267260KOSPI

HD Hyundai Electric

606,000

-22,000 (-3.50%)

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

HD Hyundai Electric was established in 2017. The company is listed on the KOSPI market.

The company manufactures and supplies electrical equipment and energy solutions. Its business segments include power equipment such as transformers and high voltage circuit breakers, distribution equipment like switchboards, and rotating machinery including motors. It also provides energy solutions and microgrid projects. Major customers include the Saudi Electricity Company, Xcel Energy, and NextEra Energy.

Business overview as filed

가. 사업의 내용(요약)

당사는 발전→송전→배전→소비(부하)에 이르는 전력공급 과정 전 단계에 필요한 다양한 전기전자기기 및 에너지 솔루션을 제작ㆍ공급하고 있습니다. 당사가 제작하여 공급하는 제품들은 전력 공급의 단계에 따라 전력기기, 배전기기, 회전기기 등으로 구분될 수 있습니다. 전력기기로는 발전ㆍ송전 단계(고압,통상 50kV 이상)에서 적용되는 전력변압기, 고압차단기 등이 있으며, 배전 단계(1kV~50kV 중압, 1kV미만 저압)에서 적용되는 배전반, 중저압차단기 등의 배전기기, 부하로써 전기에너지를 이용하여 운동에너지를 발생시키는 전동기등의 회전기기가 있습니다. 향후 전 사업에 걸친 전기화 및 탈탄소화가 전력시장에 큰 영향을 미칠 것으로 전망됨에 따라, 전력에너지의 효율적 사용을 위해 시스템을 구축하는 솔루션 사업 및 신ㆍ재생에너지를 활용해 마이크로그리드 단위의 탄소중립을 실현하는융복합사업을 에너지 신사업으로 추진하고 있습니다.

25년 누적 연결기준 매출은 4,079,498백만원으로 제품 품목별 비중은 전력기기(변압기, 고압차단기 등) 70%, 회전기기(회전기, 저압전동기 등) 14%, 배전기기등(배전반, 저압차단기, 전력제어, ICT 外) 16%입니다. 그리고 당기 누적 수출금액은 3,147,338백만원으로 수출 비중은 77%입니다. 연결매출 중 5%를 초과하는 주요 매출처는 사우디전력청, Xcel Energy, NextEra Energy 입니다.

향후 에너지시장은 전 산업에 걸친 전기화로 전력수요 증가, 신재생발전 증가와 이에 따른 전력변환 및 에너지저장 시장 성장, IT 기술을 접목하여 효율적으로 에너지를 관리하는스마트그리드 시장 성장으로 요약할 수 있습니다. 당사는 이러한 시장의 변화에 발맞춰 아래와 같이 신규사업을 추진하여 기존의 전력기자재 제조회사를 넘어 토털 에너지솔루션 기업으로 성장을 추구하고 있습니다.

