373220KOSPI

LG Energy Solution

371,000

+10,500 (+2.91%)

MA5
MA20
MA60

Market capitalizationKRW 1T

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

LG Energy Solution was established in 2020 through a split from LG Chem. The company is headquartered in Seoul and is listed on the KOSPI market.

The company operates a single energy solution business segment. It researches, develops, manufactures, and distributes batteries for electric vehicles, energy storage systems, IT devices, power tools, and light electric vehicles. The company supplies products globally through its headquarters and overseas production and sales subsidiaries.

Business overview as filed

당사는 지속 가능한 미래를 위한 배터리 기술 개발을 핵심 전략으로 삼고 EV(Electric Vehicle), ESS(Energy Storage System), IT기기, 전동공구, LEV(Light Electric Vehicle) 등에 적용되는 전지 관련 제품의 연구, 개발, 제조, 판매하는 사업을 영위하고 있으며, 에너지솔루션 단일 사업부문으로 구성되어 있습니다. 국내는 물론 미국, 폴란드, 중국 등 세계 주요 거점에 생산, 판매, R&D 네트워크를 구축하고 전 세계를 대상으로 사업을 전개하고 있습니다. 또한, 국내 공장 및 해외 생산법인에서 제품을 생산하고, 제품 판매는 본사 및 해외 생산법인 또는 해외 판매법인을 통해 진행되며, 매출 대부분은 본사 및 해외 생산법인 직접 판매로 발생하고 있습니다.

당사는 2025년 4분기 누계 약 23조 6,718억원의 연결 매출과 약 1조 3,461억원의 연결 영업이익을 기록하였습니다.

당사는 끊임없는 배터리 연구개발과 신제품 출시 및 품질 혁신을 통해 에너지솔루션 산업을 대표하는 글로벌 기업으로 성장하였습니다. 중장기적 관점으로 EV용 배터리 시장은 EV 차량가격이 내연기관차와 동등한 수준까지 안정화되고, 주행거리/안전성 등의 우려가 해소되며 성장 모멘텀이 지속될 것으로 예상됩니다. 또한, ESS 시장은 신재생에너지의 보급 확산과 빅테크, AI 기업들의 전력수요로 안정적인 성장이 전망됩니다. EV와 ESS 외에도 신사업 영역의 확대로 당사 배터리 수요는 지속적으로 증가할 것으로 예상됩니다.

당사는 향후 고성장이 예상되는 배터리 시장에서 선두 기업으로 영속하기 위해 집중적인 R&D 투자를 통해 철저히 미래를 준비하고, 제품 안전성 강화 및 품질 향상으로 고객별/포트폴리오별 최적의 솔루션을 도출할 것입니다. 또한, 글로벌 Operation 경쟁력을 확보하여 고객에게 안정적으로 물량을 공급하고 Sustainability 추진을 지속해 나가고자 합니다.

당사는 앞으로도 친환경 기술 개발을 경영 전략의 핵심으로 삼아, 지속가능성과 기업 경쟁력을 함께 견인해 나가는 기업이 되도록 노력하겠습니다.

Company overview

1. 연결대상 종속회사 개황

연결대상 종속회사 현황(요약)

1) 연결대상회사의 변동내용

2) 회사의 법적ㆍ상업적 명칭

- 국문 : 주식회사 엘지에너지솔루션

- 영문 : LG ENERGY SOLUTION, LTD.

3) 설립일자 및 존속기간

- 2020년 12월 1일 기존의 ㈜LG화학에서 분할되어 신설되었습니다.

4) 본사의 주소, 전화번호, 홈페이지 주소

- 서울특별시 영등포구 여의대로 108, 타워1(여의도동)

(전 화) 02-3777-1114 (홈페이지) http://www.lgensol.com

5) 중소기업 등 해당 여부

6) 주요 사업의 내용 및 향후 추진하려는 신규사업

당사는 EV(Electric Vehicle), ESS(Energy Storage System), IT기기, 전동공구, LEV(Light Electric Vehicle) 등에 적용되는 전지 관련 제품의 연구, 개발, 제조, 판매하는 사업을 영위하고 있으며, 에너지솔루션 단일 사업부문으로 구성되어 있습니다.

