OCI Holdings Company (A010060) Q2 2026 earnings summary

Executive summary

• Q2 2026 consolidated revenue reached KRW 1,023 billion, up 14.7% 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%.

• Market conditions were challenging due to Middle East tensions, policy uncertainties, and intensified competition, but operational recovery and cost efficiency supported results.

• OCI TerraSus continued to post losses due to weak sales volumes and Section 232 uncertainty, despite operational normalization.

Financial highlights

• Revenue grew 14.7% QOQ to KRW 1,023 billion; operating profit margin improved to 10.6% from 1.2% QOQ.

• Total assets at KRW 8,520 billion, liabilities at KRW 3,548 billion, equity at KRW 5,000 billion as of Q2 2026.

• Net debt ratio improved to 18.6% from 20.1% QOQ, with net debt at KRW 926.9 billion.

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

Outlook and guidance

• Q3 expected to see improved performance from seasonal electricity demand, higher SMP, and margin improvement at OCI TerraSus after Section 232 results.

• 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 expected from favorable semiconductor market conditions.