FIRSTEC (010820) Q2 2026 earnings summary

Executive summary

• Operates a single defense industry segment, specializing in weapons, control systems, and aerospace components, with a strong domestic presence and a focus on R&D and government contracts.

• Maintains a stable capital structure, with no changes in capital stock or major shareholder shifts during the period.

• Holds an A- credit rating as of April 2026, reflecting strong but not top-tier creditworthiness.

Financial highlights

• Revenue for H1 2026 was KRW 171.5 billion, down from KRW 294.8 billion in FY2025 and KRW 207.3 billion in FY2024.

• Operating income for H1 2026 was KRW 5.7 billion, compared to KRW 10.7 billion in FY2025 and KRW 4.3 billion in FY2024.

• Net income for H1 2026 was KRW 4.4 billion, down from KRW 14.7 billion in FY2025 and up from KRW 10.9 billion in FY2024.

• Cash and cash equivalents increased to KRW 96.8 billion at June 2026 from KRW 50.0 billion at December 2025.

• Total assets at June 2026 were KRW 448.1 billion, with equity of KRW 88.5 billion.

Outlook and guidance

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

• Plans to maintain a balanced approach to dividends, prioritizing growth and shareholder returns as conditions allow.