EV는 각 국의 환경규제와 친환경 정책 확대에 따른 수요 증가로 높은 성장 가능성이 있는 사업이며, ESS도 신재생 에너지 발전 및 발전된 전력의 효율적인 활용이 중요해짐에 따라 수요가 확대되고 있습니다. 또한, 스마트폰 및 웨어러블 등 IT기기 뿐만 아니라 전기자전거, 전동휠 등 신규 Application 수요도 증가하고 있습니다.

당사는 2차전지 제조, 판매 외에도 미래의 지속적인 성장 동력 확보를 위한 신규 사업을 적극적으로 추진하고 있습니다. 오랜 기간 축적해 온 배터리 및 차량 관련 데이터를 활용하여 배터리의 전체 생애주기를 관리해 새로운 부가가치를 창출해 내는 BaaS(Battery-as-a-Service), 에너지 효율성 개선과 전력난 해소 목적의 EaaS(Energy-as-a-Service) 사업, 배터리 Recycle/Reuse 사업 등 새로운 사업 기회를 지속적으로 모색할 계획입니다.

또한, 당사는 ESS 시스템 통합 분야에도 진출하여 단순 배터리 제조를 넘어 대규모 ESS를 직접 구축하고 SI(System Integration, 시스템 통합)까지 제공하는 통합 솔루션 역량을 확보하고 있습니다. 이를 기반으로 글로벌 ESS 시장 선점에 박차를 가할 계획입니다.

자세한 사항은 Ⅱ.

7) 신용평가에 관한 사항

주1) 해외 신용등급 정의 주2) 국내 신용등급 정의

8) 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.12), 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

4.66%

[2.78%, 7.89%] · As of 2026-09-29

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 41.5% (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

0.42

Beta [0.29, 0.56] · KOSPI200 · As of 2026-10-02

Intercept: -0.080%[-0.456%, +0.296%]
R squared: 0.15
Observations: 252
Trading-time corrected beta: 0.53[0.31, 0.75]

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

	2020	2021	2022	2023	2024	2025	TTM
RevenueKRW 100M	14,611	178,519	255,986	337,455	256,196	236,718	259,566
Revenue growth%	—	1,121.84	43.39	31.83	-24.08	-7.60	—
Operating incomeKRW 100M	-4,752	7,685	12,137	21,632	5,754	13,461	3,848
Operating income growth%	—	—	57.94	78.23	-73.40	133.95	—
Net incomeKRW 100M	-4,518	9,299	7,798	16,380	3,386	808	-15,091
Net income growth%	—	—	-16.14	110.04	-79.33	-76.14	—
Attributable to ownersKRW 100M	-4,555	7,925	7,672	12,372	-10,187	-10,728	-16,831
Attributable to minoritiesKRW 100M	37	1,373	126	4,008	13,573	11,536	1,740
Operating margin%	-32.52	4.30	4.74	6.41	2.25	5.69	1.48
Net margin%	-30.92	5.21	3.05	4.85	1.32	0.34	-5.81
ROE%	-6.62	9.95	4.10	6.12	-4.82	-5.31	-7.53
ROA%	-2.27	3.91	2.04	3.60	0.56	0.12	-1.94
Debt ratio%	163.59	171.83	85.98	86.42	94.75	129.00	157.14
Current ratio%	131.88	100.65	164.30	157.34	127.15	109.69	121.92
Quick ratio%	87.71	59.53	103.18	108.00	89.38	83.77	87.64
Reserve ratio%	6,778.41	7,460.02	15,657.39	16,691.56	15,864.82	14,954.56	15,167.43
Free cash flowKRW 100M	—	—	—	-54,789	-72,873	-64,016	—
FCF margin%	—	—	—	-16.24	-28.44	-27.04	—
OCF conversion%	—	105.24	-74.35	271.32	1,509.65	5,485.29	—
Capex to revenue%	—	—	—	29.41	48.40	45.77	—
Receivable daysdays	—	16.7	9.1	—	—	—	—
Inventory daysdays	—	90.8	93.3	78.5	81.7	83.6	—
Payable daysdays	—	59.8	48.7	—	—	—	—
Cash conversion cycledays	—	47.7	53.7	—	—	—	—
EPSKRW	—	—	3,279	5,287	-4,354	-4,585	-7,193
PERx	—	—	132.82	80.86	—	—	—
BPSKRW	—	—	80,052	86,328	90,240	86,391	95,479
PBRx	—	—	5.44	4.95	3.86	4.27	3.79
Dividend per share	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

