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
While the PHC pile-centered concrete business continues to struggle amid a prolonged construction downturn, large orders in the offshore wind substructure and steel bridge segment have driven the earnings rebound in 2025-2026.
2025 consolidated revenue reached KRW 223.1 billion with operating profit of KRW 5.0 billion, turning positive from the prior year's operating loss.
Q2 2026 revenue hit KRW 79.6 billion, the highest in the past five quarters, as revenue recognition from offshore wind contracts accelerated.
The company has signed a series of large offshore wind substructure contracts with counterparties including JFE Engineering of Japan and Doosan Enerbility.
Domestic PHC pile demand remains weak amid the construction downturn, keeping profitability in the concrete division low.
The debt ratio rose from 31.9% in 2023 to 64.4% in 2025, indicating increasing financial leverage.
Samil C&S is a construction base-material manufacturer organized into a Concrete Division, a Wind Power & Steel Division, and an Aggregate Division. The Concrete Division produces and sells PHC piles and precast concrete (PC) products used as building foundation materials, and has long been the company's core business.
The Wind Power & Steel Division handles the fabrication and installation of offshore wind turbine substructures, including jackets and transition pieces, as well as steel bridges, and has recently emerged as a new growth axis.
The Aggregate Division produces aggregates as a base construction material, complementing the raw material supply chain.
Its plants are located in Asan (South Chungcheong), Iksan (North Jeolla), and Haman (South Gyeongsang) for concrete piles, and in Chungju, Buyeo, and Gunsan for concrete, wind, and steel products, giving the company a nationwide supply network.
Major customers include Hanwha, SK Ecoplant, POSCO E&C, and Samhae E&C, while the offshore wind business also involves counterparties such as Doosan Enerbility and JFE Engineering of Japan.
The domestic concrete pile market carries high entry barriers due to its capital-intensive nature, and the top seven producers hold more than 60% of market share, within which Samil C&S maintains leading-group production capacity.
The company was spun off from the Daelim Group in 2020 and rebranded as Samil C&S under its current ownership structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩58B | ₩2.3B | 4.0% |
| 2025Q3 | ₩48.4B | ₩500M | 1.1% |
| 2025Q4 | ₩59.3B | ₩3.4B | 5.8% |
| 2026Q1 | ₩40B | ₩1.3B | 3.3% |
| 2026Q2 | ₩79.6B | ₩2.5B | 3.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩241.2B | -₩7B | -₩5.9B | −2.9% | −2.2% | 51.9% |
| 2023 | ₩216.4B | ₩5.2B | ₩2B | 2.4% | 0.8% | 31.9% |
| 2024 | ₩221.3B | -₩1.7B | -₩2B | −0.8% | −0.8% | 47.6% |
| 2025 | ₩223.1B | ₩5B | ₩1.5B | 2.2% | 0.6% | 64.4% |
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
Annual results have swung sharply between profit and loss. In 2022, revenue was KRW 241.2 billion with an operating loss of KRW 7.0 billion and a net loss of KRW 5.9 billion.
In 2023, revenue declined to KRW 216.4 billion but the company turned profitable with operating profit of KRW 5.2 billion and owners' net income of KRW 2.0 billion.
In 2024, revenue rose to KRW 221.3 billion, yet the company slipped back into a loss with an operating loss of KRW 1.7 billion and a net loss of KRW 2.0 billion. In 2025, revenue reached KRW 223.1 billion with operating profit of KRW 5.0 billion and owners' net income of KRW 1.5 billion, an operating margin of 2.2%.
On a quarterly basis, Q3 2025 was weak with revenue of KRW 48.4 billion, operating profit of KRW 0.5 billion, and a net loss of KRW 0.2 billion, before Q4 2025 improved sharply to revenue of KRW 59.3 billion, operating profit of KRW 3.4 billion, and net income of KRW 1.9 billion.
Q1 2026 revenue slowed to KRW 40.0 billion with operating profit of KRW 1.3 billion, but Q2 2026 revenue jumped to KRW 79.6 billion, the highest of the past five quarters, with operating profit of KRW 2.5 billion and net income of KRW 1.8 billion.
Owners' net income over the trailing four quarters (Q3 2025 through Q2 2026) totaled KRW 4.0 billion.
This pattern shows the Wind Power & Steel Division's large contract revenue offsetting weakness in the concrete business, with quarterly operating margins fluctuating in a 1%-6% range, reflecting project timing volatility more than structural stability.
The domestic construction market remains stuck in a prolonged downturn. The company's business report noted that the November 2025 construction performance index rose from the prior month but still hovered around the 70-point level, indicating continued sluggishness.
The PHC pile industry is capital-intensive with high entry barriers, and the top seven producers hold more than 60% of an oligopolistic market.
Across the broader building materials sector, demand for rebar, cement, and ready-mixed concrete has contracted in tandem, weakening pile demand, and some trade media reported that pile transaction discount rates widened to around 50%.
However, the Korea Research Institute for Construction Policy and others have pointed to an increase in the 2026 SOC budget versus the prior year and expanded public land supply as grounds for a possible mild rebound driven by public-sector orders.
Meanwhile, the offshore wind market is expected to benefit from streamlined site selection and permitting procedures following passage of the government's Offshore Wind Special Act, a factor cited as improving the order environment for substructure fabricators.
Samil C&S is one of a limited number of domestic substructure fabricators and participates in multiple domestic offshore wind projects, positioning it within this growth segment.
In its 2026 business report, the company assessed that the domestic and global economic outlook remained unfavorable amid U.S. tariff policy, domestic political uncertainty, and high exchange rates and oil prices, and stated it would focus on securing price competitiveness and cutting costs.
The Concrete Division cited revenue opportunities from LH public rental housing sites in the third-phase new towns around Seoul (Goyang Changnyeong, Namyangju Wangsuk), along with construction and pre-sale volumes in Incheon Songdo, Gimpo Pungmu, and Busan Eco Delta, as well as large-scale industrial investment near Saemangeum.
The Wind Power & Steel Division signed a transition piece supply contract with JFE Engineering of Japan in December 2025 for an offshore wind project off Akita Prefecture, worth approximately KRW 77.0 billion, running from December 2025 to February 2027.
In March 2026 it signed an offshore jacket contract with Doosan Enerbility for the Yawol offshore wind project worth approximately KRW 58.6 billion, equivalent to 26.5% of revenue, running from March 2026 to September 2027, and in May a related steel pipe procurement contract with KBI Dongyang Steel Pipe worth approximately KRW 21.2 billion, running from May 2026 to September 2027, was disclosed.
These contracts are set to be recognized as revenue sequentially through 2026-2027, which could add to quarterly earnings volatility.
The PC product segment is expanding in scope amid the spread of smart construction and modular building methods, and the company is addressing this market through automated Hybrid Concrete System (HCS) equipment and international quality certifications such as CPR-EN1090 and ISO 3834.
The share price appears to trade at a substantial discount to net asset value, a characteristic that also aligns with broader valuation patterns across the building materials sector.
The price-earnings ratio sits in a range where interpretation can vary significantly depending on the specific period's earnings level, given that recent results have alternated between losses and profits. The company has not paid a cash dividend recently, making dividend-related metrics of limited use as a reference.
Total equity has remained relatively stable in the KRW 267-271 billion range over the past four years, indicating that the capital base held up comparatively steadily despite earnings volatility.
That said, the debt ratio's rise over three consecutive years is a factor worth weighing alongside the price level relative to net assets.
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
Contracts with counterparties such as JFE Engineering of Japan, Doosan Enerbility, and KBI Dongyang Steel Pipe have secured a large project pipeline set to flow into revenue in 2026-2027. Streamlined permitting under the Offshore Wind Special Act could improve the environment for follow-on orders.
The Wind Power & Steel Division is emerging as a new growth pillar that offsets weakness in the core concrete business.
The company swung from an operating loss in 2024 to operating profit of KRW 5.0 billion in 2025, and Q2 2026 revenue marked the highest level in the past five quarters. As offshore wind contract revenue recognition accelerates, the improving earnings trend could continue into the latter half of the year.
Despite fluctuating profits, total equity has stayed relatively stable in the KRW 267-271 billion range over four years, suggesting a financial structure that has continued operating without severe capital erosion.
Reports indicate weak pile demand and widening transaction discount rates amid the prolonged domestic construction downturn. If profitability erosion in the concrete division persists, growth in the wind power and steel division alone may not be enough to offset it.
The company posted a net loss in Q3 2025, and quarterly operating margins swung widely between 1% and 6%. Because quarterly results are driven by the timing of large project revenue recognition, predictability is low.
The debt ratio rose from 31.9% in 2023 to 64.4% in 2025, indicating expanding financial leverage. The company has also not paid a recent cash dividend, leaving limited reference points on shareholder returns.
Revenue is entirely dependent on construction cycle swings, particularly apartment pre-sales and large-scale plant investment. If the construction recovery is delayed or the divergence between regional and metropolitan markets deepens, revenue and profitability in the concrete division could deteriorate further.
Fluctuations in the prices of raw materials such as steel wire, rebar, and cement directly affect costs. Some recently disclosed offshore wind contracts include no down payment or advance payment terms, which could strain cash flow management during project execution.
The offshore wind business depends heavily on government policy regarding permitting and site selection, and any policy shift could affect the order pipeline. Overseas contracts, such as those in Japan, are exposed to exchange rate fluctuations and local permitting and regulatory risks.
The Q3 2026 earnings release will show whether offshore wind contract revenue recognition continues and whether profitability in the concrete division improves.
Progress and revenue recognition pace on the Akita offshore wind Transition Piece contract with JFE Engineering of Japan should be monitored.
Progress on the Doosan Enerbility offshore jacket contract for the Yawol offshore wind project and the related steel pipe contract with KBI Dongyang Steel Pipe should be checked.
Monthly construction investment and order indicators can signal whether demand recovery is materializing for the concrete division.
New offshore wind project awards could affect the follow-on order pipeline for the wind power and steel division.
Samil C&S is built on two pillars: a construction-cycle-sensitive concrete division centered on PHC piles, and a wind power and steel division handling offshore wind substructures and steel bridges.
Annual results swung between losses and profits from 2022 to 2025, with 2025 turning positive at KRW 223.1 billion in revenue and KRW 5.0 billion in operating profit.
In 2026, revenue recognition from large offshore wind contracts signed with counterparties such as JFE Engineering of Japan and Doosan Enerbility accelerated, pushing Q2 revenue up to KRW 79.6 billion, while the concrete division reportedly remains weak amid the prolonged construction downturn.
The debt ratio has risen for three consecutive years, and quarterly profits show significant variance depending on project delivery timing, limiting earnings predictability.
The share price appears to trade at a discount to net asset value, but given the high earnings volatility, valuation interpretation warrants caution.
Key items to watch going forward include the pace of offshore wind contract revenue recognition, whether the construction cycle recovers, and the trajectory of the debt ratio.
Report written 2026-09-05 · Data as of 2026-09-04
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