086520KOSDAQ

Ecopro

95,400

+6,500 (+7.31%)

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

Ecopro is a holding company of the ECOPRO Group established in 1998. It is listed on the KOSDAQ market and is headquartered in Cheongju, Chungcheongbuk-do.

The company manages investment and trade businesses, focusing on equity investment in subsidiaries and the procurement of core minerals. Its business segments include battery materials, such as cathode materials and precursors, and environmental solutions for air and water treatment.

Business overview as filed

주식회사 에코프로는 양극활물질, 전구체 등 이차전지용 핵심소재의 개발 및 생산을 주요 사업목적으로하는 전지재료사업부문과 온실가스, 미세먼지 등 오염물질 제거를 통한 환경 개선사업을 영위하는 환경사업부문을 두 축으로 하는 에코프로 그룹의 지주회사입니다. 당사는 2016년 전지재료사업부와 2021년 환경사업부를 분할하여 2021년 11월 지주회사 체제를 구축하였으며, 투명한 지배구조를 바탕으로 한 ESG 경영체계 확립과 안정적인 자금조달 및 자회사 사업의 원재료가 되는 핵심광물 확보를 통해 자회사들의 미래전략 수립 및 신성장동력 발굴 역할에 집중하고 있습니다.지주회사는 다른 회사의 주식을 소유하며 실질 지배력을 행사하고 이를 통한 수익 창출을 목적으로 사업을 영위하는 회사로, 별도 기준 당사는 국내외 투자를 통해 얻은 지배력에서 발생하는 배당수익 및 업무대행 과정에서 발생하는 Shared SVC 수익 창출을 목적으로 하는 투자사업과 해외 투자과정에서 확보한 주요 광물의 조달 및 판매를 통한 수익 창출을 목적으로 하는 무역사업을 영위하고 있습니다.

[전지재료사업부문]

전지재료사업부문은 리튬이온배터리의 핵심소재인 양극재(Cathode)와 양극재 사업과 연관된 전구체, 리튬, 리사이클링 등의 사업을 영위하고 있습니다. 당사는 2021년 국내 최초로 리사이클 부터 최종 제품 생산까지의 Value chain을 통합한 산업 생태계인 Closed Loop Eco-System을 구축하였으며, 독자적인 생태계로부터 오는 원가 경쟁력과 지속적인 투자를 통해 확보한 생산능력을 바탕으로 차별화된 시장 지위를 확고히 하고 있습니다.전지재료사업부문 중 리사이클 사업은 수명이 다한 배터리의 재활용을 통해 회수한 유가금속을 양극활물질 소재사업의 원재료로 공급하며, 전구체와 리튬사업의 경우 우수한 기술력과 원재료 가공능력을 바탕으로 최종 제품인 양극재 사업에 뛰어난 품질의 전구체와 고순도 수산화리튬을 공급하고 있습니다. 이러한 산업 생태계를 바탕으로 양극재 사업에서는 니켈함량 80% 이상의 높은 에너지 밀도와 고출력의 특징을 가진 고품질의 하이니켈 양극재를 생산하여 고객 수요에 대응하고 있습니다.

[환경사업부문]

환경사업부문은 대기환경 및 수처리 부문에서 국내 유일의 환경진단/소재설계/유지보수 솔루션 제공을 융합한 Total Solution을 제공하는 사업을 영위하고 있으며, 주요 사업 부문은 클린룸 케미컬 필터, 미세먼지 저감 솔루션, 온실가스 감축 솔루션, 수처리 솔루션 등이 있습니다.클린룸 케미컬 필터사업은 반도체 및 디스플레이 공정 Clean Room 내부의 유해가스를 제공하여 공정 수율 향상에 기여하는 솔루션을 제공하며, 미세먼지 저감 및 온실가스 감축 사업은 반도체, 중공업, 화학 산업에서 발생하는 VOCs(휘발성유기화합물), PFCs(과불화화합물) 가스 제거 및 분해를 통해 환경보호에 기여하고 있습니다. 또한, 수처리 솔루션은 산업용수 생산 설비 제공, 산업현장에서 발생하는 산업폐수의 특성에 맞는 처리공정 구성, 처리수 재이용 시스템 공급 등 여러 산업현장에서 요구하는 수처리 관련 Total 솔루션을 제공하고 있습니다.

Company overview

가. 회사의 법적·상업적 명칭

당사의 명칭은 "주식회사 에코프로"이며, 영문명은 "ECOPRO Co., Ltd." 입니다.

나. 설립일자 및 존속기간

당사는 1998년 10월 주식회사 코리아제오륨 이라는 사명으로 설립되어 2001년 02월 주식회사 에코프로로 사명을 변경하였으며, 2007년 7월 코스닥 시장에 상장하였습니다.

다. 본사의 주소, 전화번호 및 홈페이지

- 본사의 주소 : 충청북도 청주시 청원구 오창읍 과학산업2로 587-40- 전화번호 : 043-240-7700- 홈페이지 : https://www.ecopro.co.kr

라. 주요 사업의 내용

당사는 환경사업과 이차전지소재 사업을 영위하고 있는 에코프로그룹의 지주회사로 1998년 설립되어 환경사업(대기환경개선)과 이차전지소재(양극활물질) 제조 사업을 영위하였으며, 2016년 5월 이차전지소재 사업을 물적분할하여 주식회사 에코프로비엠을, 2021년 5월 환경사업을 인적분할하여 주식회사 에코프로에이치엔을 설립하였습니다. 당사의 주요 사업으로는 자회사에 대한 주식 투자 및 자금조달 지원 등이 있으며 주요 자회사 및 종속회사로는 환경사업부문의 주식회사 에코프로에이치엔, 전지재료사업부문의 주식회사 에코프로비엠, 에코프로이노베이션, 에코프로머티리얼즈, 에코프로에이피, 에코프로씨엔지 등이 있습니다.

마. 연결대상 종속회사 개황

1) 연결대상 종속회사 현황(요약)

연결대상 종속회사에 관한 세부내용은 XII. 상세표 - 1. ※ 기업공시서식 작성기준에 따라 주요 종속회사 여부 기준은 다음과 같습니다. - 공시서류작성기준일 현재 아래의 어느 하나에 해당하는 종속회사의 수 (1) 최근 사업연도말 자산총액이 지배회사 자산총액의 10% 이상인 종속회사 (2) 최근 사업연도말 자산총액이 750억원 이상인 종속회사

2) 연결대상회사의 변동내용

바. 중소기업 등 해당 여부

사. 신용평가등에 관한 사항

당사가 최근 3사업연도 동안 신용평가 전문기관으로부터 부여 받은 등급은 아래와 같습니다.

1) 신용평가구분

2) 신용등급체계

(1) 한국기업평가

A2부터 B까지는 동일 등급내에서 상대적인 우열을 나타내기 위하여 "＋" 또는 "－"의 기호를 부여할 수 있음.(2) 한국신용평가

상기등급 중 A2부터 B등급까지는 +, -부호를 부가하여 동일 등급 내에서의 우열을 나타냄.(3) 나이스신용평가

A2등급에서 B등급까지는 그 상대적 우열 정도에 따라 +, -기호를 첨부할 수 있음 .

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

4.86%

[2.65%, 9.39%] · As of 2026-09-30

VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 63.6% (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

1.28

Beta [1.10, 1.45] · KOSDAQ150 · As of 2026-10-06

Intercept: +0.298%[-0.244%, +0.839%]
R squared: 0.54
Observations: 252
Trading-time corrected beta: 1.46[1.16, 1.77]

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 KOSDAQ150 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

	2015Separate basis	2016Consolidated basis	2017Consolidated basis	2018Consolidated basis	2019Consolidated basis	2020Consolidated basis	2021Consolidated basis	2022Consolidated basis	2023Consolidated basis	2024Consolidated basis	2025Consolidated basis	TTMConsolidated basis
RevenueKRW 100M	1,073	1,705	3,290	6,694	7,023	9,468	15,041	56,397	72,602	31,279	34,130	33,143
Revenue growth%	—	—	92.99	103.46	4.91	34.82	58.86	274.95	28.73	-56.92	9.12	—
Operating incomeKRW 100M	58	101	218	623	478	824	865	6,132	2,982	-2,930	2,138	2,861
Operating income growth%	—	—	115.60	186.08	-23.28	72.29	4.98	609.18	-51.38	-198.28	—	—
Net incomeKRW 100M	2	-72	-33	462	374	542	2,789	2,206	1,353	-2,954	-1,055	2,315
Net income growth%	—	—	—	—	-19.14	45.01	414.83	-20.92	-38.68	-318.36	—	—
Attributable to ownersKRW 100M	—	-88	-68	393	213	237	—	—	510	-2,060	-1,498	1,407
Attributable to minoritiesKRW 100M	—	16	36	69	161	305	—	—	843	-894	442	908
Operating margin%	5.42	5.93	6.62	9.31	6.81	8.70	5.75	10.87	4.11	-9.37	6.26	8.63
Net margin%	0.18	-4.24	-1.00	6.90	5.32	5.72	18.55	3.91	1.86	-9.44	-3.09	6.99
ROE%	—	-6.10	-4.67	21.75	7.73	7.25	—	—	3.05	-12.83	-7.62	6.31
ROA%	0.09	-2.09	-0.73	6.92	4.03	4.22	8.20	4.13	1.79	-3.63	-1.08	2.02
Debt ratio%	116.58	99.42	143.02	187.89	107.58	117.96	100.37	111.98	116.77	112.02	117.92	124.55
Current ratio%	75.34	116.04	91.92	104.82	141.08	133.51	167.06	151.85	144.96	121.50	100.10	115.57
Quick ratio%	38.16	60.32	91.84	41.03	52.35	74.72	119.12	90.85	86.73	69.74	70.02	76.87
Reserve ratio%	1,100.57	1,251.36	1,227.21	1,537.64	2,391.83	2,616.42	8,836.55	9,370.53	9,510.29	7,937.56	6,597.55	8,325.25
Free cash flowKRW 100M	-52	-572	-605	-1,009	-2,293	—	—	-11,942	-9,966	-10,929	-4,474	—
FCF margin%	-4.85	-33.53	-18.40	-15.07	-32.65	—	—	-21.17	-13.73	-34.94	-13.11	—
OCF conversion%	11,617.33	—	—	26.60	-40.14	293.68	-50.42	-235.07	59.81	—	—	—
Capex to revenue%	25.38	35.73	25.59	16.91	30.52	—	—	11.98	14.84	50.57	23.04	—
Receivable daysdays	—	—	47.0	36.8	42.8	35.6	—	—	—	—	—	—
Inventory daysdays	—	—	40.5	53.8	122.2	106.3	99.1	65.3	77.5	155.4	125.6	—
Payable daysdays	—	—	46.9	52.4	62.7	50.7	—	—	—	—	—	—
Cash conversion cycledays	—	—	40.5	38.2	102.3	91.2	—	—	—	—	—	—
EPSKRW	—	-487	-313	1,781	964	1,079	—	—	1,916	-1,567	-1,118	1,036
PERx	—	—	—	18.53	23.30	46.06	—	—	337.70	—	—	102.87
BPSKRW	—	6,757	6,636	8,188	12,459	14,785	47,718	51,876	62,727	12,058	14,477	16,418
PBRx	—	1.60	5.94	4.03	1.80	3.36	2.46	1.99	10.31	4.77	6.27	6.49
Dividend per shareKRW	—	—	—	—	300	300	430	500	—	—	100	—
Payout ratio%	—	—	—	—	31.14	27.80	—	—	—	—	—	—

