099320KOSDAQ

Satrec Initiative

68,600

-6,600 (-8.78%)

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

Satrec Initiative was established on December 29, 1999, and is headquartered in Daejeon. The company is listed on the KOSDAQ market.

The company develops and manufactures small and medium satellite systems, payloads, and components. It also provides ground station equipment and software for satellite control and data processing. Its business includes defense projects for military satellites and mobile ground stations, while subsidiaries handle satellite image distribution and AI-based image analysis.

Business overview as filed

가. 주요 사업 영역

당사는 지구관측 위성시스템의 개발 및 생산을 핵심사업으로 영위하고 있으며 특히 중ㆍ소형위성시스템, 위성의 탑재체와 부분품 개발 및 제조, 위성의 관제소프트웨어, 위성으로부터 취득된 정보를 수신처리하기 위한 영상처리소프트웨어 등을 개발하고 있습니다. 또한 위성을 제작하는데 사용된 기술을 기반으로 군사 목적으로 활용할 수 있는 군사위성과 이동형 지상체 개발을 주요사업으로 하는 방위사업을 영위하고 있습니다. 2025년 위성사업의 매출은 1,968억원이며 이는 전체 매출의 95%에 해당합니다. 자회사인 (주)에스아이아이에스와 (주)에스아이에이는 위성제조사업의 전방사업인 위성영상 판매 사업과 인공지능 기반 위성영상 분석사업을 영위하고 있으며, 동기간 각 자회사들의 매출은 83억원(전체 매출의 4%), 18억원(전체 매출의 1%) 입니다.

나. 매출 현황

주) 상기 매출액은 연결재무제표 기준으로 작성되었습니다.

다. 수주 현황

2025년말까지 사업을 수행한 계약들을 기준으로 할 때, 수주 총액은 11,336억원입니다. 이중 7,878억원 규모의 사업을 완료하였으며, 수주 잔고는 3,458억원을 보유하고 있습니다. 각 계약별 수주상황은 회사의 영업기밀에 해당하므로 상세히 기재하지 않았습니다.

Company overview

가. 연결대상 종속회사 개황

(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 명칭

주식회사 쎄트렉아이라고 표기하며, 영문으로는 Satrec Initiative Co., Ltd.라 표기합니다. 단, 약식으로 표기할 경우 (주)쎄트렉아이 또는 Satrec Initiative라고 표기합니다.

다. 설립일자

당사는 위성시스템 개발 및 관련 서비스사업을 영위할 목적으로 1999년 12월 29일 설립되었습니다. 또한 2008년 6월 13일에 코스닥시장 상장을 승인받아 회사의 주식 이 2008년 6월 13일자로 상장되어 코스닥시장에서 매매가 개시되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

주소 : 대전광역시 유성구 엑스포로 441전화번호 : 042-365-7500홈페이지 : www.satreci.com

마. 중소기업 등 해당 여부

주1) 당사는 2025년 2월 14일부로 벤처기업에 해당되지 않습니다.

바. 주요 사업의 내용위성시스템을 개발하여 수출하고 있는 당사는 위성체 분야에서 중ㆍ소형위성시스템과 위성의 탑재체 및 부품을 개발ㆍ제조하고 있으며, 지상체 분야에서는 위성의 관제 또는 위성으로부터 취득된 정보를 수신/처리하기 위한 지상체 장비와 S/W 공급을 핵심사업으로 영위하고 있습니다. 또한 2014년 4월에 단순물적분할방법으로 분사시킨 위성영상판매사업에 이어 2018년 7월에는 위성영상기반의 데이터분석 서비스업을 주요 사업으로 하는 법인을 설립하여 위성사업의 전방사업에서도 사업을 영위하고 있습니다.당사 및 종속회사의 사업에 대한 보다 상세한 내용은 "Ⅱ. 사업의 내용"을 참조해 주시기 바랍니다.

사. 신용평가에 관한 사항(1) 신용평가 등급

보고서 작성기준일 현재 당사는 한국평가데이터(주)로부터 A+의 신용등급을 받고 있습니다.

