LG Display Q4 2025 LG Display Co Ltd Earnings Call | AllMind AI Earnings | AllMind AI
Q4 2025 LG Display Co Ltd Earnings Call
Speaker #1: 안녕하십니까, LG디스플레이 실적 발표 컨퍼런스콜에 참여해 주셔서 감사합니다. 오늘 진행 순서는 LG디스플레이의 발표 후 참석해 주신 여러분과 질의응답 시간을 가질 예정입니다. 질문을 하실 분은 전화기 버튼에 별표와 1번을 누르시기 바랍니다.
Operator: 안녕하십니까? LG디스플레이 실적발표 컨퍼런스콜에 참여해 주셔서 감사합니다. 오늘 진행 순서는 LG디스플레이의 발표 후 참석해 주신 여러분과 질의응답 시간을 가질 예정입니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 누르시기 바랍니다. 그럼 지금부터 LG디스플레이 2024년 4분기 실적 발표를 시작하겠습니다. Good morning, and good evening. Thank you all for joining the conference call for the LG Display earnings results. This conference will start with a presentation, followed by a Q&A session. If you have a question, please press star and 1 on your phone during the Q&A. Now we will begin the presentation on LG Display's fourth quarter of fiscal year 2024 earnings results.
Operator: [Foreign language].
Speaker #1: 디스플레이 2025년 4분기 실적, 그럼 지금부터 LG 발표를
Speaker #1: Let's begin. Good morning and good evening.
[Translator]: Good morning, and good evening. Thank you all for joining the conference call for the LG Display earnings results. This conference will start with a presentation, followed by a Q&A session. If you have a question, please press star and one on your phone during the Q&A. Now we will begin the presentation on LG Display's fourth quarter of fiscal year 2025 earnings results.
Speaker #2: Thank you all for joining the conference call for the LG Display earnings results. This conference will start with a presentation, followed by a Q&A session.
Speaker #2: If you have a question, please press star and 1 on your phone during the Q&A. Now we will begin the presentation on LG Display's fourth quarter of fiscal year 2025 earnings results.
Suk Heo: [Foreign language].
Speaker #3: 네, 안녕하십니까. LG디스플레이 IR팀 허석 팀장입니다. 2025년 4분기 실적 발표 컨퍼런스콜에 참석해 주신 분들께 감사 말씀을 드립니다. 오늘 컨퍼런스콜에는 당사 CFO 김성현 부사장, 경영관리 담당 조승현 상무, 금융 담당 김규동 상무, 비즈니스 인텔리전스 이기영 담당, 대형 기획 관리 김종덕 상무, 중형 기획 관리 안유신 담당, 소형 기획 관리 백승용 상무, 오토마케팅 송기한 상무가 함께
Suk Heo: 네, 안녕하십니까? LG디스플레이 IR팀 허석 팀장입니다. 2025년 1사분기 실적발표 컨퍼런스콜에 참석해 주신 분들께 감사 말씀을 드립니다. 오늘 컨퍼런스콜에는 당사 CFO 김성현 부사장, 경영관리 담당 조승현 상무, 금융 담당 김규동 상무, 비즈니스 인텔리전스 이기영 담당, 대형기획관리 김종덕 상무, 중형기획관리 안유신 담당, 소형기획관리 백승용 상무, 오토마케팅 송기환 상무가 함께 참석하였습니다.
Speaker #3: I have attended. Good afternoon, this is Heo.
Suk Heo: Good afternoon. This is Heoseok, leader of the LG Display IR team. Thank you for joining our fourth quarter 2025 earnings conference call. Joining us today are CFO Kim Sung Hyun, Vice President Cho Sung Hyun in charge of Business Control and Management, Vice President Kim Kyu Dong in charge of Finance and Risk Management, Lee Gi Young in charge of Business Intelligence, Vice President Kim Jong Duk in charge of Large Display Planning and Management, An Yu Shin in charge of Medium Display Planning and Management, Baek Sung Yong in charge of Small Display Planning and Management, and Song Ki Hwan, head of Auto Marketing.
[Translator]: Good afternoon. This is Suk Heo, leader of the LG Display IR team. Thank you for joining our fourth quarter 2025 earnings conference call. Joining us today are CFO Kim Sung Hyun, Vice President Cho Sung Hyun in charge of Business Control and Management, Vice President Kim Kyu Dong in charge of Finance and Risk Management, Lee Gi Young in charge of Business Intelligence, Vice President Kim Jong Duk in charge of Large Display Planning and Management, Ahn You-shin in charge of Medium Display Planning and Management, Baek Seung-yong in charge of Small Display Planning and Management, and Song Ki Hwan, head of Auto Marketing.
Speaker #4: Seok, leader of the LG Display IR team. Thank you for joining our fourth quarter 2025 earnings conference call. Joining us today are CFO Kim Seong-hyun, Vice President Jo Seung-hyun in charge of business control and management, Vice President Kim Gyu-dong in charge of finance and risk management, Lee Gi-yeong in charge of business intelligence, Vice President Kim Jong-deok in charge of large display planning and management, An Yushin in charge of medium display planning and management, Baek Seung-yong in charge of small display planning and management, and Son Gyu-han, head of auto marketing.
Speaker #3: 금일 컨퍼런스콜은 구경문 통합 방식으로 진행될 예정입니다. 실적과 관련된 상세 자료는 조금 전 공시된 잠정 실적 또는 자사 홈페이지 내 투자 정보 부분을 참조하시길 바랍니다.
Suk Heo: [Foreign language].
Suk Heo: 금일 컨퍼런스콜은 국영문 통합 방식으로 진행될 예정입니다. 실적과 관련된 상세 자료는 조금 전 공시된 잠정실적 또는 자사 홈페이지 내 투자정보 부분을 참조하시길 바랍니다.
Speaker #4: Today's conference call will be conducted in both Korean and English. For detailed performance-related materials, please refer to our disclosure or the Investor Relations section on the company website.
Suk Heo: Today's conference call will be conducted in both Korean and English. For detailed performance-related materials, please refer to our disclosure or the investor relations section on the company website.
[Translator]: Today's conference call will be conducted in both Korean and English. For detailed performance-related materials, please refer to our disclosure or the investor relations section on the company website.
Speaker #4: website. 실적 발표에 앞서
Suk Heo: [Foreign language].
Suk Heo: 실적 발표에 앞서 디스클레이머를 읽어주시기 바랍니다.
Speaker #3: 디스클레이머를 읽어 주시기 바랍니다.
Speaker #4: Please refer to the disclaimer before we begin the presentation.
Suk Heo: Please refer to the disclaimer before we begin the presentation.
[Translator]: Please refer to the disclaimer before we begin the presentation.
Suk Heo: [Foreign language].
Speaker #3: 금일 실적 발표 내용은 국제회계기준인 IFRS에 따라 연결 기준으로 작성된 재무 수치로, 아직 외부 감사인의 감사가 완료되지 않은 상태에서 투자자 여러분의 편의를 위하여 작성된 자료임을 안내드립니다.
Suk Heo: 금일 실적 발표 내용은 국제회계기준인 IFRS에 따라 연결 기준으로 작성된 재무수치로, 아직 외부 감사인의 감사가 완료되지 않은 상태에서 투자자 여러분의 편의를 위하여 작성된 자료임을 안내드립니다.
Speaker #4: Please be informed that the financial figures presented in today's earnings release are consolidated figures prepared in accordance with International Financial Reporting Standards. These figures have not yet been audited by an external auditor and are provided for the convenience of our investors.
Suk Heo: Please be informed that the financial figures presented in today's earnings release are consolidated figures prepared in accordance with International Financial Reporting Standards. These figures have not yet been audited by an external auditor and are provided for the convenience of our investors.
[Translator]: Please be informed that the financial figures presented in today's earnings release are consolidated figures prepared in accordance with International Financial Reporting Standards. These figures have not yet been audited by an external auditor and are provided for the convenience of our investors.
Speaker #3: 그럼 2025년 4분기 경영 실적을 말씀드리겠습니다. 지난 4분기는 TB 및 노트북 PC용 패널의 경우 견조한 출하를 기록하였으나, 중소형 OLED 제품군 내 일부 제품의 믹스 변화로 인해 전통적인 계절적 성수기 효과가 예년 대비 크지 않았습니다.
Kim Sung Hyun: [Foreign language].
Suk Heo: 그럼 2025년 1사분기 경영실적을 말씀드리겠습니다. 지난 사분기는 TV 및 노트북 PC용 패널의 경우 견조한 출하를 기록하였으나, 중소형 OLED 제품군 내 일부 제품의 믹스 변화로 인해 전통적인 계절적 성수기 효과가 예년 대비 크지 않았습니다. 이에 따라 매출은 전분기 대비 소폭 증가한 7조 2,008억 원을 기록하였습니다.
Speaker #3: 이에 따라 매출은 전 분기 대비 소폭 증가한 7조 2,008억 원을 기록하였습니다.
Speaker #4: I will now report on the company's business performance in Q4 2025. Shipment of panels for TVs and notebook PCs in Q4 remained solid. But there were some changes to the mix in some small and medium OLED products that lessened the usual seasonality.
Suk Heo: I will now report on the company's business performance in Q4 2025. Shipment of panels for TVs and notebook PCs in Q4 remained solid, but there were some changes to the mix in some small and medium OLED products that lessened the usual seasonality. As a result, revenue rose slightly QOQ to ₩7.2008 trillion.
[Translator]: I will now report on the company's business performance in Q4 2025. Shipment of panels for TVs and notebook PCs in Q4 remained solid, but there were some changes to the mix in some small and medium OLED products that lessened the usual seasonality. As a result, revenue rose slightly QoQ to KRW 7.2008 trillion.
Speaker #4: As a result, revenue rose slightly quarter-over-quarter to 7.2008 trillion won.
Speaker #1: One .
Suk Heo: 영업이익은 1,685억 원으로 전분기 대비 감소하였습니다. 중소형 OLED 제품군 일부 모델의 출하가 전분기 대비 감소한 영향에 더해 회사의 수익 구조 및 미래 경쟁력 강화를 위한 일회성 비용 요인이 반영된 결과입니다.
Suk Heo: 영업이익은 1,685억 원으로 전분기 대비 감소하였습니다. 중소형 OLED 제품군 일부 모델의 출하가 전분기 대비 감소한 영향에 더해 회사의 수익 구조 및 미래 경쟁력 강화를 위한 일회성 비용 요인이 반영된 결과입니다.
Speaker #2: The . To . Turaga . Song . Pyongyang . The .
Suk Heo: Operating profit declined QOQ to ₩168.5 billion. It is owed to lower shipments of certain small and medium OLED models QOQ, together with one-off costs related to strengthening the company's profit structure and future competitiveness.
[Translator]: Operating profit declined QoQ to KRW 168.5 billion. It is owed to lower shipments of certain small and medium OLED models QoQ, together with one-off costs related to strengthening the company's profit structure and future competitiveness.
Speaker #3: Operating profit declined, a shock to 168.5 billion won. It is owed to lower shipment of certain small and medium OLED QQ models.
Suk Heo: [Foriegn language].
[Translator]: [Foriegn language].. As noted in last quarter's earnings call, for the purpose of raising the efficiency of manpower structure, costs associated with voluntary retirement program for domestic and overseas employees exceeded KRW 990 billion. In addition, fourth quarter included incentive payments as rewards to employees for achieving the company's first annual turnaround in four years, and as motivation to further bolster the company's competitiveness. Costs for activities such as reducing low margin products and inventory rationalization were also included in Q4 results, which were part of the initiative to adjust the company's business and product portfolio. It was intended to strengthen our profit structure and operational efficiency.
Speaker #3: , together with some costs related to strengthening the company's profit structure and future competitiveness.
Suk Heo: 앞서 지난 분기 실적 컨퍼런스콜에서 언급되었던 인력 구조 효율화를 위한 국내외 임직원 대상의 희망퇴직 관련 비용은 900억 원 이상 반영되었습니다. 이 외에도 4년 만에 연간 실적 턴어라운드 성과 및 미래 경쟁력 강화를 위한 임직원 동기부여 목적의 성과 격려금이 반영되었으며, 회사의 수익 구조를 한층 더 강화하고 운영 효율화를 극대화하기 위하여 저수익 제품 축소...
Speaker #2: Also , conference . And . Pyongyang . The U.S. . An Imjingang Dongbu . Union . some So portfolio in meat and the .
Suk Heo: 재고 건전화 등 사업 및 제품 포트폴리오 조정 과정에서 발생한 비용도 사분기 실적에 포함되었습니다. As noted in last quarter's earnings call, for the purpose of raising the efficiency of manpower structure, costs associated with voluntary retirement program for domestic and overseas employees exceeded ₩990 billion. In addition, fourth quarter included incentive payments as rewards to employees for achieving the company's first annual turnaround in four years, and as motivation to further bolster the company's competitiveness. Costs for activities such as reducing low margin products and inventory rationalization were also included in Q4 results, which were part of the initiative to adjust the company's business and product portfolio. It was intended to strengthen our profit structure and operational efficiency. Operating performance in Q4, excluding these one-off costs, expanded both QOQ and YOY, demonstrating continued improvement in our business fundamentals and profitability. There was net loss of ₩351.2 billion, down on QOQ, primarily due to foreign currency translation loss, stemming from the higher year-end exchange rate. EBITDA in Q4 was ₩1.162 trillion, with an EBITDA margin of 16%. Next is shipment area and ASP trends. What we are seeing recently is that panel shipments by product have diverged from traditional seasonality, reflecting instead the downstream conditions, customers' inventory levels, and strategic panel buying trends, as well as differences in customer and/or product strategies among panel suppliers. Particularly for the company, as we maintain profitability-focused product portfolio, shipment of low-margin, mid-sized LCD models continue to shrink. Specifically, in Q4, shipment area for TV and notebook PC panels grew quarter on quarter, while shipment for monitor and tablet panels declined. As a result, despite the strong seasonality, total shipment area rose modestly QOQ to 4.0 million square meters. ASP per square meter was $1,297, down 5% quarter on quarter, largely because shipment of certain small and mid-size OLED models were concentrated in Q3. Although it fell QOQ, it is up 49% year on year, reflecting continued progress in upgrading the business structure toward OLED and supporting expectations that the high level will be maintained going forward. Next is revenue share by product group. Overall, revenue share remained largely unchanged from Q3. First, mobile and others accounted for 40% of revenue, up one percentage point QOQ, mainly due to shifts in the product mix.
Speaker #3: As noted in last earnings quarter's call, for the purpose of raising the efficiency of manpower structure, costs associated with the voluntary retirement program for domestic and overseas employees exceeded 90 billion won.
Speaker #3: In addition, fourth quarter included incentive payments as rewards for employees achieving the company's first annual turnaround in four years and as motivation to further bolster the company's competitiveness.
Speaker #3: Costs for activities such as reducing low-margin products and inventory rationalization were also included in Q4 results, and were part of the initiative to adjust the company's business and product portfolio.
Operating performance in Q4, excluding these one-off costs, expanded both QoQ and YoY, demonstrating continued improvement in our business fundamentals and profitability. There was net loss of KRW 351.2 billion, down on QoQ, primarily due to foreign currency translation loss, stemming from the higher year-end exchange rate. EBITDA in Q4 was KRW 1.162 trillion, with an EBITDA margin of 16%. Next is shipment area and ASP trends. What we are seeing recently is that panel shipments by product have diverged from traditional seasonality, reflecting instead the downstream conditions, customers' inventory levels, and strategic panel buying trends, as well as differences in customer and/or product strategies among panel suppliers.