당사는 2022년 4월 신재생에너지용 전력변환기기 강소기업인 플라스포(現.HD현대플라스포)를 인수하여 전력변환 시장 공략을 위한 교두보를 확보하였습니다. 이를 통해 기존 에너지저장시스템(ESS), 태양광 시장용 전력변환기기 판매 확대 뿐만 아니라, 신규 시장으로 수전해, 연료전지, 선박용 전기추진시스템 시장용 전력변환기기 공급까지 사업을 확대해 나갈 예정입니다. 또한, 당사는 2025년 12월말 기준 누적 약 1.6GWh이상의 에너지저장시스템(ESS)을 설치, 운영해 온 우수한 실적을 보유하고 있습니다. 2024년 8월 한국전력에 336MWh급 국내 최대 규모 계통안정화용 ESS 설비를 준공, 인도했습니다. 금년 9월에는 미국 텍사스주에서 추진되는 200MWh급 ESS 사업의 EPC 계약을 남부발전으로부터 수주했고, 안정적인 공사수행과 사업영역 확장을 위해 현지 사업법인을 설립했습니다. 국내에서도 제11차 전력수급 기본계획에 따라 2029년까지 12GWh 규모로 보급될 중앙계약시장 ESS 사업에서 지속적인 사업 기회 확보를 기대하고 있습니다. 신재생 발전원 설치 증가, AI 시장과 데이터센터 건설 확대에 따른 전력 수급 변동성 증가로 인해 국내 및 글로벌 전력 시장에서의 ESS 수요는 당분간 계속될 것으로 전망합니다. 국가탄소중립 목표달성을 위해 재생에너지 중 풍력 보급이 매우 중요하게 인식되고 있습니다. 특히 정부의 탄소중립 달성 의지가 명확하고, 관련한 재생에너지 확대 정책이 뒷받침되어 풍력사업 환경은 좋아질 것으로 기대하고 있습니다. 다만, 단기적으로는 해상풍력에 비해 개발기간이 상대적으로 짧고 현 계통 인프라에 여유가 있는 육상풍력 개발 사업이 성장할 것으로 예상하고 있습니다. 장기적으로는 계통 인프라가 보강되는 2030년 전후로 해상풍력이 활성화될 것으로 전망됩니다. 당사는 2009년부터 축적해온 풍력사업 역량과 네트워크를 바탕으로 단기적으로는 상대적으로 보급 확대가 용이한 육상풍력 개발 및 EPC 사업을 추진하면서, 해상풍력이 활성화되는 시점에 적극적인 사업참여를 위한 준비를 진행하고 있습니다.

Company overview

1. 연결대상 종속회사 현황(요약)

주요종속기업 판단기준 : 최근사업연도말 자산 총액 750억원 이상

1-1. 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

ㆍ당사의 명칭은 '에이치디현대일렉트릭 주식회사'라고 표기하며, 영문으로는 HD Hyundai Electric Co., Ltd.라 표기합니다.

다. 설립일자 ㆍ

회사의 설립일 : 2017년 4월 3일

라. 본사의 주소, 전화번호 및 홈페이지

마. 중소기업 등 해당 여부

바. 주요 사업의 내용

당사는 발전→송전→배전→소비(부하)에 이르는 전력공급 과정 전 단계에 필요한 다양한 전기전자기기 및 에너지 솔루션을 제작ㆍ공급하고 있습니다. 당사가 제작하여 공급하는 제품들은 전력 공급의 단계에 따라 전력기기, 배전기기, 회전기기 등으로 구분될 수 있습니다.전력기기로는 발전ㆍ송전 단계(고압, 통상 50kV 이상)에서 적용되는 전력변압기, 고압차단기 등이 있으며, 배전 단계(1kV~50kV 중압, 1kV미만 저압)에서 적용되는 배전반, 중저압차단기 등의 배전기기, 부하로써 전기에너지를 이용하여 운동에너지를 발생시키는 전동기 등의 회전기기가 있습니다.향후 전 사업에 걸친 전기화 및 탈탄소화가 전력시장에 큰 영향을 미칠 것으로 전망됨에 따라, 전력에너지의 효율적 사용을 위해 시스템을 구축하는 솔루션 사업 및 신·재생에너지를 활용해 마이크로그리드 단위의 탄소중립을 실현하는 융복합사업을 에너지 신사업으로 추진하고 있습니다. 매출 구성은 전력기기(변압기, 고압차단기 등) 70%, 회전기기(회전기, 저압전동기 등) 14%, 배전기기 등(배전반, 저압차단기, 전력제어, ICT 外) 16% 이며, 주요 고객으로는 사우디전력청, Xcel Energy, NextEra Energy가 있습니다.

사. 신용평가에 관한 사항

1) 신용평가

2) 한국기업평가의 신용등급체계와 부여 의미(1) 기업어음 등급정의

A2부터 B까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우 "+" 또는 "-" 의 기호를 부여할 수 있다.

(2) 회사채 등급정의

AA부터 B까지는 동일 등급내에서 세분하여 구분할 필요가 있는 경우에는 "+" 또는 "-" 의 기호를 부여할 수 있다.

