Fact Summary
According to Kolon Global's 2026 semiannual report (cumulative, receipt no. 20260814003744), consolidated revenue was KRW 1,381.7 billion, operating profit KRW 74.2 billion, and net income KRW 43.1 billion. This marks a turnaround to profitability from a net loss of KRW 200.4 billion in fiscal year 2025 (annual, receipt no. 20260323001556). According to a debt guarantee for third parties disclosure filed on 2026-08-06 (receipt no. 20260806800609), total PF-related credit enhancement was reported at KRW 1,018.2 billion (Data Yeonhap, 2026-08-10). As of 2026-08-20, the closing price was KRW 9,970 (+1.94% vs. the previous day), and market capitalization was approximately KRW 253.48 billion based on 25,423,959 shares outstanding (as of 2026-06-30).
Context Note on Change
The improvement in H1 2026 results was reported to reflect stabilization of the cost ratio in the construction segment and merger synergies in the leisure/AM segment (Q2 revenue up 304.2% year-over-year) (Korea Economic Daily and others, 2026-08-12, 08-14). Despite the earnings improvement, the consolidated debt-to-equity ratio remained at 321.9% (H1 2026, derived calculation from official data), continuing to exceed the 200% risk threshold commonly cited in the construction industry. A covenant clause exists that triggers early repayment obligations on loans for certain project sites if the short-term credit rating falls below A3- (EBN report).
Business Overview
The revenue mix figures are reference values from an aggregator site (JobKorea Company Analysis) with an unclear reference date — the exact segment mix has not been confirmed against the original semiannual report.
Kolon Global comprises the construction segment, trading segment, automobile sales (distribution) segment, IT segment, rest-area operation segment, purchasing agency segment, and other segments. The distribution segment newly launched the BPS (BMW Premium Selection, imported used-car sales) business at the end of 2025 (JobKorea In-depth Company Analysis). Through a spin-off effective 2023-01-01, the imported automobile sales and maintenance business was separated into a separate legal entity, Kolon Mobility Group.
5-Year Financial Trend
| Period | Revenue | Operating Profit | Net Income | Debt-to-Equity Ratio |
|---|---|---|---|---|
| H1 2026 (cumulative) | KRW 1,381.7 billion | KRW 74.2 billion | KRW 43.1 billion | 321.9% |
| FY2025 (annual) | KRW 2,684.4 billion | KRW 3.7 billion | -KRW 200.4 billion | 332.3% |
| FY2024 (annual) | KRW 2,912.0 billion | -KRW 56.7 billion | KRW 22.5 billion | 356.4% |
| FY2023 (annual) | KRW 2,663.5 billion | KRW 12.8 billion | -KRW 117 million | 364.3% |
| FY2022 (annual) | KRW 2,602.1 billion | KRW 166.7 billion | KRW 142.1 billion | 403.1% |
| FY2021 (annual) | KRW 4,749.5 billion | KRW 241.5 billion | KRW 137.0 billion | 320.0% |
Source: original DART filings (receipt nos. 20260814003744, 20260323001556, 20250814003343, 20240326000552, 20230814002221, 20220321001348), consolidated basis (A). The debt-to-equity ratio is a derived calculation of total liabilities / total equity.
Valuation (Factual Multiples)
The PER of -0.95x is presumed to be a trailing figure covering a recent 12-month period that includes a net loss, but the exact calculation period has not been confirmed in the original source. The PBR shows consistency, with the derived calculation of 0.35x — based on system-confirmed total equity (KRW 722.9 billion, H1 2026) — closely matching the Alphasquare survey figure of 0.34x. Dividend yield and EV/EBITDA have not been obtained.
Peer Comparison — Construction Capacity Rating
Kolon Global's 2026 construction capacity rating stood at KRW 2,293.5 billion (23rd nationwide, 3rd in Gyeonggi Province), down in ranking from KRW 2,396.3 billion (19th nationwide) in 2024 (Sankun tally). Over the same period, both Kyeryong Construction Industrial (KRW 3,106.4 billion, 14th nationwide) and Seohee Construction (KRW 2,804.2 billion, 16th nationwide) had higher ratings than Kolon Global. It should be noted, however, that only about 40% of Kolon Global's consolidated revenue comes from the construction segment, with a significant share from trading and distribution (see Business Overview), making its business structure different from the two pure-play construction companies.
As of Q1 2026, Kolon Global's operating profit rose +129.35% year-over-year, while Seohee Construction's revenue fell -33.2% and its operating margin contracted sharply from 17.7% to 5.5% (consolidated; debt-to-equity ratio of 51.4%, markedly lower than Kolon Global's). Kyeryong Construction Industrial showed an improving trend with revenue +0.3% and operating profit +31.1% (jasoseol.com summary).
Governance and Capital Structure
Kolon, Lee Woong-yeol, and Oun Cultural Foundation figures are from WiseReport Corporate Monitor (dated 2025-12-11, secondary source) · The total for the largest shareholder and related parties is inconsistent across 2026 news citations, ranging from 81.64% (2026-07-07) to 82.36% (WiseReport, FnGuide), and has not been cross-checked against the original DART filing.
| Date | Ownership/Board-Related Event |
|---|---|
| 2026-02-26 to 04-07 | Kolon Corporation's shareholding increased from 20,936,509 to 20,937,272 shares (+763 shares), maintaining an 82.35% stake (secondary source, receipt no. not obtained) |
| 2026-03-31 | Annual general meeting: Lee Su-jin (Head of Management Strategy Division) newly joined as an inside director; the number of separately elected audit committee members expanded from 1 to 2 (secondary source) |
| 2026-04-29 | Choi Hyun (related party) ended his special relationship status following the liquidation of an affiliate, with shareholding reduced from 1,336 to 0 shares (secondary source, receipt no. not obtained) |
| 2026-07-07 | Following the retirement of Lee Jae-hyuk (an affiliate executive), he was excluded from related-party status; the total for the largest shareholder and related parties decreased from 21,360,057 to 21,359,806 shares (secondary source, receipt no. not obtained) |
The CEO is Kim Young-bum (DART Corporate Overview, confirmed primary source). The full ownership tree of affiliates and sub-subsidiaries, along with exact DART receipt numbers, has not been obtained.
