PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩90 per share · Prices as of the 2026-10-02 close
Nara Mold and Die shows a business structure where a comparatively stable mold segment sits alongside sharp quarter-to-quarter swings tied to EV battery-pack and parts demand.
Consolidated revenue fell for a second straight year to KRW184.6bn in 2025, and operating profit turned slightly negative.
Owners' net income was negative in three of the last four quarters (2025Q3-2026Q2), leaving the four-quarter total near breakeven.
Through its Polish subsidiary the company supports LG Energy Solution's battery-pack production, exposing it to the recovery in European EV and ESS demand.
A diversified customer base including Valeo, Hyundai Mobis, DAS Corp and BorgWarner Korea keeps reliance on any single customer relatively limited.
Whether the EU's Industrial Acceleration Act takes effect and how utilization at LG Energy Solution's Poland plant evolves are seen as key variables for future results.
Nara Mold and Die was spun off in 1999 from a mold factory at LG Electronics' production technology center and listed on KOSDAQ in 2001. The business is organized into three segments: mold, EV battery pack/ESS injection parts, and automotive/home-appliance parts production.
Mold products, spanning press dies and injection molds, are supplied to customers such as Valeo, Kyungchang Industry and Hyundai Mobis, while parts are supplied to DAS Corp, BorgWarner Korea and Schaeffler Korea.
Domestic subsidiary Nara M-Tech handles EV battery pack/ESS injection molds, while Nara Platech produces automotive and appliance injection parts.
Overseas production sites in China (Kunshan and Nanjing), Indonesia, Poland and Mexico support a global manufacturing footprint operated through seven consolidated subsidiaries.
The Polish subsidiary in particular was established to support battery-pack production for LG Energy Solution (formerly LG Chem) and supplies directly to its local entity.
The mold segment is linked to automaker and appliance-maker new-model development schedules and thus has limited seasonality, while the battery-pack and parts production segments are more exposed to OEM utilization rates and the EV demand cycle.
The mold industry itself is an order-driven, division-of-labor business with many domestic and overseas players, and the company positions technology improvements, price competitiveness and shorter lead times as its competitive edge.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩44.2B | ₩200M | 0.4% |
| 2025Q3 | ₩52.9B | ₩2B | 3.8% |
| 2025Q4 | ₩45.1B | -₩3.6B | −8.0% |
| 2026Q1 | ₩38.3B | -₩2.8B | −7.4% |
| 2026Q2 | ₩47.7B | ₩100M | 0.2% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩218.2B | ₩10.5B | ₩9.7B | 4.8% | 10.6% | 144.3% |
| 2023 | ₩231B | ₩10.7B | ₩8.8B | 4.6% | 8.9% | 137.0% |
| 2024 | ₩203.8B | ₩5B | ₩3.6B | 2.4% | 3.6% | 142.6% |
| 2025 | ₩184.6B | -₩79,792,483 | ₩5.3B | 0.0% | 5.0% | 148.8% |
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
Consolidated revenue rose from KRW218.2bn in 2022 to KRW231.0bn in 2023, then fell for two straight years to KRW203.8bn in 2024 and KRW184.6bn in 2025. Operating profit stayed positive at KRW10.5bn in 2022 and KRW10.7bn in 2023, shrank to KRW4.98bn in 2024, and turned slightly negative at -KRW0.08bn in 2025.
Owners' net income, by contrast, fell from KRW9.72bn in 2022 and KRW8.83bn in 2023 to KRW3.60bn in 2024 before rising again to KRW5.26bn in 2025, showing that non-operating items heavily influenced the direction of net income.
On a quarterly basis, 2025Q3 was the strongest of the last five quarters with revenue of KRW52.9bn, operating profit of KRW2.0bn and owners' net income of KRW5.12bn.