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 2026.03.16), 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

5.50%

[3.84%, 7.85%] · 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 58.9% (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

0.84

Beta [0.73, 0.96] · KOSPI200 · As of 2026-10-08

Intercept: -0.208%[-0.628%, +0.212%]
R squared: 0.49
Observations: 252
Trading-time corrected beta: 1.02[0.75, 1.29]

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	14,496	19,404	17,711	18,113	18,060	21,045	27,028	33,223	40,795	43,369
Revenue growth%	—	33.86	-8.72	2.27	-0.30	16.53	28.43	22.92	22.79	—
Operating incomeKRW 100M	624	-1,006	-1,567	727	97	1,330	3,152	6,690	9,953	11,133
Operating income growth%	—	-261.14	—	—	-86.61	1,266.43	136.93	112.22	48.78	—
Net incomeKRW 100M	143	-1,789	-2,643	-402	-337	1,620	2,595	4,984	7,318	8,503
Net income growth%	—	-1,352.89	—	—	—	—	60.14	92.10	46.83	—
Attributable to ownersKRW 100M	143	-1,789	-2,643	-402	-337	1,625	2,592	5,016	7,326	8,508
Attributable to minoritiesKRW 100M	0	-0	-0	0	—	-5	3	-32	-8	-5
Operating margin%	4.31	-5.18	-8.85	4.01	0.54	6.32	11.66	20.14	24.40	25.67
Net margin%	0.99	-9.22	-14.92	-2.22	-1.87	7.70	9.60	15.00	17.94	19.61
ROE%	1.37	-21.02	-37.75	-5.93	-5.21	19.75	24.72	33.40	36.11	37.73
ROA%	0.68	-7.69	-11.71	-1.77	-1.52	6.65	8.92	13.13	15.34	15.48
Debt ratio%	101.38	173.24	222.25	234.62	242.76	192.96	175.31	151.77	134.63	143.18
Current ratio%	253.12	147.03	132.08	115.61	111.64	109.72	131.76	138.11	134.43	127.95
Quick ratio%	192.39	109.23	97.30	87.49	83.13	65.23	75.01	84.07	84.74	77.96
Reserve ratio%	1,844.25	688.55	262.89	244.25	222.98	318.33	443.01	675.62	957.09	1,057.36
Free cash flowKRW 100M	-427	-583	-891	1,477	821	-1,574	-978	9,121	7,261	—
FCF margin%	-2.94	-3.00	-5.03	8.16	4.54	-7.48	-3.62	27.45	17.80	—
OCF conversion%	-31.08	—	—	—	—	-76.62	-8.65	207.40	131.12	—
Capex to revenue%	2.64	2.80	8.28	3.14	1.53	1.58	2.79	3.66	5.72	—
Receivable daysdays	—	140.2	117.1	87.9	85.0	83.5	78.8	82.0	71.9	—
Inventory daysdays	—	79.9	92.0	91.1	83.1	101.7	128.9	154.7	159.5	—
Payable daysdays	—	63.6	86.0	103.4	106.1	87.3	67.3	72.6	75.3	—
Cash conversion cycledays	—	156.4	123.1	75.6	62.1	97.9	140.4	164.1	156.1	—
EPSKRW	3,379	-8,812	-12,961	-1,118	-936	4,514	7,200	13,935	20,354	23,602
PERx	33.74	—	—	—	—	9.42	11.42	27.41	38.03	41.18
BPSKRW	101,885	41,804	19,418	18,841	17,927	22,820	29,077	41,662	56,281	62,557
PBRx	1.12	0.53	0.59	0.87	1.11	1.86	2.83	9.17	13.75	15.54
Dividend per shareKRW	—	—	—	—	—	500	1,000	1,100	6,150	—
Payout ratio%	—	—	—	—	—	11.08	13.89	7.89	30.22	—

