SK (034730) Q2 2026 earnings summary

Executive summary

• Consolidated revenue rose 39.9% year-over-year to KRW 42.12tn, with operating profit up 2,204.8% to KRW 4.84tn and net income up 1,850.0% to KRW 19.11tn, driven by semiconductor strength and improved refining/base oil margins.

• Achieved consolidated revenue of KRW 78.95 trillion and operating income of KRW 8.51 trillion for H1 2026, with net income attributable to owners at KRW 9.34 trillion, reflecting strong performance across major subsidiaries.

• Major subsidiaries, especially SK hynix, posted record results due to robust AI-driven memory demand and higher DRAM/NAND prices.

• Major portfolio restructuring included divestitures, new investments, and significant M&A, notably in energy, IT, and biotech sectors.

• Interim dividend of KRW 1,500 per share approved, and SK ecoplant stake increased to 71.2% to expand AI infrastructure exposure.

Financial highlights

• Revenue for H1 2026: KRW 78.95 trillion, up from KRW 61.18 trillion in H1 2025.

• Operating income: KRW 8.51 trillion, up from KRW 636.7 billion in H1 2025.

• SK hynix revenue up 26.7% quarter-over-quarter, operating profit up 22.9%, and net income up 53.6%.

• SK innovation revenue up 49.9% year-over-year, turning to profit with KRW 3.49tn operating profit.

• SK telecom operating profit up 67.6% year-over-year, net income up 487.5%.

Outlook and guidance

• Structural demand growth expected across the memory spectrum as AI servers advance.

• Continued focus on AI, digital, and green energy investments to drive future growth.

• SK hynix plans high CAPEX in the KRW 40tn range to expand capacity and meet AI memory demand.

• Ongoing portfolio optimization, with further divestitures and new investments expected.

• SK Hyper, established July 2026, to strengthen AI data center competitiveness.