TES Co (095610) Q4 2025 earnings summary

Executive summary

• The company specializes in manufacturing semiconductor process equipment, with over 95% of revenue from this segment. PECVD and Gas Phase Etch & Cleaning equipment are core products, with additional offerings for display and UVC LED manufacturing. R&D and technology leadership are emphasized for future growth.

• 2025 saw a challenging global environment, but demand for advanced semiconductor processes, especially AI-related, is expected to drive continued growth. The company is focused on diversifying customers and markets.

Financial highlights

• 2025 consolidated revenue was KRW 351.1 billion, up 46.3% year-over-year; operating income was KRW 57.8 billion (+50.3%), and net income was KRW 56.9 billion (+33.4%).

• Gross margin improved to 26.2% from 26.9% the prior year. Operating margin was 16.5%.

• Cash and cash equivalents at year-end were KRW 12.1 billion, with total assets at KRW 487.5 billion (+27.9% YoY).

• Debt ratio increased to 24.4% due to new exchangeable bond issuances.

• Dividend per share proposed at KRW 850, with a payout ratio of 26.4%.

Outlook and guidance

• Management expects continued growth in semiconductor equipment demand, driven by AI, data storage, and automotive sectors.

• The company plans to maintain strong liquidity, invest in R&D, and pursue customer and market diversification.