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
	2,205	3,464	4,481	6,675	9,278	12,832	34,010*	53,458	75,570	81,383	97,787
	639	1,262	1,650	2,714	3,677	5,152	16,161*	31,626	39,770	26,543	30,591
Cash and cash equivalentsKRW 100M	45	216	227	157	346	1,365	2,918	3,564	11,160	9,543	11,868
Short-term financial instrumentsKRW 100M	—	—	—	—	—	—	208	350	3,031	748	3,822
InventoriesKRW 100M	315	606*	1*	1,652	2,312	2,269	4,638*	12,704	15,975	11,309	9,192
Trade and other receivablesKRW 100M	234	362	485	866	780	1,069	Not applicable	Not applicable	8,131	Not applicable	Not applicable
	1,566	2,202	2,832	3,961	5,601	7,679	17,849*	21,832	35,799	54,839	67,196
Property, plant and equipmentKRW 100M	1,186	1,636	2,326	3,416	5,072	6,853	10,904*	16,295	27,068	41,862	47,922
Intangible assetsKRW 100M	209	203	196	165	166	170	6,223	4,205	4,146	Not applicable	Not applicable
Investments in associatesKRW 100M	10	208	191	—	—	—	17	430	1,134	2,024	5,541
	1,187	1,727	2,637	4,357	4,809	6,945	17,037*	28,240	40,708	42,998	52,914
	848	1,087	1,795	2,590	2,606	3,859	9,674	20,827	27,436	21,845	30,560
Trade and other payablesKRW 100M	145	299	405	1,206	828	1,358	Not applicable	Not applicable	6,693	Not applicable	Not applicable
Short-term borrowingsKRW 100M	—	—	—	—	—	—	—	10,653	17,979	—	—
Current portion of long-term borrowingsKRW 100M	699	776	—	—	—	—	—	—	—	—	—
Current lease liabilitiesKRW 100M	—	—	—	—	15	9	11	14	30	30	32
	339	639	842	1,767	2,202	3,085	7,363*	7,413	13,273	21,153	22,354
Long-term borrowingsKRW 100M	—	590	—	—	—	—	—	—	8,179	15,828	14,839
Non-current lease liabilitiesKRW 100M	—	—	—	—	10	10	11	23	47	52	30
	1,018	1,737	1,844	2,319	4,470	5,887	16,973*	25,218	34,861	38,385	44,873
	Not applicable	1,444	1,466	1,809	2,752	3,266	11,441*	13,078	16,703	16,054	19,656
Issued capitalKRW 100M	85	107	110	110	110	110	120	126	133	133	136
Capital surplusKRW 100M	878	1,374	1,466	1,466	1,457	1,545	6,948	7,585	8,084	3,084	3,082
Retained earningsKRW 100M	55	-38	-111	232	1,185	1,345	3,645	4,249	4,578	7,484	5,876
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	58	110	-26	23	600	589
Other equityKRW 100M	878	1,374	—	—	—	—	618	1,144	3,885	4,753	9,973
Non-controlling interestsKRW 100M	Not applicable	293	378	510	1,718	2,621	5,532*	12,140	18,159	22,330	25,217