(2) 신용등급 체계와 정의

주1) 상기한 신용등급의 체계와 정의는 한국평가데이터(주)의 정의를 준용하였음주2) AA'부터 'CCC'까지는 등급내 우열에 따라 '+' 또는 '-'를 부가하게 됨

아. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.04.06), 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

5.90%

[3.71%, 9.05%] · 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 73.1% (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

0.99

Beta [0.80, 1.18] · KOSDAQ150 · As of 2026-10-08

Intercept: +0.093%[-0.544%, +0.729%]
R squared: 0.32
Observations: 252
Trading-time corrected beta: 0.96[0.64, 1.28]

252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the 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

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	305	342	428	461	702	892	734	914	1,254	1,713	2,069	2,107
Revenue growth%	—	12.21	24.90	7.88	52.23	27.05	-17.68	24.38	37.30	36.55	20.81	—
Operating incomeKRW 100M	46	32	54	56	92	137	13	-77	-44	-31	102	58
Operating income growth%	—	-31.61	70.03	4.28	65.14	47.69	-90.71	-708.89	—	—	—	—
Net incomeKRW 100M	44	32	54	51	74	119	-126	-28	415	62	141	73
Net income growth%	—	-27.54	70.00	-6.14	45.30	61.15	-206.63	—	—	-84.93	125.40	—
Attributable to ownersKRW 100M	—	—	57	46	72	119	-116	-23	439	79	153	93
Attributable to minoritiesKRW 100M	—	—	-3	4	2	0	-11	-5	-24	-17	-12	-21
Operating margin%	15.13	9.22	12.56	12.14	13.17	15.31	1.73	-8.46	-3.47	-1.79	4.92	2.74
Net margin%	14.36	9.27	12.62	10.98	10.48	13.29	-17.22	-3.08	33.06	3.65	6.81	3.45
ROE%	—	—	10.32	8.01	11.21	16.22	-9.76	-1.88	20.14	3.36	6.14	3.78
ROA%	7.41	4.59	7.64	6.52	7.64	11.03	-5.50	-1.09	13.21	1.40	3.43	1.78
Debt ratio%	22.92	37.28	28.85	32.81	49.40	45.68	94.92	113.58	43.79	99.53	73.42	74.19
Current ratio%	496.86	219.68	195.98	172.11	191.48	236.62	681.67	306.53	202.86	137.81	131.98	130.53
Quick ratio%	455.06	187.86	175.59	165.92	177.85	212.28	647.94	287.42	180.51	124.50	107.60	109.10
Reserve ratio%	—	—	—	—	1,661.88	1,919.55	2,513.95	2,567.86	3,874.64	—	4,443.00	4,406.21
Free cash flowKRW 100M	-48	81	99	-11	290	94	-79	46	-177	535	-970	—
FCF margin%	-15.78	23.70	23.11	-2.48	41.23	10.58	-10.79	5.02	-14.10	31.21	-46.87	—
OCF conversion%	-107.22	288.24	206.42	4.88	440.51	113.97	—	—	68.86	1,093.34	-525.47	—
Capex to revenue%	0.38	3.03	2.94	3.01	4.94	4.57	5.69	21.40	36.86	8.68	11.10	—
Receivable daysdays	—	14.5	24.4	40.9	26.5	14.0	13.5	36.4	30.0	6.7	6.0	—
Inventory daysdays	—	37.9	32.9	16.5	15.4	27.8	46.5	45.7	50.3	58.4	73.2	—
Payable daysdays	—	70.7	79.6	62.2	41.4	32.3	43.0	49.4	49.3	75.4	79.7	—
Cash conversion cycledays	—	-18.3	-22.4	-4.8	0.5	9.6	17.0	32.7	31.1	-10.3	-0.5	—
EPSKRW	1,141	896	1,557	1,285	992	1,654	-1,390	-252	4,784	722	1,396	852
PERx	—	40.46	26.75	19.26	19.61	19.35	—	—	6.47	55.47	49.14	105.85
BPSKRW	—	13,765	14,984	15,849	8,775	10,057	13,037	13,307	23,978	21,529	22,735	22,551
PBRx	—	2.63	2.78	1.56	2.22	3.18	3.52	2.25	1.29	1.86	3.02	4.00
Dividend per shareKRW	220	240	310	210	210	340	140	80	150	190	100	—
Payout ratio%	19.28	26.79	19.91	16.34	21.17	20.56	—	—	3.14	26.32	7.16	—

