079550KOSPI

LIG Defense & Aerospace

616,000

-43,000 (-6.53%)

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

LIG Nex1 Co., Ltd. was established in 1998 and is listed on the KOSPI market. Headquartered in Yongin, Gyeonggi-do, the company originated from Goldstar Precision Industry founded in 1976 and is part of the LIG group structure.

The company is a comprehensive defense contractor that researches, develops, and produces precision guided munitions, surveillance, command and control, avionics, and electronic warfare systems. It supplies these products to the South Korean government and various international government and military customers.

Business overview as filed

[지배회사의 내용]- 엘아이지넥스원 주식회사 당사의 모태(母胎)가 되는 금성정밀공업은 1976년 자주국방의 기치 아래 설립되었습니다.당사는 방위사업청, 국방과학연구소, 국방기술품질원 등과의 긴밀한 공조를 기반으로 정밀유도무기, 감시정찰, 지휘통제·통신, 항공전자, 전자전에 이르는 다양한 첨단 무기체계를 연구, 개발 및 양산 해 온 대한민국을 대표하는 종합방위산업체입니다. 끊임없는 기술개발과 혁신으로 해외수출을 통해 대한민국 방위산업의 위상을 알리며 내일의 평화를 지키는 글로벌 방산업체로 도약하고 있습니다.오늘날에는 4차 산업혁명과 연계한 무인화, 드론, 로봇, 인공지능, 사이버전 등 미래기술 확보는 물론, 국방·민수 기술교류에 기반한 스핀온·오프(Spin-On·Off)를 통해 당사가 나아갈 길을 적극적으로 모색하고 있습니다.

[종속회사의 내용]

① 엘아이지정밀기술 주식회사1999년 5월 서울 강남구 역삼동에서 사업을 시작하여 LG정밀의 협력업체로 유도무기 시험장치, 수중무기 조립/생산장치 및 쉘터, 운용자 콘솔등을 개발/생산 하였으며, 2000년 10월에 (주)엘림시스 법인설립을 하였고, 2002년부터 Ruggedized LCD 분야로 사업을 확대하였습니다. 2017년 6월 (주)LIG시스템의 자회사로 편입되었으며, 2019년 7월 LIG넥스원(주)의 자회사로 편입 후 8월 사명을 엘아이지정밀기술(주)로 변경하였습니다.다양한 국방 무기체계에 적용되는 전시기, 일체형 컴퓨터, 전원장치와 유도무기, 위성통신장비, 레이더, 전자전 장비에 사용되는 HVPS와 TWTA, ESAD 및 MRO용 시험/점검장비를 개발 및 생산하고 있으며, 수출용 광학탐색기 등을 생산하여 LIG넥스원 및 다수의 방산업체에 공급하고 있습니다.② LNGR LLC(해외법인)2023년 12월 미국 필라델피아 소재 로봇개발 및 제조 전문업체인 Ghost Robotics Corporation 의 지분 인수를 통해 미래성장 플랫폼 확보 및 미국방산시장에 진출하기 위해 지분투자를 목적으로 설립된 유한책임회사 형태의 해외 법인입니다. 이에 본 종속회사의 하기 사업에 대한 구체적인 내용 기재는 생략합니다.③ 블랑제리길 주식회사2023년 12월 장애인 일자리 창출 및 고용을 통한 자립기반을 지원하기 위해 설립된 LIG넥스원(주)의 자회사형 장애인 표준사업장으로 경상북도 구미시에 위치해 있습니다. 블랑제리길 주식회사는 제과, 제빵 및 판매업을 주업종으로 하고 있으며, 보고서 작성일 기준 장애인 인력은 전체 임직원 53명의 75.5%인 40명으로 구성되어 있습니다. 본 종속회사는 장애인 고용을 통한 사회적 가치 실현을 위해 설립된 회사로 하기 사업에 대한 구체적인 내용 기재는 생략합니다.

Company overview

가. 연결대상 종속회사 개황

(연결재무제표를 작성하는 주권상장법인이 사업보고서, 분기ㆍ반기보고서를 제출하는 경우에 한함)연결대상 종속회사 현황(요약)

가-1. 연결대상회사의 변동내용

나. 회사의 법적, 상호적 명칭

당 회사는『엘아이지넥스원주식회사』(이하 '당사')라 칭하며, 약칭으로는 LIG넥스원주식회사, 영문으로는 『LIG Nex1 Co., Ltd.』(약칭『LIG Nex1』)로 표기합니다.