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

	2020	2021	2022	2023	2024	2025
	199,418	237,641	382,994	454,371	603,068	671,480
	90,857	95,358	188,043	172,084	153,274	184,121
Cash and cash equivalentsKRW 100M	14,931	12,829	59,380	50,688	38,987	37,793
InventoriesKRW 100M	30,431	38,958	69,956	53,963	45,524	43,504
Trade and other receivablesKRW 100M	8,191	8,148	4,622	Not applicable	Not applicable	Not applicable
	108,561	142,283	194,952	282,287	449,794	487,358
Property, plant and equipmentKRW 100M	86,836	110,508	153,310	236,547	383,496	407,948
Intangible assetsKRW 100M	3,258	4,554	6,421	Not applicable	Not applicable	Not applicable
Investments in associatesKRW 100M	484	2,256	2,037	2,236	624	777
	123,764	150,218	177,057	210,636	293,402	378,263
	68,892	94,740	114,449	109,372	120,549	167,854
Trade and other payablesKRW 100M	17,687	27,996	28,820	Not applicable	Not applicable	Not applicable
	54,872	55,477	62,608	101,265	172,853	210,409
Long-term borrowingsKRW 100M	—	—	—	77,208	129,003	158,259
	75,654	87,424	205,938	243,735	309,665	293,217
	68,796	79,661	187,322	202,006	211,162	202,155
Issued capitalKRW 100M	1,000	1,000	1,170	1,170	1,170	1,170
Capital surplusKRW 100M	72,315	71,224	171,646	171,646	171,646	171,646
Retained earningsKRW 100M	-4,531	3,376	11,545	23,645	13,972	3,322
Accumulated other comprehensive incomeKRW 100M	12	4,061	2,961	5,545	24,374	26,017
Non-controlling interestsKRW 100M	6,858	7,763	18,615	41,729	98,503	91,061

매출채권As filed	29,312	29,145	47,718	51,285	49,440	43,112
선급법인세As filed	149	1,494	462	671	1,213	1,638
기타유동금융자산As filed	238	215	92	654	0	467
기타유동자산As filed	4,016	4,569	5,813	9,271	12,074	12,608
매각예정자산As filed	3,588	—	—	—	—	39,113
기타수취채권As filed	—	—	—	5,552	6,036	5,886
장기매출채권As filed	263	671	1,207	1,300	3,926	3,836
기타장기수취채권As filed	816	923	1,191	1,223	1,345	1,609
이연법인세자산As filed	13,561	18,552	21,005	22,289	27,742	29,858
기타비유동금융자산As filed	—	1,938	4,086	3,570	11,324	13,209
무형자산As filed	—	—	—	8,760	12,846	15,916
투자부동산As filed	2,551	2,243	2,130	2,125	2,259	2,119
기타비유동자산As filed	793	639	3,565	4,238	6,234	12,088
매입채무As filed	25,923	21,777	38,418	30,937	27,055	21,528
차입금As filed	11,230	22,034	28,667	32,115	—	—
유동성충당부채As filed	9,972	15,275	9,769	5,172	10,445	10,812
기타유동금융부채As filed	—	—	39	77	12	26
부채와자본총계As filed	—	—	—	—	603,068	671,480
미지급법인세As filed	738	1,555	1,731	333	156	933
기타유동부채As filed	3,341	6,104	7,004	6,158	4,082	10,125
기타지급채무As filed	—	—	—	34,581	53,898	57,567
매각예정부채As filed	1	—	—	—	—	—
유동성차입금As filed	—	—	—	—	24,902	66,862
기타장기지급채무As filed	58	107	366	253	221	146
자본과부채총계As filed	—	—	—	454,371	—	—
기타비유동금융부채As filed	418	1	7	688	10,006	24,079
비유동성충당부채As filed	2,426	5,805	5,188	8,691	7,787	9,538
순확정급여부채As filed	428	2	5	2	4	—
이연법인세부채As filed	275	592	1,084	200	607	497
기타비유동부채As filed	904	1,312	3,532	14,222	25,225	17,891
부채와 자본총계As filed	199,418	237,641	382,994	—	—	—