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
	592	692	706	777	963	1,075	2,301	2,588	3,138	4,470	4,110
	248	248	214	288	509*	667	1,845	1,938	1,663	2,891	2,254
Cash and cash equivalentsKRW 100M	67	58	73	51	198	212	1,146	904	1,028	1,253	759
Short-term financial instrumentsKRW 100M	2	11	2	0	113*	133	253	461	72	470	50
InventoriesKRW 100M	21	36	22	10	36	69	91	121	183	279	416
Trade and other receivablesKRW 100M	10	18	39	64	38	31	24	158	48	15	53
	343	444	492	488	455*	408	456	650	1,475	1,579	1,856
Property, plant and equipmentKRW 100M	167	174	178	180	203	227	247	423	867	970	1,212
Intangible assetsKRW 100M	156	239	270	265	194	116	67	89	123	117	121
	110	188	158	192	318	337	1,121	1,376	956	2,230	1,740
	50	113	109	168	266	282	271	632	820	2,098	1,708
Trade and other payablesKRW 100M	29	77	64	59	66*	55	93	136	161	436	321
Short-term borrowingsKRW 100M	—	—	—	32	—	—	—	8	—	75	155
Current lease liabilitiesKRW 100M	—	—	—	—	0	0	1	1	2	0	0
	60	75	49	24	53	55	850	744	136	132	32
Non-current lease liabilitiesKRW 100M	—	—	—	—	0	0	1	1	0	0	—
	481	504	548	585	645	738	1,181	1,212	2,183	2,240	2,370
	480	504	548	580	638	731	1,184	1,209	2,179	2,358	2,490
Issued capitalKRW 100M	18	18	18	18	36	36	45	45	55	55	55
Capital surplusKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	109	99	684	743	1,267	Not applicable	1,383
Retained earningsKRW 100M	322	347	395	431	495	598	459	423	855	917	1,050
Accumulated other comprehensive incomeKRW 100M	—	—	—	—	—	—	—	—	2	2	2
Other equityKRW 100M	140	139	135	131	-2	-3	-3	-3	—	1,383	—
Non-controlling interestsKRW 100M	1	0	-1	5	7	7	-4	3	4	-117	-120

