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
As core subsidiary Taeyoung Construction approaches the final stage of its debt workout, TY Holdings' consolidated results are narrowing losses but have yet to return to profitability.
2025 consolidated revenue was KRW 79.2bn with an operating loss of KRW 34.6bn, narrower than the KRW 80.9bn operating loss in 2024.
Operating profit turned positive at KRW 5.1bn in 2026Q2, but net loss attributable to owners has persisted for four consecutive quarters.
Core subsidiary Taeyoung Construction filed for a creditor-led workout in December 2023, with the implementation agreement set to expire in May 2027.
The Korea Communications Commission's corrective order for TY Holdings to divest its 36.92% SBS stake has remained undecided for over a year and a half.
The debt ratio declined from 137.9% in 2023 to 76.8% in 2025.
TY Holdings is a pure holding company established in 2020 through the spin-off of Taeyoung Construction's investment business, with its core function being the management of and investment in subsidiary equity stakes.
Its major consolidated subsidiaries include broadcaster SBS, leisure operator Blueone, construction firm Taeyoung Construction, and grain-handling company Pyeongtaek Silo.
The broadcasting segment generates advertising and content revenue through SBS and affiliated channels such as SBS Medianet, though a Korea Communications Commission regulatory issue over the divestment of TY Holdings' SBS stake remains an unresolved governance variable.
The leisure segment is run by Blueone, which operates golf courses, with expanded leisure time and rising outdoor sports demand cited as favorable industry conditions since the pandemic.
Pyeongtaek Silo, which handles grain distribution, had a portion of its equity sold to private equity firm KKR in 2024 as part of fundraising to support Taeyoung Construction's workout.
Ecobit, the environmental services business (including TSK Corporation) that was formerly one of the group's most profitable assets, had its stake liquidated as part of the workout self-rescue plan and is no longer consolidated.
Taeyoung Construction, once the group's core construction arm, filed for a creditor-led workout in December 2023 due to project-financing defaults and remains under creditor management, while the terrestrial broadcasting advertising market faces structural pressure from ad-spend migration to new media and slow economic growth.
As a result of this portfolio restructuring, TY Holdings' consolidated revenue composition is shifting away from its former construction-centric base toward broadcasting, leisure, and grain distribution.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩23.3B | ₩1.7B | 7.2% |
| 2025Q3 | ₩21.3B | ₩100M | 0.7% |
| 2025Q4 | ₩23.6B | -₩31.2B | −132.2% |
| 2026Q1 | ₩13.2B | -₩2.4B | −18.5% |
| 2026Q2 | ₩26.3B | ₩5.1B | 19.5% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩353.6B | ₩22.4B | ₩91.5B | 6.3% | 6.1% | 47.6% |
| 2023 | ₩325.4B | -₩354.1B | -₩592.9B | −108.8% | −64.9% | 137.9% |
| 2024 | ₩79.4B | -₩80.9B | -₩125B | −101.9% | −13.3% | 79.4% |
| 2025 | ₩79.2B | -₩34.6B | -₩94.1B | −43.6% | −10.1% | 76.8% |
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
TY Holdings' consolidated revenue stood at KRW 353.6bn in 2022 and KRW 325.4bn in 2023, but fell sharply to KRW 79.4bn in 2024 and KRW 79.2bn in 2025, a change consistent with a shift in the scope of consolidation related to Taeyoung Construction.
Operating income swung from a profit of KRW 22.4bn in 2022 to a massive operating loss of KRW 354.1bn in 2023, largely driven by one-off impairment factors including the recognition of contingent liabilities tied to Taeyoung Construction.
The operating loss persisted at KRW 80.9bn in 2024 before narrowing to KRW 34.6bn in 2025, showing an improving trend.
Net income attributable to owners likewise plunged from a profit of KRW 91.5bn in 2022 to an extreme net loss of KRW 592.9bn in 2023, before the loss gradually narrowed to KRW 125.0bn in 2024 and KRW 94.1bn in 2025.
