PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Green Plus posted consecutive quarterly profit turnarounds in the first and second quarters of 2026 as smart farm orders expanded and the aluminum division recovered, but the large 2025 impairment charge and recurring cash flow swings remain unresolved challenges.
Smart farm segment revenue grew 41% in 2025, and the order backlog expanded to a record level of roughly KRW 60 billion.
The aluminum division was weak in 2025 due to higher raw material costs and tariff issues, but shows signs of recovery in 2026 on price hikes and defense/power-related demand.
The 2025 consolidated net loss attributable to owners was about KRW 11.4 billion, largely driven by an approximately KRW 16 billion impairment charge on subsidiaries, a so-called 'big bath'.
Revenue, operating profit, and net income all increased in both the first and second quarters of 2026, extending the profit turnaround.
The debt-to-equity ratio rose from 74.5% in 2022 to 158.6% in 2025, increasing financial leverage.
Green Plus was founded in 1997 as an aluminum and greenhouse materials manufacturer and listed on KOSDAQ in 2019, operating today as a specialized high-tech greenhouse company.
The business is built on two pillars, an aluminum division and a smart farm division, covering the entire process from greenhouse design to materials production and construction.
The company has maintained a top ranking for multiple consecutive years in Korea's greenhouse construction capability evaluation, with design, materials, and construction handled internally.
As of the first half of 2026, revenue mix was led by greenhouse construction at about 45%, followed by aluminum extrusion at about 32%, greenhouse materials at about 11%, strawberry cultivation and distribution at about 7%, and other items at about 5%, with the construction share expanding versus the prior-year period.
Smart farm customers include public entities such as the Korea Rural Community Corporation, local governments, and agricultural technology centers, alongside young farmers, returning-to-farming individuals, and private agricultural corporations such as Farmfarm and Samtori, reflecting a mix of public and private orders.
The aluminum division produces extruded products for construction and industrial use as well as electric vehicle parts and products for defense and power-generation equipment. The company also operates a strawberry cultivation and distribution business through subsidiaries, contributing to revenue diversification.
Both divisions share exposure to external variables such as raw material prices, the timing of public-sector orders, and trade-policy issues.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩25.9B | -₩1.5B | −5.9% |
| 2025Q3 | ₩27.9B | ₩1.6B | 5.9% |
| 2025Q4 | ₩29.9B | -₩1.4B | −4.6% |
| 2026Q1 | ₩31.6B | ₩400M | 1.4% |
| 2026Q2 | ₩38B | ₩900M | 2.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩83B | ₩3.6B | -₩2.7B | 4.3% | −4.5% | 74.5% |
| 2023 | ₩58.9B | -₩8.2B | -₩14B | −13.9% | −30.2% | 110.9% |
| 2024 | ₩87.7B | ₩2.5B | ₩800M | 2.8% | 1.7% | 119.3% |
| 2025 | ₩105.7B | -₩1B | -₩11.4B | −0.9% | −28.9% | 158.6% |
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 in 2025 was KRW 105.7 billion, up about 20.5% from KRW 87.7 billion in 2024. Operating profit, however, turned negative at about -KRW 0.95 billion, with an operating margin of -0.9%.
Net loss attributable to owners widened to about KRW 11.4 billion, a sharp reversal from a KRW 0.78 billion profit in 2024, mainly due to an approximately KRW 16 billion impairment charge on subsidiaries, described by the company as a 'big bath.' On a quarterly basis, operating profit turned positive at about KRW 1.64 billion in the third quarter of 2025 with owners' net profit of about KRW 0.28 billion, but the fourth quarter swung back to an operating loss of about KRW 1.37 billion and a net loss of about KRW 9.27 billion due to the impairment.
Entering 2026, first-quarter revenue was about KRW 31.6 billion with operating profit of about KRW 0.43 billion and net profit of about KRW 0.16 billion, followed by second-quarter revenue of about KRW 38.0 billion, operating profit of about KRW 0.95 billion, and net profit of about KRW 0.70 billion, extending the growth in both revenue and profit.
