SK Square (402340) Q2 2025 earnings summary

Executive summary

• Consolidated operating income rose by KRW 0.6tn year-over-year to KRW 1.4tn, driven by strong SK hynix earnings and operational improvements in ICT portfolio companies.

• Net income reached KRW 1,447.1bn, with consolidated revenue at KRW 406.6bn for 2025.2Q.

• NAV increased by KRW 15.1tn quarter-over-quarter to KRW 48.6tn, mainly due to the higher value of the SK hynix stake.

Financial highlights

• Total assets stood at KRW 24,542.1bn, with liabilities at KRW 2,198.3bn and shareholders' equity at KRW 22,343.8bn as of 2025.2Q.

• Net cash position was KRW 1,175.3bn, with no unconsolidated debt.

• Dividend income totaled KRW 54.8bn.

Outlook and guidance

• SK hynix expects continued demand growth for AI memory, with 2025 HBM revenue projected to more than double year-over-year.

• TMAP MOBILITY anticipates a full-year EBITDA turnaround in 2025, driven by mobility data business growth and AI integration.

• SK shieldus expects ongoing revenue and profitability improvements through digital transformation and expanded security solutions.