Kangwon Land (035250) Q3 2026 earnings summary

Executive summary

• 3Q26 consolidated sales were W369.5bn, down 3.8% YoY; operating profit was W59.7bn, down 17.9%, and net loss was W3.6bn versus W113.1bn net profit in 3Q25.

• Results are tentative K-IFRS figures pending external audit; consolidated financial statements were scheduled for release on November 16, 2026.

Financial highlights

• Sales of W369.5bn fell 3.8% YoY and rose 6.9% QoQ; operating profit of W59.7bn fell 17.9% YoY and increased 36.2% QoQ.

• Gross profit was W98.9bn, down 10.8% YoY; SG&A rose 2.9% to W39.2bn.

• Net loss was W3.6bn versus W113.1bn net profit in 3Q25; income before tax was W3.7bn versus W144.8bn.

Outlook and guidance

• Mountain Condo guestroom renovations are scheduled for completion in 4Q27; Main Tower of High1 Gran Hotel renovations are scheduled for 1Q28.

• Guestroom renovations began in March 2026 and cover 41% of total room inventory.