Supply and Demand Trends
Secondary source The supply-and-demand figures above are Alphasquare estimates, not confirmed primary figures from the KRX Information Data System (cross-checking against primary data failed due to the pykrx environment not being installed). The foreign ownership ratio was 1.04–1.11% (2026-08-19 to 08-20; two independent sources, WiseReport and Alphasquare, closely align, cross-validating the figure). Over the most recent one-month cumulative period, foreign investors were net buyers, but in the two trading days immediately preceding the survey (08-19 to 08-20), foreign investors turned to slight net selling.
Macro Environment
| Factor | Current Value (as of) | Impact on Kolon Global (Direction) |
|---|---|---|
| Bank of Korea Base Rate | 2.75% (raised 2026-07-16) | Negative Higher PF and working-capital funding costs, pressure on pre-sale margins |
| Rebar Price | High-tension D10, KRW 860,000–870,000 per ton (2026-07) | Negative Upward pressure on construction cost ratio |
| Nationwide Unsold Housing Units | 67,464 units (end of June 2026, +3.4% MoM) | Negative Concerns over delayed collection of pre-sale revenue |
| Real Estate PF Market | Balance of project sites undergoing auction/forced-sale proceedings: KRW 10.6 trillion (end of September 2025) | Negative Growing burden of unpaid construction receivables and new financing |
| Construction Orders / Work Completed (Nationwide) | June orders KRW 18.7 trillion (-21.7% YoY) · Work completed KRW 14.1 trillion (+1.6% YoY) | Mixed Recovery in work-completed volume is positive for current-period revenue, while the contraction in new orders weighs on the medium- to long-term revenue base |
| KRW/USD Exchange Rate | 1,413.0 (closing, 2026-08-18) | Mixed A phase of rising volatility rather than clear directionality, partially affecting procurement costs in the distribution and trading segments |
Risk Factors
- PF Contingent Liabilities: As of the disclosure filed on 2026-08-06 (receipt no. 20260806800609), total PF-related credit enhancement was reported at KRW 1,018.2 billion, with total outstanding debt guarantees of KRW 2,232.9 billion (3.26x equity as of end-2025) (Data Yeonhap, newsfield.net).
- Financial Structure: The consolidated debt-to-equity ratio stands at 321.9% (H1 2026) and the standalone-basis ratio at 312.32% (per a related report dated 2026-05-07), continuing to exceed the 200% risk threshold. A clause exists that triggers early loan repayment obligations for certain project sites (including the Eomgung District 1 project) if the short-term credit rating falls below A3- (EBN).
- Earnings Volatility: In 2024, the company posted a net profit (KRW 22.5 billion) despite an operating loss (-KRW 56.7 billion), and in 2025 it posted a net loss (-KRW 200.4 billion) despite an operating profit (KRW 3.7 billion), reflecting a large divergence between operating and net results. The detailed causes have not been obtained.
- Business Structure: Although diversified across construction (approx. 40%), trading (approx. 30%), and distribution (approx. 30%), exposure to the domestic real estate cycle and policy remains significant. Business realignment has been underway since the 2023 spin-off.
- Ownership Structure Uncertainty: The ownership ratio of the largest shareholder and related parties is inconsistent across news citations, ranging from 81.64% to 82.36%, and has not been cross-checked against the original DART filing.
- Completion Guarantee Obligations: The company has provided completion guarantee commitments on numerous PF project sites, and there is an assessment that the scale of these commitments is excessive relative to its equity (Edaily).
News Timeline
| Date | Content |
|---|---|
| 2026-04-03 | 2025 debt-to-equity ratio at 312.32% (standalone); operating cash flow improved from -KRW 121.6 billion in the prior year to +KRW 72.4 billion in 2025 (EBN) |
| 2026-05-07 | Reports continue to note the debt-to-equity ratio persistently above 300%; analysis suggests structural improvement is underway via a wind-power-related asset revaluation ('big bath') (CEO Score Daily) |
| 2026-05-22 | Signed contract for the urban environment improvement project in the Sangbong 7 Redevelopment Promotion District, Jungnang-gu, Seoul, with a contract value of KRW 425.8 billion (Bloter) |
| 2026-08-06 to 08-07 | Debt guarantee for third parties disclosure filed (receipt no. 20260806800609); total outstanding debt guarantees reported at KRW 2,232.9 billion (Data Yeonhap, newsfield.net) |
| 2026-08-12 | Share price surged 15.78% intraday immediately following the Q2 earnings report (Etoday) |
| 2026-08-12 to 08-14 | Q2 consolidated operating profit reported at KRW 52.2 billion (+173.6% YoY), revenue of KRW 750.495 billion, and a turnaround to net income of KRW 32.3 billion (Korea Economic Daily, Opinion News, CBC News, Aju Economy) |
| 2026-08-18 | GS Engineering & Construction, Hyundai Engineering & Construction, and Kolon Global consortium's Sangok-6 District redevelopment in Bupyeong-gu, Incheon — 'Sangok Station Xi Heillstate & Haneulchae' — scheduled for pre-sale in August (Herald Business and others) |
| 2026-08-20 | Closing price KRW 9,970 (+1.94% vs. previous day); 52-week range KRW 7,900–13,570 (Alphasquare) |
Thematic Exposure
Key Facts
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