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
Eagon Holdings, the holding company overseeing Eagon Windows & Doors, Eagon Industries (flooring and plywood), afforestation, and energy subsidiaries, posted a swing to operating profit in the second quarter of 2026, yet remains at an early stage of recovery with the full-year figures still in the red.
Q2 2026 consolidated revenue reached KRW 126.6 billion with operating profit of KRW 11.6 billion, marking a clear quarterly improvement.
Full-year 2025 revenue was KRW 447.1 billion with an operating loss of KRW 1.24 billion, a decline from the prior year that turned operating income negative.
On an owners-of-parent basis, the company recorded net losses for four consecutive years from 2022 through 2025, reflecting a structural burden.
Subsidiary Eagon Windows & Doors continued securing orders at high-end reconstruction sites such as Banpo DH Classt in 2026, maintaining its position in the premium segment.
Domestic housing starts rebounded in the first half of 2026, but a multi-year lag to completions and interior demand means the earnings impact may be delayed.
Eagon Holdings converted into a holding company in 2017 when it spun off Eagon Windows & Doors, and it now divides its business into holding, windows/doors, wood, afforestation, energy, and pallet segments.
The holding segment generates revenue primarily through dividends, management consulting fees, and brand fees from subsidiaries.
Its core subsidiary, Eagon Windows & Doors, manufactures, sells, and installs system windows and curtain-wall windows for domestic construction companies, having introduced Korea's first system windows and since built a strong position in the high-end residential window market.
Another key subsidiary, Eagon Industries, focuses on plywood and flooring products, with disclosed sales composition showing plywood and flooring accounting for roughly 80% of revenue, with steam (energy) and raw timber making up the remainder.
Eagon Industries operates afforestation and veneer production in the Solomon Islands and timber procurement and production through a Chilean subsidiary. Through subsidiary Eagon Energy, it also generates energy segment revenue via combined heat and power steam production.
In terms of competitive landscape, the windows segment competes with large building materials firms such as LX Hausys and KCC Glass, while the wood and plywood segment faces pressure from the penetration of low-cost imported plywood.
Through its equity structure, Eagon Holdings controls domestic affiliates including Eagon Industries, Eagon Windows & Doors, Eagon Greentech, and Eagon Energy, along with several overseas subsidiaries.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩114.7B | ₩2.3B | 2.0% |
| 2025Q3 | ₩111.4B | -₩600M | −0.6% |
| 2025Q4 | ₩97.6B | -₩7.1B | −7.3% |
| 2026Q1 | ₩101.1B | ₩3.2B | 3.2% |
| 2026Q2 | ₩126.6B | ₩11.6B | 9.1% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩507.6B | ₩22.1B | ₩2.1B | 4.4% | 1.3% | 128.7% |
| 2023 | ₩458.5B | ₩3.2B | -₩7.8B | 0.7% | −3.9% | 113.9% |
| 2024 | ₩497.4B | ₩6.6B | -₩11.9B | 1.3% | −6.2% | 115.3% |
| 2025 | ₩447.1B | -₩1.2B | -₩4.9B | −0.3% | −2.6% | 104.7% |
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 results show that after a relatively favorable 2022 with revenue of KRW 507.6 billion and operating profit of KRW 22.1 billion (4.4% margin), revenue fluctuated in 2023 (KRW 458.5 billion, KRW 3.2 billion operating profit, 0.7% margin) and 2024 (KRW 497.4 billion, KRW 6.6 billion operating profit, 1.3% margin) while operating margins remained thin.
In 2025, revenue fell to KRW 447.1 billion and the operating result turned negative at KRW -1.24 billion (-0.3% margin).
On an owners-of-parent net income basis, the company posted a profit of KRW 2.1 billion in 2022 before recording losses of KRW -7.8 billion in 2023, KRW -11.9 billion in 2024, and KRW -4.9 billion in 2025 — four consecutive years including a swing to loss.