다. 설립일자 및 존속기간

당사는 1998년 2월 25일 설립되었습니다. 당사의 모태(母胎)는 1976년 대한민국 자주국방의 기치 아래 설립된 금성정밀공업으로, 금성정밀공업은 1995년과 2000년에 걸쳐 LG정밀과 LG이노텍으로 상호를 변경하였습니다. LG그룹에서 계열분리되는 과정에서 2004년 7월 1일 LG이노텍의 시스템(방산)사업부가 분사하여 넥스원퓨처로 출범하였으며, 2007년 4월 2일 LIG넥스원으로 사명을 변경하였습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

- 주 소 : 경기도 용인시 기흥구 마북로 207(마북동)- 전화번호 : 1644-2005- 홈페이지 : https://www.lignex1.com

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업

당사는 주요 고객인 한국정부(방위사업청, 국방과학연구소, 각군 등)와 해외 고객(각군, 정부 등)과의 계약을 통해 제품의 연구개발, 생산, 성능개량, 후속지원 등을 주요 사업으로 하고 있으며, 향후 추진하려는 신규사업은 본 보고서 제출일 현재 구체적으로 확정된 바 없습니다.

사. 신용평가에 관한 사항

[신용등급의 정의]

주1) 회사채 등급은 상기등급 중 AA, A, BBB, BB, B 등급은 +, - 부호를 부가하여 동일등급 내에서의 우열을 나타내고 있습니다.주2) CP 등급은 A2등급에서 B등급까지는 그 상대적 우열 정도에 따라 +, -기호를 첨부 할 수 있습니다.

아. 회사의 주권상장(또는 등록ㆍ지정)여부 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), 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

6.16%

[3.30%, 11.42%] · 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 39.6% (2026-10-08). 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

0.47

Beta [0.23, 0.71] · KOSPI200 · As of 2026-10-08

Intercept: +0.058%[-0.603%, +0.718%]
R squared: 0.09
Observations: 252
Trading-time corrected beta: 0.23[-0.46, 0.93]

