Fact Summary
Kolon Global posted Q2 2026 (consolidated) revenue of ₩750.495 billion (+2.2% YoY), operating profit of ₩52.208 billion (+173.6% YoY), and net income of ₩32.3 billion (turned profitable) (Korea Economic Daily and others, reported 2026-08-14). Per system-confirmed financial data, cumulative H1 2026 revenue was ₩1,381.7 billion, operating profit ₩74.2 billion, and net income ₩43.1 billion (semi-annual report, receipt No. 20260814003744). Following a net loss of ₩200.4 billion for FY2025 (annual), the company returned to profitability in H1 2026, and the consolidated debt-to-equity ratio has improved from 403.1% in 2022 to 321.9% in H1 2026. Kolon Global's 2026 construction capability evaluation ranking fell 5 spots to 23rd, down from 18th the previous year (comprehensive reporting by Sangoon, Datanews, and others).
Price Context Note
The closing price on 2026-08-20 was ₩9,970, up +1.94% from the previous close of ₩9,780 (Toss Securities Open API). Over the same period, the Bank of Korea base rate was raised from 2.50% to 2.75% at the 2026-07-16 Monetary Policy Board meeting, and the KRW/USD exchange rate edged down slightly to ₩1,412.46 (2026-08-18). Net debt at the end of H1 2026 stood at ₩733.9 billion, up +13.2% from end-2025, while cash and cash equivalents fell -26.1% to ₩201.2 billion (1conomynews, 2026-08-12).
Business Overview · Recent Results
Kolon Global consists of the Construction, Trading, Leisure & Asset Management (AM), and Other Businesses segments; following a spin-off effective 2023-01-01, the imported-car distribution business was separated into Kolon Mobility Group. The Construction segment generated ₩608.1 billion in revenue in Q2 2026, accounting for approximately 81% of total revenue, while the Leisure & AM segment grew sharply on synergies from the end-2025 merger (MOD·LSI).
2026 business targets (announced 2026-01-30, Newsis): new orders of ₩4.5 trillion · revenue of ₩3.1 trillion · operating profit of ₩120.0 billion — a citation of company-disclosed facts; H1 new orders totaled only ₩985.4 billion (21.9% of target), but improved to a cumulative ₩1,647.4 billion (36.6% of target, as of 2026-08-12) with additional orders from July onward (1conomynews).
5-Year Financial Trend
| Period | Revenue (₩100M) | Operating Profit (₩100M) | Net Income (₩100M) | Debt-to-Equity Ratio |
|---|---|---|---|---|
| 2021 | 47,495 | 2,415 | 1,370 | 320.0% |
| 2022 | 26,021 | 1,667 | 1,421 | 403.1% |
| 2023 | 26,635 | 128 | -1.2 | 364.3% |
| 2024 | 29,120 | -567 | 225 | 356.4% |
| 2025 | 26,844 | 37 | -2,004 | 332.3% |
| H1 2026 (cumulative) | 13,817 | 742 | 431 | 321.9% |
The debt-to-equity ratio has gradually improved from a peak of 403.1% in 2022 to 321.9% in H1 2026, but continues to exceed the general risk threshold for the construction industry (200%). Total assets have risen continuously since bottoming at ₩2.57 trillion in 2023, reaching ₩3.05 trillion in H1 2026 — the highest level in five years.
Valuation
EV/EBITDA cannot be calculated because detailed depreciation & amortization (D&A) line items are unavailable. The dividend yield is shown as 4.09% per FnGuide (secondary source), but as its reference date differs from this report's reference date (2026-08-20) it is for reference only, and the primary-source dividend disclosure has not been obtained.
Peer Comparison
| Item | Detail |
|---|---|
| 2026 Construction Capability Evaluation (Civil/Building) | 23rd (down 5 spots from 18th the previous year) |
| Major Builder Ranking Reshuffle | GS E&C rose to 3rd (returning to the top 3 for the first time in 5 years), Hyundai Engineering rose to 4th, while Daewoo E&C and DL E&C — previously 3rd and 4th — fell to 5th and 6th |
| Mid-Tier Construction Positioning | Kolon Global is positioned within the mid-tier construction group alongside Hanshin E&C, Keyeong Construction, and Kumho E&C, rather than competing directly with major builders |
| Completion Guarantee Risk Comparison | Kolon Global, Lotte E&C, and Kumho E&C were named as builders with excessive completion-guarantee commitments relative to equity (Edaily) |
Governance · Capital Structure
| Date | Event |
|---|---|
| 2026-02-26 ~ 04-07 | Kolon Corporation's holdings increased from 20,936,509 to 20,937,272 shares (+763 shares); ownership ratio maintained at 82.35% |
| 2026-04-29 | Special relationship dissolved for Choi Hyun (related party) following liquidation of an affiliate; holdings reduced from 1,336 to 0 shares |
| 2026-07-07 | Lee Jae-hyuk (affiliate executive) excluded from largest shareholder's related parties following retirement |
The combined ownership ratio of the largest shareholder Kolon Corporation and related parties is in the low-to-mid 80% range — very high — and with a low free float, trading liquidity may be limited. The full subsidiary ownership tree, including grandchild companies, and the complete list of board members are unavailable due to access constraints on the original DART filings.
Supply & Demand
Investor-type fund flows (1-week, 1-month, and 3-month cumulative), daily supply-demand trends, and other detailed supply-demand indicators (foreign ownership limit utilization, margin balances, etc.) are unavailable due to access constraints on primary exchange data.
Macro Impact
| Factor | Reference-Date Value | Transmission Channel (Factual) |
|---|---|---|
| Bank of Korea Base Rate | 2.75% (raised 2026-07-16) | Factor raising PF and housing funding rates |
| KRW/USD Exchange Rate | ₩1,412.46 (2026-08-18) | Direct sensitivity limited given the high share of domestic construction revenue |
| Domestic Construction Orders (Statistics Korea) | ₩19.7 trillion in April 2026 (+35.9% YoY) | Expansion of public and industrial plant orders |
| Rebar Producer Price Index | 160.0 (May 2026, +6.1% YoY) | Upward pressure on construction cost ratio |
The Construction segment's cost ratio in Q2 2026 was 87.7%, an improvement of 1.9 percentage points YoY, observed to have offset rebar price increases through higher contract prices and construction-method efficiencies (media reports, around 2026-08-14).
Key Risk Factors
- Financial Structure Consolidated debt-to-equity ratio of 321.9% (H1 2026) exceeds the construction industry's general risk threshold (200%); net debt rose +13.2% from end-2025 to ₩733.9 billion (1conomynews, 2026-08-12)
- Credit Rating Covenant A clause exists triggering early loan repayment obligations at certain project sites if the short-term credit rating falls below A3- (EBN)
- Legal Disputes Lost the first-instance lawsuit seeking cancellation of an LH demerit-point penalty related to omitted rebar (uninstalled shear reinforcement) (ruling 2025-10-16, Global Economic)
- Redevelopment Contracts Cases of redevelopment contract terminations stemming from construction-cost disputes have been reported industry-wide (2026-07-23, Newsway and others)
- Renewable Energy The wind power business's annual dividend target was revised down from ₩50.0 billion by 2030 to ₩25.0 billion by 2033 (2026-08-14, Newsway)
- Order Progress Cumulative achievement of 36.6% (₩1,647.4 billion) against the 2026 new-order target (₩4.5 trillion) as of 2026-08-12, following additional orders from July onward