Grand Korea Leisure (A114090) Q4 2025 earnings summary

Executive summary

• Operates three foreigner-only casinos in Seoul and Busan, with a focus on attracting international tourists, especially from Japan and Greater China.

• 2025 saw a 6.7% year-over-year increase in consolidated revenue to KRW 422.9 billion, with operating income up 37.4% and net income up 42.4%.

• Maintains a strong financial position with a debt ratio of 47.5% and robust liquidity.

• The company is a subsidiary of Korea Tourism Organization, with 51% ownership.

Financial highlights

• Consolidated revenue: KRW 422.9 billion (+6.7% YoY); operating income: KRW 52.6 billion (+37.4% YoY); net income: KRW 47.1 billion (+42.4% YoY).

• Gross profit margin improved to 20.0% from 17.9% YoY.

• EPS: KRW 761 (up from KRW 534).

• Cash and cash equivalents at year-end: KRW 213.1 billion.

• Total assets: KRW 651.3 billion (+5.7% YoY); total equity: KRW 441.5 billion.

• Dividend payout ratio (separate): 54.5%.

Outlook and guidance

• Expects continued growth in the foreigner-only casino market, supported by recovery in inbound tourism and normalization post-pandemic.

• Plans to maintain a stable dividend policy and further enhance shareholder returns.

• No new business lines or major capital projects announced, but ongoing review of mid- to long-term growth strategies.