Quarterly, after Q2 2025 revenue of KRW 114.7 billion and operating profit of KRW 2.3 billion (owners' net loss of KRW 0.9 billion), Q3 slipped to an operating loss of KRW 0.6 billion on revenue of KRW 111.4 billion, and Q4 operating losses widened to KRW 7.1 billion on revenue of KRW 97.6 billion, reflecting seasonal off-peak pressure.
However, Q1 2026 turned positive with revenue of KRW 101.1 billion and operating profit of KRW 3.2 billion, followed by a marked improvement in Q2 2026 with revenue of KRW 126.6 billion, operating profit of KRW 11.6 billion, and owners' net profit of KRW 7.0 billion.
Over the trailing four quarters from Q3 2025 through Q2 2026, cumulative owners' net profit totaled approximately KRW 1.2 billion, signaling an improving earnings trend versus the preceding four-quarter window.
On the cash flow side, operating cash flow remained positive at KRW 9.4 billion in 2025 despite the net loss, an improvement from the negative operating cash flow of KRW -9.5 billion recorded in 2023. The debt ratio has gradually declined from 128.7% in 2022 to 104.7% in 2025.
Korea's building materials sector is closely tied to the housing starts and completion cycle.
According to Herald Corp's report citing Ministry of Land, Infrastructure and Transport statistics, nationwide housing starts rose 11.1% year-on-year from January to July 2026, while nationwide housing completions fell 41.4% over the same period.
Given the industry's typical three-year lag between starts and completions, this implies a delay before recent increases in starts translate into revenue for finishing materials such as windows and flooring.
As a result, building materials companies have been pivoting toward consumer-facing (B2C) remodeling demand and high-value reconstruction/redevelopment markets during this gap; LX Hausys, for instance, reported that expanded B2C sales drove substantial increases in both revenue and operating profit in the second quarter of 2026.
Compared to large construction and materials firms, the Eagon Holdings group is a smaller-scale holding company; while Eagon Windows & Doors shows competitiveness in the high-end reconstruction/redevelopment market, the plywood and wood segment remains exposed to pricing pressure from low-cost imports.
Forecasts from research institutes generally point to only a modest recovery in construction investment in 2026 (roughly 2%), with continued divergence between the greater Seoul area and other regions.
In this gradual recovery phase, a key point to watch for finishing materials businesses is when the recovery in starts actually begins showing up in revenue.
Eagon Windows & Doors stated that its products were installed in 6 of the top 10 apartment complexes ranked by the Ministry of Land, Infrastructure and Transport's 2026 official price assessments, up from 5 in 2025, suggesting expanding share in the ultra-premium residential market.
The company also disclosed a contract with Hyundai Engineering & Construction for windows and glass work at the Banpo Jugong 1 complex (DH Classt) reconstruction project, following an earlier win at the Bangbae 5 district (DH Bangbae) project, marking consecutive orders at major Gangnam-area reconstruction sites.
Such orders are expected to be recognized as revenue progressively over the construction period. The company disclosed in its business report that it disposed of all 925,488 treasury shares on December 30, 2025, resulting in no treasury shares held as of the 2025 fiscal year-end.
On an industry-wide basis, domestic apartment housing starts rebounded in the first half of 2026, a positive leading indicator for finishing materials demand, though the lag to completions and continued weakness in regional markets remain variables.
For the afforestation and energy segments, progress at overseas operations in the Solomon Islands and Chile, along with timber prices and currency fluctuations, are cited as factors that could continue to affect margins.
Eagon Holdings has shown low earnings stability, with owners-of-parent net income posting losses for four consecutive years from 2022 through 2025, and as a result the metric comparing share price to net asset value has fluctuated considerably over the past several years.
Following the swing to profit in both Q1 and Q2 2026, the trailing four-quarter sum has moved into modestly positive territory, though the annual results have not yet fully escaped the loss zone.
Relative to net assets, the shares tend to trade below book value, which can be interpreted as reflecting both the typical holding-company discount and lingering earnings uncertainty.
On the dividend side, the yield calculated from previously disclosed per-share dividends does not appear to stand out as particularly high within the sector.
