Korea Zinc Company (010130) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue in 4Q25, surpassing 3 trillion KRW for the first time, driven by zinc price recovery and strong precious metal prices.

• Operating profit reached 400 billion KRW for the first time, supported by favorable FX effects and robust demand for silver and copper.

• Net profit rebounded to 212 billion KRW in 4Q25, a significant turnaround from a loss in 4Q24.

Financial highlights

• 4Q25 consolidated sales: 4,763 billion KRW (+603 QoQ, +1,351 YoY).

• Gross profit: 616 billion KRW (+226 QoQ, +368 YoY); GPM: 12.9% (+3.6%p QoQ, +5.7%p YoY).

• Operating profit: 429 billion KRW (+156 QoQ, +309 YoY); OPM: 9.0% (+2.4%p QoQ, +5.5%p YoY).

• EBITDA: 522 billion KRW (+156 QoQ, +314 YoY).

• Net profit: 212 billion KRW (+142 QoQ, +458 YoY).

• Full-year 2025 sales: 16,581 billion KRW (+37.6% YoY); net profit: 775 billion KRW (+298% YoY).

Outlook and guidance

• 2026 expects solid earnings growth, driven by rising silver prices and increased copper capacity.

• Silver prices more than doubled YoY as of February 2026, supporting profit growth.

• Strong demand for silver and copper anticipated from AI, data centers, and energy transition sectors.

• Advancing a profitability-focused business structure with improved product mix centered on copper and zinc.