Korea Zinc Co., Ltd. · KRX:010130
Korea Zinc — Q1 2026 Earnings Presentation
26 slides from Korea Zinc's earnings presentation, May 7, 2026
Slide 1: Korea Zinc 1Q 2026 Earnings Release
Korea Zinc 1Q 2026 Earnings Release May 7th, 2026
Slide 2: Contents
CONTENTS 1Q 2026 Business Results Results & Outlook by Business • Korea Zinc (Standalone) • KZ Trading • Sun Metals Corporation 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: 1Q 2026 Business Results (Consolidated)
1. 1Q 2026 Business Results (Consolidated) Earnings by Business (Billion Won) Quarterly Results (Billion Won) KZ (Standalone) KZ Trading SMH Steel Cycle and others 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ YoY 6,072 Sales 3,833 3,825 4,160 4,770 6,072 +1,302 +2,239 1,481 4,770 Gross 4,160 413 406 390 390 616 953
Slide 5: Financial Position
2. Financial Position Balance Sheet (Billion Won) Financial Ratios (%) 2Q25 3Q25 4Q25 1Q26 QoQ Liabilities/Equity Debt/Equity Net Debt/Equity** Asset 14,838 15,773 20,396 21,451 +1,055 Current Assets 7,962 12,069 9,856 -2,213 7,284 96.3% 87.2% Cash and Equivalents 740 653 3,451 1,032 -2,420 82.4% Sh
Slide 6: Korea Zinc Standalone
3-1. Korea Zinc Standalone Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (bn KRW) 4,295 4% 1Q Results 3% (Revenue (매출비중)ratio) 14% • Achieved quarterly revenue of 3,075 기타 Others KRW 4.3 trillion for the first time, Copper 동 2,609 6% driven by solid zinc and
Slide 7: Korea Zinc Standalone (by-product metals)
3-2. Korea Zinc Standalone Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (bn KRW) 144 1% 1Q Results 127 11% (Revenue (매출비중)ratio) 3% 2% • Revenue declined QoQ due to lower 4% 10% 기타 Others 10% 4% 97 antimony prices, but profitability 90 4% 비스무스 Bismuth 10% 2
Slide 8: KZ Trading
3-3. KZ Trading Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (bn KRW) 374.9 374.6 334.5 20 25 308.5 (Revenue (매출비중) ratio) 1Q Results 17 291.9 17 기타 Others 18 기타금속 Other Metals • Revenue declined QoQ due to lower 228 220 연 Lead sales volume from the restruc
Slide 9: SMC
3-4. SMC Korea Zinc (Standalone) KZ Trading Sun Metals Corporation Quarterly Earnings by Product (‘000USD) 285,846 277,596 276,739 (Revenue (매출비중) ratio) 1Q Results LGLC* and Others 40,160 62,351 213,796 80,865 Acid • Revenue declined slightly due to the 9,166 190,747 9,118 impact of flooding in Dec
Slide 10: Business Highlight
Business Highlight Precious Metal Revenue Trend Silver Market Dynamics, Production, Sensitivity Gold Market Trend and Drivers
Slide 11: Precious Metal Revenue Trend
1. Precious Metal _ Revenue trend • Precious metals revenue continue to increase, supported by strategic concentrate procurement and improvement of recovery rates • Continued efforts to enhance profitability and earnings stability by increasing precious metals, which are expected of supply-demand im
Slide 12: Silver Market Dynamics
2. Silver _ Market Dynamics • Silver market has experienced a structural supply deficit since 2021, with robust demand from semiconductors, data centers, and AI • Despite increased short-term volatility, silver prices are expected to remain elevated1), supported by industrial demand and limited mark
Slide 13: Silver Production and Sensitivity
2. Silver _ Production and Sensitivity • As of 2025, Korea Zinc records one of the highest silver production among global silver producers, benefiting from rising silver price • Based on its high recovery rate, Korea Zinc demonstrates greater earnings sensitivity than its competitors, and the earnin
Slide 14: Gold Market Trend and Drivers
3. Gold _ Market Trend and Drivers • Despite near-term volatility by geopolitical risks, gold prices are expected to maintain medium-to long-term upward trend, supported by inflation-hedging demand, continued central bank purchases, and ETF inflows. In particular, the share of investment demand, inc
Slide 15: Appendix
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Slide 16: 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 Smelting Troika Renewables & Hydrogen Troika Secondary battery materials Troika Resource recycling (%) equity stake Cruci
Slide 17: 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 18: 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% 94% 16 65 64 17 63 14 60 99% 96% 90% 16 15 45 11 4
Slide 19: 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) 1,550 3,600 2,300 1,500 1,452 1,457 3,328 1,448 3,400 1,500 1,448 1,486 2,200 1,4
Slide 20: 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) 70,000 800 20.00 17.59 60,000 57,819 698 18.00 16.81 54,803 700 $38.78/kg
Slide 21: LME Price & Raw Materials Cost Trend
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 LME Zinc 평균 LME Zinc raw materials 아연 매출원가 cost (LME) 원재료비(LME)
Slide 22: 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 23: 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 Korea Zinc (Standalone) bn KRW 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ YoY Zinc(MT) Domestic 63,163 62,761 70,517 63,010 61,476
Slide 24: 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 Korea Zinc (Standalone) bn KRW 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ YoY Zinc Domestic 283 262 285 293 306 4.5% 8.0% Export 3
Slide 25: 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) 1Q25 2Q25 3Q25 4Q25 1Q26 QoQ YoY PL(bn KRW) 1Q25 2Q25 3Q25 4Q25 1Q2
Slide 26: IR contact
APPENDIX IR contact IR@koreazinc.co.kr