SK Square (402340) Q3 2025 earnings summary

Executive summary

• Consolidated operating income rose by KRW 1.5tn year-over-year to KRW 2.6tn, driven by strong SK hynix earnings and operational improvements in ICT portfolio companies.

• Net income reached KRW 2.48tn, with consolidated revenue at KRW 407.9bn for 2025.3Q.

• Net asset value (NAV) increased by KRW 7.8tn quarter-over-quarter to KRW 56.3tn, mainly due to the higher value of the SK hynix stake.

Financial highlights

• Operating income: KRW 2,645.5bn; Net income: KRW 2,482.4bn; Revenue: KRW 407.9bn for 2025.3Q.

• Equity method gain/loss: KRW 2,660.1bn; NAV per share: KRW 425,076.

• Cash and equivalents: KRW 1,557.4bn; Net cash: KRW 1,088.2bn.

Outlook and guidance

• Full-year EBITDA turnaround expected in 2025 for TMAP MOBILITY, driven by mobility data business growth and AI integration.

• SK hynix plans to ramp up sales from 4Q25 after completing 2026 HBM supply discussions.