파생상품자산As filed	—	—	—	—	—	—	0	591	30	72	14
계약자산As filed	—	—	—	—	203	—	—	582	568	499	630
기타유동금융자산As filed	19	63	162	9	12	220	—	—	—	716	1,544
당기손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	27	258	—	1,009	370
매출채권As filed	—	—	—	—	—	—	2,855	9,522	—	—	—
기타유동비금융자산As filed	—	15	—	—	—	—	—	—	—	—	—
기타유동자산As filed	26	—	18	31	23	230	—	—	388	1,131	927
당기법인세자산As filed	—	0	757	0	0	0	0	0	67	43	70
기타금융자산As filed	—	—	—	—	—	—	5,144	2,301	421	—	—
기타비유동금융자산As filed	57	63	21	271	129	163	—	—	—	2,712	4,790
유동성파생금융자산As filed	—	—	—	—	—	1	—	—	—	—	—
기타자산As filed	—	—	—	—	—	—	370	2,013	—	—	—
유동매출채권As filed	—	—	—	—	—	—	—	—	—	2,482	2,480
종속기업, 조인트벤처와 관계기업에 대한 투자자산As filed	10	—	—	—	—	—	—	—	—	—	—
투자부동산As filed	78	75	73	70	67	—	—	—	—	—	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	264	—	44
이연법인세자산As filed	26	17	25	38	136	462	407	515	2,125	3,010	3,905
기타비유동자산As filed	—	—	—	—	5	10	—	—	1	16	51
장기금융상품As filed	—	—	—	—	—	—	2	0	28	3	243
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	—	—	194	38	—	8	—
사용권자산As filed	—	—	—	—	26	20	23	41	74	82	59
유동성차입금As filed	—	—	1,319	1,295	1,669	1,895	—	—	—	—	—
기타유동비금융부채As filed	3	2	—	—	—	—	—	—	—	—	—
매각예정비유동자산As filed	—	—	—	—	0	—	—	—	—	—	—
기타유동부채As filed	—	—	58	19	35	71	—	—	91	—	—
당기법인세부채As filed	2	10	13	66	5	96	1,508	799	657	247	2,013
장기매입채무 및 기타비유동채무As filed	14	—	—	—	—	—	—	—	—	—	—
무형자산As filed	—	—	—	—	—	—	—	—	—	4,095	4,314
비유동성차입금As filed	297	—	—	—	2,021	2,527	—	—	—	—	—
계약부채As filed	—	—	—	4	—	109	91	21	23	—	—
퇴직급여채무As filed	28	37	—	—	—	—	—	—	—	—	—
기타비유동금융부채As filed	—	13	34	11	—	—	—	—	—	4,302	4,851
납입자본As filed	85	107	—	—	—	—	—	—	—	—	—
비유동파생상품자산As filed	—	—	—	—	—	—	—	—	—	18	—
자본과부채총계As filed	2,205	3,464	4,481	6,675	9,278	12,832	34,010	53,458	75,570	81,383	97,787
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	19	—	—
비유동차입금As filed	—	—	745	1,547	—	—	—	—	—	—	—
퇴직급여부채As filed	—	—	44	118	154	223	—	298	—	—	—
비유동파생금융부채As filed	—	—	8	74	5	238	—	—	—	—	—
유동계약부채As filed	—	—	—	—	53	—	—	—	—	10	2
이연법인세부채As filed	—	—	12	17	—	37	1,268	1,316	704	528	726
유동성파생금융부채As filed	—	—	—	—	—	321	—	—	—	—	—
기타비유동부채As filed	—	—	—	—	13	12	—	—	8	9	6
매입채무As filed	—	—	—	—	—	—	1,119	7,056	—	2,565	2,670
기타비유동금융부채.As filed	—	—	—	—	—	38	—	—	—	—	—
기타금융부채As filed	—	—	—	—	—	—	1,520	2,148	1,927	—	—
차입금As filed	—	—	—	—	—	—	5,335	5,574	—	16,204	22,806
파생상품부채As filed	—	—	—	—	—	—	14	17	37	192	1,148
기타부채As filed	—	—	—	—	—	—	75	118	—	—	—
기타자본As filed	—	—	—	—	—	208	—	—	—	—	—
기타유동금융부채As filed	—	—	—	—	—	—	—	—	—	2,542	1,835
기타 유동부채As filed	—	—	—	—	—	—	—	—	—	56	54
순확정급여부채As filed	—	—	—	—	—	—	331	—	335	—	—
장기종업원급여부채As filed	—	—	—	—	—	—	18	20	28	39	50
비유동파생상품부채As filed	—	—	—	—	—	—	—	—	—	—	1,586
비유동 순확정급여부채As filed	—	—	—	—	—	—	—	—	—	395	265

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	1,073	1,705	3,290	6,694	7,023	9,468*	15,041*	56,397	72,602	31,279	34,130
Cost of salesKRW 100M	892	1,417	2,738	5,612	5,921	7,864*	12,718*	48,447	67,561	32,052	29,790
Gross profitKRW 100M	181	288	552	1,082	1,102	1,604*	2,323*	7,951	5,041	-774	4,340
SG&A expensesKRW 100M	123	187	335	459	624	781*	1,458	1,818	2,060	2,157	2,202
	58	101	218	623	478	824*	865*	6,132	2,982	-2,930	2,138
Finance incomeKRW 100M	3	12	4	190	90	312*	90	2,245	2,518	1,890	1,484
Finance costsKRW 100M	59	60	74	195	259	525*	585	2,975	3,762	2,849	3,623
Other incomeKRW 100M	11	45	41	58	158	135*	338	41	41	166	39
Other expensesKRW 100M	27	124	145	132	220	149*	2,418	2,377	337	143	1,281
Share of profit of associatesKRW 100M	—	—	—	—	—	—	—	-0	—	—	—
	-6	-65	-15	547	248	597*	-1,710*	3,066	1,442	-3,867	-1,243
Income tax expenseKRW 100M	-8	7	-18	85	-126	55*	854*	860	89	-913	-187
Profit from continuing operationsKRW 100M	—	—	—	—	374	542*	-2,564*	2,206	1,353	—	—
Profit or loss from discontinued operationsKRW 100M	—	—	—	—	-0	—	5,353	—	—	—	—
	2	-72	-33	462	374	542*	2,789*	2,206	1,353	-2,954	-1,055
Attributable to ownersKRW 100M	Not applicable	-88	-68	393	213	237	Not applicable	Not applicable	510	-2,060	-1,498
Attributable to minoritiesKRW 100M	Not applicable	16	36	69	161	305	Not applicable	Not applicable	843	-894	442
Basic earnings per shareKRW	Not applicable	-487	-313	1,781	Not applicable	1,079	Not applicable	Not applicable	Not applicable	-1,567	-1,118
Diluted earnings per shareKRW	13	Not applicable	Not applicable	1,781	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	-1,567	-1,118
	-3	-78	-39	402	427	583*	2,784*	2,047	1,404	-1,925	-1,008
Other comprehensive incomeKRW 100M	-5	-5	-6	-60	Not applicable	Not applicable	-5	Not applicable	51	1,029	48

