PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Aluko is accelerating its North American aluminum extrusion value chain expansion, even as quarterly net profit continues to swing between gains and losses.
As the only domestically vertically integrated aluminum extrusion company spanning billet casting through construction, the firm is expanding US production capacity via a large Tennessee complex.
Aluko signed a long-term solar module frame supply agreement with Hanwha Qcells USA running through 2033, with shipments from the Halls, Tennessee plant scheduled to begin in May 2026.
First-quarter 2026 operating profit recovered to KRW 9.7 billion, but net profit attributable to owners reverted to a loss of about KRW 0.9 billion in the second quarter despite positive operating income.
The debt ratio has gradually declined from 163.0% in 2022 to 125.5% in 2025, indicating a modest improvement in balance sheet structure.
The company currently pays no cash dividend, limiting its dividend appeal.
Aluko is the only domestic company to have vertically integrated the entire aluminum extrusion value chain, spanning billet casting, extrusion, surface coating, processing, and construction.
Its core products are architectural aluminum materials such as windows and curtain walls, while solar panel frames and EV battery cases are being cultivated as new strategic businesses.
Its subsidiary Hyundai Aluminum began in 1978 as Hyundai Engineering & Construction's building materials division and was incorporated into Aluko in 2005, growing into Korea's only aluminum curtain wall specialist offering one-stop solutions from casting to construction.
Hyundai Aluminum has completed major domestic projects including the Amorepacific Yongsan headquarters and Centerfield in Yeoksam, as well as overseas work such as the curtain wall for Terminal 3 of Taiwan Taoyuan International Airport.
The group also includes KPTU, which holds extrusion die technology, and Alutech, an extrusion and casting company, with the company stating that these acquisitions built a complete aluminum business value chain.
In the United States, the group is building a North American supply chain through three entities—Green Recycle Technology America (GRT), Alu Materials America (AMA), and Hyundai Aluminum America (HDAA)—covering everything from billet casting to extrusion, processing, assembly, and construction.
Its customer base is diversified across Korea's three major battery makers and global automakers for EV battery cases, Hanwha Qcells USA for solar module frames, and domestic and overseas construction firms for curtain walls and windows.
Competitively, the aluminum extrusion industry involves numerous rival firms, and profitability tends to be constrained by intensifying market competition and raw material price volatility.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩165.3B | ₩11.5B | 7.0% |
| 2025Q3 | ₩123.4B | ₩2.5B | 2.0% |
| 2025Q4 | ₩118B | ₩4.8B | 4.0% |
| 2026Q1 | ₩142.1B | ₩9.7B | 6.8% |
| 2026Q2 | ₩142.4B | ₩5.9B | 4.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩645.4B | ₩34.6B | ₩13.9B | 5.4% | 5.9% | 163.0% |
| 2023 | ₩591.2B | ₩37.6B | ₩18.5B | 6.4% | 6.7% | 140.0% |
| 2024 | ₩622.9B | ₩38.1B | ₩17.7B | 6.1% | 5.7% | 143.5% |
| 2025 | ₩575.7B | ₩34.9B | ₩15.5B | 6.1% | 4.8% | 125.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Aluko's consolidated revenue declined from KRW 645.4 billion in 2022 to KRW 591.2 billion in 2023, KRW 622.9 billion in 2024, and KRW 575.7 billion in 2025.
Operating profit improved from KRW 34.6 billion (5.4% margin) in 2022 to KRW 37.6 billion (6.4%) in 2023 and KRW 38.1 billion (6.1%) in 2024, before slipping slightly to KRW 34.9 billion (6.1%) in 2025.
Net profit attributable to owners fluctuated at KRW 13.9 billion in 2022, KRW 18.5 billion in 2023, KRW 17.7 billion in 2024, and KRW 15.5 billion in 2025. The quarterly pattern shows pronounced volatility.
In the second quarter of 2025, despite solid revenue of KRW 165.3 billion and operating profit of KRW 11.5 billion, the company posted a net loss attributable to owners of about KRW 1.7 billion.
