S-Oil Corp (XKRX:010955)

Q3 2025 S-Oil Corp Earnings Call Transcript

Nov 2, 2025 / 05:00 AM GMT

Release Date Price: ₩43300 (-0.46%)

Transcript

Key Points

Positve

S-Oil Corp (XKRX:010950) reported a significant increase in operating income for Q3 2025, reaching KRW229.2 billion, marking a strong recovery from Q2.
The refining business returned to profitability with an operating income of KRW115.5 billion, driven by strong product spreads and the elimination of one-off negative factors.
The Shaheen project is progressing well, with 85.6% completion as of October 22, 2025, and is expected to enhance the company's market position upon completion.
The company maintains a stable financial structure with a cash balance of $1.317 billion and a net debt-to-equity ratio of 78.2%.
S-Oil Corp anticipates strong refining margins in Q4 2025 due to seasonal demand for heating oil and supply constraints from operational disruptions at global refineries.

Negative

The petrochemical segment continues to face challenges, recording an operating loss of KRW19.9 billion in Q3 2025, despite a narrowing from the previous quarter.
The company experienced a negative impact of minus KRW4.8 billion on Q3 operating income due to inventory-related factors.
Net interest and FX gains were negative, with minus $59.8 billion and minus $90.2 billion respectively, affecting overall financial performance.
The olefin downstream markets for PP and PO weakened due to increased regional supply and delayed demand recovery amid US-China tariff tensions.
The Shaheen project's full commercial operation is not expected until early 2027, which may delay the realization of its potential benefits.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

010950.KS - S-Oil Corp
Q3 2025 S-Oil Corp Earnings Call
Nov 03, 2025 / 05:00AM GMT

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Conference Call Participants
=====================
* Hyunryul Cho
Samsung Securities Co Ltd - Analyst
* Yujin Jeon
iM Securities Co Ltd - Analyst
* Yongwook Lee
Hanwha Investment & Securities Co., Ltd. - Analyst
* Hongju Shin
Shinyoung Securities - Analyst

=====================
Presentation
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Unidentified Company Representative 1 [1]
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Good morning. This is Katie Kang, treasurer of SOIL. I'd like to extend my gratitude to our investors and analysts in and out of Korea for joining SOIL's conference call for Q3 2025 earnings results. For today's conference call, we have CFO, J.W. Pang, IR team leader, H.T. Chung, and team members. First, I will take you through the highlights of Q3 results.

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