Kencoa Aerospace (274090) Q3 2025 earnings summary

Executive summary

• Operates in aerospace MRO, aircraft/spacecraft parts manufacturing, raw material supply, and UAM/drone development, with both domestic and international subsidiaries.

• Major customers include Boeing, Lockheed Martin, NASA, and leading Korean aerospace firms.

• Focuses on global supply chain integration, quality, and cost competitiveness, with a diversified customer base.

• R&D is active in aircraft conversion, UAM, and advanced manufacturing, with multiple government-backed projects.

Financial highlights

• Consolidated revenue for 2025 Q3 (Jan–Sep): KRW 56.2B, down from KRW 86.2B in 2024 and KRW 91.1B in 2023 (same period).

• Operating loss for 2025 Q3: KRW -6.0B, compared to KRW -5.4B in 2024 and KRW 0.9B profit in 2023.

• Net loss for 2025 Q3: KRW -5.8B, improved from KRW -7.7B in 2024 but worse than KRW -1.8B in 2023.

• Cash and cash equivalents at Q3-end: KRW 39.2B, up from KRW 16.0B at 2024 year-end.

• Equity at Q3-end: KRW 171.6B; total assets: KRW 249.0B.

Outlook and guidance

• Expanding production capacity in Korea and the US to meet increasing orders.

• Ongoing investments in R&D and facility upgrades to support new business lines and customer requirements.