SK hynix (000660) investor relations material

Executive summary

• Achieved record-high Q3 2025 revenue of KRW 24.45 trillion, up 10% QoQ and 39% YoY, driven by surging AI infrastructure investments and strong HBM, DRAM, and NAND demand.

• Operating profit reached a record KRW 11.38 trillion, up 24% QoQ and 62% YoY, with an operating margin of 47%.

• Net income surged to KRW 12.60 trillion, up 80% QoQ and 119% YoY, with a net profit margin of 52%.

• AI-driven demand is fundamentally shifting the memory market, with HBM, DRAM, and NAND all experiencing robust growth.

Financial highlights

• DRAM bit shipments rose by high single digits QoQ, exceeding guidance, with strong growth in HBM3E and server DDR5; high-capacity DDR5 shipments more than doubled sequentially.

• DRAM ASP increased by mid single digits QoQ; NAND ASP rose by low-teen percent QoQ; NAND bit shipments declined by mid single digits QoQ, but enterprise SSD shipments grew by double digits.

• EBITDA reached KRW 14.95 trillion, with an EBITDA margin of 61%; gross profit was KRW 14.03 trillion with a 57% margin.

• Cash and cash equivalents stood at KRW 27.9 trillion, up KRW 10.9 trillion QoQ; net cash position of KRW 3.8 trillion.

Outlook and guidance

• DRAM and NAND demand growth expected to rise from high teens in 2025 to over 20% in 2026, with HBM4 mass production and shipments to start in Q4 2025 and expand in 2026.

• Capex for 2026 will increase significantly to support AI-driven demand and capacity expansion, including M15X and Yongin fabs.

• DRAM and NAND bit shipments expected to increase by low single digits QoQ in Q4; full customer demand for all DRAM and NAND production secured for next year.