OCI Holdings Company (A010060) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached KRW 811 billion with operating income of KRW 27 billion, marking a turnaround to profitability after prior losses, driven by normalized operations at OCI TerraSus and stable polysilicon sales.

• Full-year 2025 revenue was KRW 3.4 trillion, with an operating loss of KRW 58 billion and net loss of KRW 144 billion, mainly from OCI TerraSus underperformance and a four-month shutdown amid U.S. tariff and solar policy uncertainty.

• Earnings improved in Q4 as OCI TerraSus normalized operations and DCRE saw active presales.

Financial highlights

• Q4 2025 saw meaningful quarter-on-quarter improvement in both revenue and operating income, with an operating margin of 3.4% and EBITDA of KRW 90.5 billion (11.2% margin).

• Full-year revenue declined 5.5% year-over-year; operating loss driven by fixed costs during OCI TerraSus shutdown.

• FY2025 EBITDA was KRW 186 billion with a 5.5% margin.

• Total assets at year-end were KRW 7.9 trillion, liabilities KRW 3.1 trillion, equity KRW 4.7 trillion.

• Debt-to-equity ratio improved to 66.3% by Q4 2025.

Outlook and guidance

• OCI TerraSus expects Q1 sales volume to be flat or slightly lower due to U.S. Section 232 investigation and scheduled maintenance, with full operation to resume after Q1 2026 and plans to double wafer capacity to 5.4 GW.

• Commercial sales from NeoSilicon Technology wafer business expected from end of Q2, with annual capacity of 1.8-1.9 GW.

• Caustic soda business to begin shipments in April, expanding into Southeast Asia.

• OCI Energy targets 17 GW project pipeline by 2030, with most projects qualifying for ITC.

• Semiconductor and specialty chemical segments expect growth from higher utilization and capacity expansion.