On a quarterly basis, operating profit in 2025Q3 was near breakeven at KRW 0.14bn, but the operating loss widened sharply to KRW 31.2bn in 2025Q4, indicating significant volatility. This was followed by an operating loss of KRW 2.4bn in 2026Q1 and a return to an operating profit of KRW 5.1bn in 2026Q2.
Net loss attributable to owners, however, narrowed from KRW 22.5bn in 2025Q3 and KRW 41.2bn in 2025Q4 to KRW 11.3bn in 2026Q1 and KRW 6.6bn in 2026Q2, suggesting that equity-method or valuation-related items separate from core operations continue to weigh on the bottom line.
Over the trailing four quarters (2025Q3-2026Q2), cumulative net loss attributable to owners totaled approximately KRW 83.3bn, indicating the consolidated business has not yet transitioned to a stable profit structure.
The domestic construction industry is undergoing simultaneous resolution of real-estate project-financing defaults and a restructuring toward public-sector orders, with the recovery of workout companies such as Taeyoung Construction seen as a test case for restoring industry-wide credibility.
Taeyoung Construction is reducing its exposure to private development projects and reshaping its portfolio toward public works, redevelopment, and SOC-related policy projects.
In the broadcasting advertising market, some downside resilience is maintained amid improved perceptions of TV platform advertising efficiency, but structural pressure continues from ad-spend migration to new media and slow economic growth eroding terrestrial broadcasters' market share.
The leisure industry benefits from expanded leisure time following the end of pandemic-era restrictions, alongside growing demand for outdoor sports and golf, driven by alternate holiday schemes and the spread of the 52-hour workweek.
The grain distribution business has a relatively stable structure closely tied to domestic feed and grain supply-demand dynamics.
At the holding-company level, the divergence in business conditions across subsidiaries makes it difficult to characterize the group's overall earnings trajectory through a single industry cycle.
Under the implementation agreement signed with KDB in May 2024, Taeyoung Construction is proceeding with its workout through May 2027, and creditors have assigned a 'B' (satisfactory) rating to its management performance for two consecutive years.
However, targeted asset sales and operating cash flow generation have lagged behind plan, meaning whether an early graduation is achieved will depend on creditor consensus and the resolution of remaining troubled project-financing sites.
Taeyoung Construction is continuing to pursue additional asset sales, including a Gwangmyeong office building, a Gyeongju hot-spring site, and an arboretum plot, to further bolster liquidity.
A TY Holdings representative has stated the company intends to fulfill its role as the holding company to support Taeyoung Construction's swift normalization.
The Korea Communications Commission's corrective order regarding the divestment of TY Holdings' 36.92% SBS stake has remained unresolved for nearly two years, and the company is reportedly examining whether supplementary provisions of the Broadcasting Act could allow it to retain its controlling position.
Most of the listed-affiliate shares held by the founding family are pledged as collateral to KDB, with the pledge agreements set to expire on May 29, 2027, tying their resolution to the progress of the workout.
The price-to-book ratio sits well below 1x, indicating the market is applying a substantial discount to consolidated net asset value. This can be interpreted as reflecting years of consolidated losses along with governance uncertainties such as the ongoing workout and the SBS stake regulatory issue.
The debt ratio has eased gradually from 137.9% in 2023 to 79.4% in 2024 and 76.8% in 2025, pointing to a gradually improving financial structure.
No dividends have been paid in recent years, suggesting that monitoring the progress of subsidiary normalization and asset restructuring may be more relevant than an income-based approach.
Whether consolidated earnings shift from losses to a sustained profit will likely hinge on Taeyoung Construction's exit from its workout and the stabilization of equity-method related items.
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
In its second year under workout, Taeyoung Construction posted a standalone operating profit of KRW 40.5bn in 2025, maintaining a profit trend, and received a 'B' (satisfactory) rating from creditors for its management performance.
It exceeded its standalone revenue target by 5.1% and delivered operating profit more than 2.5 times its target. Continued improvement at the subsidiary level could gradually ease the equity-method burden on the holding company.
