South Korea · Delayed Price · Currency is KRW SK Innovation Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw revenue and profit declines due to weaker oil prices and battery impairments, with a KRW 4.2 trillion one-off loss from the BlueOval SK JV. The company is focusing on electrification, LNG expansion, and cost optimization, with no 2025 dividend and a 2026 CapEx of KRW 3.5 trillion.
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Q3 saw strong revenue and profit growth, led by refining and cost efficiencies, while the battery segment faced headwinds from U.S. tariffs and EV market shifts. The SK On–SK Enmove merger and ESS order wins are set to drive future synergies and financial stability.
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Q2 2025 saw revenue decline and operating losses due to weak refining and petrochemical results, while the battery segment improved with higher sales and narrowed losses. Major capital raising and a merger between SK On and SK Enmove aim to drive electrification growth and financial stability.
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Q1 2025 saw revenue growth from the SK Innovation E&S merger, but operating profit declined due to weak margins in key segments. Major battery supply deals and oil discoveries support future growth, while financial soundness is being addressed through reduced CapEx and portfolio rebalancing.
Fiscal Year 2024
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Q4 2024 saw revenue and operating profit rise due to the SK E&S merger, despite non-operating losses from FX and derivatives. Segment results were mixed, with strong refining and E&P, but losses in petrochemicals and batteries. 2025 outlook is cautious, with CapEx focused on batteries and E&S.
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Q3 saw operating losses from weak oil and petrochemical markets, offset by improved battery and lubricant segments. The merger with SK E&S strengthens the energy portfolio, while 2025 guidance points to lower CapEx and a focus on LNG and battery growth.
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Q2 2024 saw revenue and operating profit decline due to weak battery and refining margins, while a planned merger with SK E&S aims to deliver KRW 2.2 trillion in annual EBITDA synergies by 2030. Battery and E&P segments faced losses, but cost control and portfolio diversification are key focuses.