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
G2Power, a long-time No.1 player in Korea's public-sector switchgear and solar tenders, is expanding into nuclear power equipment and immersion-cooled ESS, even as 2025 profitability recovery has been followed by uneven quarterly results in the first half of 2026.
2025 revenue reached KRW 77.4 billion with operating profit of KRW 8.8 billion, lifting the operating margin to 11.4%, a marked improvement from prior years.
The company holds the No.1 share in public-sector switchgear procurement, a 25.6% share in public ESS tenders, and ranks No.4 in public solar tenders.
The company won a KRW 43 billion high-voltage switchgear contract for the Shin Hanul 3&4 nuclear units and is awaiting results of a bid for the Hanbit 3&4 units.
The company commercialized its next-generation immersion-cooled ESS in 2026 and plans to begin mass production and delivery in the second half of the year.
On September 30, 2026, the board approved a value-up plan targeting KRW 300 billion revenue, KRW 33 billion operating profit, and a KRW 500 billion market cap by 2030.
Founded in 2010, G2Power is a smart-grid and heavy electrical equipment specialist operating three core product lines: switchgear, solar power systems, and ESS/PCS (inverters).
Its primary customers are public institutions such as local governments and national agencies, with a business structure heavily weighted toward public procurement through the Public Procurement Service.
The company's key differentiator is its AI-based condition monitoring and diagnosis (CMD) system, embedded across its products to provide real-time diagnostics of power equipment anomalies.
This technology has been recognized by government agencies as a new technology and product, reportedly contributing to growth in public-sector sales.
Competitively, the company holds the No.1 share in public switchgear procurement, a 25.6% share in public ESS tenders, and ranks No.4 in public solar tenders, establishing a solid position in the small-to-mid-size public heavy electrical equipment market.
More recently, it obtained KEPIC certification and the highest nuclear safety grade, Q-Class certification, expanding into the nuclear power equipment market.
For overseas expansion, it established 'G2 America' targeting North America, India, and Central Asia, while also pursuing new businesses such as building-integrated photovoltaics (BIPV) and virtual power plant (VPP) platforms.
While large heavy-electric manufacturers typically focus on private-sector and large-scale power projects, G2Power is positioned as a niche player specializing in public and small-to-mid-size infrastructure markets.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩14.2B | ₩600M | 4.1% |
| 2025Q3 | ₩15.6B | ₩2.2B | 14.3% |
| 2025Q4 | ₩37.5B | ₩6.3B | 16.8% |
| 2026Q1 | ₩19.2B | ₩2.3B | 11.8% |
| 2026Q2 | ₩10.4B | ₩400M | 4.0% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩37.4B | ₩200M | ₩700M | 0.5% | 2.4% | 45.3% |
| 2023 | ₩49.4B | -₩900M | ₩700M | −1.9% | 2.1% | 72.9% |
| 2024 | ₩55.4B | ₩3.7B | ₩4.2B | 6.6% | 11.5% | 74.6% |
| 2025 | ₩77.4B | ₩8.8B | ₩5.6B | 11.4% | 13.2% | 113.3% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
G2Power's annual results show a clear recovery trend since 2022. Revenue stood at KRW 37.4 billion with operating profit of just KRW 0.2 billion in 2022, and although revenue grew to KRW 49.4 billion in 2023, the company posted an operating loss of KRW 0.9 billion, turning the operating margin negative at -1.9%.
Profitability recovered in 2024 with revenue of KRW 55.4 billion and operating profit of KRW 3.7 billion (6.6% margin), before revenue reached KRW 77.4 billion and operating profit KRW 8.8 billion in 2025, with net profit attributable to owners of KRW 5.6 billion and an operating margin that improved to 11.4%.
Quarterly trends show pronounced seasonality: from KRW 14.2 billion revenue and KRW 0.6 billion operating profit (roughly a 4% margin) in the second quarter of 2025, results rose to KRW 15.6 billion revenue and KRW 2.2 billion operating profit in the third quarter, then surged in the fourth quarter as public-sector budget execution concentrated, to KRW 37.5 billion revenue and KRW 6.3 billion operating profit (roughly 17% margin).
The first quarter of 2026 continued this improved trajectory with KRW 19.2 billion revenue and KRW 2.3 billion operating profit, but the second quarter pulled back to KRW 10.4 billion revenue and KRW 0.4 billion operating profit, reprising the typical first-half seasonal low.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net profit attributable to owners reached approximately KRW 7.5 billion, already exceeding the full-year 2025 net profit of KRW 5.6 billion.
