PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩30 per share · Prices as of the 2026-10-02 close
Camus E&C has swung from a 2024 net loss to 2025 profitability, backed by expanding precast concrete orders tied to SK hynix's semiconductor clusters and a declining debt ratio, with the earnings recovery continuing through H1 2026.
2025 consolidated revenue reached KRW 297.5bn with operating profit of KRW 23.8bn, reversing a KRW 18.1bn operating loss in 2024
Order backlog stood at KRW 382.4bn as of Q1 2026, with successive precast concrete contracts won for SK hynix's Yongin cluster, M15X, and Cheongju P&T7 projects
Debt ratio fell from 189.6% at end-2024 to 152.8% at end-Q1 2026, marking improved financial soundness
Ranked 97th in the 2026 construction capability evaluation, re-entering the top 100 for the first time since 2012
Subsidiary Korea Aluminium diversifies the group into aluminum foil and packaging, though raw material price increases pressure margins
Camus E&C is a general construction company founded in 1978 and listed on the KOSPI in 1989, operating in building, civil engineering, housing, electrical, and telecommunications construction, with precast concrete (PC) technology licensed from France's Raymond Camus as its core competitive advantage, producing structures at factories before on-site assembly.
The company ranked 97th in the 2026 construction capability evaluation, re-entering the top 100 for the first time since 2012.
Recent order intake has concentrated on precast concrete work for SK hynix's semiconductor clusters via SK Ecoplant, including the Yongin Cluster Phase 1 UT building (KRW 266.0bn), the M15X project (KRW 92.5bn), and Section 2 of the Cheongju P&T7 project (KRW 66.4bn).
Total order backlog reached KRW 382.4bn as of end-Q1 2026.
To diversify away from a construction-concentrated revenue structure, the company acquired 100% of Korea Aluminium, an aluminum foil and packaging specialist, at end-2023, which comprises a materials segment (foil for flexible packaging, pharmaceutical packaging, industrial/construction materials, OLED TV invar processing, and LIB tab materials) and a packaging segment (food and medical packaging, industrial products).
Korea Aluminium generated KRW 18.0bn in revenue in Q1 2026 alone, contributing to overall group growth. The company also resolved a long-running latent risk by settling a five-year rehabilitation claim lawsuit with former affiliate SM Group's Samhwan Corporation.
Competitively, unlike large general contractors, the company leverages specialized PC technology to benefit from expanding industrial facility orders in semiconductors and logistics.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩61.7B | ₩8.5B | 13.7% |
| 2025Q3 | ₩64.2B | ₩5.5B | 8.5% |
| 2025Q4 | ₩115.6B | ₩6.3B | 5.4% |
| 2026Q1 | ₩104.9B | ₩11B | 10.5% |
| 2026Q2 | ₩109.3B | ₩12.2B | 11.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩195.1B | -₩15.9B | -₩15.9B | −8.1% | −20.1% | 147.0% |
| 2023 | ₩278.8B | ₩6.7B | ₩2.6B | 2.4% | 3.0% | 192.7% |
| 2024 | ₩260.4B | -₩18.1B | -₩21.3B | −7.0% | −22.4% | 189.6% |
| 2025 | ₩297.5B | ₩23.8B | ₩20.1B | 8.0% | 17.9% | 165.5% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-22
Camus E&C's annual results have shown pronounced volatility. In 2022, revenue was KRW 195.1bn with an operating loss of KRW 15.9bn and a net loss of KRW 15.9bn; in 2023, revenue rose to KRW 278.8bn with a modest operating profit of KRW 6.7bn and net profit of KRW 2.6bn.
However, in 2024, despite revenue of KRW 260.4bn, the company posted a large operating loss of KRW 18.1bn and a net loss attributable to owners of KRW 21.3bn.
In 2025, revenue reached KRW 297.5bn with operating profit of KRW 23.8bn and net profit attributable to owners of KRW 20.1bn, marking a dramatic swing to profitability, with the operating margin improving to 8.0%.
