PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩50 per share · Prices as of the 2026-10-02 close
EcoPlastic posted an operating loss in the fourth quarter of 2025 but showed consecutive profit improvement in the first and second quarters of 2026, while simultaneously pursuing the acquisition of Hyundai Mobis's overseas bumper business in Mexico, a structural shift for the company.
Q2 2026 revenue of KRW 633.5 billion and operating profit of KRW 25.9 billion mark the strongest quarter in the recent four-quarter window
Full-year 2025 revenue rose to KRW 2.56 trillion but owners' net profit fell sharply to around KRW 2.0 billion
EcoPlastic was named preferred acquirer for the Mexico unit in Hyundai Mobis's divestment of its five overseas bumper subsidiaries
The debt ratio eased from 472.6% in 2024 to 371.7% in 2025 but remains elevated
The share price trades at a discount to book value per share
EcoPlastic is a specialized automotive plastic parts maker whose core products are bumpers, consoles, and trim components. Based on recent disclosures, trim products generate the largest share of revenue, followed by bumpers.
In an earlier breakdown based on 2022 standalone sales, bumpers accounted for 47%, consoles 31%, trim 14%, roof racks 5%, and molds 3%, showing that the product mix has shifted over time. Its main customers are Hyundai Motor, Kia, and Hyundai Mobis, which represented 71%, 13%, and 8% of 2022 revenue, respectively.
Subsidiaries include IAA Co., which produces automotive rubber and plastic parts, and Komos, along with overseas production units in India and Vietnam.
In the domestic bumper market, EcoPlastic held a 63.3% share of Hyundai's bumper supply as of 2022, well ahead of LX Hausys at 25.4%, maintaining its number-one position. Competitors include LX Hausys, Praco, and Hyundai Mobis, with additional competition from Daewon Kangup and KBI Dongkuk Industrial in console parts.
More recently, the company has been investing in lightweight vehicle components and next-generation console products aimed at electric and autonomous vehicles.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩697.7B | ₩17.1B | 2.4% |
| 2025Q3 | ₩612.1B | ₩2.3B | 0.4% |
| 2025Q4 | ₩646.2B | -₩3.3B | −0.5% |
| 2026Q1 | ₩600.5B | ₩6.8B | 1.1% |
| 2026Q2 | ₩633.5B | ₩25.9B | 4.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩1.8T | ₩38.5B | ₩23.6B | 2.1% | 15.2% | 418.2% |
| 2023 | ₩2.2T | ₩72.4B | ₩43.7B | 3.4% | 20.2% | 353.7% |
| 2024 | ₩2.3T | ₩32.9B | ₩14.1B | 1.5% | 6.2% | 472.6% |
| 2025 | ₩2.6T | ₩35.7B | ₩2B | 1.4% | 0.6% | 371.7% |
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 expanded steadily from KRW 1.82 trillion in 2022 to KRW 2.16 trillion in 2023, KRW 2.26 trillion in 2024, and KRW 2.56 trillion in 2025.
Operating profit, however, moved in the opposite direction, falling from KRW 72.4 billion (3.4% margin) in 2023 to KRW 32.9 billion (1.5%) in 2024 and KRW 35.7 billion (1.4%) in 2025, meaning profitability weakened even as revenue grew.
Owners' net profit swung even more sharply, dropping from KRW 43.7 billion in 2023 to KRW 14.1 billion in 2024 and just KRW 2.0 billion in 2025.
On a quarterly basis, the second quarter of 2025 posted operating profit of KRW 17.1 billion yet a net loss of KRW 5.4 billion attributable to owners, suggesting non-operating items had a material impact on results.
This was followed by a weak third quarter of 2025 with operating profit of KRW 2.3 billion and net profit of just KRW 0.4 billion, and a fourth quarter of 2025 that swung to an operating loss of KRW 3.3 billion and a net loss of KRW 5.5 billion, the weakest showing in the recent four-quarter window.
