Korea Zinc Co., Ltd. · KRX:010130
Korea Zinc — Q4 2025 Earnings Presentation
29 slides from Korea Zinc's earnings presentation, February 2026
Slide 1: Korea Zinc 4Q 2025 Earnings Release
Korea Zinc 4Q 2025 Earnings Release February 2026
Slide 2: Contents
CONTENTS 4Q 2025 Business Results Results & Outlook by Business • Korea Zinc (Standalone) • KZ Trading • Sun Metals Corporation 2026 Business Plan Business Highlights Appendix
Slide 3: Disclaimer
Disclaimer This presentation contains forward looking information and statements with respect to market conditions, financial conditions, results of operations and business, and plans of the management. Please note they may differ from actual results. Financial results herein are under audit review,
Slide 4: 4Q 2025 Business Results (Consolidated)
4Q 2025 Business Results (Consolidated) Earnings by Business (Billion Won) Quarterly Results (Billion Won) 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ YoY 4,763 Sales 3,413 3,833 3,825 4,160 4,763 +603 +1,351 4,160 3,833 3,825 1,218 Gross Profit 243 406 390 373 616 +226 +368 3,413 1,004 1,016 964 422 880 389 375 2
Slide 5: 4Q 2025 Business Results (Consolidated) - Annual
4Q 2025 Business Results (Consolidated) Earnings by Business (Billion Won) 2025 Results (Billion Won) 2023 2024 2025 YoY 16,581 Sales 9,705 12,053 16,581 +37.6% 4,202 12,053 1,400 9,705 2,511 Gross Profit 962 1,141 1,802 +58.0% 1,392 414 894 892 1,114 1,529 GPM 9.9% 9.5% 10.9% +1.4%p 10,534 7,291 8,
Slide 6: 4Q 2025 Business Results (Consolidated) - Balance Sheet
4Q 2025 Business Results (Consolidated) Balance Sheet (Billion Won) Financial Ratios (Billion Won) 1Q25 2Q25 3Q25 4Q25 QoQ Liabilities/Equity Debt/Equity Net Debt/Equity** Asset 14,383 14,838 15,773 20,387 +4,614 Current Assets 6,963 7,284 7,962 12,061 +4,099 96.3% 88.9% Cash and Equivalents 577 740
Slide 7: Results & Outlook by Business: Korea Zinc (Standalone)
Results & Outlook by Business Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (bn KRW) 4Q Results 3,075 • Driven by zinc price recovery and strong (Revenue ratio) 6% precious metal, quarterly revenue 2,609 4% 기타 Others 2,389 2,461 surpassed 3 trillion for the
Slide 8: Results & Outlook by Business: Rare Metals
Results & Outlook by Business Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (bn KRW) 144 4Q Results 1% 127 11% (Revenue ratio) • Despite weakening antimony prices, 3% 2% stable production sustained gross profit 4% 10% 기타 Others 10% 4% 97 margins in the 80% r
Slide 9: Results & Outlook by Business: KZ Trading
Results & Outlook by Business Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (bn KRW) 375 375 335 20 25 311 308 4Q Results 17 (Revenue ratio) 18 17 기타 Others 기타금속 Other Metals • Profitability improved, supported by 94 228 220 연 178 Lead rising zinc and alumin
Slide 10: Results & Outlook by Business: Sun Metals Corporation
Results & Outlook by Business Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (‘000USD) 277,596 285,846 4Q Results (Revenue ratio) LGLC* and Others 40,160 62,351 • Rebound in zinc prices and LGLC 213,796 9,166 Acid 190,747 9,118 sales profitability driven by s
Slide 11: Business Highlights
Business Highlights 2026 Business Plan Smelting Business Troika Drive Initiatives
Slide 12: 2026 Business Plan
2026 Business Plan Business Plan (KZ Standalone) 2022 2022 2023 2023 2024 2024 2025 2025 Actual/ 2026 Plan Actual Plan Actual Plan Actual Plan Actual Target Plan Zinc 640,000 634,414 640,000 654,245 650,000 643,062 630,000 590,763 94% 600,000 (MT) Lead 430,000 422,463 430,000 410,930 450,000 445,662
Slide 13: Smelting Platform Growth Driver (1): Silver
2-1. Smelting Platform_Growth driver(1): Silver • Silver is being re-rated as a strategic metal, supported by strong industrial demand, structural supply deficits and policy drivers • The company produces over 5% of global silver, and its profit contribution is expected to further increase through 2
Slide 14: Smelting Platform Growth Driver (2): Copper
