GS Holdings (078930) Q1 2026 earnings summary

Executive summary

• Consolidated Q1 2026 revenue reached KRW 6,842.3 billion, up 9.9% year-over-year, with operating income of KRW 1,258.6 billion and net income of KRW 826.7 billion.

• Major business segments include energy (refining, power, gas), retail (convenience stores, supermarkets, home shopping), trading, and investment/other.

• The group maintains a diversified portfolio with significant contributions from GS Caltex, GS Retail, GS Power, and GS Global.

Financial highlights

• Gross profit for Q1 2026 was KRW 1,998.2 billion, with a gross margin of 29.2%.

• Operating margin improved to 18.4% from 12.9% in Q1 2025.

• Net income attributable to owners of the parent was KRW 723.2 billion, up from KRW 204.7 billion in Q1 2025.

• Basic EPS for Q1 2026 was KRW 7,638, compared to KRW 2,162 in Q1 2025.

• Total assets at March 31, 2026, were KRW 36,809.1 billion, with total equity of KRW 19,813.7 billion.

Outlook and guidance

• The group targets a dividend payout ratio of at least 40% of the three-year average separate net income, with a minimum dividend of KRW 2,000 per common share.

• Management continues to focus on strengthening core businesses and investing in new growth areas to achieve ROE of 8–10%.