OCI Holdings Company (A010060) Q3 2025 earnings summary

Executive summary

• Q3 sales reached KRW 845 billion, with an operating loss of KRW 53 billion, reflecting a narrowing loss and sales recovery driven by higher polysilicon and solar project sales.

• Net loss narrowed to KRW 73 billion compared to the previous quarter, aided by improved subsidiary performance and cost controls.

• Revenue increased 9% quarter-over-quarter, driven by a strong recovery in the polysilicon business and solar project sales.

Financial highlights

• Sales increased 8.9% quarter-over-quarter to KRW 845 billion, with operating loss improving from KRW 80 billion in Q2'25 to KRW 53 billion in Q3'25.

• EBITDA turned positive at KRW 8.2 billion, with a margin of 1.0%.

• OCI Terasas revenue rose 242% quarter-over-quarter to KRW 132 billion, but still posted an operating loss of KRW 65 billion.

• OCI Enterprises revenue increased 37% quarter-over-quarter, with operating profit turning positive due to solar project sales.

• DCLE urban development revenue rose 19% quarter-over-quarter, with operating profit turning positive.

Outlook and guidance

• Polysilicon sales expected to remain stable next quarter, with additional sales opportunities anticipated due to UFLPA enforcement and strong US demand.

• Operating profit is expected to improve as cost structures normalize and demand visibility remains solid.

• OCI TerraSus expects cost stabilization and sales recovery as operations normalize, with new contracts supporting future growth.

• OCI Enterprises anticipates increased module sales and ongoing project pipeline development to secure tax credit eligibility.

• Chemical segment revenue and profit expected to recover next quarter as deferred shipments and market conditions improve.