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

	2015Consolidated basis	2016Consolidated basis	2017Consolidated basis	2018Separate basis	2019Consolidated basis	2020Consolidated basis	2021Consolidated basis	2022Consolidated basis	2023Consolidated basis	2024Consolidated basis	2025Consolidated basis	TTMConsolidated basis
RevenueKRW 100M	19,037	18,608	17,613	14,775	14,527	16,003	18,222	22,208	23,086	32,763	43,069	47,319
Revenue growth%	—	-2.25	-5.35	—	—	10.17	13.86	21.87	3.95	41.92	31.46	—
Operating incomeKRW 100M	1,122	876	43	241	181	637	972	1,791	1,864	2,298	3,194	4,050
Operating income growth%	—	-21.89	-95.11	—	—	252.03	52.49	84.27	4.06	23.29	39.02	—
Net incomeKRW 100M	830	771	-86	45	32	579	1,051	1,229	1,750	2,166	2,375	2,676
Net income growth%	—	-7.19	-111.20	—	—	1,717.14	81.50	17.02	42.32	23.83	9.62	—
Attributable to ownersKRW 100M	830	771	-86	—	32	579	1,051	1,229	1,750	2,217	2,534	2,865
Attributable to minoritiesKRW 100M	—	0	0	—	—	—	—	—	0	-51	-159	-189
Operating margin%	5.89	4.71	0.24	1.63	1.25	3.98	5.33	8.07	8.07	7.01	7.42	8.56
Net margin%	4.36	4.14	-0.49	0.30	0.22	3.62	5.77	5.54	7.58	6.61	5.51	5.66
ROE%	14.39	12.20	-1.43	—	0.50	8.61	13.76	13.15	16.63	18.31	17.72	17.96
ROA%	4.73	4.30	-0.43	0.19	0.14	2.23	4.08	4.08	4.59	3.54	2.94	3.05
Debt ratio%	203.99	183.62	232.26	257.17	265.55	285.96	237.59	222.16	262.59	395.00	446.35	434.05
Current ratio%	93.04	90.89	102.49	108.72	111.58	111.97	100.32	95.97	95.67	84.36	90.45	97.15
Quick ratio%	84.50	79.56	94.09	100.66	101.04	95.51	85.56	83.82	87.03	76.49	80.91	89.53
Reserve ratio%	424.51	474.16	449.03	425.16	410.37	453.39	532.75	638.80	790.93	953.85	1,144.72	1,288.44
Free cash flowKRW 100M	-160	-1,846	-1,306	-1,251	1,198	1,602	1,030	4,106	4,079	4,550	-7,541	—
FCF margin%	-0.84	-9.92	-7.42	-8.47	8.24	10.01	5.65	18.49	17.67	13.89	-17.51	—
OCF conversion%	10.83	-139.74	—	-2,557.14	4,740.65	331.89	128.74	371.34	267.08	439.40	-246.04	—
Capex to revenue%	1.31	4.13	5.35	0.75	2.15	2.00	1.77	2.07	2.57	15.17	3.94	—
Receivable daysdays	—	33.6	—	—	—	—	—	—	—	—	—	—
Inventory daysdays	—	24.6	25.2	—	—	46.3	51.2	43.3	42.8	38.3	47.9	—
Payable daysdays	—	45.5	—	—	—	—	—	—	—	—	—	—
Cash conversion cycledays	—	12.7	—	—	—	—	—	—	—	—	—	—
EPSKRW	4,044	3,502	-392	203	145	2,664	4,829	5,641	8,028	10,173	11,604	13,022
PERx	—	22.99	—	182.02	217.93	11.45	14.21	16.34	16.26	21.68	36.28	55.22
BPSKRW	—	28,711	27,454	—	28,817	30,569	34,696	42,508	47,835	55,031	65,005	72,508
PBRx	—	2.80	2.18	—	1.10	1.00	1.98	2.17	2.73	4.01	6.48	9.92
Dividend per shareKRW	940	940	500	500	600	900	1,200	1,500	1,950	2,400	—	—
Payout ratio%	23.24	26.84	—	246.31	413.79	33.78	24.85	26.59	24.29	23.59	—	—

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
	17,543	17,915	20,068	23,221	23,175	25,956	25,768	30,127	38,158	61,253*	80,648
	10,513	10,269	11,672	14,198	13,809	15,457	14,859	18,230	25,359	38,946	56,222
Cash and cash equivalentsKRW 100M	349	123	893	533	287	510	745	2,529	4,454	5,469	1,252
InventoriesKRW 100M	965	1,281	956	1,053	1,305	2,272	2,186	2,308	2,289	3,635	5,931
Trade and other receivablesKRW 100M	1,609	1,819	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	7,030	7,645	8,395	9,023	9,366	10,499	10,909	11,898	12,799	22,307*	24,426
Property, plant and equipmentKRW 100M	5,448	5,961	6,581	7,312	7,455	7,432	7,432	8,562	8,937	13,714	15,329
Intangible assetsKRW 100M	822	817	735	760	976	1,268	1,476	1,715	1,882	6,292*	6,472
Investments in associatesKRW 100M	12	27	37	118	98	741	771	10	10	33	96
	11,772	11,598	14,028	16,720	16,835	19,231	18,135	20,775	27,634	48,878*	65,887
	11,299*	11,298	11,389	13,059	12,375	13,804	14,811	18,995	26,507	46,165	62,155
Trade and other payablesKRW 100M	2,083	2,071	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Short-term borrowingsKRW 100M	507	2,574	2,715	2,983	2,134	1,584	2,209	2,348	1,828	2,034	6,037
	473*	300	2,638	3,661	4,460	5,427	3,324	1,781	1,127	2,713*	3,732
Long-term borrowingsKRW 100M	48	32	2,384	3,374	4,111	4,911	3,180	947	198	1,880	2,551
	5,771	6,316	6,040	6,501	6,340	6,725	7,633	9,352	10,524	12,374*	14,761
	5,771	6,316	6,040	Not applicable	6,340	6,725	7,633	9,352	10,524	12,107*	14,301
Issued capitalKRW 100M	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100	1,100
Capital surplusKRW 100M	1,407	1,407	1,407	1,407	1,407	1,407	1,421	1,421	1,421	1,421	1,533
Retained earningsKRW 100M	3,263	3,809	3,532	3,270	3,107	3,580	4,439	5,606	7,279	9,071*	11,059
Accumulated other comprehensive incomeKRW 100M	—	—	-0	725	726	723	726	1,278	776	567*	648
Other equityKRW 100M	1	1	—	—	—	-85	-53	-53	-53	-53	-39
Non-controlling interestsKRW 100M	Not applicable	0	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	268*	460