Income statement

	2020	2021	2022	2023	2024	2025
	14,611	178,519	255,986	337,455	256,196	236,718
Cost of salesKRW 100M	12,370	139,531	213,081	288,024	222,136	194,397
Gross profitKRW 100M	2,240	38,988	42,905	49,430	34,060	42,321
SG&A expensesKRW 100M	6,993	31,303	30,768	34,567	43,106	45,328
	-4,752	7,685	12,137	21,632	5,754	13,461
Finance incomeKRW 100M	288	3,400	3,855	9,850	10,483	10,181
Finance costsKRW 100M	1,388	2,953	5,190	8,572	12,606	11,044
Other incomeKRW 100M	522	4,650	13,495	11,258	8,588	10,731
Other expensesKRW 100M	731	4,895	13,978	13,410	8,240	19,169
Share of profit of associatesKRW 100M	12	-116	-366	-324	-491	-19
	-6,049	7,772	9,953	20,435	3,489	4,141
Income tax expenseKRW 100M	-1,473	765	2,155	4,055	103	3,333
Profit from continuing operationsKRW 100M	—	7,007	7,798	16,380	—	—
Profit or loss from discontinued operationsKRW 100M	—	2,292	—	0	—	—
	-4,518	9,299	7,798	16,380	3,386	808
Attributable to ownersKRW 100M	-4,555	7,925	7,672	12,372	-10,187	-10,728
Attributable to minoritiesKRW 100M	37	1,373	126	4,008	13,573	11,536
Basic earnings per shareKRW	Not applicable	Not applicable	Not applicable	5,287	-4,354	-4,585
Diluted earnings per shareKRW	Not applicable	Not applicable	Not applicable	5,287	Not applicable	Not applicable
	-4,696	14,384	7,524	19,111	32,173	97
Other comprehensive incomeKRW 100M	-179	5,085	-274	2,731	28,787	-711

당기순손실As filed	-4,518	—	—	—	—	—
당기순이익(손실)As filed	—	9,299	7,798	—	3,386	808
비지배지분As filed	-19	2,428	455	4,427	23,019	9,106
당기손익으로 재분류되지 않는항목As filed	25	18	871	—	—	—
지배기업의 소유주지분As filed	-4,678	11,955	7,069	14,684	9,155	-9,009
기타영업수익As filed	—	—	—	6,769	14,800	16,468
순확정급여부채의 재측정요소As filed	34	-26	685	-353	666	340
기타포괄손익 법인세효과As filed	-9	-7	-361	127	-125	-210
기타포괄손익-공정가치금융자산 손익As filed	—	51	547	—	—	—
후속적으로 당기손익으로 재분류될 수 있는 항목As filed	-203	5,067	-1,146	4,054	28,276	-556
해외사업장환산외환차이As filed	-217	4,813	-962	4,054	28,342	-823
현금흐름위험회피As filed	19	-181	60	-172	34	49
공동기업 및 관계기업 기타포괄손익에 대한 지분As filed	-8	42	148	45	-226	8
당기손익으로 재분류되지 않는 항목As filed	—	—	—	-1,323	512	-155
기타포괄손익-공정가치 측정 금융자산 손익As filed	—	—	—	-1,364	-3	-443
중단영업이익As filed	57	1,852	—	0	—	—
계속영업손실As filed	-4,601	—	—	—	—	—
계속영업이익(손실)As filed	—	6,073	7,672	—	—	—
당기순이익As filed	—	—	—	16,380	—	—
계속영업이익As filed	26	933	—	4,008	—	—
보통주 기본 및 희석주당이익(손실)As filed	—	0	0	—	—	—
보통주 기본 및 희석주당계속영업이익(손실)As filed	—	0	0	—	—	—
보통주 기본 및 희석주당손실As filed	-0	—	—	—	—	—
보통주 기본 및 희석주당계속영업손실As filed	-0	—	—	—	—	—

