SK Square (402340) Q4 2024 earnings summary

Executive summary

• Achieved record-high consolidated operating income and net income, driven by SK hynix performance and ICT portfolio improvements.

• Announced a Corporate Value-Up Plan targeting a NAV discount below 50% by 2027 and PBR of 1x+.

• Focused on operational improvement, portfolio rebalancing, and ESG management, with high ratings from multiple agencies.

Financial highlights

• Consolidated operating income rose by KRW 6.3tn YoY to KRW 3.9tn; net income increased by KRW 5.0tn YoY to KRW 3.7tn.

• NAV increased by KRW 4tn YoY to KRW 31.2tn, mainly due to SK hynix stake appreciation.

• Total assets at KRW 21.9tn, revenue at KRW 1.9tn, and net cash position of KRW 536.3bn.

Outlook and guidance

• Aims for over 100% growth in 2025 HBM revenue and HBM4 mass production readiness.

• Plans EBITDA turnarounds in TMAP MOBILITY and SK planet in 2025 through continued growth and efficiency.

• Predictable and consistent shareholder returns, with increased share buybacks and cancellations when NAV discount is high.