Operating cash flow for full-year 2025 reached KRW 18.0 billion, up sharply from KRW 6.9 billion in 2024, suggesting cash generation strengthened alongside earnings improvement.
However, the debt ratio rose sharply from 74.6% in 2024 to 113.3% in 2025, which may reflect increased working-capital burden from inventory and unbilled construction as the business scaled up.
The power equipment and energy storage industry in which G2Power operates is shaped by two major trends: surging power demand and aging grid replacement needs driven by AI data center expansion, and government policies promoting renewable energy deployment alongside a renewed nuclear power push.
Renewable energy-related budgets reportedly grew in the high single digits year-over-year, with solar financing and deployment support budgets increasing at an even faster pace.
Policy momentum toward public and local government-led solar deployment, such as rooftop installations on industrial complexes and factories, public parking lots, and schools, is also seen as favorable for procurement-focused players.
At the same time, the government is pursuing equipment replacement at existing nuclear plants such as Shin Hanul and Hanbit, as well as participation in overseas projects such as the Dukovany nuclear plant in the Czech Republic, expanding demand for nuclear-related equipment.
Forecasts have suggested the global ESS market could grow from USD 11 billion in 2021 to USD 262 billion by 2030, with fire safety emerging as a key competitive factor and driving attention toward new technologies such as immersion cooling.
G2Power has secured a leading share in the public and small-to-mid-size segment that larger heavy-electric manufacturers tend to focus less on, and is using this position as a base to expand into higher value-added markets such as nuclear equipment and ESS.
On September 30, 2026, G2Power's board disclosed a value-up plan targeting 2030, setting three goals: achieving KRW 300 billion in revenue and KRW 33 billion in operating profit, reaching a KRW 500 billion market capitalization (while pursuing a move to the KOSPI main board), and diversifying revenue so that public procurement, private-sector, and overseas sales each account for roughly half.
The plan cites transformers and uninterruptible power supplies, AI data center and microgrid solutions, immersion-cooled ESS, and a North American UL-certified switchgear manufacturing base as new growth drivers.
In the near term, results of the bid for high-voltage switchgear at the Hanbit 3&4 nuclear units remain an event to watch, and a successful award would add further reference projects in the nuclear equipment segment.
The company is reportedly preparing to participate, through a Korea Hydro & Nuclear Power-led consortium, in a bid for the Dukovany 5&6 nuclear project in the Czech Republic scheduled for January 2027.
Its next-generation immersion-cooled ESS reportedly completed commercialization in the first half of 2026 and obtained international certification, with full-scale mass production and delivery planned to begin in the second half of the year.
Its building-integrated photovoltaic (BIPV) product has secured excellent-product procurement certification as the company prepares for market expansion. However, these new businesses remain at an early stage, and it should be kept in mind that it may take time before they are meaningfully reflected in results.
G2Power's share price has at times traded near the upper end of its historical range, a pattern that appears to partly reflect expectations around the earnings recovery from a 2023 operating loss to profitability in 2024 and 2025.
Relative to net assets, the stock has tended to trade at a premium, suggesting that both its public-procurement market position and growth expectations tied to the nuclear equipment and ESS businesses are being factored in.
On the dividend front, the company made a cash distribution based on 2025 full-year results, though the resulting yield is understood to run below the sector average.
How this valuation level should be read may depend heavily on the pace of follow-on contract wins and how quickly new businesses such as immersion-cooled ESS and nuclear equipment are reflected in results, making quarterly earnings trends and order backlog changes arguably more informative than a single valuation multiple taken in isolation.
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 2026-08-21
A No.1 share in public switchgear procurement and a 25.6% share in public ESS tenders underpin a stable order pipeline. The shift from an operating loss in 2023 to an 11.4% operating margin in 2025 shows cost management and expanding public-sector sales working in tandem. A continually growing order backlog improves forward revenue visibility.
Obtaining KEPIC and Q-Class certifications and winning the KRW 43 billion high-voltage switchgear contract for Shin Hanul 3&4 provide concrete evidence of entry into the nuclear equipment market.
The Hanbit 3&4 bid and preparation to join a consortium for the Dukovany nuclear project in the Czech Republic leave room for further reference wins. As long as the nuclear power restart policy continues, related order opportunities could persist over the medium to long term.
The new-business portfolio is diversifying through commercialization of immersion-cooled ESS, BIPV certification, and establishment of a North American subsidiary.
