OCI Holdings (010060) Q2 2026 earnings summary

Executive summary

• Q2 2026 consolidated revenue reached KRW 1,023 billion, up 15% QoQ, with operating profit at KRW 108 billion, driven by a major U.S. solar project sale and improved chemical materials profitability.

• Net profit rose to KRW 61 billion, a 584.7% increase QoQ, with EBITDA at KRW 179 billion and margin at 17.5%.

• Despite market challenges from Middle East tensions and policy uncertainties, operational recovery and cost efficiency improved.

• OCI TRS continued to post losses due to weak sales volumes despite operational normalization.

Financial highlights

• Revenue grew 15% QoQ; operating profit margin improved to 10.6% from 1.2% in the previous quarter, supported by OCI Energy's 500-MW solar project sale.

• Total assets at KRW 8,520 billion, liabilities at KRW 3,548 billion, and equity at KRW 4,973 billion as of Q2 2026.

• Net debt ratio improved to 18.6% from 20.1% QoQ due to stronger cash flow and presale proceeds.

• Debt-to-equity ratio increased by 3.8% points QoQ due to new borrowings for OCI TerraSus capex.

Outlook and guidance

• Q3 expected to see improved performance from seasonal electricity demand and higher SMP, with OCI SE aiming for stable operations and improved earnings.

• OCI TerraSus expects margin improvement in Q3 2026, supported by new orders after Section 232 announcement and ongoing capacity expansion.

• OCI Energy targets a 250 MW solar project sale in Q3, with ongoing PPA discussions for operating assets.

• DCRE plans pre-sales for Complex 9 and aims to accelerate land and commercial unit sales.

• Long-term outlook for U.S. power and energy infrastructure remains highly attractive, with continued profitability from favorable semiconductor market conditions and specialty product sales.