—	—	—
연결당기순이익As filed	55,493	28,225	—	—	—	—	—	—	—	—	—
우선주기본주당계속영업이익As filed	—	—	—	—	—	—	—	—	—	-0	—
우선주기본주당계속영업이익(손실)As filed	—	—	—	—	—	—	—	—	-0	—	0
지배기업소유주지분순이익(손실)As filed	—	7,656	—	—	—	—	19,702	—	—	—	—
비지배지분순이익As filed	2,033	20,569	33,891	38,980	8,900	-2,978	—	—	—	—	—
당기손익으로 재분류 되지 않는 항목As filed	—	-211	—	—	—	—	—	—	—	—	—
지배기업소유주지분순이익As filed	53,460	—	16,774	22,531	7,173	1,894	—	—	—	—	—
보통주기본주당계속영업이익(손실)As filed	—	—	—	—	—	—	0	0	-0	-0	0
확정급여제도의 재측정요소As filed	-86	-211	—	-1,370	-1,390	-143	152	2,587	-1,968	—	74
후속기간에 당기손익으로 재분류되는 항목As filed	—	660	—	—	—	—	—	—	—	—	—
매도가능금융자산평가손익As filed	-926	347	—	—	0	—	—	—	—	—	—
보통주희석주당계속영업이익(손실)As filed	—	—	—	—	—	—	0	0	-0	-0	0
비지배지분순이익(손실)As filed	—	—	—	—	—	—	37,482	—	—	—	—
지분법자본변동As filed	-17	-110	-2,814	513	1,265	-2,465	4,499	2,387	896	8,532	857
파생상품평가손익As filed	124	-372	-109	351	151	78	1,529	1,490	-706	156	-0
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	267	-2,893	-2,120	7,071	9,841	-18,178	-8,048	-6,596	13,809
해외사업환산손익As filed	-62	739	-5,292	1,467	3,509	-8,457	13,978	8,403	5,832	47,411	-5,609
표시통화환산손익As filed	9	56	-78	-647	0	0	—	—	—	—	—
기타포괄손익-공정가치측정 금융자산 평가손익As filed	—	—	—	-1,523	-730	7,214	9,689	-20,766	—	—	—
후속적으로 당기손익으로 재분류 되지 않는 항목As filed	-86	—	—	—	—	—	—	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	-872	—	-6,271	1,685	4,925	-10,845	20,006	12,280	6,022	56,099	-4,752
기본주당계속영업이익(손실)(단위:원)As filed	—	139	—	—	—	—	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	267	—	—	—	—	—	—	-1,426	—
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	2,023	—	—	—	—	—	—	—	—
연결총포괄이익As filed	—	—	—	60,303	18,878	—	—	—	—	—	—
연결총포괄이익(손실)As filed	—	—	—	—	—	-4,858	87,031	33,763	—	—	—
기타포괄손익-공정가치측정 금융자산평가손익As filed	—	—	—	—	—	—	—	—	-6,080	-5,170	—
기타영업수익As filed	—	—	—	—	—	—	—	—	6,170	2,924	7,186
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	—	—	—	—	—	—	—	—	13,735
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	13,955	—	—	—	—	—	—	—	—
보통주기본주당계속영업이익 (단위 : 원)As filed	—	—	306	0	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	30,706	—	—	—	—	—	—	—	—
보통주 기본 및 희석주당계속영업이익As filed	—	—	—	—	—	0	—	—	—	—	—
기본주당계속영업이익 (단위:원)As filed	1,087	—	—	—	—	—	—	—	—	—	—
보통주기본주당계속영업이익As filed	—	—	—	—	0	—	—	—	—	—	—
지분법손익As filed	—	—	—	—	—	—	—	—	-23,595	38,120	88,378