Speaker #3: It was intended to strengthen our profit structure and operational efficiency.
Speaker #2: Song, Pyongyang. GDP. The.
Speaker #3: Operating performance in Q4, excluding these one-off costs, expanded both QQ and widely, demonstrating continued improvement in our business fundamentals and profitability.
Speaker #2: And we are in a. The.
There was a net loss of 351.2 billion, down primarily due to foreign currency translation loss stemming from the higher won exchange rate.
In Q4, it was 1.162 trillion with an EBITDA margin of 16%.
Next is shipment area and ASP trends.
Particularly for the company, as we maintain profitability-focused product portfolio, shipment of low-margin, mid-sized LCD models continue to shrink. Specifically, in Q4, shipment area for TV and notebook PC panels grew quarter on quarter, while shipment for monitor and tablet panels declined. As a result, despite the strong seasonality, total shipment area rose modestly QoQ to 4.0 million square meters. ASP per square meter was $1,297, down 5% quarter on quarter, largely because shipment of certain small and mid-size OLED models were concentrated in Q3.
What we are seeing recently is that panel shipments by product have diverged from traditional seasonality, reflecting instead the downstream conditions, customers' inventory levels, and strategic panel buying trends, as well as differences in customer and/or product strategies among panel suppliers.
Particularly for the company, as we maintain a profitability-focused product portfolio, shipment of low-margin mid-sized LCD models continues to shrink.
Specifically, in Q4, shipment area for TV and notebook PC panels grew quarter-on-quarter, while shipment for monitor and tablet panels declined.
As a result, despite the strong seasonality, total shipment area rose modestly QoQ to 4.0 million square meters.
Although it fell QoQ, it is up 49% year on year, reflecting continued progress in upgrading the business structure toward OLED and supporting expectations that the high level will be maintained going forward. Next is revenue share by product group. Overall, revenue share remained largely unchanged from Q3. First, mobile and others accounted for 40% of revenue, up one percentage point QoQ, mainly due to shifts in the product mix.
ASP per square meter was $1,297, down 5% quarter-on-quarter, largely because shipment of certain small and mid-size OLED models were concentrated in Q3.
Although it felt your queue, it is up 49% year on year, reflecting continued progress in upgrading the business structure toward OLED and supporting expectations that the high level will be maintained going forward.
Next is revenue share by product group.
Overall, revenue share remained largely unchanged from Q3. First, Mobile and Others accounted for 40% of revenue.
Suk Heo: IT 부문의 경우 앞서 말씀드린 바와 같이 각 제품별 출하가 상이하게 나타났으며, 이에 따라 매출 비중은 전분기 대비 큰 변화가 없이 1%포인트 하락한 36%를 기록하였습니다.
Kim Sung Hyun: IT 부문의 경우 앞서 말씀드린 바와 같이 각 제품별 출하가 상이하게 나타났으며, 이에 따라 매출 비중은 전분기 대비 큰 변화가 없이 1%포인트 하락한 36%를 기록하였습니다.
1% is point Q or 'Q', mainly due to shifts in the product mix.
Suk Heo: IT revenue share remained almost unchanged at 36%, down one percentage point QOQ, reflecting the differing shipments across product categories as described earlier.
[Translator]: IT revenue share remained almost unchanged at 36%, down one percentage point QoQ, reflecting the differing shipments across product categories as described earlier.
IT revenue share remained almost unchanged at 36%, down 1 percentage point Q-o-Q, reflecting the differing shipment across product categories as described earlier.
Suk Heo: TV 부문의 매출은 TV용 및 모니터용 화이트 OLED 패널 출하가 증가하며, 전분기 대비 1%포인트 소폭 상승하였습니다. 오토 부문의 매출 비중은 전분기 대비 1%포인트 하락한 7%를 기록하였습니다.
Kim Sung Hyun: TV 부문의 매출은 TV용 및 모니터용 화이트 OLED 패널 출하가 증가하며, 전분기 대비 1%포인트 소폭 상승하였습니다. 오토 부문의 매출 비중은 전분기 대비 1%포인트 하락한 7%를 기록하였습니다.
Suk Heo: TV share out of revenue rose slightly by one percentage point as shipments of white OLED panels for TV and monitor increased. Auto revenue share rose to 7%, down one percentage point QOQ.
[Translator]: TV share out of revenue rose slightly by one percentage point as shipments of white OLED panels for TV and monitor increased. Auto revenue share rose to 7%, down one percentage point QoQ.
Slightly by 1 percentage point, as shipments of white OLED panels for TV and monitor increased. Auto revenue share rose to 7%, down 1 percentage point quarter-on-quarter.
Suk Heo: 전체 매출 내에서 OLED 제품군의 비중은 전분기와 동일한 65%이며, 이는 전년 동기 대비로는 5%포인트 상승한 수치입니다. 연간 누적으로도 지난해 55%에서 6%포인트 상승한 61%를 기록하였습니다. 이와 같이 OLED 중심의 사업 구조 고도화 성과는 꾸준하게 확대되고 있으며, 미래 성장과 수익성 기반 또한 더욱 강화되고 있습니다.
Kim Sung Hyun: 전체 매출 내에서 OLED 제품군의 비중은 전분기와 동일한 65%이며, 이는 전년 동기 대비로는 5%포인트 상승한 수치입니다. 연간 누적으로도 지난해 55%에서 6%포인트 상승한 61%를 기록하였습니다. 이와 같이 OLED 중심의 사업 구조 고도화 성과는 꾸준하게 확대되고 있으며, 미래 성장과 수익성 기반 또한 더욱 강화되고 있습니다.
Suk Heo: OLED products accounted for 65% of total revenue in Q4, unchanged QOQ and up five percentage points YOY. Year to date, OLED share rose to 61% from 55% last year, up six percentage points. The continued upgrade toward OLED centric business structure is steadily broadening and strengthening our growth and profitability base.
[Translator]: OLED products accounted for 65% of total revenue in Q4, unchanged QoQ and up five percentage points YoY. Year to date, OLED share rose to 61% from 55% last year, up six percentage points. The continued upgrade toward OLED centric business structure is steadily broadening and strengthening our growth and profitability base.
OLED products accounted for 65% of total revenue in Q4, unchanged quarter-over-quarter and up 5 percentage points year-over-year.
Year to date, OLED share rose to 61% from 55% last year, up 6 percentage points.
The continued upgrade toward OLED-centric business structure is steadily broadening and strengthening our growth and profitability base.
Suk Heo: 다음은 재무현황과 주요 지표입니다.
Kim Sung Hyun: 다음은 재무현황과 주요 지표입니다.
Suk Heo: Next is our financial position and key indicators.
[Translator]: Next is our financial position and key indicators.
Suk Heo: 사분기 현금 및 현금성 자산은 ₩1조 5,730억원으로 지난 분기와 유사한 수준입니다. LCD TV 사업 종료 등 비전략 사업을 정리하며 운영 효율성을 높여 가고 있기에, 이와 연동된 필수 운영 자금의 규모 또한 과거 대비 낮은 수준을 유지하고 있습니다.
Suk Heo: 사분기 현금 및 현금성 자산은 KRW 1조 5,730억원으로 지난 분기와 유사한 수준입니다. LCD TV 사업 종료 등 비전략 사업을 정리하며 운영 효율성을 높여 가고 있기에, 이와 연동된 필수 운영 자금의 규모 또한 과거 대비 낮은 수준을 유지하고 있습니다.
Next is our financial position and key indicators.
Okay.
Suk Heo: Cash and cash equivalents at quarter end were ₩1.573 trillion, largely unchanged QOQ. As we wind down non-strategic businesses such as LCD TV and improve operating efficiency, the level of required operating capital has remained lower than in the past.
[Translator]: Cash and cash equivalents at quarter end were KRW 1.573 trillion, largely unchanged QoQ. As we wind down non-strategic businesses such as LCD TV and improve operating efficiency, the level of required operating capital has remained lower than in the past.
Cash and cash equivalents at quarter end were ₩1.573 trillion, the largest quarter-on-quarter increase as we wind down non-strategic businesses, such as LCD TV, and improve operating efficiency. The level of required operating capital has remained lower than in the past.
Suk Heo: 기말 재고자산도 전년 동기 대비 축소된 2조 5,460억원 수준으로 운영 효율화 활동의 성과가 반영된 수치입니다. 차입금은 2024년 연말 대비 1조 8,860억원 감소한 12조 6,640억원. 순차입금은 2024년 연말 대비 1조 4,370억원 감소한 11조 910억원입니다.
Kim Sung Hyun: 기말 재고자산도 전년 동기 대비 축소된 2조 5,460억원 수준으로 운영 효율화 활동의 성과가 반영된 수치입니다. 차입금은 2024년 연말 대비 1조 8,860억원 감소한 12조 6,640억원. 순차입금은 2024년 연말 대비 1조 4,370억원 감소한 11조 910억원입니다.
Suk Heo: Inventory at quarter end declined year-over-year to ₩2.546 trillion, reflecting progress from our efficiency improvement efforts. Total debt decreased by ₩1.886 trillion from the end of 2024 to ₩12.664 trillion, and net debt fell by ₩1.437 trillion year-over-year to ₩11.091 trillion.
[Translator]: Inventory at quarter end declined year-over-year to KRW 2.546 trillion, reflecting progress from our efficiency improvement efforts. Total debt decreased by KRW 1.886 trillion from the end of 2024 to KRW 12.664 trillion, and net debt fell by KRW 1.437 trillion year-over-year to KRW 11.091 trillion.
Inventory at quarter end declined. Why? Or why to 2.546 trillion from our efficiency improvement efforts?
Total debt decreased by $1.886 trillion from the end of 2024 to $12.664 trillion.
And net debt fell by 1.437 trillion. Y o y to 1 1. 0 9 1.
Suk Heo: 부채 비율은 243%, 순차입금 비율은 141%로 전분기 대비 각각 20%포인트, 10%포인트, 전년 동기 대비로는 64%포인트, 14%포인트 하락하며 재무 건전성도 한층 더 강화되었습니다.
Kim Sung Hyun: 부채 비율은 243%, 순차입금 비율은 141%로 전분기 대비 각각 20%포인트, 10%포인트, 전년 동기 대비로는 64%포인트, 14%포인트 하락하며 재무 건전성도 한층 더 강화되었습니다.
Suk Heo: Debt to equity ratio improved to 243% and net debt to equity ratio to 141%, lower by 20 percentage points and 10 percentage points, respectively, QOQ, and lower by 64 percentage points and 14 percentage points YOY, further strengthening our financial soundness.
[Translator]: Debt to equity ratio improved to 243% and net debt to equity ratio to 141%, lower by 20 percentage points and 10 percentage points, respectively, QoQ, and lower by 64 percentage points and 14 percentage points YoY, further strengthening our financial soundness.
that's,
approved to
243.
Suk Heo: 다음은 1분기 가이던스입니다.
Kim Sung Hyun: 다음은 1분기 가이던스입니다.
Net debt to Accurate ratio to 141% lower by 20 percentage points and 10 percentage points, respectively qlq and lower by 64 percentage points and 14 percentage points. Y o y for the strengthening our financial soundness.
Suk Heo: I will now move on to guidance for Q1.
Suk Heo: I will now move on to guidance for Q1.
I will now move on to guidance for q1.
Suk Heo: 1분기는 계절적 비수기 영향으로 전 제품군에서의 출하 면적 감소가 예상됩니다. 반면, 면적당 판가의 경우 전분기 대비로는 다소 하락하겠으나, 그동안 강도 높게 진행한 OLED 중심의 사업 구조 고도화 노력의 결과로 과거 동일 분기 대비로는 완화된 하락폭이 예상됩니다.
Suk Heo: 1분기는 계절적 비수기 영향으로 전 제품군에서의 출하 면적 감소가 예상됩니다. 반면, 면적당 판가의 경우 전분기 대비로는 다소 하락하겠으나, 그동안 강도 높게 진행한 OLED 중심의 사업 구조 고도화 노력의 결과로 과거 동일 분기 대비로는 완화된 하락폭이 예상됩니다.
Suk Heo: Shipment area is expected to fall across all categories in Q1 due to seasonality, while ASP per square meter is also expected to fall slightly QOQ. It will be tempered compared to the same quarters in the past due to the strong and sustained upgrade to OLED centric business structure.
[Translator]: Shipment area is expected to fall across all categories in Q1 due to seasonality, while ASP per square meter is also expected to fall slightly QoQ. It will be tempered compared to the same quarters in the past due to the strong and sustained upgrade to OLED centric business structure.
Chipman area is expected to fall across all categories in Q1 due to seasonality.
While ASP per square meter is also expected to fall slightly QQ.
It will be tempered compared to the same quarters in the past due to the strong and sustained upgrade to the OLED-centric business structure.
Suk Heo: 전체 출하 면적은 전분기 대비 약 20% 초반 감소, 면적당 판가는 한 자릿수 중반% 수준 하락할 것으로 전망합니다. 특히, 면적당 판가는 계절적 비수기인 1분기에도 $1,200대를 상회할 것으로 예상되고, 이는 전년 동기 대비로는 50% 이상 상승한 수치입니다.
Suk Heo: 전체 출하 면적은 전분기 대비 약 20% 초반 감소, 면적당 판가는 한 자릿수 중반% 수준 하락할 것으로 전망합니다. 특히, 면적당 판가는 계절적 비수기인 1분기에도 $1,200대를 상회할 것으로 예상되고, 이는 전년 동기 대비로는 50% 이상 상승한 수치입니다.
Suk Heo: Total shipment area is projected to decrease by low 20% level from the previous quarter, and ASP per square meter to decline by mid single digit %. Notably, ASP per square meter is expected to remain above the $1,200 line, even through the seasonality of Q1, up by more than 50% YOY.
[Translator]: Total shipment area is projected to decrease by low 20% level from the previous quarter, and ASP per square meter to decline by mid single digit %. Notably, ASP per square meter is expected to remain above the $1,200 line, even through the seasonality of Q1, up by more than 50% YoY.
Is projected to decrease by the low 20% level from the previous quarter, and ASP per square meter to decline by a mid-single-digit percent.
Suk Heo: Yes, sir. CFO, Kim Seong-hyun.
Suk Heo: Yes, sir. CFO, Kim Seong-hyun.
Notably, ASP per square meter is expected to remain above the $1,200 line, even through the seasonality of Q1, up by more than 50%. While OI
Suk Heo: I will now hand over to our CFO, Kim Seong-hyun.
[Translator]: I will now hand over to our CFO, Kim Seong-hyun.
Will now hand over to our CFO.
Kim Sung Hyun: Hi, CFO Kim Seong-hyun. Conference call.
Kim Sung Hyun: Hi, CFO Kim Seong-hyun. Conference call.
Suk Heo: Good afternoon and evening to everyone. I am Kim Seong-hyun, the CFO. Thank you very much for joining today's conference call.
[Translator]: Good afternoon and evening to everyone. I am Kim Seong-hyun, the CFO. Thank you very much for joining today's conference call.
Good afternoon and evening to everyone. I am.
