PI Advanced Materials (178920) Q4 2024 earnings summary

Executive summary

• Achieved annual profit turnaround in FY2024, driven by global demand rebound and improved sales mix.

• Sales increased 15.5% year-over-year to KRW 251.3bn, with notable recovery in mobile and semiconductor segments.

• EBITDA margin improved to 26.8% from 11.6% in the prior year, reflecting operational recovery.

• Net profit returned to positive at KRW 23.4bn, reversing a loss in FY2023.

Financial highlights

• FY2024 sales: KRW 251.3bn, up 15.5% year-over-year.

• EBITDA: KRW 67.3bn, up 166.1% year-over-year; EBITDA margin at 26.8%.

• Operating profit: KRW 34.9bn, OP margin at 13.9%.

• Net profit: KRW 23.4bn, NP margin at 9.3%.

• Gross profit margin recovered to 25.5% from 11.6% in FY2023.

Outlook and guidance

• FY2025 expects continued mobile demand recovery and increased adoption of on-device AI and OLED.

• Plans to expedite certification of new high-value products and expand global sales, especially in North America and Europe.

• Focus on growth sectors: semiconductor films, battery insulation films, and thermal management.

• Targeting cost control, disciplined working capital, and visible synergies with Arkema.