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	—	—	50,665	61,511	16,072	-1,084	57,184	39,662	-4,064	5,288	35,552
Total adjustments to operating cash flowcomputed	—	—	18,636	17,054	63,716	98,030	4,067	37,116	117,603	75,815	25,436
	45,889	91,107	69,301	78,565	79,788*	96,946	61,252*	76,777	113,539	81,103*	60,988
Interest receivedKRW 100M	892	1,986	2,138	2,356	2,517	1,724	1,838	4,381	7,892	8,827	8,862
Interest paidKRW 100M	4,576	11,409	11,285	12,106	14,459*	14,551	14,427	21,411	33,086	38,918	31,247
Income taxes paidKRW 100M	5,525	12,170	14,601	15,132	13,144	12,430	20,084	24,706	19,816	15,575	20,157
	43,299	-73,805	-62,929	-101,818	-106,865*	-104,189	-154,325*	-149,591	-216,278	-121,579	-5,371
Purchase of property, plant and equipmentKRW 100M	22,377	49,354	49,719	62,756	78,250	92,388	87,497*	140,001	189,152	156,735	95,864
Proceeds from sale of property, plant and equipmentKRW 100M	1,850	1,675	2,757	5,197	1,708	3,335	3,502	13,580	1,961	4,088	11,138
Purchase of intangible assetsKRW 100M	2,308	9,141	3,826	9,281	5,701	5,180	7,226	6,122	5,413	2,540	4,945
	-22,255	-16,224	-4,080	19,297	38,685*	32,436	115,979	160,127	115,240	50,846*	-50,380
Dividends paidKRW 100M	1,649	11,326	13,564	15,111	18,163	12,120	13,943	17,084	16,740	18,150	15,444
Acquisition of treasury sharesKRW 100M	9,045	—	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	2,460	69,952	70,870	71,458	67,830	79,818	100,969	123,176	213,939	226,837	246,470
	69,952	70,870	71,458	67,830	79,818	100,969	123,176	213,939	226,837	246,470	252,141
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	789	9,086	-831
Net change in cash and cash equivalentsKRW 100M	66,933	1,078	2,292	-3,955	11,608*	25,193	22,906	87,314	Not applicable	Not applicable	Not applicable

당기순이익As filed	55,493	28,225	—	61,511	16,072	—	—	—	—	—	—
당기순이익(손실)As filed	—	—	50,665	—	—	-1,084	57,184	39,662	—	—	—
매각예정자산에 포함된 현금및현금성자산As filed	—	—	-96	—	0	-1,003	-2,064	-215	-392	177	—
매각예정자산에 포함된 현금및현금성자산의 변동As filed	—	—	—	—	—	—	—	—	—	—	1,265
비현금항목 조정As filed	-16,405	81,451	65,807	56,253	98,928	85,046	74,722	137,255	144,894	110,530	70,271
리스부채의 감소As filed	—	—	—	—	-11,180	-10,542	-10,706	-10,996	12,654	10,673	9,847
연결자본거래로 인한 현금유출입액As filed	-2,659	1,131	11,734	-7,822	9,259	7,548	73,178	36,846	84,926	8,968	13,421
운전자본 조정As filed	15,036	1,304	-25,598	-17,362	-14,067	35,205	-41,015	-64,222	13,828	7,374	-9,678
배당금의 수취As filed	974	1,720	—	3,045	3,941	3,037	3,033	5,820	3,890	3,577	7,385
장기미지급금의 감소As filed	-63	-3,219	-7,515	-5,825	-4,295	-4,283	-4,265	-4,078	-4,246	-3,996	3,692
단기차입금의 순증감As filed	-9,740	-1,501	2,067	7,373	24,133	2,593	12,796	104,264	-11,437	30,739	-78,061
배당금수취(영업)As filed	—	—	2,176	—	—	—	—	—	—	—	—
단기금융상품의 순증감As filed	-17,660	-14,286	6,939	—	—	—	—	—	—	4,171	-6,822
장단기금융상품의 순증감As filed	—	—	—	-5,190	5,888	-8,209	-15,978	24,319	9,862	—	—
기타재무활동으로 인한 현금유출입액As filed	-6	-36	-3,019	-153	3,210	-273	-871	-833	2,847	5,901	-2,636
단기대여금의 순증감As filed	608	-256	39	—	—	—	—	—	—	1,606	-2,038
장단기대여금의 순증감As filed	—	—	—	-480	-3,075	-815	299	362	-4,067	—	—
투자증권의 순증감As filed	—	—	—	4,404	—	—	—	—	—	—	—
단기투자증권의 순증감As filed	—	—	—	—	350	310	-1,518	1,623	696	657	-91
매도가능금융자산의 처분As filed	902	5,878	2,528	—	0	—	—	—	—	—	—
관계기업및공동기업투자의 처분As filed	178	922	172	1,396	7,849	26,660	3,199	3,546	1,644	13,873	16,335
사채및차입금의 증가As filed	25,253	59,562	60,979	132,781	95,368	135,993	136,162	143,798	200,882	230,356	218,874
장기투자증권의 처분As filed	—	—	—	—	2,762	3,248	5,550	9,447	4,981	13,139	31,127
사채및차입금의 감소As filed	-5,613	-6,273	-6,089	-92,392	-59,649	-86,479	-76,371	-91,790	128,339	192,300	172,997
무형자산의 처분As filed	209	359	235	150	240	825	871	303	613	2,374	965
투자부동산의 처분As filed	23	2,581	25	—	—	—	—	—	—	—	—
매각예정자산의 처분As filed	343	1,523	5,162	1,005	0	0	6,430	13,533	5,547	9,426	23,928
장기금융상품의 감소As filed	—	—	—	—	—	—	—	—	—	96	211
투자증권의 취득As filed	—	—	—	-5,779	—	—	—	—	—	—	—
장기투자증권의 취득As filed	—	—	—	—	7,577	-7,830	-35,444	-15,343	10,353	5,350	6,164
관계기업및공동기업투자의 취득As filed	509	2,187	11,856	14,711	27,945	9,370	27,030	20,190	16,354	11,168	1,550
장기금융상품의 증가As filed	—	—	—	—	—	—	—	—	—	182	1,281
매도가능금융자산의 취득As filed	1,607	1,088	2,948	—	0	—	—	—	—	—	—
장기대여금의 순증감As filed	—	—	—	—	—	—	—	—	—	-2,750	-544
연결범위변동으로 인한 현금의 순증감As filed	83,631	-10,530	-13,884	-17,962	-3,641	—	-15,098	-23,428	-7,486	-107	34,857
기타투자활동으로 인한 현금유출입액As filed	59	129	-1,505	397	528	-712	16,013	-11,222	-8,757	7,822	-4,637
사업양도As filed	—	—	2,997	1,794	0	12,770	0	—	—	—	—
연결범위변동으로 인한 현금의 감소As filed	—	—	—	—	—	-16,403	—	—	—	—	—
투자부동산의 취득As filed	45	30	43	—	—	—	—	—	—	—	—
사업양수As filed	—	—	—	—	—	-10,432	-399	—	—	—	—
장기미지급금의 증가As filed	403	6,537	1,470	447	0	0	—	—	—	—	—
유동성장기부채의 상환As filed	-19,136	-61,098	-50,142	—	—	—	—	—	—	—	—
연결당기순이익(손실)As filed	—	—	—	—	—	—	—	—	-4,064	—	—
외화환산으로 인한 현금및현금성자산의 변동As filed	—	—	-1,608	327	379	-3,038	1,364	3,665	—	—	—
현금및현금성자산의 증감As filed	—	—	—	—	—	—	—	—	12,501	—	—
당기연결순이익As filed	—	—	—	—	—	—	—	—	—	5,288	—
연결당기순이익As filed	—	—	—	—	—	—	—	—	—	—	35,552
현금및현금성자산의 순증감As filed	—	—	—	—	—	—	—	—	—	10,370	5,237
외화환산으로 인한 현금 변동As filed	559	-140	—	—	—	—	—	—	—	—	—