매출채권As filed	—	—	2,593	3,412	1,249	1,512	1,295	1,872	2,761	3,645	5,106
미청구공사As filed	1,648	2,543	—	—	—	—	—	—	—	—	—
기타금융자산As filed	36	130	—	—	—	—	—	—	—	—	—
기타유동자산As filed	5,906	4,373	3,231	5,254	5,673	5,335	6,115	6,500	11,205	20,785	32,482
단기미청구공사As filed	—	—	3,845	—	—	—	—	—	—	—	—
유동계약자산As filed	—	—	—	3,871	4,354	4,230	4,028	4,354	4,093	4,590	10,707
기타유동금융자산As filed	—	—	135	73	941	1,554	481	667	557	822	745
당기법인세자산As filed	—	—	7	0	0	44	7	—	0	—	0
투자부동산As filed	50	49	49	43	43	43	42	42	41	41	41
매각예정분류자산As filed	—	—	12	3	0	—	1	—	0	—	—
기타비유동금융자산As filed	282	290	284	275	275	313	454	538	650	786	790
기타비유동자산As filed	57	51	42	38	39	40	36	41	190	108	193
이연법인세자산As filed	358	450	668	477	481	664	448	101	436	970	1,137
장기매출채권As filed	—	—	—	—	—	—	—	—	116	—	—
순확정급여자산As filed	—	—	—	—	—	—	249	888	537	318	260
비유동매출채권As filed	—	—	—	—	—	—	—	—	—	44	108
당기법인세부채As filed	190	93	9	14	57	—	5	210	264	219	547
단기매입채무As filed	—	—	2,772	2,316	1,279	1,426	1,381	363	1,276	3,638	5,085
충당부채As filed	34	38	—	—	—	—	—	—	—	—	—
기타금융부채As filed	597	698	—	—	—	—	—	—	—	—	—
유동충당부채As filed	—	—	179	435	406	286	350	278	399	761	1,272
초과청구공사As filed	7,674	5,604	—	—	—	—	—	—	—	—	—
기타유동부채As filed	214	220	177	143	92	105	166	452	—	—	—
기타유동금융부채As filed	—	—	749	803	759	988	1,915	1,825	3,680	4,153	10,177
순확정급여부채As filed	205	201	—	—	191	379	—	—	—	—	—
기타비유동금융부채As filed	0	0	0	0	74	48	52	262	349	303	646
비유동초과청구공사As filed	158	—	—	—	—	—	—	—	—	—	—
기타비유동부채As filed	62	67	65	74	85	88	92	572	—	—	—
유동계약부채As filed	—	—	—	6,365	7,647	9,415	8,787	13,518	18,566	34,579	38,335
납입자본As filed	2,507	2,507	—	—	—	—	—	—	—	—	—
자본과부채총계As filed	17,543	17,915	20,068	23,221	23,175	25,956	25,768	30,127	38,158	61,253	80,648
단기초과청구공사As filed	—	—	4,786	—	—	—	—	—	—	—	—
매각예정분류부채As filed	—	—	3	0	—	—	—	—	—	—	—
퇴직급여부채As filed	—	—	190	213	—	—	—	—	—	—	—
매각예정분류기타자본항목As filed	—	—	1	—	—	—	—	—	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	493	781	702
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	581	518	186
비유동계약부채As filed	—	—	—	—	—	—	—	—	—	12	—
이연법인세부채As filed	—	—	—	—	—	—	—	—	—	—	348

