SKC 2025 Annual Report Analysis Perpetual Bond Issuance Strengthens Financial Structure and Supports Future Growth Investments Neutral Impact on Shareholder Value

SKC recorded consolidated revenue of KRW 1.84 trillion an operating loss of KRW 305 billion and a net loss of KRW 719.4 billion in 2025.
To improve its financial structure SKC issued perpetual capital securities totaling KRW 385 billion expanding equity and curbing the rise in debt ratio while securing additional investment funds.
The company continues large-scale investments in future growth businesses such as copper foil and glass substrates and is restructuring its portfolio through divestitures of non-core assets.
Treasury shares were disposed for employee stock grants but dividends have been suspended for three consecutive years.
The consolidated debt ratio rose to 233% year-on-year but the capital expansion from perpetual securities has a positive effect on financial soundness.
[AI Summary]SKC improves its financial structure via perpetual bonds and continues growth investments but persistent losses in the copper foil business and high debt burden weigh on shareholder value. Short-term stock momentum is limited and long-term business transformation results are key.