SK Square (402340) Q4 2025 earnings summary

Executive summary

• Achieved record-high consolidated operating income of KRW 8.8tn in 2025, up KRW 4.9tn year-over-year, driven by SK hynix and improved ICT portfolio performance.

• Net income reached KRW 8.8tn, with NAV surging by KRW 69.1tn YoY to KRW 100.2tn, mainly due to SK hynix valuation gains.

• Portfolio rebalancing included a stake exchange in IDQ for IONQ shares and divestments in Dreamus and Incross.

• Set new corporate value-up goals for 2028, targeting NAV discount below 30%, PBR 1x+, and ROE above COE.

Financial highlights

• Consolidated revenue was KRW 1.4tn, with operating income at KRW 8.8tn and net income at KRW 8.8tn for 2025.

• Net cash position stood at KRW 769bn, with no unconsolidated debt.

• Dividend income totaled KRW 356bn.

• NAV per share reached KRW 758,786.

Outlook and guidance

• SK hynix aims to maintain HBM market leadership and ramp up HBM4 production in 2026.

• TMAP MOBILITY targets further growth in Mobility Data and AI Agent services in 2026.

• SK shieldus plans to drive revenue and profitability by advancing AI-powered security services.