That was quickly followed by a loss in 2025Q4 (revenue KRW45.1bn, operating profit -KRW3.6bn, net income -KRW0.94bn), and losses continued into 2026Q1 (revenue KRW38.3bn, operating profit -KRW2.82bn, net income -KRW3.11bn).
Revenue recovered to KRW47.7bn in 2026Q2 and operating profit turned marginally positive at about KRW0.1bn, yet owners' net income remained negative at -KRW0.81bn. Summed over the latest four quarters (2025Q3-2026Q2), owners' net income was only about KRW0.26bn, effectively hovering around breakeven.
Operating cash flow was stable at KRW11.7bn, KRW12.5bn and KRW16.2bn in 2022-2024 before declining to KRW6.9bn in 2025, while the debt ratio stayed in a roughly 137-149% range across 2022-2025.
The European EV market went through a demand chasm in 2023-2024 but has recently shown signs of recovery. According to the European Automobile Manufacturers' Association, EVs' share of new EU passenger car sales rose from 13.6% in 2024 to 17.4% in 2025.
LG Energy Solution is expanding LFP and mid-nickel battery output alongside existing NCM production at its Wroclaw plant in Poland and converting some lines to ESS production.
The EU's proposed Industrial Acceleration Act would mandate final assembly and use of EU-made components within the region, and observers say this could favor companies with a higher share of local production if implemented.
With ESS emerging as a new growth pillar amid rising data-center-driven power demand, LG Energy Solution is participating in an approximately 1GWh ESS project with Poland's state utility PGE and plans to begin supplying batteries from 2026.
These dynamics are directly tied to utilization at Nara Mold and Die's European subsidiary, which supplies battery-pack and injection parts.
The mold industry itself is an order-based business tied to mass-production demand from downstream sectors such as automotive, electronics, optics and consumer goods, with results heavily influenced by individual customers' new-model development schedules.
DB Securities analyst An Hak-su said in a July 2026 report that LG Energy Solution's Poland plant utilization could improve by 10-15 percentage points on higher Renault LFP and Volkswagen mid-nickel battery volumes.
This reflects LG Energy Solution's expanding European sales network and is a variable that could affect the battery-pack component volumes handled by Nara Mold and Die's Polish subsidiary.
LG Energy Solution's Zarnowiec ESS project with Poland's state utility PGE is set to begin battery supply from 2026 with a commercial-operation target in the second quarter of 2027.
The EU's Industrial Acceleration Act is expected to take effect as early as the start of 2027, and analysts note that its implementation could strengthen the position of companies with a higher share of regional production and sourcing.
The company stated in its business report that the mold segment is strengthening its global competitiveness through price competitiveness and shorter lead times enabled by technology improvements, and that growth is expected as the EV market continues to expand with more projects.
The battery segment, however, has seen profitability deteriorate due to slowing global EV demand and shifting environmental regulations and support policies in various countries, leaving the durability of the European EV sales recovery as a key variable for future results.
Diversification across OEM and parts customers such as Valeo, Hyundai Mobis, DAS Corp and BorgWarner Korea is cited as a factor reducing reliance on any single customer.
The company does not disclose numerical revenue or profit guidance, so tracking quarterly preliminary disclosures and changes in brokerage estimates remains the practical way to follow the trend.
The share price trades below book value per share, indicating the market has not fully priced in the entirety of net asset value.
Because net income over the last four quarters has hovered near breakeven, price-to-earnings calculations can fall outside typical interpretive ranges, a pattern that likely reflects a single quarter's one-off gain having an outsized effect on the denominator.
Dividends have been paid consistently in recent years, though the yield level trails the industry average.
Looking at multi-year results, a clear divide exists between the stable profit period of 2022-2023 and the more volatile earnings period of 2024-2025, a distinction that appears to be reflected to some degree in the valuation the market currently assigns.
When assessing valuation, it is worth looking beyond any single quarter's one-off items to the structural profitability recovery of the mold, parts and battery-pack segments together.
