VITZROCELL (082920) Q4 2025 earnings summary

Executive summary

• Achieved record results in FY2025: revenue up 15.3% YoY to KRW 243.1B, operating income up 33.4% to KRW 69.3B, and net income up 11.1% to KRW 56.9B, driven by strong demand for military and oil & gas batteries, favorable FX, and cost controls.

• Completed acquisition of Innova Power Solutions Inc. in October 2025, expanding presence in high-temperature battery packs for oil & gas, with Innova’s Q4 results consolidated.

• Continued expansion into new business areas: lithium-ion batteries, thin film batteries, battery materials, and lithium recycling.

Financial highlights

• Revenue: KRW 243.1B (+15.3% YoY); Operating income: KRW 69.3B (+33.4% YoY); Net income: KRW 56.9B (+11.1% YoY); EPS: KRW 1,267 (+10.2% YoY).

• Gross margin improved to 37.6% from 33.5% YoY.

• Cash and cash equivalents at year-end: KRW 24.4B; total assets: KRW 370.8B (+16.7% YoY); equity: KRW 330.5B (+16.8% YoY).

• Dividend payout ratio: 21.1% (KRW 260 per share).

Outlook and guidance

• Targeting continued growth in lithium primary and specialty batteries, with focus on IoT, smart grid, and oil & gas sectors.

• Dividend policy aims for payout ratio of at least 20% through 2026, rising to 25% from 2027.

• Ongoing investment in R&D and capacity expansion, including new facilities and product lines.