TY Holdings' consolidated debt ratio fell from 137.9% in 2023 to 76.8% in 2025, and the operating loss narrowed substantially from KRW 354.1bn in 2023 to KRW 34.6bn in 2025. Efforts to secure liquidity through asset sales and to bolster capital via debt-to-equity conversions have continued. If this trend persists, pressure on financial stability could gradually ease.
The group has raised funds to support Taeyoung Construction's workout by selling its Ecobit stake, the Yeouido headquarters building, golf courses, and a portion of its Pyeongtaek Silo stake. Additional asset sales, including a Gwangmyeong office and a Gyeongju hot-spring site, are underway. Completion of this portfolio realignment could further reduce the group's financial burden.
TY Holdings recorded large net losses attributable to owners for three consecutive years from 2023 to 2025, and quarterly net losses have continued through the first half of 2026. Even in periods when operating income improved, net income remained in negative territory. Volatility in equity-method and valuation-related items makes stable earnings forecasting difficult.
The Korea Communications Commission has been reviewing a corrective order requiring TY Holdings to divest its 36.92% SBS stake for over a year and a half, and SBS has filed a lawsuit challenging the order. Regardless of the eventual outcome, there is latent risk of a governance change. This is a variable that could affect the value of the holding company's stake and the stability of its control.
No dividends have been paid in recent years, and market capitalization remains relatively small. Most of the shares held by the founding family are pledged as collateral to KDB, leaving collateral-related developments as a latent risk. These factors could act as constraints from a shareholder-return and liquidity standpoint.
Taeyoung Construction has missed its asset-sale and operating cash flow targets for two consecutive years, and failure to meet remaining workout goals could delay an early graduation or extend creditor oversight. The possibility of additional losses from unresolved troubled project-financing sites cannot be ruled out. This could directly affect the holding company's equity-method income.
If the Korea Communications Commission's corrective order for divesting the SBS stake is actually enforced, a restructuring of the governance structure could become unavoidable. There is potential for conflict between the Broadcasting Act and the Fair Trade Act, raising the possibility of prolonged legal disputes. Depending on the regulatory outcome, the value of the subsidiary stake and dividend policy could change.
More than 90% of the listed-affiliate shares held by the founding family have been pledged as collateral to KDB. The pledge agreements are set to expire in May 2027, tying them to the progress of the workout, and failure to meet conditions could trigger additional variables such as collateral disposal. This is a factor that could affect the stability of management control.
Check whether the 2026Q3 consolidated results continue the operating and net income trend seen in the recently profitable Q2, or reverse course.
Monitor whether Taeyoung Construction achieves an early graduation and the progress of creditor consensus, as this directly affects the holding company's equity-method income.
Watch whether the corrective order, under review for over a year and a half, moves toward actual enforcement, as the outcome could affect governance structure and subsidiary stake value.
Assess whether asset sales and operating cash flow generation, which have lagged behind targets, are returning to a normalized pace.
Check whether the pledge agreement, tied to workout progress, is resolved as scheduled, as this is directly linked to governance stability.
TY Holdings is a pure holding company with stakes across broadcasting, leisure, grain distribution, and construction, and its core subsidiary Taeyoung Construction's workout is entering its final stage ahead of the implementation agreement's expiry in May 2027.
Consolidated results have improved from the extreme losses of 2023 toward a narrower loss trajectory, with operating profit turning positive in 2026Q2, though net income attributable to owners has yet to exit negative territory.
Signs of improving financial structure, such as a declining debt ratio, are observable, but broadcasting-regulation uncertainty surrounding the SBS stake divestment order and the high proportion of founding-family shares pledged as collateral remain latent governance variables.
Taeyoung Construction's asset-sale and cash flow targets have lagged behind plan, and whether an early workout graduation occurs depends on creditor consensus.
No dividends have been paid in recent years, so investors evaluating the company will need to continue monitoring the pace of subsidiary normalization and the progress of regulatory issues.
Upcoming quarterly results and workout-related disclosures are likely to serve as key reference points for assessing the company's direction going forward.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.