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	19,037	18,608	17,613	14,775	14,527	16,003	18,222	22,208	23,086	32,763	43,069
Cost of salesKRW 100M	16,793	16,648	16,171	13,362	13,147	14,107	15,906	18,942	19,618	28,237	36,442
Gross profitKRW 100M	2,244	1,960	1,442	1,413	1,380	1,897	2,316	3,265	3,468	4,526	6,628
SG&A expensesKRW 100M	1,116*	1,084	1,400	1,172	1,199	1,259	1,344	1,474	1,604	2,228*	3,433
	1,122	876	43	241	181	637	972	1,791	1,864	2,298*	3,194
Finance incomeKRW 100M	6	7	9	39	117	324	92	344	96	278	738
Finance costsKRW 100M	65	41	78	182	189	217	170	363	153	845	349
Other incomeKRW 100M	106	100	60	91	74	73	461	492	256	863	374
Other expensesKRW 100M	113	114	296	82	47	433	96	708	214	498	1,181
Share of profit of associatesKRW 100M	-6	6	—	—	—	—	—	—	—	—	—
	1,049	834	-251	112	138	389	1,291	1,578	1,850	2,096*	2,784
Income tax expenseKRW 100M	219	64	-165	68	106	-190	241	348	100	-70*	410
	830	771	-86	45	32	579	1,051	1,229	1,750	2,166*	2,375
Attributable to ownersKRW 100M	830	771	-86	Not applicable	32	579	1,051	1,229	1,750	2,217*	2,534
Attributable to minoritiesKRW 100M	Not applicable	0	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	0	-51*	-159
Basic earnings per shareKRW	4,044	3,502	-392	203	145	2,664	4,829	5,641	8,028	10,173*	11,604
Diluted earnings per shareKRW	4,044	3,502	-392	203	145	2,664	4,829	5,641	Not applicable	Not applicable	Not applicable
	809	753	-70	681	-52	603	1,057	1,980	1,499	2,001*	2,417
Other comprehensive incomeKRW 100M	-22	-18	16	636	-83	24	6	751	-251	-165*	42