2-2. Smelting Platform_Growth driver(2): Copper • Copper is entering a period of structural supply deficit after 2026, driven by demand from AI data centers, defense and humanoid robot • Korea Zinc is positioned as a strategic copper producer, ensuring stable supply by recycled copper production and
Slide 15: Smelting Platform Growth Driver (3): Rare Metals
2-3. Smelting Platform_Growth driver(3): Rare Metals • Critical metals mandatory for AI, data centers, defense, face supply security risks due to China’s market dominance and export controls • Korea Zinc aims to enhance North America supply security and capture meaningful profit by U.S. smelter and
Slide 16: Troika Drive Initiatives: Resource Recycling
3-1. Troika Drive Initiatives_ Resource Recycling • The resource recycling business, anchored by PedalPoint in the U.S., is building an end-to-end circular value chain —from collecting e-waste, end-of-life batteries, and other waste streams to metal recovery • Based on a stable supply of high-qualit
Slide 17: Troika Drive Initiatives: PedalPoint
3-2. Troika Drive Initiatives_ PedalPoint • Securing a stable supply of secondary feedstock, including copper scrap, to support increased copper output following the commissioning of the Onsan copper smelter in 2026 • Establishing a sustainable circular feedstock sourcing framework while enhancing s
Slide 18: Appendix
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Slide 19: Holding Structure
Holding Structure Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials Holding Structure Smelting Renewables & Hydrogen KOREA ZINC Secondary Battery Materials Resource Recycling % Equity Stake
Slide 20: Shareholder Return Policy
Shareholder Return Policy Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials • Shareholder return policy raised from 30% dividend payout ratio to maintaining 3-year average shareholder retur
Slide 21: Historical Sales Volume
Historical Sales Volume Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials Unit : 10kt(Zinc, Lead), 100t(Silver), %(Actual/Target) 102% 99% 99% 16 65 64 64 17 63 19 99% 71% 98% 96% 16 15 45
Slide 22: Metal Prices & FX
Metal Prices & FX Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials USD/KRW(Avg.) Zinc(USD/MT) Lead(USD/MT) 1,500 3,600 2,300 1,452 1,457 1,448 1,448 3,400 1,450 2,200 3,194 3,200 3,162 1,3
Slide 23: Metal Prices & FX - Minor Metals
Metal Prices & FX Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials Antimony(USD/MT) Indium(USD/kg) Bismuth(USD/lb) 70,000 500 18.00 16.10 60,000 57,819 16.00 15.31 15.45 54,803 450 $35.38/
Slide 24: Metal Prices & FX - LME Price & Raw Materials Cost
Metal Prices & FX Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials LME Price & Raw Materials Cost Trend (USD/t) Zinc Lead 아연 평균 Zinc LMELME 아연 매출원가 Zinc 원재료비(LME) raw materials cost (LME)
Slide 25: Zinc TC & Earnings
Zinc TC & Earnings Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials Benchmark TC, FX & OP(Standalone) (bn KRW, USD/t) Revenue Operating Profit LME (Zinc) TC (Zinc) USD/KRW 3,485 10,534 3,0
Slide 26: Sales Volume by Metal
Sales Volume by Metal Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials KZ (Standalone) 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ YoY Zinc(MT) Domestic 67,885 63,163 62,761 70,517 63,010 -10.6% -7.2% Ex
Slide 27: Sales Revenue by Metal
Sales Revenue by Metal Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials KZ (Standalone) bn KRW 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ YoY Zinc Domestic 295 283 262 285 293 2.8% -0.7% Export 478 373
Slide 28: Financials
Financials Holding Structure Shareholder Return Policy Historical Sales Volume Metal Prices & FX Zinc TC & Earnings Sales Volume by Metal Sales Revenue by Metal Financials Income Sheet (Consolidated) Korea Zinc (Standalone) (bn KRW) 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ YoY PL (bn KRW) 4Q24 1Q25 2Q25 3Q25 4Q
Slide 29: Appendix: IR Contact
APPENDIX IR contact IR@koreazinc.co.kr