Cash flow statement

	2020	2021	2022	2023	2024	2025
Net incomefrom the income statement	-4,518	9,299	7,798	16,380	3,386	808
Total adjustments to operating cash flowcomputed	8,471	487	-13,596	28,062	47,731	43,515
	3,954	9,786	-5,798	44,442	51,117	44,323
Interest receivedKRW 100M	27	196	1,460	1,635	2,026	1,914
Interest paidKRW 100M	57	712	1,203	3,668	Not applicable	Not applicable
Income taxes paidKRW 100M	1	5,457	3,446	7,261	5,152	4,589
	-8,848	-21,781	-62,594	-97,193	-120,654	-108,813
Purchase of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	99,231	123,990	108,339
Proceeds from sale of property, plant and equipmentKRW 100M	Not applicable	Not applicable	Not applicable	1,022	745	754
Purchase of intangible assetsKRW 100M	Not applicable	Not applicable	Not applicable	1,023	1,214	1,648
	-2,030	8,828	114,146	43,547	53,815	62,859
Issue of sharesKRW 100M	—	—	100,964	—	0	—
Cash at beginning of periodKRW 100M	22,000	14,931	12,829	59,380	50,688	38,987
	14,931	12,829	59,380	50,688	38,987	37,793
Effect of exchange rate changesKRW 100M	Not applicable	Not applicable	Not applicable	513	4,022	437
Net change in cash and cash equivalentsKRW 100M	-6,924	-3,167	45,755	Not applicable	Not applicable	Not applicable