지분법이익As filed	—	—	—	—	—	—	—	—	1	1	9
판매및물류비As filed	7	—	—	—	—	—	—	—	—	—	—
해외사업환산손익As filed	1	1	—	—	—	—	—	—	—	—	—
지분법자본변동As filed	—	-1	—	—	—	—	—	—	—	—	—
관계기업및공동기업손익As filed	—	—	—	—	2	4	31	22	—	—	—
순확정급여부채의 재측정요소As filed	-22	-18	—	—	-84	26	3	201	—	—	—
포괄손익, 비지배지분As filed	—	0	—	—	—	—	—	—	0	-6	-188
지분법이익잉여금변동As filed	0	-0	—	—	—	—	—	0	—	—	—
공동지배기업과 관계기업으로부터의 기타수익(비용)As filed	—	—	11	—	—	—	—	—	—	—	—
종속기업, 공동지배기업과 관계기업으로부터의 기타수익(비용)As filed	—	—	—	6	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	809	753	—	—	—	—	—	—	1,499	2,008	2,605
매도가능금융자산평가손익(세후기타포괄손익)As filed	—	—	1	0	—	—	—	—	—	—	—
관계기업 및 공동기업의 기타포괄손익에 대한 지분As filed	—	—	—	—	1	-2	3	-2	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	0	-0	0	-1	—	—	—
해외사업장환산외환차이(세후기타포괄손익)As filed	—	—	-1	-1	—	—	—	—	—	126	-83
지분법 적용대상 관계기업과 공동기업의 기타포괄손익에 대한 지분(세후기타포괄손익)As filed	—	—	0	1	-1	-0	-0	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	17	-91	—	—	—	—	—	—	—
당기손익으로 재분류되는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	0	0	0
자산재평가손익(세후기타포괄손익)As filed	—	—	—	727	—	—	—	552	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익 적립금As filed	—	—	—	—	—	—	—	—	1	0	0
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	-70	—	-52	603	1,057	1,980	—	—	—
세후기타포괄손익, 확정급여제도의 재측정손익As filed	—	—	—	—	—	—	—	—	-251	-299	141
세후기타포괄손익, 자산재평가차익(차손)As filed	—	—	—	—	—	—	—	—	0	8	-23
당기손익으로 재분류되지 않는 지분법 적용대상 관계기업과 공동기업의 세후기타포괄손익에 대한 지분As filed	—	—	—	—	—	—	—	—	0	-0	8
지분법 확정급여제도의 재측정요소As filed	—	—	—	—	—	—	—	—	-0	—	—
총 포괄손익, 비지배지분As filed	—	—	0	—	—	—	—	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	830	771	-86	45	32	579	1,051	1,229	1,750	2,166	2,375
Total adjustments to operating cash flowcomputed	-740	-1,847	-277	-1,185	1,478	1,342	302	3,336	2,923	7,353	-8,218
	90	-1,077	-364	-1,140	1,510	1,921	1,352	4,565	4,673	9,519*	-5,843
Interest receivedKRW 100M	2	3	8	22	37	27	22	99	38	102	64
Interest paidKRW 100M	65	49	89	150	160	173	158	157	136	181	193
Income taxes paidKRW 100M	121	247	150	28	50	101	-11	8	309	417	379
	-649	-996	-1,150	-366	-1,430	-1,660	247	-334	-970	-9,780*	-2,760
Purchase of property, plant and equipmentKRW 100M	250*	769	942	111	312	319	322	459	594	4,970	1,698
Proceeds from sale of property, plant and equipmentKRW 100M	0	0	3	2	1	2	0	0	4	-0	42
Purchase of intangible assetsKRW 100M	139*	161	133	210	322	428	418	288	237	703	760
	866	1,844	2,285	1,146	-326	-37	-1,366	-2,446	-1,765	1,219*	4,391
Dividends paidKRW 100M	126	207	207	110	110	132	195	262	327	425	523
Acquisition of treasury sharesKRW 100M	—	—	—	—	—	85	—	—	—	—	—
Issue of sharesKRW 100M	1,507	0	0	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	37	349	123	893	533	287	510	745	2,529	4,454	5,469
	349	123	893	533	287	510	745	2,529	4,454	5,469	1,252
Effect of exchange rate changesKRW 100M	5	3	-2	-0	-0	-0	1	-1	-12	57*	-5
Net change in cash and cash equivalentsKRW 100M	312	-226	770	-360	-246	224	235	1,784	1,925	1,015	-4,218