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

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	20,946	23,261	22,565	22,726	22,150	24,350	29,102	37,955	47,698
	14,905	16,517	14,842	14,744	13,983	15,483	19,730	27,637	34,263
Cash and cash equivalentsKRW 100M	2,414	3,763	1,897	5,243	3,548	1,727	1,761	5,698	9,508
InventoriesKRW 100M	3,576	4,247	3,908	3,586	3,571	6,278	8,497	10,814	12,665
Trade and other receivablesKRW 100M	8,415	6,490	4,875	3,851	4,565	5,064	6,600	8,323	7,748
	6,041	6,744	7,723	7,982	8,166	8,867	9,372	10,318	13,435
Property, plant and equipmentKRW 100M	4,716	5,280	5,169	5,105	5,163	5,369	6,243	7,301	9,427
Intangible assetsKRW 100M	555	174	494	511	527	655	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	—	—	—	—	—	2	3	0	0
	10,545	14,748	15,563	15,934	15,687	16,039	18,531	22,880	27,369
	5,888	11,233	11,238	12,753	12,525	14,111	14,974	20,011	25,487
Trade and other payablesKRW 100M	2,777	3,456	4,172	4,333	4,796	3,659	4,053	5,006	6,079
Short-term borrowingsKRW 100M	2,178	6,674	4,069	5,090	2,908	4,546	—	—	—
Current lease liabilitiesKRW 100M	—	—	38	62	35	108	102	139	172
	4,656	3,514	4,325	3,181	3,163	1,927	3,557	2,869	1,882
Long-term borrowingsKRW 100M	2,997	2,393	3,658	2,590	2,551	1,105	—	—	—
Non-current lease liabilitiesKRW 100M	—	—	52	64	53	228	170	441	553
	10,401	8,513	7,002	6,792	6,462	8,312	10,570	15,075	20,329
	10,398	8,510	7,000	6,792	6,462	8,226	10,481	15,018	20,288
Issued capitalKRW 100M	510	1,018	1,802	1,802	1,802	1,802	1,802	1,802	1,802
Capital surplusKRW 100M	9,255	8,741	9,017	9,017	9,017	4,018	4,018	4,018	4,023
Retained earningsKRW 100M	156	-1,733	-4,279	-4,615	-4,998	1,719	3,966	8,159	13,227
Accumulated other comprehensive incomeKRW 100M	629	636	612	740	793	838	847	1,191	1,388
Other equityKRW 100M	-152	-152	-152	-152	-152	-152	—	—	—
Non-controlling interestsKRW 100M	3	3	3	Not applicable	Not applicable	86	89	57	42