계약자산As filed	—	—	—	—	—	—	—	—	—	201	—
유동계약자산As filed	—	—	—	124	99	181	269	207	121	—	279
당기법인세자산As filed	0	0	0	0	0	0	0	7	38	0	0
당기손익인식금융자산As filed	—	—	1	—	—	—	—	—	—	—	—
유동 당기손익-공정가치 측정 지정 금융자산As filed	—	—	—	—	—	7	0	—	—	—	—
기타유동자산As filed	6	10	20	22	13	9	35	59	154	647	679
미청구공사As filed	135	112	52	—	—	—	—	—	—	—	—
기타유동금융자산As filed	—	—	5	17	11	25	26	21	19	—	17
기타금융자산As filed	8	3	—	—	—	—	—	—	—	26	—
당기손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	34	—
순이연법인세자산As filed	—	—	—	—	—	—	—	—	—	—	464
비유동 당기손익-공정가치측정금융자산As filed	—	—	—	—	4	7	9	18	34	—	—
이연법인세자산As filed	12	18	18	22	22	19	65	31	371	419	—
비유동 기타포괄손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	4
매도가능금융자산As filed	4	4	—	—	—	—	—	—	—	—	—
비유동 기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	9	—	—	—	—	—	—	—
기타비유동금융자산As filed	—	—	21	11	17	24	30	32	40	—	20
기타포괄손익-공정가치측정금융자산As filed	—	—	—	—	—	—	—	—	—	4	—
비유동 당기손익인식금융자산As filed	—	—	—	—	—	—	—	—	—	—	34
기타비유동자산As filed	1	1	1	1	9	8	31	50	34	5	1
기타포괄손익-공정가치측정 금융자산As filed	—	—	—	—	—	—	—	—	4	—	—
장기매출채권 및 기타비유동채권As filed	—	—	—	—	0	—	—	—	—	—	—
기타포괄손익-공정가치 측정 금융자산As filed	—	—	—	—	6	5	5	5	—	—	—
비유동매도가능금융자산As filed	—	—	4	—	—	—	—	—	—	—	—
장기금융상품As filed	—	—	—	—	—	1	1	—	—	—	—
사용권자산As filed	—	—	—	—	1	—	—	—	2	0	0
비유동사용권자산As filed	—	—	—	—	—	0	2	3	—	—	—
유동계약부채As filed	—	—	—	58	178	193	161	394	552	—	944
당기손익인식금융부채As filed	0	2	0	—	—	—	—	—	—	—	—
자본과부채총계As filed	592	692	706	777	963	1,075	2,301	2,588	3,138	4,470	4,110
기타유동금융부채As filed	—	—	7	7	9	2	0	—	—	—	—
초과청구공사As filed	8	23	31	—	—	—	—	—	—	—	—
기타유동부채As filed	6	2	7	6	6	17	8	27	—	—	—
유동성전환상환우선주부채As filed	—	—	—	—	—	—	—	—	—	—	65
유동파생금융부채As filed	—	—	—	—	—	—	—	—	—	55	—
유동성파생금융부채As filed	—	—	—	—	—	—	—	—	28	—	—
기타금융부채As filed	5	6	—	—	—	—	—	—	—	—	111
당기법인세부채As filed	2	3	1	5	5	14	7	—	20	8	17
상환전환우선주부채As filed	—	—	—	—	17	19	45	24	34	54	—
계약부채As filed	—	—	—	—	—	—	—	—	—	1,399	—
유동성상환전환우선주부채As filed	—	—	—	—	—	—	—	—	10	—	—
기타비유동금융부채As filed	—	—	39	14	—	—	—	—	—	106	—
기타비유동부채As filed	8	9	9	10	12	13	14	13	—	—	—
유동 파생상품 금융부채As filed	—	—	—	—	—	—	—	—	—	—	48
유동충당부채As filed	—	—	—	—	1	1	2	3	7	6	—
비유동당기손익인식금융부채As filed	—	—	0	—	—	—	—	—	—	—	—
유동파생상품부채As filed	—	—	—	—	—	—	—	38	—	—	—
기타 유동부채As filed	—	—	—	—	—	—	—	—	40	64	45
납입자본As filed	18	18	—	—	—	—	—	—	—	—	—
기타유동충당부채As filed	—	—	—	—	—	—	—	—	—	—	2
비지배지분As filed	1	0	—	—	—	—	—	—	—	—	—
매입채무 및 기타채무As filed	—	—	—	—	—	—	—	—	—	7	—
장기매입채무 및 기타비유동채무As filed	—	—	—	—	0	1	2	9	7	—	—
매입채무 및 기타비유동채무As filed	—	—	—	—	—	—	—	—	—	—	8
기타 비유동 부채As filed	—	—	—	—	—	—	—	—	16	19	25
비유동파생상품부채As filed	—	—	—	—	—	—	309	203	78	—	—
비유동파생금융부채As filed	—	—	—	—	23	22	—	—	—	—	—
전환사채As filed	—	—	—	—	—	—	480	490	—	—	—

Income statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	305	342	428	461	702	892	734	914	1,254	1,713	2,069
Cost of salesKRW 100M	224	273	323	361	553	687	628	847	1,102	1,445	1,735
Gross profitKRW 100M	81	69	105	101	150	205	106	67	152	268	334
SG&A expensesKRW 100M	35	38	51	45	57	68	94	144	195	299	Not applicable
	46	32	54	56	92	137	13	-77	-44	-31	102
Finance incomeKRW 100M	1	0	0	0	13	25	13	101	125	83	26
Finance costsKRW 100M	1	1	2	2	23*	13	199	33	27	13	20
Other incomeKRW 100M	7	12	17	7	14	8	19	38	15	16	27
Other expensesKRW 100M	6	13	12	7	12*	18	3	22	8	23	11
	48	30	56	53	85	139	-157	7	61	31	124
Income tax expenseKRW 100M	4	-2	2	3	11	21	-31	35	-354	-31	-16
	44	32	54	51	74	119	-126	-28	415	62	141
Attributable to ownersKRW 100M	Not applicable	Not applicable	57	46	72	119	-116	-23	439	79	153
Attributable to minoritiesKRW 100M	Not applicable	Not applicable	-3	4	2	0	-11	-5	-24	-17	-12
Basic earnings per shareKRW	1,141	896	1,557	1,285*	992	1,654	-1,390	-252	4,784	722	1,396
Diluted earnings per shareKRW	1,141	896	1,557	1,285*	992	1,654	-1,390	-557*	3,287	722	1,396
	44	32	54	51	71	118	-126	-28	420	62	141
Other comprehensive incomeKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	-2	-0	Not applicable	Not applicable	5	Not applicable	Not applicable

