Korea Zinc Company (010130) Q3 2025 earnings summary

Executive summary

• Achieved record consolidated quarterly revenue of KRW 4,160bn in 3Q25, up 8.7% QoQ and 29.7% YoY, driven by strong metal prices and robust sales volumes.

• Net profit declined sharply to KRW 71bn, down 78.5% YoY, due to rare metal price adjustments and one-off expenses.

• Report covers the 3rd quarter of 2025, including consolidated and separate financial statements, segment performance, risk management, and significant legal events.

• The company operates in non-ferrous metals smelting, trading, recycling, renewable energy, and battery materials, with 84 consolidated subsidiaries.

• Major products include zinc, lead, gold, silver, copper, and nickel sulfate, with significant domestic and export sales.

Financial highlights

• Consolidated revenue for the first nine months of 2025 was KRW 11,817.96 billion, down from KRW 12,052.92 billion in 2024.

• Operating income was KRW 803.40 billion, up from KRW 723.47 billion year-over-year.

• Net income attributable to owners of parent was KRW 565.80 billion, compared to KRW 190.93 billion in the prior year.

• EBITDA reached KRW 367bn, up 3.9% QoQ and 53% YoY.

• Cash and cash equivalents at period end were KRW 653.00 billion, down from KRW 893.81 billion at the end of 2024.

Outlook and guidance

• 4Q25 profitability expected to improve on stronger metal prices and recovery in zinc and lead TC.

• Stable earnings anticipated for rare metals despite short-term price volatility from China’s export controls.

• Demand from key industries, including automotive, expected to recover following Korea-US tariff agreement.

• The company aims to maintain a total shareholder return of at least 40% on a three-year average and keep a reserve ratio below 8,000%.

• Ongoing investments in nickel refining, recycling, and renewable energy projects are expected to support future growth.