FIRSTEC (010820) Q2 2025 earnings summary

Executive summary

• Operates a single business segment focused on defense industry products, including weapons, control systems, and unmanned aerial vehicle systems, with a strong history of participation in major national defense projects since 1975.

• Listed on KOSPI since 1989, with no changes in major shareholders or business focus during the period.

• Holds 25 registered patents and complies with ISO14001 environmental standards.

Financial highlights

• Revenue for H1 2025 was KRW 115.5 billion, down from KRW 207.3 billion in H1 2024 and KRW 173.1 billion in H1 2023.

• Operating income for H1 2025 was KRW 2.94 billion, compared to KRW 4.35 billion in H1 2024 and KRW 2.51 billion in H1 2023.

• Net income for H1 2025 was KRW 4.56 billion, down from KRW 10.92 billion in H1 2024 and KRW 4.62 billion in H1 2023.

• Total assets at June 30, 2025, were KRW 384.8 billion, with equity of KRW 69.5 billion.

• Cash and cash equivalents at period end were KRW 85.1 billion, down from KRW 94.4 billion at the end of 2024.

Outlook and guidance

• Focus on expanding R&D and entering new markets, especially unmanned and aerospace systems.

• Plans to enhance competitiveness and target entry into the domestic top 10 defense companies.