Both revenue and operating profit then contracted in the third quarter (KRW 123.4 billion revenue, KRW 2.5 billion operating profit) and fourth quarter of 2025 (KRW 118.0 billion revenue, KRW 4.8 billion operating profit).
The first quarter of 2026 showed clear improvement, with revenue of KRW 142.1 billion, operating profit of KRW 9.7 billion, and net profit attributable to owners of KRW 13.0 billion.
However, in the second quarter of 2026, despite revenue of KRW 142.4 billion and operating profit of KRW 5.9 billion, net profit attributable to owners reverted to a loss of about KRW 0.9 billion.
Summed over the most recent four quarters (Q3 2025 through Q2 2026), net profit attributable to owners totaled roughly KRW 18.1 billion; while operating profit remained positive every quarter, net profit has repeatedly swung between gains and losses due to non-operating factors.
The global aluminum extruded products market is projected to grow from roughly USD 54.75 billion in 2023 to over USD 178.14 billion by 2036, with a compound annual growth rate exceeding 9.5%.
The US aluminum extrusion market specifically stood at about 2.2 million tons in 2024 and is expected to grow at a compound annual rate of 7.5% through 2033.
In the solar segment, rising US data center power demand is emerging as a new source of demand; Bain & Company projected that US data center capacity would expand from 31GW in 2024 to 80GW by 2030.
Analysts also note that grid connection delays are increasing demand for onsite power generation, which favors solar installations given their shorter build times.
Korea's aluminum extrusion industry is shifting toward higher value-added applications as demand expands in transportation machinery and electronics, but profitability is assessed as limited due to intensifying market competition and raw material price volatility.
In North American sales of solar module frames and ladders, unit cost competitiveness and shifting geopolitical conditions including tariff issues are cited as drivers of rising market share.
Aluko is classified as the only domestic company to have vertically integrated the value chain from aluminum billet casting through extrusion, secondary processing, and construction, a feature noted as differentiating it from competitors.
Aluko Group is building an approximately 100,000-pyeong integrated production complex in the Halls area near Jackson, Tennessee, its second US production base following an existing EV battery parts plant in Jackson.
The complex is planned to operate as an AI-driven unmanned smart factory automating the entire process from material handling and melting to casting, extrusion, processing, and assembly, hosting three group entities: Green Recycle Technology America (GRT), Alu Materials America (AMA), and Hyundai Aluminum America (HDAA).
The company has set a target of securing annual extrusion capacity of 156,000 tons in the US by early 2029. In an April 2026 report, Hana Securities noted that given existing capacity of about 96,000 tons, this complex represents a large-scale investment that nearly doubles production capacity.
The company stated that trial production readiness was completed in March, with full-scale shipments of solar module frames to Hanwha Qcells USA set to begin from May.
That supply agreement runs as a long-term contract through 2033, with this year's solar frame sales volume expected at around 13,000 tons and plans to expand capacity to 30,000–39,000 tons to meet US solar demand.
Hana Securities assessed that 100% scrap-based billet production combined with AI system adoption could enable cost savings of roughly USD 70 per ton versus competitors.
Based on this integrated North American production base, the company has set a goal of expanding its North American market share over the next five years across automotive parts, EV battery cases, solar modules, and curtain wall and building materials.
Aluko's stock trades below its book value per share, indicating the market is applying a discount relative to net asset value. The earnings-based price multiple sits close to the lower end of the trading range formed over recent years.
On dividends, the company currently pays no separate cash dividend, leaving its dividend appeal below the industry average. On the balance sheet, the debt ratio has declined from 163.0% in 2022 to 125.5% in 2025, pointing to gradual improvement in financial structure.
