Kangwon Land (035250) Q4 2025 earnings summary

Executive summary

• 4Q25 sales rose 6.0% YoY to W365.4bn, while operating profit fell 30.5% to W29.7bn and net profit fell 41.2% to W66.0bn.

• FY2025 sales increased 3.5% to W1,476.7bn; operating profit declined 17.7% to W235.2bn and net profit declined 30.7% to W316.5bn.

Financial highlights

• 4Q25 gross profit was W80.5bn, down 2.8% YoY; SG&A rose 26.6% to W50.8bn.

• FY2025 gross profit declined 7.7% to W386.8bn as COGS rose 8.1% to W1,089.9bn and SG&A rose 14.0% to W151.7bn.

• FY2025 income before tax fell 31.1% to W389.3bn; corporate tax was W72.8bn versus W108.5bn in 2024.

Outlook and guidance

• FY2026 CAPEX budget totals W145.4bn, versus FY2025 investment expenditure of W143.8bn; planned spending includes operating investment and the second casino construction.