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
KC Green Holdings is a pure holding company overseeing environmental-equipment, resource-recycling and solar subsidiaries, currently navigating a delisting review triggered by repeated audit-opinion disclaimers alongside a creditor-led financial restructuring.
Key subsidiary KC Cottrell secured an unqualified opinion after a re-audit following its 2024 disclaimer, but in June 2026 was again granted an improvement period (until April 16, 2027) for a listing-eligibility substantive review.
KC Green Holdings itself received consecutive audit-opinion disclaimers for FY2024 and the 1H2025 review, and on April 9, 2026 the exchange notified it of a delisting-cause occurrence, with an improvement period granted until April 14, 2026.
Full-year 2025 revenue fell sharply to KRW 86.0bn from KRW 421.1bn in 2024, a change interpreted as reflecting subsidiary portfolio restructuring (including KC Glass's court-supervised rehabilitation and sale) and shifts in the consolidation scope.
A KRW 41.2bn net loss attributable to owners in Q4 2025 accounted for most of the annual loss, but both Q1 2026 and Q2 2026 turned to modest net profits.
Subsidiary KC Glass, undergoing pre-approval M&A under court rehabilitation, selected Opus No.4 private equity fund as the final preferred acquirer in February 2026.
KC Green Holdings is a pure holding company formed in 2010 when KC Cottrell, originally founded in 1973, underwent a spin-off, and it operates environmental engineering, environmental services, resource recycling and energy businesses through numerous domestic and overseas affiliates.
Its key subsidiary, KC Cottrell, is an environmental equipment specialist supplying dust-collection and air-pollution-control facilities to the power, steel and cement industries, and KC Green Holdings has expanded its stake through debt-to-equity conversions and debt forgiveness on loans extended to the unit.
KC Environmental Service focuses on waste intermediate treatment and waste-heat sales as a resource-recycling business, while KC Glass has produced brown glass bottles and glass materials (Frits) supplied to the pharmaceutical, beverage and food industries.
The solar segment, through KC Solar Energy and related entities, generates and sells power.
As a holding company, it is tasked with identifying new businesses, coordinating among affiliates and evaluating management performance, with results driven more by affiliate equity value and dividend/interest income than by direct operations.
In recent years, however, financial-crisis responses at major subsidiaries—workout proceedings, court rehabilitation and audit-opinion issues—have had a more direct impact on group-wide earnings and financial structure.
KC Cottrell has been exposed to audit risk tied to cost-estimation uncertainty on large overseas orders, including a Taichung thermal power plant environmental-equipment upgrade project in Taiwan.
KC Glass has entered rehabilitation proceedings and is undergoing a sale process, a factor reshaping the group's asset structure.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩28.7B | ₩2.9B | 10.0% |
| 2025Q3 | ₩16B | ₩42,797,644 | 0.3% |
| 2025Q4 | ₩15.4B | -₩3B | −19.7% |
| 2026Q1 | ₩14.9B | -₩1.1B | −7.2% |
| 2026Q2 | ₩20.4B | ₩2.4B | 11.9% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩711.2B | ₩13.6B | -₩3B | 1.9% | −1.8% | 207.3% |
| 2023 | ₩698.5B | -₩29.9B | -₩22.5B | −4.3% | −15.7% | 326.0% |
| 2024 | ₩421.1B | -₩65.2B | ₩36.4B | −15.5% | 22.6% | 67.2% |
| 2025 | ₩86B | -₩1.6B | -₩40.4B | −1.8% | −38.7% | 51.0% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Annual revenue declined from KRW 711.2bn in 2022 and KRW 698.5bn in 2023 to KRW 421.1bn in 2024, then contracted sharply to KRW 86.0bn in 2025. Operating margin was a positive 1.9% in 2022 before deteriorating to -4.3% in 2023 and -15.5% in 2024, then narrowing to -1.8% in 2025.
Net income attributable to owners remained negative in 2022 (-KRW 3.0bn) and 2023 (-KRW 22.5bn), then turned positive at KRW 36.4bn in 2024, a swing understood to reflect one-off effects from debt forgiveness and debt-to-equity conversions during the financial restructuring process.
In 2025, however, the company swung back to a net loss attributable to owners of KRW 40.4bn.
On a quarterly basis, Q2 2025 showed a relatively solid quarter with revenue of KRW 28.7bn, operating profit of KRW 2.9bn and owner net income of KRW 6.5bn, but Q3 revenue fell sharply to KRW 16.0bn with operating profit shrinking to about KRW 0.04bn.
Q4 saw revenue of KRW 15.4bn and an operating loss of KRW 3.0bn, with the owner net loss widening to KRW 41.2bn, which drove much of the full-year deterioration.
Subsequently, Q1 2026 (revenue KRW 14.9bn, operating loss KRW 1.1bn, net income KRW 0.23bn) and Q2 2026 (revenue KRW 20.4bn, operating profit KRW 2.4bn, net income KRW 3.9bn) showed a return to modest profitability despite still-small revenue scale.
Operating cash flow remained negative every year—KRW -116.1bn in 2022, -KRW 89.7bn in 2023, -KRW 25.5bn in 2024 and -KRW 0.7bn in 2025—though the magnitude of the outflow steadily narrowed.
The environmental-equipment industry is heavily influenced by the capital-expenditure cycles of heavy industries such as power generation, steel and cement, as well as the stringency of environmental regulations across countries.
Domestic policies to reduce coal-fired power and replace aging facilities are important variables for related orders, while overseas order opportunities exist in Southeast Asia (Thailand, the Philippines, Vietnam, India) and Taiwan.
However, large overseas plant projects carry significant uncertainty in cost estimation and percentage-of-completion recognition, an issue that surfaced as an accounting-transparency concern in the KC Cottrell case.
The resource-recycling and waste-treatment segment is generally viewed as generating relatively stable cash flow and can serve as a stabilizing element within a holding-company portfolio.
The solar power business is influenced by domestic renewable-energy policy and power-purchase-agreement conditions, with solar-related stocks broadly sensitive to policy momentum.
The glass-materials business is tied to pharmaceutical and beverage packaging demand, but KC Glass is currently undergoing rehabilitation and sale, marking a shift in its role within the group's business composition.
In terms of competitive positioning, KC Cottrell has a long track record in the domestic air-pollution-control equipment market, though recent earnings weakness and audit issues may have weighed on its creditworthiness and order competitiveness.
KC Cottrell resolved the delisting cause arising from its FY2024 audit-opinion disclaimer through a re-audit, but as a substantive listing-eligibility review target, it was granted a new improvement period by the exchange in June 2026, running until April 16, 2027.
The company plans to pursue credit-rating recovery and renewed order intake during this period, targeting operational continuity, improved financial soundness and greater management transparency, with stated plans to expand orders in Southeast Asian markets (Thailand, the Philippines, India) and in domestic steel and power projects.
In contrast, the parent, KC Green Holdings itself, received consecutive audit-opinion disclaimers for FY2024 and the 1H2025 review, was notified of a delisting-cause occurrence on April 9, 2026, and had been granted an improvement period until April 14, 2026.
Under this process, a listing-committee review following the improvement period's end determines whether listing continues, but no publicly available material confirming the outcome of that review was identified as of this report, warranting a follow-up disclosure check.
Subsidiary KC Glass, undergoing pre-approval M&A under court rehabilitation, selected the Opus No.4 corporate-financial-stability private equity fund as the final preferred acquirer in February 2026, with the sale process ongoing; its completion could alter the group's asset composition and financial structure.
The company has entered into an agreement with its main creditor bank, Hana Bank, and other creditors to implement a corporate-improvement plan, meaning future performance is likely to remain closely tied to the progress of this restructuring.
The share price appears to trade at a substantial discount to net asset value, a pattern that can be interpreted as reflecting both the typical delayed recognition of subsidiary equity value common to holding companies and the compounding effect of the ongoing delisting review process tied to the audit-opinion issue.
Because past earnings have swung sharply between losses and profits, valuation comparisons anchored to any single period's profit figure warrant caution in interpretation.
The 2024 swing to positive net income attributable to owners was driven substantially by one-off effects related to debt restructuring, and after reverting to a loss in 2025, results returned to modest profitability in the first half of 2026, suggesting the direction of earnings has not yet settled into a stable pattern.
On the dividend front, no dividend has been paid in the recent fiscal years, suggesting that resolving the financial-structure and listing-continuity issues currently takes priority over shareholder returns.
Given the simultaneous presence of a gap between net asset value and market value alongside the non-financial risk of a listing-eligibility review, applying the usual discount/premium framework for holding companies comes with notable constraints.
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 2026-08-23
KC Cottrell resolved the direct delisting cause by securing an unqualified audit opinion through a re-audit following its FY2024 disclaimer.
