SK (034730) Q4 2025 earnings summary

Executive summary

• Major unlisted subsidiaries achieved combined revenue growth of 20.7% and EBITDA growth of 2.0% year-over-year, driven by SK ecoplant, SK AX, and SK pharmteco.

• Enhanced capital efficiency and financial soundness through strategic capital allocation, including active divestments and debt reduction.

• Built a virtuous cycle of shareholder value with increased dividends and a decision to cancel all treasury shares.

Financial highlights

• FY25 consolidated revenue reached KRW 122.7tn, slightly down from KRW 124.7tn in FY24.

• Net income (controlling interest) rose to KRW 1.6tn in FY25 from KRW 1.3tn in FY24.

• FY25 ROE improved to 6.4%, up 1.2 percentage points year-over-year.

• Net debt decreased 18% year-over-year to KRW 8.6tn.

• Annual income before tax increased, supported by strong semiconductor performance despite weak chemical markets and a one-time asset impairment.

Outlook and guidance

• FY26 EBITDA growth expected to continue, driven by top-line expansion and margin improvement across major unlisted subsidiaries and in-house business.

• IT Services (SK AX) anticipates continued growth momentum in FY26 from new DX orders and agentic AI expansion.

• SK siltron expects FY26 revenue recovery on rising wafer demand amid memory imbalance.

• SK pharmteco projects stable growth in FY26, with progress toward a Multi-Modality CDMO and new peptide plant operations by year-end.