OCI Holdings (010060) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was KRW 1,062.181bn, up 3.8% QoQ; operating income was KRW 67.962bn, down 37.1%, and consolidated net loss was KRW 27.086bn.

• Revenue growth reflected higher OCI TerraSus sales volume and stronger carbon-chemical sales; profit fell as Q2 solar project-sale earnings did not recur.

• 9M revenue was KRW 2,977.724bn and operating income KRW 186.910bn, compared with an operating loss in the prior-year period; 9M consolidated net loss was KRW 57.627bn.

Financial highlights

• Q3 EBITDA was KRW 133.5bn, with a 12.6% margin, versus KRW 177.5bn and 17.4% in Q2; operating margin was 6.4%, down from 10.6%.

• Q3 net loss reflected P&O Chemical goodwill impairment and higher income taxes; profit before financing and income taxes was KRW 22.4bn.

• At quarter-end, assets were KRW 8,142.8bn, liabilities KRW 3,458.2bn and equity KRW 4,684.6bn; debt ratio was 73.8% and net debt ratio 23.5%.

• Cash and short-term financial assets fell KRW 134bn QoQ to KRW 1,043bn, mainly on DCRE construction payments; debt rose KRW 40bn to KRW 2,145bn.

Outlook and guidance

• OCI TerraSus expects Q4 sales and ASPs to improve as Section 232 implementation becomes clearer; negotiations on a new U.S. LTA could lift sales.

• A 250 MW solar project sale is expected to close in Q4, with earnings recognized upon closing; PPA, financing and EPC work on planned projects continues.

• OCI SE expects stable operations but lower Q4 profitability risk from weaker seasonal electricity demand, lower SMP and scheduled maintenance.

• Scheduled maintenance at basic and carbon-chemical facilities is expected to weigh on Q4 revenue and profit; semiconductor-material sales are expected to continue growing.

• DCRE expects Q4 results to track construction progress; year-end land revaluation could result in impairment charges.