SKC (011790) Q4 2025 earnings summary

Executive summary

• 4Q25 revenue reached KRW 428.3 bn, up 6.3 bn year-over-year but down 77.7 bn sequentially from 3Q25.

• Operating loss widened to KRW -107.6 bn in 4Q25, compared to -52.8 bn in 3Q25 and -82.2 bn in 4Q24.

• Net loss attributable to common shareholders was KRW -542.2 bn in 4Q25, a significant increase from -90.6 bn in 3Q25.

Financial highlights

• FY2025 revenue totaled KRW 1,840.0 bn, up KRW 122.1 bn year-over-year.

• FY2025 operating loss was KRW -305.0 bn, increasing by KRW 29.2 bn from FY2024.

• EBITDA for 4Q25 was KRW -54.0 bn, down from -7.8 bn in 3Q25.

• Net profit for FY2025 was KRW -719.4 bn, compared to -455.1 bn in FY2024.

Outlook and guidance

• 2026 copper foil sales target set at 50% year-over-year growth, driven by ESS demand in North America and expansion to Chinese EV customers.

• Semi material revenue growth target for 2026 is 20%+ YoY, supported by data center demand and new product development.

• Focus on production cost optimization and full ramp-up in Malaysia for battery materials.

• Strategic CAPEX and cash flow management prioritized, with consideration for non-core asset rebalancing.