포괄손익, 비지배지분As filed	—	—	—	—	—	—	—	—	-24	-17	-12
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	—	—	444	79	153
지배기업 소유주지분 당기순이익As filed	42	33	—	—	—	—	—	—	—	—	—
총 포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	57	46	69	118	-116	-23	—	—	—
법인세 효과As filed	—	—	—	—	—	—	—	—	-1	—	—
비지배지분 당기순이익As filed	2	-1	—	—	—	—	—	—	—	—	—
총 포괄손익, 비지배지분As filed	—	—	-3	4	2	0	-11	-5	—	—	—
기타포괄손익-공정가치 측정 금융자산 평가손익As filed	—	—	—	—	—	—	—	—	7	—	—
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	—	—	—	—	-2	-0	—	—	—	—	—
지배기업 소유주지분 총포괄손익As filed	42	33	—	—	—	—	—	—	—	—	—
기타포괄손익-공정가치측정지분상품평가손익As filed	—	—	—	—	-2	-0	—	—	—	—	—
비지배지분 총포괄손익As filed	2	-1	—	—	—	—	—	—	—	—	—
판매비와관리비As filed	—	—	—	—	—	—	—	—	—	—	232

Cash flow statement

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	44	32	54	51	74	119	-126	-28	415	62	141
Total adjustments to operating cash flowcomputed	-91	60	57	-48	251	17	89	270	-129	621	-881
	-47	92	111	2	324	135	-37	241	286	683	-740
Interest receivedKRW 100M	2	0	0	0	1	3	10	27	38	27	23
Interest paidKRW 100M	Not applicable	Not applicable	Not applicable	1	0	0	0	0	1	3	2
DepreciationKRW 100M	8	7	7	8	12	18	21	24*	26	36	39
AmortisationKRW 100M	24	32	41	35	87	92	95	35	40	41	29
Income taxes paidKRW 100M	3	3	4	2	10	9	22	15	-1	-9	20
	102	-95	-90	-42	-177	-102	-204	-495*	-119	-620	190
Purchase of property, plant and equipmentKRW 100M	1	10	13	14	35	41	42	196	462	149	230
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	0	0	Not applicable	0	0	0	0	Not applicable	0	1
Purchase of intangible assetsKRW 100M	62	76	69	25	14	19	37	72	50	81	Not applicable
	-8	-6	-6	18	-0	-19	1,176	10*	-42	161	59
Dividends paidKRW 100M	5	8	9	11	8	15	24	13	7	16	21
Acquisition of treasury sharesKRW 100M	3	1	3	6	4	25	—	—	—	—	—
Disposal of treasury sharesKRW 100M	—	—	—	—	—	15	—	—	—	—	—
Issue of sharesKRW 100M	—	—	—	—	—	—	589	—	-0	1	—
Cash at beginning of periodKRW 100M	21	67	58	73	51	198	212	1,146	904	1,028	1,253
	67	58	73	51	198	212	1,146	904	1,028	1,253	759
Effect of exchange rate changesKRW 100M	0	1	-1	0	0	-1	0	0	-1	0	-2
Net change in cash and cash equivalentsKRW 100M	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	124	225	Not applicable