Thank you very much for joining today's conference call,
Kim Sung Hyun: 지난해 성과를 되돌아보면, 무엇보다도 전 임직원의 노력과 수고를 바탕으로 전년 대비 1조원 이상의 손익을 개선하며 4년 만에 의미 있는 규모로 실적 턴어라운드를 이루어낸 것이 가장 큰 성과라 할 수 있겠습니다. 이러한 대외 환경의 불확실성과 글로벌 시장 상황의 변동성이 높았음에도 불구하고, OLED 매출 비중을 지속적으로 확대하고 경영 체질 개선을 강도 높게 추진하여 2023년 대비 2024년 손실 규모를 약 2조원 축소한 데 이어 2025년에도 약 1조원의 실적을 연속하여 개선할 수 있었습니다.
Kim Sung Hyun: 지난해 성과를 되돌아보면, 무엇보다도 전 임직원의 노력과 수고를 바탕으로 전년 대비 1조원 이상의 손익을 개선하며 4년 만에 의미 있는 규모로 실적 턴어라운드를 이루어낸 것이 가장 큰 성과라 할 수 있겠습니다. 이러한 대외 환경의 불확실성과 글로벌 시장 상황의 변동성이 높았음에도 불구하고, OLED 매출 비중을 지속적으로 확대하고 경영 체질 개선을 강도 높게 추진하여 2023년 대비 2024년 손실 규모를 약 2조원 축소한 데 이어 2025년에도 약 1조원의 실적을 연속하여 개선할 수 있었습니다.
For.
Suk Heo: Looking back to last year's performance, our most significant achievement was delivering a meaningful scale of turnaround after four years, improving profitability by more than ₩1 trillion YOY, thanks to the hard work and dedication of all our members. Despite elevated external uncertainty and volatility in global markets, we continued to expand OLED revenue share and persisted with intensive structural improvements. As a result, we reduced our loss by roughly ₩2 trillion in 2024 versus 2023, and further improved results by about ₩1 trillion in 2025.
[Translator]: Looking back to last year's performance, our most significant achievement was delivering a meaningful scale of turnaround after four years, improving profitability by more than KRW 1 trillion YoY, thanks to the hard work and dedication of all our members. Despite elevated external uncertainty and volatility in global markets, we continued to expand OLED revenue share and persisted with intensive structural improvements. As a result, we reduced our loss by roughly KRW 2 trillion in 2024 versus 2023, and further improved results by about KRW 1 trillion in 2025.
Looking back to last year's performance, our most significant achievement was delivering a meaningful scale of turnaround after four years, improving profitability by more than ₩1 trillion, thanks to the hard work and dedication of all our members.
Despite elevated external uncertainty and volatility in global markets, we continue to expand OLED revenue and share, and persisted with intensive structural improvements.
As a result, we reduced our loss by roughly 2.1 trillion won in 2024 versus 2023, and further improved results by about 1.1 trillion won in 2025.
Kim Sung Hyun: 전체 매출 내에서 OLED 제품의 비중도 연간 기준으로 61%를 기록하며 역대 최고치를 갱신했습니다. 사업구조 고도화 추진을 시작한 2020년도에 32%에 불과했던 OLED 매출 비중은 2022년 44%, 2024년 55%로 지속적으로 확대되어 왔으며, 2025년에는 광저우 LCD 공장 매각을 끝으로 대형 LCD 사업을 종료하며 OLED 중심의 사업 구조를 보다 견고히 완성시켜 가고 있습니다.
Kim Sung Hyun: 전체 매출 내에서 OLED 제품의 비중도 연간 기준으로 61%를 기록하며 역대 최고치를 갱신했습니다. 사업구조 고도화 추진을 시작한 2020년도에 32%에 불과했던 OLED 매출 비중은 2022년 44%, 2024년 55%로 지속적으로 확대되어 왔으며, 2025년에는 광저우 LCD 공장 매각을 끝으로 대형 LCD 사업을 종료하며 OLED 중심의 사업 구조를 보다 견고히 완성시켜 가고 있습니다.
For.
Suk Heo: OLED's share out of revenue reached a record high of 61% for the year. It was only 32% when we began business structure upgrade in 2020, and rose to 44% in 2022, then again to 55% in 2024. We believe that we are moving much closer to the complete solidification of our OLED-centric business structure, having terminated the large LCD business with the sell-off of Guangzhou LCD plant in 2025.
[Translator]: OLED's share out of revenue reached a record high of 61% for the year. It was only 32% when we began business structure upgrade in 2020, and rose to 44% in 2022, then again to 55% in 2024. We believe that we are moving much closer to the complete solidification of our OLED-centric business structure, having terminated the large LCD business with the sell-off of Guangzhou LCD plant in 2025.
Our revenue reached a record high of 61% for the year.
It was only 32% when we began business structure upgrade in 2020,
And rose to 44% in 2022.
Then again, to 55% in 2024, we believe that we are moving much closer to the complete solidification of our OLED-centric business structure.
Having terminated the large LCD business with the sell-off of the Kengo LCD plant in 2025.
Kim Sung Hyun: 사분기에 발생한 일회성 요인의 구체적인 배경에 대해 말씀드리겠습니다. 희망퇴직과 관련한 비용에 대해서는 지난해 10월 실적 컨퍼런스 콜에서 배경과 대략적인 규모에 대한 가이드가 있었고, 실제로 발생한 비용도 900억 원대로 기존 가이드 대비 큰 차이가 없습니다. 여기에는 사업 체질 강화라는 중장기 목표 아래 인력 구조 효율화뿐만 아니라 관세 등 통상 환경 및 고객사 생산지 전략 변화에 선제적으로 대응하는 차원에서, 당사의 해외 생산지 전략을 보완하고 실행하는 과정에서 발생한 현지 인력 조정 비용이 포함되어 있습니다. 희망퇴직 위로금의 경제적 효과의 경우 지난 분기 말씀드린 내용과 동일하며, 발생한 일회성 비용은 약 1년 6개월 이후부터 상쇄되며, 향후 실적에 긍정적으로 작용할 것으로 예상합니다.
Kim Sung Hyun: 사분기에 발생한 일회성 요인의 구체적인 배경에 대해 말씀드리겠습니다. 희망퇴직과 관련한 비용에 대해서는 지난해 10월 실적 컨퍼런스 콜에서 배경과 대략적인 규모에 대한 가이드가 있었고, 실제로 발생한 비용도 900억 원대로 기존 가이드 대비 큰 차이가 없습니다. 여기에는 사업 체질 강화라는 중장기 목표 아래 인력 구조 효율화뿐만 아니라 관세 등 통상 환경 및 고객사 생산지 전략 변화에 선제적으로 대응하는 차원에서, 당사의 해외 생산지 전략을 보완하고 실행하는 과정에서 발생한 현지 인력 조정 비용이 포함되어 있습니다. 희망퇴직 위로금의 경제적 효과의 경우 지난 분기 말씀드린 내용과 동일하며, 발생한 일회성 비용은 약 1년 6개월 이후부터 상쇄되며, 향후 실적에 긍정적으로 작용할 것으로 예상합니다.
For.
Suk Heo: Allow me to explain the one-off costs in Q4. There were explanation and guidance for costs related to voluntary retirement program, provided at last year's October earnings call, and the actual costs incurred, roughly ₩90 billion, is largely in line with the guidance. These costs include, besides workforce rationalization to strengthen our business fundamentals, local workforce adjustment costs that were incurred while trying to improve our overseas production strategies to proactively address changes in trade and tariff environment, as well as customers' production strategies. Financial impact from the voluntary retirement cost is unchanged from what we described at last quarter. The one-off costs will be offset from about 18 months after implementation and will contribute positively to future results.
Kim Sung Hyun: Allow me to explain the one-off costs in Q4. There were explanation and guidance for costs related to voluntary retirement program, provided at last year's October earnings call, and the actual costs incurred, roughly KRW 90 billion, is largely in line with the guidance. These costs include, besides workforce rationalization to strengthen our business fundamentals, local workforce adjustment costs that were incurred while trying to improve our overseas production strategies to proactively address changes in trade and tariff environment, as well as customers' production strategies. Financial impact from the voluntary retirement cost is unchanged from what we described at last quarter. The one-off costs will be offset from about 18 months after implementation and will contribute positively to future results.
Allow me to explain the one-off cost. In Q4, there was explanation and guidance for costs related to the voluntary retirement program provided at last year's October earnings call.
And the actual cost incurred, roughly 90 billion won, is largely in line with the guidance.
These costs include, besides workforce rationalization, measures to strengthen our business fundamentals,
Local workforce adjustment costs that were incurred while trying to improve our overseas production strategies to proactively address changes in the trade and tariff environment, as well as customers' production strategies.
Financial impact from the voluntary retirement cost is unchanged from what we described last quarter.
The one-off costs will be offset from about 18 months after implementation and will contribute positively to future results.
Kim Sung Hyun: 다음으로 앞서 분기 실적 설명 시 언급한 바와 같이, 4년 만에 연간 실적 턴어라운드 성과를 격려하고, 임직원 동기부여를 촉진하기 위한 성과 격려금이 지난해 사업 성과에 연동되어 반영되었습니다. 앞으로 기술 중심 회사로 체질 개선에 보다 집중하고, 지속 가능한 수익 구조를 갖추며, 성과를 더욱 확대해 나간다는 목표에 대한 실행력을 지속적으로 높여갈 수 있을 것으로 예상합니다.
Kim Sung Hyun: 다음으로 앞서 분기 실적 설명 시 언급한 바와 같이, 4년 만에 연간 실적 턴어라운드 성과를 격려하고, 임직원 동기부여를 촉진하기 위한 성과 격려금이 지난해 사업 성과에 연동되어 반영되었습니다. 앞으로 기술 중심 회사로 체질 개선에 보다 집중하고, 지속 가능한 수익 구조를 갖추며, 성과를 더욱 확대해 나간다는 목표에 대한 실행력을 지속적으로 높여갈 수 있을 것으로 예상합니다.
Suk Heo: In addition, as mentioned as part of the Q4 performance briefing, incentive payments tied to last year's business performance were also reflected. It is to recognize our members' role in achieving the first annual turnaround in four years and to motivate them further going forward. The incentive is intended to further support our ability to shift towards a technology-centric company by focusing more on improving our fundamentals, build a sustainable profit structure, and better achieve our future goals.
[Translator]: In addition, as mentioned as part of the Q4 performance briefing, incentive payments tied to last year's business performance were also reflected. It is to recognize our members' role in achieving the first annual turnaround in four years and to motivate them further going forward. The incentive is intended to further support our ability to shift towards a technology-centric company by focusing more on improving our fundamentals, build a sustainable profit structure, and better achieve our future goals.
Briefing.
Incentive payments tied to last year's business performance were also reflected.
It is to recognize our members' role in achieving the first annual turnaround in four years, and to motivate them further going forward.
Incentive is intended to further support our ability to shift towards a technology-centric company by focusing more on improving our fundamentals, building a sustainable profit structure, and better achieving our future goals.
Kim Sung Hyun: 마지막 요인으로 수익성 강화와 운영 효율성 제고를 위한 비용 반영입니다. 이를 통해 회사는 미래 수익성을 한층 더 강화하고, 저수익 제품 축소, 재고 건전화 활동 등 운영 효율화 중심의 경영활동을 지속하여, 경영 성과를 한층 더 강화할 수 있을 것으로 기대합니다.
Kim Sung Hyun: 마지막 요인으로 수익성 강화와 운영 효율성 제고를 위한 비용 반영입니다. 이를 통해 회사는 미래 수익성을 한층 더 강화하고, 저수익 제품 축소, 재고 건전화 활동 등 운영 효율화 중심의 경영활동을 지속하여, 경영 성과를 한층 더 강화할 수 있을 것으로 기대합니다.
Suk Heo: Last item is the cost associated with strengthening profitability and improving operating efficiency. It will enable the company to boost future profitability and broader push to improve operational efficiency, such as reducing low margin products or consolidating inventory, and is expected to strengthen business performance overall.
[Translator]: Last item is the cost associated with strengthening profitability and improving operating efficiency. It will enable the company to boost future profitability and broader push to improve operational efficiency, such as reducing low margin products or consolidating inventory, and is expected to strengthen business performance overall.
The last item is the cost associated with strengthening profitability and improving operating efficiency.
It will enable the company to boost future profitability and support a broader push to improve operational efficiency, such as reducing low-margin products or consolidating inventory, and is expected to strengthen business performance overall.
Kim Sung Hyun: 지난 사분기 발생한 비경상적인 비용 요인의 전체 규모는 약 3,000억 원대 후반 수준입니다. 이는 회사의 수익 구조와 미래 경쟁력을 강화하기 위한 다양한 활동과 노력이 반영된 결과이며, 이를 제외한 사분기 영업실적은 시장 예상치를 상회하는 약 5,000억 원 중반 규모입니다. 이는 전분기와 전년 동기 대비 확대된 실적으로 당사의 사업 체질과 수익 구조는 지속적으로 강화되고 있습니다.
Kim Sung Hyun: 지난 사분기 발생한 비경상적인 비용 요인의 전체 규모는 약 3,000억 원대 후반 수준입니다. 이는 회사의 수익 구조와 미래 경쟁력을 강화하기 위한 다양한 활동과 노력이 반영된 결과이며, 이를 제외한 사분기 영업실적은 시장 예상치를 상회하는 약 5,000억 원 중반 규모입니다. 이는 전분기와 전년 동기 대비 확대된 실적으로 당사의 사업 체질과 수익 구조는 지속적으로 강화되고 있습니다.
Suk Heo: Total non-recurring cost impact in Q4 was in the high ₩300 billion range, which is the result of the company's activities and work to strengthen our profit structure and future competitiveness. Excluding these items, Q4 operating profit was roughly mid ₩500 billion, exceeding market expectations. It is an improvement QoQ and YoY, underscoring continued improvement in our business fundamentals and profit structure.
[Translator]: Total non-recurring cost impact in Q4 was in the high KRW 300 billion range, which is the result of the company's activities and work to strengthen our profit structure and future competitiveness. Excluding these items, Q4 operating profit was roughly mid KRW 500 billion, exceeding market expectations. It is an improvement QoQ and YoY, underscoring continued improvement in our business fundamentals and profit structure.
Total non-recurring cost impact in Q4 was in the high 300 billion won range, which is the result of the company's activities and work to strengthen our profit structure and future competitiveness.
Excluding these items, Q4 operating profit was roughly mid-500 billion won.
Exceeding Market, expectations.
It is an improvement. Q2, and why? Oh, why underscore continued improvement in our business fundamentals and profit structure?
Kim Sung Hyun: 올해도 대외 환경의 불확실성과 이에 따른 제품별 전방 시장의 변동성은 지속될 것으로 예상합니다. 거시경제 환경에 연동된 실수요 추이, 통상 환경 변화, 공급망 안정성 확보 등 경영 여건의 변수들이 많은 상황이지만, 당사는 OLED 사업 성과를 보다 확대하고, 원가 혁신 및 운영 효율화 활동을 지속해 나가며, 경영실적의 안정성을 확보해 나갈 계획입니다.