No formal target-price coverage from securities firms was identified for this name, so market participants tend to gauge value primarily by tracking order flow and earnings trends at the operating subsidiaries (Eagon Windows & Doors and Eagon Industries) alongside the stability of the holding company's dividend income.
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
The company posted consecutive operating profits in Q1 and Q2 2026, with Q2 revenue of KRW 126.6 billion and operating profit of KRW 11.6 billion representing a sharp improvement from the KRW 7.1 billion operating loss in Q4 2025. The trailing four-quarter owners' net income also moved into positive territory. Whether this trend continues will need to be confirmed in upcoming quarters.
Eagon Windows & Doors had its products installed in 6 of the top 10 apartment complexes by official price in 2026 and secured consecutive orders at major Gangnam-area reconstruction sites including Banpo DH Classt. Its sustained brand position in the premium residential market is cited as a strength.
The debt ratio declined from 128.7% in 2022 to 104.7% in 2025, and operating cash flow remained positive at KRW 9.4 billion in 2025 despite the net loss. This can be viewed as a positive signal for financial stability.
After a profit in 2022, the company posted net losses to owners in three of the following four years, with the loss widening to KRW -11.9 billion in 2024. The durability of the recent swing to profit has not yet been fully validated.
While housing starts rose from January to July 2026, completions plunged 41.4%. Since revenue for finishing materials such as windows and flooring tends to be recognized closer to the completion stage, there could be a lag before the rebound in starts translates into actual sales improvement.
The wood segment is reportedly exposed to pricing pressure from an influx of low-cost imported plywood. Amid industry restructuring including a production halt at domestic competitor SUN&L, cost and price pressures could constrain margin recovery.
Company results are closely tied to Korea's domestic housing starts-completion cycle, and in a landscape of deepening regional divergence (greater Seoul recovery versus regional weakness), any revenue exposure to regional markets could be negatively affected.
Government housing supply policy shifts, interest rates, and the real estate project financing environment also warrant continuous monitoring.
The Solomon Islands afforestation business and the Chilean timber production subsidiary are overseas operations subject to local policy, currency, and logistics conditions, exposing the company to operational risks distinct from its domestic business.
Rising raw material prices and logistics costs have previously been cited as factors behind increased cost of goods sold and swings to operating losses. Fluctuations in timber and raw material prices as well as shipping rates remain structural factors that could affect margins going forward.
Check whether Q3 2026 consolidated results sustain the swing-to-profit trend seen in Q2, or whether seasonal off-peak effects re-emerge.
The key point to verify is whether full-year 2026 owners' net income breaks the four-year losing streak, and how segment results across subsidiaries are reported.
Monitoring whether the rebound in housing starts translates into a recovery in completion volumes can help gauge the timing of revenue recognition for finishing materials such as windows and flooring.
It is worth watching for further confirmation of large-scale reconstruction/redevelopment window orders, and whether the wood segment's strategy to respond to low-cost imports (potential market share gains) shows up in results.
Eagon Holdings, a building materials holding company overseeing subsidiaries including Eagon Windows & Doors and Eagon Industries, showed signs of emerging from its 2025 loss phase by posting consecutive operating profits in Q1 and Q2 2026.
However, on an owners-of-parent net income basis, the company recorded losses in three of the four years since 2022, so whether the recent improvement represents a structural turnaround or a temporary rebound requires further confirmation over the coming quarters.
Subsidiary Eagon Windows & Doors has maintained its position in the high-end reconstruction market, securing major orders such as Banpo DH Classt, while the wood segment continues to face pressure from low-cost imports.
On an industry level, while housing starts rebounded in the first half of 2026, completion volumes fell sharply, suggesting there may be a lag before the improvement in starts is reflected in actual finishing materials revenue.
On the financial structure side, the gradually declining debt ratio and sustained positive operating cash flow also point to improving stability. Investors should continue monitoring upcoming quarterly results, MOLIT housing statistics, and subsidiary order disclosures as they form their own assessment.
Report written 2026-09-05 · Data as of 2026-09-04
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