OCI Holdings Company (A010060) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a turnaround with revenue of KRW 811 billion and operating income of KRW 27 billion, reversing prior losses, driven by stable polysilicon sales and operational normalization at OCI TerraSus.

• Full-year 2025 revenue was KRW 3.4 trillion, with an operating loss of KRW 58 billion and net loss of KRW 144 billion, mainly due to OCI TerraSus underperformance and a four-month shutdown amid U.S. tariff and solar policy uncertainty.

• OCI TerraSus returned to profitability in Q4 after resuming operations, but faces near-term sales uncertainty due to U.S. Section 232 investigation.

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

Financial highlights

• Q4 revenue reached KRW 811 billion, operating income KRW 27 billion, with a 3.4% operating margin and 11.2% EBITDA margin.

• Full-year revenue declined 5.5% YoY to KRW 3.4 trillion; operating loss of KRW 58 billion; FY2025 EBITDA was KRW 186 billion with a 5.5% margin.

• Total assets at year-end: KRW 7.9 trillion; liabilities: KRW 3.1 trillion; equity: KRW 4.7 trillion.

• Debt-to-equity ratio at 66.3%, net debt ratio at 15%, net debt KRW 700.5 billion.

Outlook and guidance

• Q1 2026 sales volume for OCI TerraSus expected flat or slightly lower due to customer delays from U.S. Section 232 investigation; full operation to resume after Q1 maintenance.

• Scheduled maintenance to temporarily pressure costs and profitability.

• Commercial sales from NeoSilicon Technology wafer business expected from end of Q2 2026, with plans to double wafer capacity to 5.4 GW.

• Caustic soda business to begin shipments in April, expanding into Southeast Asia.

• OCI Energy targets 17 GW project pipeline by 2030, with most projects qualifying for ITC.