PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩60 per share · Prices as of the 2026-10-02 close
Woory Industrial Holdings has posted four straight years of revenue growth through its EV thermal-management subsidiary Woory Industrial, but profitability clearly weakened in the second quarter of 2026, underscoring quarter-to-quarter volatility.
2025 consolidated revenue reached KRW 705.0bn with operating profit of KRW 34.2bn, marking a fourth straight year of revenue growth and profit expansion
Second-quarter 2026 operating profit fell to KRW 1.5bn and net income attributable to owners turned negative, breaking the prior improvement trend
High-voltage PTC heaters for EV/FCEV cabin heating are the core product, with a global customer base including Hyundai, Kia, Mercedes-Benz, Tesla, and Rivian
A Georgia, US plant completed in early 2024 serves as a production and sales hub to strengthen the North America response
As a pure holding company, actual operating performance depends entirely on subsidiary Woory Industrial
Woory Industrial Holdings is a pure holding company established in 2015 through a spin-off of the auto parts business from Woory Industrial Co., generating revenue mainly from investment income, brand fees, management advisory fees, and rental income.
Actual manufacturing and sales operations are handled by its KOSDAQ-listed subsidiary Woory Industrial, with the holding company overseeing the auto parts business through one domestic and eight overseas subsidiaries.
The core product is a high-voltage PTC heater used for cabin heating in electric and fuel-cell vehicles, featuring an integrated heater-and-control package built on the resistance characteristics of PTC elements.
The group also produces coolant heaters, HVAC actuators for climate control, and clutch coils, positioning it as a specialist in vehicle thermal-management and climate-control components.
Major customers include Hyundai, Kia, Ford, Tesla, Rivian, BMW, Mercedes-Benz (Daimler), Stellantis, and Nio, along with indirect supply channels through Tier-1 suppliers such as Germany's Mahle.
In 2023 the company secured a new high-voltage PTC heater order from Mahle for European automakers, reportedly worth roughly KRW 100 billion over several years.
To address the North America market, the company completed a sales and production plant in Georgia, US in early 2024, and has since relocated its existing sales subsidiary there to serve as an integrated production and sales base while expanding local operations.
In the domestic EV heater market, Woory Industrial competes with Daewoo Precision and Jahwa Electronics, and has been regarded as a leader given its long track record since localizing PTC heater production in 2005.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩183.1B | ₩12B | 6.6% |
| 2025Q3 | ₩175B | ₩9.9B | 5.7% |
| 2025Q4 | ₩172.5B | ₩6.9B | 4.0% |
| 2026Q1 | ₩171.9B | ₩8.6B | 5.0% |
| 2026Q2 | ₩177.3B | ₩1.5B | 0.8% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩495.5B | -₩19.8B | -₩18.3B | −4.0% | −14.7% | 116.5% |
| 2023 | ₩575.3B | ₩21.3B | ₩15.2B | 3.7% | 11.6% | 143.7% |
| 2024 | ₩645.3B | ₩15B | ₩1.3B | 2.3% | 1.0% | 146.8% |
| 2025 | ₩705B | ₩34.2B | ₩19B | 4.9% | 13.4% | 141.0% |
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 for four consecutive years, from KRW 495.5bn in 2022 to KRW 575.3bn in 2023, KRW 645.3bn in 2024, and KRW 705.0bn in 2025.
Operating profit swung from a loss of KRW 19.8bn in 2022 to a profit of KRW 21.3bn in 2023, eased to KRW 15.0bn in 2024, then expanded to KRW 34.2bn in 2025, with the operating margin moving from -4.0% to 3.7%, 2.3%, and back up to 4.9% over the period.
Net income attributable to owners also swung sharply, turning positive at KRW 15.2bn in 2023 from a loss of KRW 18.3bn in 2022, dropping to just KRW 1.3bn in 2024, then recovering to KRW 19.0bn in 2025.
On a quarterly basis, after posting revenue of KRW 183.1bn, operating profit of KRW 12.0bn, and owners' net income of KRW 2.3bn in the second quarter of 2025, the third quarter saw revenue decline to KRW 175.0bn yet operating profit and net income improved sharply to KRW 9.9bn and KRW 9.2bn, respectively.
However, fourth-quarter operating profit eased to KRW 6.9bn, stayed around KRW 8.6bn in the first quarter of 2026, and then fell sharply to KRW 1.5bn in the second quarter of 2026 on revenue of KRW 177.3bn, with owners' net income turning negative at roughly KRW -0.1bn.