영업외손익As filed	—	—	—	—	—	—	—	—	—	-936	-3,380
계속영업 총포괄손익As filed	—	—	—	—	—	—	-2,933	232	508	—	—
관계기업투자이익As filed	9	-39	-59	3	—	—	—	—	—	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	-93	—	—	—	—	—	—	—	—	—
당기손익으로 재분류되지 않는 세후기타포괄손익As filed	-5	—	—	—	—	—	—	—	—	—	—
비지배지분As filed	—	—	—	—	175	299	385	1,845	896	-402	477
포괄손익, 비지배지분As filed	—	15	—	—	—	—	—	—	—	—	—
법인세비용차감후기타포괄손익, 확정급여제도의 재측정손익As filed	-5	—	—	—	—	—	—	—	—	—	—
지배기업 소유주지분As filed	—	—	—	—	252	284	2,419	232	508	-1,523	-1,485
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	-6	—	—	—	—	—	—	—	—
재측정요소As filed	—	—	—	—	—	-17	—	—	—	—	—
확정급여제도의 재측정손익(세후기타포괄손익)As filed	—	—	-6	—	—	—	—	—	—	-82	54
순확정급여제도의 재측정요소As filed	—	—	—	—	54	—	—	—	—	—	—
계속영업기본주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	-73	343	—	—	—	—	—	—	—
해외사업장환산 외환차이As filed	—	—	—	—	-0	—	—	—	—	—	—
해외사업환산손익As filed	—	—	—	—	—	0	0	-23	138	993	-59
후속적으로 당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	—	-135	—	—	—
당기손익으로 재분류되지 않는 항목As filed	—	—	—	—	—	—	-5	—	—	—	—
기타포괄손익 공정가치금융자산 평가이익As filed	—	—	—	—	—	58	—	—	—	—	—
순확정급여의 재측정요소As filed	—	—	—	—	—	—	-57	18	-101	—	—
총 포괄손익, 비지배지분As filed	—	—	34	59	—	—	—	—	—	—	—
계속영업희석주당이익(손실)As filed	—	—	—	—	—	—	—	—	0	—	—
기타포괄손익-공정가치 측정 금융자산 평가이익As filed	—	—	—	—	—	—	—	-114	—	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	—	—	—	—	—	—	—	—	—	1,119	-8
관계기업 기타포괄손익 중 지분해당액As filed	—	—	—	—	—	—	—	-39	—	—	—
기타포괄손익-공정가치금융자산 평가이익As filed	—	—	—	—	—	—	52	—	—	—	—
후속적으로 당기손익으로 재분류되는 항목As filed	—	—	—	—	—	—	0	-23	162	—	—
지분법기타포괄손익변동As filed	—	—	—	—	—	—	—	—	24	126	51
당기손익으로 재분류 되지않는 세후기타포괄손익As filed	—	—	—	—	—	—	—	—	—	-90	56
세후기타포괄손익, 지분상품에 대한 투자자산As filed	—	—	—	—	—	—	—	—	—	-8	2
지배기업의 소유주As filed	—	—	—	—	—	—	2,405	361	—	—	—
계속영업이익As filed	—	—	—	—	—	—	-2,949	361	843	—	—
후속적으로 당기손익으로 재분류되지않는 항목As filed	—	—	—	—	—	—	—	—	-111	—	—
기타포괄손익-공정가치측정금융자산평가손익As filed	—	—	—	—	—	—	—	—	-10	—	—
중단영업이익As filed	—	—	—	—	—	—	5,353	—	—	—	—
지배기업의 소유주 귀속 총포괄손익As filed	—	—	—	—	—	—	2,419	—	—	—	—
중단영업 총포괄손익As filed	—	—	—	—	—	—	5,353	—	—	—	—
계속영업 기본주당순손익As filed	—	—	—	—	—	—	-0	0	—	—	—
계속영업 희석주당순손익As filed	—	—	—	—	—	—	-0	0	—	—	—
중단영업 기본주당순손익As filed	—	—	—	—	—	—	0	—	—	—	—
중단영업 희석주당순손익As filed	—	—	—	—	—	—	0	—	—	—	—

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	2	-72	-33	462	374	542	2,789	2,206	1,353	-2,954	-1,055
Total adjustments to operating cash flowcomputed	218	110	269	-339	-524	1,049	-4,196	-7,391	-544	7,842	4,446
	220	37	237	123	-150	1,591	-1,406*	-5,186	809	4,888	3,391
Interest receivedKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
Income taxes paidKRW 100M	0	2	7	22	65	9	Not applicable	Not applicable	1,153	823	354
	-330	-985	-1,029	-1,065	-2,151	-2,248	-4,084*	-4,449	-14,679	-16,263	-15,302
Purchase of property, plant and equipmentKRW 100M	272	609	842	1,132	2,143	Not applicable	Not applicable	6,756	10,775	15,817	7,865
Proceeds from sale of property, plant and equipmentKRW 100M	0	7	0	0	1	0	0	2	1	0	4
Purchase of intangible assetsKRW 100M	25	21	21	7	17	Not applicable	Not applicable	23	7	74	256
	142	1,118	805	872	2,491	1,681	7,043	10,298	21,513	9,595	14,364
Dividends paidKRW 100M	—	—	—	—	—	-80	-110	—	125	—	132
Acquisition of treasury sharesKRW 100M	—	—	—	—	49	—	—	—	189	—	85
Issue of sharesKRW 100M	—	154	—	—	—	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	13	45	216	227	157	346	1,365	2,918	3,564	11,160	9,543
	45	216	227	157	346	1,365	2,918	3,564	11,160	9,543	11,868
Effect of exchange rate changesKRW 100M	Not applicable	0	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	163	-128
Net change in cash and cash equivalentsKRW 100M	33	171	12	-70	190	1,024	1,552	663	7,643	Not applicable	Not applicable