Over the most recent four quarters (third quarter 2025 through second quarter 2026), cumulative net profit attributable to owners remained in a loss of about KRW 8.14 billion, indicating the fourth-quarter impairment's impact has not yet been fully offset.
Between 2022 and 2023, revenue fell sharply from KRW 83.0 billion to KRW 58.9 billion with an operating loss of about KRW 8.2 billion, reflecting recurring earnings volatility tied to the nature of construction projects.
On the cash flow side, operating cash flow turned negative again at about -KRW 2.05 billion in 2025, reversing from a positive KRW 4.33 billion in 2024.
Korea's smart farm industry is seeing rising greenhouse construction orders, supported by an aging farming population, labor shortages, and government policies to expand smart agriculture and build smart farm innovation valleys.
In the public sector, rental-type and region-specific smart farms, as well as return-to-farming settlement projects ordered by the Korea Rural Community Corporation and local governments, continue to be supplied steadily.
In the private sector, demand is growing for high-spec glass greenhouses among young farmers and existing agricultural corporations focused on productivity and large-scale operations.
With its recent order win in Jeju, Green Plus has secured smart farm order and construction track records across every province in the country, giving it an edge in regional coverage.
The aluminum industry continues to grow domestically and globally on diversified demand from electric vehicles, defense, and energy facilities.
The aluminum division, however, remains sensitive to raw material price swings and trade-policy issues such as tariffs, and a recurrence of temporary revenue disruptions similar to 2025 cannot be ruled out.
Given the nature of the construction and building materials sector, revenue recognition timing tends to be spread out depending on public-sector order schedules and budget allocations.
The company said it held a record smart farm order backlog of roughly KRW 60 billion at the end of 2025, with most expected to be recognized as 2026 revenue.
Since then, additional public and private orders have replenished the backlog, including projects in Yecheon, North Gyeongsang (KRW 8.77 billion), Buyeo and Boseong (KRW 7.4 billion), Sangju and Nonsan (KRW 3.1 billion plus KRW 2.6 billion), and a return-to-farming settlement complex in Hapcheon, South Gyeongsang.
Winning the Jeju smart farm education center order also completed the company's order and construction track record across all provinces, providing a base for further regional expansion.
In the aluminum division, the company said it received supply requests for about 1,000 tons in 2026 from six defense- and power-related companies, more than 180% higher than the prior year. To address costs, it implemented selling-price increases totaling about KRW 1,000 per kilogram in two rounds in January and March.
Management has framed 2026 as a period for the aluminum division to return to profitability while reinforcing its medium- to long-term growth base.
The company has also completed development of an infrared-blocking coating material targeted at the Middle East and equatorial-belt regions and plans on-site verification testing in the UAE as part of overseas commercialization efforts.
Green Plus's cumulative net profit attributable to owners over the most recent four quarters remains in a loss, making a simple price-to-earnings comparison difficult. Its price-to-book ratio sits close to net asset value, meaning the stock trades without a pronounced premium or discount relative to book value.
The company currently pays no dividend, so it cannot be approached on the basis of dividend appeal.
While consecutive quarterly profit turnarounds were confirmed in the first and second quarters of 2026 following the large 2025 impairment, the historically wide swings in quarterly earnings suggest that confirming the durability of the recovery going forward will be important.
Looking at its historical trading range overall, valuation multiples have tended to move together with swings in earnings performance.
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
With smart farm segment revenue growing 41% in 2025, the company said it secured a record order backlog of roughly KRW 60 billion. Public and private orders in Yecheon, Buyeo, Boseong, Sangju, and Nonsan have continued replenishing the backlog into recent months.
Entry into Jeju completed its order track record across all provinces, laying a foundation for further regional expansion.
The aluminum division, weak in 2025 due to higher raw material costs and tariff issues, shows signs of recovery in 2026 on expanding defense and power-related demand and price increases.