금융리스부채의 지급As filed	—	—	—	—	—	—	—	—	—	—	0
당기순이익(손실)As filed	44	32	54	51	74	119	-126	-28	415	—	141
리스부채의 지급As filed	—	—	—	—	0	0	0	2	3	5	—
당기순이익조정을 위한 가감As filed	-89	62	55	55	124	135	280	98	-354	21	56
단기차입금의 증가As filed	—	—	—	32	14	10	10	8	—	—	110
법인세비용As filed	4	-2	2	3	11	21	-31	35	—	—	—
차입금 증가As filed	—	—	—	—	—	—	—	—	44	108	—
이자수익As filed	1	0	0	0	1	3	11	28	34	32	—
이자비용As filed	1	1	2	2	1	2	14	15	14	13	—
단기차입금의 상환As filed	—	—	—	—	46	10	10	—	—	33	30
배당금수익As filed	—	—	-0	—	—	0	0	0	-0	-0	—
주식기준보상As filed	—	—	—	—	0	0	4	72	8	9	—
파생상품평가손실As filed	0	3	—	—	-0	4	38	2	—	—	—
당기손익-공정가치측정금융자산거래이익As filed	—	—	—	-0	—	—	—	—	—	—	—
외화환산이익As filed	3	3	6	2	1	0	11	28	3	4	—
차입금 감소As filed	—	—	—	—	—	—	—	—	52	—	—
당기손익-공정가치측정금융자산거래손실As filed	—	—	—	0	—	—	—	—	—	—	—
재고자산감액As filed	2	4	—	—	—	—	—	—	—	—	—
기타금융부채의 증가As filed	—	—	—	—	—	—	—	—	—	106	—
종속기업처분손실As filed	3	—	—	—	—	—	—	—	—	—	—
파생상품평가이익As filed	—	—	2	—	-0	-5	-0	71	—	—	—
기타금융자산의 처분As filed	25	8	8	8	31	10	20	21	—	—	20
매출채권 및 기타채권의 감소(증가)As filed	-2	-8	-21	-36	35	8	3	-144	—	38	—
상환전환우선주부채의 상환As filed	—	—	—	—	—	—	—	—	-23	—	—
기타포괄손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	—	—	—	8	—	—
미청구공사의 감소(증가)As filed	-94	22	57	—	—	—	—	—	—	—	-89
외화환산손실As filed	—	1	3	3	1	10	0	14	2	5	—
단기금융상품의 처분As filed	—	—	11	1	—	160	1,883	532	768	—	746
재고자산의 감소(증가)As filed	-12	-19	11	5	-27	-37	-25	-41	-76	-119	-153
기타금융자산의 감소As filed	—	—	—	—	—	—	—	—	17	19	—
기타자산의 감소(증가)As filed	-2	-5	-9	-2	3	3	-55	-42	—	-466	—
당기손익-공정가치측정금융부채거래손실As filed	—	—	—	—	1	3	—	—	—	—	—
대손상각비As filed	—	0	3	—	0	2	5	0	—	—	—
단기금융상품의 감소As filed	400	96	—	—	—	—	—	—	—	357	—
매입채무 및 기타채무의 증가(감소)As filed	-8	12	-46	-22	-24	-31	18	47	—	314	-156
무형자산의 취득As filed	—	—	—	—	—	—	—	—	—	—	21
파생상품거래손실As filed	—	—	—	—	22	4	8	15	—	—	—
기타금융부채의 증가(감소)As filed	0	1	1	0	2	10	-2	9	-1	0	-20
파생상품거래이익As filed	—	—	—	—	12	10	2	2	—	—	—
기타부채의 증가(감소)As filed	3	-4	—	—	—	—	—	—	21	27	—
당기손익-공정가치측정금융자산의 증가As filed	—	—	—	—	—	3	-2	-25	-16	0	—
유형자산처분손실As filed	—	—	0	0	0	0	0	—	0	0	—
유형자산처분이익As filed	—	0	0	—	0	0	0	0	—	0	—
초과청구공사의 증가(감소)As filed	-12	16	7	—	—	—	—	—	—	—	-444
기타금융자산의 증가As filed	—	—	—	—	—	—	—	—	24	19	—
기타금융자산의 취득As filed	7	8	24	9	46	29	28	32	—	—	4
당기손익-공정가치측정금융자산평가이익As filed	—	—	—	—	—	7	—	—	—	—	—
장기금융상품의 증가As filed	—	—	—	—	—	—	—	—	—	20	—
파생금융부채평가손실As filed	—	—	—	—	—	—	139	—	—	—	—
단기금융상품의 취득As filed	—	—	2	—	112	182	2,002	739	378	—	326
재고자산평가손실As filed	—	—	3	7	1	4	9	11	17	23	—
단기금융상품의 증가As filed	258	105	—	—	—	—	—	—	—	735	—
무형자산손상차손As filed	—	—	1	—	0	—	—	—	—	—	—
정부보조금의 수취As filed	—	—	—	—	—	—	—	—	—	—	4
경상연구개발비As filed	—	—	1	0	0	0	0	0	0	1	—
대손충당금환입As filed	—	—	—	—	—	0	0	0	—	—	—
영업활동으로 인한 자산 부채의 변동As filed	—	—	—	—	—	—	—	—	186	566	-938
국고보조금의 증가As filed	—	—	—	—	—	—	—	—	18	—	—
영업활동으로인한자산ㆍ부채의변동As filed	—	—	7	-101	136	-112	-179	160	—	—	—
잡손실As filed	—	4	—	—	—	—	—	—	—	—	—
정부보조금의 증가As filed	—	—	—	—	—	—	—	—	—	8	—
계약자산의 감소(증가)As filed	—	—	—	—	25	-91	-79	70	76	-76	—
계약자산의 증가As filed	—	—	—	-75	—	—	—	—	—	—	—