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

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.18.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 35	삼정회계법인	2025-12-31
2024	적정의견Term 34	삼정회계법인	2025-12-31
2023	적정의견Term 33	삼정회계법인	2025-12-31
2022	적정Term 32	한영회계법인	2022-12-31
2021	적정Term 31	한영회계법인	2022-12-31
2020	적정Term 30	한영회계법인	2022-12-31
2019	적정Term 29	한영회계법인	2019-12-31
2018	적정Term 28	한영회계법인	2019-12-31
2017	적정Term 27	한영회계법인	2019-12-31
2016	적정Term 26	한영회계법인	2016-12-31
2015	적정Term 25	한영회계법인	2016-12-31
2014	적정Term 24	한영회계법인	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 5Y1.02

Equity risk premium%

Terminal growth%

Cost of equity9.47%

Weighted average cost of capital—

Initial growth4.8%

Effective tax rate10.7%

Base fiscal year2025

Current priceKRW555,000

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	95,575	-82.8%
Dividend discount model DDM	101,867	-81.6%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	187,919	-66.1%

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% + 1.02 × 5.00% = 9.47%

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(6.34% × (1 − 24.14%), 0) = 4.81%

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 = 7,000 × (1 + 2.00%) / (9.47% − 2.00%) = 7,140 / 0.0747 = 95,575 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 = 7,000, g_1 = 4.81%, g_T = 2.00%, r = 9.47%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	4.81%	7,337	0.9135	6,702
2	4.11%	7,638	0.8345	6,374
3	3.41%	7,898	0.7623	6,021
4	2.70%	8,112	0.6963	5,648
5	2.00%	8,274	0.6361	5,263
Terminal value	2.00%	112,972	0.6361	71,859
Total				101,867

P_0 = 101,867 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 = 347,397 KRW, ROE = 6.34%, payout ratio = 24.14%, r = 9.47%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	347,397	22,034	32,900	-10,867	0.9135	-9,927
2	364,112	23,094	34,483	-11,390	0.8345	-9,504
3	381,631	24,205	36,143	-11,938	0.7623	-9,100
4	399,994	25,370	37,882	-12,512	0.6963	-8,712
5	419,240	26,590	39,704	-13,114	0.6361	-8,342
Terminal value				-179,054	0.6361	-113,893

P_0 = 347,397 + -45,584 + -113,893 = 187,919 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