Kia (000270) Investor presentation summary

2023 performance and 2024 guidance

• 2023 revenue was ₩99.8T, operating profit ₩11.6T and operating margin 11.6%; 2024 guidance is revenue of ₩105–110T, operating profit of ₩12.8–13.2T and margin of 12.0%+.

• From 2019–2023, revenue CAGR was 14%, operating profit CAGR 55% and DPS CAGR 49%; 2023 ROE was 20.4%.

• Credit ratings as of Nov. 30, 2024: domestic AAA/Stable; S&P A−/Stable, Moody’s A3/Stable and Fitch A−/Stable.

Value-up targets

• Mid- to long-term targets include revenue CAGR of 10%+, operating margin of 10%+ and ROE of 15%+.

• Capital return targets include TSR of 35%, payout ratio of 25%+ and share buybacks of up to 10%.

Growth and product strategy

• By 2030, target sales are 1.1M units in North America, with 75% xEV mix; 750K units in Europe, with 91% xEV mix; and 400K units in India.

• Grow developed-market sales through EV and HEV offerings; expand emerging-market volume via diversified production bases, exports and phased EV lineup expansion.

• Higher trims increased from 18% of U.S. Telluride, Sorento and Sportage sales in 2019 to 41% in 2023; consolidated ASP rose at an 11% CAGR from 2019–2023.

• Expand PBV offerings with PV5 in 2025 and PV7 in 2027; pursue B2B conversions and SDV software platform services, including autonomous driving and FoD.