LX International (001120) Q2 2025 earnings summary

Executive summary

• Sales for 2Q 2025 were KRW 3,830.2 billion, down 6% year-over-year and 5% sequentially from 1Q 2025.

• Operates across resources, trading/new growth, and logistics, with 97 consolidated subsidiaries globally as of June 2025.

• Major business segments: resources (7.3% of sales), trading/new growth (42.7%), logistics (50.0%).

• Key recent investments include nickel mining in Indonesia and glass manufacturing.

• Maintains AA- credit ratings on multiple bond issuances.

Financial highlights

• H1 2025 consolidated revenue: ₩7,878.5B; operating income: ₩171.9B; net income: ₩166.7B.

• EBITDA for 2Q 2025 was KRW 153.0 billion, down 30% year-over-year and 28% sequentially.

• Gross margin for 2Q 2025 was 8.4%, compared to 9.3% in 2Q 2024.

• Cash and cash equivalents increased to KRW 1,416.6 billion from KRW 1,218.0 billion at the end of 2024.

• Debt ratio: 173.7%; net borrowing ratio: 55.4%.

Outlook and guidance

• Lower commodity prices and freight rates are expected to continue impacting profitability.

• Focus on expanding nickel and battery materials, logistics, and glass for portfolio diversification.

• Continued investment in ESG and new growth sectors, with stable dividend policy.