The trend then reversed, with the first quarter of 2026 returning to profit with operating income of KRW 6.8 billion and net income of KRW 4.4 billion, before the second quarter of 2026 showed a much stronger recovery with operating profit of KRW 25.9 billion and net profit of KRW 18.0 billion.
That translates into an operating margin of roughly 4% on revenue of KRW 633.5 billion, the strongest profitability within the recent four-quarter window spanning the third quarter of 2025 through the second quarter of 2026.
Operating cash flow declined from KRW 85.9 billion in 2022 to KRW 36.3 billion in 2025, but remained clearly positive throughout all four years.
In the domestic OEM bumper market, EcoPlastic has maintained a commanding number-one position, holding a majority share of Hyundai's bumper volume.
However, exterior and interior plastic parts businesses such as bumpers and consoles are typically hardware-intensive, injection-and-assembly operations, and industry profitability has been persistently squeezed by intensifying price competition from Chinese suppliers.
Indeed, Hyundai Mobis's decision to divest its overseas bumper business reflects a judgment that the segment carries low margins and a long investment payback period.
As automakers' strategic focus shifts toward higher value-added areas such as software-defined vehicles, autonomous driving, and electronic components, traditional hardware supply chains are visibly migrating from large conglomerates to mid-sized parts makers.
This dynamic produced the arrangement in which domestic mid-sized suppliers Seoyon E-Hwa, EcoPlastic, and Praco each acquired a portion of Hyundai Mobis's overseas production bases, a division of labor in which the conglomerate upgrades toward advanced technology while mid-sized firms absorb traditional manufacturing to expand their global footprint.
Competitor LX Hausys also operates a building materials business, so the profitability of its automotive parts segment alone tends to be more volatile, while Praco is comparatively smaller in scale.
As the shift toward electric and autonomous vehicles continues, the upgrading of console and trim specifications has been cited as a factor supporting revenue growth, though this does not necessarily translate directly into improved profitability.
The most important forward-looking variable is the planned acquisition of Hyundai Mobis's overseas bumper business.
According to media reports from early July 2026, Hyundai Mobis decided to sell the bumper business units of five overseas subsidiaries in the United States, China, Slovakia, Brazil, and Mexico for a combined total in the KRW 500 billion range, naming Seoyon E-Hwa, EcoPlastic, and Praco as preferred bidders.
Under this arrangement, EcoPlastic is set to acquire the Mexico subsidiary and its local production plant, giving the company an opportunity to extend its domestic number-one position in OEM bumpers overseas.
The acquiring companies reportedly aimed to sign a share purchase agreement in August 2026, with the final contract execution, completion timing, and financing structure to be clarified through future disclosures.
The company's track record of accompanying Hyundai Motor into overseas markets has been cited as a reason it emerged as a leading acquisition candidate.
That said, integration costs and risks related to local workforce and facility operations during the consolidation of overseas subsidiaries remain unconfirmed variables.
At the same time, reports indicate Hyundai Mobis is also accelerating negotiations to divest its lamp business, raising the possibility that similar restructuring deals could continue reshaping the industry.
Whether the profit recovery seen in the first and second quarters of 2026 continues into the second half, and how the Mexico acquisition ultimately affects results, are the key points to monitor going forward.
The current share price trades at a discount to the company's book value per share, reflecting a valuation below net asset value in the market.
However, given that net profit has swung sharply from year to year—peaking in 2023 before falling steeply in 2024 and 2025, then recovering in the first and second quarters of 2026—profitability-based metrics derived from these figures can also vary considerably year to year.
Dividends have been paid at a consistent level annually, but given the volatility in net profit, the sustainability of that dividend also warrants attention. The debt ratio remains elevated, raising the possibility that the discount to net assets is not entirely unrelated to leverage concerns.
Once the acquisition of Hyundai Mobis's Mexico subsidiary is finalized, the company's asset and capital structure could change, meaning valuation metrics will likely need to be revisited after the deal closes.
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
EcoPlastic has maintained the number-one position in Hyundai's domestic bumper supply with a majority share. Being named preferred acquirer for the Mexico subsidiary in Hyundai Mobis's overseas bumper divestment gives the company a chance to extend its domestic manufacturing base into an overseas production hub.
