OCI Holdings Company (A010060) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached KRW 811 billion with operating income of KRW 27 billion, marking a return to profitability after prior losses, driven by stable polysilicon sales and operational normalization at OCI TRS.

• FY2025 revenue was KRW 3,380 billion, but the year ended with an operating loss of KRW 58 billion and net loss of KRW 144 billion, mainly due to OCI TerraSus' operation halt amid U.S. tariff and solar policy uncertainty.

• Earnings improved in Q4 as OCI TRS normalized operations and DCRE saw active presales.

Financial highlights

• Q4 2025 operating margin was 3.4% and net income margin 3.3%; EBITDA for the quarter was KRW 90.5 billion with an 11.2% margin.

• FY2025 EBITDA was KRW 186 billion with a 5.5% margin.

• Total assets at year-end were KRW 7,873 billion, with liabilities of KRW 3,139 billion and equity of KRW 4,734 billion.

• Debt-to-equity ratio improved to 66.3% by Q4 2025.

Outlook and guidance

• OCI TerraSus expects full operation to resume after Q1 2026 maintenance, with ongoing efforts to secure non-FEOC customers and plans to double wafer capacity to 5.4 GW.

• OCI Enterprises targets profitability through increased FEOC-compliant module sales and project pipeline expansion.

• OCI SE anticipates improved profitability as operations normalize and steam demand rises; full conversion to biomass generation under review.

• DCRE plans to complete pre-sales of all complexes in 2026, aiming to accelerate urban development and improve profitability.

• Semiconductor and specialty chemical segments expect growth from higher utilization and capacity expansion.