This indicates that the profit-improvement trend running from the third quarter of 2025 through the first quarter of 2026 reversed in the second quarter of 2026, with revenue holding up better than profitability.
The sum of owners' net income over the most recent four quarters (Q3 2025 through Q2 2026) was approximately KRW 18.7bn, close to the full-year 2025 figure of KRW 19.0bn.
On the cash-flow side, 2025 operating cash flow of KRW 45.3bn exceeded net income of KRW 19.0bn, while in 2024 operating cash flow of KRW 52.0bn far exceeded the much smaller net income of KRW 1.3bn, highlighting a gap between reported earnings and cash generation in that year.
Automotive PTC heaters have seen structurally rising demand alongside the spread of EVs and fuel-cell vehicles, serving as key thermal-management devices that provide cabin heating and battery preheating in vehicles that lack the waste heat of an internal combustion engine.
South Korea's PTC heater market has been estimated to have grown from about KRW 686.5bn in 2017 to roughly KRW 1.43 trillion around 2022, expanding in tandem with EV production growth.
Global automakers' electrification strategies have also supported demand; for example, Mercedes-Benz previously stated a plan to launch all new models as EVs by 2025 and to convert its entire lineup to EVs by 2030.
In the early days, high entry barriers meant Woory Industrial was the only domestic producer of high-voltage EV PTC heaters, alongside a handful of firms such as Germany's Catem, though competition has broadened as automakers expanded their EV lineups.
The global high-voltage PTC heater market now includes a range of parts and electronics makers such as Eberspacher, Mitsubishi Heavy Industries, BorgWarner, LG Electronics, and the Mahle Group, intensifying competition compared with the past.
Domestically, Woory Industrial competes with Daewoo Precision and Jahwa Electronics, and is regarded as having maintained a leadership position built on its track record since localizing PTC heater production in 2005.
That said, adjustments to automakers' EV production plans or slower EV sales feed through directly to component order volumes, a sensitivity that has also been visible in recent quarterly results.
The company has built revenue visibility through a series of long-term supply agreements. It previously secured a six-year, KRW 130.2bn PTC heater supply deal with Hyundai and Kia, followed by an eight-year, KRW 254.2bn agreement with a European parts maker.
It was also selected as a supplier to Hyundai Motor Group's North America and Europe operations for eight-year and seven-year contracts worth KRW 81.3bn and KRW 119.8bn, respectively, strengthening its revenue base in those regions.
Most of these multi-year contracts were signed in the early-to-mid 2020s and are understood to still be in their delivery periods, feeding sequentially into revenue.
On the production side, the Georgia, US plant completed in early 2024 serves as a key North America EV production hub, positioned near global automakers' dedicated EV plants, including Hyundai Motor Group's, to support parts supply and cost efficiency.
More recently, the company reportedly relocated its existing sales subsidiary to Georgia to serve as a new combined production and sales base. Management has stated its intention to keep raising the share of EV-related components in total revenue in response to growing global EV demand.
However, the profit slowdown seen in the second quarter of 2026 suggests that shifts in automakers' production and sales trends can feed through to supplier results with a time lag, making it important to track quarterly results in the second half for signs of recovery.
Based on owners' net income over the most recent four quarters, the stock trades at a multiple below the company's net asset value, with the share price sitting under book value per share.
However, sharp quarterly swings—including a return to loss for owners in the second quarter of 2026 after profitability recovered from 2022's loss through 2023-2025—make it difficult to extend any single period's earnings into a straightforward valuation read.
Because most revenue and profit under the holding structure originate from subsidiary Woory Industrial, changes in the subsidiary's order intake and utilization rates flow directly into the holding company's equity-method income and dividend capacity.
Dividends depend on the holding company's own revenue model of subsidiary dividend income and brand fees, meaning year-to-year swings in net income can also affect dividend policy.
As a result, the valuation multiples currently observed can be read as reflecting both a discount to net asset value and ongoing earnings volatility.
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 in an industry with structurally growing demand for PTC heaters used in cabin heating and battery preheating as EV and fuel-cell vehicle adoption expands.
Its customer base is diversified across Hyundai, Kia, Ford, Tesla, Rivian, BMW, Mercedes-Benz, Stellantis, and Nio, limiting dependence on any single automaker. It also has indirect supply channels through Tier-1 suppliers such as Mahle.
The company has secured multiple long-term supply agreements, including a six-year, KRW 130.2bn deal with Hyundai and Kia and an eight-year, KRW 254.2bn agreement with a European parts maker.
It was also selected as a supplier to Hyundai Motor Group's North America and Europe operations, broadening its regional revenue base. These contracts are being recognized sequentially into revenue, which can partly buffer short-term order volatility.
Consolidated revenue increased for four consecutive years from 2022 through 2025, and operating profit expanded from a loss in 2022 to KRW 34.2bn in 2025. The operating margin improved from -4.0% to 4.9% over the period. In 2025, operating cash flow exceeded net income, confirming the cash-generating quality of reported earnings.
The profit-improvement trend that ran from the third quarter of 2025 through the first quarter of 2026 reversed in the second quarter of 2026, with operating profit falling to KRW 1.5bn and owners' net income turning negative. Revenue held at KRW 177.3bn, but profit defense clearly weakened. Whether this is temporary or a developing trend needs confirmation from subsequent quarterly results.
A significant portion of revenue is tied to a limited number of automakers' EV model production and sales plans. If an automaker adjusts EV output or sees slower sales, component order volumes are affected almost immediately. The recent earnings slowdown can be read as partly reflecting this sensitivity to downstream demand.
Woory Industrial Holdings itself conducts no manufacturing or sales operations, so consolidated results depend entirely on the business performance of subsidiary Woory Industrial.
In a parent-subsidiary dual-listing structure, subsidiary performance may not always be fully reflected from the parent shareholders' perspective. As a smaller-cap issue, trading liquidity may also be more limited, which is worth factoring in.
Changes in downstream automakers' EV production and sales plans directly affect component order volumes. Shifts in EV subsidy and tariff policy in major markets such as the United States and Europe are also variables that can influence the demand path.
If profit slowdowns similar to the second quarter of 2026 recur, uncertainty around annual earnings estimates could increase.
A high share of revenue from overseas automakers and parts suppliers exposes the company to KRW/USD and KRW/EUR exchange-rate fluctuations. Changes in raw material costs, such as ceramic materials, can directly affect the cost structure.
Fluctuations in labor and logistics costs tied to operating overseas production sites such as the Georgia plant are also factors that can influence margins.
In a structure where both the holding company and its subsidiary are listed, the parent's share price may not fully capture the subsidiary's fundamentals. Changes in the subsidiary's dividend policy or in how equity-method income is recognized can indirectly affect the parent's results.
From a minority shareholder perspective, potential conflicts of interest between the holding company and its subsidiary remain a governance variable to monitor.
The 2026 third-quarter (July-September) consolidated results are due for disclosure. This is the point to check whether the sharp operating-profit decline and net loss seen in the second quarter of 2026 continues or reverses.
The 2026 annual business report and full-year financial results are expected to be disclosed. This is when fourth-quarter results and the annual operating margin trend are finalized, allowing an assessment of the full 2026 earnings pattern.
IR materials and disclosures on the utilization and expansion of the Georgia, US plant should be checked to track progress on North America capacity growth and its revenue contribution.
Disclosures of any new long-term supply contracts with Hyundai, Kia, or European and North American automakers should be checked to assess whether EV component order momentum continues.
Woory Industrial Holdings is a pure holding company that controls subsidiary Woory Industrial, a producer of automotive PTC heaters and related thermal-management and climate-control components.
Consolidated revenue rose for four consecutive years from KRW 495.5bn in 2022 to KRW 705.0bn in 2025, and operating profit expanded from a loss in 2022 to KRW 34.2bn in 2025, reflecting an earnings turnaround.
Quarterly trends have been volatile, however, with the profit-improvement trend running from the third quarter of 2025 reversing in the second quarter of 2026, when operating profit fell to KRW 1.5bn and owners' net income turned negative.
Multi-year supply agreements with Hyundai, Kia, Mercedes-Benz, and Mahle, along with North America responsiveness through the Georgia plant, are cited as positive factors supporting the revenue base, but the structure remains sensitive to changes in automakers' electrification production plans.
Given the holding company's dependence on subsidiary Woory Industrial for actual performance, third-quarter results and the status of the North America plant's utilization are likely to be key monitoring points going forward.
This report does not present an investment recommendation or target price and is provided for informational purposes only.
Report written 2026-09-05 · Data as of 2026-09-04
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