기타비금융자산의 감소(증가)As filed	—	—	—	—	—	—	—	—	—	—	-32
매출채권 및 기타유동채권의 감소(증가)As filed	—	—	—	—	—	—	—	—	109	—	—
계약부채의 증가(감소)As filed	—	—	—	29	120	14	-32	241	158	848	—
충당부채의증가(감소)As filed	—	—	—	—	—	—	—	—	—	—	-2
매입채무 및 기타유동채무의 증가(감소)As filed	—	—	—	—	—	—	—	—	-27	—	—
소송충당부채전입액As filed	—	—	—	—	—	—	—	1	—	—	—
매출채권 및 기타채권의 감소(증가) 조정As filed	—	—	—	—	—	—	—	—	—	—	-44
하자보수충당부채전입액As filed	—	—	—	—	1	1	-1	1	0	—	—
공사손실충당부채전입액As filed	—	—	—	—	—	—	2	1	4	—	—
무형자산처분이익As filed	—	—	—	—	—	—	1	—	—	—	—
종속기업투자주식 처분으로 인한 순현금유입액As filed	7	—	—	—	—	—	—	—	—	—	—
기타비금융부채의 증가(감소)As filed	—	—	6	-0	2	11	-6	19	—	—	—
물적분할로 인한 순현금유출액As filed	2	—	—	—	—	—	—	—	—	—	—
지급수수료As filed	—	—	—	—	0	0	—	0	—	—	—
기타자산의 감소As filed	—	—	—	—	—	—	—	—	-72	—	—
대손상각비 조정As filed	—	—	—	—	—	—	—	—	1	0	0
당기손익-공정가치측정금융자산의 처분As filed	—	—	—	1	—	—	—	—	—	—	—
사용권자산감가상각비 조정As filed	—	—	—	—	—	—	—	—	—	—	0
기타포괄손익-공정가치측정금융자산의 증가As filed	—	—	—	-5	—	—	—	—	—	—	—
유형자산처분이익 조정As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익인식금융부채의 감소As filed	—	-0	-2	—	—	—	—	—	—	—	—
외화환산이익 조정As filed	—	—	—	—	—	—	—	—	—	—	1
이자비용의 지급As filed	—	—	-0	—	—	—	—	—	—	—	—
파생금융자산평가이익As filed	—	—	—	—	—	—	—	—	83	51	—
국고보조금의 수령As filed	—	2	4	1	3	6	11	17	—	—	—
기타금융자산의 감소(증가)As filed	—	—	—	—	—	—	—	2	—	—	—
배당금의 수취As filed	—	—	0	—	—	—	—	—	—	—	—
유형자산손상차손As filed	—	—	—	—	—	—	—	—	—	6	—
파생금융부채평가이익As filed	—	—	—	—	—	—	—	—	—	—	8
당기손익-공정가치측정금융자산감소(증가)As filed	—	—	—	—	—	—	—	-1	—	—	—
이자비용 조정As filed	—	—	—	—	—	—	—	—	—	—	20
종속기업의 유상증자As filed	—	—	2	3	-40	—	—	—	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	47	-10	16	-22	147	14	934	-243	125	225	-491
유형자산처분손실 조정As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익인식금융자산의 처분As filed	—	—	1	—	—	—	—	—	—	—	—
외화환산손실 조정As filed	—	—	—	—	—	—	—	—	—	—	3
잡이익As filed	—	—	—	—	—	—	—	—	—	—	18
파생금융자산평가손실As filed	—	—	—	—	—	—	—	—	12	—	—
기타의 대손상각비 조정As filed	—	—	—	—	—	—	—	—	—	3	—
비유동당기손익인식금융부채의 감소As filed	—	—	-1	—	—	—	—	—	—	—	—
주식보상비용(환입) 조정As filed	—	—	—	—	—	—	—	—	—	—	10
재고자산평가손실 조정As filed	—	—	—	—	—	—	—	—	—	—	16
경상연구개발비 조정As filed	—	—	—	—	—	—	—	—	—	—	4
대손충당금 환입As filed	—	—	—	—	—	—	—	—	0	—	—
배당수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	—	0
당기손익-공정가치측정금융부채의 감소As filed	—	—	—	—	1	—	—	—	—	—	—
법인세비용 조정As filed	—	—	—	—	—	—	—	—	—	—	-16
사용권자산감가상각비As filed	—	—	—	—	—	—	—	—	3	5	—
하자보수충당부채의 증가(감소)As filed	—	—	—	—	—	-0	—	—	—	—	—
이자수익에 대한 조정As filed	—	—	—	—	—	—	—	—	—	—	18
기타비유동자산처분손실As filed	—	—	—	—	—	—	—	—	—	2	—
충당부채의 조정As filed	—	—	—	—	—	—	—	—	—	—	-2
당기손익-공정가치측정금융자산의 감소As filed	—	—	—	—	—	—	4	15	—	—	—
배당금수취(영업)As filed	—	—	—	—	—	—	—	—	—	0	0
충당부채의 전입As filed	—	—	—	—	—	—	—	—	—	-3	—
법인세수익As filed	—	—	—	—	—	—	—	—	—	-31	—
사채상환이익As filed	—	—	—	—	—	—	—	—	-7	—	—
당기손익-공정가치측정금융부채의 증가As filed	—	—	—	—	—	2	—	—	—	—	—
무형자산의 처분As filed	—	—	—	—	—	0	1	—	—	—	—
당기순이익As filed	—	—	—	—	—	—	—	—	—	62	—
법인세비용(이익)As filed	—	—	—	—	—	—	—	—	-354	—	—
전환사채 발행As filed	—	—	—	—	—	—	500	—	—	—	—
상환전환우선주부채 발행As filed	—	—	—	—	—	—	100	—	—	—	—