당기순이익(손실)As filed	2	-72	-33	462	374	542	—	—	—	—	—
영업으로부터 창출된 현금흐름As filed	—	—	—	—	—	—	-1,259	-3,461	1,961	5,589	3,719
현금및현금성자산에 대한 환율변동효과As filed	—	—	—	—	—	—	—	—	-47	—	—
당기순이익조정을 위한 가감As filed	—	386	511	—	—	—	—	—	—	—	—
배당금지급(영업)As filed	—	—	—	—	-596	—	—	—	—	—	—
법인세 납부As filed	—	—	—	—	—	—	-148	-1,725	—	—	—
비현금항목조정As filed	—	—	—	527	—	—	—	—	—	—	—
재무활동으로 인한 현금유입액As filed	—	—	—	—	—	—	—	—	—	43,475	37,188
조정As filed	218	—	—	—	—	917	—	—	—	—	—
운전자본변동As filed	0	-274	—	—	—	—	—	—	—	—	—
관계기업투자의 취득As filed	—	—	—	—	—	—	—	454	410	—	—
기타금융부채의 증가As filed	—	—	—	—	—	—	—	—	—	—	50
순운전자본의변동As filed	—	—	—	—	-1,055	142	—	—	—	—	—
신종자본증권의 발행As filed	—	—	—	—	—	—	—	—	—	4,394	—
연결범위 변동As filed	—	—	—	—	—	—	66	—	—	—	—
운전자본의변동As filed	—	—	-235	-844	—	—	—	—	—	—	—
임대보증금의 증가As filed	—	—	—	—	—	—	—	—	-0	—	0
기타금융자산의 감소As filed	—	—	—	—	1,141	25	349	214	—	—	—
기타금융자산의감소As filed	9	75	2	118	—	—	—	—	—	—	—
사채의 증가As filed	—	—	199	—	0	—	—	—	—	2,895	540
유형자산 취득As filed	—	—	—	—	—	-2,050	-4,445	—	—	—	—
리스부채의 상환As filed	—	—	—	—	0	-14	—	—	28	40	39
무형자산 취득As filed	—	—	—	—	—	-21	-17	—	—	—	—
무형자산의 처분As filed	—	—	—	5	0	—	—	4	—	0	1
사채의 발행As filed	—	—	—	—	—	—	817	400	1,322	—	—
보증금의 감소As filed	—	—	—	—	—	1	—	—	—	—	—
전환권/신주인수권 행사로 인한 현금유입As filed	—	—	—	—	-0	—	—	—	—	20	—
이자수취As filed	1	1	3	5	—	6	—	—	—	432	432
전환사채의 발행As filed	—	—	—	—	—	—	1,500	—	4,399	—	—
정부보조금의 수취As filed	—	—	—	—	—	72	—	—	—	38	53
종속기업과 기타 사업의 지배력 획득에 따른 현금흐름As filed	—	—	—	—	-9	—	—	—	—	—	—
관계기업주식의처분As filed	—	—	13	—	—	—	—	—	—	—	—
장기차입금의 차입As filed	—	—	—	—	—	—	—	4,318	898	7,902	7,578
정부보조금의 수령As filed	—	—	—	—	—	—	107	111	4	—	—
단기금융상품의 취득As filed	—	—	—	—	—	—	—	545	4,581	2,069	5,301
배당금수취As filed	0	0	—	—	0	—	—	—	1	122	26
관계기업투자주식의처분As filed	—	—	—	29	—	—	—	—	—	—	—
기타금융자산의 취득As filed	—	192	183	—	—	—	—	—	28	—	—
단기금융상품 취득As filed	—	—	—	—	—	—	-380	—	—	—	—
기타금융부채의증가As filed	0	—	—	—	—	—	—	—	—	—	—
기타금융자산의 증가As filed	—	—	—	—	1,143	-275	-112	36	—	—	1
기타금융자산의증가As filed	42	—	—	69	—	—	—	—	—	—	—
단기금융상품 처분As filed	—	—	—	—	—	—	360	—	—	—	—
단기금융상품의 처분As filed	—	—	—	—	—	—	—	226	1,900	4,379	2,218
단기차입금의 차입As filed	—	—	—	—	—	—	—	16,331	34,834	26,965	17,098
보증금의 증가As filed	—	—	—	—	—	-7	—	—	—	—	—
비지배지분과의 거래As filed	—	—	—	—	—	—	240	4,682	12,629	1,261	11,868
연결실체변동As filed	—	0	—	—	—	—	—	—	—	—	—
장기금융상품 취득As filed	—	—	—	—	—	—	-1	—	—	—	—
종속기업신주인수권의취득As filed	—	—	—	11	—	—	—	—	—	—	—
기타부채의감소As filed	—	-1	1	2	—	—	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	—	-194	—	—	—
관계기업투자자산취득As filed	—	205	—	—	—	—	—	—	—	—	—
당기손익 - 공정가치 측정 금융자산의 취득As filed	—	—	—	—	—	—	-23	—	—	—	—
재무활동으로 인한 현금유출액As filed	—	—	—	—	—	—	—	—	—	-33,880	-22,824
사채의 상환As filed	—	—	—	200	—	—	—	400	822	—	2,220
종속기업투자주식의취득As filed	—	-40	—	—	—	—	—	—	—	—	—
단기차입금의 증가As filed	713	659	1,351	3,900	3,900	4,123	—	—	—	—	—
당기손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	2,758	—	—	—
보증금의 반환As filed	—	—	—	—	1	—	—	—	—	—	—
장기차입금의 상환As filed	—	—	—	—	494	—	—	—	712	115	930
단기차입금의 상환As filed	749	696	1,180	3,762	3,634	—	—	14,208	27,657	32,422	17,179
당기손익 - 공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	6	—	—	—	—
기타포괄손익-공정가치 측정 금융자산의 처분As filed	—	—	—	—	—	—	—	14	—	—	—
비지배지분에 대한 배당금 지급As filed	—	—	—	—	—	—	—	-147	301	—	—
임대보증금의 감소As filed	—	—	—	—	—	—	—	—	—	—	0
장기차입금의 증가As filed	64	254	409	1,102	1,035	1,347	—	—	—	—	—
정부보조금의 상환As filed	—	—	—	—	—	—	—	3	—	2	8
전환사채의 증가As filed	—	—	20	—	0	—	—	—	—	—	—
교환사채의 발행As filed	—	—	—	—	—	800	—	—	—	—	—
신종자본증권 이자지급As filed	—	—	—	—	—	—	—	—	—	—	214
전환사채 콜옵션 행사As filed	—	—	—	—	—	—	—	—	600	—	—
종속회사우리사주발행As filed	—	—	—	38	—	—	—	—	—	—	—
보통주 발행의 거래원가As filed	—	—	—	—	—	—	—	-1	1	1	2
신주인수권의행사As filed	25	81	10	—	—	—	—	—	—	—	—
전환사채의발행As filed	217	—	—	—	—	—	—	—	—	—	—