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 operates three business segments and serves a diversified customer base including Valeo, Hyundai Mobis, DAS Corp, BorgWarner Korea and Schaeffler Korea, keeping reliance on any single customer or downstream industry relatively low. This structure can partly cushion the overall results against a downturn in any one segment.
As EVs' share of European sales rose from 13.6% in 2024 to 17.4% in 2025, LG Energy Solution's Polish subsidiary has responded by expanding LFP and mid-nickel battery output and converting lines to ESS.
Nara Mold and Die's Polish subsidiary supports this customer's battery-pack production, giving it a direct exposure path to the European demand recovery.
Operating cash flow stayed in the tens-of-billions-of-won range for three consecutive years from 2022 to 2024 and remained positive in 2025 as well. The fact that cash generation held up even in the year operating profit turned negative is a point worth noting for financial stability.
Consolidated revenue peaked at KRW231.0bn in 2023 before declining for two straight years to KRW203.8bn in 2024 and KRW184.6bn in 2025. Slowing EV demand and shifting national support policies appear to have weighed on the profitability of the battery-pack segment.
2025 operating profit turned negative at -KRW0.08bn, a reversal from operating profit in the tens of billions of won in 2022-2023. Operating losses continued into 2025Q4 and 2026Q1 at -KRW3.6bn and -KRW2.82bn, respectively.
After peaking at KRW5.12bn in owners' net income in 2025Q3, the company posted three consecutive quarters of net losses: -KRW0.94bn in 2025Q4, -KRW3.11bn in 2026Q1, and -KRW0.81bn in 2026Q2. The four-quarter total was only about KRW0.26bn, leaving earnings predictability diminished.
The EV market is subject to large demand swings driven by country-specific subsidies and environmental regulations, and policy shifts in Europe or North America could directly affect Nara Mold and Die's battery-pack segment.
While European EV sales share has recently shown a recovering trend, a reversal driven by policy changes cannot be ruled out.
The Polish subsidiary is specialized in supporting LG Energy Solution's battery-pack production, making results sensitive to that customer's European strategy and utilization adjustments. Despite a broad automotive parts customer base, customer concentration within the battery-pack segment remains high.
Operating multiple overseas production entities in China, Indonesia, Poland and Mexico means currency fluctuations and changes in local regulations or labor costs can affect consolidated results.
Trade and regulatory shifts such as the EU's Industrial Acceleration Act could also become a variable for overseas subsidiary operating strategy.
Check the 2026Q3 earnings disclosure - whether the three-quarter streak of owners' net losses continues and whether revenue keeps recovering.
Review the FY2026 annual results and any FY2027 business plan or dividend policy disclosure to reassess the annual trend.
Confirm whether and how the EU's Industrial Acceleration Act takes effect - check its impact on European subsidiary volumes if local-production requirements are tightened.
Check the targeted commercial-operation timing of the LG Energy Solution-PGE Zarnowiec ESS project - a variable linked to utilization improvement at the Poland plant.
Nara Mold and Die is a KOSDAQ-listed parts and equipment maker that combines mold technology with automotive and appliance parts and EV battery-pack/ESS injection parts production.
Revenue and operating profit were in a stable profit range in 2022-2023, but revenue declined for two straight years in 2024-2025 and 2025 operating profit turned slightly negative.
Owners' net income swung sharply, jumping in 2025Q3 on a one-off factor before three consecutive quarters of losses, leaving the four-quarter total near breakeven.
Structurally, the mold segment is relatively stable while the battery-pack and battery-related segment is heavily exposed to the European and global EV demand cycle.
Recovery in European EV sales share, LG Energy Solution's ESS conversion and its PGE project in Poland, and whether the EU's Industrial Acceleration Act takes effect are cited as key variables shaping future results. Continued monitoring of upcoming quarterly disclosures and European policy and order-related news is warranted.
Report written 2026-09-05 · Data as of 2026-09-04
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