The company said it received supply requests from six defense- and power-related companies that were more than 180% higher year over year. Revenue and profit growth alongside a profit turnaround were confirmed in both the first and second quarters of 2026.
Government policies to expand smart agriculture and build smart farm innovation valleys have continued to drive greenhouse construction orders higher. Labor shortages tied to an aging farming population also act as a structural factor supporting demand for smart farm conversion. Steady orders from public institutions contribute to the stability of the revenue base.
Aluminum raw material prices rose about 31%, and an electric vehicle tariff issue temporarily halted some revenue from September to December 2025, meaning similar risks could recur. Aluminum division earnings remain directly exposed to shifts in the raw-material and trade environment. Price increases alone may not be enough to fully offset cost pressure.
In 2025, the company recognized an approximately KRW 16 billion impairment charge on subsidiaries, a 'big bath,' widening the net loss attributable to owners to about KRW 11.4 billion. A fourth-quarter net loss of about KRW 9.27 billion offset much of the third-quarter profit turnaround. A recurrence of similar balance-sheet cleanup measures cannot be ruled out.
A significant portion of smart farm revenue depends on public-sector orders from the Korea Rural Community Corporation and local governments, so revenue recognition is influenced by the timing and scale of budget allocations.
While private orders are growing, the public-sector share remains large, leaving exposure to policy and budget changes.
The debt-to-equity ratio rose steadily from 74.5% in 2022 to 119.3% in 2024 and 158.6% in 2025. Breaking equity into controlling and non-controlling interests shows non-controlling equity at about -KRW 2.09 billion, indicating accumulated losses related to subsidiaries. Rising financial leverage could affect interest burden and future financing conditions.
Operating cash flow swung from a positive KRW 8.62 billion in 2022 to -KRW 4.83 billion in 2023, back to a positive KRW 4.33 billion in 2024, and then -KRW 2.05 billion in 2025.
Revenue growth and cash generation have not always moved in the same direction, and differences in payment collection timing tied to construction progress can affect results.
Commercialization of the infrared-blocking coating material for the Middle East and equatorial-belt regions, along with related overseas expansion plans, remains at the verification and testing stage.
If the planned commercialization timeline is delayed or scaled back, the expected contribution from overseas revenue could be pushed further out.
Check the third-quarter (July-September) earnings disclosure to see whether aluminum price increases and defense-related demand are reflected, and how quickly smart farm revenue is being recognized.
This is the scheduled completion date for the Yecheon rental-type smart farm project (contract value KRW 8.77 billion); confirm whether related revenue recognition is completed.
Assess how much of the roughly 1,000-ton defense- and power-related aluminum supply request is actually reflected in revenue and margins.
Review the confirmed 2026 consolidated annual report to check the annual revenue and backlog realization rate and whether any impairment charges recur.
Green Plus recorded consecutive profit turnarounds in the first and second quarters of 2026 as smart farm order expansion coincided with recovering prices and demand in the aluminum division.
However, 2025 saw an annual operating loss and a net loss of about KRW 11.4 billion attributable to owners, driven by aluminum raw material and tariff issues combined with a subsidiary impairment charge, so recovering quarterly trends coexist with substantial earnings volatility.
A smart farm order backlog of roughly KRW 60 billion and expanding aluminum supply to defense and power-related customers improve revenue visibility going forward, but dependence on public-sector orders and exposure to raw material and trade conditions remain variables.
On the financial side, the debt-to-equity ratio rose from 74.5% in 2022 to 158.6% in 2025, and operating cash flow has repeatedly flipped in sign, warranting attention to cash management.
Cumulative net profit attributable to owners over the most recent four quarters remains in a loss, indicating the fourth-quarter impairment's effects have not been fully offset.
Going forward, it will be important to track upcoming quarterly earnings disclosures, whether the aluminum division sustains profitability, and how quickly the smart farm backlog is converted into recognized revenue.
Report written 2026-09-05 · Data as of 2026-09-04
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