Fact Summary
SK Eternix is a renewable energy company spun off and relisted from SK E&S in March 2024, directly owning and operating solar, wind, fuel cell, and ESS power generation assets. In FY2025 (2nd fiscal year), consolidated revenue was KRW 385.6 billion (+16% YoY), operating profit was KRW 53.0 billion (+41%), and net income turned profitable at KRW 30.722 billion (based on the 2nd annual general shareholders' meeting financial statement approval report, as of 2025-12-31). On 2026-03-06, SK Discovery and Han & Company W.P. Holdings entered into a share purchase agreement to sell their entire stakes (combined approximately 43.5%) to Eclipse, a KKR-affiliated SPV, and following the deal's closing on 2026-04-07, Eclipse was registered as the new largest shareholder (43.10%) (DART substantial shareholding report).
Change Context Note
In July 2026, the stock price surged in the short term amid a confluence of Middle East geopolitical tensions driven by rising international oil prices (WTI +4.82% vs previous day as of 2026-07-23) and news of an SK-KKR renewable energy integrated entity, hitting the upper price limit (+30.0%) on 2026-07-23 (Hankyung, CBC News, as of 2026-07-23~24). Over the same period (cumulative 2026-06-24~07-24), foreign investors and institutions recorded net buying of +1,169,646 shares and +2,396,351 shares respectively, while retail investors recorded net selling of -3,741,441 shares; however, on the analysis reference date itself (2026-07-24), foreign investors reversed to net selling of -804,078 shares while retail and institutional investors reversed to net buying.
Business Overview
The business portfolio consists of four power generation segments — solar, wind, fuel cell, and ESS — plus a VPP (virtual power plant) platform, directly owning and operating generation assets and selling RECs under 20-year fixed-price contracts to reduce revenue volatility (based on web search synthesis, as of 2026-07).
Revenue composition · As of March 2026 · Source: WiseReport (A)
| Segment | Operation & Development Status |
|---|---|
| Solar | Approximately 180MW currently in operation; plans to expand by 150–200MW annually from 2026 |
| Wind (Onshore) | 158MW in operation; targeting 257MW following completion of the Uiseong Hwanghaksan project (99MW) |
| Wind (Offshore) | Approximately 1,345MW under development, including Sinan Ui-do (390MW) and Incheon Guryongdo (755MW) |
| Fuel Cell | Commercial operation at Chungju and Daesowon Eco Park; projected to exceed 200MW following completion of the Paju project |
| ESS | Approximately 800MWh in domestic operation (timing unconfirmed); 100MW under development in Texas, USA |
Segment details · Based on 2026 business plan · Source: web search synthesis (primary IR materials not obtained, reference figures)
Earnings Trend
| Item | FY2024(E) | FY2025(A) |
|---|---|---|
| Revenue | Approx. KRW 332.4 billion | KRW 385.6 billion |
| Operating Profit | Approx. KRW 37.6 billion | KRW 53.0 billion |
| Net Income (Consolidated) | Loss of approx. KRW 22.4 billion (estimated) | KRW 30.722 billion |
| Total Assets | KRW 731.7 billion | KRW 1.3171 trillion |
| Debt Ratio (Consolidated) | Approx. 202.39% (estimated) | Approx. 382% |
Q1 2026 (consolidated): revenue +6.1% YoY, operating profit +362.2%, net income turned to a loss (specific figures not obtained, source: web search synthesis).
Valuation
| Company | Main Business | PER | PBR |
|---|---|---|---|
| SK Eternix (475150) | Owns and operates solar, wind, fuel cell, and ESS assets | Approx. 88.9x | Approx. 9.99x |
| CS Wind (112610) | Designs and manufactures offshore wind towers | Not available | 1.37x |
| Hanwha Solutions (009830) | Solar modules and polysilicon | Not calculable (net loss) | 0.54–0.78x |
| Unison (018000) | Wind turbine manufacturing | -11.55x (net loss) | 3.88–4.20x |
Governance & Shareholder Changes
On 2026-03-06, SK Discovery (30.98%, 10,455,825 shares) and Han & Company W.P. Holdings (12.52%, 4,225,455 shares) entered into a share purchase agreement to sell their entire holdings (combined approximately 43.5%) to Eclipse Holdco L.P., an SPV under a KKR-managed fund (total disposal value approximately KRW 347.9 billion). Following the deal's closing on 2026-04-07, Eclipse was registered as the new largest shareholder (43.10%, 14,681,280 shares), transitioning governance from the SK Group affiliation to a KKR private equity structure (source: multiple DART substantial shareholding reports, as of 2026-04-07).
| Shareholder | Ownership | As of |
|---|---|---|
| Eclipse (KKR-affiliated) | 43.10% | 2026-04-07 |
| National Pension Service | 5.11% | 2026-07-01 |
| Minority Shareholders | 55.06% | 2025-12-31 |
Governance Transition No dividend has been declared for either FY2024 or FY2025, as confirmed by DART filings, and as a newly established entity incorporated in March 2024, the company has a short long-term track record.
Supply & Demand Trends
The short-selling ratio stood at 0.22% (as of 2026-07-23, trading volume of 39,823 shares), down from 6.04% at the start of the window (6/24), and the short-selling balance was 766,290 shares (2.25%, as of 2026-07-21). Foreign ownership was confirmed at 8.96% (single point-in-time, 2026-07-24).
Macro Environment
| Factor | Current Value (As of) | Impact Path |
|---|---|---|
| BOK Base Rate | 2.75% (raised 2026-07-16) | Upward pressure on project finance funding costs |
| Domestic SMP | KRW 134.48/kWh (3rd week of July 2026) | Rising sale price for generation assets |
| REC Spot Price (Jeju) | KRW 88,737 (3rd week of July 2026) | Short-term rebound, high volatility |
| RPS Mandatory Ratio | 15.0% in 2026 (easing pace) | Slowing new REC demand |
| WTI Crude Price | $90.65/barrel (2026-07-23) | Indirect pass-through of upward SMP pressure |
| US IRA Tax Credit (OBBBA) | Reduction implemented 2025-07 | Could undermine profitability of the US ESS business |
Risk Factors
- Consolidated debt ratio of approximately 382% (back-calculated as of 2025-12-31) alongside approximately 80% growth in total assets over one year — financial soundness burden from project-finance-dependent asset expansion
- Base rate raised to 2.75% (2026-07-16) — upward pressure on interest expense for variable-rate borrowings
- Easing pace of RPS mandatory ratio increase (15% in 2026) — a factor capping REC price upside
- Reduction in US IRA tax credits (OBBBA implemented 2025-07) — could affect profitability of the 100MW Texas ESS project (share of US revenue not obtained)
- Potential additional capital contribution burden if construction costs for large projects such as the Sinan Ui-do offshore wind project exceed budget (reported 2026-04-09)
- As a newly established entity incorporated in March 2024, the company lacks a long-term track record; board evaluation total score of 94/255 (thebell, estimated as of 2025-09-30)
- Potential for increased volatility given valuation burden (PER approx. 89x, PBR approx. 10x) following an approximately 101% surge over the month of July 2026
Theme Relevance
Fact Highlights
This is not investment advice. FomoLog provides factual summaries and post-hoc price-change context only. Investment decisions and their outcomes are solely the responsibility of the investor.
Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR