PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Intergis returned to profit in the first half of 2026 after a loss in the fourth quarter of 2025, but its operating margin has continued a declining trend since 2022.
Consecutive profits in Q1 and Q2 2026, with Q2 revenue the highest of the past five quarters
Operating and net losses recorded in Q4 2025, widening annual earnings volatility
Operating margin declined from 4.9% in 2022 to 2.8% in 2025
New CEO from Dongkuk Steel's sales division appointed in January 2026 to strengthen sales capability
Overseas network continues to expand through subsidiaries in Thailand, the United States, Japan, and Poland
Intergis is the logistics affiliate of the Dongkuk Steel group, operating four business segments: port handling, land transport, sea transport, and forwarding. Its largest shareholder is Dongkuk Holdings, which holds more than 48% of shares.
The port handling business covers container, bulk, and general cargo, while land transport handles steel products and import/export containers.
Sea transport is centered on raw material shipping for Dongkuk Steel and Dongkuk CM, and the forwarding business covers transport, customs clearance, insurance, and documentation for import/export cargo.
The company operates from major ports including Busan, Pohang, Incheon, and Dangjin, and has expanded its global network through overseas subsidiaries in Thailand (established 2024), the United States, Japan, Mexico, and Poland (established March 2026).
In January 2026, a new CEO with a sales background at Dongkuk Steel was appointed, marking a generational change aimed at strengthening commercial capability. The company has also placed newbuild vessel orders to expand its small and midsize fleet, aiming to better manage shipping rate volatility.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩182.8B | ₩7.7B | 4.2% |
| 2025Q3 | ₩177.1B | ₩5.2B | 3.0% |
| 2025Q4 | ₩175.2B | -₩1.4B | −0.8% |
| 2026Q1 | ₩194.5B | ₩3.5B | 1.8% |
| 2026Q2 | ₩224.4B | ₩7.9B | 3.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩720B | ₩35.4B | ₩30.8B | 4.9% | 12.3% | 70.2% |
| 2023 | ₩611.6B | ₩23B | ₩13.4B | 3.8% | 5.2% | 62.4% |
| 2024 | ₩701.2B | ₩23.9B | ₩14.3B | 3.4% | 5.0% | 63.0% |
| 2025 | ₩709B | ₩19.8B | ₩9.8B | 2.8% | 3.4% | 68.5% |
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 fell sharply from KRW 719.98 billion in 2022 to KRW 611.64 billion in 2023, then recovered to KRW 701.17 billion in 2024 and KRW 708.98 billion in 2025.
Operating profit, however, moved in the opposite direction, declining from KRW 35.41 billion in 2022 to KRW 23.03 billion in 2023, KRW 23.86 billion in 2024, and KRW 19.76 billion in 2025, with operating margin falling for four consecutive years from 4.9% to 3.8%, 3.4%, and 2.8%.
Net income attributable to owners also dropped sharply, from KRW 30.81 billion in 2022 to KRW 9.83 billion in 2025.
On a quarterly basis, after a moderate slowdown from Q2 2025 (revenue KRW 182.8 billion, operating profit KRW 7.67 billion, owners' net income KRW 5.32 billion) to Q3 2025 (KRW 177.1 billion / KRW 5.24 billion / KRW 4.29 billion), the company swung to a quarterly operating loss of KRW 1.45 billion and a net loss of KRW 5.47 billion in Q4 2025 on revenue of KRW 175.2 billion.
It then returned to consecutive profits in Q1 2026 (revenue KRW 194.5 billion, operating profit KRW 3.48 billion, net income KRW 2.82 billion) and Q2 2026 (revenue KRW 224.4 billion, operating profit KRW 7.94 billion, net income KRW 5.47 billion), with Q2 revenue marking the highest level among the past five quarters.
Combined owners' net income over the trailing four quarters (Q3 2025 through Q2 2026) stood at approximately KRW 7.11 billion, suggesting the impact of the Q4 loss has not been fully offset.
On the balance sheet, the debt ratio rose to 68.5% in 2025 from 62.4% in 2023 and 63.0% in 2024, while operating cash flow improved to KRW 34.28 billion in 2025 from KRW 24.57 billion in 2024.
Intergis's performance is closely tied to steel cargo volumes and the shipping rate cycle. The World Steel Association forecasts global steel demand of 1.7725 billion tonnes in 2026, up 1.3% year over year, and industry observers see a moderate recovery in steel demand in the second half of 2026 as a possibility.
However, the OECD has warned that global excess steelmaking capacity could expand to 721 million tonnes by 2027, and global GDP growth in 2026 is projected at only 2.9%, suggesting the recovery is likely to be gradual rather than a strong upturn.
Changes in production and shipment volumes at affiliates Dongkuk Steel and Dongkuk CM directly affect Intergis's land and sea transport revenue.
In port handling, securing container and bulk cargo volume is key amid competition with major domestic port operators, while the forwarding and overseas logistics segment competes with global integrated logistics providers.
The company is pursuing business diversification by expanding 2PL/3PL services in Southeast Asia and Europe through new overseas subsidiaries in Thailand and Poland.
The company continues to expand its European logistics network through the March 2026 establishment of a Polish subsidiary, while its Thailand subsidiary, set up in 2024, is being used to strengthen 2PL/3PL services in Southeast Asia.
The newbuild vessel orders to expand the small and midsize fleet are seen as a move to improve resilience against shipping rate volatility.
The company is also reported to be pursuing a smart port initiative involving automated and eco-friendly handling and transport systems in line with the development of Jinhae New Port.
The new CEO appointed in January 2026, who built a career in domestic and overseas sales at Dongkuk Steel, is expected to focus on strengthening commercial capability.
The consecutive profits in Q1 and Q2 2026 suggest a recovery from the temporary weakness in Q4 2025, but whether this trend continues in the second half will need to be confirmed by subsequent quarterly results.
With the steel industry expected to enter a moderate recovery phase, the pace of affiliate cargo volume recovery and the earnings contribution from overseas subsidiaries are likely to be key variables for future performance.
Based on five-year historical averages, the price-to-book ratio has generally traded around 0.3 times and the price-to-earnings ratio around 5 times, providing a reference point against which the current trading multiples can be compared.
The stock tends to trade below net asset value, a pattern that is common among logistics companies where profitability improvement relative to asset base has been slow.
Owners' net income has shown a clear downward trend in direction since 2022 but has shown signs of recovery in the first half of 2026, making subsequent quarterly results a key gauge of whether this recovery is sustained.
Dividends have historically remained at a level not low relative to the sector on a five-year average basis, but continuation of payouts is a matter to be confirmed each year through board resolutions tied to earnings recovery.
Ultimately, how the current valuation level is interpreted may depend on whether the earnings recovery proves temporary or structural.
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
Following an operating and net loss in Q4 2025, the company returned to profit in both Q1 and Q2 2026. Q2 2026 revenue of KRW 224.4 billion was the highest of the past five quarters, and operating profit of KRW 7.94 billion exceeded the Q2 2025 level of KRW 7.67 billion. This suggests the Q4 weakness may have been closer to a temporary factor.
The company has expanded its overseas footprint with new subsidiaries in Thailand in 2024 and Poland in March 2026, in addition to existing entities in the United States, Japan, and Mexico.
This continued geographic expansion into Southeast Asia and Europe can be viewed as an attempt to diversify away from reliance on domestic steel cargo volumes.
In January 2026, a new CEO with domestic and international sales experience at Dongkuk Steel was appointed. This has been accompanied by newbuild vessel orders to expand the small and midsize fleet, indicating a simultaneous push to strengthen sales capability and improve responsiveness to shipping rate fluctuations.
Operating margin fell continuously from 4.9% in 2022 to 3.8% in 2023, 3.4% in 2024, and 2.8% in 2025. While revenue recovered in 2024-2025, this did not translate into margin improvement, suggesting cost pressures or segment-level profitability gaps may remain structural.
The Q4 2025 operating loss of KRW 1.45 billion and net loss of KRW 5.47 billion revealed significant quarterly earnings volatility.
Combined owners' net income over the trailing four quarters (approximately KRW 7.11 billion) also falls short of the full-year 2025 figure of KRW 9.83 billion, making it premature to call this a complete recovery.
Annual revenue has remained largely flat around KRW 700 billion, with sea and land transport revenue heavily dependent on cargo volumes from Dongkuk Steel and Dongkuk CM. A prolonged slowdown in production or exports at these affiliated steelmakers could constrain revenue growth.
A significant portion of sea and land transport revenue is linked to raw material and product cargo volumes from Dongkuk Steel and Dongkuk CM. Production adjustments or export weakness at these affiliated steelmakers could directly affect Intergis's revenue and profit.
The business structure's reliance on a specific group remains a risk if diversification toward external customers proceeds slowly.
The sea transport business is exposed to bulk shipping rate fluctuations, and while the company is responding through newbuild vessel orders, fleet expansion carries investment costs. Changes in fuel and other transport costs can also affect margins.
The debt ratio rising to 68.5% in 2025 from the prior year is also worth noting from a financial capacity perspective.
The OECD has warned that global excess steelmaking capacity could continue to expand through 2027, and the global economic growth forecast for 2026 stands at only 2.9%. If steel demand recovery is slower than expected, the recovery in affiliate cargo volumes could also be delayed.
Q3 2026 earnings disclosure — check whether the consecutive profit trend from Q1 and Q2 continues into Q3
Check whether the large loss recorded in the same period last year (Q4 2025) recurs and whether its cause was temporary or structural
Monitor the early earnings contribution from new overseas subsidiaries such as Poland and Thailand, and progress on the Jinhae New Port smart port project
2026 annual business report and board dividend resolution disclosure — check whether the earnings recovery is reflected in dividend policy
Trends in production and export cargo volumes at Dongkuk Steel and Dongkuk CM — can be indirectly checked through the affiliated steelmakers' earnings releases
Intergis showed signs of recovery by returning to consecutive profits in Q1 and Q2 2026 after a temporary loss in Q4 2025, but it continues to face the structural challenge of operating margin declining for four consecutive years since 2022.
With revenue substantially tied to cargo volumes from affiliated steelmakers Dongkuk Steel and Dongkuk CM, the pace of any steel industry recovery is likely to be a key variable for future performance.
The expansion of overseas subsidiaries in Thailand and Poland, along with the new CEO's efforts to strengthen sales capability, can be viewed as long-term diversification efforts, while the investment burden from newbuild vessel orders and a higher debt ratio serve as financial counterweights.
The fact that combined net income over the trailing four quarters falls somewhat short of the full-year figure suggests it may still be premature to view the recovery as complete.
Ultimately, the key to evaluating this stock lies in whether quarterly results in the second half of 2026 and beyond can sustain the recovery seen in the first half, and whether the margin decline trend can be reversed.
Report written 2026-09-05 · Data as of 2026-09-04
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