This demonstrates a factual recovery in accounting reliability at the group's core manufacturing subsidiary and could serve as a foundation for credit-rating recovery and renewed order intake. It should be noted, however, that a separate substantive listing-eligibility review process is still ongoing.
Following the large net loss in Q4 2025, both Q1 and Q2 2026 saw net income attributable to owners return to modest profitability. Operating income also improved to KRW 2.4bn in Q2 2026. Whether this narrowing-loss trend continues will need to be confirmed in subsequent quarters.
The resource-recycling subsidiary, focused on waste intermediate treatment and waste-heat sales, has business characteristics associated with relatively stable cash flow.
The presence of such a stable segment can be viewed as a positive factor for portfolio diversification while the group as a whole undergoes financial restructuring.
KC Green Holdings received consecutive audit-opinion disclaimers for FY2024 and the 1H2025 review and was notified of a delisting-cause occurrence on April 9, 2026.
Following the improvement period granted until April 14, 2026, a listing-committee review was scheduled to determine listing continuity, but the outcome has not been publicly confirmed. This represents a structural risk attached to the holding company itself, separate from its subsidiaries.
Consolidated revenue fell sharply from KRW 421.1bn in 2024 to KRW 86.0bn in 2025.
This is interpreted as a result of subsidiary restructuring combined with changes in the consolidation scope, and the fact that the group's overall scale contracted significantly in a short period is itself a burden from a business-stability standpoint.
Subsidiary KC Glass is undergoing court rehabilitation, and although the Opus No.4 private equity fund was selected as the final preferred acquirer in February 2026, procedural uncertainty remains until the sale is finally completed.
Depending on the sale terms and timing, further changes to the group's financial statements and equity structure could occur.
Both KC Green Holdings and its core subsidiary KC Cottrell have recent histories of audit-opinion disclaimers, and a listing-eligibility substantive review is either ongoing or its outcome has not yet been publicly confirmed.
Failure to meet requirements within the improvement period could lead to delisting, a material risk. Investors should verify the review outcome directly through future disclosures.
Operating cash flow was negative every year from 2022 through 2025, and the company has entered into a corporate-improvement-plan implementation agreement with its main creditor bank.
While financial-structure improvement measures such as debt-to-equity conversions and debt forgiveness have continued, the possibility of delays in implementing self-rescue plans or a need for additional capital infusion cannot be ruled out.
Multiple subsidiaries within the group are undergoing structural change simultaneously—KC Glass's rehabilitation and sale, and cost-estimation uncertainty on KC Cottrell's large overseas projects.
Additional one-off profit/loss swings or equity-structure changes could arise during this restructuring, reducing the predictability of group-wide results.
Check the Q3 2026 preliminary earnings disclosure to see whether the profitability improvement seen in Q1 and Q2 2026 continues.
Verify the final completion and terms of KC Glass's M&A sale process to the Opus No.4 private equity fund.
This marks the expiry of KC Cottrell's granted improvement period for the listing-eligibility substantive review; the outcome of the listing-continuation review based on financial-soundness and internal-control improvement will need to be confirmed.
Check whether KC Green Holdings' FY2026 audit report normalizes to an unqualified opinion, and whether the listing-committee review outcome tied to the prior improvement period (which expired April 14, 2026) is finally confirmed through disclosure.
KC Green Holdings is a pure holding company spanning environmental-equipment, resource-recycling and solar subsidiaries, but its results in recent years have been driven more by its subsidiaries' financial-crisis responses and audit-opinion issues than by its own business competitiveness.
Core subsidiary KC Cottrell normalized its audit opinion through a re-audit, yet remains subject to a separate listing-eligibility substantive review extending to April 2027, while the parent itself underwent a delisting process due to consecutive audit-opinion disclaimers, with the review outcome not yet publicly confirmed.
Annual revenue fell sharply from KRW 421.1bn in 2024 to KRW 86.0bn in 2025, and net income attributable to owners swung from a 2024 profit back to a large 2025 loss, though the two quarters of the first half of 2026 showed a return to modest profitability.
Operating cash flow has remained negative every year, albeit with a narrowing outflow trend, and the company is pursuing self-rescue measures, including the sale of KC Glass, under an implementation agreement with its main creditor bank.
For investors, this is a phase where confirming the progress of non-financial events—the listing-eligibility review and the execution of financial-structure improvements—takes priority over conventional earnings and valuation-metric interpretation.
Report written 2026-09-05 · Data as of 2026-09-04
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