However, given that quarterly net profit swings between gains and losses, interpreting the price multiple requires accounting for the possibility that a given quarter's one-off items are influencing the figure.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
Aluko Group is building a vertically integrated US production system spanning billet casting, extrusion, processing, assembly, and construction. Hana Securities assessed that 100% scrap-based billet production combined with AI system adoption could enable cost savings of roughly USD 70 per ton versus competitors. This cost structure could act as a relative competitive advantage in a US market exposed to tariff issues.
Aluko signed a long-term solar module frame supply agreement with Hanwha Qcells USA running through 2033, with shipments from the Halls, Tennessee plant scheduled to begin in May 2026.
Bain & Company projected US data center capacity would grow from 31GW in 2024 to 80GW by 2030, with grid connection delays cited as increasing demand for onsite power generation, which favors solar installation.
First-quarter 2026 revenue reached KRW 142.1 billion and operating profit KRW 9.7 billion, both improved from prior quarters, while net profit attributable to owners turned positive at KRW 13.0 billion.
Since operating profit has remained positive across recent quarters, continued revenue recovery could be accompanied by more stable earnings.
In both the second quarter of 2025 and the second quarter of 2026, despite positive operating profit, net profit attributable to owners posted losses of about KRW 1.7 billion and KRW 0.9 billion, respectively.
This recurring pattern of quarterly net profit swinging widely due to non-operating factors lowers earnings predictability.
Consolidated revenue declined from KRW 645.4 billion in 2022 to KRW 575.7 billion in 2025. The aluminum extrusion industry is assessed as facing limited profitability due to intensifying market competition and raw material price volatility.
The Tennessee complex is a large-scale investment covering roughly 100,000 pyeong, targeting 156,000 tons of capacity by early 2029. If utilization ramp-up and yield stabilization at the new plant do not proceed as planned, early fixed-cost burdens could weigh on margins.
The aluminum extrusion industry's earnings are sensitive to aluminum raw material prices and currency fluctuations. Raw material price volatility is cited as a factor limiting profitability. Given the high share of overseas revenue, exchange rate volatility can also affect earnings.
North American sales of solar module frames and ladders are reported to be managed through coordination with customers on tariff issues. Changes in US trade policy could affect cost structure or market access.
With large-scale overseas investments such as the Tennessee complex underway, the debt ratio remains elevated at 125.5% as of 2025.
The company has a history of issuing privately placed convertible bonds and bonds with warrants, so funding and repayment burdens from new investment, along with potential equity dilution from mezzanine issuance, warrant continued attention.
The scheduled release of third-quarter 2026 results, when it will be important to check whether revenue recovery continues and whether the pattern of alternating net profit and loss persists.
A period to monitor rising utilization at the Halls, Tennessee complex and the expansion of solar module frame shipment volumes to Hanwha Qcells.
A point to check interim progress toward the goal of securing 156,000 tons of annual US extrusion capacity by early 2029.
A window to continuously monitor any changes in US aluminum-related tariff and trade policy and their impact on the company's cost structure and North American revenue.
Aluko is Korea's only aluminum extrusion company with a vertically integrated value chain spanning billet casting through extrusion, processing, and construction; while revenue has declined modestly in recent years, operating margins have remained relatively stable, ranging between the mid-5% and mid-6% level.
First-quarter 2026 showed signs of recovery with improvement across revenue, operating profit, and net profit, but quarterly volatility persisted as net profit reverted to a loss in the second quarter despite positive operating income.
The company is building a large integrated production complex in Tennessee, targeting 156,000 tons of annual extrusion capacity by early 2029, and is accelerating its North American expansion on the back of a long-term solar frame supply agreement with Hanwha Qcells USA.
These investments align with industry trends of rising US data center power demand and growing solar installations, though the initial utilization and profitability of the large-scale investment remain to be confirmed.
On the balance sheet, the debt ratio has trended gradually lower, while the company currently pays no cash dividend.
Investors will want to continue monitoring upcoming quarterly results, the ramp-up status of the US production base, and trade policy developments to assess whether the company's growth strategy translates into sustained profitability improvement.
Report written 2026-09-05 · Data as of 2026-09-04
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