Kim Sung Hyun: 올해도 대외 환경의 불확실성과 이에 따른 제품별 전방 시장의 변동성은 지속될 것으로 예상합니다. 거시경제 환경에 연동된 실수요 추이, 통상 환경 변화, 공급망 안정성 확보 등 경영 여건의 변수들이 많은 상황이지만, 당사는 OLED 사업 성과를 보다 확대하고, 원가 혁신 및 운영 효율화 활동을 지속해 나가며, 경영실적의 안정성을 확보해 나갈 계획입니다.
Suk Heo: Looking ahead, we expect external uncertainty and product level volatility in the downstream market to persist this year. While numerous factors persist in our business environment, like macroeconomic driven real demand, changes in the trade environment, and supply chain stability, we will remain focused on stabilizing our business performance by growing our OLED business and driving cost innovation and operational efficiency activities.
[Translator]: Looking ahead, we expect external uncertainty and product level volatility in the downstream market to persist this year. While numerous factors persist in our business environment, like macroeconomic driven real demand, changes in the trade environment, and supply chain stability, we will remain focused on stabilizing our business performance by growing our OLED business and driving cost innovation and operational efficiency activities.
Looking ahead, we expect external uncertainty and product-level volatility in the downstream market to persist this year.
While numerous factors persist in our business environment, like macroeconomic-driven real demand changes in the trade environment and supply chain stability, we will remain focused on stabilizing our business performance by growing our OLED business and driving cost innovation and operational efficiency activities.
Kim Sung Hyun: 다음으로 사업 영역별 계획과 전략에 대해서 간단히 말씀드리겠습니다. 소형 모바일 사업의 경우, 차별화된 기술 리더십과 고객과의 강화된 파트너십을 기반으로 패널 출하를 확대하고, 사업 성과와 안정성도 더욱 높여갈 계획입니다. 동시에 미래 준비를 위한 연구 개발 및 신기술 투자 등의 제반 활동도 체계적으로 실행하여, 향후 사업 기회를 확대해 나가고자 합니다.
Kim Sung Hyun: 다음으로 사업 영역별 계획과 전략에 대해서 간단히 말씀드리겠습니다. 소형 모바일 사업의 경우, 차별화된 기술 리더십과 고객과의 강화된 파트너십을 기반으로 패널 출하를 확대하고, 사업 성과와 안정성도 더욱 높여갈 계획입니다. 동시에 미래 준비를 위한 연구 개발 및 신기술 투자 등의 제반 활동도 체계적으로 실행하여, 향후 사업 기회를 확대해 나가고자 합니다.
Suk Heo: Next, let me briefly remark on our plan and strategy by business. For small mobile, we will expand panel shipment, leveraging differentiated technological leadership and strengthened customer partnerships to enhance business performance and stability. At the same time, we will systematically execute R&D and new technology investments to grow our future opportunities.
[Translator]: Next, let me briefly remark on our plan and strategy by business. For small mobile, we will expand panel shipment, leveraging differentiated technological leadership and strengthened customer partnerships to enhance business performance and stability. At the same time, we will systematically execute R&D and new technology investments to grow our future opportunities.
Next, let me briefly remark on our plan and strategy by business.
For small mobile, we will expand panel shipment leveraging differentiated technological leadership and strengthened customer partnerships.
To enhance business performance and stability.
At the same time, we will systematically execute R&D and new technology investments to grow our future opportunities.
Kim Sung Hyun: 중형 사업 중 OLED 부문의 경우, 현재 각 제품, 제품군별 하이엔드 시장 수요에는 축적된 기술 리더십과 양산 경험을 토대로 대응해 나가겠습니다. 동시에 당사가 현재 보유하고 있는 인프라의 효율적인 활용을 통해 시장 수요와 고객사 요청 등 변화하는 환경에도 능동적으로 대응해 나가겠습니다. 향후 확대될 것으로 기대되는 제품별 OLED 전환 수요에 대해서는 시장 규모와 전환 속도를 면밀히 검토하며, 당사가 차별화할 수 있는 방식으로 경쟁력을 높여 갈 계획입니다.
Kim Sung Hyun: 중형 사업 중 OLED 부문의 경우, 현재 각 제품, 제품군별 하이엔드 시장 수요에는 축적된 기술 리더십과 양산 경험을 토대로 대응해 나가겠습니다. 동시에 당사가 현재 보유하고 있는 인프라의 효율적인 활용을 통해 시장 수요와 고객사 요청 등 변화하는 환경에도 능동적으로 대응해 나가겠습니다. 향후 확대될 것으로 기대되는 제품별 OLED 전환 수요에 대해서는 시장 규모와 전환 속도를 면밀히 검토하며, 당사가 차별화할 수 있는 방식으로 경쟁력을 높여 갈 계획입니다.
For.
Suk Heo: For a medium-sized OLED, we will respond to high-end market demand across product segments by leveraging our technological leadership and mass production experience. We will also respond proactively to shifting market demand and customer requests by more efficiently utilizing existing infrastructure. As to the demand for OLED conversion by product, which is expected to grow, we will carefully assess market size and conversion pace to enhance competitiveness in ways that will differentiate us.
[Translator]: For a medium-sized OLED, we will respond to high-end market demand across product segments by leveraging our technological leadership and mass production experience. We will also respond proactively to shifting market demand and customer requests by more efficiently utilizing existing infrastructure. As to the demand for OLED conversion by product, which is expected to grow, we will carefully assess market size and conversion pace to enhance competitiveness in ways that will differentiate us.
A medium-sized OLED, we will respond to high-end market demand across product segments.
By leveraging our technological leadership and mass production experience.
We will also respond proactively to shifting market demand and customer requests by more efficiently utilizing existing infrastructure.
As to the demand for OLED conversion by product, which is expected to grow, we will carefully assess market size and conversion pace to enhance competitiveness in ways that will differentiate us.
Kim Sung Hyun: IT LCD 부문은 분기별 출하 동향과 실적에서도 확인이 되듯 저수익 제품을 지속적으로 축소하며, B2B 제품군 및 차별화된 하이엔드 LCD 영역에 집중하고 있습니다. 이를 통해 매년 의미 있는 수익성 개선 흐름이 나타나고 있으며, 현재 진행 중인 활동 등에 실행력을 제고하여 올해에는 턴어라운드를 가시화할 수 있도록 역량을 집중하고 있습니다.
Kim Sung Hyun: IT LCD 부문은 분기별 출하 동향과 실적에서도 확인이 되듯 저수익 제품을 지속적으로 축소하며, B2B 제품군 및 차별화된 하이엔드 LCD 영역에 집중하고 있습니다. 이를 통해 매년 의미 있는 수익성 개선 흐름이 나타나고 있으며, 현재 진행 중인 활동 등에 실행력을 제고하여 올해에는 턴어라운드를 가시화할 수 있도록 역량을 집중하고 있습니다.
Suk Heo: For IT LCD, as reflected in recent quarterly shipment trend and results, we are keeping our focus on B2B and differentiated high-end LCD while continuing to reduce low margin products. It is leading to meaningful profitability improvement every year. We will intensify execution of what is already underway to achieve possibility for a turnaround this year.
[Translator]: For IT LCD, as reflected in recent quarterly shipment trend and results, we are keeping our focus on B2B and differentiated high-end LCD while continuing to reduce low margin products. It is leading to meaningful profitability improvement every year. We will intensify execution of what is already underway to achieve possibility for a turnaround this year.
Or is it LCD, as reflected in recent quarterly shipment trends and results?
We are keeping our focus on B2B and differentiated high-end LCD, while continuing to reduce low-margin products.
It is leading to meaningful profitability improvement every year.
We will intensify execution of what is already underway to achieve the possibility for a turnaround this year.
Kim Sung Hyun: 대형 사업은 시장 내에서의 화이트 OLED의 차별적 경쟁력이 높이 인지되고 있는 만큼, 전략 고객들과의 긴밀한 협업을 기반으로 차별화된 가치를 보유한 다양한 TV 및 게임용 OLED 패널 라인업을 통해 프리미엄 시장의 주도권을 더욱 공고히 해 나가겠습니다. 이를 바탕으로 사업 성과를 확대하고, 원가 개선 노력도 더욱 치열하게 수행하여 안정된 사업 운영을 지속해 나가도록 하겠습니다.
Kim Sung Hyun: 대형 사업은 시장 내에서의 화이트 OLED의 차별적 경쟁력이 높이 인지되고 있는 만큼, 전략 고객들과의 긴밀한 협업을 기반으로 차별화된 가치를 보유한 다양한 TV 및 게임용 OLED 패널 라인업을 통해 프리미엄 시장의 주도권을 더욱 공고히 해 나가겠습니다. 이를 바탕으로 사업 성과를 확대하고, 원가 개선 노력도 더욱 치열하게 수행하여 안정된 사업 운영을 지속해 나가도록 하겠습니다.
Premium.
Suk Heo: For large panels, we will solidify our leadership in the premium market through our differentiated and diversified TV and gaming OLED panel lineup. On the back of growing recognition of white OLED's competitiveness and close collaboration with strategic customers, we will expand business results and pursue rigorous cost improvement to maintain stable operations.
[Translator]: For large panels, we will solidify our leadership in the premium market through our differentiated and diversified TV and gaming OLED panel lineup. On the back of growing recognition of white OLED's competitiveness and close collaboration with strategic customers, we will expand business results and pursue rigorous cost improvement to maintain stable operations.
For large panels, we will solidify our leadership in the premium market through our differentiated and diversified TV and gaming OLED panel lineup.
On the back of growing recognition of white OLED's competitiveness and close collaboration with strategic customers.
We will expand business results and pursue rigorous cost improvements to maintain stable operations.
Kim Sung Hyun: 오토 사업에서도 당사는 시장 선도 입지와 차별화 제품 기술 포트폴리오를 기반으로 지속적으로 경쟁 우위를 유지하고 고객 가치를 창출해 나갈 계획입니다.
Kim Sung Hyun: 오토 사업에서도 당사는 시장 선도 입지와 차별화 제품 기술 포트폴리오를 기반으로 지속적으로 경쟁 우위를 유지하고 고객 가치를 창출해 나갈 계획입니다.
Suk Heo: For automotive, we will sustain our competitive advantage and create customer value based on our market leadership and differentiated product and technology portfolio.
[Translator]: For automotive, we will sustain our competitive advantage and create customer value based on our market leadership and differentiated product and technology portfolio.
And for automotive, we will sustain our competitive advantage and create customer value based on our market leadership and differentiated products and technology portfolio.
Kim Sung Hyun: 끝으로 투자활동과 관련된 내용입니다. 당사는 미래 준비 및 사업 구조 고도화를 위한 투자에 집중한다는 CapEx 집행 기조를 유지하고 있습니다. 투자 효율화 활동의 결과로 2025년 CapEx는 1조원대 중반 수준으로 마무리되었습니다. 2026년에는 기 결정하였던 OLED 기술 경쟁력 강화를 위한 투자 집행과 OLED 사업 강화 및 미래 준비를 위한 투자활동을 고려시 전년 대비 증가한 2조원대의 CapEx 집행을 예상하고 있습니다. 새롭게 결정되는 투자 건에 대해서는 지체없이 시장과 소통하도록 하겠습니다.
Kim Sung Hyun: 끝으로 투자활동과 관련된 내용입니다. 당사는 미래 준비 및 사업 구조 고도화를 위한 투자에 집중한다는 CapEx 집행 기조를 유지하고 있습니다. 투자 효율화 활동의 결과로 2025년 CapEx는 1조원대 중반 수준으로 마무리되었습니다. 2026년에는 기 결정하였던 OLED 기술 경쟁력 강화를 위한 투자 집행과 OLED 사업 강화 및 미래 준비를 위한 투자활동을 고려시 전년 대비 증가한 2조원대의 CapEx 집행을 예상하고 있습니다. 새롭게 결정되는 투자 건에 대해서는 지체없이 시장과 소통하도록 하겠습니다.
Suk Heo: Finally, on investment, we maintain a CapEx policy focused on investments in our future readiness and structural upgrade. After investment optimization activities, CapEx in 2025 was completed at mid ₩1 trillion. In 2026, CapEx is expected at ₩2 trillion level, up YOY. This includes execution of the planned investment to enhance OLED technological competitiveness and investment to strengthen OLED business and future readiness. For any new investment decision, we will communicate with the market without delay.
[Translator]: Finally, on investment, we maintain a CapEx policy focused on investments in our future readiness and structural upgrade. After investment optimization activities, CapEx in 2025 was completed at mid KRW 1 trillion. In 2026, CapEx is expected at KRW 2 trillion level, up YoY. This includes execution of the planned investment to enhance OLED technological competitiveness and investment to strengthen OLED business and future readiness. For any new investment decision, we will communicate with the market without delay.
Finally, on investment, we maintain a CapEx policy focused on investments in our future readiness and structural upgrade.
After investment optimization activities, CapEx in 2025 was completed at mid 1 trillion won.
Includes execution of the planned investment to enhance all that technological, competitiveness, and investment to strengthen OLED business and future readiness.
For any new investment decision, we will communicate with the market without delay.
Kim Sung Hyun: 네, 이상으로 4분기 및 2025년 성과에 대한 리뷰를 마치도록 하겠습니다. 감사합니다.
Kim Sung Hyun: 네, 이상으로 4분기 및 2025년 성과에 대한 리뷰를 마치도록 하겠습니다. 감사합니다.
Suk Heo: This completes our report on Q4 business performance and review of 2025. Thank you very much!
[Translator]: This completes our report on Q4 business performance and review of 2025. Thank you very much!
This completes our report on Q4 business performance and review of 2025. Thank you very much.
Suk Heo: 이상으로 2025년 4분기 주요 실적 내용 발표를 마치겠습니다. 다음은 질의응답 시간을 갖도록 하겠습니다. 오퍼레이터께서는 질의응답 안내를 부탁드립니다.
Suk Heo: 이상으로 2025년 4분기 주요 실적 내용 발표를 마치겠습니다. 다음은 질의응답 시간을 갖도록 하겠습니다. 오퍼레이터께서는 질의응답 안내를 부탁드립니다.
Suk Heo: This completes our presentation of business highlights for Q4, 2025. We will now take your questions. Operator, please commence the Q&A session.
Suk Heo: This completes our presentation of business highlights for Q4, 2025. We will now take your questions. Operator, please commence the Q&A session.
This completes our presentation of business highlights for Q4 2025. We will now take your questions. Operator, please commence the Q&A session.
Operator: 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 누르시기 바랍니다. 질문을 취소하시려면 별표와 2번을 누르시면 됩니다. 원활한 회의 진행을 위하여 질문은 한 분당 두 가지 이내로 부탁드립니다.
Operator: 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 누르시기 바랍니다. 질문을 취소하시려면 별표와 2번을 누르시면 됩니다. 원활한 회의 진행을 위하여 질문은 한 분당 두 가지 이내로 부탁드립니다.
Kim Sung Hyun: Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant.
[Translator]: Now Q&A session will begin. Please press star one, that is star and one, if you have any questions. Questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. In order to allow as many Q&A chances as possible within the restricted time, we would appreciate only two questions per each participant.
Now, Q&A session will begin. Please press star 1—that is, star and 1—if you have any questions.
Questions will be taken according to the order. You have pressed. The number star 1 for cancellation. Please press star 2 that is star and 2 on your phone in order to allow as many q and 8 chances as possible within the restricted time, we would appreciate only 2 questions per each participant.