By quarter, Q2 2025 revenue was KRW 61.7bn with operating profit of KRW 8.5bn, Q3 2025 revenue was KRW 64.2bn with operating profit of KRW 5.5bn, and Q4 2025 revenue jumped to KRW 115.6bn with operating profit of KRW 6.3bn and owners' net profit of KRW 8.6bn.
This trend continued into 2026, with Q1 revenue of KRW 104.9bn, operating profit of KRW 11.0bn, and net profit of KRW 8.0bn, followed by Q2 revenue of KRW 109.3bn, operating profit of KRW 12.2bn, and net profit of KRW 8.7bn, with both revenue and profit expanding year-over-year.
According to WiseReport data, consolidated Q1 2026 revenue rose 87.5% year-over-year, operating profit rose 202.4%, and net profit rose 216.3%.
This earnings improvement reflects stable order volume centered on public construction and PC projects combined with cost-reduction efforts, alongside the resolution of uncertainty following the settlement of the Samhwan litigation.
South Korea's construction industry continues to face a slowdown in housing demand, while orders for industrial facilities such as semiconductor fabs and data centers are emerging as a new growth driver.
Precast concrete (PC) construction offers advantages in shortened construction periods, improved quality, and reduced labor needs, and demand is expected to be driven by government policies for regenerating aging industrial complexes and expanding logistics parks.
SK hynix is investing approximately KRW 19 trillion to build the P&T7 advanced packaging fab at Cheongju Technopolis, targeting completion by 2028, marking its fifth production facility in Cheongju, which suggests potential for further related contract awards.
This expansion in semiconductor infrastructure investment creates relatively favorable conditions for specialized PC contractors compared to large general contractors. Camus E&C, as a top-100-ranked PC specialist, is positioned to benefit from this trend.
However, on the raw material side, reduced aluminum production in China due to carbon emission reduction policies has driven up raw material costs, increasing cost pressure on the aluminum-related business operated through subsidiary Korea Aluminium.
The company's future performance is expected to hinge largely on the sequential revenue recognition of its secured order backlog. As of end-Q1 2026, the order backlog stood at KRW 382.4bn, a substantial portion of which consists of SK hynix-related semiconductor cluster PC construction.
Notably, Section 2 of the Cheongju P&T7 construction project carries a contract value of KRW 66.4bn, equivalent to 22.3% of 2025 consolidated revenue, with a contract period running from July 1, 2026 to June 30, 2028, meaning revenue will be recognized over the next two years.
If government policies for regenerating aging industrial complexes and expanding logistics parks continue, additional demand for PC and modular construction could emerge.
Subsidiary Korea Aluminium is pursuing revenue growth through quality improvements and new product development in its materials and packaging businesses, along with profitability improvements via additional processing such as invar processing and cleaning.
However, volatility in aluminum raw material prices remains an ongoing challenge to manage.
On the financial structure side, key points to watch include whether the debt ratio's three-consecutive-quarter downward trend continues, and whether any additional contingent liability risks emerge following the resolution of the Samhwan litigation.
Since swinging from a large net loss in 2024 to profitability in 2025, and expanding quarterly profit through H1 2026, the market's valuation baseline for this company has shifted considerably over the past year.
The stock tends to trade at a level below its net asset value per share, indicating a discounted relationship between asset value and share price. On the dividend front, the company pays a cash dividend, but the yield sits below the industry average.
The direction of earnings itself—from loss to profit, and from profit to expanding profit—is an important variable in valuation interpretation. However, given the company's small market capitalization, trading liquidity and information access constraints typical of small-cap stocks should also be considered.
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 2026-08-22
The company has secured a series of precast concrete contracts tied to SK hynix's semiconductor clusters—Yongin Cluster, M15X, and Cheongju P&T7—expanding its backlog to KRW 382.4bn. The Cheongju P&T7 Section 2 contract alone equals 22.3% of 2025 revenue.
