Unison

Unison is a domestic wind turbine specialist that provides an integrated solution spanning site analysis, wind farm design, turbine supply, and operations and maintenance (O&M).

On a cumulative basis, it has supplied 241 turbines totaling 482.1MW domestically, giving it the leading track record in Korea's turbine supply segment.

The company is expanding beyond turbine manufacturing and supply into wind farm development and long-term O&M, including a 20-year O&M contract with the Jeju Eoreumbi wind farm that broadens its maintenance-related revenue base.

A flagship large order is the Gochang offshore wind EPC contract, won together with POSCO E&C, with a total contract value of KRW 297.38bn, of which Unison's portion for supplying twelve 6.35MW turbines is KRW 99.29bn.

This reflects a strategy of deploying mid-sized turbines suited to low-wind-speed waters, in contrast to the global trend favoring turbines above 10MW, thereby lowering installation-vessel and foundation-construction costs.

At the same time, Unison was selected as the sole supplier of twenty-five 13.6MW turbines for the 340MW Hanbit offshore wind project off Yeonggwang, South Jeolla Province, its largest single project in company history.

In onshore wind, it is pursuing projects including Hasami in Taebaek, Gangwon Province (four 4MW nacelles for Kolon Global), Yukbaeksan (30.8MW) in Samcheok, and Yeongam-Samho (36MW) in South Jeolla Province.

Internationally, Unison established an offshore wind turbine joint venture with China's Mingyang Smart Energy in 2024 and signed a technology transfer agreement with Germany's Bentsys for a 15MW offshore turbine to advance large-turbine localization.

Competitively, the company faces global and domestic turbine makers including Doosan Enerbility, Vestas, and Siemens Gamesa, and benefits from government tender policies that condition public offshore wind auctions on the use of domestically made turbines.

Unison posted a rare profit in 2022, with revenue of KRW 239.18bn and operating profit of KRW 1.90bn (an operating margin of 0.8%), but this was followed by three consecutive years of sharply declining revenue and widening operating losses.

In 2023, revenue fell to KRW 107.74bn while the operating loss expanded to KRW 19.57bn (an operating margin of -18.2%), and the net loss grew to KRW 26.14bn. In 2024, revenue contracted further to KRW 25.73bn, with the operating margin deteriorating to -48.6% and a net loss of KRW 22.55bn.

In 2025, revenue rose year-on-year to KRW 40.27bn, but the operating loss of KRW 9.53bn (-23.7%) and net loss of KRW 20.88bn showed the loss-making pattern persisting.

Operating cash flow showed repeated large outflows, at negative KRW 25.95bn in 2023 and negative KRW 24.00bn in 2025, indicating that cash generation did not track the revenue recovery.

On a quarterly basis, revenue rebounded to KRW 16.32bn in the third quarter of 2025, then contracted to KRW 4.56bn in the fourth quarter and KRW 3.78bn in the first quarter of 2026, before a modest rebound to KRW 5.76bn in the second quarter of 2026.

However, the operating loss instead widened, reaching KRW 4.94bn and a net loss of KRW 10.26bn in the second quarter of 2026, the largest loss within the trailing four-quarter window (Q3 2025 through Q2 2026).

The combined net loss attributable to owners over these four quarters was KRW 24.59bn, illustrating a considerable lag between large order announcements and actual earnings improvement.

The government laid out a mid- to long-term roadmap for Korea's wind industry by presenting a total of 55GW in offshore wind auction volume from 2026 through 2035.

Immediately after this roadmap was announced, Unison, as a domestic turbine manufacturer, joined an industry briefing alongside Doosan Enerbility, Vestas, and Siemens Gamesa to discuss the need for expanded supply-chain investment.

Earlier, all of the offshore wind projects selected under the Ministry of Trade, Industry and Energy's public-led auction were conditioned on the use of domestically made turbines, concentrating benefit expectations on domestic turbine makers such as Unison.

While the global offshore wind market strongly favors ultra-large turbines above 10MW, Korea's terrain, which includes many low-wind-speed waters, creates segments where 6-7MW mid-sized turbines can be more economical.

In large-turbine competition, overseas makers and Doosan Enerbility remain ahead, and Unison is working to close the gap through its 15MW technology transfer and a state-backed 10MW demonstration project.

The industry cycle remains in an early order-to-construction transition phase, as many large projects must clear permitting, grid connection, and installation-vessel procurement, meaning actual revenue recognition can take several years.

The company has set a mid- to long-term target of becoming a KRW 1 trillion comprehensive wind-power enterprise by 2030, building on large offshore wind orders such as Gochang and Hanbit.

The Hanbit offshore wind project, with a total project cost of about KRW 2.2 trillion, targets construction start in July 2027 and completion in December 2029, with Unison supplying all twenty-five 13.6MW turbines.

In onshore wind, the Yeongam-Samho wind farm (36MW) is progressing toward a construction start in the first half of 2027, while the Yukbaeksan wind project (30.8MW) in Samcheok, Gangwon Province, has entered the final stage of permitting and is expected to begin construction soon.

Building on the Hanbit project, the company is also pursuing a new turbine manufacturing plant with an annual capacity of 1GW.

Major shareholder Myeongwoon Industrial Development has decided to convert its entire KRW 37.6bn convertible bond holding into common shares, which the company said is expected to improve the debt ratio from 171.33% to 92.07% and the capital impairment ratio from 19.05% to -1.66% on a first-half 2026 basis.

Separately, Unison has decided on a 5-to-1 stock consolidation, which is to be approved at a September 15 extraordinary general meeting, followed by a trading halt from September 29 to October 21 and relisting of the new shares on October 22.

The company expects these financial and share-structure adjustments to strengthen its capacity to fund large project execution.