Its track record of accompanying Hyundai and Kia into overseas markets was cited as a factor behind its selection as a candidate acquirer.
After posting an operating loss in the fourth quarter of 2025, the company returned to profit in the first and second quarters of 2026 consecutively.
In particular, the second quarter of 2026 delivered operating profit of KRW 25.9 billion and owners' net profit of KRW 18.0 billion, the strongest result in the recent four-quarter window. The operating margin also rose to roughly 4%, marking a clear recovery trend.
Annual revenue increased for four consecutive years, rising from KRW 1.82 trillion in 2022 to KRW 2.56 trillion in 2025. Operating cash flow also remained positive throughout the period, showing that top-line growth has continued to translate into cash generation.
The operating margin fell from 3.4% in 2023 to 1.5% in 2024 and 1.4% in 2025, moving in the opposite direction of revenue growth. Owners' net profit also plunged from KRW 43.7 billion in 2023 to about KRW 2.0 billion in 2025. Revenue scale and profitability have not improved together.
The debt ratio eased from 472.6% in 2024 to 371.7% in 2025 but remains at an elevated level. Depending on how the acquisition of Hyundai Mobis's Mexico subsidiary is financed, leverage could increase further.
Injection-and-assembly-centered hardware parts businesses such as bumpers and consoles have seen industry-wide margins persistently pressured by intensifying price competition from Chinese suppliers.
Since Hyundai Mobis's own rationale for divesting the same business cited low margins and long investment payback periods, this is a structural factor affecting the industry broadly, including EcoPlastic.
The acquisition of Hyundai Mobis's Mexico subsidiary is reportedly still in the process of finalizing the share purchase agreement and closing. Costs and risks related to integrating the local workforce and facilities during the consolidation of overseas subsidiaries have not yet been specifically confirmed. The impact on the financial structure will also depend on how the acquisition is financed.
Revenue is concentrated among a small number of OEM customers—Hyundai, Kia, and Hyundai Mobis—making results highly sensitive to changes in their production and sourcing policies.
With existing overseas units in India and Vietnam and the prospective addition of a Mexico subsidiary, exposure to currency fluctuations and local regulatory risk would also increase.
The cost of plastic parts is sensitive to petrochemical-based raw material prices, and fluctuations in OEM production volumes directly affect revenue.
The wide swings in quarterly operating and net profit—a loss in the fourth quarter of 2025 followed by a strong rebound in the second quarter of 2026—illustrate how this volatility has already materialized.
The Q3 2026 quarterly report will show whether the profit recovery seen in the second quarter of 2026 continued into the third quarter.
Watch for DART disclosures on the signing and closing of the share purchase agreement for the Hyundai Mobis Mexico subsidiary acquisition.
Continue monitoring industry news on whether Hyundai Mobis's negotiations to divest its lamp business and other hardware units lead to further supply-chain restructuring.
The 2026 full-year results and dividend announcement will provide a comprehensive check on how the Mexico subsidiary acquisition affected the financial structure and earnings.
EcoPlastic has entered a recovery phase, showing consecutive profit improvement in the first and second quarters of 2026 following an operating loss in the fourth quarter of 2025, though the mismatch between revenue growth and declining profitability that has persisted since 2023 has not been fully resolved.
Its pursuit of Hyundai Mobis's overseas bumper business in Mexico, building on its domestic market leadership, represents both an opportunity to expand its production footprint abroad and a variable that carries integration costs and risks.
The debt ratio has eased somewhat but remains elevated, meaning the financing method for the acquisition could alter the company's financial burden.
The share price trades at a discount to book value, but given the significant year-to-year volatility in net profit itself, caution is warranted in interpreting metrics based on that figure.
The company's third-quarter results and the concrete progress of the Mexico subsidiary acquisition process will likely be the key variables shaping its direction going forward.
Report written 2026-09-05 · Data as of 2026-09-04
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