Operator: 처음으로 질문해 주실 분은 대신증권의 박강호 님입니다.
Operator: 처음으로 질문해 주실 분은 대신증권의 박강호 님입니다.
Kim Sung Hyun: The first question will be provided by Kango Park from Daishin Securities. Please go ahead with your question.
Kim Sung Hyun: The first question will be provided by Kango Park from Daishin Securities. Please go ahead with your question.
The first question will be provided by Kengo Park, from Dashing Securities.
Please go ahead with your question.
[Analyst] (Daishin Securities): 네, 대신증권의 박강호입니다. 질문 기회 주셔서 감사드립니다. 4년 만에 이제 실적 턴어라운드를 축하드립니다. 저는 전사적으로 크게 두 가지 질문을 드리겠습니다. 첫 번째는 2025년에 저희가 중국 LCD 법인도 매각하고 사업 재편이 이루어지면서 OLED 비중이 많이 높아졌습니다. 그것으로 인해서 이제 사업 체질도 지속적으로 강화되었고, 실적도 크게 개선된 것 같습니다. 그 결과로 인해서 올해 같은 경우에는 이제 OLED 비중 확대로 인해서 매출 성장이 예상이 되는데요. 혹시 각 사업별로 올해 전망이나 경영실적을 어떻게 예상하고 계시는지 한번 코멘트 부탁드리겠습니다. 특히 이제 단기적으로 본다면 저희 LG디스플레이의 부정적 인식 전환의 핵심이 상반기 적자 기립 흐름을 완전히 끊어내는 것인데요. 올해 상반기는 과거 대비 어떻게 될 것인지, 좀 성과가 예상되는지로 코멘트 부탁드리겠습니다. 두 번째로는 저희가 그동안 몇 년 동안의 재무 건전성 강화와 함께 원가 혁신, 설비투자 축소, 재고 건전화 등 운영 효율화 노력을 강도 높게 진행된 것으로 알고 있습니다. 그런 관점에서 본다면 2026년이나 향후 3, 4년 기간을 두고 봤을 때, 중장기 관점에서 회사가 전략적인 우선 순위 과제가 어떤 것이라 계획하고 계신지 좀 공유 부탁드리겠습니다. 특히 CFO님께서 올해 역점을 두고 추진하실 과제가 어떤 내용이신지, 구체적인 액션 플랜이 있으시면 공유 부탁드리겠습니다. 감사합니다.
[Analyst] (Daishin Securities): 네, 대신증권의 박강호입니다. 질문 기회 주셔서 감사드립니다. 4년 만에 이제 실적 턴어라운드를 축하드립니다. 저는 전사적으로 크게 두 가지 질문을 드리겠습니다. 첫 번째는 2025년에 저희가 중국 LCD 법인도 매각하고 사업 재편이 이루어지면서 OLED 비중이 많이 높아졌습니다. 그것으로 인해서 이제 사업 체질도 지속적으로 강화되었고, 실적도 크게 개선된 것 같습니다. 그 결과로 인해서 올해 같은 경우에는 이제 OLED 비중 확대로 인해서 매출 성장이 예상이 되는데요.
혹시 각 사업별로 올해 전망이나 경영실적을 어떻게 예상하고 계시는지 한번 코멘트 부탁드리겠습니다. 특히 이제 단기적으로 본다면 저희 LG디스플레이의 부정적 인식 전환의 핵심이 상반기 적자 기립 흐름을 완전히 끊어내는 것인데요. 올해 상반기는 과거 대비 어떻게 될 것인지, 좀 성과가 예상되는지로 코멘트 부탁드리겠습니다. 두 번째로는 저희가 그동안 몇 년 동안의 재무 건전성 강화와 함께 원가 혁신, 설비투자 축소, 재고 건전화 등 운영 효율화 노력을 강도 높게 진행된 것으로 알고 있습니다. 그런 관점에서 본다면 2026년이나 향후 3, 4년 기간을 두고 봤을 때, 중장기 관점에서 회사가 전략적인 우선 순위 과제가 어떤 것이라 계획하고 계신지 좀 공유 부탁드리겠습니다. 특히 CFO님께서 올해 역점을 두고 추진하실 과제가 어떤 내용이신지, 구체적인 액션 플랜이 있으시면 공유 부탁드리겠습니다. 감사합니다.
Now.
Suk Heo: Thank you very much for taking my question. First of all, congratulations on achieving a turnaround for the first time in four years. Now, I would like to ask two questions broadly about the company overall. The first is, in 2025, the company sold off its LCD company in China and continued with the business upgrade, and it has also increased the share of OLED out of the total revenue. It has also improved the business performance as well as the profitability. Looking ahead to this year, then, it appears that the share of OLED appears to be set to keep growing, which is likely, hopefully, to keep driving up the revenue. My question is: What is the company's outlook for each business, and also what is the expected business performance for the year? Also for the short term, I believe what the company needs in order to quell the negative perception about LG Display is to sever the trend of entering into loss in the first half of the year. Can we expect a better trend in the first half of this year? The second question is, the company for the past few years had been focused on improving financial soundness, for example, improving the cost efficiency and also lowering the facilities and lowering the inventory level and also improving the overall operational efficiency. Now, then, again, looking ahead to 2026, and also from a more mid to long-term perspective, what is going to be the company's new strategic priorities or strategic tasks down the road? Especially for the CFO, personally, what would be your priorities or what would be the important parts of your action plan?
[Translator]: Thank you very much for taking my question. First of all, congratulations on achieving a turnaround for the first time in four years. Now, I would like to ask two questions broadly about the company overall. The first is, in 2025, the company sold off its LCD company in China and continued with the business upgrade, and it has also increased the share of OLED out of the total revenue. It has also improved the business performance as well as the profitability. Looking ahead to this year, then, it appears that the share of OLED appears to be set to keep growing, which is likely, hopefully, to keep driving up the revenue.
My question is: What is the company's outlook for each business, and also what is the expected business performance for the year? Also for the short term, I believe what the company needs in order to quell the negative perception about LG Display is to sever the trend of entering into loss in the first half of the year.
Thank you very much for taking my question. And first of all, congratulations on achieving a turnaround for the first time in four years. Now, I would like to, uh, ask two questions, broadly about the company overall. The first is, uh, in 2025 the company sold off its LCD company in China and continued with the business upgrade. And it has also increased the share of OLED out of the total revenue. It has also, uh, which has improved the business performance as well as the profitability. So, looking ahead to this year, then, it appears that the share of OLED appears to be set to keep growing.
Which is likely, hopefully, to keep driving up the revenue.
Can we expect a better trend in the first half of this year? The second question is, the company for the past few years had been focused on improving financial soundness, for example, improving the cost efficiency and also lowering the facilities and lowering the inventory level and also improving the overall operational efficiency. Now, then, again, looking ahead to 2026, and also from a more mid to long-term perspective, what is going to be the company's new strategic priorities or strategic tasks down the road? Especially for the CFO, personally, what would be your priorities or what would be the important parts of your action plan?
But then my question is, what is the company's Outlook, uh, for each business? And also, what is the expected business performance for the year and also, for the short term, I believe, uh, What, uh, the company needs in order to quell the negative perception about the Delta display is to, uh, sever the trend of entering into loss in the first half of the year. So uh, can we uh, expect a better uh Trend in the first half of this year?
The past few years had been focused on improving financial soundness, for example, improving cost efficiency and also lowering the facilities and lowering the inventory level, and also improving the overall operational efficiency.
Now, then again, looking ahead to 2026, and also from a more mid- to long-term perspective—what is going to be the company's new strategic priorities for the strategic tasks down the road? And especially for the CFO personally, what would be your priorities, or what would be the important part of your action plan?
Kim Sung Hyun: 일단 질문이 굉장히 구체적이고, 답도 같이 제시를 해주시는 것 같아서, 전체 질문을 그냥 제 나름의 해석을 통해서 한 번에 말씀을 드리도록 하겠습니다.
[Analyst] (Daishin Securities): 일단 질문이 굉장히 구체적이고, 답도 같이 제시를 해주시는 것 같아서, 전체 질문을 그냥 제 나름의 해석을 통해서 한 번에 말씀을 드리도록 하겠습니다.
Suk Heo: Thank you very much for the question, which was quite specific and also appeared to have the answers embedded in them already. Now, I would just like to provide my response at once, based on my own interpretation of the questions.
Suk Heo: Thank you very much for the question, which was quite specific and also appeared to have the answers embedded in them already. Now, I would just like to provide my response at once, based on my own interpretation of the questions.
So, thank you very much for the question, which was quite specific and also appeared to have the answers embedded in it already. Now, I would just like to provide my response at once, based on my own interpretation of the questions.
Kim Sung Hyun: 일단 저희가 사업 구조조정도 있었고, 또 운영 효율화도 있었고, 그 결과를 저희가 시장에 약속드린 바와 같이 만족스럽진 않아도 증명을 한 것 같습니다.
Baek Seung-yong: 일단 저희가 사업 구조조정도 있었고, 또 운영 효율화도 있었고, 그 결과를 저희가 시장에 약속드린 바와 같이 만족스럽진 않아도 증명을 한 것 같습니다.
Suk Heo: Now, of course, so far there have been work to upgrade our business structure and also improve our operational efficiency. The results or the performance out of that is, I believe, meeting up to our commitment to the market. Perhaps not 100% satisfactorily, but we have done the job.
[Translator]: Now, of course, so far there have been work to upgrade our business structure and also improve our operational efficiency. The results or the performance out of that is, I believe, meeting up to our commitment to the market. Perhaps not 100% satisfactorily, but we have done the job.
No, of course, so far, there have been work to upgrade our business structure and also improve our operational efficiency, and the results or the performance out of that is, I believe, uh, meeting up to our commitment to the market. Perhaps not 100% satisfactory, but we have done the job.
Kim Sung Hyun: 하지만 그 지난 몇 년간 지나왔던 과정들이 이제 종결이 된 게 아니고, 아직도 새로운 국면으로서의 새로운 과제를 가지고 계속 지속이 되어야 되는 상황입니다.
Kim Sung Hyun: 하지만 그 지난 몇 년간 지나왔던 과정들이 이제 종결이 된 게 아니고, 아직도 새로운 국면으로서의 새로운 과제를 가지고 계속 지속이 되어야 되는 상황입니다.
Suk Heo: But that does not mean that we can put an end to the process or the efforts that we have carried on for the past few years. Rather, they need to continue with new tasks in new phases.
[Translator]: But that does not mean that we can put an end to the process or the efforts that we have carried on for the past few years. Rather, they need to continue with new tasks in new phases.
Does not mean.
we can put an end to the process or
The efforts that we have carried on for the past few years—uh, rather, uh, they need to continue with new tasks in new phases.
Kim Sung Hyun: 일단은 그 중장기적으로 저희가 생각하고 있는 기본 내용은 회사가 계속 지속적으로 성장이 되어야 되고, 그다음에 매 분기마다 흔들리지 않고 지속적으로 수익을 창출할 수 있는 능력이 갖춰져야 된다는 것입니다.
Kim Sung Hyun: 일단은 그 중장기적으로 저희가 생각하고 있는 기본 내용은 회사가 계속 지속적으로 성장이 되어야 되고, 그다음에 매 분기마다 흔들리지 않고 지속적으로 수익을 창출할 수 있는 능력이 갖춰져야 된다는 것입니다.
so,
Suk Heo: Now, for the mid to long term, what is important and fundamental to the company is that, first of all, we need to keep growing, and second, we need to be steadfastly profitable every quarter.
[Translator]: Now, for the mid to long term, what is important and fundamental to the company is that, first of all, we need to keep growing, and second, we need to be steadfastly profitable every quarter.
For the mid to long term, what is important? And—
Uh, fundamental to the company is that, first of all, we need to keep growing.
And second, we need to be steadfastly profitable every quarter.
Kim Sung Hyun: 조금 전에 드린 말씀이 결국은 일 번과 이 번의 간단한 답이 되겠는데요. 그러기 위해서는 저희가 도달해야 되는 부분들이 굉장히 많이 있는데요, 거기에 대해서 좀 말씀을 드리도록 하겠습니다.
Kim Sung Hyun: 조금 전에 드린 말씀이 결국은 일 번과 이 번의 간단한 답이 되겠는데요. 그러기 위해서는 저희가 도달해야 되는 부분들이 굉장히 많이 있는데요, 거기에 대해서 좀 말씀을 드리도록 하겠습니다.
Suk Heo: Now, that would be my short answer to questions number one and two. But now in order to enable the points that I have just made, and there are some points that we also need to reach and allow me to explain a bit more.
[Translator]: Now, that would be my short answer to questions number one and two. But now in order to enable the points that I have just made, and there are some points that we also need to reach and allow me to explain a bit more.
Kim Sung Hyun: 현재 회사는 기술 중심 회사로의 체질 개선에 집중을 한다라는 명제를 갖고 있습니다.
Kim Sung Hyun: 현재 회사는 기술 중심 회사로의 체질 개선에 집중을 한다라는 명제를 갖고 있습니다.
No, that would be my short answer to questions number 1 and 2. But then, now, in order to enable the points that I have just made—and there are some, uh, points that we also need to reach—allow me to explain a bit more.
and there is an
Suk Heo: Now, today, an important theme for the company is to turn into a technology-centric company.
[Translator]: Now, today, an important theme for the company is to turn into a technology-centric company.
Kim Sung Hyun: 어, 근데 뭐 대외 여건은 여러분들도 아시는 바와 같이 2026년도 여러 가지, 뭐, 불안정적인 요소 그리고 예측이 좀 힘든 요소들이 꽤나 존재하고 있습니다.
Kim Sung Hyun: 어, 근데 뭐 대외 여건은 여러분들도 아시는 바와 같이 2026년도 여러 가지, 뭐, 불안정적인 요소 그리고 예측이 좀 힘든 요소들이 꽤나 존재하고 있습니다.
Oh, uh, today an important theme for the company is to turn into a technology-centric company.
Suk Heo: But then looking around to our external environment, then again, in 2026, as you would all know, the environment is still full of uncertainties and also unpredictable elements.
[Translator]: But then looking around to our external environment, then again, in 2026, as you would all know, the environment is still full of uncertainties and also unpredictable elements.
But then, looking around to our external environment, then again in 2026, as you would all know, uh, the environment is still full of uncertainties and also unpredictable elements.
Kim Sung Hyun: 아, 그래서 저희가 최종적으로 가야 되는 모습은 경쟁력이 있고, 정상화된 회사를 만들어야 된다라는 게 제 개인적인 생각입니다.
Kim Sung Hyun: 아, 그래서 저희가 최종적으로 가야 되는 모습은 경쟁력이 있고, 정상화된 회사를 만들어야 된다라는 게 제 개인적인 생각입니다.
Suk Heo: The end goal for the company is, what I envision is that we need to become a normalized and competitive company.
[Translator]: The end goal for the company is, what I envision is that we need to become a normalized and competitive company.
Realized and competitive company.
Kim Sung Hyun: 지난 몇 년 동안에 저희가 힘든 시간을 보내면서 비정상적인 회사가 되었고, 그 경쟁력도 많이 손실이 있었다고 생각합니다.
Kim Sung Hyun: 지난 몇 년 동안에 저희가 힘든 시간을 보내면서 비정상적인 회사가 되었고, 그 경쟁력도 많이 손실이 있었다고 생각합니다.