유동파생상품자산As filed	—	—	—	—	—	—	50	0	36
계약자산As filed	—	1,459	2,025	1,732	1,907	1,702	2,207	1,709	3,169
단기금융자산As filed	—	150	1,497	105	211	221	240	330	173
미청구공사As filed	52	—	—	—	—	—	—	—	—
파생상품자산As filed	34	12	76	47	8	131	—	—	—
기타유동자산As filed	387	387	228	180	175	355	322	586	622
당기법인세자산As filed	27	8	1	0	—	5	54	177	341
매각예정비유동자산As filed	—	—	336	—	—	—	—	—	—
장기금융자산As filed	18	31	30	67	62	49	44	48	67
장기매출채권 및 기타채권As filed	11	12	12	34	35	51	123	—	—
장기매출채권및기타채권As filed	—	—	—	—	—	—	—	72	62
이연법인세자산As filed	733	1,211	1,912	2,081	2,186	2,122	1,785	1,552	2,338
사용권자산As filed	—	—	70	106	78	341	271	563	696
무형자산As filed	—	—	—	—	—	—	700	659	652
장기계약자산As filed	—	—	—	—	—	—	2	0	0
투자부동산As filed	—	—	—	—	—	—	50	50	50
확정급여자산As filed	—	—	—	44	78	240	—	38	108
기타비유동자산As filed	—	36	36	35	39	38	33	36	35
선수금As filed	875	—	—	—	—	—	—	—	—
비유동파생상품자산As filed	—	—	—	—	—	—	4	0	0
초과청구공사As filed	50	—	—	—	—	—	—	—	—
유동충당부채As filed	8	111	1,132	1,333	2,483	2,654	1,702	1,815	1,931
미지급법인세As filed	0	1	1	7	—	—	—	—	—
유동계약부채As filed	—	—	1,727	1,883	2,200	3,053	4,476	10,519	14,631
계약부채As filed	—	955	—	—	—	—	—	—	—
기타유동부채As filed	0	36	35	38	51	83	—	87	53
장기매입채무 및 기타채무As filed	7	5	2	4	2	7	13	—	—
파생상품부채As filed	—	1	5	8	47	8	—	—	—
확정급여부채As filed	146	210	86	59	56	49	52	30	33
비유동충당부채As filed	1,505	854	263	210	261	319	379	483	597
당기법인세부채As filed	—	—	—	—	4	0	88	717	1,074
자본과부채총계As filed	20,946	23,261	22,565	22,726	22,150	24,350	29,102	37,955	47,698
순확정급여자산As filed	—	—	—	—	—	—	113	—	—
비유동계약부채As filed	—	—	219	221	216	211	205	200	194
이연법인세부채As filed	—	49	41	34	23	8	—	0	0
매각예정비유동부채As filed	—	—	59	—	—	—	—	—	—
자본조정As filed	—	—	—	—	—	—	-152	-152	-152
유동파생상품부채As filed	—	—	—	—	—	—	24	459	155
단기금융부채As filed	—	—	—	—	—	—	4,417	1,268	1,392
기타 유동부채As filed	—	—	—	—	—	—	112	—	—
장기매입채무및기타채무As filed	—	—	—	—	—	—	—	24	36
비유동파생상품부채As filed	—	—	—	—	—	—	—	21	0
장기금융부채As filed	—	—	—	—	—	—	2,738	1,669	469

Income statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
	14,496	19,404	17,711	18,113	18,060	21,045	27,028	33,223	40,795
Cost of salesKRW 100M	12,546	17,877	16,178	15,012	15,709	17,682	20,924	22,778	26,867
Gross profitKRW 100M	1,950	1,528	1,534	3,102	2,351	3,363	6,104	10,446	13,928
SG&A expensesKRW 100M	1,326	2,533	3,101	2,375	2,254	2,033	Not applicable	3,756	3,975
	624	-1,006	-1,567	727	97	1,330	3,152	6,690	9,953
Finance incomeKRW 100M	439	528	423	523	456	1,029	660	1,461	1,332
Finance costsKRW 100M	689	580	565	971	521	1,413	1,102	1,530	1,557
Other incomeKRW 100M	139	204	111	80	33	858	674	133	94
Other expensesKRW 100M	289	1,310	1,738	894	469	165	278	253	259
Share of profit of associatesKRW 100M	—	—	—	—	—	-1	-1	—	0
	224	-2,164	-3,336	-535	-404	1,639	3,105	6,501	9,564
Income tax expenseKRW 100M	81	-374	-693	-133	-67	19	511	1,517	2,246
	143	-1,789	-2,643	-402	-337	1,620	2,595	4,984	7,318
Attributable to ownersKRW 100M	143	-1,789	-2,643	-402	-337	1,625	2,592	5,016	7,326
Attributable to minoritiesKRW 100M	0	-0	-0	0	Not applicable	-5	3	-32	-8
Basic earnings per shareKRW	3,379	-8,812	-12,961	-1,118	-936	4,514	7,200	13,935	20,354
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable
	131	-1,882	-2,571	-203	-330	1,758	2,439	5,225	7,481
Other comprehensive incomeKRW 100M	-12	-93	72	200	7	137	-156	241	163