With SK hynix planning to invest approximately KRW 19 trillion to build P&T7 through 2028, additional related contract awards remain possible.
The debt ratio declined for three consecutive quarters, from 189.6% at end-2024 to 152.8% at end-Q1 2026. The resolution of a five-year rehabilitation claim lawsuit with former affiliate Samhwan Corporation removed a long-standing latent risk.
The company also re-entered the top 100 in the 2026 construction capability evaluation at 97th place, its first such ranking in 14 years, reflecting improved credibility.
Korea Aluminium, acquired at end-2023, is adding revenue from aluminum foil and packaging, easing the group's concentration in construction. Korea Aluminium generated KRW 18.0bn in revenue in Q1 2026 alone.
Both its materials and packaging segments are pursuing profitability improvements through new product development and additional processing, potentially contributing to stabilizing overall group performance over the long term.
Aluminum raw material prices have risen significantly due to reduced production in China stemming from carbon emission reduction policies. As a result, Korea Aluminium posted a net loss despite quarterly revenue growth. Continued raw material price volatility could pressure margin defense across the group.
Recent large-scale orders are concentrated in precast concrete work tied to SK hynix's semiconductor clusters, increasing dependence on a specific customer and industry. Changes or delays in semiconductor investment plans could affect the pace of backlog consumption and revenue recognition timing. The ongoing slowdown in the broader housing construction market is also a headwind.
As a small-cap stock, trading liquidity may be limited, which can amplify share price volatility. Limited formal brokerage coverage may also put the stock at a disadvantage in terms of information accessibility compared to large-cap names. While earnings are improving, it remains early to characterize this as a stable multi-year track record.
Fluctuations in aluminum and other raw material prices directly affect the profitability of subsidiary Korea Aluminium. Price increases from reduced Chinese production have already resulted in a quarterly net loss. Whether raw material prices stabilize will be a key variable for future margin trends.
Core order intake is concentrated in precast concrete work tied to SK hynix's semiconductor clusters, making the company vulnerable to changes in that customer's investment plans. Construction delays or contract term changes could disrupt the revenue recognition schedule. Continued order volume in the public construction segment is also necessary to maintain a stable revenue base.
While the debt ratio is improving, it remains substantially above 100%. Although the Samhwan litigation has been resolved, the possibility of similar contingent liability issues recurring cannot be ruled out. Continued quarterly monitoring is needed to confirm whether the balance sheet improvement persists.
Check Q3 2026 revenue and operating profit trends and cost ratio changes to gauge the pace of revenue recognition from semiconductor cluster construction projects.
Monitor progress on the Cheongju P&T7 Section 2 construction (KRW 66.4bn) and watch for additional section contract awards.
Track how aluminum raw material price trends affect margins in the Korea Aluminium segment.
Continue to monitor whether the debt ratio declines further and watch for disclosures of new precast concrete contracts related to semiconductor or industrial facility projects.
Camus E&C has moved past its large 2024 net loss to profitability in 2025, and both revenue and operating profit have continued to expand through H1 2026.
This recovery rests on three pillars: expanded precast concrete order intake tied to SK hynix's semiconductor clusters, risk resolution following the settlement of the Samhwan litigation, and a declining debt ratio.
Diversification through subsidiary Korea Aluminium is also broadening the revenue base, though rising aluminum raw material prices have emerged as a new cost pressure.
A substantial portion of the KRW 382.4bn order backlog is concentrated in semiconductor cluster construction, raising customer concentration considerations that warrant balanced attention. Re-entry into the top 100 in the construction capability evaluation can be read as an indicator of restored credibility.
Going forward, the sustainability of quarterly earnings, whether raw material prices stabilize, and further order disclosures will likely serve as key points to watch in assessing the company's direction.
Report written 2026-09-05 · Data as of 2026-09-04
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