Almac

Founded in 1973 as Gyeongnam Metal, Almac is an aluminum extrusion and materials specialist with more than five decades of history that listed on KOSDAQ in June 2023.

Its core business is aluminum extrusion parts for electric vehicles, centered on battery module cases, battery pack frames, EV platform frames and aluminum billets.

Almac's products are supplied through battery makers such as LG Energy Solution and SK On to global EVs including GM, Rivian and Lucid, and the company holds the number-one domestic market share in aluminum extrusion module cases that protect batteries from impact.

Automakers including Volkswagen, Audi, Porsche and Jaguar Land Rover are also customers, and in January 2026 Almac passed Stellantis' supplier qualification review, opening the door to supplying bumpers, side sills and battery packs.

Through three domestic production bases in Changwon (extrusion), Miryang (Almac Korea) and Sacheon (AR Aluminum, casting plus extrusion), the company has built a vertically integrated system spanning billet casting, extrusion, processing and surface treatment, with an estimated production capacity of roughly KRW 450 billion in value.

More recently, Almac has expanded beyond EV parts into aerospace components (satellite and launch-vehicle parts) and high-power infrastructure (high-conductivity aluminum conductors), while pursuing North American expansion by operating a logistics plant in Alabama and acquiring a former Nucor-affiliated facility in Eufaula for phased installation of extrusion and processing equipment.

Domestic competitors in aluminum extrusion and die-casting include Samkee EV, Hanju Lightmetal and Sema Mechanics, though Almac emphasizes differentiation through ultra-precision extrusion technology and certified Crash Alloy impact-absorption materials.

On an annual basis, Almac posted revenue of KRW 156.8bn, operating profit of KRW 11.3bn and net income attributable to owners of KRW 5.48bn in 2022, before revenue peaked at KRW 216.0bn in 2023 with a 7.3% operating margin; however, non-operating factors including derivative valuation losses pushed net income attributable to owners to a loss of KRW 6.77bn that year.

In 2024, revenue fell to KRW 156.9bn and operating profit was negative at KRW 2.74bn, yet net income attributable to owners actually turned positive at KRW 0.66bn.

In 2025, revenue grew 19.7% to KRW 187.8bn and operating profit turned positive at KRW 6.22bn, but net income attributable to owners fell back into negative territory at KRW 1.31bn, showing a divergence between operating profit and bottom-line results.

On a quarterly basis, revenue of KRW 48.49bn, operating profit of KRW 2.80bn (5.8% margin) and net income attributable to owners of KRW 1.64bn in the second quarter of 2025 eased slightly to KRW 44.55bn, KRW 2.25bn (5.0%) and KRW 1.22bn in the third quarter, before the fourth quarter recorded a sharp swing to an operating loss of KRW 0.57bn (-1.3%) and a net loss attributable to owners of KRW 4.57bn, dragging down full-year results.

The first quarter of 2026 then delivered the strongest quarter of the five-quarter window, with revenue of KRW 50.65bn, operating profit of KRW 2.81bn (5.6%) and net income attributable to owners of KRW 3.86bn, while the second quarter posted the highest revenue in the window at KRW 55.22bn but slightly lower operating profit of KRW 2.60bn (4.7%) and net income of KRW 2.76bn.

The sum of net income attributable to owners over the trailing four quarters (Q3 2025 through Q2 2026) was KRW 3.25bn, underscoring continued quarter-to-quarter volatility.

The EV market, Almac's core end demand, continues to grow but is passing through a demand-growth slowdown often referred to as a 'chasm,' a variable that could affect the company's existing core revenue from battery module and pack cases.

On the other hand, analysts note that aluminum's light weight and high strength are driving rapidly expanding demand not only in EVs but also in advanced industries such as aerospace and robotics.

With copper prices surging recently amid a data center demand boom and supply chain issues, some analysis suggests Almac's high-conductivity aluminum material, priced three to four times cheaper than copper while minimizing power loss, is emerging as an alternative.

In aerospace, the number of suppliers able to meet the high-strength, heat-resistant and lightweight requirements for satellites and launch vehicles is limited, putting established aluminum leaders like Almac, which already hold relevant certifications and ultra-precision extrusion technology, in a relatively favorable position according to industry commentary.

On the trade policy front, Almac received a zero-dumping-margin ruling in a U.S. Department of Commerce anti-dumping investigation on aluminum extrusions, a more favorable outcome than the tariffs imposed on other domestic firms, which also shapes the competitive landscape.

Within Korea's aluminum extrusion and parts sector, companies such as Samkee EV, Hanju Lightmetal and Sema Mechanics compete in similar EV lightweighting parts markets, while in adjacent segments such as aluminum foil, names like Samah Aluminum are also cited as beneficiaries of rising aluminum prices.

The company and several brokerages have positioned 2026 as a year of earnings growth driven by the resolution of low-margin backlog, full commercial production at the Sacheon plant, and the initial contribution of new businesses.

Meritz Securities forecast in a May report that 2026 consolidated revenue and operating profit would reach KRW 241.8bn and KRW 15.4bn, respectively, up 28.7% and 147.8% year over year.

In the space business, a first sample passed physical property testing in February 2026, and qualification testing at the component stage for a second sample is ongoing, with the industry expecting initial-volume supply in the second half depending on the outcome.

However, a rumor that qualification testing had failed with a key customer spread in May 2026 and triggered a sharp share price drop; one brokerage characterized the rumor as unfounded and said testing was proceeding smoothly, though the final result and timing of mass production conversion still need to be confirmed.

Expansion of the North American production base is also in progress: after operating a logistics plant in Montgomery, Alabama, Almac completed the acquisition of a former Nucor-affiliated plant in Eufaula and plans to phase in extrusion and processing equipment to begin supplying North American automotive, defense and energy customers from the fourth quarter of 2027.

Whether new orders for bumpers, side sills and battery packs materialize following Stellantis supplier qualification, and the pace of order growth for high-conductivity aluminum conductors in data center and ESS applications, are additional variables likely to shape the earnings path ahead.