Suk Heo: This is because as we went through some tough times in the past few years, I see that the company has become perhaps a bit not typical, and also perhaps that has eroded our competitiveness somewhat.
[Translator]: This is because as we went through some tough times in the past few years, I see that the company has become perhaps a bit not typical, and also perhaps that has eroded our competitiveness somewhat.
And this is because, as we went through some tough times in the past few years, I see that the company has become perhaps a bit, uh, not typical, and also perhaps that has eroded our competitiveness somewhat.
Kim Sung Hyun: 뭐, 아시다시피 자본 부분도 결손이 생겼고, 그에 따라서 배당도 가능하지 못한 회사가 됐고, 작년, 재작년까지만 해도 대규모 적자를 발생했고요. 그에 따라서 재무 상황도 굉장히 안 좋아서 주주 여러분들한테 손을 벌려서 유상증자까지 했었습니다.
Kim Sung Hyun: 뭐, 아시다시피 자본 부분도 결손이 생겼고, 그에 따라서 배당도 가능하지 못한 회사가 됐고, 작년, 재작년까지만 해도 대규모 적자를 발생했고요. 그에 따라서 재무 상황도 굉장히 안 좋아서 주주 여러분들한테 손을 벌려서 유상증자까지 했었습니다.
Suk Heo: Well, as you would know, there were losses to our capital, which made it impossible for us to pay out dividends. We were seeing large losses up until two years ago. Our financial position was quite bad, so much so that we had to turn to our shareholders to go into a paid-in capital increase.
[Translator]: Well, as you would know, there were losses to our capital, which made it impossible for us to pay out dividends. We were seeing large losses up until two years ago. Our financial position was quite bad, so much so that we had to turn to our shareholders to go into a paid-in capital increase.
Well, as you would know.
There were losses to our capital, uh, which, uh, made it.
It is impossible for us to pay our dividends.
And we were seeing large losses up until two years ago.
Uh, our financial position was quite bad, so much so that we had to turn to our shareholders to go into a paid-in capital increase.
Kim Sung Hyun: 그리고 올해 작년에 수익이 발생했지만, 전 부문에서 수익이 다 발생한 것이 아니기 때문에, 저희가 모든 사업에서 수익이 발생할 수 있는 사업 구조를 완성해야 되고, 그에 따라서 많이 떨어진 시장 신뢰도도 회복해야 되는 과제가 있습니다.
Kim Sung Hyun: 그리고 올해 작년에 수익이 발생했지만, 전 부문에서 수익이 다 발생한 것이 아니기 때문에, 저희가 모든 사업에서 수익이 발생할 수 있는 사업 구조를 완성해야 되고, 그에 따라서 많이 떨어진 시장 신뢰도도 회복해야 되는 과제가 있습니다.
Suk Heo: Now, looking at last year's performance, yes, we were profitable, but not in all businesses. What we need to do now is complete a business structure where we will be profitable in each and every one of our businesses, and so that we can also revive trust from the market.
[Translator]: Now, looking at last year's performance, yes, we were profitable, but not in all businesses. What we need to do now is complete a business structure where we will be profitable in each and every one of our businesses, and so that we can also revive trust from the market.
now, looking
At last year's.
In all businesses. And what we need to do now is complete a business structure, where we will be profitable in each and every one of our businesses, and so that we can also revive trust from the market.
Kim Sung Hyun: 어, 따라서 그 회사 운영 전반에 대한 재정립이 좀 필요하고요. 그리고 구조조정하고 운영 효율화는 더 강도를 높이지 않을 수가 없습니다.
Kim Sung Hyun: 어, 따라서 그 회사 운영 전반에 대한 재정립이 좀 필요하고요. 그리고 구조조정하고 운영 효율화는 더 강도를 높이지 않을 수가 없습니다.
Suk Heo: This means that we also need to reestablish our operations inside the company and across the company, and there is no other choice but for us to continue with our business structure upgrade and operational efficiency improvement.
[Translator]: This means that we also need to reestablish our operations inside the company and across the company, and there is no other choice but for us to continue with our business structure upgrade and operational efficiency improvement.
Kim Sung Hyun: 어, 하지만 좀 차원이 달라지는 부분들은 지난 그 기간 동안에는 생존과 관련된 얘기였다고 하면, 지금은 이제는 경쟁력을 회복하기 위한 그런 시간이 될 것 같습니다.
Kim Sung Hyun: 어, 하지만 좀 차원이 달라지는 부분들은 지난 그 기간 동안에는 생존과 관련된 얘기였다고 하면, 지금은 이제는 경쟁력을 회복하기 위한 그런 시간이 될 것 같습니다.
So, this means that we also need to re-establish our operations, uh, inside the company and across the company, and there is no other choice but for us to continue with our business structure upgrade and operational efficiency improvement.
Suk Heo: Although the work and the efforts have to continue, I would say that the purpose has slightly become different. Whereas in the past it was more for survival, now it is more about improving our competitiveness.
[Translator]: Although the work and the efforts have to continue, I would say that the purpose has slightly become different. Whereas in the past it was more for survival, now it is more about improving our competitiveness.
But although the, uh, work and the efforts have to continue, uh, I would say that the purpose has slightly, uh, become different. Whereas in the past it was more for survival, now it is more about improving our competitiveness.
Kim Sung Hyun: 예, 뭐, 기술 경쟁력도 더 강화해야 되고, 원가 경쟁력도 더 강화하고, 제품 경쟁력도 더 강화하고, 효율적인 운영 구조도 더 고도화하고, 그런 경우에는 저희가 다 목적을 다시 정한다고 하면 다시 시장을 주도하는 회사가 될 수 있다고 생각을 합니다.
Kim Sung Hyun: 예, 뭐, 기술 경쟁력도 더 강화해야 되고, 원가 경쟁력도 더 강화하고, 제품 경쟁력도 더 강화하고, 효율적인 운영 구조도 더 고도화하고, 그런 경우에는 저희가 다 목적을 다시 정한다고 하면 다시 시장을 주도하는 회사가 될 수 있다고 생각을 합니다.
uh, first
Suk Heo: Competitiveness in our technology, competitiveness in our cost, competitiveness in our products, and also competitiveness in our efficient operation. Once we hit all these targets, then I believe we can once again become the market leader.
[Translator]: Competitiveness in our technology, competitiveness in our cost, competitiveness in our products, and also competitiveness in our efficient operation. Once we hit all these targets, then I believe we can once again become the market leader.
Competitiveness in our technology, competitiveness in our cost, competitiveness in our products, and also competitiveness in our efficient operation.
So, once we hit all these targets, then I believe we can once again become the market leader.
Baek Sung Yong: 그 과정을 통한다면은 아까 말씀드렸던 정상화된 회사가 될 것이고, 아울러 같이 시장 신뢰도 회복하고 주주님들한테도 사랑받는 회사가 되지 않을까 생각합니다. 이게 제가 너무 많은 것들을 말씀드린 것 같은데, 어쨌든 제가 해야 되는 숙제라고 생각을 하고 있습니다.
Baek Seung-yong: 그 과정을 통한다면은 아까 말씀드렸던 정상화된 회사가 될 것이고, 아울러 같이 시장 신뢰도 회복하고 주주님들한테도 사랑받는 회사가 되지 않을까 생각합니다. 이게 제가 너무 많은 것들을 말씀드린 것 같은데, 어쨌든 제가 해야 되는 숙제라고 생각을 하고 있습니다.
Suk Heo: Once we finish that process, then we will once again become a normalized company, win back market trust, and also win back the love from our shareholders. I have been a little bit long-winded, but I would say that this is a homework that I have assigned upon myself.
[Translator]: Once we finish that process, then we will once again become a normalized company, win back market trust, and also win back the love from our shareholders. I have been a little bit long-winded, but I would say that this is a homework that I have assigned upon myself.
So, once we finish that process, then we will, once again, become a normalized company.
A little bit long-winded, but uh, I would say that this is a homework that I have assigned upon myself.
Suk Heo: 네, 그럼 다음 질문 받도록 하겠습니다.
Suk Heo: 네, 그럼 다음 질문 받도록 하겠습니다.
Operator: 다음으로 질문해 주실 분은 UBS 증권의 윤종현 님입니다. The following question will be presented by Jonghyun Yoon from UBS Securities. Please go ahead with your question.
Operator: 다음으로 질문해 주실 분은 UBS 증권의 윤종현 님입니다. The following question will be presented by Jonghyun Yoon from UBS Securities. Please go ahead with your question.
The following question will be presented by Jang hon. From UBS securities.
Please go ahead with your question.
[Analyst] (UBS Securities): 네, 질문 기회 주셔서 감사합니다. 저는 두 가지 질문을 드리겠습니다. 첫 번째는 모바일 OLED 사업과 관련한 질문입니다. 작년 스마트폰 패널 출하 수량이랑 올해 출하 목표를 어떻게 보고 계시는지 공유해 주시면 감사하겠습니다. 특히 주요 고객사의 제품 출시 주기 변화와 경쟁사 기술 준비 동향을 고려했을 시, 올해에는 어떤 기회 요인을 기대해 볼 수 있는지도 같이 말씀해 주시면 감사하겠습니다. 두 번째는 전사 관련 질문입니다. 지난해 관세에 이어 올해는 메모리 반도체 산업 동향이 각 사업별 성과에 영향을 미치는 주요 변수가 될 것으로 지금 전망하고 있습니다. 이에 대해 회사의 시각과 대응 전략에 대해서 공유해 주시면 감사하겠습니다.
[Analyst] (UBS Securities): 네, 질문 기회 주셔서 감사합니다. 저는 두 가지 질문을 드리겠습니다. 첫 번째는 모바일 OLED 사업과 관련한 질문입니다. 작년 스마트폰 패널 출하 수량이랑 올해 출하 목표를 어떻게 보고 계시는지 공유해 주시면 감사하겠습니다. 특히 주요 고객사의 제품 출시 주기 변화와 경쟁사 기술 준비 동향을 고려했을 시, 올해에는 어떤 기회 요인을 기대해 볼 수 있는지도 같이 말씀해 주시면 감사하겠습니다. 두 번째는 전사 관련 질문입니다. 지난해 관세에 이어 올해는 메모리 반도체 산업 동향이 각 사업별 성과에 영향을 미치는 주요 변수가 될 것으로 지금 전망하고 있습니다. 이에 대해 회사의 시각과 대응 전략에 대해서 공유해 주시면 감사하겠습니다.
Suk Heo: Thank you. My questions are also twofold. First is about the mobile OLED. The number for the smartphone panel shipment for last year and also the target for this year. Could you share the information regarding these numbers? Also, depending, so there were some changes in the product launch cycle by the customers, and also looking at the technological preparedness by competitors, what are some of the opportunity factors that the company can expect? Another question, the following question is with regards to the company overall. Following tariffs last year, this year, it appears as if the memory semiconductors trends are going to be the major factor that could affect the business performance of each business segment. What is the company's perspective and intended response to this trend?
[Translator]: Thank you. My questions are also twofold. First is about the mobile OLED. The number for the smartphone panel shipment for last year and also the target for this year. Could you share the information regarding these numbers? Also, depending, so there were some changes in the product launch cycle by the customers, and also looking at the technological preparedness by competitors, what are some of the opportunity factors that the company can expect? Another question, the following question is with regards to the company overall. Following tariffs last year, this year, it appears as if the memory semiconductors trends are going to be the major factor that could affect the business performance of each business segment. What is the company's perspective and intended response to this trend?
Thank you. My questions are also twofold. Now, first is about
first is about the mobile OLED.
Now, uh, the number for the smartphone panel shipment for last year and also the target for this year. So could you share the information regarding these numbers? And also, uh, depending—so there were some changes in the product launch cycle by the customers, and also, looking at the technological preparedness by competitors, what are some of the opportunity factors that the company can expect? And another question—the following question is with regards to the company overall. So, following tariffs last year and this year, it appears as if the memory semiconductors trends are going to be the major factor that could affect the business performance of each business segment. So what is the company's perspective and intended response to this trend?
Baek Sung Yong: 저형 기획관 담당 백승입니다. 스마트폰 사업의 2025년 성과를 되돌아보면, 상반기에는 이전 대비 패널 출하량이 의미 있게 증가하였고, 상하반기 계절성 편차를 상당 부분 줄일 수 있었던 성과가 있었습니다. 하반기는 생산 모델별 실수요 차이가 있었으나, 다변화된 제품 포트폴리오를 기반으로 연간으로는 당초 계획했던 7천만 대 중반의 패널 출하 목표를 달성할 수 있었습니다.
Baek Seung-yong: 저형 기획관 담당 백승입니다. 스마트폰 사업의 2025년 성과를 되돌아보면, 상반기에는 이전 대비 패널 출하량이 의미 있게 증가하였고, 상하반기 계절성 편차를 상당 부분 줄일 수 있었던 성과가 있었습니다. 하반기는 생산 모델별 실수요 차이가 있었으나, 다변화된 제품 포트폴리오를 기반으로 연간으로는 당초 계획했던 7천만 대 중반의 패널 출하 목표를 달성할 수 있었습니다.
Suk Heo: This is Baek Seung Hyun, in charge of a smart-sized panel. Now, looking back to smartphone business performance in 2025, the first half saw meaningful growth in panel shipments, largely reducing the seasonal variation between the first and second half. In the second half, while the actual demand varied by model, the diversified product portfolio enabled our annual panel shipment target of around the mid-70 million units as planned.
[Translator]: This is Baek Seung Hyun, in charge of a smart-sized panel. Now, looking back to smartphone business performance in 2025, the first half saw meaningful growth in panel shipments, largely reducing the seasonal variation between the first and second half. In the second half, while the actual demand varied by model, the diversified product portfolio enabled our annual panel shipment target of around the mid-70 million units as planned.
This is PEX.
Of a smart size.
Panel.
Now, looking back to smartphone business performance in 2025, the first half saw meaningful growth in panel shipment, largely reducing the seasonal variation between the first and second halves.
In the second half, while the actual demand varies by model.
The diversified product portfolio enabled our annual panel shipment target of around the mid-700 million units, as planned.
Baek Sung Yong: 통상적으로 4분기 패널 출하량이 3분기 대비 크게 증가하나, 지난해에는 패널 출하가 상대적으로 3분기에 집중된 점이 특이점이었습니다.
Baek Seung-yong: 통상적으로 4분기 패널 출하량이 3분기 대비 크게 증가하나, 지난해에는 패널 출하가 상대적으로 3분기에 집중된 점이 특이점이었습니다.
Suk Heo: Typically, panel shipments jump from the third quarter to the fourth quarter, but last year stood out in that panel shipments were relatively concentrated in the third quarter.
[Translator]: Typically, panel shipments jump from the third quarter to the fourth quarter, but last year stood out in that panel shipments were relatively concentrated in the third quarter.
And typically, panel shipments jump from the third quarter to the fourth quarter. But last year stood out, in that panel shipments were relatively concentrated in the third quarter.
Baek Sung Yong: 스마트폰 사업은 당사의 기술, 생산, 오퍼레이션 전반 영역에서 강화된 역량을 바탕으로 안정적인 성과를 만들어가고 있습니다. 올해에도 상하반기 편차를 축소하며, 패널 출하량을 전년도 증가폭 이상으로 확대하는 것을 목표로 하고 있습니다.