사채의발행As filed	20	—	—	—	—	—	—	—	—	—	—
스톡옵션 행사As filed	—	—	—	—	—	48	—	—	—	—	—
종속기업신주인수권의행사As filed	—	—	—	60	—	—	—	—	—	—	—
종속기업의 보통주 발행 거래원가As filed	—	—	—	—	—	—	-3	—	44	—	—
파생상품자산의 처분As filed	—	—	—	—	—	—	-1	2	28	—	—
신주인수권부사채의발행As filed	—	199	—	—	—	—	—	—	—	—	—
교환사채의발행As filed	—	165	—	—	—	—	—	—	—	—	—
사채의상환As filed	20	20	—	—	—	—	—	—	—	—	—
전환상환우선주의 발행As filed	—	—	—	—	—	200	—	—	—	—	—
종속기업 전환상환우선주의 발행As filed	—	—	—	—	30	—	—	—	—	—	—
신주인수권부사채의상환As filed	96	—	—	—	—	—	—	—	—	—	—
임차보증금의 증가As filed	—	—	—	—	—	—	—	13	22	12	12
종속기업유상증자As filed	—	293	67	79	—	—	—	—	—	—	—
파생상품부채의 처분As filed	—	—	—	—	—	—	-3	—	—	—	—
대여금 증가As filed	—	—	—	—	—	—	-150	—	—	—	—
유동성장기차입금의상환As filed	—	—	—	—	—	—	—	—	-1,145	—	—
이자지급As filed	32	35	29	86	88	—	—	502	950	1,174	1,354
종속기업투자주식의처분As filed	—	133	7	—	—	—	—	—	—	—	—
대여금 감소As filed	—	—	—	—	—	—	151	—	—	—	—
신주인수권부사채의 감소As filed	—	—	50	100	—	—	—	—	—	—	—
임차보증금의 감소As filed	—	—	—	—	—	—	—	3	10	10	13
종속기업 유상증자로 인한 현금유입As filed	—	—	—	—	1,831	—	—	—	—	—	—
종속기업의 유상증자As filed	—	—	—	—	—	495	—	—	—	—	—
현금및현금성자산의환율변동효과As filed	0	—	—	—	—	—	—	—	—	—	—
이자수입As filed	—	—	—	—	—	—	17	241	253	—	—
임차보증금 증가As filed	—	—	—	—	—	—	-13	—	—	—	—
전환사채의상환As filed	—	69	—	—	—	—	—	—	—	—	—
단기차입금 상환As filed	—	—	—	—	—	-4,506	—	—	—	—	—
임차보증금 감소As filed	—	—	—	—	—	—	4	—	—	—	—
환율변동효과As filed	—	-0	-1	-0	—	—	—	—	—	—	—
상환우선주 상환As filed	—	—	—	—	26	—	—	26	—	—	—
장기차입금 상환As filed	—	—	—	—	—	-591	-540	—	—	—	—
기타금융부채의 감소As filed	—	—	—	—	—	—	—	—	—	—	17
비지배지분에 지급한 배당금As filed	—	—	—	—	—	—	—	—	—	63	643
종속기업주식의 취득As filed	—	—	—	—	—	-4	—	—	—	—	—
투자활동으로부터의 현금유입As filed	—	—	—	—	—	—	—	—	—	11,657	10,151
금융리스부채의 지급As filed	—	—	—	—	13	—	—	—	—	—	—
종속기업의 보통주 발행의 거래원가As filed	—	—	—	—	—	—	—	-27	—	—	—
파생상품자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	42	82
대여금의 증가As filed	—	—	—	—	—	—	—	—	1,130	1,963	3,940
보통주 발행As filed	—	—	—	—	—	—	339	—	—	—	—
관계기업투자의 처분As filed	—	—	—	—	—	—	—	—	9	—	—
교환사채 발행 비용As filed	—	—	—	—	—	-0	—	—	—	—	—
현금및현금성자산의 환율변동효과As filed	—	—	—	—	-0	-6	1	—	—	—	—
당기손익인식금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	6,493	6,418
자본발행의 거래원가As filed	—	—	—	—	—	-0	—	—	—	—	—
관계기업에 대한 투자자산의 처분As filed	—	—	—	—	—	—	—	—	—	7	17
보통주 발행의 거래 원가As filed	—	—	—	—	—	—	-0	—	—	—	—
대여금의 감소As filed	—	—	—	—	—	—	—	—	—	—	917
자기주식 취득As filed	—	—	—	—	—	-50	-21	-23	—	—	—
기타금융자산의 처분As filed	—	—	—	—	—	—	—	—	—	129	9
이자의 지급As filed	—	—	—	—	—	-99	-96	—	—	—	—
차입급 차입As filed	—	—	—	—	—	—	8,555	—	—	—	—
기타포괄손익-공정가치측정금융자산의처분As filed	—	—	—	—	—	—	—	—	—	—	20
차입금 상환As filed	—	—	—	—	—	—	-5,673	—	—	—	—
정부보조금의 수령(투자)As filed	—	—	—	—	—	—	—	—	67	164	22
장기차입금 차입As filed	—	—	—	—	—	—	2,436	—	—	—	—
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	1,892	—	—
투자활동으로부터의 현금유출As filed	—	—	—	—	—	—	—	—	—	-27,919	-25,453
당기손익-공정가치측정금융자산의 취득As filed	—	—	—	—	—	—	—	—	1,888	—	—
기타포괄손익-공정가치측정금융자산의 처분As filed	—	—	—	—	—	—	—	—	3	—	—
유동성장기차입금의 상환As filed	—	—	—	—	—	—	-421	—	—	—	—
리스부채의 원금 상환As filed	—	—	—	—	—	—	-9	-15	—	—	—
당기손익인식금융자산의 취득As filed	—	—	—	—	—	—	—	—	—	7,201	5,835
종속기업, 조인트벤처와 관계기업에 대한 투자자산의 취득As filed	—	—	—	—	—	—	—	—	—	602	1,752
장기금융상품의 취득As filed	—	—	—	—	—	—	—	—	—	5	240
정부보조금의 상환, 투자활동As filed	—	—	—	—	—	—	—	—	—	1	0
주주에 대한 배당금 지급As filed	—	—	—	—	—	—	—	-102	—	—	—
기타의투자활동으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	6	—
현금및현금성자산의 환율변동 효과As filed	—	—	—	—	—	—	—	-18	—	—	—
파생금융부채의 증가(감소)As filed	—	—	—	—	—	—	—	—	—	170	244
임대보증금 증가As filed	—	—	—	—	—	—	-6	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	—	—	—	—	—	—	—	—	—	-1,779	2,453
사업결합으로 인한 현금유출As filed	—	—	—	—	—	—	—	—	—	—	-7
임대보증금 감소As filed	—	—	—	—	—	—	-0	—	—	—	—
정부보조금 상환As filed	—	—	—	—	—	—	-4	—	—	—	—
인적분할로 인한 현금 감소As filed	—	—	—	—	—	—	-61	—	—	—	—
신주인수권 행사As filed	—	—	—	—	—	—	100	—	—	—	—