당기순이익(손실)As filed	830	771	-86	45	32	579	1,051	1,229	1,750	2,166	2,375
당기순이익조정을 위한 가감As filed	—	—	1,035	967	952	733	925	1,303	1,197	1,796	3,344
조정As filed	1,184	910	—	—	—	—	—	—	—	—	—
리스부채의 지급As filed	—	—	—	—	59	66	60	87	168	184	225
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	—	5	1
연결자본거래로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	—	0
영업활동으로인한자산ㆍ부채의변동As filed	—	—	-1,082	-1,996	699	856	-501	2,096	—	—	—
장기차입금의 증가As filed	—	—	995	442	424	348	373	117	0	711	1,513
단기차입금의 증가(감소)As filed	—	—	42	-240	-2,132	-191	64	-122	1,069	513	4,073
배당금수취(영업)As filed	—	—	0	0	0	1	4	4	0	0	—
연결자본거래로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	14	—
교환사채의 증가As filed	—	—	—	—	—	—	—	—	—	1,322	0
사채의 상환As filed	—	—	—	—	—	1,500	1,200	1,700	2,000	498	0
단기금융상품의 순증감As filed	—	—	—	—	—	—	1,100	-21	—	—	—
유동성장기부채의 감소As filed	—	—	—	—	641	405	348	391	340	239	448
주식선택권행사로 인한 현금유입As filed	—	—	—	—	—	—	—	—	—	—	0
단기금융상품의 취득As filed	—	—	—	—	779	500	—	—	0	0	100
장기금융상품의 취득As filed	—	—	1	0	—	1	—	1	2	8	2
매도가능금융자산의 취득As filed	97	1	0	0	0	58	76	136	66	131	0
장기금융상품의 처분As filed	—	—	—	1	1	0	0	—	—	4	3
대여금의 감소(증가)As filed	—	—	-0	-1	—	—	—	—	—	—	—
매도가능금융자산의 처분As filed	—	—	—	1	—	7	1	210	3	123	2
영업활동 관련 자산부채의 변동As filed	-1,741	-2,465	—	—	—	—	—	—	—	—	—
파생상품의 순증감As filed	—	—	—	—	—	—	—	—	16	680	-94
대여금의 감소As filed	—	—	—	—	—	1	1	1	0	0	0
대여금의 증가As filed	—	—	—	—	3	—	0	—	—	—	-1
배당금수취As filed	0	0	—	—	—	—	—	—	—	—	—
임차보증금의 감소As filed	—	—	8	10	1	0	1	1	9	1	10
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 처분As filed	—	—	0	0	—	—	—	—	—	—	—
장기금융상품의 순증감As filed	-0	-1	—	—	—	—	—	—	—	—	—
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	—	—	0	75	—	—	—	—	—	—	—
관계기업 및 공동기업투자의 처분As filed	—	—	—	—	45	—	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	469	0	0	—
단기대여금의 순증감As filed	0	0	—	—	—	—	—	—	—	—	—
미지급금의 지급(유형자산 및 무형자산 취득)As filed	157	53	87	20	38	32	35	39	69	95	362
관계기업 및 공동기업투자의 취득As filed	—	—	—	—	—	331	—	—	—	—	—
금융리스채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	4	8
임차보증금의 증가As filed	—	—	1	4	0	1	6	73	3	29	55
장기대여금의 순증감As filed	0	1	—	—	—	—	—	—	—	—	—
공동기업투자의 취득As filed	6	0	—	—	—	—	—	—	—	—	—
무형자산의 처분As filed	1	0	3	28	6	—	—	0	0	0	22
매각예정분류자산의 처분As filed	—	—	—	—	4	0	1	1	0	0	—
관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	0	23	46
금융비용자본화As filed	4	—	—	—	—	—	—	—	—	—	—
보증금의 순증감As filed	3	-12	—	—	—	—	—	—	—	—	—
사채의 증가As filed	—	—	1,496	1,196	2,193	1,994	—	—	—	—	—
매각예정으로 분류된 비유동자산이나 처분자산집단의 처분As filed	—	—	—	14	—	—	—	—	—	—	—
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	33	—	—	—	—	3,294	-73
단기금융상품의 처분As filed	—	—	—	—	—	—	—	—	—	0	0
정부보조금의 수취As filed	—	—	—	—	—	—	1	1	0	20	9
유동차입금의 순증감As filed	-515	2,059	—	—	—	—	—	—	—	—	—
비유동차입금의 순증감As filed	—	-8	—	—	—	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	41	143	—	—	—	—	—	—	—
선급금의 증가(유형자산 및 무형자산 취득)As filed	—	—	—	—	—	—	—	—	—	1	0
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	2,134	6,054	-11,054

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 2026.03.23.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 24	삼일 회계법인	2025-12-31
2024	적정의견Term 23	삼일 회계법인	2025-12-31
2023	적정의견Term 22	삼일 회계법인	2025-12-31
2022	적정Term 21	삼정회계법인	2022-12-31
2021	적정Term 20	삼정회계법인	2022-12-31
2020	적정Term 19	삼정회계법인	2022-12-31

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 5Y0.50

Equity risk premium%

Terminal growth%

Cost of equity6.87%

Weighted average cost of capital—

Initial growth17.7%

Effective tax rate14.7%

Base fiscal year2025

Current priceKRW616,000

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	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	308,563	-49.9%

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% + 0.50 × 5.00% = 6.87%

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(17.72% × (1 − 0.00%), 0) = 17.72%

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 = 65,005 KRW, ROE = 17.72%, payout ratio = 0.00%, r = 6.87%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	65,005	11,516	4,468	7,048	0.9357	6,595
2	76,521	13,556	5,259	8,297	0.8755	7,264
3	90,077	15,958	6,191	9,767	0.8192	8,001
4	106,035	18,785	7,288	11,497	0.7665	8,813
5	124,820	22,113	8,579	13,534	0.7172	9,707
Terminal value				283,283	0.7172	203,179

P_0 = 65,005 + 40,380 + 203,179 = 308,563 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