The 2030 targets announced by the board in September 2026 (KRW 300 billion revenue, KRW 500 billion market cap, move to KOSPI) show the company's self-articulated medium-to-long-term direction.
The plan to balance public, private, and overseas revenue at roughly 50% each can be read as an attempt to move away from a structure overly reliant on public procurement.
Second-quarter 2026 revenue of KRW 10.4 billion and operating profit of KRW 0.4 billion fell sharply from the first quarter's KRW 19.2 billion revenue and KRW 2.3 billion operating profit.
Because public-sector budgets tend to be executed heavily toward year-end, first-half results alone are difficult to use in judging the full-year direction, underscoring the need for caution when interpreting quarterly figures.
The company received an order suspending its bidding eligibility in October 2024 over an alleged violation of direct-production requirements for solar power equipment, and received a similar sanction notice again in January 2026.
In both instances, court-ordered stays of execution avoided a substantive business interruption, but given that a substantial portion of revenue originates from the Public Procurement Service, the risk of recurring regulatory sanctions cannot be ruled out.
Depending on the final outcome of the related litigation, future constraints on public-sector business activity cannot be excluded.
Plans by the controlling shareholder family to sell stakes reportedly fell through for two consecutive years, with a gap between the desired price and the prevailing market price at the time of the deal cited as a factor.
Recurring uncertainty around ownership control is a variable worth monitoring from a governance stability standpoint, though the company has previously stated at investor briefings that it has no plans for the controlling family to sell shares, making it worthwhile to keep tracking related disclosures going forward.
A significant portion of revenue is concentrated in public-sector channels such as the Public Procurement Service, making results sensitive to government budgeting or policy shifts. While the company has set a goal to diversify across public, private, and overseas revenue, an actual structural shift could take time.
Higher dependence on specific buyers, such as nuclear utilities or the Public Procurement Service, could also increase the earnings impact of individual events.
New businesses such as immersion-cooled ESS, nuclear equipment, and BIPV appear to remain at an early stage of revenue contribution. Even where commercialization and certification have been completed, actual order intake and mass production may not proceed exactly as planned.
Overseas expansion into North America, India, and Central Asia is likewise at an early stage, with uncertainty stemming from local regulations, certification requirements, and competitive conditions.
The sharp rise in the debt ratio from 74.6% in 2024 to 113.3% in 2025 suggests growing working-capital burden alongside business expansion. In a period of rapid revenue growth, inventory and unbilled construction can also increase together, making cash flow management increasingly important.
Factoring in future investment in new businesses and overseas expansion costs, continued scrutiny of funding plans will be warranted.
Whether the Hanbit 3&4 high-voltage switchgear bid result is announced should be checked. A successful award would secure a second nuclear equipment reference and could expand the order backlog.
The Q3 2026 earnings disclosure should be checked to see whether the second-quarter seasonal slowdown reverses and whether early revenue from immersion-cooled ESS mass production is reflected.
Actual commencement of mass production and delivery of the immersion-cooled ESS, along with the scale of initial orders, should be checked. The speed at which commercialization translates into revenue is central to assessing the value of this new business.
The progress and eventual ruling in the litigation related to the January 2026 Public Procurement Service sanction should be continuously monitored, as the outcome could affect constraints on public-sector business activity.
Progress on the bid for the Dukovany 5&6 nuclear project in the Czech Republic should be checked. Participation through the Korea Hydro & Nuclear Power-led consortium and its outcome could be a turning point for entry into overseas nuclear markets.
G2Power is a public-sector-focused power equipment company whose profitability recovered from an operating loss in 2023 to an 11.4% operating margin in 2025, and which is now building new growth pillars in nuclear equipment and immersion-cooled ESS on top of its established shares in public switchgear, solar, and ESS tenders.
The first half of 2026 illustrated continued quarterly volatility, with a strong first quarter followed by a seasonal slowdown in the second.
The Shin Hanul 3&4 contract has established a reference in the nuclear equipment market, and pending events such as the Hanbit 3&4 bid and the Dukovany nuclear project bid in the Czech Republic mean the company's trajectory could shift depending on order outcomes.
At the same time, recurring Public Procurement Service sanctions, repeated failed attempts to sell controlling shareholder stakes, and a sharply rising debt ratio are variables that warrant balanced consideration.
The company itself articulated a medium-to-long-term direction in a September 2026 board resolution, targeting KRW 300 billion in revenue, a KRW 500 billion market cap, and a move to KOSPI by 2030. All financial figures presented in this report are based on confirmed disclosures.
Report written 2026-10-01 · Data as of 2026-09-30
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