영업으로부터 창출된 현금흐름As filed	3,984	15,759	-2,608	53,735	60,247	55,728
재무활동으로 인한 현금유입액As filed	329	22,292	136,841	83,384	116,773	186,394
비지배지분에 의한 자본납입As filed	—	5,891	10,398	20,660	—	—
파생상품 정산As filed	—	—	—	—	—	0
파생상품의 정산As filed	—	—	—	—	1,065	—
유상증자As filed	—	—	—	0	—	—
차입금 등의 증가As filed	—	—	25,479	—	81,951	168,060
비지배지분의 출자As filed	—	—	—	—	33,757	18,334
차입금의 증가As filed	329	16,402	—	62,725	—	—
투자활동으로 인한 현금유입액As filed	137	17,592	64,608	7,202	9,164	4,312
기타수취채권의 감소As filed	—	6,144	62,224	2,254	276	1,457
기타장기수취채권의 감소As filed	19	862	126	68	93	191
재무활동으로 인한 현금유출액As filed	-2,359	-13,464	-22,695	-39,837	62,957	123,534
유형자산의 처분As filed	41	591	97	—	—	—
감자로 인한 현금유출As filed	—	—	—	—	—	7,535
종속기업의 유상감자As filed	—	—	-6,044	0	—	—
관계기업 및 공동기업 투자자산의 처분As filed	—	284	—	0	—	—
유상감자As filed	—	-649	—	—	0	—
정부보조금의 수취As filed	76	3,485	2,055	—	7,315	1,457
기타재무활동의 유출As filed	—	—	—	—	2,016	20,177
종속기업의 자기주식 취득As filed	—	-1,976	—	0	—	—
투자활동으로 인한 현금유출액As filed	-8,985	-39,373	-127,201	-104,395	-129,819	—
기타As filed	—	—	-372	-1,974	—	—
무형자산의 처분As filed	—	0	92	15	106	8
기타수취채권의 증가As filed	-6,033	-118	-62,456	1,508	53	1,500
차입금 등의 상환As filed	—	—	-16,278	37,864	60,942	95,822
금융상품의 처분As filed	—	—	13	0	29	445
기타장기수취채권의 증가As filed	-14	-832	-265	795	382	835
사업양도로 인한 현금유입As filed	—	6,226	—	0	—	—
유형자산의 취득As filed	-2,603	-34,629	-62,099	—	—	—
무형자산의 취득As filed	-41	-535	-882	—	—	—
사업결합As filed	-294	-6	-83	0	598	—
관계기업 및 공동기업 투자자산의 취득As filed	—	-2,091	—	623	77	275
금융상품의 취득As filed	—	-1,163	-1,416	1,171	4,076	513
사업결합으로 인한 현금유입As filed	—	—	—	—	—	0
기타투자활동의 유입As filed	—	—	—	—	2	0
차입금의 상환As filed	-2,354	-10,839	—	—	—	—
정부보조금 수취As filed	—	—	—	3,842	—	—
주식발행비As filed	-5	—	—	—	—	—
투자활동으로부터의 현금유출As filed	—	—	—	—	—	113,125
사업결합으로 인한 현금유출As filed	—	—	—	—	0	—
기타의 투자활동 유출As filed	—	—	—	—	—	15
기타투자활동의 유출As filed	—	—	—	-44	28	—
현금 및 현금성자산의 환율변동효과As filed	-144	1,064	796	—	—	—
배당금의 수취As filed	—	—	—	-1	2	1
이자의 지급As filed	—	—	—	—	6,006	8,732
현금및현금성자산의 증가(감소)As filed	—	—	—	-9,205	-15,722	-1,631

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 2026.03.12.

Audit opinion

Fiscal year	Opinion	Auditor	Fiscal year end
2025	적정의견Term 6	안진회계법인	2025-12-31
2024	적정의견Term 5	안진회계법인	2025-12-31
2023	적정의견Term 4	안진회계법인	2025-12-31
2022	적정Term 3	안진회계법인	2022-12-31
2021	적정Term 2	한영회계법인	2022-12-31
2020	적정Term 1	삼일회계법인	2022-12-31

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

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

Valuation

Valuation multiplesx

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

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 · 2026-10-024.37%

BetaDaily 3Y0.53

Equity risk premium%

Terminal growth%

Cost of equity6.99%

Weighted average cost of capital—

Initial growth0.0%

Effective tax rate35.0%

Base fiscal year2025

Current priceKRW371,000

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

Model	Model priceKRW	Versus current price
Gordon growth model	No dividend
Dividend discount model DDM	No dividend
Discounted cash flow FCFF	Base-year cash flow not positive
Discounted cash flow FCFE	Base-year cash flow not positive
Residual income model RIM	-77,621	-120.9%

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

Dividend and residual income familyKRW

Discounted cash flow familyKRW

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

How the figures are calculated

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

Cost of equity

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

r = 4.37% + 0.53 × 5.00% = 6.99%

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(-5.31% × (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

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 = 86,391 KRW, ROE = -5.31%, payout ratio = 0.00%, r = 6.99%, g_T = 2.00%

Year	Opening book value	Earnings	Equity charge	Residual income	Discount factor	Present value
1	86,391	-4,585	6,039	-10,624	0.9347	-9,930
2	81,807	-4,341	5,718	-10,060	0.8736	-8,788
3	77,465	-4,111	5,415	-9,526	0.8165	-7,778
4	73,354	-3,893	5,128	-9,020	0.7632	-6,884
5	69,461	-3,686	4,856	-8,542	0.7133	-6,093
Terminal value				-174,593	0.7133	-124,539

P_0 = 86,391 + -39,473 + -124,539 = -77,621 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