Baek Seung-yong: 스마트폰 사업은 당사의 기술, 생산, 오퍼레이션 전반 영역에서 강화된 역량을 바탕으로 안정적인 성과를 만들어가고 있습니다. 올해에도 상하반기 편차를 축소하며, 패널 출하량을 전년도 증가폭 이상으로 확대하는 것을 목표로 하고 있습니다.
What do I do?
Suk Heo: Our smartphone business is generating stable results based on enhanced capabilities across our technology, production, and operations. This year, we aim to further close the gap between the first and second half, while outpacing last year's growth in panel shipment.
[Translator]: Our smartphone business is generating stable results based on enhanced capabilities across our technology, production, and operations. This year, we aim to further close the gap between the first and second half, while outpacing last year's growth in panel shipment.
Our smartphone business is generating stable results based on enhanced capabilities across our technology, production, and operations.
This year, we aim to further close the gap between the first and second half, while outpacing last year's growth in panel shipment.
Baek Sung Yong: 고객사의 내용을 당사가 직접 언급하는 것은 적절치 않아 보입니다. 다만 확실한 것은 당사의 스마트폰 개발 양산 역량은 확실히 증명되고 인정받고 있으며, 다양한 기술적 니즈에 충분히 대응할 수 있는 노하우를 축적하고 있습니다. 현재 보유한 생산 인프라를 효율적으로 활용하여 수요 증가, 그다음에 신기술 준비 모두 신속하고 탄력적으로 대응하며 성과를 확대할 수 있을 것이라고 보고 있습니다.
Baek Seung-yong: 고객사의 내용을 당사가 직접 언급하는 것은 적절치 않아 보입니다. 다만 확실한 것은 당사의 스마트폰 개발 양산 역량은 확실히 증명되고 인정받고 있으며, 다양한 기술적 니즈에 충분히 대응할 수 있는 노하우를 축적하고 있습니다. 현재 보유한 생산 인프라를 효율적으로 활용하여 수요 증가, 그다음에 신기술 준비 모두 신속하고 탄력적으로 대응하며 성과를 확대할 수 있을 것이라고 보고 있습니다.
Suk Heo: Now, please understand that I am not in the position to comment on details about our customers, but what is certain is that our smartphone panel development and production capabilities are proven and recognized, and we have accumulated sufficient know-how to fully address diverse technical needs. We believe that by efficiently utilizing our existing production infrastructure, we can address swiftly and flexibly, both the increasing demand and new technology readiness, and grow our achievements. Now, I would like to respond to the question about the impact from the memory semiconductors. Largely, there are two types of impact. First is with the increase in the memory price, then there would also be pressure on the display price, meaning that it could also go up. This could also increase the IT, and for the IT, it could also increase the set price, which could dampen demand. Also, the component price could also go up, meaning that there could also be pressure from the customers to lower the panel price. Having said that, the impact on the company currently remains limited, but the volatility is quite high, so we are carefully monitoring any changes in the demand as well as the trend, and we will also try to address any impact that might arise. Thank you.
[Translator]: Now, please understand that I am not in the position to comment on details about our customers, but what is certain is that our smartphone panel development and production capabilities are proven and recognized, and we have accumulated sufficient know-how to fully address diverse technical needs. We believe that by efficiently utilizing our existing production infrastructure, we can address swiftly and flexibly, both the increasing demand and new technology readiness, and grow our achievements.
Now, please understand that I am not in a position to comment on details about our customers. But what is certain is that our smartphone panel development and production capabilities are proven and recognized, and we have accumulated sufficient know-how to fully address diverse technical needs.
Now, I would like to respond to the question about the impact from the memory semiconductors. Largely, there are two types of impact. First is with the increase in the memory price, then there would also be pressure on the display price, meaning that it could also go up. This could also increase the IT, and for the IT, it could also increase the set price, which could dampen demand. Also, the component price could also go up, meaning that there could also be pressure from the customers to lower the panel price. Having said that, the impact on the company currently remains limited, but the volatility is quite high, so we are carefully monitoring any changes in the demand as well as the trend, and we will also try to address any impact that might arise. Thank you.
And we believe that, uh, efficiently utilizing our existing production infrastructure, we can address, uh, swiftly and flexibly, both the increasing demand and new technology readiness, and grow our achievements.
Now, um, I would like to respond to the question about the impact from the memory semiconductors.
And largely, there are, uh, two types of impact. The first is with the increase in the memory price. Then there would also be, uh, pressure on the display price, meaning that it could also go up. And then, uh, this could also increase the, uh— and for the— it could also increase the set price, which could happen due to demand. And also, uh, the component price could also go up, meaning that there could also be pressure from the customers to lower the panel price.
Having said that, the impact on the company currently remains limited, but the volatility is quite high. So we are carefully monitoring any changes in demand as well as trends, and we will also try to address any impact that might arise. Thank you.
Operator: The following question will be presented by Wonsak Jeong from IM Securities. Please go ahead with your question.
Operator: The following question will be presented by Wonsak Jeong from IM Securities. Please go ahead with your question.
The following question will be presented by 1. Stop Jiang from insecurities.
Kim Sung Hyun: Eh, Wonsak Jeong.
Kim Sung Hyun: Eh, Wonsak Jeong.
Please go ahead with your question.
Suk Heo: Thank you for taking my questions. They are also twofold. First, as was mentioned earlier, the rise in the memory semiconductor price could also bring some questions about the company's profitability. My question regarding the company's profitability is that now about the IT set, it appears that the outlook for the downstream market for the IT set demand appears to be conservative. So what is the company's outlook for the IT business, and also what would be the possibility of seeing a turnaround? A related second question is, now the competition appears to be investing or going into mass production with the 8.6 gen plans, but the company at this time appears to have no such plans. Then wouldn't that place the company at a disadvantage when it comes to a customer's allocation? Also, what is the outlook for the IT PC OLED for this year? For this year, the company's mid-sized business focused on upgrading our customer structure around global high-end clients throughout 2025, while actively reducing low-margin products. At the same time, we sustained rigorous cost innovation activities, generating meaningful improvement in profitability year over year. We anticipate this trend to continue into 2026.
[Translator]: Thank you for taking my questions. They are also twofold. First, as was mentioned earlier, the rise in the memory semiconductor price could also bring some questions about the company's profitability. My question regarding the company's profitability is that now about the IT set, it appears that the outlook for the downstream market for the IT set demand appears to be conservative. So what is the company's outlook for the IT business, and also what would be the possibility of seeing a turnaround?
It.
Oh, thank you for taking my questions. They are also two-fold. The first, as was mentioned earlier, is the rise in the memory semiconductor price, which could also bring some questions about the company's profitability.
And so, uh, my question, uh, regarding the company's profitability is that, how about the IT set? Now, uh, it appears that the outlook for the downstream market,
A related second question is, now the competition appears to be investing or going into mass production with the 8.6 gen plans, but the company at this time appears to have no such plans. Then wouldn't that place the company at a disadvantage when it comes to a customer's allocation? Also, what is the outlook for the IT PC OLED for this year? For this year, the company's mid-sized business focused on upgrading our customer structure around global high-end clients throughout 2025, while actively reducing low-margin products. At the same time, we sustained rigorous cost innovation activities, generating meaningful improvement in profitability year over year. We anticipate this trend to continue into 2026.
Uh, for the IT set demand, it appears to be conservative. So, what is the company's outlook for the IT business? And also, what would be the possibility of seeing a turnaround?
Or going into mass production with the 8.6 Gen 10 plant. But the company at this time appears to have no such plans. Then, wouldn't that place the company at a disadvantage when it comes to customer allocation? And also, what is the outlook for the IT PC OLED for this year?
Oh, for this year, the company's midsize business focused on upgrading our customer structure around global high-end clients throughout 2025.
While actively reducing low-margin products.
At the same time, we sustained rigorous cost innovation activities, generating meaningful improvement in profitability. While—why?
We anticipate this trend to continue into 2026.
An Yu Shin: LCD는 수익성 중심의 선택과 집중, OLED는 신규 수요 대응과 미래 시장 준비라는 투 트랙 전략을 바탕으로 수익성 확보와 미래 준비 측면에서의 차별화 성과를 지속적으로 만들어갈 수 있도록 노력하겠습니다.
Ahn You-shin: LCD는 수익성 중심의 선택과 집중, OLED는 신규 수요 대응과 미래 시장 준비라는 투 트랙 전략을 바탕으로 수익성 확보와 미래 준비 측면에서의 차별화 성과를 지속적으로 만들어갈 수 있도록 노력하겠습니다.
Suk Heo: Now, given the rising component prices driven by semiconductors, supply chain disruptions, and lingering uncertainties in the broader external environment, full recovery in the market remains uncertain even in 2026. But we will strive to achieve differentiated results in profitability and future proofing. We will stick to our two-track strategy with LCD, focusing on profitability with high-end LCD, and with OLED responding to new demand and preparing for new market with tandem OLED-based differentiated products. We are closely monitoring the potential for OLED market expansion in IT.
[Translator]: Now, given the rising component prices driven by semiconductors, supply chain disruptions, and lingering uncertainties in the broader external environment, full recovery in the market remains uncertain even in 2026. But we will strive to achieve differentiated results in profitability and future proofing. We will stick to our two-track strategy with LCD, focusing on profitability with high-end LCD, and with OLED responding to new demand and preparing for new market with tandem OLED-based differentiated products. We are closely monitoring the potential for OLED market expansion in IT.
Now, given the rising component prices driven by semiconductors supply chain disruptions, and lingering uncertainties in the broader external environment.
Full recovery in the market remains uncertain, even in 2026.
But we will strive to achieve differentiated results in profitability and, uh, future-proofing.
We will stick to our two-track strategy, with LCD focusing on profitability.
With high-end LCD, and with OLED responding to new demand, we are preparing for new markets with tandem OLED-based differentiated products.
We are closely monitoring the potential for OLED market expansion in IT.
An Yu Shin: IT 제품에서의 OLED 시장 확대성을 예의주시하고 있습니다. 하지만 아직까지는 8.6세대 투자를 결정할 만한 충분한 수요에 대한 가시성이 부족하고, 수요에 영향을 주는 대외 환경의 불확실성도 여전히 높아 시장 상황을 좀 더 지켜보며 투자 의사결정을 내리고자 합니다.
Ahn You-shin: IT 제품에서의 OLED 시장 확대성을 예의주시하고 있습니다. 하지만 아직까지는 8.6세대 투자를 결정할 만한 충분한 수요에 대한 가시성이 부족하고, 수요에 영향을 주는 대외 환경의 불확실성도 여전히 높아 시장 상황을 좀 더 지켜보며 투자 의사결정을 내리고자 합니다.
Suk Heo: We are closely monitoring the OLED market expansion in IT, but there is still insufficient visibility into demand to justify an 8.6 gen investment decision. External uncertainties remain high that could also affect demand. For now, the company intends to monitor market conditions before making investment decisions.
[Translator]: We are closely monitoring the OLED market expansion in IT, but there is still insufficient visibility into demand to justify an 8.6 gen investment decision. External uncertainties remain high that could also affect demand. For now, the company intends to monitor market conditions before making investment decisions.
So, we are closely monitoring the OLED market expansion in IT, but there is still insufficient visibility into demand.
To justify an 8.6 gen investment decision.
And external uncertainties remain high.
Uh, that could also affect demand.
So, for now, the company intends to monitor market conditions before making investment decisions.
An Yu Shin: 시장이 개화된 태블릿 OLED는 6세대 OLED fab에서 tandem OLED의 차별화, 차별적 경쟁력을 기반으로 선도적 입지를 견고히 다졌고, 모니터 OLED는 8세대 OLED fab을 활용하여 게이밍 등 하이엔드 수요 증가 추세에 능동적으로 대응하고 있습니다. 노트북 OLED 경우는 OLED 시장 규모와 LCD에서 OLED로 전환되는 수요의 속도 등을 면밀히 검토하고 있습니다. 기존 인프라를 최대한 활용하고 경쟁 상황에서도 원가 우위를 할 수 있는 방식으로 미래 시장에 대비한 기술과 양산 대응력을 갖추어 나가겠습니다.
Ahn You-shin: 시장이 개화된 태블릿 OLED는 6세대 OLED fab에서 tandem OLED의 차별화, 차별적 경쟁력을 기반으로 선도적 입지를 견고히 다졌고, 모니터 OLED는 8세대 OLED fab을 활용하여 게이밍 등 하이엔드 수요 증가 추세에 능동적으로 대응하고 있습니다. 노트북 OLED 경우는 OLED 시장 규모와 LCD에서 OLED로 전환되는 수요의 속도 등을 면밀히 검토하고 있습니다. 기존 인프라를 최대한 활용하고 경쟁 상황에서도 원가 우위를 할 수 있는 방식으로 미래 시장에 대비한 기술과 양산 대응력을 갖추어 나가겠습니다.
For.
Suk Heo: In the tablet OLED market that continues to open up, we have solidified our leading position based on the differentiated competitiveness of tandem OLED technology at our sixth gen OLED fab. Monitor OLED is actively responding to the growing demand for high-end applications like gaming by leveraging our eighth gen OLED fab. For notebook PC OLED, we are monitoring the OLED market size and the pace of demand shifting from LCD to OLED, maximizing existing infrastructure while developing future-ready technologies and mass production capabilities to retain a cost advantage even in competitive situations.
[Translator]: In the tablet OLED market that continues to open up, we have solidified our leading position based on the differentiated competitiveness of tandem OLED technology at our sixth gen OLED fab. Monitor OLED is actively responding to the growing demand for high-end applications like gaming by leveraging our eighth gen OLED fab. For notebook PC OLED, we are monitoring the OLED market size and the pace of demand shifting from LCD to OLED, maximizing existing infrastructure while developing future-ready technologies and mass production capabilities to retain a cost advantage even in competitive situations.
In the tablet OLED market, that is, uh, that continues to open up. We have solidified our leading position based on the differentiated competitiveness of Tandem OLED technology.
At our 6th Gen OLED fab,
Monitor OLED is actively responding to the growing demand for high-end applications like gaming by leveraging our eighth-gen OLED app.
From LCD to OLED, we are maximizing existing infrastructure.
While developing future-ready technologies and mass production capabilities?
To retain a cost advantage even in competitive situations.
An Yu Shin: 네, 시간 관계상 마지막으로 한 분의 질문을 더 받고 마치도록 하겠습니다.
Ahn You-shin: 네, 시간 관계상 마지막으로 한 분의 질문을 더 받고 마치도록 하겠습니다.
Suk Heo: Thank you. We will take one last question.
[Translator]: Thank you. We will take one last question.
Thank you. We will take one last question.
Operator: 마지막으로 질문해 주실 분은 키움증권의 김소원 님입니다.
Operator: 마지막으로 질문해 주실 분은 키움증권의 김소원 님입니다.
[Analyst] (Keyum Securities): The last question will be presented by Song Kim from Keyum Securities. Please go ahead with your question.
[Translator]: The last question will be presented by Song Kim from Keyum Securities. Please go ahead with your question.
The last question will be presented by Son Kim from Qum Securities.
Please go ahead with your question.
