GS Holdings (078930) Q1 2025 earnings summary

Executive summary

• Consolidated Q1 2025 revenue was KRW 6,238.8 billion, a slight decrease from KRW 6,289.0 billion in Q1 2024, with operating income at KRW 800.2 billion, down from KRW 1,016.3 billion year-over-year.

• Net income attributable to controlling interests was KRW 204.7 billion, a decrease from KRW 359.7 billion in the prior year quarter.

• The group maintains a diversified portfolio across energy, retail, trading, and infrastructure, with significant contributions from major subsidiaries such as GS Energy, GS Retail, GS Global, and GS E&R.

Financial highlights

• Gross profit for Q1 2025 was KRW 1,540.6 billion, down from KRW 1,748.4 billion in Q1 2024.

• Selling, general, and administrative expenses were KRW 740.5 billion, slightly up from KRW 732.1 billion year-over-year.

• Profit before tax was KRW 735.4 billion, compared to KRW 956.7 billion in Q1 2024.

• Basic earnings per share for common stock was KRW 2,162, down from KRW 3,799 in the previous year.

• Total assets at quarter-end were KRW 35,481.5 billion, with total equity of KRW 18,358.9 billion.

Outlook and guidance

• The group continues to focus on energy transition, expanding renewable energy, and digital transformation in retail and logistics.

• Ongoing investments in LNG, renewables, and digital platforms are expected to support long-term growth.

• Management maintains a conservative capital structure and targets a dividend payout of at least 40% of average net income (excluding one-offs) over the past three years.