지분법손익As filed	—	—	—	—	—	—	—	-0	—
판매비와관리비As filed	—	—	—	—	—	—	2,952	—	—
비지배지분, 총포괄손익As filed	—	—	—	—	—	—	—	-32	2
지배기업소유주지분, 총포괄손익As filed	—	—	—	—	—	—	—	5,256	7,479
포괄손익, 비지배지분As filed	—	—	—	—	—	—	3	—	—
포괄손익, 지배기업의 소유주에게 귀속되는 지분As filed	—	—	—	—	—	—	2,436	—	—
당기손익으로 재분류될 수 있는 항목(세후기타포괄손익)As filed	-25	-4	82	-61	—	—	27	—	—
후속적으로 당기손익으로 재분류되는 세후기타포괄손익:As filed	—	—	—	—	54	54	—	—	—
파생상품평가손익As filed	-26	-26	—	—	-62	28	4	-10	31
파생상품평가이익(손실)As filed	—	—	46	-22	—	—	—	—	—
해외사업환산손익As filed	1	22	—	—	116	26	23	354	-23
당기손익으로 재분류되지 않는항목(세후기타포괄손익)As filed	13	-89	-10	260	—	—	-183	—	—
해외사업환산이익(손실)As filed	—	—	36	-39	—	—	—	—	—
후속적으로 당기손익으로 재분류되지 않는 세후기타포괄손익:As filed	—	—	—	—	-46	83	—	—	—
보험수리적손익As filed	13	-100	-10	—	—	—	-164	-103	-60
기타포괄손익-공정가치측정금융자산평가손익As filed	—	-2	—	—	0	-9	—	0	27
후속적으로 당기손익으로 재분류되는 세후기타포괄손익As filed	—	—	—	—	—	—	—	344	7
유형자산재평가이익(손실)As filed	—	—	—	271	—	—	—	—	—
기타포괄손익-공정가치측정금융자산 평가손익As filed	—	—	-0	—	—	—	0	—	—
기타포괄손익-공정가치측정금융자산 평가이익(손실)As filed	—	—	—	-12	—	—	—	—	—
유형자산재평가잉여금As filed	—	12	—	—	—	—	—	—	—
보험수리적이익(손실)As filed	—	—	—	1	-46	92	—	—	—
지배기업의 소유주지분As filed	131	-1,882	-2,571	-203	-330	1,762	—	—	—
후속적으로 당기손익으로 재분류되지 않는 세후기타포괄손익As filed	—	—	—	—	—	—	—	-103	156
비지배지분As filed	0	-0	-0	0	—	-5	—	—	—
유형자산재평가손익As filed	—	—	—	—	—	—	-19	0	189

Cash flow statement

	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	143	-1,789	-2,643	-402	-337	1,620	2,595	4,984	7,318
Total adjustments to operating cash flowcomputed	-187	1,749	3,218	2,448	1,435	-2,862	-2,819	5,353	2,278
	-44	-40	575	2,045	1,098	-1,241	-224	10,337	9,596
Interest receivedKRW 100M	14	45	60	46	33	35	57	134	247
Interest paidKRW 100M	153	248	327	272	230	215	369	262	130
Income taxes paidKRW 100M	29	-11	11	104	16	22	106	686	2,924
	-716	-1,247	-2,062	1,390	-424	-576	-933	-1,432	-2,259
Purchase of property, plant and equipmentKRW 100M	382	543	1,467	568	277	333	754	1,216	2,335
Proceeds from sale of property, plant and equipmentKRW 100M	98	92	605	10	5	3	4	2	5
Purchase of intangible assetsKRW 100M	104	141	130	61	55	80	137	151	84
	1,086	2,619	-358	-73	-2,409	-19	1,182	-5,179	-3,496
Dividends paidKRW 100M	—	—	—	—	—	—	180	756	2,213
Acquisition of treasury sharesKRW 100M	152	—	—	—	—	—	—	—	—
Issue of sharesKRW 100M	2,641	—	1,073	—	—	—	—	—	—
Cash at beginning of periodKRW 100M	2,093	2,414	3,763	1,897	5,243	3,548	1,727	1,761	5,698
	2,414	3,763	1,897	5,243	3,548	1,727	1,761	5,698	9,508
Effect of exchange rate changesKRW 100M	-5	18	11	-17	40	16	9	211	-31
Net change in cash and cash equivalentsKRW 100M	320	1,350	-1,866	3,345	-1,694	-1,821	34	3,937	3,810