In the latest fiscal year operations consumed cash while investing and financing activities brought cash in.

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 2026.04.06.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 27	삼일회계법인	2025-12-31
2024	적정의견Term 26	삼일회계법인	2025-12-31
2023	적정의견Term 25	삼일회계법인	2025-12-31
2022	적정Term 24	안진회계법인	2022-12-31
2021	적정Term 23	안진회계법인	2022-12-31
2020	적정Term 22	안진회계법인	2022-12-31
2019	적정Term 21	안진회계법인	2019-12-31
2018	적정Term 20	안진회계법인	2019-12-31
2017	적정Term 19	안진회계법인	2019-12-31
2016	적정Term 18	안진회계법인	2016-12-31
2015	적정Term 17	안진회계법인	2016-12-31
2014	적정Term 16	안진회계법인	2016-12-31

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

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

Valuation

Valuation multiplesx

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

Dividend historyKRW

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

Payout ratio and dividend yield%

PER bandKRW

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

Valuation models

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

Assumptions

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

BetaDaily 5Y0.82

Equity risk premium%

Terminal growth%

Cost of equity8.49%

Weighted average cost of capital—

Initial growth5.7%

Effective tax rate0.0%

Base fiscal year2025

Current priceKRW68,600

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	1,570	-97.7%
Dividend discount model DDM	1,709	-97.5%
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	13,414	-80.4%

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% + 0.82 × 5.00% = 8.49%

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(6.14% × (1 − 7.16%), 0) = 5.70%

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%) / (8.49% − 2.00%) = 102 / 0.0649 = 1,570 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 = 5.70%, g_T = 2.00%, r = 8.49%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	5.70%	106	0.9217	97
2	4.78%	111	0.8495	94
3	3.85%	115	0.7830	90
4	2.93%	118	0.7217	85
5	2.00%	121	0.6652	80
Terminal value	2.00%	1,896	0.6652	1,261
Total				1,709

P_0 = 1,709 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 = 22,735 KRW, ROE = 6.14%, payout ratio = 7.16%, r = 8.49%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	22,735	1,396	1,931	-535	0.9217	-493
2	24,031	1,476	2,041	-566	0.8495	-481
3	25,401	1,560	2,158	-598	0.7830	-468
4	26,849	1,649	2,281	-632	0.7217	-456
5	28,380	1,743	2,411	-668	0.6652	-444
Terminal value				-10,491	0.6652	-6,979

P_0 = 22,735 + -2,342 + -6,979 = 13,414 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