SK Innovation
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SK Innovation (096770) investor relations material

SK Innovation Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary28 Jan, 2026

Executive summary

  • Strategic focus on electrification, power generation, and global LNG value chain expansion to support energy transition and future growth.

  • Portfolio rebalancing and cost efficiency initiatives underway, with emphasis on sustainable growth and financial soundness.

  • Strengthened battery business fundamentals through China and US joint venture restructuring and portfolio rebalancing for financial stability.

  • Achieved first LNG shipment from Australia CB Gas Field, enhancing LNG supply competitiveness.

Financial highlights

  • Q4 2025 revenue was KRW 19,671.3 billion, down KRW 747.5 billion quarter-over-quarter due to weaker crude prices and lower battery sales after U.S. EV subsidy removal.

  • Q4 operating profit fell by KRW 291 billion QOQ to KRW 294.7 billion, with non-operating losses widening to KRW 4,657.3 billion, mainly from battery business impairments.

  • Total assets at year-end 2025 were KRW 105.6 trillion, down KRW 4.9 trillion year-over-year; liabilities at KRW 69.2 trillion, down KRW 1.7 trillion.

  • Net debt decreased by KRW 6,015.6 billion year-over-year to KRW 22.5 trillion due to asset reclassification and divestments.

  • FY 2025 revenue reached KRW 80.3 trillion.

Outlook and guidance

  • 2026 focus on strengthening financial fundamentals, sustainable growth, and electrification.

  • CapEx planned at KRW 3.5 trillion for 2026, with KRW 1.3 trillion allocated to batteries.

  • No dividend for 2025; future dividends to be reassessed based on net debt and free cash flow.

  • Crack spreads in refining expected to remain strong; PX spread in petrochemicals to strengthen, while polymer spreads may weaken.

  • Battery business to reshape portfolio and strengthen ESS capabilities despite external headwinds.

Tennessee plant's operational plan and strategy?
Non-core asset divestment plans for 2026?
Update on Yongin/Namyangju power projects?
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Frequently asked questions

SK Innovation Ltd. is a South Korean energy and chemical company engaged in petroleum refining, battery manufacturing, and specialty chemicals. The company operates in various segments, including oil exploration and production, petrochemicals, and electric vehicle (EV) batteries. It develops and supplies lithium-ion batteries for automotive and energy storage applications while also focusing on sustainable and eco-friendly energy solutions. The company is headquartered in Seoul, South Korea, and its shares are listed on the KRX.

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