당기순이익(손실)As filed	143	-1,789	-2,643	-402	-337	1,620	2,595	—	—
당기순이익조정을 위한 가감As filed	-18	1,941	—	—	—	—	—	—	—
비지배지분의 감소As filed	—	—	—	—	—	—	—	—	13
사채발행비 지급As filed	—	—	1	5	2	—	9	—	—
조정항목As filed	—	—	3,497	2,778	1,648	-2,660	-2,400	6,167	5,085
사채의 발행As filed	—	1,992	200	1,750	500	—	1,940	—	—
장기금융부채의 증가As filed	—	—	—	—	—	—	—	696	—
단기금융부채의 증가As filed	—	—	—	—	—	—	—	2,774	261
배당금수취As filed	—	0	—	—	—	—	—	—	—
배당금의 수취As filed	—	—	0	0	0	0	—	0	0
장기금융부채의 감소As filed	—	—	—	—	—	—	—	700	0
장기금융자산의 감소As filed	0	—	0	0	10	3	4	2	36
장기차입금의 증가As filed	—	400	2,333	704	800	300	700	—	—
단기대여금의 감소As filed	—	17	9	19	37	19	23	28	3
단기금융부채의 감소As filed	—	—	—	—	—	—	—	7,044	1,344
단기차입금의 증가As filed	852	3,103	4,047	3,546	1,993	2,981	4,736	—	—
무형자산의 처분As filed	11	—	—	1	—	2	—	0	13
단기금융자산의 감소As filed	—	—	50	1,397	12	1,011	69	107	269
단기차입금의 감소As filed	715	1,410	4,834	3,809	2,730	2,361	4,118	—	—
장기기타채무의 증가As filed	—	—	—	—	—	—	—	1	0
장기기타채권의 감소As filed	—	0	1	0	0	0	10	22	4
종속회사주식의 취득As filed	301	—	—	—	—	—	—	—	—
단기대여금의 증가As filed	17	7	21	—	35	21	23	26	0
리스부채의 감소As filed	—	—	—	70	—	—	—	150	187
유동성장기차입금의 감소As filed	1,516	1,460	-117	520	920	542	802	—	—
기타유동자산의 처분As filed	—	—	97	49	0	2	2	—	0
단기금융상품의 증가As filed	—	150	—	—	—	—	—	—	—
장기금융자산의 증가As filed	18	10	0	24	4	6	4	5	29
장기기타채권의 증가As filed	2	—	0	23	0	32	10	19	3
유동성사채의 감소As filed	—	—	3,000	750	1,450	300	960	—	—
매각예정비유동자산의 처분As filed	—	—	189	589	—	—	—	—	—
유동성리스부채의 감소As filed	—	—	—	—	—	—	124	—	—
장기대여금의 감소As filed	—	—	—	—	—	—	0	0	0
단기금융자산의 증가As filed	—	—	1,395	—	117	1,006	88	190	111
국고보조금의 수령As filed	—	—	—	—	—	5	—	0	—
장기대여금의 증가As filed	—	0	—	—	—	—	28	0	27
사용권자산의 취득As filed	—	—	—	—	—	—	—	0	—
법인설립비용As filed	-2	—	—	—	—	—	—	—	—
연결범위의 변동As filed	—	505	—	—	—	—	—	—	—
신주발행비용As filed	22	6	-13	—	—	—	—	—	—
연결범위 변동(지배력의 취득)As filed	—	—	—	—	—	144	—	—	—
환율변동효과 반영전 현금및현금성자산의 순증가(감소)As filed	326	—	—	—	—	—	—	—	—
국고보조금의 반환As filed	—	—	—	—	—	—	—	0	0
장기사채의 감소As filed	—	—	—	—	-514	—	—	—	—
유동리스부채의 감소As filed	—	—	47	—	86	98	—	—	—
장기차입금의 감소As filed	—	—	—	920	—	—	—	—	—
기타비유동자산의 증가As filed	—	—	—	—	—	—	—	—	-0
사용권자산의 증가As filed	—	—	—	—	—	—	0	—	—
연결범위변동(지배력의 상실)As filed	—	—	—	—	—	—	-0	0	0
연결범위변동(지배력의 취득)As filed	—	—	—	—	—	—	—	-14	0
국가보조금의 수령As filed	—	—	—	—	—	—	1	—	0
매각예정자산의 순현금 변동As filed	—	—	-32	—	—	—	—	—	—
투자부동산의 취득As filed	—	—	—	—	—	—	2	0	0
영업에서 창출된 현금흐름As filed	—	—	—	—	—	—	194	11,151	12,403
당기순이익As filed	—	—	—	—	—	—	—	4,984	7,318
배당금수취(영업)As filed	—	—	—	—	—	—	0	—	—

