LS (A006260) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated sales of KRW 31.87 trillion in 2025, up 15.7% year-over-year, with operating income of KRW 1.05 trillion and net income of KRW 485.1 billion, reflecting strong performance in power infrastructure and cable businesses.

• Major subsidiaries contributed to growth: cable and electric equipment units expanded global orders, while the copper smelting and machinery businesses improved profitability and sales.

• The group maintained robust liquidity and capital structure, with total assets of KRW 24.99 trillion (+21.8% YoY), equity of KRW 7.68 trillion (+11.6% YoY), and a debt ratio of 225.5%.

• Strategic investments of approximately KRW 12 trillion planned over five years in cable, power equipment, and materials, with a focus on global expansion and new growth engines.

Financial highlights

• Revenue: KRW 31.87 trillion (+15.7% YoY); Operating income: KRW 1.05 trillion (-1.9% YoY); Net income: KRW 485.1 billion (+23.9% YoY).

• EBITDA: KRW 1.52 trillion (+0.8% YoY); ROE: 4.18% (-1.56%p YoY).

• Cash and cash equivalents: KRW 2.09 trillion (+31.1% YoY); Total borrowings: KRW 9.99 trillion.

• Dividend per share: KRW 2,500 (payout ratio 25.25%).

Outlook and guidance

• Management expects continued growth in power infrastructure, renewable energy, and data center demand, but notes global economic and policy uncertainties.

• Plans to invest KRW 12 trillion over five years in domestic and overseas capacity, focusing on high-voltage cables, power equipment, and battery materials.

• Emphasis on risk management, supply chain diversification, and digital/AI-driven innovation.