In the latest fiscal year operating and financing activities brought cash in while investing activities spent it.

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 28	삼정회계법인	2025-12-31
2024	적정의견Term 27	삼정회계법인	2025-12-31
2023	적정의견Term 26	삼정회계법인	2025-12-31
2022	적정Term 25	삼일회계법인	2022-12-31
2021	적정Term 24	삼일회계법인	2022-12-31
2020	적정Term 23	삼일회계법인	2022-12-31
2019	적정Term 22	한영회계법인	2019-12-31
2018	적정Term 21	한영회계법인	2019-12-31
2017	적정Term 20	한영회계법인	2019-12-31
2016	적정Term 19	한영회계법인	2016-12-31
2015	적정Term 18	한영회계법인	2016-12-31
2014	적정Term 17	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 · 2026-10-064.37%

BetaDaily 5Y1.41

Equity risk premium%

Terminal growth%

Cost of equity11.41%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW95,400

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	1,084	-98.9%
Dividend discount model DDM	1,036	-98.9%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-7,001	-107.3%

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

Dividend and residual income familyKRW

Discounted cash flow familyKRW

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

How the figures are calculated

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

Cost of equity

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

r = 4.37% + 1.41 × 5.00% = 11.41%

Initial growth

g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = max(-7.62% × (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

Gordon growth model

P_0 = \frac{D_0\,(1 + g_T)}{r - g_T}

P_0 = 100 × (1 + 2.00%) / (11.41% − 2.00%) = 102 / 0.0941 = 1,084 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 = 100, g_1 = 0.00%, g_T = 2.00%, r = 11.41%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	0.00%	100	0.8976	90
2	0.50%	100	0.8057	81
3	1.00%	102	0.7232	73
4	1.50%	103	0.6492	67
5	2.00%	105	0.5827	61
Terminal value	2.00%	1,140	0.5827	664
Total				1,036

P_0 = 1,036 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 = 14,477 KRW, ROE = -7.62%, payout ratio = 0.00%, r = 11.41%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	14,477	-1,103	1,651	-2,754	0.8976	-2,472
2	13,373	-1,019	1,525	-2,544	0.8057	-2,050
3	12,354	-941	1,409	-2,350	0.7232	-1,700
4	11,413	-870	1,302	-2,171	0.6492	-1,410
5	10,543	-803	1,202	-2,006	0.5827	-1,169
Terminal value				-21,754	0.5827	-12,677

P_0 = 14,477 + -8,801 + -12,677 = -7,001 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