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

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

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

The newest annual filing shown was received on 2026.03.16.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 9	한영회계법인	2025-12-31
2024	적정의견Term 8	한영회계법인	2025-12-31
2023	적정의견Term 7	삼정회계법인	2025-12-31
2022	적 정Term 6	삼정회계법인	2022-12-31
2021	적 정Term 5	삼정회계법인	2022-12-31
2020	적 정Term 4	삼정회계법인	2022-12-31
2019	적 정Term 3	삼정회계법인	2019-12-31
2018	적 정Term 2	삼정회계법인	2019-12-31
2017	적 정Term 1	삼정회계법인	2019-12-31

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 5Y0.84

Equity risk premium%

Terminal growth%

Cost of equity8.61%

Weighted average cost of capital—

Initial growth25.2%

Effective tax rate23.5%

Base fiscal year2025

Current priceKRW606,000

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	94,843	-84.3%
Dividend discount model DDM	155,879	-74.3%
Discounted cash flow FCFF	No borrowing line filed
Discounted cash flow FCFE	510,531	-15.8%
Residual income model RIM	540,794	-10.8%

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% + 0.84 × 5.00% = 8.61%

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(36.11% × (1 − 30.22%), 0) = 25.20%

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 = 6,150 × (1 + 2.00%) / (8.61% − 2.00%) = 6,273 / 0.0661 = 94,843 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 = 6,150, g_1 = 25.20%, g_T = 2.00%, r = 8.61%

Year	Growth	Dividend KRW	Discount factor	Present value KRW
1	25.20%	7,700	0.9207	7,089
2	19.40%	9,194	0.8477	7,793
3	13.60%	10,444	0.7804	8,151
4	7.80%	11,258	0.7185	8,090
5	2.00%	11,484	0.6616	7,597
Terminal value	2.00%	177,096	0.6616	117,159
Total				155,879

P_0 = 155,879 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 = 56,281 KRW, ROE = 36.11%, payout ratio = 30.22%, r = 8.61%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	56,281	20,324	4,848	15,475	0.9207	14,248
2	70,464	25,445	6,070	19,375	0.8477	16,424
3	88,221	31,857	7,599	24,258	0.7804	18,932
4	110,452	39,885	9,514	30,371	0.7185	21,823
5	138,286	49,936	11,912	38,024	0.6616	25,155
Terminal value				586,389	0.6616	387,931

P_0 = 56,281 + 96,581 + 387,931 = 540,794 KRW

Discounted cash flow FCFE

\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 9,595.7 − 2,335.0 + 0.0 (net borrowing) = 7,260.7 KRW hundred million

Year	Growth	Cash flow KRW hundred million	Discount factor	Present value KRW hundred million
1	25.20%	9,090.4	0.9207	8,369.5
2	19.40%	10,853.9	0.8477	9,200.6
3	13.60%	12,330.1	0.7804	9,622.9
4	7.80%	13,291.8	0.7185	9,550.8
5	2.00%	13,557.7	0.6616	8,969.2
Terminal value	2.00%	209,080.1	0.6616	138,318.8
Total				184,031.8

P_0 = 184,031.8 KRW hundred million ÷ 36,047,135 (shares) = 510,531 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