[Analyst] (Keyum Securities): 네, 질문 기회 주셔서 감사합니다. 저는 대형 OLED 사업부에 대한 질문 두 개 드리겠습니다. 대형 OLED 사업부가 원가 개선이랑 이제 감가상각비가 많이 축소되면서 작년 하반기부터 수익성이 크게 개선된 것으로 보이는데요. 올해도 TV나 모니터 OLED의 물량 증가나, 광서 공장의 잔여 3만 장 감가상각 종료를 기반으로 추가적인 수익성 개선이 가능한지 말씀 부탁드립니다. 또한, TV 세트업체들의 제품 차별화 부진과 수익성 약세가 좀 지속되는 상황인데요. 이제 저희의 대형 사업 중장기 전략은 어떤지 궁금하고요. 특히 이제 단기적으로는 세트 고객사들의 패널 가격 인하 압박이 좀 강해질 것으로 예상이 되는데, 대형 사업 수익성 방어 전략 공유 부탁드리겠습니다. 감사합니다.
Suk Heo: 네, 질문 기회 주셔서 감사합니다. 저는 대형 OLED 사업부에 대한 질문 두 개 드리겠습니다. 대형 OLED 사업부가 원가 개선이랑 이제 감가상각비가 많이 축소되면서 작년 하반기부터 수익성이 크게 개선된 것으로 보이는데요. 올해도 TV나 모니터 OLED의 물량 증가나, 광서 공장의 잔여 3만 장 감가상각 종료를 기반으로 추가적인 수익성 개선이 가능한지 말씀 부탁드립니다. 또한, TV 세트업체들의 제품 차별화 부진과 수익성 약세가 좀 지속되는 상황인데요. 이제 저희의 대형 사업 중장기 전략은 어떤지 궁금하고요. 특히 이제 단기적으로는 세트 고객사들의 패널 가격 인하 압박이 좀 강해질 것으로 예상이 되는데, 대형 사업 수익성 방어 전략 공유 부탁드리겠습니다. 감사합니다.
Suk Heo: My question is with regards to the large OLED. Thanks to the cost improvement as well as the lower depreciation amortization cost, it appears as if the profitability has been improving since the second half of the year. What is going to be the outlook for the TV and monitor OLED this year? Based on the higher demand for the TV and monitor OLED as well as the lower depreciation amortization, does the company expect the profitability to continue to improve this year? The next question is, for the TV set companies, they are continuing to see sluggish differentiation and also worsening profitability. There may also be some pressure to lower the price, but what would be the company's response? What would be the company's strategy down the road to continue to secure profitability in the large panel business?
[Translator]: My question is with regards to the large OLED. Thanks to the cost improvement as well as the lower depreciation amortization cost, it appears as if the profitability has been improving since the second half of the year. What is going to be the outlook for the TV and monitor OLED this year? Based on the higher demand for the TV and monitor OLED as well as the lower depreciation amortization, does the company expect the profitability to continue to improve this year? The next question is, for the TV set companies, they are continuing to see sluggish differentiation and also worsening profitability. There may also be some pressure to lower the price, but what would be the company's response? What would be the company's strategy down the road to continue to secure profitability in the large panel business?
Oh, uh, my question is with regards to the large OLED now. Uh, thanks to the cost improvement, uh, as well as the lower, uh, depreciation amortization costs, it appears as if the profitability has been improving since the second half of the year.
So then, uh, what is going to be the, uh, outlook for the, uh, TV and monitor OLED this year? And so, based on the, uh, higher demand for the TV and monitor, as well as the lower depreciation and amortization—
The company expects the profitability to continue to improve this year.
and then also, the next question is,
Now, uh, for the TV set companies, uh, they are continuing to see sluggish differentiation and also worsening profitability. So there may also be some pressure to lower the price, but then what would be the company's response? And also, what would be the company's strategy down the road to continue to secure profitability in the large panel business?
Kim Jong Duk: 대형 기획관리 담당 김종득입니다. 당사 대형 사업은 대외환경하고 전방 시장 불확실성이 지속되는 2025년도였지만, 2025년도 패널 출하 목표 예상했던 부분들을 600만 대 중반 수준을 달성하면서 전년 대비 8% 정도 성장하였습니다. 전체 양적인 성장과 더불어 TV, 모니터용 OLED 패널 모두 LCD 대비 차별적 가치는 유지하면서 사업을 할 수 있었던 한 해였다고 판단이 됩니다.
Kim Jong Duk: 대형 기획관리 담당 김종득입니다. 당사 대형 사업은 대외환경하고 전방 시장 불확실성이 지속되는 2025년도였지만, 2025년도 패널 출하 목표 예상했던 부분들을 600만 대 중반 수준을 달성하면서 전년 대비 8% 정도 성장하였습니다. 전체 양적인 성장과 더불어 TV, 모니터용 OLED 패널 모두 LCD 대비 차별적 가치는 유지하면서 사업을 할 수 있었던 한 해였다고 판단이 됩니다.
Thank you.
Suk Heo: This is Kim Jong Duk, in charge of Large Display Planning and Management. Now, our large panel business, despite the external uncertainties and market volatility, achieved the intended panel shipment of approximately mid-6 million level in 2025, growing nearly 8% year-over-year. Now, the white OLED for both TVs and monitors is recognized by the market and customers for their differentiated value compared to LCD, and that is why I believe that we were able to maintain such business.
[Translator]: This is Kim Jong Duk, in charge of Large Display Planning and Management. Now, our large panel business, despite the external uncertainties and market volatility, achieved the intended panel shipment of approximately mid-6 million level in 2025, growing nearly 8% year-over-year. Now, the white OLED for both TVs and monitors is recognized by the market and customers for their differentiated value compared to LCD, and that is why I believe that we were able to maintain such business.
This is in charge of large display planning and management.
Now, our large panel business, despite the external uncertainties and market volatility, achieved the intended panel shipment of approximately mid-6 million level in 2025, growing nearly 8%. While, why
Now, the, uh, White OLED for both TVs and monitors is recognized by the market and customers for their differentiated value compared to LCD. And that is why I believe that we were able to maintain such business.
Kim Jong Duk: 그리고 2026년은 대외환경 불확실성이 여전히 좀 유지될 것으로 판단하고 있고, 성장도 좀 제한적이라고 판단합니다만, OLED가 타겟하는 하이엔드 시장은 전체 시장의 한 10% 규모를 유지 중입니다. 그래서 저희가 이제 플레이를 하는 시장인 하이엔드 시장에서 2026년은 글로벌 전략 고객들하고 파트너십을 좀 기반으로, 그 OLED TV와 모니터용, 그 OLED 제품의 라인업을 좀 지속 강화하면서, 이 부분을 바탕으로 2026년도는 패널 출하량은 2025년 대비 한 10% 성장을 목표로 700만 대 한 초반 수준을 목표로 운영을 하고자 합니다.
Kim Jong Duk: 그리고 2026년은 대외환경 불확실성이 여전히 좀 유지될 것으로 판단하고 있고, 성장도 좀 제한적이라고 판단합니다만, OLED가 타겟하는 하이엔드 시장은 전체 시장의 한 10% 규모를 유지 중입니다. 그래서 저희가 이제 플레이를 하는 시장인 하이엔드 시장에서 2026년은 글로벌 전략 고객들하고 파트너십을 좀 기반으로, 그 OLED TV와 모니터용, 그 OLED 제품의 라인업을 좀 지속 강화하면서, 이 부분을 바탕으로 2026년도는 패널 출하량은 2025년 대비 한 10% 성장을 목표로 700만 대 한 초반 수준을 목표로 운영을 하고자 합니다.
Suk Heo: Now, coming into this year, we see that the uncertainty remains, and also the market growth potential still remains a bit limited. But the high-end market that we are targeting with OLED maintains a 10% share of the overall market. So then in 2026, based on this projection, we plan to continue strengthening our WOLED, the white OLED lineup for TV and monitors based on partnerships with global strategic partners. And on the back of such partnership, the target for panel shipment in 2026 is set at just over seven million to grow by around 10% YOY.
[Translator]: Now, coming into this year, we see that the uncertainty remains, and also the market growth potential still remains a bit limited. But the high-end market that we are targeting with OLED maintains a 10% share of the overall market. So then in 2026, based on this projection, we plan to continue strengthening our WOLED, the white OLED lineup for TV and monitors based on partnerships with global strategic partners. And on the back of such partnership, the target for panel shipment in 2026 is set at just over seven million to grow by around 10% YoY.
No, coming into this year, we see that the uncertainty remains, and also the market growth potential still remains a bit limited.
But the high-end market that we are targeting with OLED maintains a 10% share of the overall market.
So then, in 2026, based on this projection, we plan to continue strengthening our W-OLED and white OLED lineup for TVs and monitors, based on partnerships with global strategic partners.
And on the, uh, back of such a Partners partnership, the target for panel shipment in 2026 is set at just over 7 million.
To grow by around 10% while OI.
Kim Jong Duk: 중장기적으로 OLED TV는 시장 내 리더십을 계속 유지하고 성과를 낼 수 있도록 저희가 이제 계획을 하고 있고, 특히 이제 OLED 모니터 부분들은 게이밍용 중심으로 상대적으로 타 사업 대비 가파른 성장세를 예상을 하고 있습니다. 그래서 이 부분에 대해서 시장 트렌드에 대해서 효과적으로 대응하며, 우리가 최적화된 생산 운영, 이런 부분들을 통해서 성과를 지속적으로 확대할 계획을 가지고 있습니다.
Kim Jong Duk: 중장기적으로 OLED TV는 시장 내 리더십을 계속 유지하고 성과를 낼 수 있도록 저희가 이제 계획을 하고 있고, 특히 이제 OLED 모니터 부분들은 게이밍용 중심으로 상대적으로 타 사업 대비 가파른 성장세를 예상을 하고 있습니다. 그래서 이 부분에 대해서 시장 트렌드에 대해서 효과적으로 대응하며, 우리가 최적화된 생산 운영, 이런 부분들을 통해서 성과를 지속적으로 확대할 계획을 가지고 있습니다.
The morning.
This evening.
Suk Heo: For the mid to long term, OLED TV is expected to maintain unwavering leadership in the market while expanding our performance. Especially for OLED monitors, it is also expected to see continued steep growth compared to other businesses. We will continue to effectively respond to market trends and also reach an optimal production share between TVs and monitors to continue to expand our business performance.
[Translator]: For the mid to long term, OLED TV is expected to maintain unwavering leadership in the market while expanding our performance. Especially for OLED monitors, it is also expected to see continued steep growth compared to other businesses. We will continue to effectively respond to market trends and also reach an optimal production share between TVs and monitors to continue to expand our business performance.
And for the mid to long term,
Is expected to maintain unwavering leadership in the market while expanding our performance, especially for OLED monitors. It is also expected to see continued steep growth compared to other businesses.
So, we will continue to effectively respond to market trends and also reach an optimal production share between TVs and monitors to continue to expand our business performance.
Kim Jong Duk: 그래서 2026년, 단기적으로 올해는 저희가 스포츠 이벤트 등 일부 긍정적인 부분도 있지만, 앞서 말씀드렸던 부품, 반도체 등 수급 등 이렇게 사이드 이펙트가 있는 부분들도 있습니다. 그래서 이런 부분에 대해서 당사는 우선적으로는 시장 성장의 기대와 함께 생산과 공급 안정성 확보를 우선순위 과제로 운영을 할 계획을 가지고 있습니다. 그리고 대형 사업은 사실 지금 경쟁도 심화되고 있고, 테크 간 경쟁도 심화되고 있고, 이에 따라서 저희가 기술하고 제품 차별화, 이런 부분들을 배용해왔던 부분들을 사업 성과로 연결시킬 수 있도록 하는 부분을 중요하게 판단을 하고 있고, 말씀하신 고객과의, 저희 고객과의 수익성을 같이 윈윈할 수 있는 부분에 대한 부분들로 고객 전략 부분들 같이 협의를 해나가면서 올해 사업을 운영해 나갈 생각을 가지고 있습니다.
Kim Jong Duk: 그래서 2026년, 단기적으로 올해는 저희가 스포츠 이벤트 등 일부 긍정적인 부분도 있지만, 앞서 말씀드렸던 부품, 반도체 등 수급 등 이렇게 사이드 이펙트가 있는 부분들도 있습니다. 그래서 이런 부분에 대해서 당사는 우선적으로는 시장 성장의 기대와 함께 생산과 공급 안정성 확보를 우선순위 과제로 운영을 할 계획을 가지고 있습니다. 그리고 대형 사업은 사실 지금 경쟁도 심화되고 있고, 테크 간 경쟁도 심화되고 있고, 이에 따라서 저희가 기술하고 제품 차별화, 이런 부분들을 배용해왔던 부분들을 사업 성과로 연결시킬 수 있도록 하는 부분을 중요하게 판단을 하고 있고, 말씀하신 고객과의, 저희 고객과의 수익성을 같이 윈윈할 수 있는 부분에 대한 부분들로 고객 전략 부분들 같이 협의를 해나가면서 올해 사업을 운영해 나갈 생각을 가지고 있습니다.
Things.
Suk Heo: For the short term this year, there is some positivity expected from some sporting events, but at the same time, some side effects are also expected, especially coming from the supply-demand situation of components, especially semiconductors. For the company, as we look ahead to continued market growth, our priority lies in securing stability in our production as well as supply. For our large panel business, we expect the competition to continue to intensify, and it is incumbent upon us to continue to strengthen our technology and also differentiate our products so that we can keep expanding our business performance. To that end, we will continue to work closely with our customers in close partnership to make sure that we can bring about win-win to all the companies involved with improved profitability. We will continue to discuss our strategy to that end with our customers. Thank you very much, and that concludes LG Display's Q4 2025 earnings conference call. We thank everyone for joining us today. Should you have any additional questions, please contact the IR team. Thank you.
[Translator]: For the short term this year, there is some positivity expected from some sporting events, but at the same time, some side effects are also expected, especially coming from the supply-demand situation of components, especially semiconductors. For the company, as we look ahead to continued market growth, our priority lies in securing stability in our production as well as supply. For our large panel business, we expect the competition to continue to intensify, and it is incumbent upon us to continue to strengthen our technology and also differentiate our products so that we can keep expanding our business performance.
And again, for the short term this year, there is some positivity expected from some sporting events, but at the same time, some side effects are also expected, especially coming from the—
Supply and demand situation of components, especially semiconductors.
So, uh, for the company, as we look ahead to continue market growth, uh, our priority lies in securing stability in our production as well as supply.
[Translator]: To that end, we will continue to work closely with our customers in close partnership to make sure that we can bring about win-win to all the companies involved with improved profitability. We will continue to discuss our strategy to that end with our customers. Thank you very much, and that concludes LG Display's Q4 2025 earnings conference call. We thank everyone for joining us today. Should you have any additional questions, please contact the IR team. Thank you.
Oh, for our large panel business, we expect the competition to continue to intensify, and it is incumbent upon us to continue to strengthen our technology and also differentiate our products so that we can keep expanding our business performance. So, to that end, we will continue to work closely with our
Customers in close partnership to make sure that we can bring about win-win to all the companies involved with improved profitability. So we will continue to discuss our strategy to that end with our customers.
Thank you very much, and that concludes LG Display’s Q4 2025 earnings conference call. We thank everyone for joining us today. Should you have any additional questions, please contact the IR team. Thank you.
